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financial.
The
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INCLUDING
Railway& Industrial Compendium
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Railway Earnings Section
VOL. 122.
SATURDAY, APRIL 24 1926
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The Financial Situation.
If the action of the Federal Reserve Bank of New
York late Thursday afternoon in lowering its rate of
rediscount on all classes of paper from 4% to 31 2
/%
was not intended to promote speculation on the
Stock Exchange, it will certainly have that effect.
That was made plainly evident by the great revival
of speculation which occurred yesterday, as a result
of the announcement, the volume of business rising
to 2,329,000 shares, as against only about 1,000,000
shares on many other recent days, and prices spurting upward with great rapidity all around.
For ourselves we cannot perceive what warrant
or justification can be urged for the step, or what
can be said in its defense. To us it appears to be
utterly lacking in merit. We quite agree with the
statements made by Governor Strong of the New
York Reserve Bank and by Adolph C. Miller of the
Federal Reserve Board at Washington and by other
officials of the different Reserve banks in their testimony before the House Banking and Currency
Committee (which has been giving hearings on a
bill designed to stabilize commodity prices) that
undue significance has been attached to the part
played by the action of the New York Reserve Bank
last January in marking up its rate from 31 2% to
/
4%. The stock collapse would have occurred in any
event, as prices had been advanced to a point where
the market was ready to topple of its own weight.
As we have repeatedly shown, the speculation
would not have been possible except for the unstinted way in which Reserve credit was being extended, directly and indirectly, by the Reserve banks,
and the rate of interest or discount charged was of
far less consequence than the granting of the credit
itself—its magnitude and the way it was being em-
Bank and Quotation Section
Bankers' Convention Section
NO. 3174.
ployed. The statistics regarding brokers' loans collected and made public at the same time, were a far
more potent factor in precipitating the decline than
the advance in the discount rate. These statistics
proved a veritable eye-opener. It had long been
apparent that the speculation had reached an .unhealthy and a dangerous phase. The extent, however, to which bank credit had been used to sustain
it was not known until the statistics referred to
found publicity. Bank managers when they saw the
figures actually became dazed. They began to cal/
loans as a matter of protection and safety.and when
prices once got started on their downward course tile
collapse followed as an inevitable concomitant.
,The action now, however, in again reducing the
rate will operate in a wholly different way. It will
be accepted by the speculative fraternity as notice
at the Reserve officials think that the speculative
e cesses have been eliminated through the great decline in prices which has occurred on the Stock Exchange and that these Reserve officials are not
averse to seeing Reserve credit again employed in
the same reprehensible fashion. Loans to brokers
and dealers have been reduced from $3,141,125,000
Jan.6 to $2,451,339,000 April 14.'This is a reduction
of roughly $690,000,000 in the space of only about
three months and represents, of course, a very substantial reduction, but even at $2,451,339,000 these
loans to brokers and dealers are still excessive, especially if cognizance is taken of the fact that $1,062,000,000 of other loans on stocks and bonds were being made on April 14 by the 59 reporting member
banks in New York City, leaving the grand total of
loans secured by stock and bond collateral still at
the huge figure of $3,513,354,000.
No one will dispute that this is an excessive use
of bank credit in loans on stock and bond collateral..
This becomes all the more apparent when it is noted
that the so-called "all other loans and discounts"'
representing accommodation extended to mercantile
borrowers amounted at the same date to no more'
than $2,352,634,000. Yet by the action of this week
the New York Reserve Bank is inviting further use
of member banks credit in aid of dealings in stockg
and bends.
Owing to the great liquidation on the Stock Exchange, money rates have declined all around with
the result that commercial paper sells on a basis of
4@414% per annum for the best names and time
/
money on the Stock Exchange is down to the same
figure, while the call loan rate has actually dropped
to 3%. Why should the Reserve Bank wish further to accentuate this state of ease. Is it because
it wants ir9 kiCT. 103 facilities engaged to the same
2254
THE CHRONICLE
extent as during the time of the speculative debauch
which ended so disastrously? The question seems
a fair one in view of the fact that during the past
week the volume of its discounts dropped from
$188,969,000 to $61,228,000 and its holdings of acceptances from $63,437,000 to $26,086,000.
Anyway, why do the Reserve banks adhere to the
policy of always keeping their rates below market
rates instead of following the course pursued by the
Bank of England and other central banks of holding
their rates above market rates so as not to tempt the
member banks to an undue use of central bank
credit?
[VOL. 122.
ing flat or at a premium. It has obviously been the
popular view for some weeks past that we were entering on a protracted bear market with a business
depression to follow.
At the annual meeting of the United States Steel
Corporation, Chairman Gary hinted that the directors may eventually capitalize a considerable portion of accumulated-surplus which has been invested
in plants, inventories and working capital, by issuing a stock dividend. This would, however, involve
an increase in the cash distributions, and he declared that the time had not yet arrived when it
seemed safe to take this step, as the management
Stock prices have risen with increasing volume as feels it is still necessary to conserve cash to protect
the week advanced and bond prices have continued the dividend, and to provide for construction reto make new highs each day. The Dow-Jones indus- quirements and the retirement of maturing obligatrial stock average, which reached a low of 135.20 on tions. A conservative policy, such as has been folMarch 30, and which fluctuated just above this level lowed by the Steel Corporation for the past twentyduring last week, made an appreciable advance five years has served to create a property of great
on Wednesday, reaching 139.91, with a further ad- strength, for the corn bined benefit of stockholders,
vance on Thursday to 141.11 and a still greater gain employees and the public in general.
1
on Friday. In the meantime the average price of
The reflex of foreign developments during the
40 investment bonds passed 95 on Wednesday, comparing with a recent low of 91.47 on Aug. 7 1925. week on our security markets has been favorable
Money has shown further signs of ease, the call rate :rather than otherwise, notwithstanding that the
reaching .and holding 4% during the early part of French franc has been scraping bottom just above
2
1
/
the week and falling to 3 % on Wednesday, and to 3.30 cents per franc during the week. On Wednes3% Friday, while time money rates have declined to day, the United States Senate voted 54 to 33 to con
4@4%%. To cap the climax the Federal Reserve firm the Italian debt accord. Simultaneously, PreBank of New York, after the close of business on mier Briand announced that an agreement had been
Thursday, as already stated, reduced its rediscount reached in principle between M. Berenger, French
rate from 4% to 3 %. On Friday the announce- Ambassador to the United States and Secretary
2
1
/
ment that the directors of the General Electric Co. Mellon, with regard to funding the French debt to
had proposed to issue stock of no par value and ex- the United States. Final settlement of the French
change four shares for one of the old, the new stock and Italian debt to the United States would be acts
to pay $3in cash and $1 in special 6% stock, stimu- of the most constructive nature, inasmuch as the
lated the stock market still further and caused addi- internal fiscal situations in both countries cannot
tional advances in prices, though the result of the be placed upon a sound basis until these settlements
operation is simply to increase the number of gam- are made and also because the establishment of normal financial conditions in France and Italy would
bling units.
On the other hand, there has been a material fall- be of the greatest benefit to all nations engaged in
ing off in commodity prices and some decline in pro- international trade. Gradual inflation over a period
duction in certain of the basic industries. However, of years of the franc and the lira has stimulated
the Irving Fisher index of wholesale commodity French and Italian exports, tending to produce low
prices for the week ended April 16 showed a slight international prices of products extensively manuimprovement at 151.6, as compared with 150.7 for factured in these countries. Probably one of the
the previous week. There appears to be no real evi- principal elements of trouble in connection with the
dence of slackening employment, falling wages or textile industries of the world during the past few
failure of consumptive demand in most lines of years has been associated with the inflation of the
finished goods, though manifestly production of cer- French franc. It follows that the settlement of the
tain commodities entering into manufacture has evi- Italian and French debts would probably start a
dently been proceeding a little too fast, and there chain of events which eventually would materially
are still certain industries which are suffering from improve the textile situation throughout the
world.
abnormal conditions following the war.
During the past six weeks there has been a deDuring the week a syndicate headed by Hallgarcided change in the comparative yields of high grade
of bonds, yields ten & Co. and Halsey, Stuart & Co. brought out $30,bonds and stocks. With rising prices
have become lower and lower. On the other hand, 000,000 Republic of Uruguay external 6s, 1960.
2
1
/
the drastic decline of the stock market has produced These were offered at 96 on a 6%% basis and were
yields, not only well above money rates, but well immediately oversubscribed, meeting an eager ababove those obtainable on bonds of corresponding sorption on the part of investors. The reception
quality. This has resulted in much impressive buy- accorded this issue reflected not only the satisfacing of investment issues, particularly the railroad tory character of the security itself and the tendency
stocks and industrials of the higher grades. That toward advancing prices in the bond market, but
the advance in stocks during the past week has been also the promise of favorable developments in conin connection with stocks of this calibre is an assur- nection with the French and Italian debt, which in
ing development. At the same time there is appar- turn give promise of a materially improved interently still a large number of short contracts out- national situation.
standing as evidenced by the long list of stocks loan-
Ant. 24 1926.1
THE CHRONICLE
2255
1
'
President Coolidge, Secretary of State Kellogg ties. Under the treaty, he argued, this country could
and their associates in the Administration at Wash- do more for American interests in Turkey and for
ington, have taken the position all along that there humane treatment of the minorities than by remainwas no occasion for this Government to send repre- ing aloof. He declared that there was `no desire for
sentatives to the conference called to be held in imperialism, acquisition of territory, political or ecoGeneva on Sept. 1 to discuss the American reserva- nomic domination'in our policy toward Latin-Amertions with respect to entering the World Court. It ica, which, he said, was actuated by a desire to prohas been apparent from the start that no representa- mote peace and friendship. He urged the press of
tives would be sent. This became known specific- the United States and Latin-America to make an
ally and officially on April 18, when Secretary Kel- organized effort for the greater exchange of news as
logg made public copies of the reply that he had a means of fostering good relations, and advocated
forwarded to Alan F. Winslow, American Charge larger and cheaper cable and radio facilities to fad'Affaires at Berne, Switzerland, for transmission cilitate this exchange. The Secretary expressed opto Sir Eric Drummond, Secretary-General of the timism that negotiations he was carrying on with
League of Nations. The reply was occasioned by the the Ambassadors of Peru and Chile at Washington
receipt from the Secretary-General of an invitation, would bring about a satisfactory settlement of the
under date of March 29, for the American Govern- Tacna and Arica problem, which he described as
ment to be represented at that gathering. In his re- 'the only difficulty which now presents itself in the
ply, Secretary Kellogg stated that "he did not feel western section of the world.' He also expressed
that 'any useful purpose' could be served by Ameri- hope for a solution of the problems in. China, which,
can participation and that the reservations are he said, if viewed in the perspective of the Orient'§
'plain and unequivocal.'" A New York "Times" long history, were not as great as they seemed at
correspondent in Washington suggested that "Sec- first glance."
retary Kellogg administered a mild reproof to the
The negotiations between representatives of the
League in his note of to-day in connection with the
League's communication addressed to the members French and Spanish Governments on the one side
of the World Court, pointing out the difficulty of and of Abd-el-Krim, the Riff chieftain, on the other,
treating with the American reservations by direct apparently did not start very well. On April 17 the
exchange of notes with this Government. 'It would Paris representative of the Associated Press cabled
seem to me to be a matter of regret if the Council of that "the latest advices, or rather lack of advices,
the League should do anything to create the impres- are serving to temper the prevailing optimism." He
sion that there are substantial difficulties in the added that "the conference seems to depend on the
outcome of secret conversations which General Siway of such direct communication."
mon and General Nougin, representing France, are
Although President Coolidge has declined an in- holding with Riff delegates out beyond the advanced
vitation to send representatives to the conference in posts where the newspaper correspondents have not
Geneva on Sept. 1 to consider the American reserva- been permitted to follow and learn what exactly is
tions with respect to entering the World Court, he going on. The French Generals refuse to make any
does fully intend to send representatives to the Pre- disclosures." Continuing, he said that "Abd-elliminary Disarmament Conference to be held on an Krim, the Riffian war lord, is known to have found
earlier date. At the annual luncheon of the Asso- several of the conditions looking toward peace exciated Press in this city on April 20, Secretary of tremely repugnant. Notable among his objections
State Kellogg made an important address, in which is allowing Spanish troops to occupy strategic posihe gave "a detailed exposition of the foreign policy tions they never before have held and letting other
of the Coolidge Administration in Europe, Asia and tribes than the Beni Ouriaguel and the Boukouya be
Latin-America." The occasion and address were represented at the peace conference."
The very next day, April 18, the Associated Press
made the more important because of the presence of
representative at Camp Berteaux, Morocco, asserted
"about 100 representatives of Latin-American newspapers," who are visiting the United States. The that "the armistice conference broke up this evening
New York "Times" said that "the Secretary of State after a seven hours' sitting, with the French, Spanpledged this country, through its representatives at ish and Riffian delegates in complete disagreement.
the coming meeting of the Preliminary Commission The opening of the official conference at Oujda,
on Disarmament at Geneva, to help prepare the way whereby it was hoped to terminate the Moroccan
for further limitation of naval armament. Pointing strife and bring peace to the land, has been postout that the agreements reached at the Washington poned without date. This conference was to have
Conference in 1921 were confined to the limitation been held to-morrow." Outlining the situation still
of competitive building of capital ships and aircraft further, the correspondent said: "The Riffians decarriers, he said this Government would welcome an clined to permit French and Spanish troops to adextension of the agreements to limit the building of vance seven kilometres along the front as a military
cruisers and other types of naval craft. When the guaranty of good faith, and also object to the promost practical plan of action had been determined posed terms for the exchange of prisoners. The
upon, he continued, the United States could be French and Spanish delegations have granted the
counted upon to co-operate 'within the limits of its Riffians three days' delay for definite acceptance or
traditional policy.' Mr. Kellogg defended the Lau- refusal of the terms offered, and it still is hoped that
sanne Treaty with Turkey, which has been severely a resumption of the war may be avoided."
criticized recently, especially by church men. He
Word came from Oujda, through' an Associated
denied that the Government had departed from 'a
traditional, typical American policy' in its dealings Press dispatch, on the evening of April 21 that "the
with the Turkish Government, and asserted that it preliminary peace negotiations between the Francodid not condone Turkey's treatment of her minori- Spanish and Riffian delegations were resumed this
2256
THE CHRONICLE
afternoon at El Aioun." It was explained that "El
Aioun is forty miles west of Oujda, on the MoroccanAlgerian Railroad." The correspondent added that
"the French and Spanish peace delegations met this
morning to take official cognizance of the Riffian
reply, brought from Abd-el-Krim's headquarters by
Caid Haddou Ben Hannon. The Riffians issued a
note saying: 'Our reply belongs first to the French
and Spanish delegations, and it is for them to decide
whether it should be made public.'" In a subsequent dispatch from Oujda the same evening the
New York "Times" correspondent said that "there
is no agreement, but there is not yet any break between the Franco-Spanish peace negotiators and
Abd-el-Krim's envoys. For nearly four hours they
discussed together the Riff leader's answer to the demand that he permit a five-mile advance by the allied
forces between Kiffane and Melilla and release all
•French and Spanish prisoners, with only this result,
that all decisions were referred to a further meeting,
of which the time and place will depend on instructions from Paris and Madrid."
Apparently the French Chamber of Deputies is
'supporting Premier and Foreign Minister Briand
with respect to his Moroccan policy. In an Associated Press dispatch from Paris Thursday evening
it was stated that "the Briand Government received
a vote of confidence, with a majority of nearly 200
votes, in the Chamber of Deputies to-day. Confidence was passed on the question of credits for the
military operations in Morocco. Communist Deputy
Doriot raised the question, demanding a reduction
of 1,000,000 francs in the credits. M. Doriot's demand was rejected by 368 to 166."
• The news from Oujda Thursday evening was not
encouraging. The New York "Evening Post" representative at that point cabled that "the French and
Spanish representatives and the Riffian delegations,
after a conference, have adjourned to refer matters
to their respective Governments. Consequently, official peace negotiations have not commenced, being
merely in the stage of armistice pourparlers. Nevertheless, the Franco-Spanish delegates and Abd-elKrim's emissaries are optimistic." The Associated
Press correspondent said that "the preliminary
peace negotiations between the French and Spanish
and with the Riffian delegations have reached a
.serious deadlock."
The French Government has been busily engaged
with fresh plans for checking, at least, the further
decline in the franc. The situation was outlined
briefly in a special wireless message from Paris to
the New York "Times" on April 17. It was declared
that "France is facing a confused fiscal situation.
On the one hand voluntary public subscriptions are
flowing in for the redemption of the floating debt.
On the other hand the franc is steadily losing
ground. The whole country is asking why. While
many newspapers put the blame for the decline in
French currency on foreign speculators and foreign
markets, others say that the political differences in
France are responsible for the weakness in the currency. Technical experts think that the franc's decline is partly accounted for by heavy seasonal buying and that manufacturers are now building up
fresh stocks of raw materials to replace those exhausted by a winter of industrial activities. But
vol.. 122
followers bf the exchange market say it is also true
that the fall of the franc should be partly blamed
upon the sensitiveness of the Paris market to sentimental values. These observers contend that the
growing enthusiasm for the national contribution
will have a hard time in meeting the impetus given
to the franc's decline by the accumulated pessimism
of many months."
As to a definite plan for relieving the situation,
announcement was made in Paris the same day
(April 17) that "a general offensive against the
floating debt was launched to-day when a committee, of which President Doumergue is honorary
President and Marshal Joffre Commander-in-Chief,
was formally installed for the purpose of receiving
voluntary contributions for a sinking fund." It was
added that "the primary object of the free offering
sinking fund of which the committee will take charge
is to reduce the short-term bonds so that they will
no longer menace the Treasury. The fund will eventually serve to retire inter-allied war debts, as well
as domestic loans, though other measures are expected to eke out the proceeds of the voluntary subscriptions. People in all walks of life seem eager
to do their bit for Joffre and the French Treasury
in the new battle of the Marne, and the prospects are
that the campaign which during the war brought
1,500,000,000 francs in gold into the Bank of France
will be cast into the shade. The voluntary fund is
not counted upon to work the miracle alone of
French financial salvation, but the spirit it develops
is expected to help largely in solving France's financial difficulties. Offerings are coming in from persons in the highest and the humblest walks of life,
the gifts ranging from the Prince of Monaco's 50,000 francs to a peasant's gold watch and chain, the
latter of which the astounded Finance Minister
found on his desk on coming to work. The contributions include 1,000 francs from a pair of newlyweds
who were desirous of celebrating their happiness
patriotically; 10,000 francs came from the French
Association of Football Federation; one day's wages
was given by the employees of the Prefecture of the
Orne Department, and a handful of sous which a
child sent M. Peret with a scrawled note, informing
the Minister that she had decided to forego the purchase of a long sought toy in order to help France.
The President of the Paris Municipal Council sent
1,000 francs and the Councillors 500 francs each."
Additional gifts were received throughout the week.
The Paris "Herald" gave its check for 100,000 francs,
while John Kane Mills, a retired business man of
Hackettstown, N. J., and "who was a captain in the
air service during the war," opened "the American
subscription of overseas veterans and tourists" with
a check for 2,500 francs.
Negotiations relative to a plan to settle the war
debt of France to both Great Britain and the United
States did not seem to go forward as rapidly during
the early part of the week as had been forecast in
Paris and London cable dispatches. The representative of the latter centre of the New York "Times"
said in a wireless message on April 16 that "impatience in British official circles with France's attituhe on two important subjects—its war debt and
disarmament—has caused a striking change in
Anglo-French relations during the past fortnight."
Continuing, he said: "The British Treasury resents
the failure of M.Peret, the new French Finance Min-
APR. 24 1926.]
THE CHRONICLE
2257
ister, to come to London to discuss the French war of the French debt. It was stated in a special Washdebt to Britain. Winston Churchill, the British ington dispatch to the New York "Times" on WedChancellor of the Exchequer,intimated to his French nesday evening that "with the Senate's acceptance
colleagues some time ago that he would like to have of Italy's debt payment terms, another effort to
the attitude of the French Government on this sub- adjust France's national war indebtedness to the
ject made clear in time to take it into account in pre: United States will be undertaken without delay.
paring his budget, M. Peret, it is understood, Immediately upon being informed of the Senate's
pleaded his own budget difficulties, but the French ratification, Secretary Mellon, Chairman of the
budget is believed now to be complete, and it was United States World War Debt Commission, anexpected M. Peret would reopen the debt negotia- nounced that a meeting of the Commission would
tions by the end of the present week. To the sur- be held 'shortly.' The expectation is that the meetprise of the British Government, however, an inti- ing will take place Saturday."
It was made plain in Paris cable dispatches, also
mation has been received that Peret's visit has again
been postponed indefinitely. The hitch in the on Wednesday evening, that the French GovernFranco-American debt negotiations with Washing- ment was taking further active steps with respect
ton, it is understood, is specified as the cause of the to a war debt plan. The New York "Times" repre
postponement. Churchill, with his budget speech sentative said: "With emphasis and vigor former
only ten days distant, has been placed in a situation President Poincare and the whole of the Senate Pot.
of considerable embarrassment and is reported to be eign Affairs Commission tied up the French Governvery resentful in consequence. M. de Fleuriau, the ment this afternoon with promises that any debt
French Ambassador, paid a visit to the Foreign Sec- settlement with the United States shall carry on the
retary to-day and afterward left for Paris. It is un- French side an absoltitely unequivocal safeguard in
derstood that his mission is to impress upon the a clause that France will not feel herself responsible
French Government the importance the British Min- or be responsible for any further debt repayment if
istry attaches to an immediate reopening of the Germany defaults or is let off the payment of rep.
arations under the Dawes plan. Both Finance MinFrench debt negotiations."
Quite a different story was cabled the same eve- ister Peret and Premier Briand gave their word that
ning by the Paris representative of the "Times." He there would be no final settlement made without
said in part: "Eight hundred members of the Inter- this safeguard."
The New York "Herald Tribune" correspondent in
national Hotel Alliance were moved to great enthusiasm to-night by M. Peret, the Minister of Finance, the French capital added that "in Government cir
when in the course of an impassioned explanation des here to-night it was said that, following the vit.•
of the present situation in France, he declared that tual ratification of the Italian-American debt fundthe end of the nation's financial difficulties was ing agreement at Washington to-day, the French debt
fast approaching. M. Peret reviewed at length the question would emerge into a period of prompt and
fight which France has waged since the armistice to satisfactory settlement. The Cabinet discussed the
rebuild her vast devastated regions and at the same terms of the Mellon-Berenger funding agreement
time to carry on the ever-mounting costs of Govern- yesterday, and to-day Premier Briand and Finance
mental operation in the face of the non-payment of Minister Peret appeared before the Senate Foreign
expected reparations. Addressing himself especially Affairs Commission, both explaining the details of
to the American delegation, M. Peret asserted that Ambassador Berenger's work at considerable length.
it was the firm intention of France to repay her debt, Both the Cabinet and the Commission accepted the
the settlement of which was now only a matter of a conditions tentatively agreed upon by M. Berenger
as the best the Ambassador might hope for. The
brief period."
For a week or ten days there had been consider- Senate body, however, took up the so-called safe• able talk in Paris cable dispatches as to the probabil- guard clause and opposition developed. Several
ity of M. Peret coming to the United States before Senators contended that the French Parliament
long with respect to the war debt negotiations. On would never ratify an agreement by which Franca
April 18, however, the French Embassy at Wash- would be compelled to pay in case of complete Gerington issued the following statement: "The French man default on reparations payments under the
Embassy is duly authorized by the French Govern- Dawes plan. The Premier and M.Peret replied that
ment to deny some news published in the last few the Ambassador had done his utmost to overcome
days, according to which the French Finance Min- the American objection to this clause, and, in fact,
ister, M. Peret, would come to the United States. M. Berenger was still under instructions to continue
Nothing has ever been said about it and it is out of his efforts to gain a concession on that point."
the question. The French Ambassador, Senator
Berenger, has received from the French Government
What purported to be an outline of the plan
full power to negotiate with the American Govern- which Secretary of the Treasury Mellon and French
ment the settlement of the French war debt." The Ambassador Berenger were said to have worked out
Washington representative of the New York "Eve- was given in a special Washington dispatch to the
ning Post" stated the next day that "formal nego- New York "Evening Post" Thursday evening (April
tiations for the funding of France's $4,000,000,000 22). The correspondent said in part: "The agreedebt to the United States may be expected to get ment worked out by Secretary of the Treasury Melunder way after the vote in the Senate Wednesday lon and Ambassador Berenger for the settlement of
on the Italian debt settlement."
the French debt, which will be laid before the United
States Debt Funding Commission to-morrow, proAs was natural, the ratification of the Italian vides, according to high authority, for payment by
War Debt Agreement by the United States Senate France of $25,000,000 a year for the first five years."
revived informal discussion at least of the settling He declared that "this is practically a moratorium,
2258
THE CHRONICLE
(Vol. 122.
for France now is paying us $20,000,000 a year. The should be concluded within a few days. The prelimAdministration plans to submit the French settle- inary negotiations, it is understood here, have gone
ment to Congress and hopes to have it acted upon at so far that little in dispute remains to be settled."
the present session." Additional features of the
In an Associated Press dispatch from Washington
plan, as the "Post" correspondent understood them, last evening it was stated that "France to-day subwere given as follows: "The total payments will mitted a new offer for the settlement of its $4,000,have a present cash value of about 50% of what 000,000 war debt. The proposition was taken under
France owes us in interest and principal. The Eng- advisement by the American Debt Commission until
lish settlement has a cash value of 74%, the Belgium to-morrow, when it will meet again." The New York
settlement of 45% and the Italian settlement 27%. "Evening Post" representative in Washington said,
The interest will start out at a nominal rate and also last evening,"the American Debt Funding Comwork up, at the close of the sixty-two years over mission met with Henri Berenger, French Ambassawhich payments are spread, to 3 %. The rate of dor, at the Treasury to renew consideration of the
/
1
2
the settlement, with the average rate, will thus be troublesome French obligation of $4,377,000,000. The
very low. In comparison with the terms offered by new French offer was submitted formally." He
M. Caillaux and those demanded of him by the added that "Mr. Mellon and M. Berenger are in subAmerican Commission, the terms of the new agree- stantial accord concerning what an acceptable agreement are a compromise. M. Caillaux offered aver- ment must entail. It is no such sum as Paris cables
age payments of $90,000,000 a year. The Americans reported on authority of Premier Briand—$25,000,then demanded average payments of $140,000,000 a 000 annually for a few years with a maximum of
year. The Mellon-Berenger agreement provides for $100,000,000. That may be offered for trading puran average of a little over $120,000,000 a year." The poses, as a basis of negotiations. Secretaries Hoover
nature of the security clause is not revealed, but and Kellogg, Senator Smoot and Representative
there is some provision for a revision of the terms if Crisp are irreconcilable in their opposition to any
they prove too- onerous for France. If France has such scale. Payment of $25,000,000 a year for five
obtained an express provision that if German rep- or even seven years would be considered only with
arations payments fall off her own payments to the the understanding that it is to be recognized muUnited States shall be reduced, she will meet strong tually as a virtual moratorium, since France now
opposition, and whatever contingent clause is incor- is paying $20,000,000 annually. Caillaux offered
porated in the settlement will be subjected to the $40,000,000 a year as a starter. Caillaux offered
scrutiny of Congress. The contingent clause may average annual payments of about $90,000,000. The
base revision upon a future showing of France's ca- American Commission would not consider the propacity to pay. Practically, this would mean the posal. The Americans contended for $140,000,000
same thing as an express provision to revise the a year as average. Caillaux said that was beyond
terms of payment if German reparations fell off or French capacity to pay. The Mellon-Berenger plan
were reduced, for France's capacity to pay for a to be considered by the American Commission would
good many years will depend upon her collections contemplate an average of approximately $120,000,000 a year."
from Germany."
definitely in WashingAnnouncement was made
Benito Mussolini, Premier of Italy, returned
ton Thursday afternoon that a meeting of the American War Debt Commission would be held yesterday. safely on the evening of April 17 from his trip to
The New York "Times" correspondent said that "the Tripoli. In a wireless dispatch under that date, the
persistent reports that the French Ambassador, Rome correspondent of the New York "Times" said:
Henry Berenger, and some American officials, had "On his return from his triumphal tour in the Colreached a tentative accord as to the principles which ony of Tripoli, Premier Mussolini was received home
must guide an agreement for the funding of the again with almost regal honors. In Gaeta, where
French war-time debt to the United States and that he first landed from the dreadnought `Cavour';
the problem was likely to be solved, gained substance then in Rome, where he arrived late this evening,
to-day when Secretary Mellon announced that a scores of thousands of citizens greeted him with enmeeting of the American Commission would be held thusiastic acclaim, such as in olden times they acto-morrow morning to receive M. Berenger. There corded only to commanders of Roman armies returnwas no implication that the French Ambassador had ing to the Eternal City after inflicting defeat upon
a concrete proposal to make of such a nature as to Rome's enemies. All official Rome was gathered at
hasten the course of the deliberations." The New the station to greet him as soon as he stepped off the
York "Herald Tribune" representative in the na- train. Thousands upon thousands of citizens lined
tional capital added that, "with the Italian debt set- the route between the station and his residence, aptlement assured of final approval within a day or parently accounting a brief glimpse of him as he
two, the American Debt Commission will meet to- sped past in a motor car ample reward for hours of
morrow in its second attempt to reach an agreement patient waiting. Guns boomed, church bells pealed
for the settlement of the French debt. A clear-cut and airplanes circled overhead as the Premier's train
majority of nineteen in the Senate in favor of the came within sight of the city. The scene when MusItalian settlement stood to-day unswerved, while solini stepped from the station into the large square
Senator Reed, of Missouri, and Senator Howell, of outside, packed tight with his admirers, who were
Nebraska, urged reconsideration of the vote by which with dfficulty restrained by cordons of troops, poyesterday the Upper House voiced its approval of lice and Fascisti, defies description. Thousands
the terms granted Italy. So confident is official upon thousands of hats flew into the air, thousands
Washington that the American Debt Commission upon thousands of hands were raised in the Roman
will reach an agreement with Ambassador Berenger salute, thousands upon thousands of throats shouted
as to terms of the settlement of the French debt that their greetings, and their applause marked their adno surprise would be occasioned if the negotiations miration. The police cordons swayed before the
Am.24 1926.]
THE CHRONICLE
pressure of the people trying to get near the Premier. Mussolini remained a few instants facing the
crowd with his hand raised up in the Roman salute,
then rapidly entered his motor car and drove toward
his home. The scenes of enthusiasm were repeated
all along the route as the Premier's car proceeded
along the beflagged and artistically illuminated
streets. Mussolini had already received a similarly
enthusiastic reception at Gaeta, into which Fascisti
from the surrounding district, thousands of whom
walked many miles in order to be present at the
Premier's landing, poured all day. Scores of thousands of people had gathered as the dreadnought
'Cavour,' escorted by a squadron of destroyers,
steamed into the harbor. Mussolini, however, evidently in a hurry to reach Rome, drove directly to
the station and was gone a few minutes after his arrival. He paused only long enough to say to the
Fascisti, who obviously expected him to deliver a
speech: 'Fascisti! Now is the time for acting, not
talking."
Commenting upon his plans for the future, the
Rome representative of the Associated Press said in
a cable message on April 20 that "his triumphant
voyage to Tripoli over, Mussolini is desirous of
bringing into full force Fascism's next phase of
disciplined work for the entire nation. The Government's vigorous denial of imperialistic designs in
Abyssinia is looked upon as in line with this desire,
that nothing be permitted to disturb the launching
of the new period of creative effort initiated by the
elevation of Augusto Turati to the Secretaryship of
the Fascist Party. The press simultaneously exults
in the explanation of the Abyssinian negotiations as
purely economic and emphasizes the program of domestic and colonial agricultural intensification to
which the activities of the Premier have been devoted for the last fortnight."
2259
in a filibuster. Debate under the motion to reconsider will be begun to-morrow."
Premier Mussolini and other Italian Government
officials were said to have been greatly pleased with
the action of the United States Senate. In an Associated Press dispatch from the Italian capital on
April 22 it was stated that "ratification of the Italian war debt settlement by the United States Senate brings warm expressions of gratification from
high Governmental officials. Premier Mussolini,
after reading the first bulletin last evening, said,
am most happy to hear the news.' To-day similar
expressions came from Finance Minister Count
Volpi, who headed the debt mission to Washington,
and Dino Grandi, the Under-Secretary for Foreign
Affairs. Count Volpi asked the Associated Press
to send his 'grateful greetings to the American Government, who sustained with such firmness and loyalty the agreed settlement.'"
Fear as to what Premier Mussolini will do next
with a view to extending his power is a live question
in Europe these days. The Turkish Government was
said to have become so apprehensive that it took
special steps of a precautionary and protective
character. In a London cable dispatch to the New
York "Times" on April 18 it was stated that "reports
from Constantinople that the Angora Government
has called to the colors all 1926 classes of recruits
and all recruits exempted from service in previous
years, has aroused a considerable amount of speculation in diplomatic circles." The situation, as reported to exist, was further outlined in part as follows: "According to the Constantinople dispatches
the 'security measures' taken are the result of apprehension caused by Mussolini's speeches in Tripoli
and by a reported compact between Italy and
Greece. An Italian attack on Anatolia is said to be
feared and also the possibility of Greece attempting
to recover the territories in the neighborhood of
Smyrna which she lost in the 1922 disaster. The
existence of the compact between Italy and Greece
is denied by the Italian Government, but the 'Daily
Express' says: 'What is known to exist is an agreement whereby Italy gave Greece a loan of £2,000,000
to be expended in Italy on armaments and other
provisions. Italian firms are now working at fever
speed supplying the Greeks with tanks, armored
cars and other munitions.' That Mussolini is making a bid for leadership in the Arab world as one of
the preliminaries to his program of colonial expansion in Northern Africa and Asia Minor is a fact,
according to the 'Westminster Gazette.?" The Associated Press representative in London cabled April
19 that, "while there is nothing concrete on which
to base fears of an attack on Turkey, in political circles the opinion is advanced that the smoke indicates
the presence of fire, and Turkey's action in increasing the peace footing of her army consequently is
considered highly suggestive of danger." According to an Associated Press cable message from Athens the same day, "Foreign Minister Rouplos to-day
denied the report of the existence of an agreement
between Italy and Greece against Turkey."
The United States Senate, on Wednesday afternoon, April 21, by a vote of 54 to 33, ratified the
Italian War Debt Agreement that had been worked
out several months ago by Commissions representing their respective Governments.
As early in the week as April 18 it was stated in
Washington dispatches that the Administration
leaders in the Senate expected that the plan would
be ratified on the following Wednesday. It had
been agreed that the voting should begin at 4 o'clock
on that day. Senator Reed, Democrat, of Missouri,
and Senator Borah, Republican, of Idaho, did their
utmost on Wednesday to prevent ratification of the
agreement. Senator Borah "moved to recommit the
settlement to the Finance Committee, with instructions to investigate Italy's capacity to pay." He
was defeated on this motion, and as already noted,
the agreement was approved by a vote of 54 to 33.
According to a special Washington dispatch to the
New York "Times" on the evening of April 21, "actually the vote for ratification was 53 and the opposition 34, as Senator Reed of Missouri, bitter enemy
of the agreement, voted to ratify to enable him to
move to reconsider." It was further explained that
"that motion has served to postpone putting the
agreement into full effect and will reopen debate,
but the majority for ratification is so large that an
It seemed a rather interesting coincidence that
early disposal of the matter is expected, especially the day before (April 18), "General Pangalos was
in view of assurances from Senators Reed and Borah installed as President of Greece at the Cathedral.
that the opposition to the agreement will not indulge He took the oath of office before the Holy Synod
2260
THE CHRONICLE
and the Ministerial Council. A salute of twentyone guns was fired at dawn in honor of the occasion,
and a similar salute was given at the conclusion of
the ceremony. This afternoon General Pangalos
received the congratulations of officials at Government House." It was added in an Associated Press
cablegram that, "on assuming the Presidency, General Pangalos ordered the liberation of all political
prisoners and journalists accused of attempted sedition, including M.Papanastasion, former Premier,
.and General Condylis, former Minister of War, and
others who were sent into exile. From to-morrow,
General Pangalos announced, he will relinquish all
his dictatorial rights, which he assumed early in
January of this year. In the first part of the Greek
Presidential elections, two weeks ago, General Pangalos polled an overwhelming vote, and in the continuation of the elections last Sunday, the opposition candidates having withdrawn, he was chosen
Chief Executive of the Greek Republic."
[Vou 122.
going account. In part he said: "Rome to-day solemnly celebrated its 2,679th birthday, which coincided with the observance of "Colonial Day" and
"Labor Day." It is not a mere coincidence that
Rome's birthday, which turned all Italian thoughts
to the glories of the Roman Empire, that Colonial
Day, which called to mind the colonies on which
ancient Rome's might was founded, and that Labor
Day, which reminded Italians that greatness can
be achieved only through hard work, should all have
fallen upon the same day. It was Premier Mussolini
himself who fixed the date, wishing thus to point
out to his fellow citizens the road they must follow
if they wish to realize their dream of empire. Rome's
birthday since Fascismo seized nower has always
been celebrated with great solemnity and pomp. It
is intended to make Italians reflect upon the Roman
origins of the Italian race and to reawaken in them
that spirit which made the ancient Romans the rulers of the whole known world. Colonial Day was
instituted by Signor Mussolini in order to remind
Italians of the necessity of colonial expansion if
Italy is to produce enough food to feed its citizens
and to find work and means of sustenance for its
rapidly increasing population. Labor Day, which
used to be celebrated on May 1 and was usually
marked by violent disturbances and manifestations
of class hatred, was transferred to April 21 by II
Duce, who wished thus to underline his policy of
class collaboration. The feature of to-day's celebration was a review by the Premier of all Rome's
Fascist forces, including scores of thousands belonging to the Fascist trades unions. Signor Mussolini
was greeted by Fascist citizens with the usual enthusiasm which accompanies his every appearance.
When he appeared on the parade ground, when he
proceeded along the ranks of the Fascisti, he was
greeted by loud applause and acclamations, which
were repeated when he left. The review was a display of Fascismo's strength, thousands upon thousands of Fascisti in military formations being drawn
up for the Premier to inspect."
The Italian city of Rome celebrated on April 21,
"the 2,679th anniversary of its founding." Elaborate preparations for the event had been made in
accordance with the explicit and imperative orders
of Premier Mussolini. The United Press representative in that capital cabled in the afternoon that
"Premier Mussolini's dream of a Rome restored to
its ancient glories sees the beginning of fulfillment.
This city, celebrating the anniversary of its founding, to-day undertook the restoration work outlined
by the dictator. Nearly two thousand years after
Rome's ancient glory the people of the Italian capital have begun the demolition of slums and of buildings regarded as eyesores which are located near
medieval monuments. Elaborate ceremonies are
being held in the city, which is flag-decked in honor
of the national anniversary. To the Fascists of
Rome and to the population generally the anniversary means much more this year than it has in the
past, due to the fact that the restoration will date
from this time." Continuing, he said that "it is the
edict of Mussolini that'Rome must appear as a marvel to all the peoples of the world within a period of
The proposed treaty between Germany and Soviet
five years—a city vast, ordered and powerful as it Russia does not seem to have caused apprehension
was in the time of the first empire of Augustus.' in London. In a special cable dispatch from that
The neighborhood where work began contains such centre to the New York "Times" on April 17 it was
ancient monuments as the Capitol, the Auguste° stated that "the compact of benevolent neutrality
Amphitheatre and the Marcellus Forum. Cheap entered into by Russia and Germany, as announced
modern buildings which have obscured many of the in the New York 'Times', has been the chief diplobeauties of these buildings for years will .be torn matic event of the week. Some alarm, according to
down. Excavations will be started to unearth the reports, has been caused in certain European capiCircus Maximus and ancient tombs. The ground in tals by Germany's action, but it is not shared by the
front of the Colosseum will be leveled so that this British Government." It was added that "there is
relic may be seen at better advantage. In observa- a disposition in some influential British quarters
tion of the beginning of this new work Rome is tak- not only not to condemn the new compact, but to
ing a holiday to-day. The more important cities are welcome it. Though the British Government officelebrating a day which is expected here to be long cially maintains its attitude of what might be deremembered in the history of Mussolini's achieve- scribed as passive hostility to the Soviets, there are
ments. Thus far 90,000,000 lire (approximately signs that some of its followers have more open
$3,500,000) has been appropriated to carry on the minds. A party of four Conservatives, members of
work of restoration. The Governor of Rome is Parliament,for instance, left England to-day to pay,
charged by Mussolini with fulfillment of the work, for the first time since the Russian revolution, a
but the Cabinet and every official of the 'Eternal visit to Russia. It comprises Sir Frank Nelson,
City' are united in an effort to start the program off Robert Boothley, Captain R. C. Bourne and Colonel
T. C. R. Moore. The main idea is to see exactly how
successfully."
things stand under the Soviets, said Sir Frank NelThe New York "Times" representative in Rome, son."
The treaty received hearty support from Foreign
in a long dispatch later the same evening, added
several especially interesting features to the fore- Minister Stresemann. A special representative of
Am. 24 1926.]
THE CHTIONICLE
the New York "Times" said in a wireless message
from Stuttgart on April 18 that "Germany's coming
treaty with Soviet Russia will insure the neutrality
of the two nations toward one another, Foreign Minister Stresemann explained in the course of a speech
he delivered before the annual assembly of the German People's Party here to-night. Dr. Stresemann
characterized the negotiations between Berlin and
Moscow as the legitimate elaboration of the Locarno
security treaties. Declaring that the Reich was in
no sense responsible for the premature publication
of the news about the Russo-German treaty, which,
however, he said, had been fully notified to the Locarno Powers, the Foreign Minister observed:'When
Germany undertakes treaty negotiations with Russia which guarantee both Powers against the participation of either in an aggressive act against the
other, and moreover insure the preservation of mutually beneficial economic and amicable relations,
the basis is the same as that on which other nations
found their relations with Russia. Our whole policy
must be aimed at obtaining genuine pacification of
Europe with recognition of Germany's equality.
Conclusion of the treaty with Russia should represent the natural expansion of Locarno!"
The Berlin representative of the New York
"Times" said in a wireless message on April 21 that
"unless some unforeseen obstacle arises meanwhile
the Russo-German neutrality treaty will be initialed
before the end of this week and submitted to the
Reichstag's Foreign Relations Committee on Monday. This was indicated in official quarters to-day.
It was also declared that no material points re
mained at issue, only questions of the text now requiring solution. There is more than a possibility of
Foreign Minister Stresemann affixing his initials
to the completed instrument before his departure
to-morrow for the Rhineland, where he is going to
make an important speech in defense of his policies."
It was reported in an Associated Press message
from London the same day that "Foreign Secretary
Chamberlain told Commons to-day the German Government had given assurances the proposed RussoGerman treaty would contain nothing conflicting
with the League covenant or the Locarno agreement.
Accepting this assurance, the Foreign Secretary de
clared he saw no reason to take exception to the
pact."
2261
taxation, is the thorniest problem any Minister has
faced in years, and speculation is rife concerning
Mr. Churchill's 'surprises.' It is generally expected
that between the contemplated luxury tax and ths
suggested tax on betting on races the former will lie
chosen as the least objectionable. Expensive furs
and jewelry are expected to join silk as taxable luxuries, and an increase in the automobile tax also is.
probable."
The New York "Times" representative in the
British capital outlined the situation in part as follows: "The Chancellor of the Exchequer, Winston
Churchill, is hard at work on the difficult task of
preparing his budget speech, which he will deliverin the House of Commons Monday. He is just back
from a week-end sojourn out of London, during
which, it is safe to guess, he has ignored the loveliness of nature in order to think and talk nothing but
budget. As matters stand, Britain faces expenditures during the fiscal year 1926-1927 of somewhere
around £808,000,000, or roughly, ppopopo. In
order to meet that enormous bill, concerning which
the Opposition already is making the most direful
predictions, Mr. Churchill must tap new sources of
revenue. For weeks his trained corps of experts
has been seeking to devise money-producing expedients. They have gone back through British history. They have studied the tactics adopted by foreign finance ministers. They have left no stone unturned. It is already known that Mr. Churchill will
announce next Monday a tax on betting. And it IS
reasonably sure he will tax luxuries somehow or
other. Whether by these and similar expedients he
will get enough to meet British liabilities remains tobe seen."
As for the position of the coal miners, it was reported in a special London dispatch to the New York
"Times" on April 16 that "a promise to support theBritish coal miners by every possible means, in the
event of a strike, was made to-day by a committee
of the International Miners' Federation at a meeting in Brussels. The decision means, according to
the International Federation, that not only will efforts be made to stop the exportation of coal to
Great Britain, but the possibility of a general sympathetic strike on the Continent also is contemplated."
The situation was further outlined in a special
London wireless message to the New York "Evening Post" on April 22: "The mine owners have
submitted their proposed wage figures for each district to Prime Minister Baldwin confidentially, but
have withheld it from the miners, fearing to prejudice their stand against a national wage agreement.
The miners, however, have a draft of the agreement,
which definitely lays down new methods for calculating wages and contains a clause which purports
to be a compromise between the owners' and the
miners' views. It provides that the minimum percentage over the pre-war wage shall be fixed in each
district separately, but must be submitted to a joint
national committee before becoming part of a national agreement"
The British Cabinet, or at least some members of
it, have been especially concerned with two big
questions—the budget for the coming fiscal year
and the coal labor situation. On April 19 the London representative of the New York "Evening Post"
said that, "although be returned from his private
consultation with King George, at Windsor, apparently in a jovial mood, Prime Minister Baldwin is
facing the most difficult week of his administration
thus far. Aside from the coal crisis, which must
somehow be solved, as the subsidy will end in thirteen days, there is the problem of the budget, which
is scheduled for presentation on April 26. Preceding this is the economy bill of Winston Churchill,
Chancellor of the Exchequer, which is opposed so
bitterly on account of its raid on insurance funds
and other social provisions that a week of day and
night sessions was able to dispose of only nine out of
The next important announcement appeared in a
the twenty-one clauses that must be passed. Find- special London cablegram to the New York "Times"
ing $4,000,000,000 at this juncture, when the public late the same evening. It was stated that "the
temper will not countenance any increased direct Prime Minister, Stanley Baldwin, leaped into the
2262
breach to-night at a moment when the deadlock between the coal mine owners and the miners seemed
complete and all hope of a peaceful solution of their
differences seemed dead and gone. With only eight
days intervening before he coal subsidy terminates
and with the embittered rivals in the coal war apparently further than ever from agreement, Mr. Baldwin decided that the time had come for firm Government action. Undaunted by the fact that the
mine owners and the miners had failed utterly this
morning to smooth over points in the dispute between them, the Premier to-night invited representatives of both sides to meet him to-morrow morning
at 11 o'clock and resume the negotiations interrupted this morning. There is no reason to suppose that either side will disregard the invitation.
The Prime Minister acted this evening upon a suggestion made by a deputation from the General
Council of the Trades Union Congress, which called
on him after his meeting with the Miners' Federation. The suggestion was only too welcome to Mr.
Baldwin, who had been waiting for what he considered the right moment to intervene. At to-morrow's meeting he will be accompanied by Sir Arthur
Steel-Maitland, the Minister of Labor, and Lieut.Col. Lane-Fox, the Secretary of the Mines Department, with whom he conferred to-night."
The New York "Herald Tribune" account was not
nearly so favorable. It stated that "an early general election may be precipitated as a sequel to the
complete breakdown of negotiations between the
British coal mine owners and the miners after less
than one hour's discussion to-day, according to a
persistent, but unconfirmable, rumor in political
circles here to-night. Faced with the prospect of a
nation-wide tie-up of this country's basic industry a
week from to-morrow, which may lead to a sympathetic general strike, Prime Minister Baldwin, it is
reported, has held the threat of an appeal to the
country on the nationalization of mines over the
owners' heads unless they withdraw from the attitude which ruptured to-day's conference."
According to cable advices from London this
week, the Bank of Norway has reduced its discount
rate from 6% to 51 2%, the change taking effect on
/
April 20. Yesterday the Bank of Belgium reduced
its rate from 71 2 to 7%. Otherwise official bank
/
/%
rate's at leading European centres remain at 71 2
6% in Paris;
in Austria; 7% in Berlin and Italy;
51 2% in Denmark; 5% in London and Madrid;
/
41 2% in Sweden, and 31 2% in Holland and Switzer/
/
land. The open market discount rates in London
were a shade easier. Both short and long bills finished at 4 5-16%, as against 438% for both a week
/
ago. Call money in London ruled firm at first,
touching 334%, but closed at 338%, comparing with
/
/
31 2 a week earlier. At Paris open market dis/%
/
counts continue to be quoted at 414%, while in
/
Switzerland there was an advance from 2 to 21 8%.
Another, though small, loss in gold (£81,433) was
shown by the Bank of England statement for the
week ending April 21. Reserve in gold and notes
in the banking department, however, again expanded, £474,000, in consequence of a further contraction in note circulation of £555,000, while the
proportion of reserve to liabilities advanced to
22.50%, which is the highest point for the current
year, and compares with 22.27% last week, 23% a
[you 122.
THE CHRONICLE
year ago and 187
8% in 1924. Public deposits increased £1,405,000. In other deposits, there was a
decline of £423,000. Loans on Government securities were reduced £940,000, but loans on other securities were augmented £1,453,000. The Bank's stock
of gold stands at £146,409,503, in comparison with
£128,733,163 last year (before the transfer to the
Bank of England of the £27,000,000 gold formerly
held by the Redemption Account of the Currency
Note issue), and £128,122,914 in 1924. Reserve
amounts to £25,995,000. This compares with £28,203,918 in 1925 and £23,017,324 the year before.
Note circulation is now £140,162,000, as against
£120,279,245 and £124,855,590 one and two years ago,
respectively, while loans total £68,031,000, in comparison with £75,529,573 the year before and £74,493,323 in 1924. The official discount rate of the
institution remains at 5%, unchanged. Clearings
through the London banks for the week were £750,560,000, against £778,831,000 a week ago and £723,786,000 last year. We append herewith comparisons
of the different items of the Bank of England return
for a series of years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1922.
1923.
1926.
1925.
1924.
April 26.
April 21.
April 25.
April 22.
April 23.
£
Circulation
6140.162,000 120.279.245 124,855.590122,779.225 121,307,055
Public deposits__ 12.370,000 17,057,986 13.704.388 14.006.105 14.668,589
Other deposits
103,197,000 105.770.356 108.375.986 108.641.070 119,698.251
Governm't securities 39.270.000 36,811.666 42,237.755 48.205.684 47.534,146
Other securit1es
68,031,000 75,529,573 74,493,323 67.605.209 78,461,465
Reserve notes & coin 25.995,000 28,203.918 23.017,324 24,490,098 26,015.763
Coin and bullion_ _a146,409.503 128,733,163 128,122,914 127,519,323 128,872.818
Proportion of reserve
to liabilities
23%
22.50%
20%
19.35%
1874%
4%
Bank rate
5%
4%
3%
5%
a Includes, beginning with April 29 1925, £27,000,000 gold coin and bullion
previously held as security for currency notes issued and which was transferred to the
Bank of England on the British Government's decision to return to gold standard.
b Beginning with the statement for April 29 1925, Includes £27,000,000 of Bank
of England notes issued in return for the same amount of gold coin and bullion
held up to that time in redemption account of currency note issue.
In the weekly statement issued the present week by
the Bank of France, the customary small gain in
the gold holdings was shown, this time 57,525 francs.
Thus the total gold holdings aggregate 5,548,406,500
francs, as compared with 5,546,259,662 francs for the
corresponding period last year and with 5,542,353,717
francs in 1924. Note circulation continued to decrease, the contraction this week amounting to 428,742,000 francs, bringing the total notes in circulation
down to 52,014,413,640 francs, against 42,662,347,995
francs April 23 1925, and with 39,824,093,935 francs
April 24 1924. The State repaid the Bank 350,000,000 francs more of its borrowings. Advances to the
State now stand at 35,300,000,000 francs, against
22,700,000,000 francs a year ago and 22,700,000,000
francs two years ago. During the week silver was
increased 1,126,000 francs and Treasury deposits
rose 34,795,000 francs. In contrast bills discounted
fell off 83,326,000 francs, trade advances were decreased 19,507,000 francs and general deposits diminished 431,332,000 francs. Comparison of the
various items in the week's return with the figures of
last week and the corresponding dates in both 1925
and 1924 are as follows:
BANK OF FRANCE'S
Changes
for Week.
Francs.
Gold Holdings—
57,525
Inc.
In France
Unchanged
Abroad
COMPARATIVE STATEMENT.
Status as o
Apr.22 1926. Apr. 23 192.5. Apr. 24 1924.
Francs.
Francs.
Francs.
3.684,085,593 3,681,938,754 3,678,032.810
1,864.320,907 1,864.320,907 1,864.320,907
57.525
Inc.
Total
Inc. 1,126.000
Silver
Bills discounted_Dec. 83,326,000
Trade advances_31ec. 19.507,000
Note circulation Dec.428,742,000
Treasury deposits_Inc. 34.795,000
General deposits_ _Dec.431.332.000
Advances to State_Dec. 350,000,000
5.548,406,500
333,335,329
3,398,663,181
2,459,812,875
52,014,413,640
45,431,417
2,255.848,657
35,300,000,000
5,546,259,662
316,759,003
5,371,309,141
3.070,238.808
42,662.347,995
4,489,233
1,947.618,761
22,700.000.000
5,542,353,717
298,602,710
4,602,939,271
2,564,704,161
39,824.093.935
17,666,456
2,419,338,535
22,700,000,000
APR. 24 1926.]
THE CHRONICLE
Another decrease in note circulation, amounting
to 271,124,000 marks, was the feature of the German
Bank statement, issued as of April 15. Other maturing obligations were again increased, namely
236,410,000 marks, although other liabilities this
time were reduced 207,030,000 marks. On the asset
side, the Bank reported a small increase in holdings
of bills of exchange and checks (192,000 marks), and
an increase of 668,000 marks in advances, but a decline of 203,043,000 marks in reserve in foreign currencies, while deposits held abroad were reduced
2,239,000 marks. Silver and other coins increased
5,665,000 marks, notes on other banks 11,434,000
marks and other assets 99,753,000 marks. A decrease of 156,508,000 marks was shown in investments. Gold coin and bullion holdings expanded
95,000 marks, to 1,491,227,000 marks. At this time
last year gold reserves amounted to 1,003,735,000
marks and in 1924 to 459,806,000 marks. Outstanding note circulation aggregates 2,790,317,000 marks.
According to the reports of the Federal Reserve
banks, issued on Thursday afternoon, important
additions occurred to gold reserves at the same time
that both rediscount and open market operations
were sharply reduced. This showing contrasts
strikingly with the statements of the preceding
week, which revealed shrinkage in gold and expansion in rediscounts. This week's return for the combined System indicates an increase in gold of $13,400,000. Rediscounting of both Government secured
and other bills fell off approximately $127,600,000.
Holdings of bills bought in the open market were
reduced $44,600,000. Total bills and securities
(earning assets) fell off $161,200,000 and deposits
$127,400,000, while Federal Reserve notes in actual
circulation decreased $18,800,000, and member bank
reserve accounts were $112,100,000. The New York
Bank added to its gold holdings the sum of $68,500,000, mainly through its operations with the Gold
Settlement Fund, while rediscounts of paper secured
by Government obligations declined $123,100,000
and other bills $4,600,000, making a total drop in
bills discounted for the week of $127,700,000, to $61,.
228,000, as compared with $109,252,000 a year ago.
Here total bills and securities declined $157,200,000
and deposits $90,500,000. The amount of Federal
Reserve notes in circulation fell $2,700,000, while
member bank reserve accounts shrank $97,300,000.
As to reserve ratios, the gain in gold and sharp contraction in deposits resulted in an advance of 3.0%,
to 76.0%, for the banks as a group, and no less than
11.4%, to 88.3%, at New York.
Reduction of loans and expansion in deposits, the
latter bringing about a loss in surplus, featured the
return of the New York Clearing House banks and
trust companies last Saturday. Loans were reduced
$65,076,000. Net demand deposits increased $26,380,000, to $4,317,314,000, which total is exclusive of
$39,547,000 in Government deposits. Time deposits,
on the other hand, declined $10,931,000, to $572,178,000. Cash in own vaults of members of the Federal
Reserve Bank fell $2,033,000, •to $44,861,000 (not
counted as reserve), while reserve of State banks
and trust companies in own vaults declined $435,000
and reserve in other depositories of these same institutions increased $31,000. Shrinkage of $1,821,000
occurred in the reserve of member banks in the Federal Reserve Bank, and this, in combination with
2263
larger deposits, was responsible for contraction in
surplus of $5,427,020, thus bringing excess reserves
down to $14,264,680, against $19,691,700 a week ago.
The figures here given for surplus reserve are based
on reserve requirements of 13% against demand deposits for member banks of the Federal Reserve,
but not including $44,861,000 cash in vault held by
these member banks on Saturday last.
Both call and time money in this market, particularly the former, dropped to still lower levels. On
Thursday the only quotation in the regular market
for demand loans was 3 %,the lowest renewal rate
/
1
2
since last September. Yesterday the renewal rate
was 3 %, from which there was a decline
/
1
2
to 3% in the afternoon. In the so-called
"outside" market a quotation of 2 % was
/
3
4
reported. Time money was freely offered up
to 4 months at 414%, while for longer pe/
riods it was said to have been obtainable at 4%%.
The principal announcement with respect to the
money market came about an hour after the closing
of the stock market on Thursday. It was that the
rediscount rate of the New York Federal Reserve
Bank had been reduced from 4%,the rate which had
been in effect since Jan. 7 1925, to 3 %. As the
/
1
2
probability of a change had been rumored and discussed only on Wednesday and Thursday, the action
came as somewhat of a surprise to most observers.
It was taken as indicating that the Governors of the
bank felt that the money market had been relieved
sufficiently by extensive liquidation of speculative
accounts in stocks to justify the change. Naturally
enthusiastic speculators in securities were inclined
to suggest that, as the gradual but general advance
hi rediscount rates some months ago was the signal
for selling stocks and liquidating loans on a large
scale, so the reduction of the New York rate may
mark the beginning of a still further recovery in
stock prices. It is interesting to observe that this
time the New York bank was the first to lower its
rate, whereas it was the last of the twelve Federal
Reserve banks to make an advance. Naturally, it
is assumed that the other institutions, or at least
some of them, will take similar action in the near
future. Otherwise there were no developments having a direct bearing od the local money market.
The weekly statement of the Federal Reserve Board,
issued yesterday, showed a further decrease of $36,013,000 in the collateral loans of 59 member
banks in New York City, bringing the total
outstanding for all accounts down to $2,451,339,000.
Possibly the ratification of the Italian War Debt
Agreement and the fair probability of an agreement
being reached between France and the 'United States
with respect to the former's war obligations, may
have had an indirect effect of a favorable character.
Referring to money rates in detail, loans on call
have ranged during the week at 3@43i.%, as compared with 4@51 % a week ago. On Monday the
4
high was 43%,the low 4%, with 43% charged for
renewals. The day following, Tuesday, a flat rate
of 4% prevailed, this constituting the high, the low
and the renewal figure. Renewals were again negotiated at 4% on Wednesday, which was also the high;
before the close, however, there was a decline to
3IA%. Increased ease developed on Thursday and
all funds on call were put through at
this being
the only rate named.1[0n1Friday'ra further drop to
2264
THE CHRONICLE
3% occurred, but renewals remained at 33/2%, which
was the high. This is the lowest ruling rate established since September of last year.
In time money also a general easing was discernible, based on freer offerings, and before the close
of the week all maturities from sixty days to six
months have been lowered to 4@43%, as compared with 41
4@4Y% for sixty and ninety days
8
and 4/@432
% for four, five and six months'
money last week. Trading was dull with few of the
large borrowers in the market.
Mercantile paper rates declined in sympathy with
the remainder of the market and four to six months'
names of choice character were marked down to
4@431%, against 4%.%; names not so well known
still required 432%. New England mill paper and
the shorter choice names are now being dealt in at
.
I
4%, against 4Y % a week ago. Country banks were
responsible for most of the limited business passing,
but trading was restricted by lack of offerings.
Banks' and bankers' acceptances were inactive
with out-of-town institutions the principal buyers.
Towards the close of the week open market rates
were reduced, following the action of the Federal
Reserve Bank of New York in reducing its discount
rate. The week's turnover was small, and trading
featureless. For call loans against bankers' acceprances the posted rate of the American Acceptance
Council is now 3%, against 3%% last week. The
Acceptance Council makes the discount rate on
prime bankers' acceptances eligible for purchase by
the Federal Reserve banks 3% bid and 3/ asked
3
%
for bills running 30 to 90 days, 3/% bid and 31
4%
asked for 120 days, 332% bid and 3%% asked for
150 days, and 3%% bid and 33'% asked for 180
days. Open market quotations are as follows:
Patna eligible Mils
SPOT DELIVERY.
90 Days.
3MQ/3%
60 Days
3@3K
FOR DELIVERY WITHIN THIRTY DAYS.
Prime eligible bills
30 Days
(43M
33
bid
Effective yesterday (April 23), the Federal Reserve
Bank of New York has lowered its rediscount rate
on paper of all classes and maturities from 4% to
332%. The 4% rate had been in effect but a few
months—since Jan. 8—at which time it had been increased from 332%. In raising its rate to 4% then
the New York Bank made its rates uniform with
those of the other Reserve banks. No changes, other
than those by the New York Bank, have been made
this week in Federal Reserve rates. The following
is the schedule of rates now in effect:
DISCOUNT RATES OF FEDERAL RESERVE HANKS IN EFFECT
APRIL 23 1926.
Paper Maturing—
After 90 After 6
Days, but
but
Within 6 lirttlittt 9
Months. Months.
WIthiss 90 Days.
PROWL RBSBRVE
BANK.
Agricul.• A gricul
Com'rcial &cur. by
and
and
A pricy{. U. S. Bankers' Trade
Actep- Livestock Livestock
Accep&Livest'k Govt.
Paper. Obltoa- lances, lances. Paper. Paper.
n.e.s.
lions.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
4
3%
4
4
4
4
4
4
4
4
4
4
4
34
4
4
4
4
MI
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
•
4
334
4
4
4
4
4
4
4
4
4
4
4
334
4
4
4
4
4
4
4
4
4
4
4
33.
4
4
4
4
4
4
4
4
4
4
•Including bankers acceptances drawn or an agricultural purpose and secured
hy Warehouse receipts, dte.
There were no new developments worth noting in
sterling exchange this week and the market was a
[Vol,. 122.
dull, lifeless affair, with trading exceptionally
narrow and the day-to-day rate variations confined to
a small fraction either up or down. Price levels at
first were well maintained and demand, after opening
at 4 853 , gradually worked up to 4 86 8 The sell4
.
ing movement that was responsible for the easing in
values a week ago, appeared to have culiminated.
With the removal of pressure from this source, a
feeling of growing confidence re-asserted itself, which
was reflected in the comparative stability of price
levels; nevertheless, very little interest was shown in
sterling at any time, and towards the latter part of
the week announcement that the British coal strike
conferees had deadlocked was enough to cause uneasiness and a lowering of quoted rates, although the decline was confined to a fraction. Some of the loss
was regained before the close, as a result of readjustment of money rates between New York and London.
The firmness of the forepart of the week was held to
be partly due to the quiet but persistent outflow of
capital from New York to London; in many cases
it was claimed that the dollars lately transferred
from Great Britain to the United States because of
the higher yield than to be obtained here are now
finding their way back to the British centre because
of the change in the monetary situation here and
abroad. The fact that there are only a few days to
April 30, at which time the British Government coal
subsidy comes to an end, acted as a damper upon
market sentiment.
Referring to the more detailed quotations, sterling
exchange on Saturday last was dull but steady with
demand a shade firmer, at 4 85%@4 85 27-32, cable
transfers at 4 861 @4 86 7-32 and sixty days at
A
4 823/@4 82 19-32. Monday's market was inactive
and practically unchanged; the price level was
4 85 27-32 (one rate) for demand, 4 86 7-32 for cable
transfers and 4 82 19-32 for sixty days. Although
no increase in activity developed on Tuesday, sterling
ruled firm and slightly higher; demand bills advanced
to 4 85%, cable transfers to 4 863' and sixty days
1
to 4 82/. On Wednesday, after a slightly easier
opening, the market stiffened and prices rallied I/e.
8
with the range 4 85 13-16@4 86 for demand,
A
4 86 3-16@4 863 for cable transfers and 4 82 9-16®
4 82% for sixty days. News that a deadlock had
arisen between the coal operatives and miners who
are attempting to settle the British coal strike, had
a depressing effect on Thursday, and demand sold
off to 4 85 27-32@4 85 15-16, cable transfers to
4 86 7-32@4 86 5-16, and sixty days to 4 82 19-32®
4 82 11-16. On Friday the tone was a shade firmer
and quotations advanced to 4 85%@4 85 31-32 for
demand, to 4 863' @4 86 11-32 for cable transfers
1
.
and to 4 82/@4 82 23-32 for sixty days; trading
continued quiet and the decline was due more to
lack of inquiry than to increased 'selling. Closing
quotations were 4 82 23-32 for sixty days, 4 85 31-32
for demand and 4 86 11-32 for cable transfers.
Commercial sight bills finished at 4 85 27-32, sixty
days at 4 82 27-32, ninety days at 4 8115-32, documents for payment (sixty days) at 4 82 15-32, and
seven-day grain bills at 4 84 23-32. Cotton and
grain for payment closed at 4 85 27-32.
What was regarded as the beginning of a substantial movement of gold to Canada occurred this
week when the Bank of Montreal, the International
Acceptance Bank, the New York Trust Co. and the
Bank of the Manhattan Co., reported engagements of
about $6,000,000. This brings the movement of
APR. 24 1926.]
THE CHRONICLE
gold to Canada recently up to about $9,500,000. The
explanation most generally credited for the outflow
at this time is that it is incidental to buying of
Canadian dollars in payment of seasonal exports
occurring with the reopening of navigation on the
St. Lawrence River, also to the financing necessitated
by certain new paper mill projects now under way.
London is reported as having secured some £750,000
South African gold this week.
2265
for cable transfers, in comparison with 3.68% and
3.693.1 the previous week. Final quotations on
Berlin marks were 23.81 (one rate) for both checks
and cable transfers, the same as heretofore. Austrian
schillings continue to be quoted at 141 , unchanged.
A
Lire closed at 4.013 for bankers' sight bills and at
%
4.023 for cable transfers. Last week the close was
%
4.013 and 4.023 . Exchange on Czechoslovakia
%
%
finished at 2.963.1, against 2.963 s; on Bucharest at
/
0.39, against 0.403 and on Finland at 2.52%, against
%
2.523.1. Polish zloties closed at 10.50, against 11.00
a week ago. Greek drachmae finished the week at
1.243.1 for checks and at 1.243 for cable remit%
tances, against 1.26 and 1.263/2 the preceding week.
Trading in the former neutral exchanges was not
particularly active and attention concentrated on
Norwegian kroner, which continue the subject of
speculative manipulation and climbed to new heights,
touching 21.93, an advance of 10 points from the
opening figure, then dropping back to 21.65, while
Spanish pesetas were apparently still under the spell
of the Riffian peace negotiations, although in many
quarters very little hope is entertained of a peaceful
settlement at this time; at least not on the terms
outlined last week. Nevertheless pesetas opened
strong at 14.35, then climbed to 14.45, but later sold
off to 14.38. Rumors • of a new foreign loan for
Spain were likewise discredited. Dutch guilders and
Swiss francs were well maintained and closed at slight
net advances.
Nervousness and irregularity marked trading in
Continental exchange and the week under review was
.again one of sensational advances and declines.
French francs moved spectacularly, establishing
absolute new low record quotations on four consecutive days. As a result of heavy selling pressure,
francs sold down to 3.303/, or about 12 points under
2
the low level of March 1924. Occasional small
rallies failed to make much headway in stemming the
decline, as all attempts at support by means of buying
orders were invariably followed by unloading of fresh
offerings, up till Friday, when there was an advance
to 3.37%. The bulk of the selling was, as usual, for
foreign account, local operators being plainly reluctant to take on commitments in French exchange
under present highly unfavorable conditions. Considerable talk was heard regarding the part played
by outside speculators in depressing franc values, but
bankers in close touch with affairs in France, place
the blame in large measure upon French traders.who
by their frenzied efforts to transfer franc holdings to
safer forms of currency have greatly aggravated the
Bankers' sight on Amsterdam- closed at 40.12
situation. It is understood that enormous purchases against 40.093 ; cable transfers at 40.143/, against
%
2
of sterling and dollars, as well as of Swiss and Dutch 40.113 ; commercial sight bills at 40.04, against
%
exchange, have been made by holders of French 40.01%,and commercial sixty days at 39.683/,against
2
francs for delivery in June and July; hence the 39.653 a week ago. Swiss francs finished at 19.31
%
stiffening in these currencies. Later in the week for bankers' sight bills and at 19.32 for cable transfers.
news from Paris that an agreement on the French This compares with 19.293/ and 19.303/ last week.
debt question had been reached caused a half- Copenhagen checks closed at 26.13 and cable transhearted recovery of about 4 points, which was subse- fers at 26.17, against 26.16 and 26.20. Checks on
at 26.74 and cable transfers at 26.78,
quently lost on official denial of this report, and there Sweden finished
against 26.75 and 26.79, while checks on Norway
was a further recession to 3.323.1, although before closed at 21.473/i and cable transfers at 21.513/,
2
the close fresh rumours of an understanding on the against 21.92 and 21.96 a week earlier. Pesetas
debt question having been reached, brought firm- finished at 14.35 for checks and at 14.37 for cable
ness. Developments in the Moroccan peace nego- transfers. Last week the close was 14.28 and 14.30.
South American exchange displayed an advancing
tiations were not an influence as regards the franc
tendency, although without any cnmmensurate
market. Antwerp francs were not particularly
activity to account therefor. Argenactive, but were subjected to intermittent selling broadening of
tine paper pesos advanced to 40.55, then receded
pressure and fluctuated rather" wildly; opening at and finished at 40.37 for checks and at 40.42 for
3
3.68, advancing to 3.70, then declining to 3.53%, cable transfers, against 39.93 and 39.98 a week
in sympathy with Paris checks. Italian lire con- earlier. Brazilian milreis closed at 13.93 for checks
tinue to form a sharp contrast to the other European and at 14.12 for cable transfers, as compared with
currencies, being firmly held, and closing higher on 13.74 and 13.79 last week. Chilean exchange
news of the ratification of Italy's debt funding turned strong and advanced to 12.20, then reacted
and closed at
agair st 12.09, while Peru closed
agreement; although there was no corresponding weak at 3 70 12.01
against 3 80 last week.
increase in activity. German and Austrian exchange
A brisk demand for Japanese yen from the same
are still nominal. Greek exchange again lost ground sources that have been active in recent weeks sent
and dropped to 1.23 on doubts as to Greece's politi- quotations up to another new high, namely, 47.75,
cal and economic future. In the minor Central with the closing range 47,35@47,75 against 46.70
European group the feature was renewed weakness and 47.00 last week. On the other hand, pronounced
weakness
some of the Chinese currencies,
and a further decline to 10.50 for Polish zloties and chiefly as pervadedof the drop in silver prices; Hong
a result
recession in Rumanian lei. The break in zloties was Kong finished at
2
54@543.1 against 543/@54%;
attributed to political troubles.
Shanghai, 70@703., against 71 1-16@7131; Manila,
The London check rate in Paris finished at 145.85, 4932@49% (unchanged); Singapore, 56%@)57,
/
against 144.50 a week ago. In New York sight bills against 57(0)573(; Bombay, 3638@)363/ (unchanged)
/
.
2
on the French centre closed at 3.369', against 3.34%; and Calcutta, at 36@363s, against 363.1@363/
3 against 3.35%; commercial
3
cable transfers at 3.37%,.
Pursuant to the requirements of Section 522 of the
3
3
sight bills at 3.35%, against 3.33%,and commercial Tariff Act of 1922, the Federal Reserve Bank is now
sixty days at 3.313.1, against 3.3193.1 last week. Ant- certifying daily to the Secretary of the Treasury the
.
werp francs finished at 3.563.1 for checks and at 3 573.j buying rate for cable transfers in the different coun-
2266
THE CHRONICLE
tries of the world. We give below a record for the
week just past:
[Vox.. 122.
American Interest in Central and South
America.
•
Mr. Kellogg's brief review of American foreign
relations in his speech before the Associated Press,
Noon Buying Rate for Cable Transfers in New York.
Country and Moneta
Value in United States Money.
at its meeting in this city on Tuesday, was not only
Unit.
April 17.April 19- April 20.April 21. April 22.April 23.
dignified and in good taste, but also of a character
EUROPE$
$
$
$
S
$
Austria, schilling -----14061
to make a favorable impression in the countries to
.14060
.14063
.14055
.14062
.14071
Belgium, franc
.0369
.0368
.0362
.0358
.0358
.0355
Bulgaria, lev
which he particularly referred. It is gratifying to
.007238 .007236 .007241 .007234 .007236 .007228
Czechoslovakia. kron .029616 .029617 .029616 .029618 .029618 .029616
Denmark, krone
know that the United States is still endeavoring to
.2617
.2617
.2617
.2616
.2616
.2616
England, pound sterling
.8614
4.8617
fulfill the promises to China which were embodied
4.8619
4.8622
4.8612
4.8623
Finland, markka
.025204 .025213 .025207 .025212 .025208 .025205
France, franc
0334
.0334
in the agreements of the Washington Conference,
.0331
.0333
.0334
.0334
Germany, reichsmark .2380
.2380
.2380
.2380
.2380
.2380
Greece, drachma
.012692 .012658 .012367 .012375 .012483 .012463
notwithstanding the continuance of political disHolland, guilder
4011
.4010
.4010
.4011
.4011
.4013
Hungary, pengo
.1755
1755
.1758
1758
.1756
.1758
order and civil war in that country, and that the
Italy, lira
0402
.0402
.0402
.0402
.0402
.0202
Norway, krone
2190
.2194
.2186
.2173
.2166
.2155
Tariff Commission and the Extraterritorial ComPoland, Zloty
1101
.1105
.1071
.1064
.1063
.1059
Portugal, escudo
0513
.0514
.0514
.0514
.0513
.0513
mission are still sitting. The attitude of the United
Rumania,leu
.004066 .004038 .003913 .003878 .003885 .003884
Spain, peseta
.1438
.1442
.1438
.1439
.1442
.1435
States toward disarmament was described as one of
Sweden,krona
.2678
.2678
.2877
.2677
.2677
.2677
Switzerland, franc... .1930
.1930
.1931
.1931
.1931
.1931
welcoming "any practical steps which might tend
Yugoslavia, dinar
.017606 .017608 .017607 .017606 .017611 .017611
ASIAtoward further limitation of competitive naval conChina
Chao°. tael
.7292
.7200
.7254
.7221
.7192
.7198
struction," as contemplated by the Washington ConHankow tael
.7259
.7188
.7228
.7200
.7184
.7191
Shanghai tael
.7021
.6971
.6998
.6963
.6935
.6968
ference. In the matter of land armaments, Mr. KelTientsin tael
.7288
7371
.7342
.7308
.7271
.7288
Hongkong dollar.- .5404
.5371
.5395
.5364
.5348
.5363
Mexican (lollar___. .5085
logg frankly recognized, in countries less favorably
.5080
.5081
.5056
.5069
.5055
Tientsin or Pelya
dollar
situated than the United States,"a most natural de.5046
.5054
.5063
.5054
.5042
.5058
Yuan dollar
.5175
.5183
.5196
.5183
.5167
.5175
India, rupee
mand for security," but he nevertheless declared
.3618
.3614
.3615
.3616
.3616
Japan, yen
.4682
.4894
.4682
.4719
.4731
.4719
Singapore (S.S.) dollar .5658
.5654
that if any helpful influence could be exercised by
.5654
.5650
.5650
.5650
NORTH AMER.Canada, dollar
1.001458 1.001484 1.001507 1.001538 1.001417 1.001538
the United States in the direction of reducing land
Cuba, peso
.999488 .999050 .999019 .998581 .999050 .998675
Mexico, peso
486667 .487000 .486667 .486833 .486667 .486833
armaments, the opportunity would gladly be seized.
Newfoundland, dollar .998344 .998711 .998711 .999219 .999000 .998844
SOUTH AMER.The Secretary of State came out clearly in favor of
Argentina, peso (gold) .9088
.9102
.9127
.9182
.9216
.9199
Brazil, mllrels
.1382
.1390
.1395
.1401
.1398
.1400
the ratification of the long-pending Lausanne Treaty
Chile, peso (Paper).- .1216
.1212
.1211
.1209
.1203
.1203
Uruguay. peso
1.0302
1.0301
1.0297
1.0343
1.0349
1.0344
with Turkey, not because the treaty contains all that
•One of:hiding is equivalent to 10.000 paper crowns.
the United States might desire, but because, without
The New York Clearing House banks, in their the treaty as a basis for negotiation, the United
operations with interior banking institutions, have States would be at a
disadvantage in attempting to
gained $6,203,373 net in cash as a result of the currency movements for the week ended April 22. influence the attitude of the Turkish Government
Their receipts from the interior have aggregated toward the minority populations, whose safety un$6,777,273, while the shipments have reached U73,- der the Lausanne Treaty has appeared to give some
persons in this country considerable concern. One
900, as per the following table:
.
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING recalls the attitude of Washington
toward the Jay
INSTITUTIONS.
treaty with Great Britian, in 1794, and his wise con1
Into
Out of
I Gain or Loss
clusion that even an unsatisfactory' treaty was betWeek Ended April 22.
Banks.
Banks.
to Banks.
ter than no treaty at all.
Banks'Interior movement
$573.900 Gain 59.203.373
$1.777.273
What Mr. Kellogg had to say about Central and
As the Sub-Treasury was taken over .by the Federal Reserve Bank on Dec. 6 1920, it is no longer South America was of special interest because of
possible to show the effect of Government opera- the presence at the Associated Press luncheon of a
tions on the Clearing House institutions. The Fed- large number of Spanish-American journalists, deleeral Reserve Bank of New York was creditor at the gates to the first Pan-American Congress of
JourClearing House each day as follows:
nalists which convened at Washington on April 8.
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
The position of the Secretary of State at this point
Saturday, 1 Monday, Tuesday, Wednesd'y. Thursday. Friday,
was somewhat delicate, for his recent course in reAggregate
Apr. 17. Apr. 19. Apr, 20, Apr. 21. Ayr. 22. Apr. 23.
for Week.
gard to Mexico has aroused rather weighty critiS
S
.
$
$
$
$
$
87.000.000 96.000 000 79.000.000 80.000(01 97.000.000 89 000.000 Cc. 515.000.000 cism, and the diplomatic retreat
that appears to have
Note.
-The foregoing heavy credits reflee the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of been sounded seems to offer a fortunate escape from
the Federal Reserve System's par collection scheme. These large credit bslances,
however, reflect only a part of the Reserve Bank's operations with the Clearing an uncomfortable situation. In his plea for more
House institutions, as only the items payable In New York City are represented in
the daily balances. The large volume of checks on institutions located outside of sympathy and better mutual understandin
g between
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 the two parts of the hemisphere,
however, Mr. KelBank for collection for the account of the local Clearing House banks.
logg acquitted himself with tact, courtesy and reThe following table indicates the amount of bul- serve. What he had to deal with, of course, was a
lion in the principal European banks:
condition of fact rather than of theory. A century
and more of the Monroe Doctrine has not wholly
April 22 1926.
April 23.1925.
Banks of
allayed Spanish-American suspicion, or brought
Gold. I Silver.
Total.
Siker.
Gold.
Total.
about the relations of confidence and intimacy which
2
£
£
S
£
£
England
146,409,503
146,409,503128,733,163
1•8,733,163
France a__ 147,363,424 13,320,00 1(0,683,424147,277.550 12.640,000159,917,550 might, on many accounts, to subsist between the
Germany c 56,893,450 d994.600 57,888.050 42,468,550 d994,600 43,463,150
Aus.-Hun. b2,000,000
b
b
b2.000.000 132,000,000
b2,000.000 United States and its southern neighbors. The barSpain__ __
.101,475 000 26.521,000127,996.000101,441,000 25,761,000127,202.000
Italy
35,697,000 3,413,000 39,110.000 35,587,000 3,361,000 38.948.000 rier of language, to which Mr. Kellogg alluded, is
Netherrds. 35.712.000 2,128,000 :37.840.000', 42.040.000 1,700
43,740,000
Nat. Bela- 10 954,000 3,660.000 14,614,000 10,891,000 3,010.0001 13,901.000 undoubtedly an obstacle,
.
although far less so than
Switzerl'd_ 16,721.000 3,693,000 20,414,000 19.300 000 3,582,00C 22,882 000
Sweden..._ 12,747 000
12,747.000 12.982.000
12.082,000 that which is presented by the many different lanDenmark _ 11,622.000
860,iuu 12,482.000 11,637.000
989,000 12,626,000
Norway __ 8,180.000
;
8.180,000 8,180,000
8,180,000 guages of Europe. The lack, until recently, of an
Total week .58.5.774,.377, 54,589,600140.353.977562,537,263 52,037,600614,574,863 'effective and
satisfactory exchange of news between
Prey. week 5135.768.873 54 ens con sen A71 d7RAA% 005390 52.293.l(00614.298040
a Gold holdings of the Bank of France this year are exclusive of £74,572,836 the United States and Central and South America,
held abroad. h No recent figures. c Gold holdings of the Bank of Germany this
is another factor of importance, but this lack the
year are exclusive of £17,669.400 held abroad. d As of Oct. 7 1924.
OREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
APRIL 17 1926 TO APRIL 23 1926, INCLUSIVE.
APR. 24 1926.]
THE CHRONICLE
Associated Press, in co-operation with the great
newspapers which South America possesses, is now
exerting itself to remove.
There have been other obstacles, also, of at least
equal importance, which have tended to hold the two
regions apart. Thanks largely to popular ignorance, the disposition has been strong in this country
to think and speak of South America, not as a continent each of,whose States has its own history, its
own political and social institutions, and its own
problems, ambitions and rivalries, but rather as a
region possessing as a whole a social or political
solidarity somewhat akin to that which most of the
nations of Europe individually enjoy. "South America," of course, is only a geographical expression;
the'political entities with which diplomacy or trade
have to deal are Brazil, Argentina, Peru and the
others. Unfortunately, too, for American public
opinion, the frequent revolutions which long characterized both Central and South America have tended
to create an impression of political instability, sufficient at times to justify, if not actually to necessitate, American intervention. The past two decades,
however, have witnessed a marked change in this
regard, and the changes of Government which now
occur in South America are hardly more numerous,
and in most cases are less important, than those
which take place in Europe. Mr. Kellogg referred
with obvious caution to the Tacna-Arica controversy, in regard to which his reported suggestion of
a neutralized zone, made public on April 17, does not
seem to promise a happy solution. There can be no
doubt that the Tacna-Arica dispute, together with
the continuance of disturbed conditions in Mexico,
has made a bad impression in the United States, but
the controversy is one, as Mr. Kellogg very well said,
in which the United States has no interest whatever
save that of aiding in the attainment of an amicable
settlement. In this respect the interest of the United
States is, or ought to be, exactly the same as that of
the South American republics, and if, as is greatly
to be hoped, the visit of the South American journalists to this country is an augury of better understanding between the nations of the two hemispheres,
the efforts which Mr. Kellogg is making to effect a
settlement through the diplomatic representatives
of Chile and Peru at Washington may be expected,
in due course, to have their effect.
We have more than once expressed the opinion
that the presence in the League of Nations of Central and South American States, with a voice, and
perhaps a determining voice, in the decision of questions which primarily concern Europe alone, was
something of an anachronism. The recent attitude
of Brazil toward the admission of Germany to the
League is a striking illustration in point. It is
hardly to be expected that the European Powers will
long look with complacency upon the intervention,
in European councils, of States whose interest in
the matter in controversy is remote, or will consent
to allow the Assembly or Council of the League to
be made a forum for the struggles of South American Governments over precedence or place. If the
principle of international union for general advantage is regarded as one desirable to conserve, it
would seem to be better that the States of Central
and South America, whose geographical position,
like that of the United States, removes them from
direct contact with Europe, and which are prevented
by the Monroe Doctrine from entangling themselves
2267
in European alliances, to form a league of their own
for the furtherance of their own interests, and let
the Geneva organization go its way as long as the
safety of Spanish-America is not jeopardized. South
America, like Europe, has its large and small States,
its special political or economic problems, and its
own particular relations with the rest of the world,
quite aside from its obvious relations• to the United
States, and its own political and social development
would be served by giving up the attempt to play a
part in the affairs of another continent, where it
must always be, under the most favorable conditions, an alien influence and an undesired voice.
If it be true that the ways of politics and economics tend to become, as time goes on, more and more
the ways of nature, then the relations between the
United States and the nations to the south ought, it
would seem, to be increasingly close and valuable.
We should see not only a large and growing interchange of news, but an equally large and growing
interchange of trade. The progress that has been
made in this latter direction in recent years through
improved means of communication, the preparation
of American manufactures for the special needs of
the South American market, the extension of banking and credit facilities adapted to South American
habits, and the study of Spanish and Portuguese by
Americans having business dealings with the countries where those languages are spoken, has been
considerable and is in every way to be encouraged.
It is not for the United States to enforce its civilization or its business methods upon South America, or
to interfere in any way with the natural development of South American peoples along political or
economic lines. Its sole concern is with the maintenance of peace and good order, the tender of good
offices where help is needed, and the cordial recognition of every advance toward stability and efficiency. The foundation of commercial intercourse,
after all else is said or done, is good-will, sympathetic understanding and forbearance, and that foundation, in spite of irritating incidents of a political
nature, has already, let us hope, been firmly laid.
President Coolidge's address to the Pan-American
Congress of Journalists at Washington on April 8,
and Mr. Kellogg's more recent declarations at New
York, may be taken as evidence of a desire on the
part of the Administration to hold whatever good
has been gained, and to strengthen still further the
bonds of international friendship.
"Legislative Preparedness"—Professing Peace
and Preparing for War.
It does not seem quite proper to criticise the
legitimate plans of the Departments of War and
Navy looking to "preparedness." We have repeatedly said as much. If legislation is necessary, these
Departments have a right to ask for it. But when
their plans go so far as to put the country on a war
footing in time of peace, at least as citizens of a civil
Government we may object. Secretary of War Davis
proposes to Congress a plan substantially as follows, according to a Washington dispatch: "A
Council of National Defense should be created to
formulate preparedness plans which would be
passed by Congress. War measures, such as the selective draft, a plan of financing and the mobilization of industries, would be enacted so that the
President and the Defense Council would be prepared to act promptly in the event of war. . . .
a
2268
THE CHRONICLE
Secretary Davis recalled the delay in the passage
of the draft law in 1917, some forty-five days elapsing before the law went into effect at time when
every minute counted. Under his plan this delay
will be avoided, he said, and the President would
be able to go ahead with war preparations as soon
as an emergency appeared."
It will help us as civilians to visualize this situation if we try to see ourselves as "Ithers see us." We
are by reputation a peace-loving people. We claim
the right to separate ourselves from "entangling
alliances" that lead to war. We have sponsored one
of the greatest and most effective disarmament conferences ever held in the world's history. Despite
difficulties, we intend to take part in a preliminary
meeting to arrange the agenda for another disarmament conference that will consider the problem of
reducing armies as well as navies. We proclaim
our good-will through all the earth. Our present
standing army is small; and as a people we are not
alarmed because our air forces are inadequate. One
hundred years of peace guard our Northern border,
where, save for a patrol over a domestic question in
no way connected with war, there is no army, no
navy. Conscious of our potential military strength,
on the South our relations are amicable. Oceans
separate us from the turmoil of the East and West.
We have proven in an unparalleled World War our
ability to make ready when the time comes. And we
both practice and preach peace. If as a nation we
have an enemy anywhere on the globe we are conscious we have done nothing to merit it and hence do
not deserve dislike and in our hearts we believe that
no real enemy exists.
Into this quietude, in this profound calm, comes
the War Department asking for the legislative creation of a state of military preparedness which
amounts to nothing short of a constant mobilization of all our forces, military, economic and financial. If in the conception of a President an "emergency" exists, by a single proclamation, by touching
a button in Washington, he can set vast armies in
the field, commandeer the business of the country,
and conscript wealth and labor for war. In such
circumstances could we expect other peoples to continue to believe our protestations that we love and
intend peace? Is it not true that "mobilization" is
considered in itself an act of war? Does not the
,vesting of this unprecedented power in a President
of the United States, who by virtue of a civil office
is Commander-in-Chief of Army and Navy, in reality
make him a military dictator over his own people?
And are we ready to pass a law to put ourselves in
the toils of perpetual conscription at the hands of
one of our civil, though military, servants? Is not
this "preparedness" gone mad? Of what use to protest to the nations of earth that we intend by this act
only peace—that we arm ourselves in this insidious
way only to preserve peace? They know, and we
know, that they keep standing armies only as a supposed means of defense, in the midst of hatreds,
rivalries, and threats of actual war. And they must
laugh at a people that intensively mobilizes merely
as an earnest of good-will. Will they therefore consent, in the face of this instant power by a strong
nation, to lessen their armies and have faith that
war is to be no more forever?
It cannot be. Neither Congress nor the War Department is justified in even considering such a
plan at this time. As a people we have given no in-
[VoL. 122.
dication that we are willing to suffer ourselves to be
conscripted at a moment's notice by the will of one
man. No widespread popular instruction has ever
gone up to Congress to even increase our army and
navy. We have been talking of providing for a referendum on war before Congress shall declare .a
"state of war" and many believe this is a way to
peace. As citizens of a representative Government
some argue that conscription is something for free
men in a limited republic to decide when it shall become necessary. The President may, in care of aggression, order the standing army into the field
without act of Congress. This has heretofore been
deemed sufficient. But it is realized that when war
compels the fighting with another people on foreign
soil, even though this be defense, the representatives
must formally act before a President can make war.
All Presidents are not alike. Some may be war-like
by nature. A very small cloud far away may to them
constitute an "emergency," and feeling that there is
not a minute to spare, they may, without consultation with anybody, put the nation on a war footing.
What is an emergency, who can clearly define it?
Is it the mobilization of troops by a bordering nation? Is it a war between two nations, one of them
on our border, and both friendly? Is it attacks upon
our property and citizens on the high seas when there
is protestation of friendliness and offers of reparations for instances in which regret is expressed? Is
it violation of a neutrality not always clearly made
known and maintained? Is a blockade, an interference with our "rights" on the seas? Is it a sudden combination of Powers that seems to threaten
our prestige and put a stain on our national honor?
Who is to decide these many delicate questions—
the people themselves, their representatives in Congress, or a President empowered to act when he
deems it necessary? For it may some time be that
the only way to effective defense is in instant aggression. It may be that public clamor by a noisy
minority may be mistaken for the voice of the people.
And the hand that holds the weapon may become
nervous through sudden agitation and "fire" before
it is "ready." Better than that we prepare for an
"emergency," we stay the military arm of the Government until the emergency becomes an overt act
no one can mistake. Passion and prejudice wither
under the erosion of time. If it is ever well to think
twice before acting, it is well in war. An assassin's
bullet inflamed Europe. Again and again it has
been alleged from divers sources that if only a few
weeks of interchange of "notes" had been possible
before mobilizations there would have been no World
War. Do we, a peace-loving people, wish to construct a powder magazine, and then sit on it?
And as if "business," industry, has not already
more than enough Government interference to contend with, under this proposal it is to be kept fully
prepared to transform itself into an agency of war.
For of course, unless there is some method of inspection and power to control "industry" the act must
fail of its purpose. Now patriotism excuses the
attitude of not a few of our industrialists. They
make a fine showing when the "preparedness day"
comes round. But the truth is that no great industry can actually live up to this ideal without weakening its structure and hampering its future. What,
then, must be the condition when the plant is to be
kept constantly on a war-transforming basis. Our
APR. 24 1926.]
THE CHRONICLE
only salvation from this as a practice would be that
it cannot be done: It is much easier to beat swords
into plowshares than the reverse. One is going from
the abnormal to the normal; the other is going from
the normal to no one knows what. The size of the
possible, the "emergency," war cannot be estimated
in advance. Location and the progress of science
are directing and controlling factors. Only universal preparedness for any and all emergencies can
make industrial readiness effectual. The citizens of
the United States have enough to do to make a living, ever rising in cost and extravagance and possibly culture, without mortgaging our chief industrial processes to the call of war. It is not only impossible, it is wrong in principle and.destructive in
practice. We have not even at this date after the
armistice succeeded in returning our industries to a
normal peace basis, for there are yet and for a long
time will be hangover debts incurred in reconstruction.
When it comes to finance, it is beyond conjecture
what this War Board and a President might do.
When the "emergency" comes there might be a direct
levy on our banking institutions to carry the day
until forced flotations of bonds could be made. Capital levies in some form would naturally ensue. We
need not go into this. It is sufficient to indicate
that what is done would be under intense excitement and would reflect (was it not so in our tax laws
in the late war?) prevailing prejudices, class divisions, monetary theories; and an intolerable weight
would be thrown on any system of national financing that would swerve it from its original purpose
as is the case with the Federal Reserve System. It
is very probable that were this "legislative preparedness" in vogue, not only would the railroads be
"taken over," but every corporation dealing with
natural resources such as coal, oil, metallic ores, together with all forms of public utilities. No tyrant
ruler in the days of kings and autocrats ever exercised such power as it is proposed to grant to a few
men chosen from the military forces already installed in time of peace. Yet we talk of striving for
peace! When the "war-cloud," no larger than a
man's hand, appears upon the horizon of the future,
without consulting Congress, without sounding the
2269
sentiment of the citizenry, without waiting for cohfirmation, an "emergency" may be declared—and a
war that in destruction and death must utterly
dwarf the one just passed through may be inaugurated!
Teach war in the schools, preach it out of the
army and navy, and then, potentially at least, legislate it into existence through instantaneous preparedness, and say that this people loves peace! If it
is not an anomaly to us, it must be to other nations
now on a military basis. We bow, with all good
citizens, to the bravery, fidelity, loyalty and duteous
devotion to the rank and file and the officers, in
their own persons, of our'army and navy. They are
proved as to their worth and work. But we protest
against that spirit of militarism which in office
seems to overstep the bounds of service and constitutes itself the guardian and mentor of the people.
We sometimes commiserate the peoples of Europt
who dwell in the "midst of alarms" and before whom
a "war-scare" is ever present. We say that we are
not selfish in our isolation and point to our huge
charities as proof that we have not forgotten the
one-ness of all mankind. We speak, and repeat, C..e
maxim that example is the best teacher. We strive
to create a merchant marine, that our overseas trade
may carry our good-will to the uttermost ends of the
earth. We proclaim the truth that we covet no territory in any part of the globe. We are fast coming to
see that if we would buy we must sell. And it is as
probable as anything economic can be that we shall
join the growing sentiment for a lowering of our customs to the end that goods may exchange freely for
goods wherever there is mutual benefit. And it follows that we cannot carry war preparedness to an
extreme without destroying the respect that is ours
among nations and peoples who "prepare" because
they think they must. If we have no fear of enemies,
if we have no
to friends, we logically have
need for the smallest degree of actual preparedness
possible among the nations. And we are constrained
to believe that our citizenry, sobered in judgment by
the promises and performances of the last war, want
only to pursue their vocations in peace, and are opposed to any legislation that will create a "War
Board" that is at once dominating and dangerous.
The New Capital Flotations in March and Since January 1.
New capital issues in this country continue to run high.
The contributions under the different heads vary
somewhat
from month to month (though the bulk of the
whole is
nearly always made up of issues by corporation
s and by
municipalities), but the grand total of all now keeps pretty
regularly in the neighborhood of 600 to 700 million dollars
a month. Not so very long ago the range was from 500
millions to 600 millions a month, or 100 million dollars
per
month smaller than at present. Our compilation this
time
is for the month of March and the figures emphasize the
point we.are making. Our tabulations, as always, include
the stock, bond and note issues by corporations and by
States and municipalities, foreign and domestic, and also
Farm Loan emissions. The grand total of the offerings of
new securities under these various heads during March was
$650,595,075. This compares with $607,708,461 in
February,
which was a short month; with $731,844,584 in January;
with $728,179,163 in December; with $589,119,381 in November; with $506,180,950 in October; with $492,022,119 in
September; with $404,015,397 in August, when the total was
the smallest of any month since March 1924; with $695,-
094,335 in July, when the total was the largest of any month
since the previous October; with $673,930,001 in June; with
$552,708,781 in May, and with $609,146,797 in April, when
the financing of the purchase of the Dodge Brothers automobile properties added $160,000,000 to the totaL
At $650,595,075 the new financing for March the present
year compares with $506,173,756 in March last year. The
bulk of the increase is in the offerings by corporations,
which came to the market with new issues aggregating $480;399,657 in the month this year against corporate issues in
March 1925 aggregating only $352,606,100. Municipal financing also was on a considerable scale in both years, and
a little heavier in 1926 than in 1925, namely $114,195,418,
against $111,069,656.
For the first three months of the current year the grand
total of the new capital flotations falls only a little short of
2,000 million dollars, being $1,992,306,295, or at the rate of
eight billion dollars a year. In the first three months of
last year the grand total was $1,868,591,967. The increase
the present year, it will be seen, is roughly, $124,000,000.
More than the whole of this occurs in the offerings by cor-
2270
porations, which amounted to $1,509,137,316 in 1926, against
$1,364,756,460 in the three months of 1925. Foreign Government loans, outside of those by the Dominion of Canada
reached only $50,272,000, against $98,500,000 in 1925. The
Dominion, however, and its provinces and municipalities
placed $56,000,000 here, against only $14,808,000 in the
three months of last year. Farm loan issues also were on a
reduced scale, aggregating only $38,750,000 in 1926, against
$00,825,000 in 1925.
Analyzing now the results for March the present year, it
Is found that new issues brought out on behalf of industrial
corporations totaled $311,043,957 during the month, against
$241,519,000 for February, thereby making it the seventh
consecutive month in which industrial offerings exceeded
those by either public utilities or railroads. The total of
public utility issues in March was $137,425,700, or some 12
millions less than the previous month's output of $149,658,420. Railroad issues showed a slight increase over the previous month, and yet the total under this head was no
more than $31,930,000 for March and $23,011,000 for February.
Total corporate offerings in March were, as already stated,
$480,399,657, and of this amount $273,959,000 comprised
long-term issues, $25,150,000 were short-term and $181,290,657 consisted of stock issues. The portion devoted to refunding operations was $37,168,000, or about 7%% of the total.
In February $33,095,000, or slightly over 8% of the total
was for refunding, while in January $68,706,575, or over
11%, was for this purpose. In March of last year $70,251,000, or almost 20%, was used for refunding purposes.
The $37,168,000 raised for refunding comprised $30,068,000
new long-term issues to replace existing long-term, $4,800,000 new long-term to refund existing short-term, $1,000,000
new short-term to refund existing long-term, $300,000 new
stock to replace existing short-term and $1,000,000 stock
Issued to replace existing stock.
Foreign corporate issues sold in this country during March
amounted to $27,100,000 and included the following: Canadian: $4,000,000 International Power Co., Ltd., 1st pref.
cum. $7 per share, offered at $98% per share, yielding
7.11%, and $3,500,000 Canadian Rail & Harbor Terminals,
Ltd. (of Toronto) 1st (C) mtge. 6%s, 1951, offered at par.
Other foreign issues were: $10,000,000 United Steel Works
of Burbach-Elch-Dudelange ("Arbed"), Grand Duchy Of
-Luxemburg 25-year 7s, 1951, brought out at 92%, to yield
about 7.67%; $5,000,000 Roman Catholic Church in Bavaria
20
-year 6Y series "A,".1946, offered at 93%, yielding about
2s,
7.10%; $2,400,000 Lloyd Sabaudo Steamship Line (Italy)
1st mtge. marine equip. Is, 1930-41, placed at prices ranging
from 100 to 96, returning from 7.00% to 7.45%, and 20,000
shares of First Federal Foreign Investment Trust capital
stock (par $100), sold at $110 per -share, involving $2,200,000.
• Among the domestic issues, the largest corporate offering
made during March was $46,000,000 Tide Water Associated
011 Co. cony. 6% cum. pref. stock priced at 97%, yielding
6.15%. Other important industrial financing comprised
the following: $29,250,000 capital stock of Humble Oil &
Refining Co., offered at par ($25); $20,000,000 Brown Co.
1st mtge. 5%s,"A," 1946, placed at 97, yielding about 5.75%;
$20,000,000 Empire Gas & Fuel Co. (Del.) 1st & ref. 6%s,
1941, offered at 97%, to yield about 6.75%; $15,000,000
Standard Fruit & Steamship Corp. 7% pref., placed privately; $10,000,000 White Motor Co. capital stock, offered
at par ($50); 190,624 shares of no par value common stock
of The Lambert Co., offered at $41% per share, involving
$7,958,552; $6,000,000 Inspiration Consolidated Copper Co.
5
-year 61 2s, 1931, placed at par; $6,000,000 (B. F.) Keith
/
Corp. 1st & gen. ref. 6s, "A," 1946, offered at par, and
$6,000,000 McKeesport Tin Plate Co. 1st (C) mtge. 6s, 1946,
Issued at 101%, yielding about 5.85%.
Public utility issues of exceptional size were as follows:
$36,000,000 Philadelphia Electric Power Co. 1st mtge. 5%s,
1972, placed at par, which combined with an offering of
$12,670,000 of the company's 8% cum. pref. stock at par
($25), constituted the largest volume of financing contributed by any one company during the month. Other large
public utility issues were: $18,000,000 Carolina Power &
Light Co. 1st & ref. mtge. 5s, 1956, offered at 97%, yielding
5.15%; $11,500,000 Virginia Public Service Co. 1st mtge. &
.
ref. 5%s,"A," 1946, sold at 97, to yield about 5.75%; $7,500,• 000 American Gas & Electric Co. deb. 6s, 2014, placed at
99%, yielding 6.03%; $5,500,000 The Connecticut Light &
Power 0o. 6%% cum. pref. stock, brought out at 102, yield-
FoL. 122.
THE CHRONICLE
ing 6.37%, and $5,500,000 Municipal Service Co. coll. trust
6s, "A," 1956, sold at 96, yielding about 6.30%.
Railroad financing during March was featured by the
following: $15,000,000 Florida East Coast Ry. Co. 1st &
ref. mtge. 5s, "A," 1974, offered at 98, yielding 5.10%, and
$10,000,000 Texarkana and Fort Smith Ry. Co. 1st mtge.
5%s,"A," 1950, placed at 100%, yielding about 5.46%.
Nine Farm Loan offerings came on the market during
March for a total of $29,500,000. Included in them was an
/
3
4s,
issue of $14,000,000 Federal Intermediate Credit banks 4
1926-27, offered at prices yielding from 3.50% to 3.90%.
The remainder was made up of small issues on behalf of
Joint Stock banks, the yield on them ranging from 4.25% to
4.72%.
There were four separate foreign Government loans
floated in this country during March for an aggregate of
$21,500,000. They were: $7,500,000 State of San Paulo
(Brazil) secured 7% external water works loan of 1926,
due 1956, offered at 96%, yielding about 7.30%; $6,000,000
Dept. of Caldas (Rep. of Colombia, S. A.) secured 7%s,
1946, offered at 95%, yielding 7.95%; $5,000,000 City of
Leipzig (Germany) external 7s of 1926, due 1947, sold at
94%, to yield about 7.50%, and $3,000,000 Kingdom of the
Serbs, Croats and Slovenes (Jugoslavia) 6 months' 6%
Treasury notes, due Oct. 1 1926, placed at par.
Offerings of various securities during the month which
did not represent new financing by the company whose securities were offered and which therefore are not included
in our totals, comprised the following: 250,000 shares of
Cities Service Co. common stock, offered at $42 per share;
$3,000,000 7% cum. pref. stock of Bloomingdale Bros., Inc.
(N. Y.), offered at 103, and 48,000 shares of common stock
of the same company offered at $32% per share; $3,000,000
(L.) Greif & Bros., Inc. (Balto.) 7% cum. pref. stock, offered at 105, with a bonus of 12 share of common stock;
/
110,000 shares National Standard Co. (Mich.) common
stock offered at $28% per share; 100,000 shares of common
stock of Intercontinental Rubber Co., offered at $19 per
share; $1,000,000 Feltman & Curme Shoe Stores Co. (Chicago) 7% cum. pref. stock, offered at par ($100); $1,000,000 Rolls-Royce Co. of America, Inc., 7% bonds, 1937, offered at par and $270,000 Union Hardware Co. (Torrington, Conn.) 7% pref. stock, offered on a 6.40% basis.
The following is a complete summary of the new financing-corporate, State and city, foreign Government, as well
-for March and the three months
as Farm Loan issues
ending with March. It should be noted that in the case of
the corporate offerings we subdivide the figures so as to
show the long-term and the short-term issues separately,
and we also separate common stock from preferred stock,
and likewise show by themselves the Canadian corporate
issues, as well as the other foreign corporate flotations.
SUMMARY OF CORPORATE. FOREIGN GOVERNMENT, FARM
LOAN AND MUNICIPAL FINANCING.
1926.
New Capital.
Refunding.
Total.
8
MONTH OF MARCHCorporate-Long term bonds and notesShort term
Preferred stocks
Common stocks
Canadian
Other foreign
$
218,191,000
24,150,000
103.909,600
69,881.057
7.500,000
19.600.000
$
34,868,000
1,000.000
1,300,000
Total
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal
Canadian brought out in United States
United States Possessions
443,231.657
18,500,000
29,300,000
37,168.000
3,000.000
200,000
480,399.657
21,500,000
29,500,000
112,808,318
5,000,000
1,387,100
114,195.418
5,000,000
608,839,975
41,755,100
650,595,075
691,783,500
95,419.195
257.131.842
188.631,204
14,382,000
122,820,000
114,102.000
1.000.000
5,400,000
5.109.575
13.358,000
805,885,500
98,419,195
262,531,842
193,740.779
27,740,000
122,820,000
Grand total
THREE MONTHS END.MAR.31GorPbrate-Long term bonds and notesShort term
Preferred stocks
Common stocks
Canadian
Other foreign
Total
1,370,167,741
Foreign Government
38,199,000
Farm Loan issues
38,550.000
War Finance Corporation
Municipal
328.4'5,032
Canadian brought out in United States
16,000.000
United States Possessions
5.748,000
Grand total
1.707.120 772
253,059,000
25,150,000
105,209,600
69,881,057
7,500,000
19,600,000
133,969.575 1,509,137,316
12.073,000
. 50,272.000
200.000
38,750,000
3,933,947
40,000,000
332,398,979
56,000,000
5,748,000
111A 1761 c99 1 002 295.295
In the elaborate and comprehensive tables which cover
the whole of the two succeeding pages, we compare the foregoing figures for 1926 with the corresponding figures for
the four years preceding, thus affording a five-year comparison. We also furnish a detailed analysis for the five
years of the corporate offerings, showing separately the
amounts for all different classes of corporations.
1926.
New Capital.
Corporate—
Long term bonds and notes___
Short term
Preferred stocks
Common stocks
Canadian
Other foreign
Total
Foreign Government
Farm Loan Issues
War Finance Corporation
Municipal
Canadian
U. S. Possessions
Grand total
Refunding.
Total.
New Capital.
Refunding.
Total.
New Capital.
223,463,200
14,465,000
65.832,000
14,445,900
7,800.000
26,600,000
165,733,800
32,490,000
4,762,500
49.917,857
70,251.000
3,000,000
3,000,000
352,606,100
28,000.000
14,500,000
254,584.157
108.510,044
2,557,612
111,067,656
99,779.108
681.000
427.365.144
78.808.612
506.173.756
357.244.265
218,191.000
24.150,000
103,909,600
69.881,057
9,600,000
19,600,000
34,868,000
1,000,000
1,300,000
253,059,000
25,150.000
105,209,600
69,881,057
7,500,000
19,600,000
153,212.200
14,465,000
65,832,000
14.445,900
7.800.000
26,600.000
70.251,000
443,231,657
18,500,000
29,300,000
37,168,000
3,000,000
200,000
480,399,657
21,500.000
29,500,000
282.355,100
25,000,000
11.500,000
112,808,318
5,000,000
1,387.100
114,195,418
5,000.000
608.839,975
41.755.100
6.50.595.075
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN
1926.
Refunding.
Total.
Long Term Bonds & Notes—
Railroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
Total
Short Term Bonds & Notes—
Railroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing_ _
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
Total
Stocks—
Railroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing
011
Land, buildings, &c
Rubber
Shipping
Miscellaneous
Total
Total—
Railroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturer
Motors and accessories
Other industrial & manufacturing
011
Land, buildings, &c
Rubber
Shipping
Miscellaneous
Total Corporate Securities
31.930,000
85.820,000
16,186.000
430,000
5,000,000
12,750,000
16,215.000
48.770,00
Refunding.
Refunding.
11,050,000
7,035,000
1,600,000
34,868.000
1,000.000
$
70,736.119
50.357,673
293.295.741
232.209.543
77,000.000
10.550,000
78,716,119
23.500.000
310,925.662
77,000,000
10.550,000
23.500,000
1,356.294
101.135,402
681,000
67,453,002
3,000,000
116,000
2,122,260
69.575.262
3,000.000
116.000
113.832.622
9.000,000
5.000.000
2.983.800
2,250,000
116,816,422
11.250,000
5,000,000
12.885.294
370.129.559
nft7 no7 n7n
59 479 Q:AR
RRQ 4R7 09R
447 599 165
RR (149 019
511 549 OR4
__ ______
7,080.000
THE UNITED STATES FOR THE MONTH OF MARCH FOR FIVE YEARS.
New Capital.
Refunding.
1922.
1923.
Total.
New Capital.
$
56.300,000
63.682.700
3,300,000
33.577.500
42,80.5.000
2,650,000
3,200.000
33.577.500
46.005.000
2.650,000
27,232,000
2,900,000
49,344,200
5,705,000
4,043,000
32.937,000
2,900,000
53,387,200
3,750.000
56,714,800
1.031,000
20,835.500
3,750.000
725,000
14.000
540,000
7,500,000
57.439,800
1.045,000
21,375,500
5,350,000
6,725,000
12,075,000
6,050.000
950,000
7,000.000
4,500,000
35,090.000
400,000
12,480.000
1.335.000
300,000
24.985,000
273.959,000
187,612,200
70,251.000
257.863,200
167.413,800
9,179.000
176,592,800
202,372,700
2.500,000
1,230,000
1.800,000
27,250,000
150.000
1,500,000
6,000,000
3,500,000
$
126,622.381
17,029.200
12.650.000
17.132.962
16.800.000
41.975.000
242.938,068
36,333,000
109.885.000
8,946.000
1,400,000
1,500.000
5,000,000
3,500,000
S
197,358,500
17.029.200
12,650.000
25.112,962
16,800.000
41,975.000
$
204,220,000
2,225,000
51,050.700
13,485.041
2.415,000
19.900.000
2,200.000
2,200,000
1,890,000
50,492,000
1,396,000
1,450,000
6,000,000
Total.
$
24.162,300
142.800
25,317.573
735.000
1.680.000
34.443,000
59,393,000
7,550,000
1,400,000
1,450,000
6,000,000
Refunding.
266,113,157
31,930.000
100,0(14,000
17,125.000
430.000
5,000,000
23,800,000
23,250,000
50,370,000
2,500,000
1.230,000
New Capital.
11.529,000
1924.
Total.
Total.
2,000,000
350,000
2.400,000
19,500,000
14,244,000
939,000
2,400,000
19,590,000
239,091,000
New Capital.
Refunding.
174.912,800
32.490.000
6.762,500
50,267.857
1.680,000
1925.
Total.
New Capital.
$
180,057,700
2.082,200
25,733.127
12,750,041
2.415,000
19.900,000
$
9.179,000
MONTH OF MARCH.
New Capital.
1922.
1923.
1924.
1925.
MONTH OF MARCH.
1,800.000
27,250,000
150,000
Refunding.
$
10,000,000
13,132,300
Total.
$
66.300,000
76,815.000
3,300,000
New Capital.
Refunding.
$
15.383,000
5,395,000
$
86.067,000
46,297,000
20,350,000
14,841,881
4,858,119
45,000,000
19,700,000
45,000,000
10,095,000
115.000
4.500.000
35,340.000
400.000
12.480.000
2.000,000
300.000
25.100.000
500.000
17,024,500
100,000
500,000
17.124,500
24,162,300
226.535,000
174,397,381
70,736,119
245.133,500
250,000
665,000
10.095.000
11,000.000
1,082.200
1,000,000
Total.
$
70.684.000
40,902,000
20,350,000
142,800
1,225,000
1,000,000
11,000,000
6.500,000
200,000
725.000
125,000
28,029,200
28,029.200
1.090,000
2,000,000
200,000
1,090,000
2,000,000
200,000
6,500,000
200,000
404,200
16,500,000
125,000
1,425,000
4,000,000
4,585,000
404,200
16.500,000
1,425.000
4,000,000
4,585,000
725,000
24,150,000
1,000,000
25,150,000
14,465,000
14,465.000
32,490,000
32,490,000
2,082,200
142,800
2,225,000
34,611,700
300.000
2,125.000
10.000,000
23,085.832
78,000,000
5,135,000
1,300,000
35,911,700
300,000
2,125,000
10,000,000
23,085,832
78,000.000
5,135,000
60,442,000
100,000
60,442,000
100.000
20,255,250
20,255,250
23,432,800
10.926,000
34,358.800
184,000
6.970.100
184.000
6,970.100
3,000.000
3,000,000
860.000
22.509,250
8,000,000
493,357
2.35b,000
-
860,000
24,859.250
8.000.000
493,357
3.532.000
8.553,058
1.340,310
13,216.883
984.690
3.532,000
21,769.941
2,325,000
5,450,000
5,450.000
2.500.000
2,500,000
8,133,452
12.749.510
200,000
-_ ______
7,980,000
8,133,452
20,729.510
200.000
26,733.125
26.733,125
9,581,800
9,581,800
2,562.500
2,562,500
1,625,000
925.000
2,550.000
750,000
179,990,657
181.290,657
80,277,900
80,277,900
54,680.357
2,350.000
57.030.357
38.483,168
26,052.573
64,535,741
29.782,962
7,980,000
37,762,962
31.930.000
137.425,700
23.425,000
2.555.000
16.500,000
52,885,832
101,750,000
55,505.000
6,500,000
2,400,000
46,523,125
36,943.000
121,065.000
7,650,000
1,400.000
184.000
35.627,100
6.900,000
56,929,200
1,890,000
50,492,000
1,396.000
35,377.500
90,310,250
2,800,000
3,200.000
35.377.500
93,510.250
2,800,000
56.300,000
88.197.700
4,300,000
10.000.000
24,201,100
66.300,000
112,398.800
4,300,000
4,610,000
80,314.050
11,031.000
21,528,857
3,750,000
3.075.000
14.000
540,000
8,360,000
83.389.050
11.045,000
22,068.857
__ ______
13,466,883
984,690
6.725,000
22,381.800
8,612,500
950,000
0,562.500
8.032.000
57.109,941
2.725.000
12,480.000
2,000.000
300.000
27,650.000
97,067,000
51,747.000
20,754.200
2,500.000
16,500,000
27.833,452
65.729.510
10,295,000
15,656,800
8.032,000
43,643.058
1,740,310
12,480,000
1.335,000
300.000
26,610,000
81,684,000
46.352,000
20,754.200
2.500,000
16.500,000
22,975,333
12,749,510
10,295,000
15,383,000
5,395,000
4.043.000
38,833.000
171,557.000
9.046.000
1,400.000
184,000
41,332.100
6,900,000
60.972.200
480.399.657
282.355.100
70.251.000
352.606.100
254,584.157
11.529.000
266,113.157
OA') 0/4 1144
40 547 A75
31.930,000
121,881.700
22,486,000
2,555,000
16,500,000
40,835,832
97,715,000
53.905,000
6,500.000
2,400.000
46,523,125
443,231.657
1,300,000
15,544,000
939.000
12,050.666
- 7,035,000
1,600,000
37.168.000
5.705,000
P9Z6I tg 11,IV
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF MARCH FOR FIVE YEARS.
665,000
1,040,000
901 /04 7,51
625,000
17,774.500
929 ono SAS
.
750,000
-- ______
4,858,119
52.980.000
__ ______
100.000
625.000
17.874,500
IQ "rla run
.21n /lox A..
r-t
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE THREE MONTHS
ENDED MARCH 31 FOR FIVE YEARS.
1926.
1 MONTHS ENDED MARCH 31.
New Capital.
CorporateLong term bonds and notes-Short term
Preferred stocks
Common stocks
Canadian
Other foreign
1925.
Total.
New Capital.
Refunding.
1924.
Total.
$
691,783.500
95.419.195
257.131.842
188.631.204
14.382.000
122.820.000
$$
114,102.000 805.1.85.500
668 716.275
1.000.000
96.419.195
82.700.000
5,400.000 262.531.842
149.937.300
5.109.575 193,740.779
94.226,460
13.358.000
27.740.000
48.000.000
122.820.000
102.350.000
134.110.425
65.400.000
1.683.500
1.582.500
15.250.000
$
803.626.700
148.100.000
151.620.800
95.808.960
63.250.000
102.350.000
1.370.167.741
38.199.000
38,550.000
Total
Foreign Government
Farm Loan Issues
War Finance Corporation
Municipal
Canadian
U.S. Possessions
Grand total
Refunding.
138,969.575 1.509.137.316 1.145.930.035
12,073.000
50.272.000
70.500,000
200.000
38,750.000
57.825.000
218.826.425 1.364.756.460
28.000.000
98.500.000
3.000.000
60.825.000
328.465.032
16.000.000
5.748,000
1,797,129,773
8.933.947
40,000,000
332.398.979
56,000.000
5.748.000
318.650.922
4.808.000
3.000.000
195,176.522 1.992.306.295 1,600.713.957
8.051.585
10,000,000
326.702.507
14.808.000
3.000.000
New Capital.
Refunding.
1923.
Total.
1926.
Refunding.
491.845.200
82.625.000
32.067.250
145.376.219
1.000.000
7.680.000
538.101.600
89,275.000
34.067.250
147.776.219
9.000.000
17.680.000
$
$
628.082.786 172.769.714
40.748.200
16.366.800
123.784.247
62.604.839
88.343.872
3.051,760
16.296.600
19.900.000
759.793.669
88.490,000
75.900.000
76.606.400
130.000.000
836,400.069
218.490.000
75.900.000
917,155.705
69.000.000
131.500,000
292.695.129
24.112.562
3.050,000
2.864,408
3,000.000
295.559,537
27,112.562
3.050.000
240.371.734
21,153.000
321.000
267.878,010 1.868.591.967 1.244.041,360
Long Term Bonds & NotesRailroads
Public utilities
Iron, steel. coal. copper, &e
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing
Oil
Land. buildings. &c
Rubber
Shipping
Miscellaneous
$
81.588,000
297,076,000
51,611.000
430.000
55.000.000
61.059.000
42.716.000
141.744.500
1,100.000
2,400.000
67.960.000
$
15.023.000
56.534.000
10.589,000
Total
Short Term Bonds & Notes
Railroads
Publlc utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing
Oil
Land. buildings, &c
Rubber
Shipping
Miscellaneous
802.683.500
Total
Total
Railroads
Public utilities
Iron, steel, coal, copper. &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing
011
Land, buildings. &c
Rubber
Shipping
Miscellaneous
Total
99,419.195
121.015.362
36.675.000
5.628.500
26.351.900
88.838.892
98.587.140
7.323.500
1.064.537
Refunding.
$
32.070.000
62.822.000
1,396.000
800.000
$
116,900.000
363.272.500
22.100.000
1.400.000
1.150.000
74.351.300
26.900.000
122.479.700
30.000.000
684.775
29.078.000
126,852,000
929.535.500
5,000.000
16.700.000
6,000.000
2.500.000
26.000.000
3.500.000
3.375.000
31.500,000
9.175.000
6.000.000
8.635.000
5.844.195
5.000.000
3.725.000
1.000.000
100.419,195
112,700.000
2.005.000
123.020.362
36.675.000
5.628.500
26.351.900
94.543.467
101.387.140
7.323.500
1.064.537
136.347.725
5.640.000
_____- 32.266.000
7.935,000
3,705.000
1.000.000
5.844.195
Total
Stocks
Railroads
Public utilities
Iron. steel, coal, copper. &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing-.
Oil
Land. buildings, &c
Rubber
Shipping
Miscellaneous
New Capital.
$
96.611.000
353.610.000
62.200.000
430,000
55.000.000
93.325.000
50.650.000
145,449.500
1.100.000
2.400,000
68.760.000
5.000.000
16.700.000
6.000.000
2.500.000
25.000.000
3.500.000
3.375.000
31.500.000
1925.
Total.
212.470.808 1.456.512 168 1.379,501.439
New Capital
Refunding.
1922.
Total.
800.152.500
57.115.000
186,389.086
91.395.632
16.296 600
19.900.000
254.793.113 1,171,948.818
6.000.000
75.000.000
131.500.000
6,202.760
8.941,679
246.574,494
30,094,679
321,000
New Capital.
$
129.797.300
198,080.500
23.965.000
S
500.000
29.624.500
1.320.000
$
130.297,300
227.705.000
25.285.000
4.185.000
69.714,400
1.031.000
50.584.500
8.315.000
16,292.900
14.000
540.000
12,500,000
86.007.300
1.045.000
51.124.500
4.315.225
8.007.000
$
148.970.000
426.094.500
23.496.000
1.400.000
1.500,000
86.313.500
40.400.000
133.017.700
30,000.000
5.000.000
37.085.000
1.500.000
20.867.500
950,000
788.316.275
144.960.425
933.276,700
499.725.200
24,500.000
35.600.000
18.915.000
1,150.000
400.000
15,000.000
24.900.000
50.600.000
18.915.000
1.150.000
1.800.000
39.825.000
. 675.000
1.000.000
9.175.000
56.000.000
8.635.000
Total.
$
343.425.846 162,151.954
49.881.000
11,950,000
45.865.000
400.000
46.469.487
8.255,625
16.800.000_
43.225.000
1.250:666
-
$
505,677.800
61.831,000
46.265.000
54.725,112
16.800.000
44.475.000
545.666.333
188.700.000
104,690,000
184.107.579
729.773.912
188.700.000
104,690,000
285.395.068
29.736.000
5.000.000
6.666,222
2.250.000
292.061.290
31.986.000
5.000.000
275.937.552 1.655,438.991 1,159.187.401
1923.
Total.
Refunding.
193,023,801 1.352,211,202
MARCH 31 FOR FIVE YEARS.
1924.
Total.
Refunding.
$
47,556.400
6.650.000
2.000.000
2.400.000
8.000.000
10.000.000
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES FOR THE THREE MONTHS ENDED
3 MONTHS ENDED MARCH 31.
,
New Capital.
New Capital.
New Capital.
Refunding.
1922.
Total.
New Capital.
Refunding.
Total.
1.500.000
21.817.500
$
139.656.500
177,704.300
159.783.139
6.000.000
9.390.000
66.276,447
1.000.000
49.530.000
1,335.000
300.000
53.304.000
31.726.000
57.556,400
557.281,600
664.279.386
172.769,714
6.000.000
8,000.000
650,000
7.800.000
47.825.000
1.325.000
1,000,000
3.652.200
1,000.000
6.912,800
1.090.000
35.500.000
735.000
1.090.000
35.500.000
735.000
15.046.000
9.454,000
20.750.000
5.000.000
3.725.000
2.000.000
2.000.000
300.000
300.000
125.000
3.500.000
65.400.000
178,100.000
82.62.5.000
97.275.000
40.748.200
16.366.800
57.115,000
60,881.000
11.950,000
72.831,000
1,563,500
137.911.225
5.640.000
26.823.737
57.509.950
840.000
26.823.737
57.509.950
840.000
76.969.086
8.004.060
10.926.000
1.066.760
87.895.086
9,070.820
675,625
9.947.000
51.573.292
18.540.173
1.335.000
15,819.149
984.690
11.282.000
67.392.441
19.524.863
37.562.150
12.406.250
2.500.000
38.237.775
12.406.250
2.500.000
18.156.577
12.749.510
2.035.000
4.000.000
---____7.980.1111111
18,156.577
20.729.510
2.035.000
4.000.000
350.000
11.962.200
13.500.000
10.538.000
50.000.000
14,6.50.000
3
23.903,000
60.820.300
46.566,861
1,860.000
7.228.553
665,000
$$
163.559.500
181,134,630
6E126,270 243,160,900
238.524.600
69.852.400
37,270.000 107.122.400
206.350.000
33,700,000
250,000
33.950,000
6.000.000
11.250,000
1.750,000
_ - -1.750.000
73,505,000
37.676.881
14.858,119
52.535,000
1,000.000
9.400.000
46.250,000
55.650.000
49,530.000
20.880,000
20.880.000
2.000.000
300.000
500.000
500.000
85.030.000
37.356.935
3.047.565
40.404.500
837,049,100
392.450.846
163,501,954
555,952,800
10,565.000
1.000.000
31.951,800
6,550.000
404.200
____-__
11,950,080
31,951,800
18,500,000
404,200
24.500.000
16.700.000
200,000
16,700.000
200,000
1.450,000
1,450.000
20.750.000
125.000
3.500.000
82.580.215
608,000
83.188.215
1.709.000
46.448.485
5.335.000
12.375.000
750.000
2.250.000
34.058.550
895.000
1.709.000
52.335.985
5.335.000
12.49.5.000
750.000
2.250.000
34.953.550
7,993.145
47.094.508
35.525.000
82.619.508
2.925.000
468.065.046
11,117,575
479.182.621
244.913.760
8.466.000
253.379.760
177,443.469
4,400.000
181.843.469
212.128.119
65.6.56.599
277.784,718
92.334.487
8,655.625
100,990.112
141.400.000
535.220.225
46.655.000
2.550 000
2.859.000
129.974.785
38.235.000
143.489.700
30.750.000
7.934.775
66.861.550
32.470.000
79.385.500
1.396.000
173.870.000
614.605.725
48.051.000
2.550 000
3.209.010
147,824.485
101.735.000
154.147.700
30.750.000
12.251.000
75.763.550
158.421.037
295.415.450
25.480.000
1.000.000
6.147.000
117.242.500
69.614.180
52.512.857
1.600.000
1.500.000
30.860.645
6.500.000
37,624.500
1,970.000
139.656.500
258.325.5136
169,787.199
6.000.000
34.333,000
117.849.739
40.290.173
49.530.000
1.335.000
300.000
100.698.508
23.903.000
78.659.100
47.633.621
163.559.500
336.984.686
216.420.820
6.000.000
47.032.000
140.897.441
41.274.863
49.530.000
2.000000
300.000
167,949,508
218.826.425 1.384.756.460
7341.703.560
76.506A04)
AIR ann ma
4117 1R% 7413
213.286.430
113.964.550
46.510,450
2.500.000
18.450.000
56.033.458
22.149.510
24.365.000
4,000.000
625.000
43.781.935
Ad k 566 222
61.828.270
49,895.625
250.000
950.000
164.921.037
333.039.950
27.450.000
L000mon
14.662.000
137.735.400
69.628.180
53.052.857
1,600.000
1.500.000
31.810.645
275.112.700
163,860.175
46.760.450
2,500.000
18.450.000
70.891.577
76.379.510
24.365.000
4,000,000
625.000
46.829,500
.700 '77.1 n,o
5.704.575
2.800,000
86.588.000
15.023.000 101.611.000
434.791.362
58.539.000 493.330.362
94.288.000
10.589.000 104.875.000
6.058.500
6.058.500
83.851.900__-_-_
83.851.900
174.897.892
38.970.575 213.868.467
144.802.140
10,735.000 155.537.140
152,443,000
3,705.000 156.148.000
33.664.537
33.664.537
2.400.000
2.400.000
156.384.410
1.408.000 157.792.410
1.370.167.741
138.969.575 1.509.137.316 1.145.930.035
5.887.500
120,000
.,
350.030
17.849.700
63.500.000
10,658.000
4,315.225
8.902.000
1.962.000
46.438.100
33.033.180
1.193.357
1.600.000
200.000
4.200.000
2.162.000
50.633.100
33.033.180
1.193.357
1.600.000
7.993.145
8.515.000
20,492.900
14.000
540,000
12,649.000
23,047.702
984.690
665.000
67.251.000
9n.I 702 112 1 171 cum RIR
2,925.000
___ ___ _ _ _
14,858.119
54,230.000
3.047.565
1Rd 1417 R70
THE CHRONICLE
APR. 24 1926.]
2273
DETAILS OF NEW CAPITAL FLOTATIONS DURING MARCH 1926.
LONG-TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Amount.
Purpose of Issue.
Railroads
3,000,000 Additions and betterments
15,000.000 Additions and improvements
2,700,000 New equipment
1.210,000 New equipment
10.000.00 Add'ns, bet'ts, other corp. purp
0
Price.
To Yield
About.
Company and Issue, and by Whom Offered.
5.19 Central of Georgia Ry. Co. Ref. & Gen. 5s C, 1959. Offered by Kuhn, Loeb & Co.
5.10 Florida East Coast Ry. Co. 1st & Ref. 5s A, 1974. Offered by J. P. Morgan & Co., First Nat. Bank
and National City Co.
4.70 F.orida East Coast Ry. Co. Eq. Tr. 434s H, 1927-41. Offered by J. P. Morgan & Co., First Nat.
Bank and National City Co.
Long Island RR. Eq. Tr. 434s It, 1927-41. Offered by Kuhn. Loeb & Co.
Placed privately
6.46 Texarkana & Fort Smith Ry. 1st M. 53.4s A, 1950. Offered by Ladenburg, Thalmann dr Co. and
1004
National City Co.
97
98
31.930.000
Public Utilities
200,000 Improvements
102
460,000 Capital expenditures
06
225,000 Refunding; additions. &c
18,000,000 Refunding; capital expenditures
100
07%
316,000 Capital expenditures
96
210,000 Extensions and betterments
95
1.600,000 Refunding; other corp. purposes_ _
600,000 Acquisitions; additions, &c
750,000 New construction
290,000 Add•ns, impts., extensions, &c___ _
934
100
95
94
3,283,000 Capital expenditures
98
4.000.000 Refunding; additions, sm
3,500,000 Refunding; extensions
5,500,000 Additions; other capital purposes
914
99%
96
200.000 Extensions and Improvements
2,100,000 Consolidation of properties
934
974
650,000 Acquisitions; other corp. purposes_
100
400,000 Refunding; construction
100
4,000,000 Acquisitions, extensions, &c
OS
1.500,000 Acquisitions, extensions, &c
9834
2,100,000 Acquisitions, &c
36,000,000 New power plant
1,500.000 Acquisitions: other corp. purposes_
590,000 Additions, improvements. &o
240,000 Additions, improvements, &t3
93%
100
99
95
93
11,500.000 Acquisition of constituent cos
97
350,000 Additions, Improvements, dro
93
5.85 Associated Telephone Co. (Cal.) Mtge. dr Coll. Os, 1950. Offered by Mitchum. Tully dc CO..
San Francisco.
5.25 Birmingham (Ala.) Water Works Co. 1st M.5s B. 1951. Offered by W.C. Langley dr Co., Halsey,
Stuart & Co., Inc., and P. W. Chapman & Co., Inc.
600 Cairo (Ili.) Water Co. 1st M. Os. 1951. Offered by P. W. Chapman dr Co., inc.
515 Carolina Pr. & Lt. Co. lot & Ref. 55. 1956. Offered by W. C. Langley & Co., Bonbright dr Co.,
Inc., and Old Colony Corp., Boston.
5.25 City Water Co. of Chattanooga (Tenn.) lot M. 5s B, 1954. Offered by W. C. Langley dr Co..
Halsey, Stuart & Co., Inc.. and P. W. Chapman & Co.. Inc.
5.30 Commonwealth Water Co. N. J., 1.t M. 51 B. 1056 Offered by W. C. Langley & Co., Halsey,
Stuart & Co., Inc.. and P. NV. Chapman & Co.. Inc.
5.50 County Gas Co.(Dallas, Tex.) 1st M.55, 1946. Offered by Arthur Perry & Co. and Paine, Webber
& Co.
6.00 Federated Utilities, Inc.. 1st M. Coll. Os A. 1945. Offered by Wm. I.. Ross & Co.. Inc., Chicago;
Fenton. Davis & Boyle, Detroit. and Whitaker & Co.. St. Louis.
5.85 Green Mountain Power Co. let M.5%s A, 1956. Offered by Chas. H. Tenney & Co.. Boston.
5.40 Huntington (W. Va.) Water Corp. lot M. 55. B 1954. Offered by W. C. Langley & Co.. Halsey.
Inc.
Stuart & Co.. inc.. and P. W. Chapman &
Co..
5.13 Indiana & Michigan Electric Co. lot & Ref 5s, 1955. Offered by Harris, Forbes dr Co., Bonbright
& Co., Inc.. and Old Colony Corp., Boston.
5.35 Kentucky Utilities Co. tat M. Lien 50. 1961. Offered by Halsey. Stuart & Co.. Inc.
5.03 Metropolitan Edison Co. 1st & Ref. 5s C. 1953. Offered by Halsey Stuart & Co., Inc.
6.30 Municipal Service Co. Coll.'Fr. 6s A. 1956. Offered by E. H. Rollins & Sons, Baker. Young & Co.;
Myth. Witter dr Co., H. M. 13yilesby & Co., Inc., Ilowe, Snow dr Berties and Eastman, Dillon
& Co.
.
5.50 New J el ..0y Water Co. 1st M.5s A. 1950. Offered by P. NV. Chapman & Co.. Inc.
5.71 Northern Connecticut Power Co. 1st M.& Ref. 54s. 1916. Offered by J. G. White ,k Co.. Inc..
and E. 11. Rollins & Sons.
6.00 Northwestern Illinois Utilities (Savanna, Ili.) let M. 65 A. 1945. Offered by Emery. Peck &
Rockwood, Chicago.
6.00 Ohio Cities Telephone Co.(New Philadelphia, 0.) 1st M. Cony. Gs A, 1945. Offered by R. W.
Evans & Co., Inc., Pittsburgh, and &hubs Bros.. Cleveland.
5.37 Oklahoma Gas & Electric Co. lot M. 5s. 1950. Offered by H. M Byliesby & Co., Inc., Spencer
Trask & Co., E. H. Rollins & Sons, Federal Securli les Corp. and Harris, Forbes & Co.
6.15 Oklahoma Gas & Electric Co. Deb. 6s. 1940. Offered by It. M. Byliesby & Co.. Inc., Spencer
Trask & Co., E. H. Rollins & Sons, and Federal Securities Corp.
6.45 Pennsylvania Gas & Elec. Corp. (Del.) Deb. 63 A, 1976. Offered by A. C. Allyn & Co., Ins..
Pogue Willard & Co. and G. E. Barrett dr Co., Inc.
5.50 Philadelphia E:ectric Power ('o. 1st Mtge, 54s, 1972. Offered by Drexel & Co., Brown Bros. &
Co. and Harris, Forbes & Co.
660 Southern Gas & Power Co. Del). 63.4s. 1941. Offered by Flambieton & Co. and Pogue, Willard &CO.
530 South Pittsburgh Water Co. let Lien dr Ref. M. 55 A. 1960. Offered by W. C. Langley & Co..
Halsey, Stuart & Co., Inc., and P. W. Chapman & Co , Inc.
5.40 Terre Haute (Ind.) Water Works Corp. 1st M 54 B. 1956. Offered by W. C. Langley & Co..
Halsey, Stuart & Co., Inc., and P. W. Chapman & Co.. Inc
5.75 Virginia Public Service Co. lot M.& Ref. 5%s A, 1946. Offered by E. H. Rollins dr Sons, Blyth,
Witter & Co . H. M. Byllesby & Co.. Howe, Snow & Denies. Inc.. and Eastman, Dillon & CO.
5.40 Wichita (Kan.) Water Co. 1st M 5s B. 1956. Offered by W. C. Langley & Co., Halsey, Stuart
& Co., Inc., and P. W. Chapman & Co.. Inc.
100,064,000
Iron, Steel. Coal, Copper, &c.
125.000 General corporate purposes
1.000,000 Working capital
6,000,000 Refunding; add'ns, Impts., &e_
10,000,000 Add'ns & impts.; working capital_
09
101%
924
6-6% (F. D.) Gleason Coal Co.(Detroit) 1st M.6s, 1927-32. Offered by Benjamin Hansard & Co.. Den.
6.15 Keystone Steel & Wire Co. (Peoria. III.) 7
-Year 6s, 1933. Offered by Continental & Commercial
Trust, dr Savings Bank, Chicago.
5.85 McKeesport Tin Plate Co. 1st (closed) M. 6s, 1946. Offered by the Bank of Pittsburgh, Nat'l
Assn.. Pit tsburgh.
7.67 United Steel Works of Burbach-Eich-Dudeiange (”Arbed") (Grand Duchy of Luxemburg)
25
-year 78. 1951. Offered by Kuhn, Loeb & Co. and Guaranty Co. of New York.
17,125.000
Equipment Manufacturers
170.000 Finance lease of equipment
260.000 Finance lease of equipment
430,000
Motors and Accessories
5,000.000 Retire current obligations
Other Industrial & Mfg.
250,000 Fund curr. debt; working capital
5.30-5.50 North Western Refrigerator Line Eq. Tr. 51is B, 1928-36. Offered by Freeman & Co.
5.50-6.05 Standard Transit Co. Equip. Tr. Os C, 192632. Offered by First Nat. Bank at Pittsburgh and
S. M. Vockel & Co.
100.24-96.5654-6.10 Pacific Finance Corp. 54s. 1927-36. Offered by National City Co.
5.75-6.50 American Asphalt Roof Corp.(Kansas City, Mo.) 1st (closed) Mtge. 830, 1927-36. Offered by
Prescott, Wright. Snider Co., Kansas City. Mo.
6-6.50 Big Lakes Box Co.(Klamath Falls, Ore.) let (closed) M.63.4s. 1926-32. Offered by Lumbermen*
.
Trust Co., Portland, Ore.
5.75 Brown Co. 1st M 5lis A. 1946. Offered by Harris, Forbes & Co.. Bond & Goodwin, Inc., N. Y.,
20,000,000 Refunding; working capital
97
and Baker. Fentress & Co., Chicago
1,000,000 Additions, Improvements, are
101.35-100
5-6 Hamilton Mfg. Co.(Two Rivers, Wisc.) 1st (dosed) M. 6s, 1927-36. Offered by Folds, Buck &
Co., Chicago, and Marshall & Ilsley Bank. Milwaukee.
300,000 Expansion of business
6.55 Ohio Vailey Clay Co.(Steubenville,0.) 1st (closed) NI.6 Sis, 1941. Offered by Dinkey & Todd CO..
99%
Pittsburgh.
600,000 Retire bank loans; wrkg. capital
6.50 (Charles W.) Poulson & Sons Carpet Co., Inc.. let (closed) M.64s, 1941. Offered by McKinley
100
& Morris, New York.
1,000.000 Fund current debt; wkg. capital_ _ 100
6.00 Rome (N. V.) Co.. Inc., Deb, Os, 1941. Offered by Mohawk Valley Invset. Co.. Utica. N.Y.
500.000 Fund current debt; working capital 100
7.00 Southern Bleachery. Inc., 75, 1927-35. Offered by Trust Co. of Georgia, Bell, Sptar Co.. Atlanta.
and Bank of Charleston, N. B. A.
23,800,000
Oil
750,000 Acquisitions, impts., &e
100
6.50 Bartles-Maguire Oil Co.(Milwaukee) 1st (closed) M.64s. 1936. Offered by Bartlett dr Gordon.
Inc., Chicago.
2,500,000 Acquisitions; other corp. purposes_
98%
6.15 Cities Service Transportation Co. 1st NI. Marine Equip. 6s, 1936. Offered by PearSens-Taft
Co. and Henry L. Doherty & Co.
20,000,000 Refunding; red,floating debt, &c
97%
6.75 Empire Gas & Fuel Co. a)el.) 1st & Ref. 6%s, 1941. Offered by Halsey, Stuart dr Co., Inc.. Halltartan & Co., E. H. Rollins & Sons. Cassatt & Co., Spencer Trask & Co., Paine, Webber & Co..
23,250,000
Henry L. Doherty & Co.. A. B. Leach & Co., Inc., Anglo .Lonclon-Paris Co. and Second Ward
Land, Buildings,
Securities Co
250,000 Finance construction of apartment 100
Construction
6.50 Albemarle Terrace (Jackson Heights, N.Y.) 1st (closed) M.64s, 1928-33. Offered by Columbia
Mortgage Co., New York.
300,000 Finance sale of property
100
6.50 J. Lee Baker 1st (closed) M.63.45, 1927-33. Offered by Security Trust Co. and Nicol, Ford & Co.,
Inc., Detroit.
85,000 Real estate mortgage
100
6.00 The Brownwell Corp.(Detroit) 1st M.6s, 1927-33. Offered by Metropolitan Trust Co., Highland
Park, Mich.
200,000 Finance construction of building
100
7.00 Californian Hotel & Apts. (San Bernardino, Calif.) 1st M. Leasehold 75, 1928-35. Offered by
the Milton Strauss Corp., Detroit.
325.000 Finance construction of building
631-834 Capitol Properties (Sacramento, Calif.) 1st M.614s, 1927-38. Offered by S. W.Strauss & Co., Inc.
200,000 Finance construction of apartment
6-6% Carolyn Park Apts. (Mamaroneck, N. Y.) 1st M. 64s, 1928-36. Offered by American Bond &
Mortgage Co., Inc.
1,950,000 Real estate mortgage
101-100 6.05-6.50 Congress and Senate Apt. Hotels (St. Louis) 1st M. 64s, 1928-38. Offered by Greenebaum
Sons Investment Co.
1,100,000 Refunding
54-6.05 Curtis Hotel & Apt. House Construction Co. and Curtis Hotel Co.(Minneapolis) 1st (closed)
M. 6s, 1928-41. Offered by Minnesota Loan & Trust Co.
3,250,000 Finance construction of hotel
54-6% Detroit Hotel Co. 1st (closed) M. 64s, 1920-41. Offered by Lawrence Stern & Co., A. G. Becker
& Co., Nicol. Ford & Co., Guardian Trust Co. and Union Trust Co., Detroit.
1.100,000 Finance Construction of hotel
8
-63.4 Eitel-Decker Hotel Corp. 1st M.634s. 1929-38. Offered by the Straus Bros. Co.. Chicago,
175,000 Finance construction of apartment
6-6% Elmgate Court Bldg. Corp. 1st M.634s. 1928-36. Offered by the Straus Bros. Co.. Chicago.
1,025,000 Finance construction of apartment 100
6.50 Esplanade Gardens (Mt. Vernon. N. Y.) 1st M.64s, 1928-38. Offered by G. L. Miller & Co.. Inc.
1,700,000 Liquidate bit. dl.; other corp. purp 100
6.00 Estate of Frances Palms (Detroit) Secured Os, 1927-36. Offered by First National Co.. Security
Trust Co. and Detroit Trust Co.
160,000 Improvements to property
7.50 Everglade Inn (Palm Beach, Fla.) 1st M.74s, 1927-36. Offered by G. L. Miller & Co., Inc.
100
160.000 Finance construction of building
100
6.50 Fairmont Cedar Bldg (Cleveland Heights) 1st M. Leasehold 63.4s. 1929-36. Offered by S. Ulmer
& Sons. Cleveland.
85,000 Finance construction of building Price on application 1508 Woodward Ave. (Detroit) 1st M. Leasehold 63.4s, 1926-32. Offered by Livingstone & Co..
Detroit.
90,000 Finance construction of apartment 100
6.50 Fifth Ave. Bldg. (Gary, Ind.) 1st M.64s, 1927-36. Offered by Lackner, Buts & Co.. Chicago.
4,500,000 Finance construction of building
99%
6.04 50 Broadway Bldg. (N. Y. City) 1st M. Os. 1946. Offered by G. L. Ohrstrom & Co., Inc., and
Pearsons-Taft Co.
534First Baptist Church of Asheville, N. C., 151 M.68. 1928-39. Offered by Liberty Central Trust
425,000 Finance construction of church
6
Co.. St. Louie.
150,000 Additional capital
2274
Amount.
THE CHRONICLE
Purpose of Issue.
Price.
To Yield
About.
[you 122.
Company and Issue, and by Whom Offered.
$
Land, Buildings, &c. (Cond.).
1,000,000 Finance construction of hotel
100
575,000 Finance construction of hotel
100
325,000 Finance construction of building
100
%
6.50 Flamingo Hotel (Chicago) 1st M. 634s, 1929-39. Offered by Wollenberger & Co., Chicago.
7.00 The Florida Hotel (Lakeland, Fla.) 1st M. 75, 1926-37. Offered by O. L. Miller & Co., Inc.
7.00 Franklin Building (Oakland, Calif.) 1st M.Leasehold 7s. 1946. Offered by De Fremery & Co.,
San Francisco.
750.000 Finance lease of property
6.05 Fretz Realty Co. (Phila.) 1st (closed) M 6s, 1941. Offered by Morgan, Livermore & Co. and
9934
Schibener. Boenning & Co., Philadelphia.
275,000 Finance sale of property
100
6.50 Frank D. Fry (Detroit) 1st M. 634s. 1928-36. Offered by Backus, Fordon & Co.. Detroit.
2,100,000 Acquisition of property
101-100
5.65-6 Granada Realty Co. (San Francisco) 1st M. 6s, 1929-41. Offered by Anglo-London-Paris Co.,
San Francisco.
275,000 Finance construction of apartment
6-6.50 The Hereford (Boston, Mass.) 1st M. 6345, 1928-36. Offered by American Bond & Mortgage
Co., Inc.
550,000 Finance construction of hotel
Price on application Hotel Antone (Chicago) 1st M. 634s, 1928-36. Offered by Greenebaum Sons Investment Co.
510.000 Finance construction of hotelHotel Constance (Pasadena, Calif.) lot M.634s. 1929-41. Offered by S. W. Straus & Co.. Inc.
600,000 Finance construction of apartment RIE1
7.00 Howard Arms (Brooklyn, N. Y.) 1st M. 7s, 1928-38. Offered by G. L. Miller & Co., Inc.
1,200,000 Finance construction of hotel
--6.35-6.50 Thomas Jefferson Hotel (Birmingham, Ala.) 1st M.634s, 1929-38. Offered by Adair Realty &
Mortgage Co., Inc.
410,000 Finance construction of apartment_ 100
6.50 Kedzie Boulevard-Palmer Apts. (Chicago) 1st M.634s, 1928-34. Offered by H.0. Stone Jr Co.,
Chicago.
130,000 Improvements to property
100
6.50 Kenilworth Apts. (Chicago) 1st M.634s. 1927-33. Offered by Lackner, Butz & Co.. Chicago.
400,000 Finance construction of building
100
6.50 Lawndale Business Block & Theatre (Chicago) 1st M. 634s, 1928-36. Offered by Garard &
Co., Chicago.
500.000 Provide funds for loan purposes
100
6.00 Lincoln Finance Co. (Huntington, W. Va.) 1st M. & Coll. 6s, A, 1936. Offered by Edmund
Seymour & Co.
1.100,000 Finance construction of building
6.10-6.50 Lincoln Square Bldg.(Springfield, Ill.) 1st M.634s, 1928-41. Offered by S. W.Straus & Co., Inc.
500,000 Real estate mortgage
ioo
5.50 Loudermag Bldg. (St. Louis) 1st M. 534s, 1928-37. Offered by First National Co., St. Louis.
70,000 Real estate mortgage
100
7.00 The G. A. Loudenback Fruit Warehouse 1st M. 7s, 1927-36. Offered by the Seattle Title &
Trust Co.
75,000 General corporate purposes
100
6.50 Madison-Hough Bldg. (Cleveland) 1st M. Leasehold 614s, 1928-36. Offered by S. Ulmer &
Sons, Cleveland.
625,000 Finance construction of building_ 100.46-100 634-634 Medical Arts Bldg. (Atlanta. Ga.) 1st M. 634ii, 1928-38. Offered by Adair Realty & Mortgage
Co., Inc.
250,000 Finance construction of dormitory_ 100
6.00 Morningside College (Sioux City,Iowa) let M.68, 1930-41. Offered by Metcalf, Cowgill & Clarke,
Des Moines National Bank and Sioux National Bank, Sioux City, Iowa.
2,000,000 Provide funds for loan purposes
100
5.50 Mortgage Bond Co. of N. Y. 10-Yr. Mtge. 534s, series 9, due 1936. Offered by company.
1.500,000 Finance construction of building
98
6.17 Motor Mart Trust (Boston) 1st (closed) M. 68, 1946. Offered by Spencer Trask & Co., E. H.
Rollins & Sons and Parkinson & Burr.
500,000 Finance construction of building
100
7.00 Motor Mart Trust (Boston) 10-Yr. Cony. 78, 1936. Offered by Spencer Trask & Co., E. H. Rollins
& Sons and Parkinson & Burr.
2,000,000 Real estate mortgage
100
6.25 New York Life Bldg. (Chicago) 1st M. Leasehold 634s, 1928-46. Offered by Geo. M. Forman
& Co.. Chicago.
375,000 Finance construction of hotel
100
6.00 150 West 58th St. Corp.(N.Y. City) let M.6s, 1928-37. Offered by Empire Bond & Mortgage Corp
3,500,000 Refunding; acquisitions
100
6.50 Pacific Palisades Ass'n 1st (closed) M. 634s, 1938. Offered by Wm. It. Staats Co., California
Securities Co., Hunter, Dunn & Co. and Anglo-London-Paris Co., Los Angeles.
725.000 Finance construct'n of garage bldg 100
6.25 William Penn Garage (Pittsburgh) 1st M.6348, 1938. Offered by S. W. Straus & Co., be.
205.000 Finance construction of building
100
5.00 Perkins-Snider Bldg. Co.(Wichita Falls, Tex.) 1st M.58, 1926-35. Offered by Mercantile Trust
Co., St. Louis.
425,000 Finance lease of property
5.80-6.00 Point Bldg. (Pittsburgh) 1st M. Fee 6s, 1928-36. Offered by S. W. Straus & Co., Ine.
100,000 Finance construction of buildings
5.00 St. Cecelia Church (St. Louis) 101 NI. 5s, 1927-36. Offered by Stir & Co., St. Louis.
100
6.00-6.50 Security Bank Bldg. (Olympia, Wash.) 1st M. 634s, 1928-36. Offered by Wm. P. Harper &
175,000 Finance construction of buildings.
Sou, Seattle.
100
250,000 Improvements, extensions, &c
7.00 Sedco Land & Water Co. 1st M. 78, 1936. Offered by Carstens & Runes, Inc., Los Angeles.
360.000 Real estate mortgage
100
5.00 Sisters of the Holy Family of Nazareth (Chicago) 1st M. 55, 1926-35. Offered by Mercantile
Trust Co.. St. Louis.
600,000 Improvements to property
100-96.28
534-6 16501-16545 Woodward Ave.(Detroit) 1st M.5348, 1928-36. Offered by Livingstone & Co., Detroit.
1,900,000 Finance lease of property
100
6.50 Tower Bldg. (Madison-Michigan Bldg. Corp.) 1st (closed) M. Leasehold 634s, 1946. Offered by
P. W.Chapman & co., Inc.
1,600,000 Finance construction of building
100
6.00 Trinity Court Bldg. (N. Y. City) 1st M.65, 1929-41. Offered by Puritan Mortgage Corp., N. Y.
225,000 Real estate mortgage
100
6.50 29-35 South Wabash Ave.(V. L. & A. Bldg.). Chicago, 1st M.& Leasehold 6348. 1927-33. Offered
by Greenebaum Sons Investment Co.
850.000 Real estate mortgage
100
5.50 242-252 West 36th St.(N. Y.City) 534% Prudence Ctfs., 1926-34. Offered by the Prudence Co., Inc
165,000 Finance construction of hotel
Price on application Whitelaw Hotel (Atchison, Kan.) 1st M.6s, 1927-38. Offered by Lorenzo E. Anderson & Co. and
Taussig, Day. Fairbanks & Co., Inc., St. Louis.
20500,000 Real estate mortgage
100
5.75 Woodbridge Corp.(N.Y. City) 1st (closed) M.5348, 1941. Offered by P. W.Chapman & Co., Inc
1,125.000 General corporate purposes
99
6.10 Woodmen of the World Bldg. (Omaha, Neb.) let (closed) M. Leasehold 6s, 1944. Offered by
H. NI. Byllesby & Co., Inc.
50,370,000
Shipping
2,400,000 Finance construction of steamships 100-96
Miscellaneous
100,000 Pay off bank debt; additions
400,000 Acquisitions
90,000 Develdpment of property
3,500,000 Improvements to property
100
97%
101
100
850,000 Retire bank debt; other purposes_ _
750,000 Acquisition of properties
ioo
750,000 Acquisition of properties
100
6,000,000 Acquisitions; other corp. purposes_
250,000 General corporate purposes
5,000,000 Rehabilitate Catholic edifices
1,200,000 General corporate purposes
700,000 Acquisitions; working capital
100
100
93%
100.70-100
101-100
7-7.45 Lloyd Sabaudo Steamship Line (Italy) 1st M. Marine Equip. 7s, 1930-41. Ogfered by Hallgarten & Co.; Lehman Bros. and Freeman & Co.
6.50 Adam Hoffman Co.(Cleveland) let M.634s, 1936. Offered by R. R.Alexander & Co., Cleveland.
6.25 Associated Laundries, Inc... 65, 1940. Offered by Bennett, Post & Coghill, Inc., N.Y., and Stone.
Seymour & Co., Syracuse.
6.82 Cameron Lumber Co. and C. C. Cameron (Albany, Ore.) 1st (closed) M. 75, 1933. Offered by
Freeman, Smith & Camp Co.
6.50 Canadian Rail and Harbor Terminals, Ltd. (of Toronto) 1st (closed) M. 634s, 1951. Offered
by White, Weld & Co.; Blyth, Witter & Co., and Edmund Seymour & Co., Inc.
5-6 Diamond Crystal Salt Co. deb.6s, 1927-37. Offered by Otis & Co.and First National Co.of Detroit.
6.50 G.-11. Theatres Corp. (Springfield, Mass.) 1st & Ref. M.634s, A, 1956. Offered by C. D.Parker
& Co., Boston.
7.00 G.B. Theatres Corp. (Springfield, Mass.) Deb. 78, A, 1946. Offered by C. D. Parker Jr Co.,
Boston.
6.00 (B. F.) Keith Corp. 1st & Gen. Ref. 6s, A, 1946. Offered by Bankers Trust Co.; Dillon, Read
& Co., and Lehman Bros.
7.00 Pickwick Corp. 1st M. Leasehold & Coll. Tr. 75, 1937. Offered by Carstens & Earles, Inc.; NI. H.
Lewis & Co., and Hunter, Huhn & Co.
7.10 Roman Catholic Church in Bavaria Series A 63413, 1946. Offered by Howe. Snow & Bertles,
Inc.; Mitchell, Hutchins & Co.; A. Iselin & Co.; Guardian Detroit Co., Inc., and Mississippi
Valley Trust Co. of bt. Louis.
5 534 (Ed.) Schuster & Co., Inc. (5111w.) 534s, 1927-34. Offered by Second Ward Securities Co., Milw.
5-6 Thunder Lake Lumber Co. lot M. 6s, 1926-35. Offered by First Wisconsin Co., Milwaukee.
19,590,000
SHORT-TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Amount.
Purpose of Issue.
Public Utilities
800,000 Acquisitions
650,000 Acq. properties of Upham Co
Price.
99
100
To Yield
About.
Company and Issue and by Whom Offered,
5;
6.00 Union Edison Co.(Del.) 1-Yr. 1st Lien Coll. Is. A, March 11927. Offered by Aylward & Co.. Chic.
7.00 Upham Gas Co. (Mt. Vernon, Ohio) let M. 5
-Year 75, 1931. Offered by A. M. Lamport & Co.
and Geo. W. York Co., Cleveland.
1,450,000
Iron. Steel, Coal, Copper. &c.
6,000,000 New construction
100
Motors & Accessories
1,500.000 Reduce current loans; expansion
6-6% Associated Investment Co. Coll. Tr. 6s, 1927-31. Offered by Geo. H. Burr & Co.; Hoagland.
Allum & Co., Inc., and Howe, Snow & Bertles, Inc.
Other Industrial & Mfg.
1,000,000 Refunding
5,000,000 Acquisitions; working capital
6.50 Inspiration Consolidated Copper Co. 5
-Year 634s, 1931. Offered by Guaranty Co. of N. Y.
and G. M.
-P. Murphy & Co.
99%
6-5% Pillsbury Flour Mills, Inc., Coll. Tr. 5393, 1927-31. Offered by Goldman, Sachs & Co.; Lehman
Bros., and Lane, Piper & Jaffrey, Inc.
6.10 (The) Servel Corp. (of Del.) 5
-Year Cony. 65, 1931. Offered by White, Weld & Co.
6,000,000
Oil
1,000.000 Acquisitions
2,500,000 Acquisitions, additions, &c
5%-6% Adams Royalty Co. 63.48, 1927-31. Offered by Stevenson, Perry, Stacy & Co., Chicago.
6-6% United Oil Co. (Calif.) 68, 1927-29. Offered by Aronson & Co.: Bond & Goodwin & Tucker. Inc.:
Dean, Witter & Co.; Shingle, Brown & Co.; Drake, Riley & Thomas; Hunter, Dalin & Co., and
Wm. Cavalier & Co.
3,500,000
Rubber
5,000,000 Retire notes payable; working cap_
1,500,000 Working capital; other corp. ramp_
98%
98%
6,500,000
Miscellaneous
200,000 General corporate purposes
100
5.85 Goodyear Tire & Rubber Co. of Calif. 5-Yr. 534s, 1931. Offered by Dillon, Read & Co.
6.05 Selberling Rubber Co. 3-Yr. Cony. 5348, March 1 1929. Offered by Peabody, Houghteling .
16
Co.; Faxon, Gade & Co., Inc.; The Guardian Trust Co.. Cleveland, and The Ohio State Bank
& Trust Co., Akron, Ohio.
6.50 Kerr Dry Goods Co.(Oklahoma City, Okla.) Coll. Tr,634s, 1931. Offered by American National
Co. and W. A. Brooks, Oklahoma City.
ArR.
24 1926.]
THE CHRONICLE
2275
STOCKS.
Par or
No.ofShares
Purpose of Issue.
Public Utilities
*20.000 sits Acquisition of constituent cos
.
*3,850 sits. Refunding;other corp. purposes_ _
5,500,000 Retire floating debt;construction_ _
4.000,000 Acquire public utility securities...
1,750,000 Acquisitions; general corp. purposes
*8,0008129 Acq.stk.Int.Otter.
Tail Pr.(Minn.)
8450,000011. General corporate purposes
12,670,000 New power plant
2,000.000 Refunding; other corp. purposes
3,000,000 Acquire public utility securities_
2.100,000 Acquisition of constituent cos
Iron, Steel, Coal, Copper, &c.
300,000 Acquire predecessor company
a Amount
Price
To Yield
Invoked. Per Share. About.
500.000
Company and Issue, and by Whom Offered.
Atlantic Public Utilities. Inc. (Boston) Class A stock. Offered by Sawyer, Fiske
& Spencer. Boston, and Frank L. Andrews, Fail River, Mass.
6.50 Central Connecticut Pr.& Lt. Co.$6 Cum. Pref. Offered by Bodell & Co.,Providence
6.37 Connecticut Lt. & Pr. Co. 6%% Cum. Pref. Offered by Estabrook & Co., Putnam
& Co.. Blocks Bros. & Co. and Chas. W. Scranton Co., New Haven.
4,000,000 98.'1
7.11 International Pr. Co.. Ltd.. 1st Pref. Cum.$7 per share. Offered by G. E. Barrett &
Co., Inc.. and Royal Securities Co., Ltd..
1,750,000 Price on application Middle West Utilities Co. 7% Prior Lien stock. Offered by Hill, Joiner
& Co., Old
Colony Tr. Co. and Central States Securities Corp.
1,000.000 125
Otter Tail Pr. Co. (Del.) Special Common stock. Offered by WelLs-Dickey Co.
and Kalman & Co., St. Paul.
3,037.500
Penn•Ohlo Securities Corp. Common. Offered by company to stockholders;
63(
underwritten.
12,670,000 25 (Par)
8.00 Philadelphia Electric Pr. Co. 8% Cum. Pref. Offered to Common stockholders of
Philadelphia Electric Co.
2.000.000 98
7.14 Seattle lighting Co. 7% Cum. Pref. Offered by A. B. Leach & Co., Inc.
3,000,000 102
6.86 Standard Gas & Electric Co. 7% Cum. Prior Preference stock. Offered
by H. M.
Byliesby & Co., Inc.
2,100.000 98
6.63 Western United Gas 8c Electric Co.6)4% Cum.Pref. Offered
by E.H.Rollins & Sons.
35,911,700
25b
354,200 92
5,500,000 102
300,000 100
7.00 Nugent Steel Castings Co. 7% Cum. Pref. Offered by First Wisconsin Co., Mliw.
Equipment Manufacturers
1,700.000 Acquisition of constituent cos
*3,400 she. Acquisition of constituent cos
2,125,0001 10shs.Pref.1 For Shippers'Car Line Corp.7% Cunt.Pi. Offered by Freeman & Co.and
Stroud & Co., Ins.
1 2 ohs. Cl. A5$1,025
Class "A" stock. Offered by Freeman & Co. and Stroud & Co.. Inc.
Motors and Accessories
10.000.000 Expansion of business
10,000,000
Other Industrial & Mfg.
785,400 General corporate purposes
1,000,000 Additional capital
1,750,000
5.000.000
*60,000 she
1,961,880
1.000,000
785,400 101
1,000,000 100
ACQ. Bearings Co.of Amer.(N.J.)
Acquisition of constituent COS
Acquisition of constituent cos
Expansion
Additional capital
*180.6248h Acquire control affiliated cos
600,000 Additions to property
750,000 Retire current debt; working capital
1,750,000
5.000.000
2.280.000
1,961,880
1,000,000
100c
101%
38
100
100
7,958.552
41%
600,000 100
750.000
30 (par)
23,085,832
011*100,000sh. Acquisitions
29.250.000 Retire current loans
46,000,000 Acquisition of constituent cos
2,750.000
29,250.000
46.000.000
27%
25 (par)
97%
78,000,000
Land, Buildings. &c.
250.000 Improvements to property
4,000 in- 1
terests! Finance acquisition of property...
2,000,000
325,000 Finance construction of apartments
325.000
260,090 Finance construction of apartments
*80,000 sits Additional capital
250,000 Finance completion of hotel
*2,500 sits. Finance completion of hotel
White Motor Co. capital stock. Offered by company to stockholders.
50 (Par)
7.92 Advance Bag & Paper Co.8% Prior Lien Preferred. Offered by Morgan, Livermore &
Co., Schibener, Boenning & Co. and Timberlake & Co., Portland, Ore.
7.00 Appleton Co. (Lowell, Mass.) 7% Corn. Pref. Offered by company to stockholders
underwritten.
7.00 Bearings Co. of America 7% Cum. 1st Pref. Offered by Brooke, Stokes & Co.
6.89 Collins & Aikmao Co. (Del.) 7% Cum. Cony. Pref. Offered by Lehman Bros.
Common stock. Offered by Lehman Bros.
--Grasseill Chemical Co. (C:eve.) Common. Offered by company to stockholders.
7.60 Judson Mills 7% Cum, Pref., Series B. Offered by A. M. Law & Co.. Spartanburg.
7S. C.; Alester G. Furman Co., Greenville. S. C., and Scott & Stringfellow,
Richmond, Va.
The Lambert Co. common. Offered by Goldman, Sachs & Co. and
Bond & Goodwin. Inc.
7.00 New Egyptian Portland Cement Co. 7% Cum.Preferred. Offered by Baker,
Simonds
& Co. and Livingston & Co.
Sprague-Sells Corp. (Del.) Convertible Panic. Class A stock.
Offered by Minton.
Lampert & Co. and Ralph A. Bard & Co., Chicago.
Adams Royalty Co. Common. Offered by company to stockholders.
Humble 011 & Refining Co. capital stock. Offered by company to
stockholders.
i:f5 Tide Water Associated 011 Co. Convertible 6% Cum. Pref. Offered by Blair &
Co..
Inc., Brown Bros. & Co., Hayden. Stone & Co., Myth. Witter & Co..
Mitchell,
Hutchins & Co., Inc., and Anglo London Paris Co.
250.000 100
260,000
2,000.000
300,0001
6.00 Early & Daniel Realty Co. (Cincinnati) 6% Pref. Offered by the Peoples State
Bank, Indianapolis.
5.00 Hippodrome Building Site (Cleve.) Land Trust certificates. Offered by the Union
Trust Co., Cleveland. and the Cleveland Trust Co.
1001
6.00 Larchmont Hills Apts. (Larchmont, N. Y.) 6% Cum. Pref. Offered by MahlstedtSteen Securities Corp., N. Y.
1001'
6.00 Locust Arms Apts. (New Rochelle, N. Y.) 6% Cum. Pref. Offered by MahlstedtSteen Securities Corp.. N. Y.
Realty Associates (Brooklyn. N. Y.) Common. Offered by company to stockholders.
25
1 share Pref.1 For Thayer Hotel(West Point. N.Y.)7% Cum. Pref. Offered by McNair & Crane, N.Y.
1 share Cont.! $120
Common. Offered by McNair & Crane, N. Y.
5,135,000
Miscellaneous
2,000,000 Consolidation of properties
15,000 Additions
500,000 Additional capital
2,000,000 100
15.000 100
500,000
2,000,000 New Capital
2,200,000
*45,000 sits. Additional facilities; working cap_
1,620,000
800,000 Acquisitions; working capital
800.000
*50,000she Acquisition of constituent cos
625,000
*6,000 she Consolidation of properties
*6,000 shs Consolidation of properties
762,000{
1,000.000 Working capital; expansion
*631,125sh Additional capital
600,000 Reduce bills payable
1,000.000
631,125
720,00
15,000.000 Consolidation of properties
*40,000 sits. Open additional stores
15,000,000
860,00
26,733,125
8.00 Consolidated Retail Stores. Inc. (Del.) 8% Corn. Pref. Offered by Lehman Bros.
7.00 The Farragut Marble Co. (Tenn.) 7% Cum. Pref. Offered by the E. H. Kisor Co.,
Columbus, 0.
100
7.00 Feitntan & Curme Shoe Stores Co. (Chicago) 7% Cum. Pref. Offered by Merrill,
Lynch & Co.
First Federal Foreign Investment Trust capital stock. Offered by F. J. Lisman &
110
Co. and Foreign Trade Securities Co., Ltd.
36
Hale Bros. Stores, Inc.(Del.) Common. Offered by Dean, Witter & Co., Strassburger
& Co., Schwabacher & Co., Wm. Cavalier & Co. and Anglo London Parts Co.
100
7.00 Hathaway Baking Co. (Boston) 7% Cum. Cony. Pref. Offered by Geo. H. Burr &
Co., Boston.
12%
Langendorf Baking Co.(Del.) Class A stock. Offered by Shingle. Brown dr Co., Inc.,
and Geary, Nfelge & Co., San Francisco.
1 share Pref.'( For Leslie California Salt Co. $7 Corn. Preferred. Offered by Mitchum,
Tully & Co. and
1 share Com.J$127
Mysell, Moller & Co., Inc., San Francisco.
do Common. Offered by Mitchum,Tully .4 Co.and Mysell, Moller & Co.,Inc.,S.F.
100
7.00 Neisner Bros., Inc., 7% Cum Pref. Offered by Geo. H. Burr & Co.
1
Schulte Retail Stores Corp. Common. Offered by company to stockholders.
30
Scruggs-Vandervoort-Barney Dry Goods Co. (Mo.) Common. Offered by Francis
Bros. & Co., G. H. Walker & Co., St. Louis, and Boettcher SC Co., Denver.
Placed privately Standard Fruit & Steamship Corp. 7% Pref. Offered
by Hemphill. Noyes dc Co.
21)4
Traveler Shoe Co. Common. Offered by Hayden, Stone & Co., E.
M. Hamlin & Co.,
Chandler, Hovey & Co. and Whitney AZ Elwell, Boston.
FARM LOAN ISSUES.
Amount.
Issue.
1,500,000 Atlanta Joint Stock Land Bank (Raleigh,
No. Caro.) 5s, 1936-56
5,000,000 Dallas (Texas) Joint Stock Land Bank 58,
1936-66
2,500.000 Denver Joint Stock Land Bank 55, 1936-56_
14,000,000 Federal Intermediate Credit Banks Deb.
43.4s, 1926-27
500,000 First Joint Stock Land Bank of New
Orleans 58, 1936-46
2,500,000 First-Trust Joint Stock Land Bank of
Chicago 4%5. 1936-56
1,000,000 Ohlo•Pennsylvania Joint Stock Land Bank
55, 1936-56
2,000,000 San Antonio Joint Stock Land Bank 55,
1936-56
Price.
103
102%
103%
Offered by
4.62 Wm.R.Compton Co.; Halsey, Stuart & Co., Inc., and
Barrie, Forbes & Co.
4.68 Lee, Higginson & Co. and Illinois Merchants Trust Co., Chicago.
4.56 C. F. Childs & Co.
3.50-3.90 Bankers Trust Co. and Alex. Brown & Sons.
103
4.62 Harris Trust & Savings Bank, Chicago.
100
4.25 First Trust & Savings Bank. Chicago.
103%
4.53 Union Trust Co. of Cleveland; R. V. Mitchell & Co.; The Herrick
Co. and Otis & Co.
4.72 Hayden. Stone & Co.; Halsey, Stuart & Co., Inc.,; Wm.R.
Compton Co. and Stevenson
Perry, Stacy & Co.
102%
500,000 Virginia-Carolina Joint Stock Land Bank
5s, 1936-56
103
29,500,000
To Yield
About.
4.62 C. F. Childs & Co.
2276
THE CHRONICLE
[vol. 122.
FOREIGN GOVERNMENT LOANS.
Amount.
Issue.
6,000,000 Dept. of Caidas (Republic of Colombia,
S. A.) 20-Yr. Ext. Secured 7s, 1946
5,000,000 City of Leipzig (Germany) External 78, 1947_
7,500,000 State of San Paulo (Brazil) Secured External
7% Water Works Loan of 1926. due 1956
Price.
To Yield
About.
Offered by
953
94M
7.95 Blyth, Witter & Co. and Baker, Kellog & Co., Inc.
7.50 Speyer & Co.
963
7.30 Speyer & Co.: 131air & Co., Ins.; J. Henry Schroder Banking Corp.; Ladenburg, Thalmann & Co.; E. H. Rollins & Sons; The Equitable Trust Co. of N. Y.. and Blyth,
Witter & Co.
3,000,000 Kingdom of the Serbs, Croates & Slovenes
(Yugo-Slavla) 6 mos. Treas. 68, Oct. 1 1926 100
6.00 Blair & Co., Inc.
21.500,000
•Shares of no par value.
a Preferred stocks of a stated par value are taken at par, while preferred stocks of no par value and all classes of common stock
are computed at their offering prices.
b BOWLS of 25% in class B stock given with each share of class A.
e Bonus of M share of common given with each share of preferred.
d $500 for each 1-4000th interest.
e Bonus of 2 shares of common given with each share of preferred.
I Bonus of 1 share of common given with each share of preferred.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Apr. 23 1926.
The weather in the main has latterly been more favorable
for trade, the temperature here on the 22d inst. being the
highest for that date in 24 years, and in parts of the West
It has also been better. But on the other hand there have
been cloudbursts and lesser but still heavy rains at the
South, particularly in Texas and adjoining States, where
drought prevailed a year ago. On the whole the weather
has been better for business and it has undoubtedly helped
retail trade at New York. Some improvement in this respect is also reported at Chicago. Business men, especially
In the cotton trade, are watching the weather in the Southwets as a matter of deep interest. There were some indications of a cold wave there over Sunday and here and at
the West within 24 hours temperatures have fallen. But
spring is here, and with it the reasonable expectation of
some increase In business. The iron and steel trade shows
no improvement. In fact, business is, if anything, slower.
Foreign manufacturers are invading the pig iron markets of
this country to such an extent that an effort is being made
at Washington to have the tariff greatly increased. Probably in the long run the real remedy will be found in some
curtailment of production to a point that will not oversupply
the market. Steel is dull. Rubber has been irregular, but
on the whole the tendency has been downward, with increasing stocks in London. Raw silk has declined sharply
and silk mills which for a long period had exceptional activity are now overtaken by a dull period. The grain markets
show no substantial net change for the week, but within 48
hours there have been evidences of very heavy selling - f
)
wheat by big operators in Chicago, owing, significantly
enough, to a better outlook for the crop in this country, and
to a disappointing export demand. There are some indications of a foreign demand for oats, but it is not large. Foreign markets manifest no interest in American rye or corn.
Raw sugar has on the whole shown a steadier tone, largely
owing to the project in Cuba to have the crop limited to
90% of the average crop estimate, and to prevent any extension of the planted area. It remains to be seen just what
the Cuban Congress will do about this matter. In the meantime business In refined sugar here is quiet pending further
developments. Transactions in sugar futures have been
enormous, 1. e. In two days 184,750 tons. Coffee has advanced rather sharply in an oversold market. At the same
time there is some evidence of manipulation of Brazilian
markets and with a certain scarcity of some grades here it
has been an easy enough matter to put up prices.
Cotton has advanced somewhat on the old crop deliveries,
but more on the new crop, owing to the lateness of the season. Undoubtedly the spring has been cold, wet and late.
And in the middle of the week there were rainfalls in central and southwestern Texas of 6 to 12 inches. There were,
moreover, reports of rising rivers and dangers of floods in
the San Antonio section. The lateness of the season may
cause some reduction in the acreage. It is too soon to tell
how much; it may be very little. One thing is clear enough,
however. The time has come when dry, warm weather is
highly desirable in the cotton belt of this country. Meanwhile cotton exports still lag, textiles are reported to be
quiet and persistent statements are to the effect that in the
Carolinas there will be a curtailment of mill output, beginning May 1, of 25 to 33%. The movement towards a short-
ening of the production, however, is purely voluntary. It
is not impossible that the sudden appearance of warm and
seasonable weather might stimulate the sale of goods to
such an extent as to obviate any marked curtailment.
Spinners' takings of cotton show an increase, however, that
may be explained. To-day came a dispatch from Manchester to the effect that the Master Spinners' Federation recommends Manchester yarn mills using American cotton to shut
down for the whole of the third week in May. At the same
time, however, there is a somewhat better demand reported
for Manchester cloths. It is regrettable that riots have
broken out anew at Calcutta, thereby, apart from other and
more important considerations, hampering business. At
Shanghai, however, the auction sales are said to be making
a more encouraging showing. Wool has been dull and more
or less depressed. Woolens and worsteds do not sell readily.
Taking the big industries as a whole, it looks as though
production had outrun consumption in iron, steel, woolens,
cotton and silks. The people are buying only a little at a
time. They can rely implicitly on prompt transportation
by the railroads. Whether this means a permanent change
in the methods of doing business in this country remains to
be seen. It may be too soon to dogmatize on the subject.
It has been characteristic of many different branches of
trade, however, much of the time for two years past. The
flour trade is a conspicuous example. The orders, output
and shipments of lumber are ahead of last year. So are car
loadings. There is a big movement nowadays of general
merchandise, with an Increase in coal and coke. At the
same time there is a falling off in shipments of grain, lumber and live stock. The seeding of the spring wheat crop
has made good progress, not only in this country, but in
Canada, with temperatures in the American Northwest
recently as high as 80 to 86, and at Winnipeg of 80 degrees.
The stock market has heartened mercantile circles by its
advance accompanied by a decline in the rediscount rate by
the Federal Reserve Bank to 3%%. Bonds have also advanced.
It is regrettable that the French franc has fallen to a new
low record and that there is a deadlock in the coal strike
conference in London. The coal crisis undoubtedly militates against British business generally. A big coal strike
in Great Britain would undoubtedly have a very serious
effect on its business and could conceivably react upon the
trade of this country, to a very noticeable degree. London
was cheered, however, by the sudden reduction in the rediscount rate here, something that nobody had been expecting on either side of the water, certainly not in London.
The interesting question just now is whether the Bank of
England will also lower its rate. Unless there are serious
labor troubles with the coal miners in England it is believed
that it will do so. Just now the coal question is the paramount factor in the London market. It is certainly hoped
that it may be settled satisfactorily and not through mere
palliatives. It looks as though the Italian debt settlement
with this country would soon be an accomplished fact and
France is hopeful that its own debt to this country may
also be arranged in the near future. The money question
was uppermost in Wall Street here to-day, with advances
in various issues ranging from 1 to 29%%.
At Southbridge, Mass., the Hamilton Woolen Co. mill will
go on a schedule of four days a week beginning Monday,
April 26, closing entirely every second week until further
APR. 24 1926.]
THE CHRONICLE
notice. Dulness of trade is the reason. In Pawtuxet Valley,
R. I., the Natick and Arctic mills of B. B. & R. Knight, Inc.,
and the Grant mills in Providence closed down indefinitely
on the 17th inst. The company's Royal mill at River Point
will stop with the exception of 900 looms. Other mills of the
corporation in Rhode Island will continue work. Dulness of
trade accounts for the suspension of operations. Providence, R. I., wired that other cotton manufacturers may
follow the lead of the B. B. & R. Knight, Inc., and curtail
prodUction. Cotton manufacturers generally are far from
optimistic at present. Curtailment is also being put into
effect in Massachusetts towns adjacent to Rhode Island.
At Newport, N. H., the mills of the Brampton Woolen Co.,
which were closed down for an indefinite period over a
month ago, have resumed operations. The Devonshire mills
at Goff's Palls, which were closed on account of lack of
orders on the 11th inst., reopened on the 19th. The Pacific
mills at Dover are so busy that they are running 25% of
their looms nights. Considerable improvement over a year
ago is noticeable in the textile industry in New Hampshire,
especially in the cotton mills. This is remarkable, in view
of the contemplated Southern curtailment. The Suncook
mills at Suncook are operating part of their large plant
nights and the Nashua is increasing operations and is working at 100% in some sections. At Pittsfield, N. H., the
Pittsfield mills of the Exeter Co. have started working 24
hours a day, the management announced. They are now
able to operate about 50% of their looms nights and would
step up the entire plant if labor could be had. The Pittsfield mills were completely modernized about a year ago at
a cost of $250,000. During the day the mills work at 100%
Night work would have been started several months ago if
sufficient hydro-electric power could have been generated.
At Spartanburg, S. C., most leading cotton mills will, it
is said, curtail output from 25 to 33%. Total spindleage of
the mills to curtail is 437,191. No formal agreement on
curtailment has been entered into by the manufacturers.
Greenville, S. C., wired that plain goods mills in that district with the definite exception of the American Spinning
Co. and the possible exception of the F. W. Poe Manufacturing Co. will begin operations on a 25% curtailment program about May 1.
The tow boat workers' strike was promptly settled after
threatening to interfere with the docking and sailing of 20
liners and 25 freighters. The terms agreed upon included
an increase of $10 a month all around, a ten-hour day with
time and a half for overtime and an allowance of 80 cents
daily for meals.
Raw silk prices in a panic on the Yokohama Bourse broke
badly. There was a decline of 54 yen on spots to a low of
1,574, and 48 on futures to 1,600 yen for August delivery, the
lowest prices in about two years; that is to say, since the
sharp depression of 1924 following the Japanese earthquake,
when there was a considerable accumulation of both raw
stock and finished goods. Now, however, it is different;
raw silk stocks are not what would usually be called burdensome, but the demand is poor. The excitement on the
Bourse on the 17th inst. resulted in transactions of 3,110
bales, the heaviest single day turnover since the middle of
1924. In Yokohama on the 20th inst. the silk market was
demoralized, prices breaking 60 yen. New York prices fell
15 cents a pound in a dull market.
Under the leadership of Governor Moore of New Jersey,
Passaic, N. J., strikers and mill owners were to meet to-day
in an attempt to end the strike which is now in its third
month, but Governor Moore refused to act with Albert
Weisbord, the agitator, in the conference. It was therefore
called off to-day. The mills that were to have been represented at the meeting were the Botany Worsted Mills of
Passaic, the Passaic Worsted & Spinning Co. and the United
Piece Dye Works of Lodi, N. J. It is said that the strikers
are ready for peace.
Automobile production in the United States during March
was 379,769 passenger cars and 47,788 trucks. This has been
exceeded only in September 1925, when 392,000 passenger
cars and 57,000 trucks were made, according to the Department of Commerce.
Here the weather, after being wintry early in the week,
with temperatures of 31 to 41 on the 19th inst., suddenly
turned warm and seasonable on the 21st inst. with 73
degrees at 4 p. m. At Baltimore, Philadelphia and Chicago
it was up to 78, at Detroit and St. Louis to 80, at Cleveland
and Cincinnati to 76, St. Paul to 74. Rains in Texas oc-
2277
curred of 1 to 12 inches, the latter at Phelps, with nearly
8 inches at Uvalde and 6•% inches at San Marcos. There
were reports of 6 inches at San Antonio and of flood warnings; also big rains in Louisiana and Arkansas. On the 22d
inst. the temperature here was up to 79 degrees. It was
like real summer and had a cheering effect. It was the
warmest April 22 since 1902, when it was 84. It was cooler
here to-day, with 66 degrees this afternoon. At Chicago
yesterday the highest was 62, at Cincinnati 66, at Cleveland 64, at St. Paul 72, at Kansas City 70. As to lake
navigation, Sault Ste. Marie, Mich., wired on the 21st inst.:
"Weather conditions were favorable yesterday and during
the night. Minimum temperature, 32, rising to 36 this
morning. Maximum temperature, 50; wind south and east,
but light; a heavy rain with high winds will greatly shake
up ice fields, which are still solid in all directions."
Weekly Business Indicators for April Reported to
United States Department of Commerce.
Continued gains in business for the first two weeks of
April over the same period of the previous year are seen
from the latest weekly figures covering business conditions
reported to the Department of Commerce. The latter's advices in the matter April 20 state:
The volume of distribution, indicated by figures on car loadings and
check payments, was larger than in any other comparable period. The
output of bituminous coal and beehive coke during the first week of April
was larger than a year ago, while lumber production and the volume of
new building rontracts awarded recorded similar changes from the corresponding week of 1925. The total value of building awards in 36 State:
during the first 14 weeks of 1926 was about 25% larger than during the
same period of 1925.
Receipts of hogs at the principal primary markets during the first week
of April were larger than a year ago, while the receipts of cattle and
wheat recorded declines. Cotton receipts into sight during the first two
weeks of the current month were larger than during the corresponding
period of 1925, with the production of crude petroleum during the first
two weeks of April recording a decrease from the corresponding period of
last year. Receipts of wool at Boston during the first two weeks of April
were about twice as large as during the same period of 1925. Exports of
corn were running more than three times as heavy as a year earlier. Exports of wheat and wheat flour, on the other hand, were running considerably below their respective movements of the preceding year. Interest
rates on New York call loans during the first two weeks of April were
higher than last year, while time money rates ruled easier than a year
earlier. Wholesale prices continued to average lower, being about 5%
below a year ago. The number of firms failing during the first two weeks
of April was 4% smaller than a year ago.
Monthly Business Indicators for March.
The United States Department of Commerce, under date
of April 20, says:
Business in the month of March, as seen from the principal indicators,
showed increased production of steel, larger cotton consumption, greater
building activity, larger automobile production (factory shipments) and an
increased volume of trade, both as compared with the preceding month
and March a year earlier.
-1919 Mo. Ave.
(Relative Numbers
-100.)
1925.
1926.
Feb. Mar. Feb. Mar.
Cotton consumption
Cotton stocks
Cement shipments
Steel ingots, production
Unfilled steel orders
Check payments*
Imports, merchandise
Imports. gold
Exports. merchandise
112
94
84
134
88
129
103
56
66
165
118
74
143
150
81
126
118
115
69
82
115
133
81
135
77
139
119
398
53
13
129
120
133
149
73
149
137
681
57
14
Per Cent Increase(4.)
or Decrease(-).
Mar.1926 Mar.1926
from
from
Feb.1926. Mar.1925
+12.2
-9.8
+64.2
+10.4
-5.2
+7.2
+15.1
+71.1
+7.5
4-7.7
+91
+62.2
-7.0
-0.7
-9.9
+15.3
+16.1
+492.2
-17.4
-82.9
* With seasonal adjustment.
Decline in Wholesale Prices in March.
A sharp decline in the general level of wholesale prices
from February to March is shown by information gathered
in leading markets by the Bureau of Labor Statistics of the
United States Department of Labor. In indicating this, the
Bureau on April 17 said:
The Bureau's weighted index number, which includes 404 commodities
or price series, sank to 151.5 for March, compared with 155.0 for February,
a drop of 21%. Compared with March 1925, with an index number of
/
2
161.0, there was a decrease of nearly 6%.
Farm products averaged 4% lower than in February, due to declines in
grains, hogs, sheep and lambs, cotton eggs, tobacco and wool. In all
other groups except housefurnishing goods, in which there was no change
In the price level, March prices were below those of the preceding month,
ranging from less than 1% in the case of metals, building materials and
/ in the case of
2
%
%
/
2
chemicals and drugs, to 21 in the case of fuels and 31
articles classed as miscellaneous.
Of the 404 commodities or price series for which comparable information
for February and March was collected, increases were shown in 52 instances
and decreases in 174 instances. In 178 instances no change in price was
reported.
THE CIIICONICLE
(Vol- 122. •
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUB- declines for the past three months. This price depression has resulted in
GROUPS OF COMMODITIES.
some curtailment in production activities, but without noticeable decrease
In the employment of labor. Buyers continue to guard against deflation
1926.
1925,
by keeping limited reserve stocks of materials on hand. The present deGroups and Sub-Groups.
cline runs mainly to lumber and the smaller items on the basic building maMarch. February. March.
terials list.
Farm products
161.3
149.9
144.0
At this time last year, however, a similar downward tendency was in
Grains
179.6
163.5
152.2
evidence, which continued until August 1925. From August of last year to
Livestock and poultry
143.8
135.9
133.9
January 1926 the price movement in basic construction materials was upOther farm products
187.9
155.4
148.4
Foods
ward, with the possible exception of October, at which time a drop in lum158.9
153.2
151.4
Meats
158.8
149.0
149.9
ber and some of the minor materials caused a slight deviation from the
Butter, cheese and milk
152.8
151.2
148.0
course.
Other foods
162.8
156.8
154.2
The money value of contracts let in the United States in the past week,
Clothing materials
190.7
183.9
180.5
Boots and shoes
186.5
Including all classes of construction, was $66,577,000, which compares with
186.1
186.1
Cotton goods
185.4
170.0
167 2
$61,356.000 in the preceding week, and $54,430,000 in the corresponding
Woolen and worsted goods
220.1
204.9
201.0
week a year ago. Construction contracts let from Jan. 1 to date totaled
Silk, dro
159.6
175.1
162.1
Fuels
8835,322,000, as against $687.337,000 In the corresponding period a year
174.4
179.4
175.1
Anthracite coal
222.4
•
232.0
ago. Minimum costs observed are $15,000 for public works, $40,000 for
Bituminous coal
195.6
203.1
200.4
industrial projects and $150,000 for buildings, commercial and residential
Other fuels
150.0
154.1
146.2
Metals and metal products
133.7
128.4
127.7
Iron and steel
145.1
136.1
136.2
Non-ferrous metals
Gasoline and Kerosene Prices Advance.
108.3
111.5
108.9
Building materials
179.8
177.1
175.5
The trend in the price of gasoline and kerosene during the
Lumber
192.9
191.1
189.4
Brick
208.0
205.6
205.6
past week was unpward. Following an increase on April 20
Structural steel
139.1
129.1
129.1
Other building materials
164.8
162.9
167.2
of Mc. a gallon in the price of United States motor gasoline
Chemicals and drugs
132.3
131.6
134.2
Chemicals
in the wholesale market, a further advance of Mc. was
126.3
119.5
118.3
Fertilizer materials
106.8
113.1
114.7
announced on April 23, which increased the price to 10 Xo.
Drugs and pharmaceuticals
182.0
179.8
182.9
Housefurnishing goods
170.1
163.9
183.9
and 103/Ic. a gallon. Pennsylvania refineries on April 19
Furniture
143.5
150.2
143.7
Furnishings
235.3
229.8
230.5
announced an advance of 3c. in the selling price of 200
Miscellaneous
125.4
132.9
128.3
Cattle feed
127.3
117.8
112.8 neutrals.
Leather
153.2
140.1
140.1
The Continental Oil Co. on April 19 advanced the price of
Paper and pull)
157.7
187.8
180.3
Other miscellaneous
107.1
116.9
111.9
kerosene lc. a gallon throughout Colorado, Wyoming and
All commodities
161.0
155.0
151.5
New Mexico, and on April 22 increased the price of kerosene
* Insufficient data.
Decrease in Retail Food Prices in March as Compared
With February-Increase over Prices of March 1925.
The retail food index issued by the Bureau of Labor Statistics of the United States Department of Labor shows for
March 15 1926 a decrease of 1% since Feb. 15 1926; an increase of nearly 6% since March 15 1925; an increase of
about 65% since March 15 1913. The index number (1913=
100) was 15]..1 in March 1925; 161.5 in February 1926, and
159.9 in March 1926. The Bureau also reports as follows in
Its statement made public April 18:
During the month from Feb. 15 1928 to March 15 1926, 15 articles on
wkich monthly prices are secured decreased as follows: Strictly fresh eggs,
12%; butter, flour, navy beans and potatoes, 2%, and bacon, leg of lamb,
fresh milk, cheese, lard, baked beans, canned corn, canned tomatoes, prunes
and bananas, 1%. Ten articles increased: Cabbage, 13%; oranges, 8%;
rib roast, pork chops and hence, 2%; ham, rice and raisins, 1%, and sirloin
steak and round steak, less than 5-10 of 1%. The following 17 articles
showed no change in the month: Chuck roast, plate beef, canned red salmon, evaporated milk, oleomargarine, vegetable lard substitute, bread, cornmeal, rolled oats, corn flakes, wheat cereal, macaroni, onions, canned peas,
granulated sugar, tea and coffee.
Changes in Retail Prices of Food by Cities.
During the month from Feb. 15 1926 to March 15 1926 the average cost
of food decreased in fifty cities as follows: Columbus, Providence and
Roohester, 3%; Fall River, Houston, Louisville, Manchester, New Haven,
Norfolk, Salt Lake City, Springfield, Ill., and Washington, 2%; Atlanta,
Baltimore, Birmingham, Boston, Bridgeport, Butte, Charleston, S. (1, Cincinnati, Cleveland, Denver, Indianapolis, Jacksonville, Los Angeles, Mobile,
Newark, New Orleans, New York, Omaha, Peoria, Philadelphia, Pittsburgh,
Portland, Me., Portland, Ore., Richmond, St. Louis, San Francisco, Savannah, Scranton and Seattle, 1%, and Buffalo, Chicago, Dallas, Detroit, Kansas City, Memphis, Milwaukee, Minneapolis and St. Paul, less than 5.10
of 1%. In Little Rock there was no change in the month.
For the year period March 1925 to March 1926, forty-eight of the fiftyone cities showed increases: Jacksonville, 11%; Fall River, 10%; Bridgeport, Manchester, New Haven and Savannah, 9%; Atlanta, Boston, Buffalo,
Detroit, Indianapolis, Minneapolis, Philadelphia and Providence, 8%;
Charleston, 8. O., Chicago, Cincinnati, Cleveland, Columbus, Denver,
Omaha, Pittsburgh, Portland, Me., Richmond, St. Paul and Scranton, 7%;
Baltimore, New York, Norfolk, Rochester and Washington, 6%; Kansas
City, Milwaukee, Mobile, Newark and St. Louis, 5%; Birmingham, Little
; Peoria, 3%; New
Rock, Louisville, Memphis and Springfield, Ill.,
Orleans, 2%; Portland, Ore., San Francisco and Seattle, 1%; and butte
and Dallas, less than 5-10 of 1%. In Houston there was no change and
In Los Angeles and Salt Lake City there was a decrease of 1%.
As compared with the average cost in the year 1913, food in March 1926
was 71% higher in Chicago and Detroit; 70% in Richmond, 68% in Birmingham and Buffalo; 67% in Baltimore; 66% in Scranton and Washington; 65% In Charleston, S. 0.; 64% in New York; 63% in Atlanta,
Philadelphia and St. Louis; 62% in Pittsburgh; 61% in Boston, Cincinnati, Cleveland, Milwaukee, Minneapolis, New Haven and Providence; 60%
In Jacksonville; 69% in Kansas City and Omaha; 58% in Fall River; 57%
in Manchester; 58% in New Orleans; 55% in Indianapolis; 54% in Dallas
and Louisville; 52% in Little Rock, Memphis and Newark; 51% in San
Francisco; 47% in Seattle; 44% in Los Angeles; 43% in Denver; 39%
in Portland, Ore., and 34% in Salt Lake City. Prices were not obtained
from Bridgeport, Butte, Columbus, Houston, Mobile, Norfolk, Peoria, Portland, Me., Rochester, St. Paul, Savannah and Springfield, Ill., in 1913,
hence no comparison for the 13-year period can be given for those cities.
Building Materials Show Downward Trend-Slight
Drop in Production Activities.
Prices of building materials have shown a persistently
downward trend since the first of the year in most of the important centres of distribution throughout the country,
"Engineering News-Record" reports, adding:
The movement in building materials prices is in keeping with that of the
general wholesale market for all commodities, which has shown an excess of
lc. a gallon at Butte and Helena, Montana, and lc. a gallon
at Boise, Idaho and Salt Lake City, Utah. Pennsylvania
refiners on April 22 increased the price of kerosene Xe• a
gallon. Reports from Chicago, April 23 said that the Standard Oil Co. of Indiana advanced its price Mc. a gallon
throughout its territory. This latter increase makes the
Chicago tank wagon price 133c. a gallon.
At Chicago on April 23, kerosene 41-43 water white
advanced Mc. a gallon in the wholesale market, to 7% to
4
73 0. Similar increases were made in the latter grade on
April 20 and April 22.
Crude Oil Output Shows a Further Slight Decrease.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United States
for the week ended April 17 was 1,940,000 barrels, as compared with 1,946,200 barrels for the preceding week, a decrease of 6,200 barrels. The daily average production east
of California was 1,344,000 barrels, as compared with 1,349,000 barrels, a decrease of 5,200 barrels. The following are
estimates of daily average gross production by districts for
the weeks ended as indicated:
/n Barrels)Oklahoma
Kansas
North Texas
East central Texas
West central Texas
Southwest Texas
North Louisiana
Arkansas
Gulf Coast
Eastern
Wyoming
Montana
Colorado
New Mexico
California
Total
DAILY AVERAGE PRODUCTION.
Apr. 17 '26. Arp. 10 '26. Apr. 3'26. Apr. 18 '211.
458,650
469,200
478,800
483.850
102,150
101.300
101,050
85,600
87,600
86,200
86,650
89.100
56.100
56,750
57,600141,250
81,450
82,150
77,350
65.050
39.150
39,700
40,050
48,450
50,450
51.150
49,150
51,000
169,450
171,350
187.800
249,850
88.500
86.550
88,700
95,200
100,500
101.500
99,000
101.500
75,250
73,150
73,100
81,100
21,450
22,750
17,300
8,250
6,350
6.450
6,700
1,900
3.950
4,000
3,700
550
596.000
597,000
602,500
597,000
1,940,000
1,946,200
1,947,450
2,080,650
The estimated daily average gross production of the MidContinent field, including Oklahoma, Kansas, north, east
central, west central and southwest Texas, north Louisiana
and Arkansas, for the week ended April 17 was 1,046,900
barrels, as compared with 1,055,900 barrels for the preceding
week, a decrease of 9,000 barrels. The Mid-Continent production, excluding Smackover, Ark., heavy oil, was 911,700
barrels, as compared with 922,150 barrels, a decrease of
10,450 barrels.
In Oklahoma production of South Braman is reported at
9,500 barrels, against 10,000 barrels; Thomas, 5,200 barrels,
against 5,950 barrels; Tonkawa, 37,800 barrels, against 38,800 barrels; Garber, 33,150 barrels, against 37,850 barrels;
Burbank, 41,750 barrels, against 41,650 barrels; Davenport,
17,050 barrels, against 18,550 barrels; Bristow-Slick, 30,200
barrels, against 30,100 barrels; Cromwell, 18,500 barrels,
against 18,550 barrels, and Papoose, 12,300 barrels, against
12,500 barrels.
The Mexica pool, east central Texas, is reported at 13,400
barrels, against 13,200 barrels; Corsicana-Powell, 30,550
barrels, against 31,100 barrels; Wortham, 9,400 barrels,
against 9,600 barrels; Reagan County, west central Texas,
34,800 barrels, against 35,300 barrels; Haynesville, north
APR. 24 1926.]
THE CHRONICLE
Louisiana, 10,250 barrels, against 10,300 barrels; Cotton
Valley, 8,350 barrels, against 8,100 barrels; Urania, 8,150
barrels, against 9,250 barrels, and Smackover Ark., light,
17,950 barrels, against 17,850 barrels; heavy, 135,200 barrels, against 133,750 barrels, and Lisbon, 6,250 barrels,
against 5,750 barrels. In the Gulf Coast field Hull is reported at 18,300 barrels, against 18,250 barrels; West Columbia, 9,400 barrels, against 9,350 barrels; Orange County,
11,650 barrels, against 12,550 barrels; South Liberty, 6,000
barrels, against 6,100 barrels; Boling, 3,850 barrels, against
2,150 barrels, and in the southwest Texas field, Luling is
reported at 22,650 barrels, no change; Lytton Springs, 6,850
barrels, against 7,300 barrels.
In Wyoming, Salt Creek is reported at 55,200 barrels,
against 52,950 barrels.
In California, Santa Fe Springs is reported at 49,000 barrels, against 50,000 barrels; Long Beach, 103,000 barrels, no
change; Huntington Beach, 45,500 barrels, against 44,000
barrels; Torrance, 28,000 barrels, against 29,000 barrels;
Dominguez, 21,500 barrels, against 21,000 barrels; Rosecrane, 18,000 barrels, against 19,000 barrels; Inglewood,
51,000 barrels, no change, and Midway-Sunset, 93,000 barrels, no change.
Ford Motor Co. of Canada Cuts Prices.
Press dispatches from Detroit state that following the
announcement on April 15 of the new Canadian tariff, the
Ford Motor Co. of Canada has announced price cuts on its
models ranging from $20 to $45, effective April 16. The
changes in prices include a reduction of $30 on the touring
car, which is now to sell for $495 f. o. b. The Ford runabout
is cut $20 to $475; the coupe cut $40 to $625; the Tudor sedan
cut $45 to $650; the Fordor sedan cut $45 to $710; the truck
cut $40 to $445.
Automobile
Close to the Largest
on Record.
The Department of Commerce March production of
motor vehicles as 398,042 pssenger cars and 51,635 trucks,
of which 379,769 passenger cars and 47,788 trucks were
made in the United States and 18,273 passenger cars and
3,847 trucks were produced in Canada. The output of
passenger cars at 398,042 for March has been exceeded
in the past in only one other month, namely in October
1925 when 406,572 passenger cars were turned out.
The table below is based on figures received from 177
manufacturers for recent months, 70 making passenger cars
and 124 making trucks (17 making both pasesnger cars and
trucks). Data for earlier months include 70 additional
manufacturers now out of business, while March data for
nine small firms, mostly truck manufacturers, were not
received in time for inclusion in this report. Figures on
truck production also include fire apparatus, street sweepers
and buses.
Production in March
AUTOMOBILE PRODUCTION.
(Number of Machines.)
1924.
Number of Passenger Cars.
Number of Trucks.
Total.
U. S.
January
February
March
293,824
343.460
357,045
283.983
331,388
341,851
9.841
12.072
15,194
30,741
32.910
36,444
28,994
31.231
34,404
1,747
1.679
2,040
Tot.(3 mos.)
April
May
June
July
994,320
346,405
286,324
225,079
244,544
255,232
263.528
260,881
204.343
182,099
957,222
331,957
271,033
214.322
235,925
249.796
256,940
254,524
198,381
174.899
37,107
14,448
15.291
10.757
8,619
5,436
6,588
6,357
5,962
7,200
100,095
37.948
35,314
29,067
26.391
28,647
31,960
32,475
27,905
27,542
94,629
36,015
33,561
28,117
25,284
27.767
30,609
31.205
26,824
25,852
5,466
1,933
1,753
950
1,107
880
1,351
1,270
1.081
1,690
3,262,764 3.144,999
117,765
377,344
359.863
17,481
August
September ......
October
November
December
Total
1925.
January
February
March_
Canada.
Total.
U. S.
Canada.
212,921
252,803
332,154
204.620
242,024
319,140
8.301
10,779
13,014
28.141
34.410
45,098
26,576
32,717
43,009
1,565
1.693
2,089
797,878
Tot.(3 mos.)
April_.39
1,302
882,714
Mai
364.806
June
358.554
July
221,831
August
272.425
September ---406,572
October
November
336,358
285.199
December
865,784
375.787
364.363
350.557
347,414
214,401
262,053
392,651
327,617
277,701
32,094
15,515
18.351
14,249
11,140
7.430
10.372
13,921
8,741
7,498
107,649
47.823
43.307
38.0541
41.840
37.770
60.374
45,914
40,001
34,373
102,302
46,247
41.419
36.262
39,995
36,284
57.894
44,220
37,764
32.642
5,347
1,576
1,888
1.794
1.845
1,486
2,480
1,694
2,237
1,731
3,817,639 3,678.328
139,311
497.104
475.026
22,078
283,263
334,529
398,042
272.011
*318,634
379.769
11,252
15,895
18,273
*32,637
*40,816
51,635
*29,659
*37,533
47,788
2.978
3,283
3,847
1,015,834
970,414
45.420
125,088
114,980
10.108
Total
1926.
January
February
March
rot.(3 mos.)
•Revised.
2279
Little Change in Lumber Business.
The National Lumber Manufacturers' Association received
telegraphic reports April 22 of the status of the lumber industry for the week ended April 17 from 393 of the larger
softwood, and 145 of the chief hardwood, mills of the country.
The 383 comparably reporting softwood mills showed a slight
increase in production and nominal decreases in shipments
and new business in comparison with reports from 339 mills
the week before. When compared with reports from 379
mills for the same period a year ago, marked increases in
production and shipments were noted, with a negligible decrease in new business. The hardwood operations showed
slight increases in all three factors, when compared with reports for the week earlier, when nine fewer mills reported.
The unfilled orders of 235 Southern Pine and West Coast
mills at the end of last week amounted to 749,325,249 feet,
as against 775,976,885 feet for 239 mills the previous week.
The 128 identical Southern Pine mills in the group showed unfilled orders of 284,067,756 feet last week,as against 292,851,180 feet for the week before. For the 107 West Coast mills
the unfilled orders were 465,257,493 feet, as against 483,125,705 feet for 111 mills a week earlier.
Altogether, the 383 comparably reporting softwood mills
had shipments 96% and orders 92% of actual production.
For the Southern Pine mills these percentages were respectively 110 and 97; and for the West Coast mills 97 and 102.
Of the reporting mills, the 347 with an established normal
production for the week of 213,200,664 feet, gave actual production 110%, shipments 109% and orders 105% thereof.
The following table compares the national softwood lumber movement as reflected by the reporting mills of eight
regional associations for the three weeks indicated:
Mills
Production
Shipments
Orders(new business)
Past Week.
383
271,635.471
261.278,783
249,292,483
Corresponding Preceding Week
Week 1925.
1926(Revised)
379
393
248.166.456
271,060.869
272.555.228
242.657.805
.252,382,904
261,686,050
The following revised figures compare the softwood lumber movement of the same eight regional associations for the
first fifteen weeks of 1926 with the same period of 1925:
1926
1925
Shipments.
Production.
Orders.
3.565.461,375 3,775.169.712 3,836.758,681
3,473,224,990 3,592.844.991 3.477,882,470
The Southern Cypress Manufacturers Association of New
Orleans, (omitted from above tables because only recently
reporting) for the week ended April 14, reported from115
mills a production of 4,836,653 feet, shipments 5,020,000 and
orders 6,720,000. In comparison with reports for the
previous week, when two more mills reported, this Association showed heavy decreases in production and shipments
and a_big increase in new business.
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new
business for the 107 mills reporting for the week ended April 17 was 2%
above production, and shipments were 3% below production. Of all new
business taken during the week 47% was for future water delivery, amounting to 53,593,859 feet, of which 34,112,748 feet was for domestic cargo
delivery, and 19,481,111 feet export. New business by rail amounted to
1,821 cars, (approximately 54.630.000 feet) or 48% of the week's new
business. Forty per cent of the week's shipments moved by water, amounting to 43,389.821 feet, of which 28,837,341 feet moved coastwise and intercoastal, and 14.552.480 feet export. Rail shipments totaled 1988 cars.
(approximately 59,640,000 feet) or 55% of the weeks shipments, and local
deliveries 5.815.435 feet. Unshipped domestic cargo orders totaled 151,122.895 feet, foreign 140,674,598 feet and rail trade 5.782 cars.
Labor.
The laying off of fallers and buckers at a number of logging camps has
made no perceptible change in general employment according to the Four
L Employment Service. Rigging men are in good demand at nearly all
hiring centers. There are more men employed at sawmills now than was
the case last month. At least two extra shifts have been added and a number
of small mills have started up for the season. All the larger camps and all
sawmills In the Grays Harbor district are operating, many of the mills
cutting with two or three shifts. With more sawmills putting on night
shifts East of the Cascades, and the opening of summer logging operations,
employment in the pine districts is gradually approaching the seasonal
stride.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 128
mills reporting, shipments were 10.14% above production and orders
2.84% below production and 11.79% below shipments. New business taken
during the week amounted to 65,727,882 feet, shipments 74,511,306 feet
and production 67.562,138 feet. The normal production of these mills Is
78,395.191 feet. Of the 120 mills reporting running time, 80 operated full
time, 16 of the latter overtime. Four mills were shut down, and the rest
operated from 2 to 5yi days.
The Western Pine Manufacturers Association of Portland, Oregon, with
one more mill reporting, showed a noticeable increase in production and
shipments, with new business somewhat below that reported for the week
earlier.
The California White and Sugar Pine Manufacturers
Association of San Francisco, Calif. (4 rains closed down),
reported some increase in production, shipments about the
same, and a marked decrease in new business.
2280
[you 122.
THE CHRONICLE
The California Redwood Association of San Francisco,
Calif., with one more mill reporting, showed production and
shipments about the same, and new business well in advance
of that reported the week before.
The North Carolina Pine Association of Norfolk, Va.,
with 11 fewer mills reporting, showed heavy decreases in all
three items.
The Northern Pine Manufacturers Association of Minneapolis, Minn., reported no noteworthy change in production
and shipments, but a slight gain in new business.
The Northern Hemlock and Hardwood Manufacturers
Association of Oshkosh, Wis. (in its softwood production),
with two fewer mills reporting,showed considerable decreases
in production, a slight increase in shipments, and a substantial increase in new business.
The hardwood mills of the Northern Hemlock and Hardwood Manufacturers Association reported from 17 mills,
production as 5,207,000 feet, shipments 3,756,000 and
orders 3,820,000.
The Hardwood Manufacturers Institute of Memphis,
Tenn., reported from 128 units, production as 18,328,500
feet, shipments 19,792,423 and orders 17,396,000. The
normal production of these units is 22,235,000 feet.
For the past 15 weeks all hardwood mills reporting to
the National Lumber Manufacturers Association gave
production 389,288,905 feet, shipments 375,993,491 and
orders 382,617,175.
West Coast Lumbermen's Association Weekly Review.
One hundred and eleven mills reporting to West Coast
Lumbermen's Association for the week ending April 10
manufactured 114,403,592 feet of lumber, sold 113,914,880
feet and shipped 120,408,621 feet. New business was a small
fraction under production. Shipments were 5% over production.
COMPARATIVE TABLE SHOWING PRODUCTION. NEW BUSINESS,
SHIPMENTS AND UNFILLED ORDERS.
Week EndingApril 10.
April 3.
March 27.
March 20.
No.of mills reporting_ _ _ _
111
107
104
106
Production (feet)
114,403,592 110,044,308 113,170,740 110,346,886
New business (feet)
113,914,880 112,087,342 111,025,567 115,342,905
Shipments (feet)
120,408,621 106,809,082 112,215,537 105,129,438
Unshipped Balances
Rail (feet)
180,060,000 181,500,000 176,760,000 170,632,000
Domestic cargo (feet)._ _ 157,987,839 151,788,527 150,964,688 156,115,450
Export (feet)
145,077,866 135,169,181 126,188,072 133,641,213
Total (feet)
First 15 Weeks ofProduction (feet)
New business (feet)
Shipments (feet)
483.125,705 468,457,708 453,912,760 460,388,663
1923.
1926.
1925.
1924.
1 424,841,968 1,467,555,653 1,495,844,421 1,416,193,712
1,541,699,205 1,466,152,015 1,440,724,278 1,638,998,870
1,471,113,222 1,493,943,714 1,517,923,209 1,648,417,771
and 6,989,033 and 7,210,188 pounds in transit to manufacturers of lard substitute,
oleomargarine, soap, &c., Aug. 1 1925 and March 31 1926, respectively.
z Produced from 1,317,052,867 pounds crude oil.
EXPORTS OF COTTONSEED PRODUCTS FOR EIGHT MONTHS ENDING
MARCH 31.
Item.
011, crude
Refined
Cake and meal
Linters
1926.
Pounds
Pounds
Tons
Running bales
31,290,861
19,397,247
308,008
67.280
1925.
19,414,141
21,774,658
398,639
130,102
Activity in the Cotton Spinning Industry for March
1926.
The Department of Commerce announced on April 21
that, according to preliminary figures compiled by the
Bureau of the Census, 37,858,146 cotton spinning spindles
were in place in the United States on March 31 1926, of which
33,233,382 were operated at some time during the month,
compared with 33,028,966 for February, 32,803,156 for
January, 33,000,874 for December, 32,892,324 for November, 32,425,206 for October and 33,217,162 for March 1925.
The aggregate number of active spindle hours reported for
the month was 9,163,305,890. During March the normal
time of operation was 27 days, compared with 23 2-3 for
February, 253/i for January, 25 for December, 243/i for November, 26% for October. Based on an activity of 8.78
hours per day, the average number of spindles operated
during March was 38,653,952, or at 102.1% capacity on a
single shift basis. This percentage compares with 102.8
for February, 98.7 for January, 99.5 for December, 96.0
for November, 89.4 for October and 100.0 for March, 1925.
The average number of active spindle hours per spindle in
place for the month was 242. The total number of cotton
spinning spindles in place, the number active, the number of
active spindle hours and the average spindle hours per spindle in place, by States are shown in the following statements:
Spinning Spindles.
State.
Cotton-growing States
New England States
All other States
Alabama
Connecticut
Georgia
Maine
Massachusetts
New Hampshire
New Jersey
New York
North Carolina
Pennsylvania
Rhode Island
South Carolina
Tennessee
Texas
Virginia
All other States
/n Place Active DurMarch 31. ing March
Active Spindle Hrs.for Mar.
Total.
17,842,104 17,266,762 5,636,087,198
18,164,698 14.400,290 3,163,349,477
1,851,344 1.566.330 363,869,215
1,449,610 1,418,044 447.378,397
1,192,308 1,119,830 247,433.591
2,917,966 2,800,622 877,510,278
1,128,048 1,024,020 219,919,376
11,593,262 8,710.932 1,882,359,123
1,445,734 1,124,866 258,477,427
415,844
405,084
80,481,077
991016
767,216 188,234,826
6.069.858 5,815,012 1,955,539.786
153,922
139,180
30.080,213
2,660,538 2,313,912 530.024,353
5,351,898 5,317,088 1,825,886,095
552,132
531,468 157,825,885
239,344
225,480
76,352,432
711,314
691,594 168,034,704
985,362
829,034 217,768,327
Avg. per Spindle in Place.
316
174
197
309
208
301
195
162
179
194
190
322
195
199
341
• 286
319
236
221
Cottonseed Production During February.
On April 17 the Bureau of the Census issued the following
statement showing cottonseed received, crushed and on hand
United States
37,858,146 33,233,382 9,163.305,890
242
and cottonseed products manufactured, shipped out, on hand
and exports during the month of March 1926 and 1925:
Late Season Affects Steel Trade-Pending Structural
COTTON SEED RECEIVED, CRUSHED AND ON HAND (TONS.).
Projects Give Better Promise.
What the Steel Corporation's officers reported to its stockOn Hand at Mills
Crushed
'Received at Mills
Mar. 31.
Aug. 1 to Mar. 31. Aug. 1 to Mar. 31
State,
holders at the annual meeting on Monday fairly represents
1925.
1926.
1926.
1925.
1925.
1926.
April developments throughout the industry. At 28,500
7,637 tons a day, the corporation's new bookings are about 55%
19,618
Alabama
343,552 229,171 324.221 222,823
40
686
Arizona
56,544
45,591
46,263
55,414
10,127 of its capacity. Shipments meanwhile, reported at 48,140
25,331
Arkansas
430.768 298,881 405,518 288,804
5,306
15,035
64,310
California
71,970
66,961
86,631
at 93% of capacity, while production is at
Georgia
42.362
21,870 tons a day, are
500,772 383,856 458.391 365,902
530 a slightly higher rate than shipments, says the "Iron Age"
11.756
Louisiana
232,673 149,560 220,969 149,030
32,514
99,832
Mississippi
695,739 415,789 597,057 384,027
16,803 in its April 22 market review, from which we quote the
North Carolina
25,962
358,920 272,77E 333,223 257,328
64.982
Oklahoma
58,509
535,379 464.168 480,164 399,425
6,152 following:
South Carolina
8.832
250,947 214,503 243,479 208.982
Tennessee
Texas
'
All other
369,979 264,099 360,183 240,489
1,356,613 1,527,142 1,287,722 1,409,782
99,172
141,580 111,676 134,093
10,243
89,984
7,773
24,261
123.430
10,508
P United States
.
5.358.967 4A44.848 4.973.534 4.135.665 415,277 323.806
•Includes seed destroyed at mills but not 32,276 tons and 21,711 tons on hand
Aug. 1, nor 130,952 tons and 104,121 tons re-shipped for 1926 and 1925.respectively,
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT AND ON
HAND.
Item.
On Hand
Aug. 1.
Produced
Aug. I to
Mar. 31.
Shipped Out
Aug. 1 to
Mar. 31.
On Hand
Mar. 31.
munnnEsmrana
ti"tTY"tti"ti'tT
nowtobambobabatobb2b.
Season
Crude oil
*4,847,33 1,434,833,68 1,395,293,461 90,620,925
(Pounds)
4,052.70 1,247,507.69 1,186.855,794 88,014,672
x303,678,337
Refined oil
x173,549,34 z1,155,891,529
.044.864.54372,378,714
(Pounds)
106.799,63 t
1,990,86
348,496
Cake and meal
2,320,380
18,976
1,754,18
182,737
(Tons)
1.895,29
41,62
1,244,786
166,425
Hulls
1,371,70
39,503
1.055,87
160,409
(Tons)
1,182,771
33.51
804,656
209,822
Linters (500-1b.
995,566
18,912
717,832
127.198
bales)
791,62
53,41
756,58
198,965
(Running bales)_
937,006
18,54
68,324
18,960
Hull fiber
83,276
4,00
53,820
13,805
(500-1b. bales).....67,625
24,852
12,350
Grabbots, motes,&c
35,444
1,75
(500
-lb. balesl
a Ads
27 RR.
25.01
'7.269
•Includes 635,825 and 17,302.192 pounds held by refining and manufacturing
establishments and 1,550,690 and 31,117,694 pounds in transit to refiners and
consumers Aug. 1 1925 and March 31 1926, respectively.
a Includes 12,798,458 and 11,485,655 pounds held by refiners, brokers, agents
and warehousemen at places other than refineriesland manufacturing establishments
In speaking of the backwardness of the season Chairman Gary touched
on one retarding influence of recent weeks which may find its compensation
later in increased orders. Wire products have felt the postponement of
farmer demand; merchant pipe has been affected by the lateness of the
building season; the tin plate movement depends In part on the clearing
up of the prospect for canning crops; and pending more rapid moving of
dealers' stocks motor car output is at less than the rate of March.
Apart from the automobile industry, the operation of plants which
consume steel remains close to the rate of March, and thus the steel trade
expects that as the season advances the average of rolling mill schedules
will be close to that of April.
In the Chicago district the steel requirements of several pending projects
are emphasized, as against some decline In current orders. The Agricultural Mart at Chicago will take 70,000 tons of plates, shapes and bars,
apart from 7,000 tons of reinforcing steel. For the Northern Indiana
refinery of the Roxana Petroleum Corp. 36,000 tons of steel, largely plates.
may be placed in another week,and 85 oil tanks for the Union 011 Co..
Los Angeles, will take 23,000 tons.
In other directions structural business Is appearing in larger volume than
in early April, including 8,000 tons for a hotel at Pittsburgh. A viaduct
near Key West calls for 11,000 tons of bars.
Apart from the Atlantic Coast Line's inquiry for 1.000 gondola cars and
the purchase of 25 locomotives for the Lackawanna, the equipment market
shows little. Up to April 20, freight cars placed were 32,000, or more
than the total for the first six months of 1925.
Reports still agree as to the smallness of rolled steel stocks in the hands
of manufacturing consumers, but there is not the same assurance that the
latter have moved their own product as fast as made up. Another month
will bring more light on this pnase of the situation.
APR. 24 1926.]
THE CHRONICLE
Some sheet mills have taken orders in April at the expense of prices.
The concessions have been more conspicuous in connection with automobile
stock, and 4.30c. is commonly done on body sheets. Black sheets have
shown further weakness. Several
in Ohio and the Chicago district
have curtailed output.
These developments in the sheet market have brought renewed efforts
by some mills to secure concessions on sheet bars. Prices have been maintained, however, apart from the offer by one mill of Bessemer sheet bars,
for immediate specification, at $35, as against the contract basis of $36.
Records of independent sheet makers for the first quarter show a relation
between shipments and output that would suggest stiffening rather than
weakening prices. The three months' production was 947,328 tons and
the shipments 944,134 tons. Also sales in March were over two-thirds
greater than in February
-304,233 tons against 181,101 tons.
Cold rolled strip steel has declined further to 3.50c.. Cleveland and Pittsburgh, and one large Detroit contract brought out a still lower price.
Few pig iron consumers are needing to buy for early delivery and the
recent decline in prices has led to little new business. The leading maker
of cast iron pipe is apparently still in the market.
In the Eastern market the Treasury Department has made a stir by
deciding to impose a countervailing duty on imports of pig iron from the
furnaces of the Tata Iron & Steel Co. in India. This action is based on the
fact that the Indian Government pays a bounty on 70% of the Tata company's steel output. The amount of the added duty is not yet determined,
but may be $3, or enough to check, if not stop, imports from India. Other
foreign irons, however, could come in in larger volume.
Meanwhile Eastern pig iron producers are making fresh efforts at Washington to get an order increasing the 75
-cent pig iron tariff by 50%.
The "Iron Age" pig iron composite price has stood at
$20 46 for another week, being $1 08 below that of Jan. 1.
The course has been slowly downward since the middle of
February.
Finished steel remains at 2.439c. per lb. for the fourth
week. This figure is midway between the year's high of
2.453c., early in January, and the low of 2.424c., prevailing
in February.
2281
and Mining Journal-Press" reports under date of April 22.
The decline in the London market, owing to fear of a coal
strike, has unsettled the entire list. The "Journal-Press"
goes on to say:
Copper donned 15 points, selling at 13.85 cents a pound, delivered in the
East. Most sellers have not met the decline in price, but there seems to be
plenty available to take care of the limited demand. Most of the inquiries
have been for May and June, and the week's business, which was considerably less than last week, has been made up principally of small orders.
Much of the copper sold has been for the manufacture of brass. The brass
millc continue to operate at or near capacity. Copper producers do not expect any important decline in prices. German buying has been better
than in some time.
With the London market off. American producers reduced the contract
price of lead to 7.85 cents a pound. New York, St. Louis quotes lead at
7.60 cents a pound. The larger producers are well sold for April. The
volume of business has been good.
Zinc declined on freer offerings, so as to induce buyers to come into the
market. The 6.95 cents a pound level at which business was done on Tuesday is no longer attractive. Resale lots are rumored to have been offered
at 6.90 cents a pound.
Straits tin sold at 62.875 cents a pound yesterday. This compares with
64 cents a pound a week ago. Straits tin sold down to 62.5 cents a pound
on Tuesday.
Outlook Indifferent as New Coal Year Starts—Production Low in All Fields.
With the drop in domestic demand, screenings have been
marked by a slight rise over the past week, observes the
"Coal Trade Journal" of April 21. With warmer weather, it
is said, strength will be shown in fine coals that is expected to
continue as long as the tonnage made keeps the supply for
orders low. Buyers are depending on stocks in hand to take
care of present needs. According to the figures of the
National Purchasing Agents' Association, as well as those of
the government, the various industries are well stocked to
cover any shortages that may develop in the next five or six
weeks, continues the "Journal" from which we further
quote:
Finished Steel—April 20 1926, 2.439c. Per Pound.
Based on prices of steel bars, beams,tank(One week ago
2.439c.
plates, plain wire, open-hearth ralls,10ne month ago
2.431c.
black pipe and black sheets. constitut- I One year ago
2.474c.
ing 88% of the U.S. output
I10
-year pre-war average_ _1.689c.
Pig Iron—April 20 1926, $20.46 Per Gross Ton.
Based on average of basic and foundry(One week ago
$20.46
irons, the basic being Valley quota-One month ago
21.38
tions, the foundry an average of Chi-lOne year ago
20.75
With many mines in the West closed and others likely to follow suit, the
cage,Philadelphia and Birmingham_ _ _110
-year pre-war average-- 15.72 falling off in demand at this season seems to be met with a continued lower
Finished Steel—
Pig Iron
production. There seems to be a general feeling everywhere that this
High.
Low.
High.
Low.
1926-- -2.453c. Jan. 5 2.424c. Feb. 9 $21.54 Jan. 5 $20.46 Apr. 13 situation is to continue for some time to come. The price reductions that
1925-2.560c. Jan. 6 2.396c. Aug. 18 22.50 Jan. 13 18.96 July 7 have been the rule in most fields seem to be a much needed stimulus to
induce steady summer buying. The present coal year seems to have got off
1924__2,789c. Jan. 15 2.460c. Oct. 14 22.88 Feb. 26 19.21
Nov. 3
1923-2.824c. Apri124 2.446c. Jan, 2 30.86 Mar. 20 20.77 Nov.20 to a good start. There is more optimism found among producers at present
than in periods in the past when prices have been reduced. It has been
Iron and steel demands are running a more sluggish bad medicine to take but business executives today seem more willing to
face the facts, taking a loss if need be, in order to get the worst over with as
course and the general situation has lost some recent vitality, soon as possible.
observes the "Iron Trade Review" this week. Buyers
The usual run of talk seems to explain the lack of spring price reducappear more cautious or indifferent and are under lessened tions by the hard coal companies as an effort on their part to get back
during the long suspension last season. This
pressure for material. What part of this reaction represents some of the losses suffered those who ought to be best informed. It seems
is not the case, according to
a logical let-down from the extreme production and shipping that their reluctance this spring in announcing the time-honored reductions
movement of the past three months and especially March, or at April 1 is to be found in their commendable efforts to throw overboard an
the
old practice that has disrupted the anthracite business
a change of fundamental conditions, is not determinable. operators continue to hold their prices all summer, it every season. Ifthis
is believed that
Backward spring weather undoubtedly also is curbing factor, will have a most beneficial effect on the equalization of prices for the entire
adds the"Review,"from which we add the following extracts: hard coal industry. It is idle to suppose that it is a concerted effort on the
part of hard coal to get back its losses. Anthracite is one of the most comWhile new buying and specifying have declined perceptibly the past petitive fuels that it is possible to imagine and any effort on the part of this
two weeks, shipments are holding up well and works operations show only great branch of the coal industry to stabilize its methods of doing business
a modest recession. Accumulated orders, however, are shrinking. All should be a welcome sign.
comparisons at this point with 1925 are in favor of the present year. One
Much comment is heard in coal circles as to the ultimate results to be
year ago the high tide of demand in early months was reached fully three
or four weeks sooner and the market then fell away until July. Bookings obtained from the unprecedented reductions that have been made this
to-day are well ahead of those 12 months ago and shipments, by a lesser season by coal operators. Obviously, the merchandising of coal is a seasonal
problem:too long has the industry suffered from the curse of a sellers market.
margin.
Judge Gary's summary of the Steel Corporation's present market position Perhaps this year will blaze a trail that will be followed another year.
The trouble seems to lie in the fact that no one knew it was coming. If
is illustrative of the better situation. This shows
bookings to be 66% May 1 could be set as a date for the beginning of the coal new year, much
greater than a year ago but 20% below a month ago; shipments to
be 2% of this apprehension would be removed. The old April 1 idea is rapidly
In excess of 1925 though 6% down from the March peak.
losing caste. April should be one of the best months to sell coal at conProspects still are considered promising. The automobile industry
is tinned winter prices: the calendar is all right to keep us going, but it is a
yet to show any evidence of a sharp general curtailment. A
careful survey poor criterion to sell coal by.
of the well matured projects in central western territory
looking to Chicago
for material, shows a total of 104 jobs calling for
Producers are coming more and more to consider that spring reductions
130,000 tons of structural
material, which should go ahead this year.
are not to be taken as a loss. A little figuring on the annual returns of
Railroad buying not conspicuous but the steady road building
programs money invested in a coal mine could easily demonstrate that it is good
of 1926 developed by various States will call for 100.000
tons of reinforcing merchandising to sell coal when folks do not want to buy it. One of the
steel, according to the "Iron Trade Review's" annual
best arguments to sell good coal is price. If the stimulus is made strong
survey of this field.
Some important work either in the market or now developing
customer will see the wisdom of buying early, and the operator
includes enough, the
23,000 tons for 85 oil storage tanks for the Union 011 Co., 77.500 tons
for a by putting his average sales realization on a basis to allow him to doe
gaslinefrom Texasto Colorado.31,550tonsfor The Rosana
Petroleum Corp.'s business twelve months of the year, will be able to make a fair return on
new oil line and refinery and 11,000 tons of bars for a viaduct at Key
West, his stockholders' money.
a project to run over a period of three years.
In the event of a deadlock in Great Britain on May 31, when the present
subsidy expires, it is felt that there will be an increased demand for American
Abandoning the sliding scale arrangement which prevailed for
30 years
the Amalgamated Association of Iron, Steel & Tin Workers has
framed coals in foreign markets. This will naturally send increased tonnages of
demands upon bar iron manufacturers for a flat puddling rate of $15 a ton smokeless and other coals to tidewater with a consequent stiffening of prices
and advances of 10 to 15% in various mill occupations.
for western shipments. Standard shippers of Pocahontas and New River
Indian pig iron which has been coming into the American market freely coals point out that such a contingency is more than likely and are advising
for months may be barred out by a countervailing duty, announced by the their trade to anticipate their requirements as early as possible. The recent
Customs Department to be assessed under the Tariff Act to offset Govern- reduction in prices and the lowering of production at the mines give every
indication that coals from the smokeless fields will be bought at prevailing
ment bounty allowed these producers.
"Iron Trade Review's" composite price on 14 leading iron and steel low prices this months, until an upturn in the demand occurs which seems
products this week is $38 47. This compared with $38 53 last week and more than likely in view of the situation in England and on the continent.
In spite of the continued demand for domestic by-product coke which
$38 54 the week previous.
has kept up since the influx of hard coal into the Chicago market, coke producers reduced prices at the ovens. Egg, stove and nut sizes have been reduced $1 75, new prices being $6 75 to $7 25, f.o.b. ovens. Pea coke has
Metal Prices Unsettled on Weakness in London.
already been advanced 25 cents. In announcing the cuts the companies
stated that these summer prices would advance 25 cents each month until
Copper, lead, zinc, ti<and silver have all been at new Sept. 1.
low levels for the:present movement in the last day or two. The success of nut and pea coke in the Chicago territory during the hard
winter
Lead is the only one of the lot in which the volume of sales coal shortage last grades. has given promise of increased business in these
popular domestic
The two big Chicago producers have been well
during the week has beenlwell maintained, "Engineering sold up, it is reported, and the cut at this time came as a surprise, particu-
2282
THE CHRONICLE
Wm.. 122.
larly to the shippers of coke from outside ovens. The reduction in prices,
however, was promptly met by the outside shippers.
In spite of the delay in the opening of navigation and notwithstanding
congestion of cars at the Portsmouth scales, standard shippers of smokeless
coals are looking forward to a better situation. The real thing in the back
of their mines is the steady lowering of production at the mines.
Due to
Eastern demand during the anthracite suspension, the smokeless fields ran
away with production and the return to normal is a welcome indication that
substantial profits are best obtained in a steady market. Big profits are
frequently wiped out by a sudden chaotic condition of any market.
Production of Bituminous Coal and Anthracite Shows
Increase-Coke Output Declines.
Production of bituminous coal during the week ended
April 10, partially curtailed by the occurrence of Easter
Monday, is estimated at 9,429,000 net tons. Although this
Is an increase of 389,000 tons over that in the preceding
week, the daily average for the six-day period Is slightly
Developments in the bituminous coal trade during the less than In the preceding week, states the United States
last week, as far as any approach to a firm footing is con- Bureau of Mines, which we quote further:
cerned, brought comparatively little comfort to any one. Estimated United States Production of Bituminous Coal (Net Tons)u, Incl. Coal Coked.
19261925
Domestic business, it is true, felt the stimulus of a quickWeek. Cal. Yr.to Dale. Week. Cal.Yr.to Dateb
March 27
9,626,000 141,278,000 8,353,000 123,454.000
ened demand brought about by unseasonably low tempera- Daily average
1,604,000
1,687,000
1,930,000 1,392,000
tures, but orders were fitful, unevenly distributed and only April 3_c
9,040.000 150,318,000 7,547,000 131.001,000
Daily average
1,662,000
1,594.000
1,906,000 1,348,000
in sufficient volume to tide over immediate requirements, April l0.d
9,429,000 159,747.000 7.843.000 138,844,000
1,571,000
1,637,000
1,882,000 1,307,000
reports the "Coal Age" in its April 22 resume of market Daily average
a Original estimates corrected for usual error, which In past has averaged 2%
b Minus one day's production first week in January to equalize number of days in
conditions, from which we quote the following:
the two years. c Revised. d Subject to revision.
Steam-coal demand shows but little change, particularly in the contract
situation. Large industrial consumers are reluctant to enter into agreements, the belief in some quarters being that the bottom of the market
has not been reached. Some business is being closed quietly, of course,
but most of the orders that are placed in the open are practically "bargain
counter" deals. This condition does not seem to be confined to any section,
•waiting game apparently having been adopted as the ruling policy. The
utilities and railroads in all districts likewise are in no hurry to get under
cover.
. The backwardness of the Lake season has been the chief unsettling influence, continued congestion between the mines and the docks at Toledo
and Sandusky having made it necessary for the railroads to continue the
embargo on shipments until the tracks have been cleared. The movement of a large tonnage of western Kentucky coal into channels served
by Illinois and Indiana producers seems to be helping the general market
situation in the Middle West. Price competition, which of late has been
ruinous, will be less keen, it is hoped, and a further stabilizing influence
is seen in the reports of more mergers.
Although production continues above the seasonal average of the preceding two years, the downward course of spot prices came to a halt this
week. "Coal Age" index on April 19 stood at a fraction over 158 and the
corresponding price was $1 92. This was an advance of about lc. compared with the preceding week.
Bituminous coal production during the week ended April 10 was estimated by the Bureau of Mines at 9,429,000 net tons. Output was partly
curtailed by the observance of Easter Monday,though the total was 389,000
tons higher than for the preceding week.
Domestic sizes of anthracite from company mines are moving with comparative freedom, pea continuing to show the greatest strength. Retail
distributors, particularly in New York and Philadelphia. find the demand
a distinct disappointment. Consumers in most cases are different to
efforts to induce them to place orders for next winter. The cool spell
served to bring in only small orders for immediate consumption. Baltimore
householders, on the other hand, are placing orders promptly for season's
requirements, lest prices be increased later.
Considerable uneasiness has been expressed by retail distributors lest the
anthracite operators reduce the prices on domestic sizes later in the season.
The likelihood of any such action being taken is so extrmeely remote,
however, that it may be eliminated from discussion.
Premium prices on the larger domestic sizes are largely nominal, as the
market refuses to absorb any substantial tonnage at prices exceeding
company circulars.
The steam sizes are quiet, some industrial consumers holding out for
lower prices on contracts.
In the Connellsville coke market there is practically no spot demand
for any grade and output is declining slightly.
Total production of bituminous coal during the calendar year 1926 to
April 10 amounts to 159,747,000 net tons. Firures for sintilar periods in
other recent years are given below:
1920
150,938.000 net tons]1923
156,033,000 net tons
1921
108.277,000 net tonal 1924
147.779 000 net tom
1922
135,259,000 net tons11925
138,944.000 net tons
ANTHRACITE.
Production of anthracite during the week ended April 10 is estimated
at 1,793,000 net tons. Compared with output in the preceding week,
which contained a full holiday, this represents a gain if 244,000 tons.
Daily loadings indicate that the week did not show a recovery to the pre
holiday rate, because of the occurrence of Easter Monday and its attendant
loss.
Estimated United States Production of Anthracite
-Not Tess.
1926
1925
Week EndedWeek, Cal.Yr.to Date, Week. Cal. Yr.to Dates
March 27
1,991,000
9,961,000 1,640.000 20,949,000
April 3
1,549,000 11,510,000 1.438,000 22.387,000
April 10
1,793.000 13,303.000 1,672.000 24,059,000
a Minus one day's production in January to equalise Um number of days in the
two years.
Total production of anthracite during the calendar year 1026 to April 10
amounts to 13,303,000 net tons. Figures for similar periods in other recent
years are given below:
1922
22,180,000 net tonal 1924
25,264,000 net tons
1923
27,420,000 net tonal 1925
24,059,000 net tons
BEEHIVE COKE.
Production of beehive coke during the week ended April 10, as indicated
by reports from the principal coke carriers, is estimated at 231,000 net
tons, approximately the same as in the preceding week. The rate of output, however, is 9% higher than in the corresponding week in 1925.
Total production of beehive in 1926 to April 10 amounts to 4,288,000 net
tons, as against 3,457,000 tons during the corresponding period in 1925a gain, in 1926, of 24%.
Estimated Production of Beehive Coke-Net net.
Week Ended
Apr.10 Apr.3 Apr.11
192510
1926W
1926.b 1926.c
Date.
1925.
Dale..
Pennsylvania and Ohio
181 000 187.000 161,000 3,484.000 2,763,000
West Virginia
14,000 14,000
13,000
237,000
195,000
Ala., Ky., Tenn. and Ga
17,000
16,000 22.000
280,000
328,000
Virginia
10,000
8,000
7,000
145.000
138,000
Colorado and New Mexico
6.000
6,000
4.000
83,000
59,000
Washington and Utah
3,000
5,000
3,000
53,000
64,000
United States total
231,000 234,000 212,000 4,288,000 3,457,000
Daily average
39,000 39,000 35,000
41.000
50.000
a Adjusted to make comparable the number of days In the two years. b Subject
to revision. c Revised.
Current Events and Discussions
The Week with the Federal Reserve Banks.
of the Reserve banks during the week and the year ending
The consolidated statement of condition of the Federal April 21 1926 as follows:
Increase (1) or Decrease (-.-)
7
Reserve banks on April 21, made public by the Federal
During
Reserve Board, and which deals with the results for the
Week.
Year.
twelve Federal Reserve banks combined, shows decreases Total reserves
+$11.700.000
-$35,300,000
Gold reserves
+13,400.000
-49,000,000
during the week of $161,200,000 in holdings of bills and Total bills and securities
-161.200.000
+28.200,000
securities, of $112,100,000 in member bank reserve deposits,
Bills discounted, total
-127,600.000
+37.300,000
Secured by U. S. Govt. obligations.. -125.900.000
and of $18,800,000 in Federal Reserve note circulation, and
-11,100.000
Other bills discounted
-1,700.000
+48.400.000
an increase of $11,700,000 in cash reserves. Discount
Bills bought in open market
-44.600,000
-46.000.000
holdings declined $127,600,000 and holdings of acceptances
U. S. Government securities, total
+11.600.000
+35.500,000
Bonds
purchased in open market $44,600,000, while holdings of
+4.600,000
+13,700,000
Treasury notes
+6.500,000
-94,200,000
United States Government securities increased $11,600,000.
Certificates of indebtedness
+500,000
+116.000.000
After noting these facts, the Federal Reserve Board proceeds Federal Reserve notes in circulation
-18,800.000
-25.400,000
Total deposits
-127.400,000
+2.000.000
as follows:
Discount holdings of the New York Reserve bank declined $127,700.000,
those of Cleveland $13.100,000, Boston $7,200.000. and Chicago $5,800,000. The other banks reported larger discount holdings, the principal increases being: San Francisco 39,700,000, Kansas City $5.200.000.
and Richmond $3,800,000.
Open-market acceptance holdings increased $15,800,000 at the Atlanta
bank and declined $37,400,000 at New York, $13.000,000 at Boston.
and $7,300,000 at Chicago. All classes of Government security holdings
increased during the week, Treasury notes by 36,500,000, 'United States
bonds by $4,600.000. and Treasury certificates by $50,000.
The principal changes in Federal Reserve note circulation during the
week comprise decreases of $7,500.000 reported by the Federal Reserve
Bank of Cleveland, $6,100,000 by Atlanta, and $4,900.000 by Philadelphia, and an increase of $5,600,000 reported by the Chicago bank.
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be
found on subsequent pages
-namely, pages 2299 and 2300.
A summary of changes in the principal assets and liabilities
Members' reserve deposits
Government deposits
-112,100,000
-19,500.000
+8.000.000
-6.600,000
The Week with the Member Banks of the Federal
Reserve System.
The Federal Reserve Board's weekly condition statement
of 708 reporting member banks in leading cities as of April
14 shows a decline of $65,000,000 in loans and discounts and
an increase of $69,000,000 in investments. These changes
were accompanied by increases of $137,000,000 in net demand deposits and $14,000,000 in borrowings from the Federal Reserve banks. Member banks in New York City reported a reduction of $104,000,000 in loans and discounts
and increases of $49,000,000 in investments and $37,000,000
in borrowings from the Federal Reserve bank. It should
APR. 24 1926.]
THE CHRONICLE
be noted that the figures for these member banks are always a
week behind those for the Reserve banks themselves.
Loans on stocks and bonds were $93,000,000 less than for
the previous week, the principal changes including decreases
of $120,000,000 in the New York district,
000,000 in the
Cleveland district and $7,000,000 in the Dallas district, and
increases of $22,000,000 in the Chicago district and $12,000,000 and $8,000,000 in the Philadelphia and Boston districts,
respectively. "All other" loans and discounts increased
$31,000,000, principally in the New York and Philadelphia
districts. Total loans to brokers and dealers, secured by
stocks and bonds, made by reporting member banks in New
York City, declined $36,000,000, loans for their own account
being $82,000,000 less and loans for the account of out-oftown banks and for the account of others $34,000,000 and
$12,000,000 more, respectively, than on April 7. Further
comment regarding the changes shown by these member
banks is as follows:
2283
lines. Larger gross sales were reported for March than for the same month
in six years. Leading export markets, however, were not active in March.
Limited sales and low prices characterized both copra and abaca trades.
Total exports of centrifugal sugar for the first quarter amounted to 140.000
metric tons, all of which went to the United States. Milling of the current
crop is expected to be completed by the end of April. Cutting of the new
tobacco crop has begun and good quality is anticipated.
DUTCH EAST INDIES.
March business of the Dutch East Indies was slightly improved but
early April reflected dullness. Native buying power has been reduced
because of lower rubber prices. Export markets are seasonally quiet.
European retail trade is generally satisfactory but native business is below
normal for the time of year. Improvement is expected with the beginning
of rice harvesting in May.
BRITISH MALAYA.
General business of British Malaya continues satisfactory though rubber
prices continue the decline from recent high levels. The tin market is
slightly stronger. March foreign trade increased over the first quarter of
1925, reflecting the generally increased prosperity of the region.
INDO-CHINA.
Indo-China markets are quiet. Rice prices are high, as shipment of paddy
(unhusked rice) to the mills has been delayed. The new crop is harvested
and is considered of excellent quality and fair quantity.
Holdings of U. S. Government securities were $32.000,000 larger than a
SIAM.
week ago, increases of $29.000,000 in the New'York district. $23,000.000 in
Siam's March trade was larger than in any month for more than a year.
the Chicago district and $6,000,000 in the St. Louis district being partialy
Business, however, is considered rather dull. Chinese dealers have recently
offset by relatively small reductions in the other districts. Holdings of
other bonds, stocks and securities increased $37,000,000, of which $25,- overstocked in some import lines. The country's budget shows a surplus for
the first time since 1919.
000,000 was reported by banks in the New York district.
HAWAII.
Net demand deposits increased $137,000.000, the principal increases by
General business in Hawaii continues conservative, owing to prevailing
strict, being as follower Chicago, $37.000,000; Philadelphia. $32,000,000:
d
San Francisco. $24.000,000, and Boston, $21.000.000. Time deposits prices for sugar, the Islands' principal crop. It Is estimated in Honolulu
declined $11,000,000, the larger decline of $20,000.000 in the New York that the current sugar crop was half harvested on April 1 and that the total
district being offset in part by an increase of $12,000,000 in the Chicago yield will aggregate in the neighborhood of 750,000 short tons. Harvesting
and shipping are both ahead of normal schedule this season. Rainfall has
district.
The principal changes in borrowings from the Federal Reserve banks been rather scarce since November.
Include an increase of $35.000,000 by banks in the New York district and a
BELGIUM.
reduction of $14,000,000 by banks in the Chicago district.
Continued uncertainty regarding the execution of the stabilization proOn a subsequent page—that is, on page 2:T00—we give the gram has hindered the recovery of Belgian industry and finance. Exchange
decline has made likely a deficit
figures in full contained in this latest weekly return of the 400,000,000 francs. Metallurgical in this year's budget now estimated at
markets are dull and French and German
member banks of the Reserve System. In the following is competition is keen. The coal industry is also depressed, though with a
furnished a summary of the changes in the principal items somewhat better tone recently owing to orders from Eastern France.
Agricultural prospects have been improved by favorable weather in March
as compared with a week ago and with last year:
and April. The percentage of unemployment among registered laborers
Invrease (+) or Decrease (—) is lower than at this time last year. Belgian foreign trade in January and
During
February, 1926 shows a decline in exportation as compared with the like
Week.
Year.
period of 1925.
Loans and discounts, fetal
—$65,000,000 +$769.000.000
THE NETHERLANDS.
Secured by U.S.Govt.obligations
—3.000,000
Business conditions in the Netherlands are favorable. The tendency of
—39,000.000
Secured by stocks and bonds
•
—93,000,000
+548.000.000 Government revenues to exceed estimates has led to a project for reducing
All other
+31.000.000
+260,000.000 certain taxes. Money rates have stiffened somewhat. Bank clearing
Investments,total
+69.000.000
+118.000.000 operations are steady at a level higher than that which prevailed last year.
U.S.securities
+32,000,000
—44,000,000 Both wholesale and retail prices are gradually declining. The number of
Other bonds, stocks and securities_ _
+37.000.000
+162,000,000 unemployed is being steadily reduced. The cotton textile industry has
Reserve balances with F. R. banks
+89,000.000
+112,000.000 sufficient orders but foreign competition in the Far Eastern and local
Cash in vault
+8.000,000 market is minimizing profits. East Indian trade continues slow., but
Net demand deposits
+137,000,000
+175,000.000 increased business is expected in May. The agricultural situation is
Time deposits
—11.000,000
+453,000.000 excellent. Foreign trade shows a deficiency of exports in the first two
Government deposits
+48.000.000 months of the year.
Total accommodation at F. R. banks_
+14,000,000
+153.000,000
SWEDEN.
The financial and economic position of Sweden remains practically
Summary of Conditions in World's Markets Based unchanged and there is moderate activity in domestic trade circles. Note
circulation has increased. There was a slight decrease in stock exchange
Upon Cablegrams and Other Reports Received in
quotations and the volume of trading on the Stockholm Bourse. Business
the Department of Commerce.
failures declined during March. The leading industries were quite actively
The Department of Commerce at Washington releases for engaged during the month, but the iron and steel branch has failed to show
marked improvement. It is estimated in Sweden that March imports
publication to-day (April 24) the following summary of any exceed exports by about 30,000,000 crowns.
will
conditions abroad, based on advices to it:
JAPAN.
The general tone of business in Japan is less optimistic. Continued
high exchange is affecting the raw silk market and prices are lower with
stocks accumulating. Other export commodities are less prosperous particularly cotton yarns and textiles which are threatened by the decline in
the price of silver. The money market is tight with no idle money and
a marked decline in stock exchange transactions. However, import
business has been fairly active in seasonable lines and the present demand
Is fair. Substantial orders for electrical power equipment were placed in
the United States during the past month.
CHINA.
Some improvement is noted in business conditions in the Shanghai district owing to the slowing up of military operations although the political
situation in North China is causing some uneasiness. The
iron and steel
market is slow although some business is reported in galvanized
sheets and
tin plates. Amercan mills secured the contract for steel
rails to be used
In the Chao° harbor improvement project. Other comlnodity markets
all show greater activity particularly piece goods and automobiles.
The
political situation in north China is extremely confused
and obscure and is
having a depressing reaction on business throughout
that area.
INDIA.
Foreign and domestic trade in India has been hampered somewhat
during
the past month by many holidays, and in Calcutta the condition has been
aggravated by local disturbances. While domestic business shows
dullness,
the general trend is toward a revival owing to normal
monetary conditions,
steady exchange, favorable weather for sowing crops, and to some
improvement in the cotton textile industry. Money is plentiful. The
Imperial
Bank rate remains at 6%. The new jute and shellac crop
prospects are
excellent.
AUSTRALIA.
Australian market conditions during the past month have
been satisfactory. Bank clearings were normal, finances sound, and with few exceptions the labor situation was satisfactory. The drought which threatened certain sections of the Commonwealth has been definitely broken.
The wheat market remains unchanged and bulk charter rates are lower.
Wool sales have been resumed, with a good selection of offerings. Foreign
trade during February resulted in a further decline in imports as
compared
with January. but exports were greater.
PHILIPPINE ISLANDS.
phuippine business of the first quarter of the year has been better than
in the same period of any year since 1920, especially for certain import
ARGENTINA.
Trade continues slow in Argentina, but with an increasing export movement. Exchange has declined. There is no improvement in the general
Import markets or collections. Cooler weather has checked rains, thus
permitting resumption of harvesting and shipping. The volume of wheat
exports is increasing rapidly but other cereal markets are slow.
BRAZIL.
The coffee market during the week was inactive. Spot prices were firm
but futures irregular. The institute is buying. Santos entries are smaller.
Exchange strengthened slightly during the week. The Bank of Brazil is
attempting to prevent further weakness. The large radio telegraph station
which is to be inaugurated near Rio de Janeiro on the twenty-first was
constructed by an international group.
PERU.
General business stagnation continues in Peru, with the exception of
slight activity in export lines and this is below normal for this season of the
year. Exchange has continued to decline steadily and was quoted at $372.
a new low level on April 17. The special session of Congress necessary for
the approval of pending loan legislation has not been called.
URUGUAY.
The Uruguayan Congress has voted approval of the contraction of a loan
for $30,000,000 in the United States, in accordance with terms submitted
in bids by an American banking house.
CUBA.
A general strike was declared on the 14th on the Consolidated Railways.
It Is said in Cuba to be probable that the mills will operate sugar trains and
that the transportation of food will continue. In a recent Cabinet meeting
of the same date a plan for restricting the present sugar crop to 90% of
estimates was accepted. It is stated in Cuba that the President will call a
meeting of the mill owners to effect this action voluntarily and will also
recommend to Congress legislation to avoid overproduction in the next two
years. No Government financing is involved.
PORTO RICO.
The general business outlook and collections were somewhat improved
during the week ended April 17, due to large tobacco sales at favorable
prices, to slightly improved sugar futures, and to recent rains which broke
the long prevailing drought in the northern and eastern districts.
MEXICO.
Automobile sales continue under 60% of normal with sales of tires also
slow. Wheat importations are about ended as the price is dropping.
Otherwise general business conditions remain about the same.
2284
THE CHRONICLE
United States Senate Ratifies Agreement for Refunding
of Italian War Debt to the United States.
The U. S. Senate ratified on April 21, by a vote of 54 to
33 the bill authorizing the settlement agreed for the funding
of Italy's war debt to the United States. The House of
Representatives early this year (Jan. 15) ratified the bill
approving the agreement, which latter was signed at Washington on Nov. 14 of last year by Count Volpi, Finance
Minister of Italy and Secretary of the Treasury Mellon,
acting for the United States. The text of the agreement
was given in these columns Nov. 21 1925, page 2472. In
stating that the final step toward the enactment of the
bill into law, namely the approval by the President would
be delayed a day or two as a result of the action in the Senate
on April 21 by Senator James A. Reed, Democrat, of Missouri
who demanded that an opportunity be given the opponents
of the settlement to debate certain proposed amendments
the New York "Journal of Commerce" added:
[vol.. 122.
Hanseatic City of Hamburg), Germany, to be dated May 1
1926 and mature May 1 1927. All oi this issue has been
privately sold by the International Acceptance Bank, Inc. in
the form of Certificates of Participation to be issued by
International Acceptance Securities & Trust Company, bearing 5y% interest coupons payable semi-annually. These
Certificates of Participation have been sold at a price to
yield 5%%. The State of Hamburg, according to the
census of June 1925, has a population of over 1,100,000 inhabitants, and includes within its territory of 160 square
miles the City of Hamburg, which is the second largest city
in Germany, and the harbors of Hamburg and Cuxhaven.
The proceeds of the issue of this Treasury Note are to be used
mainly for the construction of piers, the construction of a
bridge over the River Elbe, and the improvement of real
estate to be used for industrial purposes.
Offering of $20,000,000 Bonds of Argentine Government.
In advance of the public offering yesterday (April 23) of
a $20,000,000 issue of external sinking fund 6% gold bonds of
the Government of the Argentine Nation, subscriptions were
received by the offering syndicate during the afternoon of
April 22. The oversubscription of the issue was announced
yesterday, the books, it was stated, having been closed at
10:15 a. m. The bonds were offered by J. P. Morgan & Co.
Regarding the Senate action on the bill on April 21, the and the National City Co. at 98% and accrued interest, to
New York "Times" said in part:
yield over 63/i% to maturity. Incident to the offering it is
Defeat Borah Resolution.
announced that measures have been taken to prepare the
The first vote to-day in the Senate was announced by the Vice-President way for a complete restoration of the gold standard which
as 33 to 54 against a motion by Senator Borah of Idaho to recommit the
bill to the Committee on Finance "for further investigation and report as to existed in the Argentine prior to 1914. It is pointed out that
the present industrial, economic and financial conditions of Italy."
a gold reserve of $436,000,000 is held against note circulation
When Senator Reed of Missouri, who had voted in the affirmative, equivalent to
$561,000,000, resulting in a reserve ratio of
changed to the negative in order to be in position to move a reconsideration,
over 77%. The Argentine paper peso is now quoted in Now
the result became 32 to 55. . . .
York at about 95% of par. The bonds offered this week will
Motion to Table Angers Reed.
An amendment by Senator Howell, specifying conditions by which bonds be dated May 11926, and will mature May 1 1960. They
could be renewed from time to time if requested, and writing the same tax- will be redeemable
through the operation of a cumulative
exemption clause in the bonds as contained in bonds by Italy to England,
sinking fund of 1% per annum, calculated to be sufficient to
was voted down,24 to 55.
It was to give an opportunity for debate on this that Senator Reed of retire the bonds at par not later than May 11960.
Missouri changed his vote to be able to move a reconsideration, stating that
The bonds, coupon, in denominations of $1,000 and $500,
the agreement by which debate had been concluded precluded an opportunwill be registerable as to principal only. Principal and
ity to discuss the Howell amendment.
Only one motion being allowed to reconsider, one by Senator Fees would interest (May 1 and Nov. 1) will be payable in United States
ha e cut off Senator Reed entirely. Senator Smoot further acted to prevent any further debate by moving to "lay on the table" the motion by Sen- gold coin of the present standard of weight and fineness, in
ator Fess. This parliamentary procedure would have precluded any fur- New York City at the office either of J. P Morgan & Co. or
ther`consideration whatever, and the tactics took Senator Reed and his of the National City Bank of New York, fiscal agents for
friends by surprise.
"That is a trick that is not worthy of any Senator," angrily exclaimed the bonds of the issue of May 1 1926, without deduction
Senator Reed before Vice-President Dawes could put the motion, which for any Argentine taxes, present or future. A statement
parliamentarians claimed was not debatable.
(in which all figures originally stated in Argentine currency
Confusion Follows Point of Order.
have been converted into United States dollars at par of
Democratic Floor Leader Robinson, seeking for a point of order against
the move by Senator Fees, said another Senator had already served no- exchange for the gold peso or paper peso, as the case may be)
tice he intended to make such a motion and Senator King interrupted authorized by Doctor Honorio Pueyrredon, Ambassador of
by declaring the Tess manoeuvre "was not made in good faith."
the Government of the Argentine nation at Washington,
"It was made in good faith," protested Senator Fees, "and a motion to
D. C., says:
table cuts off debate."
These amendments, offered by Senator Rol?ert B. Howell, Nebraska,
defeated to-day 55 to 24, will thus again come before the Senate to-morrow.
The size of the vote plainly indicates that the opponents will not be able
to make any inroads into its provisions, although Senator Reed held that
once his colleagues became acquainted with what the Howell proposals
means they will be ready to accept them. Senator Smoot in charge of the
measures, believes that final action will come within the next two days
and is confident that there will be no change in the provisions of the bill as
they now are.
Obligation.
These bonds are to be direct external obligations of the Argentine Government. The Government will covenant that if, while any of these bonds
remain outstanding, it shll create or issue or guarantee in accordance with
the Argentine Constitution, any loan or bonds secured by lien on any of its
revenues or assets, the bonds of this issue shall be secured equally and
ratably with such other loan or bonds or such guaranty.
Purpose.
The proceeds of the issue will be used primarily to repay floating debt of
the Argentine Government as provided for by laws 11222 and 11266, which
It was reported in Associated Press advices from Washing- govern this Issue.
Sinking Fund.
ton last night (April 23) that the Senate yesterday refused
The Government will covenant to pay to the fiscal agents as a sinking
to reconsider its approval of the agreement. Preliminary fund, beginning Nov. 1 1926, and thereafter semi-annually on May 1 and
equal
to this week's action, and with a view to preventing further Nov. 1 in each year, an amountissue ofto one-half of 1% of the greatest
principal amount of bonds of the
May 11926,
delay on the bill in the Senate, where it has been the subject fore outstandirg, plus an amount equal to the accruedat any time theretoand unpaid interest
of numerous attacks, a unanimous consent agreement was on all bonds previously acquired through the operation of the sinking fund.
Such sinking fund payments (which may be increased by the Executive
reached on April 14 by the Senate fixing 4 o'clock April 21 power if considered advisable) are to be
applied to the purchase of bonds
as the time when a vote would be taken on the bill. On the below par through tenders, or, if not so obtainable, to the redemption of
bonds, called by lot, at par.
21st 13 Democrats joined with 41 Republicans in voting in
Government Debt and Assets.
favor of the agreement, while 9 Republicans and the one
Farmer-Labor Senator joined with 23 Democrats in opposing to The total debt of the Argentine Government as of Dec. 31 1925 amounted
about $950,391,000, as compared with the national wealth, according to
it. Secretary Mellon in a statement issued on April 21 the census of 1914 (the latest official figures), of $14.543,000,000. Governdeprecated the attacks made in the Senate on Premier ment owned properties (including revenue producing investments of $530,000,000) had a total value in 1914, according to the same census, of $1,125,Mussolini, and added:
000,000, or about $174,000,000 more than the total Government debt now
I know that expressions made in the heat of debate against a friendly outstanding.
Government and its rulers do not represent the views of the American people,
The amounts due on allotments will be payable at the office of J. P.
and I feel confident that these expressions will be forgotten and that the Morgan & Co. in New York funds
to their order, and the date of payment
approval of the Italian settlement will further cement the bonds offriendship (on or about May 4 1926) will be
stated in the notices of allotment. Tempobetween that country, ancient in history, and America, to which so many rary bonds or interim receipts,
exchangeable for definitive bonds when
of her sons have come and are now a part of our citizenry.
prepared, are to be delivered. The Argentine Government will make
application to list the definitive bonds on the New York Stock Exchange.
Several Senators here tried to speak. There was much confusion, on the
floor, with Republican Floor Leader Curtis trying to iron out the difficulty.
Finally Senator Smoot offered to withdraw his motion "to table," but Senator Fees objected unless Senator Reed should say when he would move to
reconsider, explaining that the Senate was now present and could vote.
Borah Protests Against Tabling.
Senator Borah took the floor in protest against tabling motions and warned
that if it were done there would be no more unanimous consent agreements
as long as he were in the Senate. He declared the practice should not be
started now of tabling motions.
— ----$5,000,000 Hamburg Loan by International
Argentine Sinking Fund Bonds of Oct. 1925 Ready for
Acceptance Bank, Inc.
Delivery in Definitive Form.
The International Acceptance Bank, Inc. has purchased
J. P. Morgan & Co. and National City Co. announce that
through M. M. Warburg & Co. of Hamburg, a $5,000,000
one year Treasury Note of the State of Hamburg (Free and on and after April 26 1926 the Government of Argentine
APR. 241926.]
THE CHRONICLE
Nation external sinking fund 6% gold bonds, issue of Oct. 1
1925, due Oct. 1 1959, will be delivered in definitive form,
with Oct. 1 1926, and subsequent coupons attached, in
exchange for temporary bonds now outstanding upon surrender of the latter at the office of J.P. Morgan & Co. This
offering was referred to in the "Chronicle" of Sept. 26 1925,
page 1523.
Offering of $30,000,000 Bonds of Republic of Uruguay
—Issue Oversubscribed—Books Closed.
The oversubscription recorded shortly after the opening
on April 21 of the books to the offering of the $30,000,000
6% external sinking fund gold bonds of the Republic of
Uruguay, made by a syndicate headed by Hallgarten & Co.
and Halsey, Stuart & Co., Inc. resulted in the closing of the
books at 11:30 a. m. on the 21st. It was announced at the
time of the offering that a substantial amount of the bonds
had been withdrawn for sale simultaneously in Holland by
the Amsterdamische Bank which will act as sub-fiscal agent
in Europe, and that further substantial amounts had been
sold in other European countries. Associated withHallgarten
& Co. and Halsey, Stuart & Co., Inc., in the syndicate
offering the bonds were Lehman Bros., Cassatt & Co.,
Kissel, Kinnicutt & Co., Ames, Emerich & Co., Graham,
Parsons & Co., Blyth, Witter & Co., W.A. Harriman & Co.,
Inc., National Republic Co. of Chicago, Guardian Detroit
Co., Inc., Anglo-London Paris Co. of San Francisco, the
Shawmut Corporation of Boston, Northern Trust Co. of
Chicago; Missippi Valley Trust Co. of St. Louis; the Minnesota Loan & Trust Co. of Minneapolis; Merchants Trust
Co. of St. Paul and Northwestern Trust Co. of St. Paul.
Reference to the acceptance (subject to ratification by the
National Congress) of the bid made by Hallgarten & Co. and
Halsey, Stuart & Co., Inc. in behalf of the syndicate was
made in these columns last week, page 2132. In reporting
Parliament approval Associated Press cablegrams from
Montevideo (Uruguay) April 16 stated:
2285
All dollar conversions in this statement have been made at the rate of
81.03 per Uruguayan gold peso.
Application will be made to list the bonds on the New
York Stock Exchange. The bonds were offered when, as
and if issued and accepted and subject to approval of
counsel. Temporary bonds or interim receipts of the
National Bank of Commerce in New York deliverable in
the first instance.
Offering of $4,000,000 Bonds of City of Porto Alegre
(U. S. of Brazil)—Books Closed—Issue
Oversubscribed.
Lee, Higginson & Co. and Ladenburg, Thalmann & Co.
announced yesterday (April 23) the offering for public subscription of a new issue of $4,000,000, forty year 7%
sinking fund gold bonds of the City of Porto Alegre (United
States of Brazil). The issue was oversubscribed, and the
books were closed at 1:30 p. m. yesterday. The financing
will provide funds for municipal improvements, including
sanitation works, street development, lighting and paving.
The bonds are designated the external loan of 1925. They
will mature in January 1966 and are repayable through
sinking fund or at maturity at 102 and interest. They were
offered at 96 and accrued interest to yield over 7.80% on
repayment at or before maturity at 102 and interest. The
issue is guaranteed unconditionally as to principal, sinking
fund, premium and interest by the Brazilian state of Rio
Grande do Sul, and it is not callable, except for sinking fund
prior to Jan. 11936.
Principal, sinking fund, premium and interest are payable
in United States gold coin of the present standard of weight
and fineness, without deduction for any taxes of the Brazilian
Government, State of Rio Grande do Sul, or City of Porto
Alegre, present or future. Principal and interest will be
payable at the office of Ladenburg, Thalmann & Co., Fiscal
Agents, in New York; interest will also be payable at the
offices of Lee, Higginson & Co., in New York, Boston and
Chicago. The offering circular says:
Parliament sanctioned today the 91.53 bid made by Hallgarten & Co.,
The City of Porto Alegre covenants to deposit a fixed annuity of $317,800
New York bankers, for a 830,000,000 loan to the Uruguayan Government.
The issue will bear 6% interest and may be raised by an additional loan of a year, payable in semi-annual instalments, to be used for the payment of
Interest and as a sinking fund for the redemption of bonds through call by
815,000,000 if the necessity should arise.
lot at 102 and interest. The sinldng fund is sufficient to retire the entire
The proceeds of the loan are to be used in part for the issue at 102 and interest by maturity. Any bonds outstanding at maturity
refunding of certain existing debt, and in part for sanitary are to be paid at 102 and interest.
works, railways, ports, roads, agricultural promotion,
From information to the offering houses, summarized by
schools, and other public buildings.
the President of the State of Rio Grande do Sul and the
The bonds were offered at 96)4 and interest to yield Mayor of the City of Porto Alegre we take the following:
6.25%. They will be dated May 11926, and will become due
City of Porto Alegre.
May 11960. Regarding a sinking fund calculated to redeem
City of Porto Alegre, established 1742, is the capital and first city, both
the entire issue at or before maturity, we quote the following in size and importance, of State of Rio Grande do Sul, Brazil. Property
owned by City, together with privately owned land and buildings, are
from the offering circular:
officially valued at $61.990,000, and actual values of latter are considered
As a cumulative sinking fund the Republic of Uruguay agrees to pay semiannually beginning Nov. 1 1928 the sum of 8150,000. Sinking fund payments, including interest on bonds held for the sinking fund shall be applied
on interest dates to acquire at their principal amount bonds called by lot on
twenty days published notice. The Republic of Uruguay reserves the right
to increase the amount of any sinking fund payment,and to tender bonds in
lieu of cash if purchased below par.
to be at least twice their official valuation. It is also officially stated that
City's total population (City record of 1923) is over 246.000, and that 98%
of population is of European descent. The City is sixth largest in United
States of Brazil. and eleventh largest in South America.
Finance and Credit.
For last 25 years, ordinary revenues have in every year shown a surplus
over ordinary expenditures, including results of municipal public utility
The books will be in coupon form in denom. of $1,000 and operations, and combined total of ordinary revenues and extraordinary
$500 registerable as to principal. Principal and interest revenues for entire period is in excess of combined total of ordinary expenditures and extraordinary expenditures.
debt at June 30 1925.
(May 1 and Nov. 1) will be payable in United States gold together with this Issue, amounts to Total funded There is no record of
$10.964,096.
coin of the present standard of weight and fineness, in New default on any funded debt oblig:tion, either internal or external, of the
York City, at the office of Hallgarten & Co., and in Chicago City of Porto Alegre.
Security.
at the office of Halsey, Stuart & Co., Inc., and in Amsterdam
Bonds Issued as direct and general
of City.
at the Amsterdamische Bank without deduction for any by first hypothecation mortage andobligationon certain Further secured
charge
specified taxes
Uruguayan taxes present or future. Ha,llgarten & Co., and Imposed by City, including Taxes on Commerce and Professions, Taxes on
Halsey, Stuart & Co., Inc., fiscal agents. A statement Vehicles, certain Surtaxes, and other taxes and revenues, estimated by City
to aggregate over $684,000 annually, equivalent
authorized by Ricardo Cosio, Minister of Finance of the requirement for interest and sinking fund on theseto more than twice the
bonds. Should income
from taxes now mortgaged at any time be insufficient, City agrees to
Republic of Uruguay, says in part:
mortgage such other taxes or revenues as maybe necessary to fulfill such
These bonds constitute the direct obligation of the Republic
of Uruguay. requirement.
The Republic agrees that if in the future it shall issue
or dispose of any
Guaranty.
bonds or loan secured on specific revenues or assets,
these bonds shall be
The State of Rio Grande do Sul unconditionally guarantees by endorseequally and ratably secured therewith, but this provision
shall not apply to ment the principal, sinking fund. premium and interest of these bonds
the creation of specific charges on new enterprises to
secure obligations
The bonds were offered for delivery if, when and as issued
Issued to finance their acquisition or construction, or
to the pledge of local
taxes which may be created in order to furnish funds for
the construction of and received, subject to the approval orall legal matters by
new roads, railroads or bridges.
counsel. It is expected that interim receiptslwillibe ready
Uruguay enjoys a high credit standing throughout the
world: Prior to for delivery about
April 28.
the world war all of its external loans were Issued in Europe, and at
present
there are listed on the London Stock Exchange £22.453.312 of
its bonds.
bearing 3%% and 5% coupon rates. Foreign capital invested in
Uruguay
Is substantial,and a number of American and European banks and industrial Chicago Joint Stock Land Bank—A Profit
-Sharing
corporations have branches and plants there.
Contract which Was not Generally Known'to',Exist.
The national public debt upon completion of this financing will amount
to
From the Boston "News Bureau" of April13 we take
about 8216.817,000, of which approximately $154,000,000 is external.
This debt largely represents investments in productive enterprises under the following:
control of the State, including banks, railways, public utilities, port
works.
Some stockholders in the Chicago"JoineStock Land Bank learned recently
&c., which showed substantial profits from operations in 1924,
and are for the first time that there was in existence a contract with the
bank
estimated to have a value ofover $152,000,000,or approximately the amount
whereby certain officials of the bank were to receive one-half the profits
of the external debt. The national wealth is officially estimated at $2,597,above the 6% dividends paid to stockholders.
III .4
000,000, or over $1,547 per capita, this being nearly 12 times the per
capita
Not only were recent purchasers of the stock in ignorance of such a condebt. Upon completion of this financing the Republic will have no floating tract
but brokers offering the shares state they also were without the slightdebt.
suspicion that such a contract existed lime thefshareholders, they
2286
THE CHRONICLE
believed that all of the earnings after the payment of all ordinary expenses
accrued to stockholders.
'We inquired of President Huston regarding the matter and he replied:
"The executive officers of the Chicago Bank have a contract which they
.entered into when the bank was organized whereby their compensation was
to be based on the earnings of the bank beyond 6%, less ultimate loss on
all loans made. The cost of executive officers to the Chicago bank has
been to date, I believe, far below that of the average of joint stock banks
and only a fraction of what it is in many banks, whether based on per.centage of business profits or capital."
We understand that any benefits under this contract accrue to President
'Guy Huston and Vice-President 0. F. Schee, but that as a practical matter
they have never availed themselves of the agreement, but have restricted
their compensation to $1 per $1,000 of loans; this in return for their virtual
assumption of responsibility for the ultimate payment of the bank's farm
mortgages. These mortgages amount to about $68,000,009.
Whether or not the beneficiaries draw down any profits under the profitsharing arrangement the contract would seem to establish a formidable
liability against the stockholders so long as it remains in effect.
Otto H. Kahn on the Vagaries of the Stock Market.
Speaking at Atlanta, Ga., on April 23, before the Chamber
of Commerce on "The Stock Market and the Public," Otto
H. Kahn said part:
A few words should be said on the subject of the recent wild price fluctuations on the New York Stock Exchange.
Let me point out that the responsibility for such episodes of soaring
"ups" and crashing "downs" belongs not to the Stock Exchange as such.
because, after all, that institution is essentially a market, and all that
those charged with its administration can do is to see to it that the goods
dealt in are properly labeled, that no fake or otherwise objectionable
goods are admitted, and that dealings are conducted honestly and with
due and watchfully enforced safeguards for the public.
Neither can responsibility be laid justly at the doors of the banks. It
is not their function to act as censors and regulators of price movements.
Of course, the banks are called upon to exercise prudence and restraint
in lending upon stocks at inflated prices, but if they were to attempt to
use their position in order to control stock market movements, they would
very soon be subject to bitter attack on the allegation of manipulating
the stock market.
The responsibility belongs primarily to those in and out of WalPStreet
who permit unreflecting desire for gain to make them rush in and buy.
being somewhat apt in the process to engage themselves beyond their
means, and the same impulse, or unreflecting fear, to rush in and sell.
The two very worst counsellors in any situation are greed and fear. You
are bound to go wrong when you listen to their hectic urgings.
We have seen some of the very same persons who, in February. could
see no limit to booming prosperity, proclaim vociferously, in March, the
total doom of prosperity, and,in both instances, find far too many listeners
and believers.
Of course, the stock market, in its very nature, is bound to be subject
to considerable fluctuations. There are sound intrinsic reasons why,
within limits, stock prices cannot—and,indeed, should not—be stationary,
Speculation—as distinguished from gambling—has a legitimate place
and a useful function in the scheme of things economic. But episodes
such as those which have marked the course of stock prices and so-called
"Wall Street sentiment" within the past two months. movements so
extravagantly diverging from a reasonable equilibrium, constitute a generally harmful nuisance. They also constitute a reflection upon the steadfastness and sobriety of judgment of a portion of the community.
It is no adequate rejoinder to point to objectionable activities of "bull
pools" and "bear pools" and to denounce unscrupulous manipulators
for the boosting or the depressing of prices. True, unfortunately, to a
certain extent they are a factor in the general reckoning. True, they do
give cause for just condemnation, perhaps even, at times, for corrective
action. But they could never be more than an ephemeral and limited
influence, if they were not seconded by gullible crowds of "get-rich-quick"
devotees, on the "long" or the "short" side of the market.
It is a regrettable spectacle to see people lose their heads and their
money in this manner, and it happens altogether too frequently. To
speak only of the recent past, a swing of the stock market pendulum,
approaching and, in one year, even exceeding in violence that of last
month, occurred in each one of the years 1923, 1924 and 1925.
If we are to maintain that leading place among the great financial
centres of the world to which we are entitled, it is incumbent upon us to
demonstrate self-assurance and steadiness, and to avoid recurrent exhibitions of alternating ebullition and perturbation.
A readjustment of stock prices from the giddy height to which BO
it
of them had been recklessly pushed, was called for and salutary.
should have been an orderly falling back, not a panicky rout.
or will start to recover, in
Whether stock prices will further decline,
the immediate future, is a question on which I am neither qualified nor
willing to express an opinion. But at the risk of laying myself open to the
charge of trite sermonizing. I should like to emphasize at this juncture:
"Don't surrender your sober and discriminating judgment, don't lose
yot sense of proportion, don't give way to unreasoning faint-heartedness
or permit yourself to be stampeded by those who would designedly excite
alarm in order to enrich themselves out of the discomfiture of others.
Don't attach exaggerated heed and weight to emotional rumorings. Imaginings, and 'ups' and 'downs' of the stock market, but do give due heed
and weight to American resources, American enterprise, and the fruitful
daily activities of many millions of hardworking American men and women."
It is astonishing how ready many people are to eliminate from their
consciousness, when prices are falling precipitately, the incontestable
fact that the basic line of this country's business is upward,though naturally,
subject to fluctuations, and that, in order to arrive at a correct and profitable judgment of intrinsic values, there must be considered, besides the
earnings of the present and those anticipated for the immediate future,
the record of past results and the reasonable expectations for the longer
future. A well-authenticated story tells us that a famous financier, when
asked for the secret of his success in knowing the right time for both buying
and selling, replied: '"rhe simplest thing in the world. I merely did
what people wanted me to do. When they came excitedly clamoring
and frantically bidding for stocks which I held, I accommodated them
by lotting them have my holdings. When they came excited clamoring
and frantically offering for sale stocks which they held, I accommodated
thorn again by purchasing some of their holdings."
The only circumstances under which, in a country with the resources,
the resiliency, and the basic elements of ours, a temporary descent into
the cyclone collar becomes warranted are—leaving aside grave foreign
complications—either manifestations of stark and persistent overproduction
or overtrading. or the advent of a major credit disturbance, or acute
17
,
monetary stringency.
tVot..122.
None of these circumstances exists to-day, or is even remotely likely
to occur. Apart, perhaps, from a very few specific lines, there has been
no overproduction on the part of manufacturers, nor has there been overstocking on the part of merchants or dealers. On the contrary, the industrial community, as a whole, in the conduct of their own affairs, have
kept their heads admirably during the price-boosting antics on the Stock
Exchange. With few exceptions, the only overtrading that was done
occurred on the Stock Exchange, apart, perhaps, from a certain amount
of overtrading on the part of the public in the shape of excessive installment buying or unduly liberal spending in other ways. The basic credit
situation is excellent, and the banking structure in admirable shape.
Money is plentiful for all legitimate purposes, and there is no reason to
anticipate a change in that respect.
Please under stand me as not meaning to indulge in any kind of prophecy as to which turn things will take in the immediate future. It is possible that there may be a recession for a while in the tide of activity and
prosperity of business. On the other hand, it is possible that we may
be merely pausing momentarily, as is not unnatural at this season of the
year, in order to take our bearings, and then resume our course full steam
ahead. Not a little will depend upon a factor which cannot possibly be
appraised at present with positiveness or acucracy, namely the crops and
their monetary value, and the resulting position and attitude of the farming
community.
At any rate, whether the immediate future will bring us a continuance
or a temporary slackening of prosperity, there can be no doubt that underlying conditions are thoroughly sound in this country, nd that there
is ample warrant for feeling assured that, with natural and passing interruptions, the forward march of American trade and industry will continue.
To fill the air with counsels of ominous premonitions--especially when
they come after a stock market collapse—does not indicate superior wisdom, but rather a lack of nerve, of vision, and of a calm and reliable
appraisal of those fundamental elements with which a favoring Providence
has endowed this country, and which, with the qualities of its people, are
determining for the lasting development of commercial, industrial and
general economic conditions in America.
New York Federal Reserve Bank Reduces Rediscount
Rate from 4% to 33270.
The Federal Reserve Bank of New York, which in January raised its rediscount rate on all classes and maturities
of paper from 33.% to 4%, thus making its rates conform
to those of the other Reserve banks, has this week lowered
,
the rate to 336%. The reduction in the rate was announced
as follows by Governor Strong on April 22:
FEDERAL RESERVE BANK OF NEW YORK.
[Circular No. 723, April 22 1926, superseding Circular No. 710, dated
Jan. 7 1928.1
Rate of Discount.
To All Members Banks in the Second Federal Reserve District;
You are advised that, effective from the opening of business on Friday,
April 23 1926. until further notice and superseding all existing rates, this
bank has established a rate of 3H% for all rediscounte and advances.
Very truly yours,
BENJ. STRONG, Governor.
Special advices from Washington on April 22 to the New
York "Journal of Commerce" regarding the lowering of the
rate said:
Approval of the application of the New York Federal Reserve Bank to
reduce its rediscount rate from 4% to 3% was granted by the Federal
Reserve Board this afternoon for the reason it is understood that release
of funds from stock market operations has resulted in easier money market
conditions, It is understood that the application for the decrease came as
a surprise, it having been assumed that the bank would probably Wait until
all spring demands for credit had been met.
The action of the New York bank is not regarded as having any bearing
on the rate situations in other Federal Reserve banks.
The i ease in the rate to 4% last January was refe
issue of Jan. 9, page 156.
to in
overnor Strong, of New York Federal Reserve Bank,
at Hearing on Bill to Stabilize Prices, Defends
Reserve Policies—Open Market Operations.
Because of the information, not heretofore brought out in
any other account coming to our notice, contained in the
report issued by the Stable Money Association, as to what
Governor Strong of the Federal Reserve Bank of New York
had to say before the House Committee during the hearing
on the bill to stabilize prices, we are making room for a part
of the association's statements covering the several days
Governor Strong was before the committee. On April 8,
stating that Governor Strong was the witness for the entire
day, the association said:
He defended the policies and methods of the Federal Reserve authorities,
particularly during the past three years and since the beginning of the
so-called open market operations of the Federal Reserve banks, maintaining
that these operations had tended toward stabilization of the general level
of prices and had assisted in financing the sale of farm products in European markets.
"As to the pending bill," he said, "I have no hostility toward its purpose, but I am somewhat doubtful as to whether it will fully accomplish
the stabilization which it aims at If the bill means a recognition by
law that there is some board or body which can exercise the power to fix
individual commodity prices, I am sure that. would not be acceptable to the
people of the country, and that interpretation might be put upon the bill
in view of recent discussion as to the prices of farm products."
When it was pointed out to him that the bill aims at the stabilization of
the general price level, he stated that he was referring to the interpretstion which might be put upon it by the country.
Congressman Goldsborough, who is the author of a bill calculated to
stabilize the general price level under all conditions, expressed the opinion
that no responsible person could interpret the present bill as Governor
Strong feared.
Arm 24 1926.]
THE CHRONICLE
"The proposed amendment does not add to the powers of the Federal
Reserve System," said Governor Strong. "Its powers are exercised through
its influence over the amount of credit available and the cost of that credit.
There are certain limitations and conditions where those powers are not
effective.
"The business structure is not altogether a matter of economics," he
said. "We also have to contend with human nature, ignorance, stupidity,
bad judgment, possible misuse or selfish or political use of these powers.
There is the everlasting contest between the producer and the consumer."
Asked by Chairman McFadden if use of their power of publicity was not
a big factor, Governor Strong admitted that at times it was a pretty
dangerous thing. "The Federal Reserve System publishes more data, than
any other banking system in the world," he said.
"This bill assumes that the Federal Reserve System has larger powers
than is a fact. It cannot control the production of monetary gold or
changes in the reserve ratios. A recent suit to compel the Reserve banks
to loan out their money to such an extent as would reduce the reserve
ratios to the usual percentages would have had the effect of adding some
four hundred million dollars to the reserves of the banks of the country, and
this would have meant inevitable inflation."
Governor Strong maintained that the Federal Reserve System has done
more for the farmers than any other agency, stating that his chief fear
was a misinterpretation of their powers.
"If the declaration contained in this bill could accomplish the aims
sought for I would be delighted," he said, "but there is no magical formula, you cannot eliminate human judgment. Under any conditions we
cannot affect the price of any one commodity and this bill might be so
interpreted. Thus the price of wheat may be due to the use of substitutes,
such as Kaffir corn and rye, by the people of Europe. Strictly within
limits, the volume and cost of credit, among other things, can affect the
general price level. I have no objection to the purpose of the Act; in fact,
since things settled down in 1921 the System has been directed in its efforts toward the same end. This was done by a combination of things. The
open market operations have prepared the way for changes of the rediscount
rate and these changes have influenced the volume of credit."
Asked to explain in detail the open market operations, he stated: "In
May 1922, at a meeting of Governors of the Federal Reserve banks, a small
committee was appointed to co-ordinate their activities. This did not comprehend any interference with the complete autonomy of the regional banks.
In September 1922 the Federal Advisory Counsel approved the creation of
such committee. In October 1922 the committee began making recommendations, submitting these to the conference of Governors for approval. In
the spring of 1923 the Federal Reserve Board discharged this committee
and reappointed the same men, viz: the Governors of the Federal Reserve
banks of New York, Philadelphia, Chicago, Boston and Cleveland, and
instructing them to make sales and purchases for account of the Reserve
banks through the New York Bank. I am the Chairman of this committee.
as the operations centre largely in New York. This committee's operations
are conducted under instructions contained in a resolution of the Reserve
Board, passed in 1923, which is available to the public. It instructs the
committee to have primary regard to the accommodation of commerce and
business. The acts of this committee undoubtedly affect the money rate,
but the committee does not interfere in local matters. It meets frequently,
usually in Washington, and makes purchases and sales for the Federal Reserve System as a whole. It purchases bills, usually bankers' acceptances,
and principally arising out of exports and imports, the largest item being
cotton. It arranges discounts between the regional banks and makes recommendations as to policy in making sales and purchases of capital securities
in the open market. All of its actions are subject to ratification by the
directors before becoming effective upon any bank."
"Are any announcements made as to the policies guiding this committee?"
Chairman McFadden asked.
"No," said Governor Strong, "but the weekly statement of the banks
discloses their holdings, and the recommendations are submitted to the
Federal Reserve Board. Under this open market committee, the New York
Reserve Bank buys and sells bills, earmarks gold and opens accounts with
foreign banks, acting always with State banks of issue and not with private
banks. The activities of this committee have grown because it is a natural
development."
"Who decides when this committee shall buy or sell securities?" asked
the Chairman.
"We do not go into the market and buy bills on our own initiative,"
said Governor Strong. "We only buy them as they are offered to us at the
fixed rate. These are bills which arise out of actual commercial transactions, such as a shipment of cotton from an interior point in Texas to some
point in England. For instance, during the last two months we have purchased $247,000,000 worth of such bills as offered, mostly being cotton,
but every conceivable commodity being represented in the list, including
human hair. As to our purchases and sales of Government securities, in
that we act on our own initiative, thus exercising affirmative control in
two ways: first, by changes in the rediscount rate, and second, by buying
and selling Government securities."
At this point Governor Strong read into the record a lengthy memorandum
prepared by him on Christmas Day 1924, explaining the steps taken by the
open market committee up to that date and the results of these steps.
"Summarizing, I may say that our influence may be described thus," he
said: "If speculation tends to tighten credit, it is more effective to sell
Government bonds and thus lay the foundation for an advance in rate. If
the reverse, a purchase of securities eases the credit market and lure the
ground for a decrease in rate. We still have much to learn. Our operations up to the fall of 1924 accelerated the payment of debts to the banks,
gave the Federal Reserve banks a form of asset which could take care of
large gold imports, facilitated the accommodation of the rate with the
London market, directed foreign borrowings to this market, which were
utilized to finance shipments of farm products, assisted in the resumption
of gold payments in England, and put a check on pressure on the banks of
the Northwest. During this period we bought $500,000,000 worth of Government securities. Possibly that was too much; possibly we continued it
too long, but there is no mathematical formula to tell us; it is a matter
of judgment The results were: pressure for bank loans relaxed and the
number of bank failures immediately decreased. Europe bought our large
crop of small grains at high prices and our investors bought foreign bonds
to finance this movement. There has been a period of three years of good
markets for securities, such as railroads, and we have had a season of
sound financing ever since. The stream of gold which might otherwise have
come ot this country has been largely diverted and sterling has recovered to
point where England could restore the gold standard."
Asked by Congressman Strong, the author of the bill, whether, if
the public knew what policy was being followed, it would not co-operate,
Governor Strong stated that he feared the cry would be that the money
was being employed on the Stock Exchange and there would be questions
as to why the Federal Reserve Board doesn't do something about it.
"The most the Federal Reserve System can do is to exercise influence as
to the quantity and cost of credit. We cannot control its use," he said.
2287
In answer to the Chairman's observation that the bill should be directed
at the System as a whole rather than at the Federal Reserve Board, Governor Strong remarked that the Federal Reserve Board is an advisory body
and not an operating body. "An impression exists," be said, "that there
is a centralization that is undesirable. This is not so. I believe in the
regional system of 12 Federal Reserve banks. I did not believe in it before,
but I have changed my mind. Under the present policy of centralised control of the volume of credit and centralized advice, the System works well.
It is wholesome. Without this centralized policy the New York Bank
would have to do it alone."
At the hearing on April 9 Governor Strong, says the
Stable Money Association, explained in detail the policies
which guide the bank in its rediscount and open market
operations, naming as one of the determining factors the
stabilization of the general price level. He stated that the
bank directors also consider retail sales, volume of production, car loadings, foreign trade, speculation and other
Indicators. "It is altogether a question of quantity rather
than the use of credit," he said. "Stable business calls for
a certain amount of currency and credit. We supply it. We
have nothing to do with its use." He said that taking our
Federal Reserve System as it is, it is not perfect, but no
central bank can control conditions absolutely. He added:
The Federal Reserve System is not run to-day with a view to earning
money. That used to be regarded as its function, but that notion has entirely disappeared. There would be no criticism if we made no earnings
for the next two years. Earnings are not an influence in fixing our credit
policy. We have had a pretty good condition of stability and you must
continue to trust us not to plunge the country into an orgy of inflation.
When Chairman McFadden stated that the Bank of England stabilizes prices, Governor Strong intimated that thlk
will follow in America as the management becomes more
automatic.
Views of A. C. Miller of Federal Reserve Board on
Bill to Stabilize Prices Through Discount Rate,—
Disclosures of Brokers Loans Not Responsible
for Stock Market Reaction—Return to
Gold Standard.
According to Adolph C. Miller, a member of the Federal
Reserve Board, the publicity given brokers' loans was not
responsible for the reaction in the stock market. Mr.
Miller so testified on April 20 at the hearing in Washington
before the House Committee on Banking and Currency on
the bill of Representative Strong, which proposes to stabilize
commodity prices through Federal Reserve discount rates.
The New York "Journal of Commerce," which reports Mr.
Miller to the foregoing effect, also gave the following account
as to what he had to say on April 20:
He charged that too much stress had been laid upon the effect of this information, declaring that in all probability the decision of the Inter-State
Commerce Commission in the Nickel Plate case had more to do with the
break. The witness also indicated that the power of the board in directing
the granting of credits was exaggerated in the public mind and that there
was no mathematical formula by which it could control either inflation or
deflation.
Mr. Miller's Suggestions.
Mr. Miller told the committee that on Sept. 22 1925, before leaving
Washington on a Western trip, he had suggested to the Board that the
Boston rediscount rate should be increased, and that on the following day
the Boston Federal Reserve Bank made a similar recommendation. These
suggestions were tabled by the Board and were not taken up until Nov. 10,
when they were accepted. It was not until three months later that similar
action was taken with respect to the New York rate, and he indicated his
agreement with the statements of members of the committee that had this
latter taken place at an earlier date it would have obviated much of the
speculation that occurred.
"The day before I left on my Western trip I made the suggestion that
the New York bank be informed that in our judgment the time had come
when, in the interest of better business sentiment and a more healthful
situation, they should begin to liquidate their portfolio of open market
securities," he stated. "If that were followed by appreciable increases in
discounts, the discount rate should be raised.
Against Speculative Booms.
"My purpose, as I conceived it at that time," he replied to an inquiry by
Representative Stevenson, of South Carolina, "was to restrain or perhaps
to protect both the country and the Federal Reserve System from a diversion of its credit into speculation loans."
Mr. Stevenson suggested that the increase resulted in checking a rather
undue inflation in credit, but the witness stated he did not want to leave
the impression that the action of the board was due to any credit inflation.
as the term is usually used.
"What prompted you to make your proposal?" inquired Representative
McFadden, Chairman of the committee.
"Facts that I thought gave evidence that the Federal Reserve credit was
seeping or leaking into speculative lines." Mr. Miller replied.
"I have gained the impression that the New York Federal Reserve Bank
was opposed to raising the rate between Oct. 1 and Jan. 1, because of the
possible effect that an increase in the rate might have on the digesting of the
many security-issue situations in New York and elsewhere," said Mr.
McFadden, to which the witness replied he could offer no suggestions.
"And further," interrupted Mr. McFadden,"there was more or less conflict
between the New York Bank and the board as to raising the rate."
Bank Rate Attitude.
"The latter is an incorrect statement," responded the witness, "except
on the supposition that the Board is not ruled by a majority. A majority
of the Board was distinctly satisfied with the attitude and policy of the
New York bank with respect to the rediscount rate, so that as an official
statement it is correct to say, and it is only fair to the board, that the Board
was not favorable to an increase in the rate of the New York bank, at least
not much earlier than the new rate was established by the bank."
2288
THE CHRONICLE
[Vol. 122
Commenting on the purpose of the bill to stabilize the
New Japanese Loan.
price level by regulation of the Federal Reserve banks
According to cable advices received April 21 from the
discount rate, Mr. Miller was quoted by the "United States Japanese
Government by the Japanese Financial CommisDaily" as stating on April 20:
sion in this city, the following loan issued that day has been
The Board has no definite formula for stabilization as such. We try
to meet the economic trend of industry and its credit requirements, and totally subscribed by the fund belonging to the Special
thus inevitably exert some influence on the ebb and flow of credit. We Account for Educational and Agrarian Improvement.
have no control over the extension of credit by the banks.
The same account said:
Questioned on Market Drop.
The committee questioned him about the relation between the recent
increases in the discount rate of some of the Federal Reserve banks and the
speculation orgy in New York. Several members asked if the speculation
could not have been prevented by raising the rate sooner.
"The speculation would have occurred anyway," he replied. "There is
great danger of exaggerating the effect the Federal Reserve System had on
the downward movement of the market. The market had 'gone stale'
and was extremely ready to take a downward turn on the slightest pretext
of unfavorable conditions. A much more important factor was the InterState Commerce decision concerning the Nickel Plate merger."
A further account regarding what Mr. Miller had to say
on April 20, when referring to the raising of the discount
rates, is taken as follows from the New York "Commercial:"
Mr. Miller said that an earlier increase in rate. might not have prevented
speculation but that it was his opinion that it would have had a beneficial
effect.
Those opposing an increase in September, Mr. Miller said, argued that
any increase in the cost of credit at the crop moving time would mean an
undue burden on agriculture. This was a debatable question. he Indicated,
and there was some merit in the contention. It was his own opinion, however, he said, confirmed by developments since, that a slight increase in
rates would not have meant any appreciable increase in the cost of credit
for agricultural and commercial purposes and that the effect of curbing the
tendency toward speculation might have meant that money would have
been more plentiful and no more costly for agricultural uses.
Uses of Credit.
Whether or not Federal Reserve credit should be made use of for speculative purposes is a matter of opinion, Mr. Miller said. He Is convinced
in his own mind that Federal Reserve credit ought to be used for commercial
or agricultural loans rather than for loans on securities. There are others,
however,he said, who believe that use of Federal Reserve credit for a reasonable amount of speculation is proper.
In his further testimony on April 21 Mr. Miller indicated
that he looks for pre-war price stability through the operation of the gold standard. The New York "Commercial"
quoted him as saying:
We are working back toward a world price level. The world price level is
in process of re-establishment, not by any definite determination, but as an
expression of the fact that the world is reaching a greater degree of stability.
It won't be a great while before we are in sight of that price stability which
was assured before the war under the operation of the gold standard. It
may be that some support to steady the transition will be necessary. While
the gold standard had much of the quality of an automatic regulator before
the war it will never do to trust entirely to an automatic device. We have
ahead of us a situation which will require some skill.
The "Journal of Commerce" in its Washington advices
April 21 reported as follows what Mr. Miller had to say
on that day:
Discussing with the committee the legislation pending before it to write
into the Federal Reserve Act definite instructions to the Board to consider
certain named factors in carrying out its program, he declared that in the
presence of the observance throughout the world of a gold standard there
would be no need for any such legislation.
The witness stated that he expects to spend a few weeks this summer in
Europe for the purpose of informing himself as to credit prospects abroad
in the re-establishment of the gold standard.
5% Loan, Mark Hi.
Amount of issue, 17,000,000 yen.
Purpose: For public works in Chosen, 15,000,000 yen; for public works
in Karafuto, 2,000,000 yen.
Price of issue, 86.50 yen.
Redemption: Non-redeemable for five years; thenceforth within 50 Years
Japan's Foreign Trade Figures Since Jan. 1 Compared
With Same Period in 1925;
The Japanese Financial Commission makes public, as
follows, the lat-st export and import figures of Japan since
r, comparison beind made with last year.
the first of the
Comparison
March (subject to cor- Comparison
with 1925.
January— 1926.
ton 1925.
rection)— 1926.
Exporta___166,186,000 Inc. 19,007,000 Exports___187,334,000 Inc. 35,745,000
Imports__ _208,253,000 Dec. 19,570,000 Imports....282.425,000 Dee.33,831,000
Import bal. 42,067,000 Dec. 38,577,000 Import bal. 95,091.000 Dec.69,576,000
April (subject to correction).
February—
April 1 to 10 (preliminary report)—
166,000
Exports__ _160,747,000 Dec. 3,844,000 Exports__ 55,725,000 Inc.
Imports__ _245.467,000 Dec.42,796,000 Imports.-- 88.090,000 Inc. 3,305,000
Import bal. 84,720,000 Dec. 38,952,000 Import bal. 32,365,000 Inc. 3,139,000
Jan. 1 to Ayr. 10 (subj.to correction)—
Import bal.254,243,000 Dec.143,966.000
Earlier figures were given in these columns March 27,
page 1700, and April 3, page 1853.
Secretary of State Kellogg Declines Invitation of
League of Nations to Participate in World Court
Meeting to Consider United States Reservations.
Through Secretary of State Kellogg the United States
has declined an invitation to participate in the meeting of
signatories of the World Court protocol to be held in Geneva
Sept. 1 to discuss American reservations to adhesion to the
Court. Secretary Kellogg, in his reply, sent by cablegram
on April 19 to Alan F. Winslow, Charge of the U.S. Legation
at Berne,for transmission to Sir Eric Drummond,SecretaryGeneral of the League, states that he does not feel that
"any useful purpose could be served by the designation of a
delegate by my Government to attend a conference" for
/14the purpose of discussing the Senate reservations to the
Court. Secretary Kellogg indicates that he is advised that
"in the invitation sent to the States other than the United
States the League has asked them to indicate to the United
States Government the difficulty of treating the American
reservations to adhesion to the protocol of the Permanent
Court by direct exchange of notes and to point out the need
for a general agreement." He further says:
These reservations are plain and unequivocal and, according to their
terms, they must be accepted by the exchange of notes between the United
States and each one of the forty-eight States signatory to the statute of
the Permanent Court before the United States can become a party and
sign the protocol. The resolution specifically provides this mode of
procedure.
I have no authority to vary this mode of procedure or to modify the
conditions and reservations or to interpret them, and I see no difficulty
May Work Hardship.
securing the assent of each signatory by direct exchange of
"I am alive to what may be an unavoidable influence there," he said, in the way of
by the Senate. . . .
"that may work some hardship to the world in the process of negotiating notes. as provided for
If the States signatory to the Permanent Court desire to confer among
the transition from disorganized currency situations, such as obtain in
States would have no objection whatever to such
France, Italy, Belgium and other countries which have not yet faced the themselves, the United
but, under the circumstances it does not seem appropriate
inevitable requirement of financial readjustment. There will be required a procedure,
United States should send a delegate to such a conference.
a very nice, discriminating judgment on the part of the central banking that the
systems of other countries." Ile added that there will have to come some
The invitation to the United States was extended to the
co-operation and some support from our own Federal Reserve System in
United States under date of March 29. On March 31
this transitional period.
He warned that the rush for gold will bring with it many troubles, history Associated Press cablegrams from Geneva, in their account
having shown that where a country has sought to establish itself on such a of the invitation said:
basis there has been great pressure to get gold and such energy devoted
The general opinion in League of Nations circles to-night was that the
to enforcing the gold standard that unintentionally and unjustly there
conference of Court members wM be held even if Washington should decide
may be worked a tightening of credit—a deflation of credit as is known here.
participate.
He outlined the efforts of Germany and other countries to place them- not to
The official invitation was sent in a letter to Secretary of State Kellogg
selves on a gold basis, and he believes that history will repeat itself, hence
by Sir Eric Drummond, Secretary-General of the League of Nations, acthis proposed visit to Europe.
ing in accordance with the decision reached by the recent session of the
"Economists, even those who are proponents of legislation bringing the
League Council.
price index into the technique of the Federal Reserve Act, will admit that
It was pointed out in Geneva to-day that.the members of the Court could
the gold standard has exhibited a remarkable degree of stability, except
reach an agreement on how to deal with the American reservations withas to long periods of circular trends," he asserted.
out the presence of an American delegation, but League officials earnestly
To Secure Stability.
expressed the hope that Washington would see a way to participate. The
"I assume that the desire to have something incorporated in the Reserve presence of American representatives, it was stated, would facilitate negotiaAct that will assure a reasonable degree of stability of prices in future is tions and probably lead to the framing of a new Court protocol, the signadue in part to the forgetfulness of what the gold standard accomplished ture of which would be satisfactory to the United States Senate.
The invitation, dated March 29 and forwarded to Washington through the
before the war, to ambitions to get an acceptable price situation reestablished during this post-war readjustment, to failure perhaps to fully American Legation at Berne. reads in part:
appreciate the rapidity with which the world is moving back in its recon"The League Council,desirous of facilitating common action by the signastruction endeavors to re-establish the gold standard and the monetary tories to the (Court) protocol in the question with regard to the adhesion of
the United States to that instrument, and after consideration of the techand credit practices associated with it.
nical aspects of the subject, has taken the decision that invitations shall be
"The gold standard means more than a legal undertaking to redeem issued to the Governments of the States actually signatories of the procredits of a nation in gold," continued the witness. "From the point of tocol and to the Government of the United States, to appoint delegations
view of the problems that we are discussing here, it is a device which acts to meet in Geneva on Sept. 1 for the purpose of discussing any questions
may be proper for them to discuss in this connection, and for the
as a regulating, governing influence which keeps the price level, the credit which itofframing any new agreement which may be found necessary to give
purpose
conditions and the currency situation in all countries of the group that have effect to the special conditions under which the United States are prepared
the gold standard in some sort of proper alignment to one another.
to adhere to the protocol.
"Under the terms of the Council's decision the invitation to the meeting
Ir"One country alone," he declared. 'cannot maintain the gold standard
is addressed to the signatory States in their capacity as such signatories
stability."
as a regulator of credit conditions and of price
is
APR. 24 1926.]
THE CHRONICLE
and to the United States of America. I have conveyed the invitation to the
Governments of the former States. I have now the honor to convey to you
the above invitation of the Council for consideration by your Government,
and to request that you will be so good as to inform me whether your
Government will find it possible to be represented at the meeting in question."
Secretary Kellogg's reply of this week follows:
Sir; I have the honor to acknowledge your communication of March 29
1926, in which you enclose an extract from the minutes of the meeting
of the Council of the League, proposing that invitations be issued to the
Governments of the States actual signatories of the protocol of the Permanent Court of International Justice, and to the Government of the United
States, to appoint delegates to meet in Geneva on Sept. 1 of the current
year for the purpose of discussing any questions which it may be proper
for them to discuss in this connection, and for the purpose of framing any
new agreement which may be found necessary to give effect to the special
conditions on which the United States is prepared to adhere to the protocol.
I further note your statement that invitations have been issued to the
various States signatory to the Protocol and you now extend an invitation
to the United States for such purpose. I am also advised that in the
invitation sent to the States other than the United States, the League has
asked them to indicate to the United States Government the difficulty of
treating the American reservations to adhesion to the Protocol of the
Permanent Court by direct exchange of notes and to point out the need
for a general agreement.
While acknowledging the courtesy of the invitation of the Legaue of
Nations to attend such a meeting. I do not feel that any useful purpose
could be served by the designation ef a delegate by my Government to attend a conference for this purpose. The Senate gave its consent to the
adherence of the United States to the statute of the Permanent Court
with certain specific conditions and reservations set forth in the resolution, which I forwarded to you as the depository of the protocol.
These reservations are plain and unequivocal and, according to their
terms, they must be accepted by the exchange of notes between the United
States and one each of the forty-eight States signatory to the statute of the
Permanent Court before the United States can become a party and sign
the protocol. The resolution specifically provided this mode of procedure.
I have no authority to vary this mode of procedure or to modify the
conditions and reservations or to interpret them, and I see no difficulty
In the way of securing the assent of each signatory by direct exchange of
notes as provided for by the Senate. It would seem to me to be a matter
of regret if the Council of the League should do anything to create the impression that there are substantial difficulties in the way of such direct
communication.
This Government does not consider that any new agreement is necessary
to give effect to the conditions and reservations on which the United States
12 prepared to adhere to the Permanent Court. The acceptance of the
reservations by all the nations signatory to the Statute of the Permanent Court constitutes such an agreement.
If any machinery is necessary to give the United States an opportunity
to participate through representatives for the election of judges, this
should naturally be considered after the reservations have been adopted
and the United States has become a party to the Statute of the Permanent
Court of International Justice. If the States signatory to the Statute of
the Permanent Court desire to confer among themselves, the United States
would have no objection whatever to such a procedure, but, under the
circumstances, it does not seem appropriate that the United States should
send a delegate to such a conference.
Accept, Sir, the renewed assurance of my highest consideration.
FRANK B. KELLOGG.
Belgium's Attitude Towards United States Reservations on World Court—Notified League of Willingness to Amend Statutes of Tribunal So as to
Permit Entry of America.
Under the above head the New York "Herald-Tribune"
published the following copyright cablegram from.Geneva,
April 20:
Belgium has notified the League of her willingness to "contemplate in
agreement with the other Court signatories" amendments to the World
Courtstatutes which would enable the United States to join the international
tribunal under the Senate reservations. Foreign Minister Vanderveld informed the League Secretariat that Washington would be notified of his
nation's position. He added that Belgium would send a delegate to the
conference on the American reservations to be held held on Sept. 1.
League officials are inclined to believe that further action will not be
considered jointly, unless the members of the Court desire to frame identical
replies to Washington which would be sent individually. If Washington
wants to make forty-eight replies to forty-eight similar questions the
League officials indicate they are not concerned.
The drive of the Asiatics for representation on the League Council
started when the Secretariat was notified by Slam and Persia that they
would present their demands before the reorganization commission, which
will meet on May 10. Siam is demanding a non-permanent seat on the
League Council on behalf of the Asiatics, while Persia wants a permanent
seat as the sole representative of the Mahomedan world.
Greece and Cuba Accept United States Reservations
to the World Court.
In a Washington dispatch, April 19, the New York
"Times" stated:
It was made known at the State Department to-day that the Greek
Government has formally notified the Department of its acceptance of the
American reservations to the World Court.
Greece is the second nation to take such a step, following the approval of
the reservations by Cuba.
2289
which rankled. All along the Council's object has been to simplify matters, while Mr. Kellogg declares blandly, "these reservations are plain
and unequivocal and according to their terms they must be accepted by
an exchange of notes between the United States and each one of the fortyeight States which signed the statute before the United States can become
a party to and sign the protocol."
Deny Conditions Are Plain.
League observers deny that the reservations are "plain and unequivocal"
unless the Americans deliberately wanted them rejected. On the other
hand, if the above statement Is Washington's last word, then the reservations are as good as rejected already and American membership in the Court
is impossible.
In the first place, it was Great Britain, admittedly the best friend of
America in Europe, that asked the Council to take up the matter after
England had found the fifth reservation unacceptable. It is not believed
that Sir Austen Chamberlain, the British Foreign Secretary, would have
brought up the question before the March meeting of the Council if legal
experts had not regarded at least two reservations as necessitating radical
changes either in the covenant of the League or the Court statute.
Mr. Kellogg's statement that "it would seem to me to be a matter of
regret if the Council should do anything to create an impression that
there are substantial difficulties in the way of direct communication" brings
a reminder that the Council acted only after ten members—all of whom are
members of the Court—were convinced that the reservations were unacceptable as framed.
According to the belief of Geneva officials, the Washington Administration was influenced by Senator McKinley's defeat in the Illinois primary,
and is seeking to bolster up Republican prestige, which is believed to be
tottering. This cannot be done, they say, at the expense of forty-eight
other nations which are members of the Court or even of the League.
Whether a conference of nations members of the Court now will be held
early in September remains to be determined by the Council at its meeting
in June.
Judge Gary at Annual Meeting of United States Steel
Corporation Reviews 25 Years' Growth—Stock
Dividend Not Possible "With Safety" at this
Time—Retirement Intimated.
The following, presented by Samuel H. Barker of Philadelphia, was unanimously adopted as an expression by the
stockholders:
Proud in our ownership of the United States Steel Corporation, greatest
the world has seen, and greater, even, in what it has done and shall do in
service of mankind, we feel, as stockholders and citizens, that our duties,
responsibilities and rights run more and more to assure its fullest usefulness
as a vital industry. It last year:
Received $928,150,000 for manufactured products sold to consumers,
Paid
456,740,000 to 249,833 employees,
Applied
205.888,000 for upkeep and benefit of properties,
Made
70.894.000 capital expenditures, with funded debt reduced
$1,775,000,
Paid
50,923,000 in taxes,
Paid
87,910,000 in interest and dividends, equal to only 4.1% on
$2,140,500,000 net assets, making value for the
$1,378,637,000 of securities.
We stockholders form a veritable army, 150,000 strong, our ranks voluntarily recruited from every class of American citizens, and as citizens we feel
a deep obligation to exert ourselves to see that laws and their application,
government and its functioning, public opinion and its force,shall be brought
into healthy harmony with the activities of this and other corporations.
Our welfare as stockholders is inseparable from the true interests of all
citizens. It is best assured by reasonable, intelligent understanding and
accord, which displaces misapprehension and hurtful prejudice, and creates
and maintains enlightened policies and constructive action making for the
common good.
The United States Steel Corporation has been in operation a quarter of a
century during which time there have been tremendous material and other
achievements.
Plant has been developed and enlarged so that it is now equal to the best
in the entire steel industry throughout the world. This makes a condition
of national, even as of private, importance in which we take pride as well as
recognize value.
Employees have been accorded liberal and enlightened consideration in
pay and in regard for their general welfare. This constitutes a real asset
to the country not less than the Corporation.
Consumers of steel have been protected against excessive prices, which,on
many occasions, they would and could have paid, by a sales policy consistently maintained, which has assured the public fair and reasonable participation in benefits which have been won by the progress of the Corporation.
This is a real contribution to the national welfare, even as it has created
for the Corporation a good will beyond money expression.
Out of earnings as retained, in effect representing capital investment in
the business of income which might have been withdrawn under a different
policy, money put into the properties exceeds the total capitalization.
This has given assured large worth to the stock.
With such broad and solid foundations, constructed in twenty-five years,
giving it physical plant of the best, binding to it in interest and loyalty a
host of employees, tying to it a great clientele of friendly customers, causing
it to stand high in public estimation, the Corporation has received the approving stamp of the highest court, and raised its asset position far above
the capitalization. Eminently is it for the common good that all this shall
be zealously preserved and perpetuated, so that still more shall be realized.
To such end employees and owners of the United States Steel Corporation,
consumers of steel, and the American public can well join in common
Purpose.
The dividend policy of the United States Steel Corporation
was alluded to by the Chairman of the Board, Judge Elbert
H. Gary', at the annual meeting of the Corporation, held in
League Vexed at Latest United States Stand on Court. Hoboken on April 19, at which time, too, he intimated his
A cablegram from Geneva April 19 (copyright) is taken early retirement, when he said:
While we are all strong and vigorous to-day, yet we know that in the
as follows from the New York "Herald Tribune":
natural course of events it will probably soon be time for
some of us to say
The refusal of the United States to send delegates to Geneva to explain "good-by." But, whatever happens, be assured we have carefully built up
the meaning of some of the Senate's reservations to its ratification of the an organization and established plants which will insure protection and
World Court protocol has left a decidedly bad taste in the mouths of the advancement to the interests of the stockholders of the Corporation, and
League of Nations officials here, one of whom summed up the situation to- this without detriment to the public welfare.
night with the phrase, "After Tchitcherin—Kellogg."
In indicating that the issuance of additional common stock
I. It was not the refusal of the Americans to come to Geneva as much as
the tone in which Secretary of State Kellogg worded the communication as a stock dividend "cannot be done with safety at the present
2290
THE CHRONICLE
time," Judge Gary referred to letters received by the Corporation asking for an increase in the common stock dividends. While declining to "hold out any promises for the
future without the most careful study and consideration,"
he stated that "the time may come when it would be legal,
just and proper toward all interests, and safe to the cash
requirements of the Steel Corporation . . . to issue additional common stock . . .as a stock dividend" but "it
should not be done without painstaking and conscientious
consideration." Stating that the meeting was enlivened by
an attack on the Corporation's dividend policy and by a
pointed criticism of the management for its alleged inactivity
in the important field of research and for its failure properly
to advertise the Corporation's products, the New York
"Herald Tribune" stated:
Chicagoan Criticizes Management.
E. Royce Armstrong, of Chicago, who leveled the latter of these attacks
on the management, began his address by saying he felt the Corporation
was not doing sufficient research work to find new uses for iron and steel
and to refine the processes of production. He cited particularly the need.
as he saw it, of a process for the elimination of the rust problem, and he suggested that the Steel Corporation was standing still while other organizations
were forging ahead to bigger earnings and dividends.
"Here," Mr. Armstrong continued, "is the largest concern on the face
of the globe. We make a simply staggering variety of products under an
equally staggering variety of trademarks and of really sterling values. In
fact, I am quite convinced we really give the const.mer much more for I is
money than most of our competitors. And yet, if you were to drag 91 %
of the people of this great country we call America into a hall and ask tin m
what they know of the United States Steel Corporation all you would get
out of them Is the fact that it is the largest concern in the world, that It
makes steel and that they think it is a well managed and well liked concern."
Gary Flushes Under Attack.
While Mr. Armstrong was speaking Judge Gary continued to smile, but
his naturally florid face seemed to take on a deeper tinge. He leaned over
and spoke to ex-Governor Nathan L. Miller, general counsel of the Steel
Corporation, who replied. Both smiled expansively.
Judge Gary assured Mr. Armstrong, after he had concluded his remarks.
that the Steel Corporation does a great deal of research work. He asked
Mr. Armstrong whether he was a member of the Iron and Steel Institute,
and upon receiving a negative reply proceeded to tell him of the research
efforts of that organization. Mr. Armstrong's remarks were listened to
attentively by the 150 or more persons present, but there was no indication
of the sentiment of the gathering. Judge Gary asked him to leave a copy
of his suggestions with the management.
The most exciting feature of the meeting came when Thorne Baker, representing 100 shares of United States Steel common stock, objected to the
motion to ratify "all acts" of the board of directors since April 20, 1925.
He based his objection specifically on the appropriation of 125.000,000 out
of 1925 net profits for improvements or betterments to plants or properties.
He contended that the Corporation has no necessity to use current earnings
to finance plant improvement and that if the $25,000,000 had not been set
aside for this purpose dividends of $10 a share on the common stock could
have been paid.
Mr. Baker cited figures by which he sought to show that, so far as money
value is concerned, steel stockholders are receiving less now than in 1913.
In substantiation of his plea for larger dividends, Mr. Baker called attention to the fact that while for the past two years the stockholders have
been receiving $7a year dividends, as against $5 in 1913, average purchasing
power of the 1925 dollar with 1913 dollar is 62.8 cents. "So the stockholder's $7 dividend is worth in pre-war purchasing power $4.40, against $5
in 1913. In other words, the stockholders of this company with this huge
surplus and 13% annual earnings are receiving h% less per annum in real
money than they were in 1913, when the surplus was only $206,000,000,
against 8760,000.000 to-day.
"Average holding of Steel common is probably around fifty shares," he
said. "It is charged that the large holders of Steel common stock are
those supporting the ultra-conservative policy of this company, preferring
that the money be reinvested rather than be distributed as dividends,
thereby adding to the surtax of their income tax returns. If this is proved.
and the small stockholders are in a majority, as they undoubtedly are, it
behooves them to organize and collect proxies to elect a board friendly to
larger dividends unless the present board sees fit to pass favorably on this
direction for an increased dividend."
The stockholders voted unanimously to approve the acts and policies of
the management.
From the New York "Journal of Commerce" of April 20
we take the following:
After the meeting of the United States Steel Corporation yesterday there
was an evident undercurrent of feeling among stockholders that Judge Gary
had prepared the way for his retirement, says the Associated Press. When
the twenty-fifth anniversary of the founding of the Steel Corporation was
celebrated in February, the names of Myron C. Taylor, a director, and of
Nathan L. Miller, general counsel of the Corporation, were prominently
mentioned as successors to Mr. Gary if he relinquished the chairmanship.
In the face of keen disappointment on the part of several stockholders
over the failure to receive a "silver dividend," and scattered opposition from
others who objected to its conservative policies, Mr. Gary received a remarkable personal tribute. The formal resolution ratifying the past year's
action of the management and directors was unianimously approved by
the vote of 1,797,282 preferred shares and 2,829.923 common shares represented at the meeting.
The following are the remarks of Judge Gary at the
meeting:
By numerous recent publications in the principal newspapers and magazines throughout the country, the growth
and magnitude of the United States Steel Corporation have
been exhibited to those who are interested and take pains to
ascertain the facts. A comprehensive, though brief, reference will suffice at this time. Comparisons between April
1 1901, the date of its birth, and the end of 1925 will answer
our present purpose:
COMPARISONS.
Capital stock—
United States Steel common
United States Steel preferred
Subsidiary companies' stocks outstanding
Total stock
Bonds, mortgages and purchase obligations—
United States Steel bonds
Subsidiary company bonds
Mortgages
Purchase money obligations
Total
o L. 1
April 11901. Dec. 31 192.5.
1508.227,394 $508,302,500
510,205,743 380,281,100
573,719
535.407
1,018,968,544
869,157,319
$303,450,000 1350,926,000
59,091.657 157,895,900
657,678
4.109.400
17,762,622
6384,413,679 $509,479,578
Total capital stock and capital debt
Capacities—
Pig iron
Ingots
Finished products for sale
Working capital (net)
$1,403,382,223$1,378,636.897
Tons.
Tons.
18,940,000
7.404,000
22.750,000
9,430,000
18,252,000
7,923,000
$134,224,089 8444,251,459
For the
For the
Year 1902.
Year 1925.
Aggregate gross business
$560,510,479$1,406,505,195
Annual taxes
50,923,191
2,391,485
Number of employees
249,833
168,127
Average annual earnings per employee
$1.828
$717
Annual total pay-roll
120,528,343 458.740,355
For 2454 Years.
Gross expenditures for additions, extensions and
$1,359,498,100
I.ixed property cost of new companies acquired Improvements
90,001,401
Gross addition to the capital investment account
$1,449,499,501
Number of stockholders—
Mardi 1902, Dec. 311925.
Preferred
75,493
25,298
Common
17,723
90,857
In connection with the few figures here given should be carefully considered the printed annual report of 1925, and likewise the printed statements
of facts, figures and list of officers, prepared in the office of your Comptroller, and entitled "A Brief Survey of tho Past Twenty-five Years," now
lying on the table in front of the stockholders. The results of this greatest
industrial organization have not been reached by chance, nor by
original
in\ estment, nor by any special privileges.
Of the first essential to these accomplishments may be mentioned the
producing plants, the transportation means and the selling or utilization
facilities. But all this would be of little practical value except for the
great number of men and women, skilled and unskilled, in the field of
effort, directed, led and assisted by officers of highest intelligence, loyalty
and determination, ranking from foremen up and through superintendents,
managers, vice-presidents and presidents, and their boards of directors
and committees. I refer to our subsidiary companies.
As you well know, the general principles and policies and the finances of
this immense organization have been under the control or advice and regulation of the Steel Corporation, the owner of the stocks of the subsidiary
companies, whose officers are directly responsible to its stockholders; but
it is this army of industrialists who are in the field who bear the brunt of
the contest for fair and legitimate attainment and business success, and
therefore are entitled to the attention and to the commendation of our stockholaers, that will just at this moment be specially referred to.
These men and women, more largely the former, immediately connected
with our subsidiary companies, make up the major part of our huge organization, which we may say with a sense of pride and satisfaction compares
favorably with any other organization of its kind in the whole world.
For intelligence, seriousness, loyalty, honesty, judgment, discretion,
energy, moral instincts and practices the organizations of our various
subsiniaries, considered separately, or as a whole, it is believed are not
surpassed anywhere; and they are most entitled to credit and praise for the
progressive, economical administration and management of the properties
represented by the securities of the United States Steel Corporation. If
they were the last utterances of your Chairman concerning the affairs of
the Corporation, he would, in behalf of the holders of the securities of the
United States Steel Corporation, express to its subsidiaries and their officers
and employees words of cordial thanks and grateful appreciation for their
high-toned, thoughtful and successful work pertaining to the operation of
the properties in their care. May they never have cause to regret their
association with us or any of us. May none of US ever intentionally do or
say anything to bring reproach upon the United States Steel Corporation.
The printed paper already referred to and offered for your perusal will
furnish the names of the higher officials of each of the subsidiary companies.
Many,perhaps most of them, you know by reputation at least. As to those
you are well acquainted with, you will endorse what has been said of them,
and would, if opportunity was offered, add much in their praise. Please
examine carefully this exhibit. Two of the Presidents of subsidiary companies, Mr. Buffington and Mr. Palmer, who have been Presidents of their
respective companies from the beginning of the Corporation, more than
twenty-five years, were added to the directorate of the Steel Corporation
four years ago.
There are two new members elected to the directorate of the Steel Corporation who have also been added to the finance committeeliJudge Nathan
L. Miller, who was formerly one of the Judges of the Court of Appeals of
New York, the highest court of the State, and later Governor of this great
State. He is, as you know, one of the leading and most distinguished
lawyers of the Bar of this country. Governor Miller is likewise General
Counsel of our whole organization. He is an able, experienced business
man. Also Mr. Myron C. Taylor, a practising lawyer and a very SUCCeSSPul business man, especially connected with the cotton industry, and also
with many other lines. We think these two add very much to the strength
of our organization. Other members of our finance committee are Mr.
J. P. Morgan,leading world banker; Mr. George F. Baker, the dean of the
world bankers in America, and Mr. Percival Roberts Jr., who I believe
and have heretofore testified in court is one of the ablest all-around steel
experts in this country. To the names of members of the finance committee
should be added Mr. J. A. Farrell, our President; Mr. W. J. Filbert, our
Comptroller, and your Chairman.
We now have six members of the board of directors and four members
of our finance committee who are employees in our companies. This is
mentioned simply because it is frequently urged by writers or public speakers
that employees should have a voice in the management of the Steel Corporation. In making selections naturally the experience and capability
of the appointees is of high consideration.
As you are aware, our finance committee meets regularly once each week
and frequently at special sessions between. They give close and careful
attention to all questions that come before them, and they are numerous,
most important and often complicated. I have never known any business
body to give more studious or more Intelligent consideration to the affairs
of a large concern than does our finance committee. Their reports In writing
are regularly submitted to the board of directors at each of their meetings
for approval or otherwise. If our board of directors and our finance committee are competent, honest and diligent in protecting and advancing the
interests of-the security holders of the Corporation, as I assert and insist,
then every security holder has reason to feel he is in all respects safeguarded
in his investments.
APR. 24 1926.]
THE CHRONICLE
2291
big additional dividends if and when the same could properly be done.
Very seldom, certainly not for many years, has there been a dissenting
the future without the most
havet
tderstood. Neither would we hold out any promises for
vote in our finance committee after questions have been clearlyli m
,he right to careful study and consideration.
fully discussed and finally determined. Gentlemen, you
the time may come'when it would be legal, just and
However, I may say
inquire or to express doubts, but please do not decide in your mind that either
certain proper toward all interests, and safe to the cash requirements of the Steel
of our boards is wrong in any conclusion unless and until you feel
stock as a stock dividend to the
are more competent Corporation, to Issue additional common
you know all the facts and reasons, and believe you
the common shareholders against a part of the new improvements heretofore
to decide than are our official bodies. Remember, we stand not for
expenditures. Of course, if this were done it would add
to capital
protection or benefit to individuals or single interests, but rather to the charged
to the amount of cash dividends on common stock if and when declared,
whole body of security holders, including the investors, men, women and
and might possibly, in times of depression, interrupt their continuity. It
children and estates.
should not be done without painstaking and conscientious consideration.
Naturally the question of dividends has been reached in these brief
cannot be done with safety at the present time. Our need for large
references. Frankly, there have been a few letters, especially since the last It
liquid assets is great. We must be prepared for emergencies. Business
Wall Street flurry, asking for an increase in the common stock dividends. fluctuates. Selling prices are uncertain. Competition and fairness to
They are not from large stockholders, though of course the smaller holders customers require the best and latest improvements in facilities and methods.
the
are entitled to the same consideration as larger ones. It is believed
Machinery wears out rapidly, and new and better designs compel replaceletters are not from what would be called investors, with perhaps two or
ments and substitutions. Our Corporation must be and remain in the front
three exceptions. As an illustration, let us state a hypothetical case:
ranks of progressive and prosperous manufacturers. We believe thoroughly
One wrote twice insisting upon an increase. He signed his name, which
in strictest economy, but not false economy.
is not ordinary in letters of this kind. Examination of the records shows
Examine for yourselves the plants, properties, equipment and managethat within a few months he was in and out and in again; that is. bought and
ment. You will still find some plants, though we believe they are now exsold and bought again approximately the same amount of common stock.
ceptional, that will soon have to be demolished and new, better ones subHe has been following this practice for years, gradually increasing the
but you will find many of the best to be seen anywhere in the
amounts. At present he holds shares of common stock. It is doubtful stituted,
Go to Pittsburgh and examine the Homestead Works, where we
he is an investor, so-called, but rather what would be called a specu- world.
that
expending $25,000.000 to replace the old works. Go to Clairton, where
lator, as he has a right to be. Naturally he would like to have an extra are
25,000,000 in constructing an extension to the By-product
dividend declared in order to dispose of his stock at a profit, after which we are spendingreplace obsolete, high cost and wasteful bee-hive ovens.
Coke Plant to
it may be presumed he would again repurchase, if something happened
to Gary or to Birmingham, to Worcester or Waukegan. to Youngstown,
to depress the market. Such reasons alone do not appeal to the judgment Go
to Cleveland, or Lorain. Visit our mines, coal or iron. You will be surof a bona fide investor.
prised and delighted. Witness our ships and railroads. See our means
However, the great majority of letters received are commendatory, most
and measures for economies in production and for safety in operation]
of them saying in substance they are of the opinion the Finance Committee Look for yourselves at what we have done and are doing to protect the prop.
Is better prepared to properly decide what is for the best interests of the Cor- mites and business of the Corporation. And with all this ascertain the
poration, than those who are less informed. Moreover, in view of the fact moral tone that pervades the atmosphere at every plant. Inquire of the
that unconditional proxies representing from 52% to 70%, or more, of all best citizens surrounding our properties and learn especially what is being
the outstanding stock, have been sent in to the same committee year after done to safeguard the health and promote the happiness and contentment
year for many years, including the present year, it is reasonable to suppose of the workmen and their families, thereby securing harmony of feeling and
a majority or more of the stockholders approve the attitude of the present loyal, effective work.
management. Naturally, the present boards would like always to please
We do not boast nor defy nor intentionally antagonize; but we claim to
every single stockholder, but this is sometimes impossible. The Boards be and to have been for the last twenty-five years, studious, conservative,
larger dividends declared whenever circumstances permit.
would like to have
progressive, diligent and economical in the management of the stupendous
In this connection there are many things to be considered which may be affairs placed in our charge. And we are grateful for the confidence which
by a few. They read of a surplus of, we will say, $490,000.000, has been given to us. While we are all strong and vigorous to-day, yet we
overlooked
or perhaps a little more, and assume this is all cash, or assets quickly con- know that in the natural course of events, it will probably soon be time for
vertible into cash,like the surplus of a bank. They seem to forget that only some of us to say "Good-by." But, whatever happens, be assured we have
the smaller part is available cash; that the larger part is in inventories of carefully built up an organization and established plants which will insure
raw materials like iron ore, coal, coke, stone and other supplies, semi- protection and advancement to the interests of the stockholders of the
finished and finished material sold or unsold, unfinished buildings or other Corporation, and this without detriment to the public welfare.
structures; receivables in course of collection; cash held in banks to meet
Business Outlook
maturing obligations, including purchases made but not delivered, such as
We are at present booking about 28,500 tons of steel per day, compared
cars, engines, ships, machinery, equipment of various kinds, &c., &c., and,
finally that a large part, if not the larger part, of the surplus has been per- with 35,361 tons at same date last month,and 17,179 at same date last year.
We are shipping 48,141 tons per day against 51,142 tons at same date last
manently invested in plants and properties.
It is not uncommon for the accounting department and the treasury month, and 46,956 tons same date last year. Our total finishing capacity
department to sound a note of warning as to the possible need of securing at present is about 52,000 tons per day.
These figures, in brief, tell the story of our business. Considering the
more cash to meet immediate future necessities. Sometimes the Finance
Committee, in comparing budgets with cash resources, are considerably backwardness of the season, we should be well satisfied. We look forward
to build with courage and confidence.
apprehensive. It costs now about two and one-half times as much
or buy anything in our line as it did a few years since. The depreciation
The following is from the "Herald-Tribune":
allowances established on basis of values when costs were lower do not now
On December 31 1925 there were 149,649 registered stockholders in the
provide for rebuilding as they used to do;and we are compelled to rebuild, at
Corporation, of which number 16,701 held both preferred and common.
a much higher investment cost, many new plants and facilities, and acquire
number of registered holders of preferred stock was 75,493 and the
to take the places of those that have become obsolescent, The
new property,
of registered holders of common stock 90.857. There were 1,197.because worn out or behind present standards or have been exhausted. number
shares of preferred and 2.829,823 shares of common represented by
And in the course of transmission of funds to meet the requirements of the 282
proxies in the hands of the management at the annual meeting yesterday.
present volume of business, which is more than double the amount needed
present in person or by other proxy added 550 shares of preis locked up a good deal of the time. Stockholders
a few years since, much of this money
ferred and 6,022 shares of common. Nearly 200 stockholders were present.
and to keep manufacturing
To do a business of $1,400,000,000 per annum,
Discussing current business conditions, Judge Gary pointed out that the
plants, which wear out rapidly, up to modern practice and necessity, and Steel Corporation is at present booking about 28.500 tons of steel a day.
to extend at places where competition is seeking to get business which as compared with 35,361 tons at the like date last month and 17.179 at the
naturally would come to us, and especially where modern practice compels like date last year.
larger units and often entirely new designs, needs much more money than
The list of steel stockholders is impressive. President Coolidge is listed
those who do not know the facts would suppose. In short, one not thor- as the owenr of fifty shares of common. George F. Baker holds 57,950
oughly familiar with all the details, who Is not in daily contact with the shares of common and 500 shares of preferred; Nathan L.Miller, 50 shares
affairs of the Corporation, cannot possibly be competent to accurately and of common; William J. Filbert, 1,904 shares of preferred and 1,134 shares
of
wisely judge as to the amount of money needed in a business like ours.
of common; James A. Farrell, 4,950 shares of preferred and 539 shares
We are not seeking to unduly extend our activities or to increase our common; Elbert H. Gary, 1,929 shares of preferred and 1,282 shares of
endeavoring common; J. P. Morgan, 901 shares of common; E. H. Gary and F. M.
fair percentage of the trade. Quite the contrary. But we are
to modernize and strengthen our existing plants; to maintain our proper Waterman, 2,697 shares of preferred and 155,263 shares of common;Emma
position in the iron and steel industry. During the past twelve years, since T. Gary, 3,774 shares of preferred and 21 shares of common; J. P. Morgan
January 1 1914,our steel ingot and casting capacity has increased by 19.7%, & Co., 123 shares of preferred; J. P. Morgan, Percifval Roberts, Jr., and
while that of all our competitors has increased 68%. As a result we now Nathan L. Miller, as profit-sharing committee, 25.213 shares of common;
have about 40% of the productive capacity of the country compared with Cleveland H. Dodge. 6,000 shares of preferred; Hayden. Stone & Co., 113
47.9% at close of 1913, equal to a loss of 7.9% of the entire capacity of the shares of preferred and 9,218 shares of common; Hornblower & Weeks, 872
country. This is not right nor fair to our stockholders. In order to prop- shares preferred and 23,472 shares of common; Harry E. Minnford, 1,431
erly take care of our natural and legitimate customers, and to protect our shares of preferred and 3,250 shares of common; Sir Frederick Duncan,
stockholders generally, we must expend large SU= from year to year. For 1,200 shares of preferred and Lady Allen Duncan. 1,800 shares of preferred.
one, I wish we could reasonably expend less to keep our properties and busiA profit-sharing committee, representing the employees, has increased
ness in good condition, but we cannot. Personally I would like to see larger Its holdings in the year to 25.213 shares of common stock, it was announced.
dividends, if practicable and proper, but what have personal or individual The committee is composed of J. P. Morgan, Percival Roberts, Jr., and
interests to do with our subject, unless the whole body of stockholders is Nathan L. Miller.
at the same time protected.
You perhaps recently have read an article, ably composed, which intimates our competitors are complaining because the Steel Corporation is Notice of Federal Reserve Bank of New York Regarding
spending liberally in improving its plants for the purpose of reducing costs,
Observance of Daylight Saving Time.
and that this compels them to do likewise. Well,if we could have our way,
The following notice has been issued by the Federal
and were covetous or unreasonably selfish, we would perhaps oppose all
our competitors spending any money to improve their properties or business, Reserve Bank of New York regarding the observance of
for then more business would be left for us. If our competitors would and
time by the Reserve Bank and Clearing
could successfully act similarly towards us it would not be very long before daylight saving
we would be driven out of business in this country and abroad, for in both House in New York and in Buffalo:
places our competitors are spending all the money for these purposes they
FEDERAL RESERVE BANK OF NEW YORK
can secure. Business is often aggressive. In defense of our Corporation
[Circular No. 721, April 19 1926]
and its stockholders, including all of us in this room, we must take care
Opening and Closing Time for Business to Be Advanced
of our business interests. Neither our competitors nor the small specu- Daylight Saving
One Hour.
lators will do it for us. We wish for success to competitors and all others.
Companies, Savings Banks and Bankers in the Second
We would not intentionally wrong them, nor would we let anyone purposely To all Banks, Trust
District:
Federal Reserve
wrong us if we could legitimately prevent it.
During the period beginning Monday,Apr1126 1926,and ending Saturday,
It Is well known that we stand for conciliation and co-operation. We
and close for business in accordance with
generously fair always to everyone. We advocate stability; Sept. 25 1926, this bank will open
believe in being
in New York City and in the City of Buffalo, which will be
but we cannot sacrifice the best interests of the Steel Corporation and its local time
at two o'clock on Sunday morning, April 25 1926.
one hour
large body of stockholders, including about 47,000 of our own employees, advanced
Clearings at the New York Clearing House will take place during the same
simply to advance the interests of our competitors. •
which will be the equivalent of9 a. m.
voluntarily or unnecessarily hurt the feelings of any stock- period at 10 o'clock a. m.,local time,
We would not
Standard Time.
holder of the Corporation, nor say anything against declaring and distribut- Eastern
2292
THE CHRONICLE
(VOL. 121
P Clearings at the Buffalo Clearing House wiletake place during the same
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 9:1.5 a.in. Eastern
Standard Time, respectively.
Very truly yours,
BENJ. STRONG, Governor.
ney Banton's staff. Joseph Cohn is an attorney and has
long been a resident of the Chelsea district where the bank
is located. Wm. F. Donnelly is a realtor, and is also a
member of the board of directors of the new Cornish Arms
Hotel. J. W. Miller is the Assistant Cashier of the Century
Notice of Federal Reserve Bank of Chicago on Obser- Bank, and was formerly associated with the New York Federal Reserve Bank. Professor Michael I. Pupin, scientist
vance of Daylight Saving Time.
and electrical expert, who has been President since the orThe following announcement is made by the Federal ganization
of the bank, resigned. He will, however, remain
Reserve Bank of Chicago:
as a member of the board of directors. He stated that a
The Daylight Savings Ordinance in Chicago will again become effective
on April 25, and In compliance therewith Chicago Banks will advance contemplated trip around the world made the acceptance
their clocks one hour for the period April 25 to Sept. 26 1928.
of his resignation imperative. B. I. Rankovie, ViceThere will be no change in banking hours, which are from 9 a. in. to
President of the bank, was elected to the Presidency. He
2 p. in., daily, except Saturday, when they are from 9 a. in. to 12 in.
is a publisher and President of the Belgrave Press. The
New Haven and Central New England Roads to Conform other directors are Mrs. Helen Hartley Jenkins, D. B. Trip
and Charles Vorisek. The bank has recently moved into
to Daylight Savings Time.
its new quarters at 338 West 23d Street.
Effective 2.00 a. m. Sunday, April 25th, and continuing
until 2.00 a. m. Sunday, September 26th, 1926, the train
The Fifth Avenue office of the Farmers' Loan & Trust Co.,
schedules of The New York, New Haven and Hartford temporarily located at Nos. 9-11 East 38th St., will move
Railroad and Central New England Rairway will be changed into the new Farmers' Loan & Trust Co. Building at 41st
to conform to the Daylight Saving Law, State of Mass- St. and Fifth Ave. on May 3 next. This structure with
achusetts, and Daylight Saving Ordinances of the City of the company's offices and vaults will again be located where
"New York and other cities through which they operate. 20 years ago the Farmers' Loan & Trust Co. established the
A joint announcement by the roads April 9, says:
first uptown office of a downtown trust company. The new
Effective during the period of Daylight Saving, the hours of all offices. office is described
as having been equipped and planned to
including freight offices, shops, storehouses, and other departments will
be set ahead one hour. In other words, offices now opening at 8.30 a. in. satisfy the most exacting requirements, no detail that will
and closing at 5.30 p. m. will open at 7.30 a. m. and close at 4.30 O• 111- contribute to ease in the transaction of
the customers' busiEastern Standard Time.
ness having been overlooked. The new vaults will be not
The New York Central has posted similar notices.
only the maximum of safety but of ventilation and comfort
as well.
Daylight Savings Time In Effect in France.
A. Roland Harriman has been elected a director of the
Summer Time or Daylight Saving Time, went into effect
throughout France at midnight April 17; Paris Associated Farmers Loan & Trust Co.
Press cablegrams in reporting this, make the following
Charles A.Hergnueter Jr.,formerly Manager of Bloomingobservation:
The weather, however, was far from summery or even Springlike, for dale Bros., bankers, of this city, has been appointed Assistant
from all parts of the country came reports of abnormally cold weather for Cashier of the Hamilton National Bank
of New York.
this time of year.
The stockholders of the New York Title & Mortgage Co.
Daylight Saving Time In Effect In Spain.
and United States Title Guaranty Co. on April 22 ratified
In Spain Daylight Saving Time became effective at the merger of the two companies proposed by their boards of
midnight, April 17. It will continue in effect until Oct. 15. directors. The new company, under the name of the
New York Title & Mortgage Co., will have capital funds of
New Jersey Tax Law—Non-Resident Estates Will Not over $30,000,000. The change effected by the
merger will
Be Levied on Stock of State Corporations—Effecbe the increased activities in Long Island and Brooklyn,
tive July 1.
where the United States Title Guaranty Co. has been most
The following is from the "Wall Street Journal" of April 14: active. A statement issued in the matter, April 23, says:
Inheritance tax complexities have received another smoothing out by the
action of the New Jersey Legislature in passing a law to relieve non-resident
estatesfrom paying inheritance tax on the stock of New Jersey corporations.
The new Act (Chap. 294, L. 1926) has been signed by Governor Moore,
and becomes effective on July 1. After that date no waiver will be required
to transfer stock of New Jersey corporations "standing in the name of or
belonging to a non-resident decedent who dies after July 11926." nor shall
It be necessary to give notice to the State Comptroller of such intended
transfer.
Delaware never has exacted a tax on estates of non-residents decedents
owning stock in a Delaware corporation. Florida is bidding for incorporations by exacting no inheritance tax whatever. New Jersey corporations
have been increasingly handicapped in the market by the knowledge among
investors that inheritance taxes follow such stock wherever it is held. So
New Jersey, once the "mother of corporations," has made at least a tentative bid for restoration to favor.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
The New York Stock Exchange membership of Clifford
Lloyd was reported posted for transfer this week to FraAk A.
Vachio, the consideration being slated as $135,000. The last
preceding sale was for $133,000. Two other memberships
were reported sold each for a nominal figure—that of James
F. D. Lanier to Reginald B. Lanier and that of Howard F.
Whitney to Hurlbert C. Elmore.
Francis H. Sisson, Vice-Pres- ident of the Guaranty Trust
H.
Co., left for Jaeksonville, Florida on April 22 to address the
Florida Bankers Association on the work of organizing and
building a Trust Department. Mr. Sisson will also attend
the convertion of the Reserve City Bankers to be held at
Atlanta April 28th, and the Spring Meeting of the Executive Council of the American Bankers Association in Pinehurst on May 3rd.
At a recent meeting of th- e directors of the Guaranty
Bank of New York four additional directors were elected,
permission for the increase having been granted by State
Banking Department. The new directors are Wm. L.
Kavanagh,Joseph Cohn,Win.F. Donnelly and J. W.Miller.
Wm. L. Kavanagh is the Democratic leader in the Third
Assembly District, and is the C,hief Clerk on District Attor-
Before the plan was submitted a sufficient number of stockholders had
signified their willingness to the merger to make ratification sure. No controversy arose in the New York Title & Mortgage Co. ranks. There were,
however, objections raised by a group of U. S. Title Guaranty stockholders
at Riverhead, who questioned the arrangement by which holders of their
company's stock were to receive two shares of N. Y. Title & Mortgage Co.
stock for every three of the Brooklyn company, and an additional 5% stock
dividend of the N. Y. Title & Mortgage Co. stock.11
Their contention was that sufficient weight had not been given to unenumerated assets of the U.S. Title Guaranty Co. It was shown, however,
that these were more than offset by similar unenumerated assets of the New
York Title & Mortgage Co.
At the meeting yesterday afternoon President Charles E. Covert explained
to his stockholders that the merger would be valuable to them. At the conclusion of the remarks the (assenting stockholders withdrew their objections
and the vote was made practically unanimous.
At a meeting on April 20 of the board of directors of the
New York Title & Mortgage Co., William H. McNeal was
elected Vice-President. Mr. McNeal was formerly VicePresident of the Waddell Investment Co. of Kansas City,
Mo. In November 1923 he assumed charge of the National
Title Insurance Department of the New York Title & Mortgage Co. Under his direction national title insurance
service has rapidly expanded throughout the country.
The joint committee of the National City Bank of New
York and the Peoples Trust Co. of Brooklyn has completed
its appraisal of assets in connection with the purchase of the
stock of the Peoples Trust Co. by the National City Company, and has fixed the amount payable for this stock at
$845, which is $10 above the basic price named in the original
offer. On April 5 $750 was paid to shareholders on each
share, and the balance of $95 will be paid to-day (April 24),
at the National City Bank of New York, 55 Wall Street,
depositary, upon surrender of the deposit receipts. The
National City Bank reports that of the 20,000 shares of Peoples Trust Co. stock outstanding, all but 300 shares have
either been accepted under the purchase agreement or arrangements made for deposit. The National City Company
will continue to accept the outstanding shares up to May 1
1926. Reference to the plans for the purchase of the Peoples
Trust Co. by the National City Bank has heretofore been
APR. 24 1926.]
THE CHRONICLE
2293
made in these columns as follows: March 6, page 1264; father-in-law, Samuel M. Vauclain, President of the Baldwin Locomotive Works, in London or Paris and will proceed
March 13, page 1410, and April 10, page 1998.
with him to various Russian centres, including Leningrad
Col. Henry Rogers Winthrop was re-elected President of
and Moscow. Mr. Vauclain's company conducted an active
the Association of Stock Excht.nge Firms at its annual
business with various Russian railroads before the revolumeeting held on Friday night, April 16, at the Hotel Astor.
tion in that country, but it is understood that his present
Other officers elected for the ensuing year were:
trip does not imply any impending transactions. It is stated
-Edward Allen Pierce.
Vice-President
that he, like Mr. Hamilton, is visiting Russia merely to
-Jules S. Bache.
Treasurer
Secretary-Frederick F. Lyden.
look over the general field.
-Edwin M. Chapman, Chauncey P.
Governors for term expiring 1929
Colwell, Herbert I. Foster, John W. Hanes and Charles A. Morse.
-Joseph L. Lilienthal.
Governor for term expiring 1927
The Nominating Committee for 1926 consists of:
Edward E. B. Adams, Chairman, of E. F. Hutton to Co.
Sailing W. Baruch, of Sailing W. Baruch & Co.
Timothy J. Brosnahan, of Thomson & McKinnon.
Neilson,
Edward L. Burrill Jr., of Neilson Burrill & Babcock.
Jay E. Eddy, of J. H. Holmes &
At the meeting of the Board of Trustees of the Title Guarantee & Trust Co. held April 20, V. Event Macy was elected
a Trustee of the company of the class expiring 1927.
The Lebanon National Bank of New York increased its
capital from $250,000 to $500,000, effective April 10. The
stockholders ratified the plans at a meeting held on Dec. 10.
The speakers were Mayor Walker, United States Senator Reference to the proposal to enlarge the capital was made
Lenroot, former Senator Calder and Attorney-General Ot- In our issue of Dec. 5, page
2711.
tinger of New York.
The Corn Exchange Bank has opened a new branch at
The list of officers of the consolidated Chase National 65th Street and Broadway, which will be known as the LinBank was made public on April 17. It shows some inter- coln Square branch.
esting changes in the official personnel of the bank. Albert
H. Wiggin, who has been doing double duty as Chairman of
James P. Kelly has been elected President of the new
the board of directors and President of the Chase National Brooklyn banking institution which will be established unBank, becomes the senior executive of the consolidated in- der the name of the Nostrand Bank of Brooklyn. The other
stitution with the title of Chairman of the board of direc- officers elected are: Philip J. Termini and William F.
tors. Gates W. McGarrah, formerly Chairman of the board Heide, Vice-Presidents, and William S. Germain, Viceof directors of the Mechanics & Metals National Bank, be- President and Cashier. The bank has been organized with
comes Chairman of the Executive Committee of the con- a capital of $200,000 and a surplus of $50,000. The institusolidated bank, and John McHugh, formerly President of tion will be located at Avenue U and East 15th Street, and
the Mechanics & Metals, becomes the new President. Rob- will commence business about May 15.
ert L. Clarkson, who last summer resigned as Vice-PresiLloyds Bank Limited of London announces that the
dent of the Chase Securities Corporation to become Assistant to the President of the Chase National Bank, now be- certificates of the new B shares of 21 each, fully paid, have
comes Vice-Chairman of the board of directors. Frank 0. now been posted to the shareholders.
Roe, Harry H. Pond, Samuel S. Campbell, William E. Lake
COURSE OF BANK CLEARINGS.
and M. G. B. Whelpley, formerly Vice-Presidents of the
Mechanics & Metals National Bank, become Vice-Presidents
Bank clearings the present week will show a satisfactory
of the consolidated institution. William P. Holly, who increase as compared with the corresponding week last year.
joined the bank in 1901 and was made Assistant Cashier in Preliminary figures compiled by us, based upon telegraphic
1915 and Cashier in 1921, has been elected Vice-President advices from the chief cities of the country, indicate that for
and Cashier. All former Assistant Vice-Presidents of the the week ending to-day (Saturday, April 24) bank exchanges
Chase National Bank become Second Vice-Presidents of the for all the cities of the United States from which it is possible
consolidated institution, and the title of Assistant Vice- to obtain weekly returns will aggregate 11.6% more than
President is dropped as an official designation. Alexander in the corresponding week last year. The total stands at
S. Webb, Frederick W. Gehle and George W. Simmons of the $10,041,703,967, against $9,005,449,746 for the same week
Mechanics & Metals National Bank, and Arthur M. Aiken, in 1925.. At this centre there is an increase for the five days
formerly Cashier of that bank, become Second Vice-Presi- of 10.3%. Our comparative summary for the week is as
dents. Ernest W. Davenport, Clifton Stanton, Robert J. follows:
Kiesling, Alexander F. Bryan, George W. Dusenbury, SamClearings-Returns by Telegraph.
Per
uel S. Towne and Harry B. Churchill, formerly Assistant
1926.
1925.
Week Ended April 23.
Cent.
Cashiers of the Mechanics & Metals, become Assistant Cash- New York
$4,771,000,000 $4,327,046,263 +10.3
522,056,758
Chicago
543,381,428
-3.9
iers of the Chase. Edward S. Dix, George J. Runge, Vincent Philadelphia
461,000,000
471,000,000
-2.1
377,000,000
301,000,000 +25.2
L. Banker and Frederick Pintard, of the Mechanics & Met- Boston
108,550,124
108,399,525
+0.1
Kansas City
als, become Assistant Trust Officers, and Oliver B. Hill, St. Louis
130,200,090
119,900,000
+8.6
153,498,000
San Francisco
136,671,000 +12.3
formerly in charge of a division of the Chase Trust Depart- Los Angeles
142,804,000
121,131,000 +17.9
145,846,465
150,542,262
-3.1
ment, becomes an Assistant Trust Officer. Carl Schulz, Pittsburgh
156,144,737
Detroit
148,947,910
+4.8
Manager of the Mechanics & Metals Foreign Department, Cleveland
93,262,841
94,233,678
-1.0
107,249,318
87,775,303 +222
becomes a Manager of the Foreign Department of the con- Baltimore
56,349,411
New Olreans
56,110,346
+0.4
solidated institution, and Ernest H. Kuhlman and James A.
$7,224.961,654 $6,666,138,715
13 cities, 5 days
+8.4
1,143,124,985
976,080,010 +17.1
MacIlvaine become Assistant Managers of the Foreign De- Other cities, 5 days
partment. Alfred W. Hudson, formerly Assistant ViceTotal all cities, 5 days
$8,368,086,639 57,642,218,725
+9.4
1,673,617,328
1,363,231,021 +22.8
President in charge of the Shoe & Leather branch, becomes All cities, 1 day
Tntal n11 eltlaa Mr vorair
till nor ma 0117 SO Mc LIG ,An _L-11 R
Second Vice-President in charge of the Forty-first Street
branch, Madison Avenue at 41st Street, and Miss Constance
Complete and exact details for the week covered by the
M. Craigie becomes Manager of the Women's Department foregoing will appear in our issue of next week. We cannot
of that branch. Vernon P. Baker, formerly Assistant Man- furnish them to-day, inasmuch as the week ends to-day
ager of the Madison Avenue branch, becomes Assistant (Saturday), and the Saturday figures will not be available
Cashier in charge of the new Park Avenue branch, Park until noon to-day. Accordingly, in the above the last day
Avenue at 60th Street, and Miss Harriet H. Sheppard be- of the week has in all cases had to be estimated.
comes Manager of the Women's Department. Henry L.
In the elaborate detailed statement, however, which we
Nichols, formerly Assistant Manager of the Hamilton Trust present further below, we are able to give final and complete
branch, Brooklyn, becomes Manager of the Chase Safe De- results for the previous week-the week ended April 17. For
posit Co., Park Avenue branch. An account of the consoli- that week there is an increase of 5.0%, the 1926 aggregate
dation appeared in these columns last week (page 2145). of the clearings being $10,424,312,355 and the 1925 aggregate
Earlier items were published in our issues of Feb. 13, page $9,922,859,563. Outside of New York City there is an in845; Feb. 20, page 966; March 6, page 1265; March 20, page crease of 3.6%, the bank exchanges at this centre recording
a gain of 6.2%. We group the cities now according to the
1563, and April 3, page 1997.
Federal Reserve districts in which they are located, and from
•
William H. Hamilton, Assistant Vice-President of the this it appears that in the Boston
Reserve District there is
Guaranty Trust Co. of New York, sailed on April 17 on the an improvement of 12.3%,in the New
York Reserve District
"Olympic" for Europe. A survey of conditions in Russia (including this city) of 6.1% and in the
Philadelphia Reserve
Is the chief object of his journey. He plans to join his District of 2.0%. The Richmond Reserve
District has an
2294
increase of 0.9% and the Atlanta Reserve District of 15.6%,
but in the Cleveland Reserve District there is a loss of 1.7%.
In the Chicago Reserve District the totals are larger by only
0.4%, in the St. Louis Reserve District by 2.1% and in
the Minneapolis Reserve District by 5.6%. The Kansas
City Reserve District shows a falling off of 2.7% and the
Dallas Reserve District of 3.1%. The San Francisco Reserve
District enjoys a gain of 10.6%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended April 17.
1925.
1926.
Federal Reserve Districts.
$
3
let Boston
12 cities 587,787,802 522,603,486
Ind New York
11 .. 5,973,374,064 5,628,338,842
tird Philadelphia
10 ". 683,428,197 668,815,293
8th Cleveland
431,953,460 439,178,253
g ••
5th Richmond
6 . 218,718,609 216,856,689
5111 Atlanta
13 .•
257,606,733 222,844,102
7511 Chicago
999,335 319 995,251,869
20 "
5th St. Louis
237,574,929 232,665,211
8 ••
9th m Inneavolle
132,723.479 140,526,071
7 "
1011) Kansas at,
246.476,271 253,212,244
12 "
11th Dallas
72,364,989 74,688,841
5 "
12th San Fmncisoo......17 "
584,066,003 627,878.662
Inc.or
Dec.
1924.
1923.
$
$
%
+12.3 422,432,339 451,580,911
+6.1 4,507,038,630 4,473,448,639
+2.0 472,078,741 530,635,105
-1.7 374,202.419 400,706,668
+0.9 175,206.933 175.919,327
+15.6 191,642,588 191,670,869
+0.4 907,974,092 906,542.958
+2.1 218,218,624 74,737,129
+5.6 109,923,723 122,448,739
-2.7 231,564,328 255,040,809
-31 62,248,953 53,498,272
+10.6 483,060,514 448,616,443
Grand total
129 (Sties 10424312,355 9,922,859,583 +5.0 8.155,671,884 8,084,844.569
Outside New York City
4,584,069,275 4.423,274,663 +3.6 3,767,956,899 3.739,836,111
ne,..1e
90 oltfaa 999 99-9 291
929.874.814 -1-88.4 299 296 615 315.819 576
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ending AprU 17.
Clearings at
1926.
1925.
-Boston
First Federal Reserve Dist Oct
718,013
744,730
Maine-Bangor__
2,947.505
3.479.814
Portland
-Boston ._ 625,000,000 464,000,000
Mass.
2,330,885
2,211,130
Fall River
it
a
Holyoke
1,250,410
1,255,803
Lowell
a
a
Lynn
1,744,641
1,631,221
New Bedford
6,379,274
5,995,752
Springfield _ _
3,820,562
4,257,808
Worcester
19,251,908
16,681,785
-Hartford
Conn.
7.856,892
7,460,922
New Haven__ _
R.I.-Providence
13,956,200
14,890,500
757,118
768,615
N.IL-Manches.
588,787,802
Total(12 cities)
Inc.or
Dec.
1924.
1923.
+3.7
642,813
605,147
+18.0
2,294,478
*2,500,000
+13.1 375,000,000 402,000,000
-5.1
1,783,229
2,172,176
•
a
a
-0.4
1,072.000
1,184,963
a
a
a
6.5
1,335,484
1,389,829
+6.4
5,653,447
5,076,880
+11.4
3,517.370
3,529,000
+15.5
11,637,180
13.392,366
+5.3
6,024,909
6,040,427
-6.3
12,665,900
12,763,800
+1.5
805,529
926,323
522,603,486 +12.3
422,432.339
451,580,911
Second Feder al Reserve 13 Istrict-New
7.741,978
7,189,202
-Albany....
N. Y.
1,174,700
1,221,000
Binghamton_ _ _
50,732.632
57,995,408
Buffalo
1,012,548
1,120,363
Elmira
1,482,071
Jamestown-. c1,765,895
5,840,243,150 5,499,584,900
New York
13,502,773
13,261,185
Rochester
5,877.862
6,145,313
83911(91/46
-Stamford
c3,699,092
2.928.840
Conn.
810,886
848,553
.-Montclair
N. J
43,489,652
39,884,903
Northern N.J.._ -
York.
-7.2
6,204,855
5,909,389
+3.9
946,000
1,002,100
+14.3
53,197,571
51,287,265
+10.6
797,624
657,006
+19.1
1,402,584
1,186,170
+6.2 4,382,714,985 4,345,836,111
-1.8
11,123,025
10,387,108
+4.5
5,068,646
4,771,262
+26.3
3.266,601
3,209,920
+4.6
560,154
485,357
-8.3
36,756,585 , 48,716,951
Total(11 cities) 5.973,374,064 5,628,338.842
+6.1 4.507,038,630 4,473,448,639
Third Federal Reserve Dist rict-PhIlad elphia
1,633,532 +0.3
1.6313,019
-Altoona
1,243,407
Pa.
4.274,167 +14.4
4,888.507
3,461,022
Bethlehem1,683,726 1.4
1,660,030
1,166,375
Chester
2.420,225
3,670,048 -34.1
2,500,000
Lancaster
Philadelphia
- 648,000.000 634.000,000 +2.2 446.000.000
4.683,026 +3.6
4,853,356
3,311,545
Reading
6,542,601 -1.0
6,479.835
5,052,247
Scranton
4,241,147 -7.8
Wilkea-Barre- d3,909,256
3,837,868
2,191,670 +1.7
2,229,285
1,482,980
York
5,895,377 +7.7
6,349,684
4,203,297
-Trenton _
N.J.
a
a
a
a
668,815.293
1,351,013
4,428,642
1.379,134
3,320,863
499,000,000
3,367,282
6,134,613
3,787,315
1,582,510
6,283,733
a
+2.0
472,078,741
530,635,105
Fourth Feder al Reserve 13 strict-Cle veland
8,114,000 +1.4
d8,225,000
Ohio-Akron._
5,000,901 -10.7
4,466,399
Canton
74,943,101 +3.3
77.408,773
Cincinnati __
131,892,824 136,443,917 -3.3
Cleveland
16,210,600 +25.8
20,389,200
Columbus
a
a
a
Dayton
a
a
Lima2,221,781
d2,286.386
Mansfield
a
a
a
Springfield
a
a
a
Toledo
Youngstown_ _
5,982,554 -4.9
5.692.890
a
a
a
Pa. Erie
181,491,988 190,261.399 -4.6
Pittsburgh
8,304,000
5297,926
71,473.502
120,584,023
13,965,600
a
a
1,905,566
a
a
5,334,283
a
147,337,519
6,318,000
5,046.935
77,595,802
118,719,052
15,262,300
a
a
2,010,244
a
3,946,969
a
171,807.366
-1.7
374,202,419
400,706,668
Fifth Federal Reserve Dist rict - Rich mood
1,641,855 -4.0
1,576,419
W.V5.-11014
'5'n
d8,212,158
8,003,630 +2.6
50,961,000 +2.1
52,015,000
Richmond _
8.6
2,575,502 c2,353,566
-Charleston
.C.
Md.-Baltimore - 126,986,989 127,295,128 -0.3
26.379.544 +4.5
27,574.477
D.C.-Washing'n
2,120,622
7,344,845
- 48,852,000
2,460,491
91,014,975
23,414,000
2,070,966
7,625,987
40,856,000
2,651,747
92.289,115
21.425,512
+0.9
175,208,933
175,919,327
Sixth Federal Reserve Dist rict- Atian ta7,980,488 +4.7
W3.358,715
Tenn.-Chattlia
3,685,180 -5.0
3.501.630
Knoxville
25,288,198 -1.8
24,833,117
Nashville
-Atlanta_ _
Ca.
74,532,303 69.069,961 +7.9
2,041,106 +1.6
2,074,209
Augusta
1,597,239 +39.1
Macon
2,221,206
a
Savannah
a
a
27,436,639 +27.1
34,865,632
Ala.-Iiirming•m. 26,935,598
23,957,656 +12.4
Mobile
2,131,001 -7.2
1,978,267
MIss.-Jackson_
1.431,000 +17.0
1,675,000
335,004 +27.5
Vicksburg
427,159
La.-NewOrleans
57,890,630 +3.5
59,949.681
16,254,216
18,499,490 +13.8
Miami
6.381.660
2,874.556
19,149,393
57,860.398
1,920,270
1,455,420
a
15,947,591
27,460,140
1,823,237
1,383,782
312,607
50,836,927
4,236,607
7,092,007
2,975,661
21,926,294
53.323,338
1,969,445
1.397,439
a
15,601,737
31,699,883
2,164,151
940.705
284,468
52.295,741
Total(10(WIN) 682.428,197
431.853,460
Total(8 cltie14-
218,718,609
Total(6 cities).
Total(13 cities)
[Voz.. 122.
THE CHRONICLE
257.606,733
439,178,253
216.856.689
222,844,102 +15.6 191.842,588
191,670.869
Week Ending April 17.
Clearings at
1926.
1925.
Inc.or
Dec.
1924.
1923.
Seventh Feder al Reserve D istrict-Chi cago
Misch.-Adrian _
219.583
273,621
322,910 -15.3
275,601
Ann Arbor__ _
717,961
1.098,000
861,416 +27.5
747,899
Detroit
179,254,184 169,057,502 +6.0 158,381,499 146,249,326
Grand Rapids_
7,271,543
9,604.321
7,984.906 +20.3
7,706,509
Lansing
2,604,759
3,200,000
3,057,821 +4.6
2,930,557
Ind.
-Ft. Wayne
2,250,423
2,764,147 +13.0
3,122,603
2,398,059
20,244,000
Indianapolis_ ._
22,448,000
16,893,000 +33.1
18.783,000
South Bend. _
2,339,620
3,673,200
2,842,000 +292
2,640,900
Terre Haute_5,671,930
5,469,359
4,889,993 +11.8
4.776,721
Wis.---Milwaukee
35,709,565
44,340,21
40.804,484 +8.7
37,926,366
Iowa -Cod, Rap
2,369,901
2.526,673
2,964,680 -14.8
2,479,253
Des Moines_ _
12,486,016
11,604,111
12,014,769 -4.3
10,706,400
Sioux City_ __
7,250,336
7,276,962
7,326,985 -0.7
7,017,019
Waterloo
1,898,917
1,604,704
1,673,841 -4.1
1,535,144
III.
-Bloomington
1.629,466
1,962,113
1,954,922 +0.4
1,699.227
Chicago
656,832,454 706,365,231 -2.8 635,955,156 646,911,958
Danville
a
a
a
a
a
Decatur
1,315,449
1,472,010
1,504,233 -2.2
1,252,505
Peoria
4.374,938
5,492,256
5,201.480 +5.6
4.705.568
Rockford
2,279,723
4.694,572
3,755,119 +25.0
3,002,177
Springfield_ __
2,747,544
3,445,958
3,012.430 +14.4
3,064,532
Total(20 cltles) 999.335,319 995,251,869 +0.4
Eighth Federa I Reserve Dia trict-St.Lo ulsInd.
5.537.040 „ 6,281,214 -11.9
-Evansville.
Mo.-St. L01119_ _ 156,200.000 150,300,000 +3.9
KY. Louisville_ _
36,111,166
37,059.822 -2.6
Ownesboro.
413,801
409,283 +1.1
Tenn.- Mempils
22,892.953
23,0o3,878 -0.7
14,168.078
Ark.-1AttleRock
13,538,078 +4.6
111.-Jacksonvill
404,213
407,738 +0.9
Quincy
1,847,678
1,584,898 +16.6
907,974,092
906,542,958
5,092,453
145,100.000
34,221,720
484,319
19,333.908
12,288,152
386,849
1,391,223
33,843.784
463,994
21,057,920
12,003,277
431,065
1,512,979
Total(8cities)- 237,574,929 232,665,211 +2.1
Ninth Federal Reserve Die trict-M1 n n eapolis
Minn.
-Duluth_ _
d7,305,864
7,775.783 -6.1
Minneapolis._
54,084,252
89,901,880 -6.5
St. Paul
33,793,901
35,522,276 -4.9
No. Dak.-Fargo
2,314,483
2,534,180 -8.7
S. D.
-Aberdeen
1,430,206
1,575469 -9.2
Mont.
-Billings.
660.886
571,080 +16.8
Helena
3,127,887
2,645,303 +18.2
218,298,639
74,737,829
6,810,996
66,532,000
30,519,281
2,035.328
1,206.424
442,033
2,377,661
7,069,852
73,081,760
35,481,364
2,045.371
1,430,317
472.881
2,865,394
Total(7 cities). 132,723,479 140,526.071 -5.6 109.923,723
Tenth Federa Reserve DIs trict-K a n s as City
Neb.-Fremont _
d391,560
459,469 -14.8
381.085
Hastings
678,791
550,616 +23.3
461,236
Lincoln
4,663,534
4,781,713 -2.5
4.025,931
Omaha
43,811,161
42,653,994 +2.7
38.591,240
Kan.
-Topeka _ _
d3,275,155
3,439,425 -4.8
2,813,083
Wichita
d7,405,044
7.722,290 -4.1
7,057,674
Mo.-Kan,City. 131,833,101' 140,234,660 -6.0 128,553,628
St. Joseph_
c16,325,939
6,903,640 -8.4
7,183,823
Okla.
a
-Muskogee
a
a
a
Okla. City.... d26,682,813
23,872,609 +11.8
22,038,190
Tulsa
a
a
a
a
Col.
-Col. Spgs.
1,162,339
1,272,073 -8.4
969,367
Denver
19,113,352
20,113,352 -5.0
18,478,978
Pueblo
1,133,477
1,207,990 -6.0
1,010,093
122,446,739
Total(12 cities) 246,476,271 253,212,244 -2.7
Eleventh Fede rat Reserve District
-Ds IlasTexas-Austin_
2.754,530 -36.6
1,746426
Dallas
47,343,98.5 -5.0
44,984,576
Fort Worth_ _ d11,466.124
10,739,724 +6.8
Galveston
8,522,443
8,138,400 +4.7
Houston
a
a
a
La -Shreveport.
5,645,220
5,712,202 -1.2
5,315,810
472,151
511,142
4,149,226
45,853,369
3,717,014
10,106,305
143,181,621
a
23,014,720
a
1,273,701
21,1346,205
915,355
231,584,328
255,040,809
2,089,466
36,551,209
10,520.422
7,803,065
a
4,684.791
2.723,951
29,221,788
10,692,624
5,751,519
a
5.108,390
Total(5 cities) _
74,688.841 -3.1
72,364,989
82,248,953
Twelfth Feder al Reserve D Istrict-San Fr ancl sco-Wash.
45,915,014 +27.6
44.927,995
-Seattle._
58,606,304
Spokane
12,455,000 +21.4
15,127,000
11,805,000
a
Tacoma
a
a
a
Yakima
1,599,779 -4.1
1,501,591
1.533,751
43,146,879 -3.6
42,052.473
Ore.-portland41,590,399
Utah-S. L. City
17.758.46' -8.6
15.347,500
16,223,514
a
a
a
a
Nev.-Reno __ _
a
a
Ariz.
a
-Phoenix..
3441,528
2.954.422 +21.0
Cal.
3,574,183
-Fresno..._
8,092,085
7,702,497 -2.6
7.500,754
Long Beach_ _
Los Angeles.
186,926,000 160,345,000 +16.6 148,502,000
21,326,776 +6.6
16,919,809
Oakland
22,727,577
6,584478 +16.5
6,368,785
7,671,555
Pasadena
7,450,187 +4.8
8,228,695
7,805,853
Sacramento _ _
4.199,609
6,138,244 +16.2
7,133,766
San Diego..
San Francisco_ 197,952,000 185,538,360 +6.7 163,900,000
2,442,39
1,923.708
+1.8
2,487,271
San Jose
1,520.268 +10.5
1,256,542
1,684,420
Santa Barbara_
2,923,900 +4.5
2,304,900
3,056,300
Stockton
2,079,395 +15.8
2,471,316
2,388,294
Santa Monica_
53,498,272
39,955.790
11,364.000
a
1,321,106
36,408,953
14,530,879
a
a
4.048,167
8,566,151
135,010,000
15,705,714
5.205,828
6,576,024
3,696,494
160,000,000
2,229,392
1,092,445
2,905,500
Total(17cities) 584,068,503 527.878,662 +10.6 483,060,514 448.616,443
Grand total (129
10424312355 9.922,859,563 +5.0 8,155,671,884 8,084,844,569
clties)
Outside N.
5.584.069.205 4,423,274.663
+3.6 3,767.956299 3,739,838.111
Week Ended April 15.
Clearings at
1926.
Canada
Montreal
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
101138tOn
117,157,577
107,034,479
45,014,549
17,968,805
6,311,989
5,999,960
3,108,020
4,799,977
9,660,191
3,173,409
2,164,522
2,634,313
5,305,667
4,062,270
572,380
535,423
2,077,692
1,111,012
1.078,744
729,114
781,511
258,312
733,352
767,401
958,376
4,258,000
485,683
844,013
673,460
1925.
61,624.735
63,499,576
40,591,040
13,211,872
5,320,486
5,071,935
2,169,604
3,939,037
5,587,883
2,179,101
1,374.191
1.961,769
3,511.716
2,632,643
480,837
441,317
1,188,574
768.585
715,291
553,918
523,218
229,592
809.341
651,486
712,916
2.773,923
257.912
622,044
572,272
Inc.or
Dec.
+90.0
+68.6
+10.9
+36.0
+18.6
+18.3
+43.2
+21.8
+72.9
+45.0
+57.5
+34.3
+51.1
+54.3
+19.0
+21.3
+75.1
+44.5
+50.8
+31.6
+49.4
+12.5
-9.4
+17.8
+34.4
+53.5
+88.3
+35.7
+17.7
1024.
92,583,058
92,598,398
33,032,359
15,556,946
6,697,856
4.987.327
2,431,621
5,138,558
5,874,318
2,623,697
2,232,604
2.627,719
*3,500,000
3,015,890
464,815
499,976
1,444,711
983,487
859,990
676,949
561.419
313,586
789,325
787,556
957,525
3,321,280
313,870
817,644
610,106
1923.
110,876,021
95,660,785
40,588.114
14,226,065
6.914,349
5,288,238
2.957,772
5,735,092
4,817,903
2,658,854
1,889,445
2,739.103
3.667.750
3,472,159
573,651
504,858
1,497,291
1,312,709
1,049,301
794,045
566,558
833,064
709,590
851,468
984,252
3,083,486
350,805
1.092,048
*625,000
Total(29 cities) 350,260,201 222,974,814 +56.4 286,296,618 315,819,576
a No longer report clearings. b Do not respond to requests for figures. c Week
ended Apr1114. d Week ended Apr1115. e Week ended Apri116. •Estimated.
2295
THE CHRONICLE
APR. 24 1926.1
THE5CURB MARKET.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
the better
The stock market has resumed its upward gait. It con- - Trading in the Curb Market took a turn forto improve
continued
downward the early part of the week, but after a generally quiet opening, and Prices generally made
tinued to drift
throughout the rest of the week.
advanced with great rapidity on Thursday and Friday substantial advances, while trading was more active than
and on the last mentioned day transactions reached 2,329,000 for some time past. Oil shares were especially prominent.
shares. Last_Saturday the total sales for the two-hour Humble Oil & Refining sold up almost eleven points to
& Gas
session were 375,608 shares and recorded the smallest Satur- 663%, the close to-day being at 66%. Prairie Oil
543.. Standard
over in nearly six months. Trading was again on a rose from 513/i to 55 and ends the week at % and Standard
day turn
Oil (California) advanced from 52% to 555
small scale on Monday, most of the attention being directed Oil (Indiana) from 615 to 64, the latter closing to-day at
%
toward the specialties, in which some moderate gains were 63%. Standard Oil (Nebraska) sold up from 247 to 259 and
Motor stocks, including Hudson Motor, were finished to-day at 258. Curb Syndicate improved from
recorded.
fairly strong in the first hour, but yielded from one to two 11% to 16 and reacted finally to 14. Gulf Oil of Pennsyl853.
points as the day advanced. Railroad stocks moved forward vania gained four points to 86 and closed to-day at and
up from 163' to 193%
and high-priced industrials like General Elec- Lago Oil & Transportation ran Associated Oil was heavily
fractionally
sold finally at 19. Tidewater
tric, Woolworth, Allied Chemical & Dye and Texas Gulf traded in up from 213 to 25. Among industrials Ford
%
Sulphur showed moderate improvement. Irregularity again Motor of Canada, after a drop at the opening of thirty-five
of the market on Tuesday and points to 440, made a steady advance to 529, the close to-day
characterized the movements
though some sharp advances were registered in the forenoon being at 523. Continental Baking, class A, after a loss of
to 85%. General Baking,
most of the gains were turned into losses as the day ad- about two points to 82, advanced and at 53finally. Electric
7
class A,sold up from 493' to 53%
vanced. Local traction stocks, however, continued active Refrigerator improved some nine points to 63 and rested
at improving prices. Pullman shares were in sharp demand finally at 62. Among public utility issues Commonwealth
and some of the railroad shares made further progress, Power, after an early loss from 323/i to 32%, moved up to
particularly Atlantic Coast Line, which advanced 2 points 35. Electric Investors eased off a point to 35, then ran up
to 187. The market improved on Wednesday, interest to 383', the close to-day being at 373..
A complete record of Curb Market transactions for the
centering around the railroad and industrial stocks, which
week will be found on page 2316.
closed with substantial net gains. Advances of from 1 to 5
MARKET.
DAILY TRANSACTIONS AT THE NEW YORK CURB
points were recorded by some of the more active speculative
BONDS(Par Value).
STOCKS(No. Shares).
issues_ and a number of high priced specialties scored more
Mining. Domestic Porn Oaf.
Oil.
Week Ended April 23 Ind AMU
substantial gains. The improvement was due in part to
16,200 81.019.000 3120.000
42,640
106,160
several favorable earnings statements and dividend notices Saturday
275.000
28,530 1.073.000
52,395
193.075
Monday
304,000
announced during the day. The strong stocks included Tuesday
37,900 1,435,000
68,355
101,645
378,000
1.370.000
53,000
81,470
159,530
Wednesday
Hudson Motor, Mack Truck, General Motors and Packard Thursday
375,000
58.060 1,573.000
138.500
128,440
413,000
57,100 1,928,000
164.300
201.600
in the motor group, and Atchison, Reading, Erie issues, Friday
250,790 88,398,000 81,865,000
Ches. & Ohio, Norfolk & Western, Rock Island, Atlantic
547,660
890.450
Total
Coast Line and New York Central in the railroad issues.
General Electric, United States Steel corn, and United States
-PER CABLE.
ENGLISH FINANCIAL MARKETS
CastIron Pipe &Foundry were also strong. The market made
The daily closing quotations for securities, &c., at London,
further progress on Thursday, the improvement extending as reported by cable, have been as follows the past week:
Apr.17. Atsr.19. Apr.20. Aps.21. Apr 22. Apr.23.
Pr-London.
to many new groups and individual issues. Motor stocks
Wed. Thurs. Fri.
Mon. Tues.
Week Ending April 23- Sas.
29 3-16 29 7-16
into the foreground under the leadership of General Sliver, per oz
295-16 29 5-16 297-16 29M
moved
d
84.11% 84.11M 84.11M 84.1134 84.11% 84.11M
Gold, per fine ounee
549(
Motors, which made a net gain of 23% to 123 at its high for Consols. 234 per cents
54M
54%
548(
54M
102
102
102
102
102
the day, followed by Hudson, Dodge, Chrysler and Jordan. British, 5 Per cents _ _ _
9584
95%
9584
9584
95%
British. 4)4 per cents
47.20
47.40
48.50 46.65
46.80
Railroad stocks also were in strong demand at improving French Rentes (in Paris),_Sr,
57_57_ _
56.45 56.50
57.15
Loan)inParis)
prices, Rock Island moving forward 2 points to 51, Atlantic French War
ewYorkon the same day hasbeen:
price of silver
The
Coast Line advancing to 197 and Pittsburgh & West Vir- Silver in N.Y., per oz. (eta.):
63%
63
63M
6334
63M
63M
Foreign
%
ginia bounding upward 7 points to 1043 at its high for the
day. Oil stocks were unusually prominent and several of
andMiscellaneratsBerns
the more active issues closed the session with substantial Sommerciai
-The
gains. The market continued strong on Friday and some
Breadstuffs figures brought from page 2388.
of the speculative leaders reached new high ground on the statements below are prepared by us from figures collected by
recovery. Motor stocks were in strong demand at improving the New York Produce Exchange. The receipts at Western
prices and Atlantic Coast Line led the forward movement in lake and river ports for the week ending last Saturday and
years have been:
the railroad group with a net gain of 5% points. The out- since Aug. 1 for each of the last three
•
Rye.
Barley.
Oats.
standing strong stocks included Woolworth, American Smelt; Receipts at- Flour.
Corn.
Wheat.
.
.Mlbs
ing, Baldwin Locomotive and General Electric. The final
bbls.196Ibs.gush.60 lbs bush. 56 Inc. bush. 32 lbs.bush.481bs.hush 9,000
945,000 144,000
819,000
170,000
204,000
Chicago
tone was strong.
44,000
582.000 272.000
58,000
1,026,000
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE:
DAILY WEEKLY AND YEARLY
State,
Municipal &
Foreign Bonds
Mocks,
Number of
Shares.
Railroad,
die.
Bonds,
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
274,068
1,020,024
941,539
1,446,357
1,706,610
2,329,000
$4,642 000
7,243 000
11,514,250
12,741 000
13,941,000
21,196.000
31,239,000
1.953,000
1,941,500
3,195,500
3,682,000
3,249,000
$1,126,300
1.228,400
2,371,150
1.527.500
2,777,250
2,952,000
Total
7,817,698
$71,277,250
$15,260,000
311.982.600
Week Ended April 23.
Sales al
New York Stock
Exchange.
Week Ended April 23
1926.
7,817,598
-No. shares_ -Stocks
Bonds.
Government bonds_ _ $11,982,600
15,260.000
State & foreign bonds_
Railroad & misc. bonds 71,277,250
Total bonds
1925.
United
States
Bond*.
Jan. 1 to Apra 23
1926.
1925
6,888.651
150,483,631
133.251,893
$5,590,160
12,170,500
52,107,000
$100,652,700
196.961,350
740,114,200
$138,630,010
204,675,100
897,589.500
898,519,850 569,887,660 $1,037,728,250 $1,238,894,610
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES
Boston.
Week Ended
April 23.
Saturday
Monday
Tuesday
ViednesdaY
ThursdaY
Friday
Total
.., monk revised
Philadelphia.
Baltimore.
Shares. Bond Sales Shares. Bond Sales. Shares. Bond Sates.
7,580
4,797
83,000
$21,200
730
89,000
Boil day
22,782
17,000
916
20.500
18,000
13,918
18,000
23.992
1,289
23,000
37,250
17,402
23,600
45,570
2,227
29,000
30,300
34,177
22,000
20,622
2,946
11,500
13,000
23,000
16,252
15,849
3,977
34.000
75,371
$101,550
147,570 $124,800
12,130
3127,000
110.653
$114.550
218.188
3111.500
11.330
sins Ann
Minneapolis
Duluth
Milwaukee.__
Toledo
Detroit
Indianapolis
St. Louis-.
Peoria
Kansas City
Omaha
St. Joseph
Sioux City_
Wichita
Total wk. '26
Same wk. '25
Same wk. '24
24,000
88,000
54,000
370,000
348,000
359,000
651,000
51.000
90.000
7,000
31,000
314,000
19.000
252,000
87.000
18,000
26,000
48,000
45.000
32.000
6,000
224,000
422,000
350,000
115.000
257,000
133.000
13.000
20,000
290.000
138,000
54,000
22,000
182.000
644.000
177.000
67.000
96,000
22,000
64,000
6,000
11.000
118.000
1.000
203.000
15,000
15.000
27,000
80,000
2,790,000
2,839,000
1,947,000
2,494,000
2.257,000
3,872,000
3,289,000
3,022,000
2,838,000
589.000
411,000
499,000
• •
1,000
351.000
240,000
235,000
Since Aug.116,540,000278,653,000181,122,000179,379,00062,258.00620.138.1700
1925
17.298.000430,354,000 197,964,000219.456.00054,878,0005.0594.000
1924
102:1___ _ _ _ 15_747 Ono 1 78.5510.0fin 233.504.000 1R4.200.000,34.283.0(1022.000.000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, April 17, follow:
Rye.
Barley.
Oats.
Corn.
Wheat.
Receipts at- Flour.
Bushels.
Barrels.
211,000 1,071,
70,
31,000
130,
18,000
4,000
51,000
14,
208,
40.000
800,
51,000
Montreal___.
St.John.N.B
23.000
Boston
Bushels. Bushels.
Bushels
Bushels.
341,000
168.'''
846,111
26,
26,000
178,001
33,000
22,000
17,000
102,000
72,
Total wk. '26 429,000 2.293.
Slime Jan.1•26 7,353,000 40,302,
205,000 1.673,000
345,000 436.000
6,261,000 11,619,000 7,910,000 2,282,000
520,000 2,906,000
Week 1925_ _
Since Jan.1'25 9,258,000 50,449,000
86,000
2,126,000
New York...
Philadelphia._
Baltimore..
NewportN
New Orleans
Galveston...
72.
1,000
1,000
9,001
124,000
277,01/
137,000
8.000
39,000
108.000
52.000
557,001
507,600 1,002,000
8,665,111 7,508,000 9,634,000
•Receipts do not include grain passing through New Orleans for foreign por
n through bills of lading.
2296
THE CHRONICLE
[VOL. 122.
The exports from the several seaboard ports for the week
Auction Sales.
-Among other securities, the following,
ending Saturday, April 17, are shown in the annexed not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston and Philadelphia on Wednesday of
statement:
this week:
Exports fromWheat.
Corn.
Flour.
Oats.
Rye.
Barley
By Adrian H. Muller & Sons, New York:
P.
,
Shares. Stocks.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
$ per sh. Shares. Stocks.
$ per oh.
New York
Boston
Philadelphia
Newport News
New Orleans
St. John. N. B
1,182,208
Total week 1926
Same week 1925_
378,000
50,000
11,000
800,000
20,000
2.371.208
3.475.275
70,000
171.000
148,869 757,590
8.000
5.000
4.000
19,000
7,000
51,000 277,000
523,504
279,000
228,243
18,000
52,000
39,000
235,869 1,041,590 298.243
382.247 510.405 2.834.284
841.504
615.771
St. Louis Stock Exchange.
-Record of transactions
at St. Louis Stock Exchange Apr. 17 to Apr. 23, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
First National Bank_ _100
Nat Bank of Commerce 100
233 233
16331 1633.
Trust Company Stocks
Mercantile Trust
100 420
420
Street Railway Stocks
'United Rys common_ _100
Preferred
100
Preferred etre of dep_100
Miscellaneous Stocks
Amer Credit IndemnIty_25
American Investment B._•
Best Clymer Co
Boyd-Welsh Shoe
•
Brown Shoe common....100
Preferred
100
Century Electric Co_ .100
Curlee preferred
100
E L Bruce common
•
Ely & Walker D G com_ _25
2d preferred
100
Fred Medan Mfg com-_-•
Fulton Iron Works corn....
"
Globe-Democrat pref _100
Huttig S ge D common_ •
HydraulPress Brick corn 100
Independent Packing corn
Internat Shoe common..._*
Preferred
100
Johansen Shoe
•
Laclede Gas Light pref _100
Laclede Steel Co
100
MeQuay-Norris
•
Mo Portland Cement__ _25
National Candy corn_ 100
1st preferred
100
2d preferred
100
Pedigo-Weber Shoe
•
Polar Wave I & F
Rice-Stix Dry Gds eom__ _•
2d preferred
100
Seruggs-Nr-B DO 1st p1100
2d preferred
100
Securities Inv common_ __*
Sheffield Steel common___•
Southern Acid & Sul corn..
•
Southw Bell Tel pret_ _ _100
St Louis Amusement"A" •
Stlx-Baer & Fuller com_ •
Wagner Electric corn.. •
Preferred
100
Waltke & Co common
10e
5%
634
53
36
108%
4234
30
23
151%
3234
85
1503‘
52
31
33
22
90
263(
113
422
Range Since Jan. 1.
Low.
Jan 235
Jan 171
Mar
Feb
81 410
Jan 425
Mar
Sc 10e
5% 634
534 635
154
345
2,942
53
53
16
14
60
59
39
39
36
34
10834 108%
115 115
10134 10134
4234
42
2834 28%
873.4
87
30
30
23
23
11234 11234
3434
34
87
8731
25% 26
149% 153
10934 110
31
3234
85
87
150 150%
1734 1734
51% 53
70 • 74
108 108
102 102
31
31
32% 33
22
22
100 100
90
91
93
93
40 '40
25% 2634
47% 48
113 11331
47
48
29% 293‘
2134 22
75
75
4134 42
50
20
275
5
400
70
5
50
85
378
15
210
33
10
310
20
20
1.175
53
105
81
29
100
25
46
26
30
15
255
125
15
85
5
20
275
320
103
35
40
379
30
100
49
14
59
35%
32
107%
110
101
4134
2834
87
30
23
112
34
8634
25%
149%
109
31
8434
148
1634
4834
70
106
102
293
32
2134
100
90
93
04
25
4734
11234
47
29
20
70
40
480
770
Mining Stocks
Granite Bi--Metallic
10
Consol Lead & Zinc Co20
25
25e
24
Street Railway Bonds
United Railways 4s__ _1934
45 ctf of deposit_ _ __1934
77%
78
78
77% 78
25c
25
Miscellaneous BondsKinloch Telephone 63_1928 102
102 10234
Kinloch Long Dist 58 1929
99% 9934
Wagner Elec Mfg 7s_Serial 100% 100% 10034
•No par value.
High.
13 228
5 155
$24.000
19,000
Sc Apr
534 Apr
534 Apr
20c
10
10
Jan
Mar
Jan
Mar
Apr
Apr
Mar
Mar
Jan
Apr
Mar
Apr
Apr
Apr
Apr
Apr
Mar
Apr
Apr
Apr
Apr
Apr
Apr
Mar
Mar
Jan
Mar
Apr
Mar
Apr
Mar
Mar
Mar
Apr
Apr
Apr
Apr
Mar
Apr
Mar
Apr
Mar
Mar
Mar
Mar
59
14
66
4434
4434
111
116
104
53%
33%
90
34
3634
113%
41
9734
29
17534
11134
45
87
15034
19%
67
92
110
104
39
3734
2534
10234
92
95
45
2934
52%
11434
5934
3534
3434
80
44%
Jan
Apr
Mar
Feb
Feb
Jan
Apr
Mar
Jan
Feb
Mar
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Apr
Apr
Feb
Jan
Feb
Jan
Mar
Jan
Feb
Feb
Jan
Feb
Jan
Mar
Jan
Feb
Mar
Jan
Jan
Jan
Jan
Jan
25e
24
Mar
Apr
28e
28
Jan
Mar
75
74
Jan
Jan
78
78
AM
Apr
3.000 102
Apr 102% Apr
1,000 9934 Apr 100
Apr
5.000 100% Apr 10134 Jan
$4,300 Hudson Consumers Ice(
Co., 1st M. 20-yr. 65, Apr. 1132,700
1937
lot
254 Hudson Consumers Ice Co.,
corn., par $10
t
15 Hudson County Consumers
Brewing Co
$100 lot
50 Mitchell Mining Co., par $10-- I
23 rubles 50 copeck Imperial Rue-I $2
elan 4% bonds State Loan of 19021 lot
50 shares of beneficial interest in
excess assets of the National City
Bank of Chicago, trustee certif_$51 lot
$33,262 86 Chicago Electric Trae.(
1st M. 55, ctf. of dep
( $27
$8,315 71 Chicago Interurban Traci lot
1st 5s, 1932. ctf. of dep
10 Radiant 011 Co., panic. pref.,
par $10
5 Radiant 011 Co., corn., par $10 1 $12
5H Corte Scope Co
lot
100 Amer. Telegraph-Typewriter
Co., Dar $10
129 Lister Bros., Inc
$10 lot
540 Fairbanks Co., pref.(not 1st Pt) 3
By R. L. Day & Co., Boston:
Shares. Stocks.
$ per sh.
4 Merchants National Bank
370
10 Ludlow Mfg. Associates
17334
15 Rockland (N. Y.) Lt. & Pow.
Co., common, par $50
8034
3 units First Peoples Trust
73
7special units First Peoples Trust.... 5
1 Regal Shoe Co., preferred
7334
1 New Hampshire Fire Ins. Co......363
3 units First Peoples Trust
73
3special units First Peoples Trust
5
5 Saco-Lowell Shops, 1st pref
834
3special units First Peoples Trust- 5
Shares. Stocks.
$ per sh•
$2,500 New England Minerals Co.(
bat mtge. s. f. 8s, Oct. 1938.415
Coupon April 1926 on
I lot
2 Federal Bearings Co., common_
(
60 Lawrence Gas & El., par $25..... 59
4 Montpelier & Barre L.& P., corn- 8634
2 Mass. Lighting Cos., common__ 73
10CambridgeElec.Sec.Co.,par$25_ 125
27 Amer. Mfg. Co., common
102
16 Plymouth Cordage Co
140-141
20 Hood Rubber Co.,7% pret_101 ex-di v
By Wise, Hobbs, & Arnold, Boston:
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per sh.
3 First National Bank
360
50 Fall River El. Lt. Co., par $25.... 47
10 Atlantic National Bank
251
212 Amer. Invest. Secur.. common,
5 First National Bank
par $IO
36034
734
5 Kilburn Mills
11534 4 units First Peoples Trust
73
8 Naumkeag Steam Cot. Co-155-15534 37 W.L.Douglas Shoe Co., pref.__ 84
46 West Point Mfg. Co
1313.4 25 Fall River El. Lt. Co.. par $25- 46
20 York Mfg. Co
40
16 Union Twist Drill Co.. pref_9634 & div
4 New Eng. Fire Ins. Co., par 820- 55
25 Springfield G. Lt. Co., par $25 6834
11 No. Bost. Leg.Prop.,common.. 9134 9 Amer. Glue Co., common
3934
25 Plymouth Cordage Co
141
25 Plymouth Cordage Co
14034
9 Hood Rubber Co. 734% pref..
..../.............
10034-102 ex-div.
..
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
. Shares. Stocks.
h
4 Atlantic Fire Insurance Co
425
5 John B.Stetson Co., corn., no par 9334
25 Philadelphia-Girard Nat. Bank-525
11 Merchants Warehouse Co
16634
19 Nat. Bk. of No. Philadelphia-230
10 Oil& Exploration Co.of W.Va.$1 lot
1 Corn Exchange National Bank..-626
1,500 Mizpah Extension Co. of
8 Corn Exchange National Bank-626
Tonopah
$10 lot
1 Southwark National Bank
350
600 Eden Mining Co
$2
Corp.. lot
3 Pilgrim Title & Trust, par $50..... 4234 15 Charles Warner Co., new corn..
4 Logan Bank &Trust Co., par $50. 75X
no par
233i
5 Logan Bank & Trust Co., par $50. 753i 20 Lumbermen.,Insurance, par $25.112
5 Logan Bank & Trust Co., par $50. 7534 100 General Mtge. Finance
4 Integrity Trust Co., par $50
501
par $10
10
9 Mutual Trust Co., par $50
12534 4 Phila. Bourse. corn., par $50-- 17
4 Fidelity Trust Co
12 Diamond Ice & Coal
668
95
15 Fidelity Trust Co
6603-4 159 Camden Fire Ins. Assn., par $5. ---7 Mfrs. Title & Trust Co., par $50- 60
25 Reading Traction Co
2234
30 Market St. Title St Tr.,par $50.400
25 Hare & Chase, Inc., pref
9034
10 West Phila. Title & Tr., par $50_240
7 Hare & Chase, Inc., pref
00
10 FM rhill Trust Co.. par $50
65
25 Hare & Chase, Inc., corn., no par 2534
30 Jefferson Title & Tr., par $50 703.4 50 Hare & Chase,In., corn., no par 25
12 Guarantee Trust & Safe Deposit.227
15 Southwark Title & Trust
270
Bonds.
Per cent.
5 Aldine Trust Co
$1,000 Norristown Transit 1st 5s,
273
40
10 Lawndale Bk.& Tr., par $50......
1942
82
3 Delaware County National Bank_338
$5,000 Phila.& West Chester Trac•,
5 Glenside Trust Co., par $50
45, 1954
55
60
30 Phila. Life Ins. Co., par $10-- 14
$1,000 Wilson Building Corp., 1st
50 Eastern Fire Insurance Co__ _167
65, 1926
100
10 Mfrs. Casualty Insurance
$1,000 Bergner & Engel Brewing,
27
5 Mfrs. Casualty Ins. Co., with 234
1st extend.6s, July 1926
60
rights to subscribe
$1,000 Erie Ky.equip. 5345. 1929..100%
1 Pennsylvania Academy of Fine 31H
Rights.
$ per Bight.
Arts
Rights to subscribe to Manufae40
100 Reading Traction Co
turers Casualty Insurance Co. as
2234
17 Elmira & Williamsport RR.,pref 5734
follows: 50 at 1234; 90 at 12;
5 Germantown Passenger Ry
75
34 at 12, % at 10.
By A. J. Wright & Co., Buffalo:
Shares. Stocks.$ sh.
$ per eh. Shares. Stocks.
per
Power2534
25 Northeastern
19% 7 Buffalo Niag.& East. Pow
1.500 Consol. West Dome Lake___1834e 20 Labor Temple Assoc. of Buffalo
7 Buffalo Mag.dr East. Pow., pref_ 2434
and vicinity
$10 lot
2,000 Lorraine Consolidated
ge 1234 Keller Qualltol
$5 lot
DIVIDENDS.
National Banks.
Dividends are grouped in two separate tables. In the
-The following information regarding
national banks is from the office of the Comptroller of the first we bring together all the dividends announced the
Currency, Treasury Department:
current week. Then we follow with a second table, in which
we show the dividends previously announced, but which
APPLICATIONS TO ORGANIZE RECEIVED.
Capital. have not yet been paid.
April 15
-First National Bank in Ireton, Iowa
$25,000
Correspondent, John Vlotho, Ireton, Iowa. Succeeds
The dividends announced this week are:
the Northwestern Bank of Ireton, Iowa.
Central Park National Bank,Central Park,L.I., N.Y._
50,000
Correspondent,Stephen J. Madden,Central Park,N.Y.
The Fogelsville National Bank, Fogelsville, Pa
25,000
Correspondent, John J. Mohr, Fogelsville, Pa.
April 17
-The Union National Bank of Ventura, Calif
200,000
Correspondent,A.C.Gates,care Ventura Abstract Co.,
Ventura, Calif.
The Palisade National Bank of Yonkers, N.Y
300,000
Correspondent, Edwin J. Goodhart, 484 S. Broadway,
Yonkers, N.Y.
Name of Company.
Railroads (Steam).
Atlanta & West Point
Atlantic Coast Line RR., corn
Common (extra)
Central RR.of N. J.(guar.)
Reading Co., 1st pref.(guar.)
APPLICATION TO ORGANIZE APPROVED.
Public Utilities.
April 17-LGranite National Bank of Brooklyn in New York,N.Y._ 360,900 California-Oregon Power, pref.(guar.)
Cambridge Electric Light (guar.)
Correspondent, A. W. J. Phol, 200 Montague St.,
Cedar Rapids Mfg.& Power (quar.)_ _ _
Brooklyn, N.Y.
Columbia Gas & Elec., corn.(guar.)_ _ _
CHARTER ISSUED.
Seven per cent pref. series A (quar.)
April 12
-12918
-The Citizens National Bank of Muskogee,Okla_ 100,000 Community Power dr Lt., 1st pref.(qu.)
President, M.A. Martin. Cashier, T. F. King.
Second preferred (guar.)
Connecticut Ry.& Ltg., com.&pf.(qu.)
CHANGE OF TITLE.
Cumberland Co.Pow.& Lt., pt.(guar.)
Anvil 15
-12100
-The National Bank of Winter Haven. Fla. to
Dallas Power & Light, pref. (quar.)
"The American National Bank of Winter Haven."
Fosbay(W.B.) Co., corn.(monthly)__
Special (monthly)
VOLUNTARY LIQUIDATIONS.
Founders stock (monthly)
April 16
-6651-The First National Bank of Rensselaer, Ind---- 120,000
Preferred (monthly)
Effective April 12 1926. Lie. Agent, Ed. Manton,
Seven per cent preferred (monthly)......
Rensselaer, Ind. Absorbed by Trust and Savings
Internat.Pub.Serv. Corp.,corn.(mthly)
Bank, Rensselaer, Ind.
Preferred (monthly)
12331-The Security National Bank of Stigler. Olda-- 30,000 Keystone
Telep. of Phila., pref.(guar.).
Effective March 30 1926. Lig. Agent, H. E. Cook
Lawrence Gas & Elec. (quer.)
Stigler, Okla. Absorbed by The American National
Massachusetts Gas Cos., preferred
Bank of Stigler, Okla., No.7432.
Per
When
Cent. Payable.
*4
334
134
2
*50c.
July
July
July
May
June
Books Closed.
Days Inclusive.
1 *Holders of rec. June 19
10 Holders of rec. June 154
10 Holders of rec. June Isa
15 Holders of rec. May 40
10 *Holders of rec. May 24
• fi Apr. 30 *Holders
1
of rec. Apr. 1
$1
May 1 Holders of rec. Apr. 210
May 15 Holders of rec. Apr. 30
$1.25 May 15 Holders of rec. Apr. 300
134 May 15 Holders of rec. Apr. 300
May 1 Apr. 21 to May 1
2
June 1 May
to June 1
•154 May 15 'May 22 to May 16
1
134 May 1 Holders of rec. Apr. 17
134 May I Holders of rec. Apr. 21
1 1-3 May 10 Holders of rec. Apr. 30
1 1-3 May 10 Holders of rec. Apr. 30
1 1-3 May 10 Holders of rec. Apr. 30
2-3 May 10 Holders of rec. Apr. 30
7-12 May 10 Holders of rec. Apr. 30
5-6 May 10 Holders of rec. Apr. 30
7-12 May 10 Holders of rec. Apr. 30
$1
June 1 Holders of rec. May 17
234 May 1 Holders of rec. Apr. 22
•2
June 1 *Holders of rec. May 15
Name of Company.
kee. Public Utilities (Concluded).
Minnesota Elec. Distrib., corn.(mthly.)
Preferred A (monthly)
Preferred B (monthly)
Preferred C (monthly)
Montpelier & Barre L.& P.,com.(qu.)
Preferred (quar.)
Prior preference (quar.)
Montreal L., H. & Power (quar.)
Montreal L., H. & P. Consol. (quar.)
Montreal Water & Power, corn.(quar.)_
llaPreferred (guar.)
Northern N.Y. Utilities, pref. (quar.)..
Pacific Power & Light, pref.(guar.).
Peoples Light & Power,com.(monthly).
Preferred (monthly)
(quar.)_
Portland Gas & Coke, pref.
Portsmouth Power, pref.(quar.)
Securities Corp. General, pref.(quar.)
Tampa Eleztric Co., no par com.(qu.)_
-State Utilities, corn.(monthly)
'Fri
Preferred (monthly)
United RI's. & Elec., Bait., com. (qu.).
Wabash Valley Elec., pref.(quar.)
Banks.
Chemical National (hi-monthly)
Trust Companies.
Kings County, Brooklyn (quar.)
When
Per
Cent. Payable
Books Closed.
Days Inclusive.
May 10 Holders of rec. Apr. 30
1
2-3 May 10 Holders of rec. Apr. 30
May 10 Holders of rec. Apr. 30
1
7-12 May 10 Holders of rec. Apr. 30
50c. Apr. 15 Holders of rec. Apr. 1
13i Apr. 15 Holders of rec. Apr. 1
1% Apr. 15 Holders of rec. Apr. 1
May 15 Holders of rec. Apr. 30
2
May 15 Holders of rec. Apr. 30
2
50c. May 15 Holders of rec. Apr. 30a
13j May 15 Holders of rec. Apr. 30a
1% May 1 Holders of rec. Apr. 15a
114 May 1 Holders of rec. Apr. 17
1 1-3 May 10 Holders of rec. Apr. 30
7-12 May 10 Holders of rec. Apr. 30
134 May 1 Holders of rec. Apr. 17
I( May 1 Holders of rec. Apr. 21
$1.75 May 1 Holders of rec. Apr. 21a
501. May 15 Holders of rec. May 30
% May 10 Holders of rec. Apr. 30
7-12 May 10 Holders of rec. Apr. 30
50c. May 15 Holders of rec. Apr. 240
*1% May 1 *Holders of rec. Apr. 15
4
Weekly Returnsjof New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Apr. 17. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
May 1 Holders of rec. Apr. 23a
123i May 1 Apr. 25
to
Apr. 30
Miscellaneous.
2
May 1 Holders of rec. Apr. 17a
Acme Wire. pref.(quar.)
25c. May 1 Holders of rec. Apr. 23a
American Brick, com. (quar.)
50c. May 1 Holders of rec. Apr. 23a
Preferred (quar.)
May 15 Holders of rec. Apr. 30
Amer. & European Secur., pref.(No. 1) 52
$1
June 30 Holders of rec. June 15a
Amer. Radiator, corn. (quar.)
134 May 15 Holders of rec. May la
Preferred (quar.)
May 1 Apr. 21 to Apr. 30
Bang Service Stations, Inc., pref. (qu.). 2
*1.34 July 1 *Holders of rec. June 1
Bethlehem Steel,7% pref.(quar.)
*2
July 1 Holders of rec. June 1
Eight per cent pref.(quar.)
*1
May 1 *Holders of rec. Apr. 21
Bourne Mills (guar.)
1% May 1 Holders of rec. Apr. 28a
Brill (J. G.) Co.. Pref.(quar.)
624c May 15 Holders of rec. Apr. 30
Butler Brothers (quar.)
1% May 15 Holders of rec Apr. 30
Canada Cement, pref. (quar.)
Casey & Hedges Co., common (guar.)._ 23i May 15 Holders of rec. May la
13 July 1 Holders of rec. June 25a
Preferred (quar.)
May 10 Holders of rec. May 1
Chase (A. W.) Co., Toronto. pf. (qu.). 2
Cities Service Co.
•36 June 1 *Holders of rec. May 15
Common (monthly)
Common (payable in common stock). •3i June 1 *Holders of rec. May 15
Preferred and preferred B (monthly). *3i June 1 *Holders of rec. May 15
City Mfg. Co.(New Bedford)(quar.)_ *13. May 1 *Holders of rec. Apr. 22
51
July 1 *Holders of rec. June 30
Commercial Solvents, class A (quar.)_ _ •
Consolidated Cigar Corp.. pref. (quar.). 114 June 1 Holders of rec. May 15a
$1 May lb Holders of rec. May 50
Dow Chemical, common (quar.)
114 May 15 Holders of rec. May 5a
Preferred (quar.)
15 May 1 Holders of rec. Apr. 20a
Eisemann Magneto,prof.(quar.)
1% May 1 Holders of rec. Apr. 19
Electric Refrigeration (stock div.)
14 May 1 Holders of rec. Apr. 23a
Esmond Mills, common (quar.)
13( May 1 Holders of rec. Apr. 23a
Preferred (quar.)
2
May 1 Holders of rec. Apr. 26
Falls Rubber, pref.(quar.)
June 1 *Holders of rec. Apr. 30
Famous Players Can. Corp., 1st pf.(qu.) .2
10c. May 15 May 9 to May 16
C. G.Spring & Bumper (quar.)
Sc. May 15 May 9 to May 16
Extra
May 15 Holders of rec. May 5
$1
General Outdoor Adv.,class A (quar.)
114 May 15 Holders of rec. May 5
Preferred (quar.)
Globe Democrat Publishing, pref.(qu.). 1% June 1 Holders of rec. May 20
*31
June 1 *Holders of rec. May 15
Goodrich (B.F.) Co.,com.(quar.)
*520 May 1
Great National Smelting Co
"5250 May 10 *Holders of rec. May 1
Group 1 011 Corp.(monthly)
*5250 June 10 *Holders of rec. June 1
Monthly
*5250 July 10 *Holders of rec. July 1
Monthly
•1
May 1 *Holders of rec. Apr. 23
Hamilton-Brown Shoe (monthly)
Harbison-Walker Refract., com. (quar.) 1% June 1 Holders of rec. May 21
1% July 20 Holders of rec. July 10
Preferred (quar.)
Internat.-Agricultural Corp.. pr. pf.(qu.) 154 June 1 Holders of rec. May lbei
214 Apr. 30 Holders of rec. Apr. 24
Kellogg Switchboard & Supply (quar.)_ _
$2.50 May 1 Holders of rec. Apr. 15
Kidder, Peabody Acceptance Corp
Liggett & Myers Tob.,com Acorn.B(qu.) *764 June 1 *Holders of rec. May 17
*1754c June 15 *Holders of rec. June 1
Lindsay Light, pref.(quar.)
2
May 1 Holders of rec. Apr. 24
Loew's Ohio Theatres, 1st prof.(quar.)
*2
May 1 *Holders of rec. Apr. 20
Luther Mfg.(quar.)
50c. June 1 Holders of rec. May 150
Martin-Parry Corp.(guar.)
June 1 Holders of rec. May 10a
McCrory Stores, com.(pay.In com.stk.) lb
June 1 Holders of rec. May 10a
D.
Class B (payable in class B stock)
•25c June 1 *Holders of rec. May 1
McIntyre Porcupine Mines. Ltd. 4 113
1
(
50c. May 1 Holders of rec. Apr. 26a
.
Melville Shoe Corp.,common (quar.)
50c. May 1 Holders of rec. Apr. 26a
Common (extra)
May 1 Holders of rec. Apr. 26a
2
Preferred (quar.)
1
May 1 Holders of rec. Apr. 23
Merchants Mfg. (quar.)
154 May 1 Holders of rec. Apr. 20a
Mirror (The), pref.(quar.)
May 1 Holders of rec. Apr. 20
Missouri-IllMois Stores, pref.(quarj . 2
50c. Apr. 30 Apr. 24 to Apr. 26
Missouri Portland Cement (guar.)
June 1 Holders of rec. May 1
Mohawk Mining (quar.)
51
Motor Wheel Corp., pref.(quar.)
May 15 Holders of rec. Apr. 30
2
75c. June 1 *Holders of rec. May 18
Munsingwear, Inc. (quar.)
•
114 May 15 Holders of rec. Apr. 30a
National Brick. pref. (quar.)
Nat. Cloak & Suit. Pref. (guar.)
114 June 1 Holders of rec. May 25a
Ontario Steel Products, com.(quar.)__
1
May 15 Holders of rec. Apr. 30
Preferred (quar.)
114 May 15 Holders of rec. Apr. 30
Otis Elevator, pref.(quar.)
114 July 15 Holders of rec. June 306
Preferred (quar.)
154 Oct. 1 Holders of rec. Sept.30a
Preferred (quar.)
134 Jan15'27 Holders of rec. Dec. 31a
Owens Bottle,com.(quar.)
•75c. July 1 *Holders of rec. June 15
Preferred (quar.)
•13.4 July 1 *Holders of rec. June 15
Peabody Coal, pref. (monthly)
59c. May 1 *Holders of rec. Apr. 20
•
Prefered (monthly)
•58c. June 1 *Holders of rec. May 20
Preferred (monthly)
•58c. July 1 *Holders of rec. June 21
Pittsburgh Malleable Iron (quar.)
'234 Apr. 24 *Holders of rec. Apr. 22
Procter & Gamble,com.(quar.)
$1.25 May 15 Holders of rec. Apr. 240
Rice-Stix Dry Goods, corn.(quar.)
37 sic. May 1 Holders of rec. Apr. 15
Rome Wire, class A (quar.)
*75c. May 1 *Holders of rec. Apr. 24
Class B (quar.)
•25c. May 1 *Holders of rec. Apr. 24
St. Louis Car Co., Pref.(quar.)
114 May 1 Holders of roe. Apr. 25
Scotten, Dillon Co.(quar.)
3
May 15 May 8 to May 16
seruggs-Vandervoort-Barney
Dry Goods (quar.)
2
May 1 Holders of rec. Apr. 20
Shaffer Oil & Refining, Prof
114 July 25 Holders of rec. June 30
764. May 1 Holders of rec. Apr. 24
Skouras Bros., Class A (quar.)
Stewart-Warner Speedometer (quar.)
$1.50 May 15 Holders of rec. Apr. 30a
2
*
Sullivan Packing, Prof. (quar.)
May 1 *Holders of rec. Apr. 20
551.75 May 15 Holders of rec. Apr. 300
Swan-Finch Oil Corp., pref
334 May 15 May 9 to May 16
Union-Buffalo Mills, 1st pref
Second preferred
234 May 15 May 9 to May 16
June 1 *Holders of rec. May 10
United Biscuit, class A (quar.)
75C May 15 Holders of rec. May la
Vanadium Corp. (quar.)
60e May 1 Holders of rec. Apr. 20
waltke (William) & Co., com.(quar.)_
Preferred (quar.)
114 May 1 Holders of rec. Apr. 20
*3734c May 15 'Holders of res. May 1
Williams 011-o -matte Heat (quar.)
•From unoMcial sources. }The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. :The
New York Curb Market Association has ruled that stock will not be quoted ex
dividend 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. g Payable in scrip. h On account of accumulated
dividends. m Payable in preferred stock. n Payable in Canadian Ilands
t Payable in common and common 13 stock, respectively. No fractional shares
to be issued, cash being paid instead, such cash being at the rate of the bid price at
close of business May 10,of if such bid price be fractional then at the even price below.
2297
THE CHRONICLE
Ara. 24 1926.1
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated In thousands of dollars-that Is three (000) ciphers otsideS)
New
It
Capital Profits. Loans,
Thu Bask
with
Net
Discount, Cash
Week Ending
Legal Demand
De- CitesIn
April 17 1926. Nat'l, Dec. 31 Invest
State, Mar.25 meats, Vault. Depost Deposits. posits. la.
Nos
Wise.
etc.
(000 omitted.)
.008.Mar.25
Bank. Average. Average Averag
Members of F
Bank of N.Y.
498 7,743
76,721
12,905
Trust Co....
14,965 162,234 3,020 18,052
Bk of Manhat'n
77.662 1,769 11,66
5,258
Bank of Amer'
65,032 568,983 5,259 63,027
National City.
18,050 132,062 1,251 15,542
Chemical Nat.
2,107 18,822
12,547 147,64
Am Ex-Pac Na
779 37,153
40.935 332,131
of Corn.
Nat Bk
2,453 24,819
12,571 217,26
Chat Pb NB&T
531 14,081
25,505 121.14
Hanover Nat__
14,799 210.363 6,797 26,073
Corn Exchange.
867 16.958
National Park. 10,000 23,843 159,952
1,418 5,275
51,95
Bow'y&EastRI
3.000 3,071
597 25,274
First National. 10,000 73,804 309,616
2,622 36,08
17,500 14,017 288.50
IrvingBk-Col
125 1,037
8,048
1,198
Continental.1,000
Chase National.840000 a39,057 561,700 7,347 64,340
744 3,439
25,289
500 3,031
Fifth Avenue__
493 1,528
14,482
800 1,320
Commonwealth.
455 2,759
17,080
Garfield Nat'l__ 1,000 1,731
Seaboard Nat'l. 6,000 9,764 117,651 1,079 14.943
780 36.5971
31.707 345,167
Bankers Trust. 20,0
752 8,224
U S Mtge &'Tr_ 3,000 4,915 65,069
Guaranty 'True 25,00 22,588 403,301 1,377 43,127
856 5,262
42,47
4,000 3,174
Fidelity-Inter
557 19,967
New York'Trus 10,000 20,312 174,961
408 14,177
10,000 18,963 145,237
Farmers L &
Equitable 'Trus 23,000 14,439 263,628 1,672 28,573
Average. Average Mess
5
56,141 25:498 -6
80
131,103
85,927 5,852
80
•606,137 78,892
348
117,327 3,404
136,175 10,198 4,954
281.420 11,941
,910
166.831 40,964 5
104,491
186.299 31:ki
128,735 8.287 3:Eil
36,385 15,762 993
191,800 11,266 4,855
270,030 28,016
6,694
430
*523,948 32,935 1,534
25,729
i"
10.450
22
17,396
48
113,855 2,421
*299,618 49.92
59,189 5,755
*384,388 55,47
38,415 2.971
,
144,431 21,630
*108,002 21,143
*277,848 25,987
Total of averages 320,800509,5135,040,333 46.612564,543c4,174,051 504,176 22,233
Totals,actual co ndition Apr. 175,003.274 41,861 574,601 c4,194,430502.15922,230
Totals. actual condition Apr. 105,071,318 46,894576,425 c4,170,520512,947 22,183
Totals, actual co ndition Apr. 35,191,235 44,809546,706 c4,352,129515,161 22,116
State Banks Not Me mbers of Fed'I Res ve Bank.
22,957 2,024 -23,846 2,171 2,045
Greenwich Bank 1,000 2,600
39,616 64,690 ---State Bank__ 5,000 5.324 108,062 4,863 2.415
Total of averages
6,000
7,925
131,908
62,573 66,714
4,460
7,034
Totals, actual co ndition Apr.:17 132,295 6,605 4,690
Totals, aaual co ndltion Apr. 10 130,747 7,014 4,415
Totals,actual co ndition Apr. 3 130,817 6,602 4.463
Trust Compan es Not Members of Fed 'I Res'.e BankTitle Guar & Tr. 10,000 18,105 63,637 1,712 4.370
883 2,177
24,640
Lawyers Trust. 8,000 3,231
62,835 66,658
61,373 66,738
61,045 66,360
39,506
20.198
2,264
1,123
Total of averages 13,000 21,336
88.277
2.595
6,547
59,704
33
, 87
Totals, actual co ndition Apr. 17
Totals, actual co ndition Apr, 10
Totals, actual co ndition Apr, 3
88,596
87.176
86,965
2,567
2,593
2,505
6,460
6,704
6,594
60,049
59.041
58,732
3,361
3,424
3,375
574,27722,233
Gr'd aggr..aver. 339,800538.776 5,260,518 58.241575.550 4.296.328,
--71,303 --617--2,907 -46,057-8,548 +71
Comparison wit h prey. week
Gee] aggr., aa'l cond'n Apr. 175,224,165 54,033585.751 4,317,314 572,17822,230
-65,076-2,468-1,793 +26,380-10,931 -47
Comparison wit h prey. week
Gr'd
Gr'd
Ord
Gr'd
Gr'd
Ged
aggr., cal cond'n
aggr., act'l cond'n
aggr., ea/cond'n
agrr., actl cond'n
aggr., ace/ cond'n
cond'n
aggr.. =I'
Apr. 105,289.241
Apr. 35,409,017
Mar.275,317,240
Mar.205.314.812
Mar.135,328,039
Mar. 65,325.463
56,501 587,544
53,916 557,763
55,355589.5S9
56.800j588.312
57,421 607.326
58,030597,877
4,290,934 583,109 22,183
4,471,909 585.40222.116
4,334,419 581,951 22,296
4.363,020566,361 22.267
4,383.441 573.71722.290
4.408,815560,439 22.324
-U. S. deposits deducted from net demand deposits in the general total:
Note.
above were as follows: Average total Apr. 17. 342,763,000. Actual totals Apr. 17,
$39,547,000; Apr. 10, $44,437,000: Apr. 3, $44,441,000; Mar. 27, 544.447.000.
Mar. 20, $57,424,000. Bills payable, rediscounts, acceptances and other liabilitied
average for week Apr. 17, $629,036,000: Apr. 10,5645,113,000; Apr. 3,5633.909.000;
Mar.27,$638,117,000; Mar.20. $615.595,000. Actual totals Apr. 17, 8584.853,00 0
Apr. 10, $656,998,000; Apr. 3, $587,074,000; Mar. 27, 5656,190,000; Mar. 20.
$650,916,000.
•Includes deposits in foreign branches not included in total footings as follows:
National City Bank, $155,118,000: Chase National Bank, 411.945.000; Bankers
Trust Co.. $32,764,000; Guaranty Trust Co., $65.840,000; Farmers' Loan & Trust
Co., $4,233,000; Equitable Trust Co., $64,813,000. Balances carried in banks in
foreign countries as reserve for such deposits were: National City Bank.$28,225.000;
Chase National Bank, $3,436,000; Bankers Trust Co., 52,023.000; Guaranty Trust
Co., $2,375,000; Farmers' Loan & Trust Co., 54.233,000; Equitable Trust Co.,
$6,108,000.
a As of April 12 1926.
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
Reserve
In Vault. Depositaries
Members Federal
Reserve Bank...
State banks*
Trust companies._
$
7,034,000
2,595,000
Total
Reserve,
Reserve
Required.
564,543.000 564,543.000 557,751,910
4,460.000 11.494,000 11,263,140
6,547,000 9,142.000 8.955,600
81117011
Reserve.
6.791.090
230,860
188,400
Apr. 17 _ _ 9,629.000 575,550,000 585,179,000 577,970.650 7,208,350
Apr. 10.... 9,729,000 578,457,000 588,186,000 584,126,990 4,059,010
9,230,000 609,580,000 618.810,000 595,661.040 23,148,960
Apr. 3_ _
Mar.27_ - - 9.218.000 582,462,000 591.680.000 585,053,850 6.626.150
•Not members of Federal Reserve Bank.
b This is the reserve required on the net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank
includes also amount in reserve required on net time deposits, which was as follows:
Apr. 17, $15,125,280; Apr. 10, $15,378,870; Apr. 3, 515,617,370; Mar. 27, $15,247,860; Mar. 20, $14.973,810.
Total
Total
Total
Total
2298
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 Figures.
•
Members Federal
Reserve Bank__
State banks*
Trust companles•__ _
Cash
Reserve
Reserve
In
in Vault. Depositaries
6,605,000
2,567,000
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
Apr. 17.....
9,172,000 585,751.000 594,923.000 580.658,320 14,264,680
Apr. 10
9,607.000 587.544,000 597,151,000 577.459,300 19,691.700
Apr. 3
9,107,000 557,763.000 566,870,000 801,029,500 -34,159,500
Mar.27.- 9.151,000 589.559.000 598.710,000 583,136,330 15,573,670
•Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank Includes also amount of reserve required on net time deposits, which was as follows:
Apr. 17, $15,064,770: Apr. 10, $15,388,410; Apr. 3, 815,454.830: Mar. 27, 815,360,000; Mar. 20, 814.897,760.
State Banks and Trust Companies Not in Clearing
House.
-The State Banking Department reports weekly
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK; NOT INCLUDED IN CLEARING HOUSE,STATEMENT.
(Figures Furnished by State Banking Department.)
Differences from
April 17.
Previous Week.
Loans and investments
$1,216,708,100 Dec.83,085.400
Gold
4,639,700 Dec. 1,097.200
Currency notes
24,749,300 Dec.
16.400
Deposits with Federal Reserve Bank of New 'York_ 102,951.400 Inc. 1,588,000
Time deposits
1,281,464,400 Inc. 9,818,000
Deposits eliminating amounts due from reserve depositaries and from other banks and trust companies in N. Y. City, exchange & S.deposits.... 1,198,220,600 Inc. 7,641,600
Reserve on deposits
177,521,400 Inc.
185,800
Percentage of reserve, 20.5%.
RESERVE.
-StateBanks
-Trust Companies
Cash in vault
*239.680.400 16.76%
892,680.000 14 75%
Deposits In banks and trust cos____ 12.991,400 5.49%
32,189,600 5.13%
Total
$52,651.800 22.25%
$124,869,600 19.88%
• Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on April 17 was $102,951,400.
Banks and Trust Companies in New York City.
-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES
IN
GREATER NEW YORK.
Loam and
leicestments.
Week EndedDec. 19
Dec. 26
Jan. 2
Jan. 9
Jan. 16
Jan. 23
Jan. 80
Feb. 6
Feb. 13
Feb. 20
Feb. 27
Mar. 6
Mar. 13
Mar. 20
Mar. 27
Apr. 3
Apr. 10
A01•11 17
3
8,539,445,800
8,584,447,000
6.688.745.000
6,713,047,300
6.614.199,500
6.557,007,300
6.538.928,200
8,583.367.000
6,551.072,500
6,539,198.100
8.538.928.200
6,574.532,600
6,501.882,000
6,559,263,300
6.528,460,200
6,582,817,200
6,551.614,500
6.477.226.100
Demand
Deposits.
*Total Cash
in Vaults.
Rennie 01
Depositaries.
$
$
5.638.893.200
98.884.300
5.619.923.800 105,692,300
5,740,772,300
99,811,300
5,770,909,300
95,988.600
5.711,092,800
90,893,800
5.657.830.000
87.033.900
5,628,105.200
87,174.800
5.669,834.300
84,220.500
5,617.024.100
89,198.200
5,572.396.500
85,608.600
5,628.105,200
87.174.800
5,621.468.900
84,322,400
5,562,180.300
85.376,300
5,624,406,300
83,752.000
5,539,714.200 ' 82.310.600
5,616,040,800
79,710,300
5,532,064.000
87.360.600
5.494.548.600
85.830.000
8
748,673,400
734,118,200
764,938,500
764,899,000
782,604,500
748,110,700
732,989,600
740,775.600
732,243,100
732,631,000
732,989,600
744,749,500
728,793,200
737,864,500
726,143,200
765,192,600
725,200.000
723.682.400
New York City Non-Member Banks and Trust Cornpanies.-The following are the returns to the Clearing
House by clearing non-member institutions and which are not
included in the "Clearing House Returns" in the foregoing:
=TURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE
(Staled is themands of dellars-that is. three ciphers 10001 omitted.)
CLEARING
SON-MEMBERS
Week Ending
April 17 1926.
Members of
Veen Res've Bank.
Grace Nat Bank__
Total
State Banks.
Not Members of IS
Federal Reserve Ban*
Bank of Wash.Eta.
ColonialBank
Total
Trust Company
Not Member of the
federal Reserve Bank
Mach Tr, Bayonne_
Loans.
MMUS.
rarestNet
Capital. Profits. meats.
Sc.
Reserve
with
Cask
Net
Net
Legal Demand Time
On
Vault. Depart- Deposite. Deposits.
tortes.
1.00
Average. Average Average. Average Average.
$
1,856 12.909
45
1,048
8,886
3,830
1
1,858
45
1,048
6.886
200
1,
616
2,96
797
3,31
373
1,600
6,214
27,693
1,400
3.583
4,112
1,973
33,907
374
171
3,428
171
3,426
58
Total
589
9,42
3741
Grand aggreeate_-_
2,
Comparison with Pr ev. week
6,029
63,721
+1,424
4,531
+225
3,192844,219
-474 +2,1651
Or'd aggr., Apr. 10
Or'd aggr., Apr.
or'd aggr.,
Or'd aggr.. Mar.2
6,02
5.83
5.83
5.83
62,297
82,534
64.581
63,431
4,306
4,2311
4,38
4,33
3,666
3,026
3
,090
3,192
2.
2,900
2,900
2.
a42,0541
a42,
39
242,86
a43,214
a United States deposits deducted. $155,000.
Bills payable, rediscounts acceptances, and other liabilities, 32.467.000.
Excess reserve 8622.130 decrease.
BOSTON CLEARING HOUSE MEMBERS.
$
574.801.000 574,601,000 560.340,670 14,260,330
4,690,000 11,295.000 11,310,300
--15,300
6,460,000 9,027,000 9,007,350
19,650
Total
Total
Total
Total
[Vot. 122.
April 21
1928.
Changes from
precious week.
AprtlI4
1926.
Apr. 7
1928.
2
$
$
11
Capital
89,500,000 Unchanged
68,500,000 68,500,000
Surplus and profits
93,697,000 Inc. 3,146,000 90.551,000 89,694,000
Loans, dlac'ts & Investments. 1030932000 Dec. 2,864,000 1033796000 1034310000
Individual deposits
686,986,000 Inc. 11,708,000 675,278,000 671,158.000
Due to banks
148,749,000 Inc. 6,092.000 142,657,000 148,441,000
Time deposit::
219,953,000 Inc. 1,037,000 218,916,000 215,939,000
United States depomits
40,352.000 Dec. 6,543,000 46,895,000 46,902,000
Exchanges for Clearing House 40,568,000 Inc. 8,407.000 32.161,000 40.110,000
Due from other banks
93,276,000 Inc. 9,809,000 83.467,000 82,192,000
Reserve in legal depositaries_ 80,371,000 Inc. 1,087,000 79.284,000 78.999,000
Cash in bank
9,835,000 Dec. 332,000 10,167,000 10,366,000
Reserve excess in P.R. Bk.... _
9133.000 Inc.
528.000
435.000
883.000
Philadelphia Banks.
-The Philadelphia Clearing House
return for the week ending Apr. 17, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not members of the Federal Reserve System the reserve required is
10% on demand deposits and includes "Reserve with legal
depositaries" and "Cash in vaults."
Two Ciphers (00)
omitted.
Capital
Surplus and profits
Loans, disets & investm•tm
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
Ree've with legal depos.
Reserve with F. R.Bank
Cash in vault•
Total reserve & cash held_ _
Reserve required
Excess res & cash In vault_
Week Ended April 17 1926.
Membersof Trust
F.R.System Companies
244,775,0
131,459,0
865.448.0
48,301.0
125,738,0
144,803.0
620,252,0
127,500,0
892,555,0
85.736,0
10,053.0
75.789,0
86.982,0
7,807.0
$5,000.0
17,405,0
50,679.0
439.0
16,0
811.0
83.090.0
2.140.0
36.041,0
5.690,0
1,480.0
7,170,0
5,123.0
2,047,0
1926
Total.
249,775,0
148,884.0
916.127,0
46.740,0
125.754.0
145.614.0
653.342,0
129.640.0
928.596,0
5,690,0
65.736,0
11.533.0
82,959,0
72,105.0
10,854,0
April 10
1926.
Ayr. 3
1926.
$49,275,0
149,283.0
904,206,0
39,383.0
115,196.0
141,756,0
620,459.0
130.720,0
892.935.0
4,863,0
84,045,0
11,692,0
80.600,0
69,079,0
11
$49,275.0
149.283,0
902,779,0
50,969,0
120,888,0
140,953.0
634,443,0
129,988,0
905,383,0
6.224,0
63,897,0
11,718.0
81.839.0
69,835,0
12,004.0
• Cash in vault not counted as reserve for Federal Reserve members.
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business Apr. 21 1926 in
comparison with the previous week and the corresponding
date last year:
ResourcesGold with Federal Reserve Agent
Gold redemp.fund with U.S. Treasury
April21 1926. Aprt1141926. Ayr11221925.
$
453,803.000 288,898,000 356,546,000
12.784.000
13,631,000
11,188,000
Gold held exclusively aged.F.R.notes. 466,592.000
Goldsettlement fund with F. R. Board_ 206,755,000
Gold and gold certificates held by bank.. 351,910,000
302,529.000
296,155.000
358,103,000
367,734,000
242,617,000
324,582.000
Total gold reeerves
Reserves other than gold
956.787.000
45,073,000
934,933,000
34,215,000
1,025.257.000
42,351,000
Total reserves
.1,067.608.000 1,001,880,000 969,148,000
Non-reserve cash
19,596,000
21.095,000
15,119,000
Bills discounted
Secured by U. S. Govt. obligations- 37,475,000 160,627.000
73,944,000
Other bille discounted
23,753,000
28,342,000 35,308,000
Total bills discounted
61.228,000 188,969,000 109,352,000
Bills bought in open market
28,036,000
63,437.000
64,250,000
U. S. Government securities
Bonds
11,762,000
9,936,000
12,461,000
Treasury notes
36,275.000
32,117.000
81.892.000
Certificates of indebtedness
25,831,000
23,922,000
3,312,000
Total U.S. Governmen tsecurltiee-- 73,868,000
65,075,000
97,665,000
Foreign loans on gold 2,384.000
2,384,000
2,835,000
Total bills and securities (See Note)._ 163,566,000 320.765,000
274,002,000
Due from foreign banks (See Note)._
644,000
Uncollected Items
170,256,00(1
Bank premises
16,715.000
All other resources
4.481.000
Total resources
643,000
640,000
191.595,000 150.871,000
16,701,000
16,579,000
5,390,000
4.355,000
1,442,866,000 1,557,014,000 1,431,749,000
Fed'I Reserve notes in actual circulation- 363,393,000
-Member bank, swerve ace's.. 825,558,000
Deposits
3,830
Government
9,341.000
Foreign bank (Sce Note)
1,565,004)
Other deposits
9.317.000
2,718
Total deposits
845.781.000
5,065 Deferred availability items
136,080,000
Capital paid In
34.629,000
7,783 Surplus
59,964,000
All other liabilities
3,019,000
388.065,000 340,130,000
922,827,000 851,754,000
6.098,000
8.264,000
660,000
5,511,000
8,000,000
8,687.000
936.272,000
157,345,000
34,242,000
59.964,000
3.126,000
873,529.000
124,660,000
31,345,000
58,749,000
3,336,000
Totaillabilities
1.442.866,000 1,557,014,000 1.431,749,000
Ratio of total reserves to deposit and
6,037
Fed'I Reeve note liabilities combined_
88.3%
76.9%
79.9%
Contingent liability on bills purchased
P7,650
for foreign correspondents
10,709,000
18.191,000
18,697,000
+39
NOTE.
-Beginning with the statement of Oct. 7 two new Items were added ln
17,611 order to show separately the amount of balances held abroad and amounts due to
17,664 foreign correspondents. In addition, the caption, "All other earning assets." now
17,713 made up of Federal intermediate credit bank debentures, has been changed be
17,709 "Other securities," and the caption, "Total earning assets" to "Total bills and seeurities." The latter term has been adopted as a more accurate description of the
total of the discounts, acceptances and securities acquired tinder the provisions of
Sections 18 and 14 of the Federal Reserve Act, which are the only Items included
herein
6,037
k
ti
2299
THE CHRONICLE
APR. 24 1926.]
Weekly Return of the Federal Reserve Board.
Reserve Board Thursday afternoon, April 22,and showing the condition
The following is the return issued by the Federal on Wednesday. In the first table we present the results for the system
Reserve banks at the close of business
of the twelve
preceding weeks and with those of the corresponding week last year.
as a whole in comparison with the figures for the seven
of the twelve banks. The Federal Reserve Agents'
table shows the resources and liabilities separately for each Federal Reserve notes between the Comptroller and
The second
(third table following) gives details regarding transactions in The Reserve Board's comment upon the returns for Om
Accounts
banks.
Reserve Agents and between the latter and Federal Reserve
department of "Current Events and Discussions."
latest week appears on page 2282, being the first item in our
BUSINESS APRIL 21. 1926.
OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF
0 BINED RESOURCES AND LIABILITIES
1926. Mar. 171926. Mar.10 1926. Mar. 3 1926. Apr11221925.
Apr11211920 Apri1141926. April 7 1926. Mar.311920. Mar.24
8
3
$
5
s
$
$
s
$
RESOURCES.
1,432,402,000 1,408,708.000 1,383.170,000 1,563,377,000
1,493,448.000 1,335.430,000 1.384,531,000 1,361,723,000 1,404,307,000
50,639,000
50.723,000
50,406,000
58,431,000
Gold with Federal Reserve agents
58,086,000
48,754,000
47,741,000
52,815,000
53.429,000
Gold redemption fund with U. S. Treas.
1.433,893,000 1,614,016,000
1,432,272,000 1.410,477.000 1.462,393,000 1,490,833,000 1,459.114,000
Gold held exclusively agst. F. It. notes 1,551.877,000 1,438,245,000 730,247,000 751.935.000 713,203,000 688,599.000 692,997,000 688,567,000 632.337,000
715,880,000
597,910,000
Gold settlement fund with F.R.Board._ 617,881,000
604.461,000 618.885,000 631,833.000 647.047,000 642,324,000
620.827,000
Gold and gold certificates held by banks_ 625,469,000 627,663,000
2.764,784,000 2,844,263,000
2,783,346.0002.766,873,000 2,794,481,000 2,811,265,000 2.799,158,000 148.754,000 141,491.000
2,795,227,000 2.781.738.000
Total gold reserves
153,392.000 151.682,000
155,243,000 157,017,000 150,305,000 152,973,000 155,295,000
Reserves other than gold
2,985,754,000
2,919,846,000 2,949,776,000 2,964,657,000 2,950,840,000 2,913,538,000
55,757,000
2,950,470,000 2,938,805,000 2,933,651.000
65,296.000
68,998,000
Total reserves
66,786,000
66,102,000
62,078,000
61,484,000
62,838,000
60,768,000
Non-reserve cash
219,920,000
Bills discounted:
340,564.000 260.479.000 263,904,000 319,423,000 192.455,000
208,834,000 334,735,000 290,169,000 311,487,000
220,136,000 238,521,000 263,791,000
Secured by U. S. Govt. obligations
240.836,000 242,549,000 288,383,000 320.904,000 276.983.000
Other bills discounted
617,547,000 480,615.000 502,425,000 583,214,000 412,375,000
449,670,000 577,234.000 578,552.000 632,391,000 252,223,000 257,138,000 284,520.000 288,607,000 275,501,000
Total bills discounted
229,474,000 274,058.000 229.773.000 249.633.000
Bins bought in open market
84,930,000
60,285,000
60,437,000
63,831,000
8. Government securities:
U.
63,877,000
70,054,000
74,997,000
94.136,000
98,681,000
Bonds
75,418,000 187,335.000 171,432,000 244,202,000
149,999.000 143,465,000 134.897,000 131.644,000 121,308,000 213,328,000 111.894.000
23,949,000
94,041,000
Treasury notes
123.016,000
139,903.000 139,415,000 132,135,000 128.139.000
Certificates of indebtedness
353,081.000
329.837,000 308.201,000 352,577,000 359.686.000 325,758,000
1,400,000
3,150.000
Total U. S. Government securities... 388,533,000 377,016,000 342,029,000
3,150.000
3.610,000
3,810,000
5.185,000
5,185,000
5,185.000
4,635,000
10,500,000
8,700,000
8.798.000
Other securities (3ee note)
7,700,000
8,010,000
8,491,000
8,800.000
8,700,000
8.700,000
Foreign loans on gold
1,101,640.000 1.158,559,000 1,207.429.000 1,052,857,000
640,000
1.081,062.000 1,242,243,000 1,164,339.000 1.225,537,000 1.189,796,000
749.000
737,000
Total bills and securities (see note)
712.000
643.000
643.000
643.000
643.000 ,
644.000
Doe from foreign banks (see note)
635.857.000 831,669.000 628.454,000 711,125.000 671,528.000
59.263,000
711,616,000 768,248.000 635,145,000 620.294,000
59.308.000
items
Uncollected
59,406,000
59,406,000
59.406,000
59.441.000
59.480,000
59.431,000
59,519.000
22,738,000
16.918,000
17.775,000
Bank premises
14,134 000
14,732.000
14,759.000
15.040.000
16.201.000
15,780.000
All other resources
4,974,423.000 4,848,537,000
4.869,782,000 4,902,598,000 4,918.312.000 5,039,004,000 4,884.769,000
4 879,859,000 5,038.459,000
Total resources
LIABILITIES.
1.658,996,000 1,659.210.000 1,671,754,000 1.675,354,000 1,687,690,000
1,662,284,000 1,681,096.000 1.652,878,000 1.656,482.000
F.R.notes in actual circulation
Deposits
2,218,007,000 2,230.282,000 2,209.698,000 2,224,329,000 2,163.116.000
30,454,000
2,171,145,000 2.283.222,000 2,191.635.000 2,215,243.000
52,472.000
Member banks-reserve account
48.554.000
7,089,000
68.892,000
85,813.000
60.580.000
43,280,000
6,830.000
23,828,000
Government
6,160.000
4,784,000
5.971,000
8.420,000
5,390,000
7.954,000
4,576,000
17,354,000
4.494.000
Foreign bank (see note)
19.322,000
18,253.000
21,305.000
18,313,000
16,897,000
18,298,000
16.074,000
20,283,000
Other deposits
2.264.647.000 2,281,289,000 2,302,283,000 2,217.754,000
2210,750,000 2.347,152.000 2.278.407.0002.323,352,000 2,313,632,000 761.104.000 577,943,000 644,103.000 598,159,000
Total deposits
588.910,000
640,652,000 703.600,000 582.779.000 507.879,000 120,404,000 120.394.000 119.993.000 119,721,000 114.693,000
Deferred availability items
120,427,000
121,452,00(1 120.898.000 120,455,000
Capital paid in
220,310,001 220,310,000 220.310,000 220.310,000 217.837.000
220.310,000 220,310,000 220.310.000 220,310,000
12,404,000
qurplus
12.652,000
13,480.000
13,335.000
14,060,000
14,148,000
14,893,000
15,403,000
15,411,000
A , other liabilities
4.884,769,000 4,974,423,000 4,848,537,000
4.916,312,000 5.039,004,000
4,879,859,000 5,088.459,000 4.869.782,000 4.902,598,000
Total liabilities
72.8%
Ratio of gold reserves to deposits and
69.5%
70.8%
71.6%
70.3%
69.5%
70.8%
68.9%
72.0%
F. R. note Ilabilltiee combined
76.5%
73.2%
Ratio of total reserves to deposit and
74.6%
75.6%
74.3%
73.4%
74.6%
73.0%
76.0%
F. R. note liabilities combined
43.485,000
82,408,000
Contingent liability on bills purchased
83,009.000
78,975.000
71.016,000
69.161.000
68,172,000
68.202,000
67.696.000
for foreign correspondents
$
--cm
3
$
$
$
$
s
$
$
by MaturitiesDistribut(on
96.085,000 111,474,000 110,558,000 100,059,000
97.117.000 117.659,000 110,540,000
97.220,000 132,730,000
1-15 days bills bought in open market_
486.050.000 364,185,000 390.088,000 465.043.000 306,278,000
1,391,000
312,567,000 436.193,01)0 430,712,000 473,600.000
18,000
1-15 days bills discounted
48,000
99,013,000
2.884,000
10.000
36,000
13.000
1-15 days U. 8. certif. of indebtedness_
54,126,000
55.568,000
1-15 days municipal warrants
66,139.000
70,533.000
61,546.000
52.635.000
52.615,000
57.559,000
24,528,000
60.606,000
28,917,000
15-30 days bills bought in open market_
29.551,000
30,957.000
31,386,000
37,181,000
34,987,000
33,897,000
32.320,000
18-30 days bills discounted
200,000
4,689,000
16-30 days U. S. certif. of Indebtedness.
81.652.000
84.340,000
16-30 days municipal warrants
72,552.000
57,847.000
52,619,000
52.237.000
51,824.000
54,633,000
32,719,000
42.702,000
47.586,000
31-60 days bills bought In open market..
43,601.000
43,340,000
51,259,000
65,230,000
59,119,000
56,491,000
54,093,000
bills discounted
51-80 days
60.703.000
81 60 days U.S. certif. of Indebtedness_
33,698,000
31.503.000
31-80 days municipal warrants
29.571,000
28.574.000
22,744,000
23.327,000
24,807.000
24,268.000
22,234,000
24,230.000
30.700.000
e1-90 days bills bought in open market
27,087,000
29,589.000
35,345.000
41.319.000
37,770.000
33.156,000
31.560,000
61-90 days bills discounted
24,988,000
25,203,000
59.418,000
62.991,000
66,863,000
2,251,000
S. certif. of Indebtedness_
61-90 days U.
5,966,000
4.633.000
61-90 days municipal warrants
4,784.000
4,099,000
4,779.000
3.725,000
3,410.000
4,868,000
26,616,000
4.716,000
10.068.000
Over 00 days bills bought in open market
11,098.000
12,544.000
13,507,000
15,055.000
15,964.000
17.547,000
22,558,000
19,130.000
94,023,000
Over 90 days bills discounted
89,327.000 111,846,000
94,929,000
68.711,000
69,108,000
72,339,000
72,260,000
Over 90 days certif. of Indebtedness-...
Over 90 days municipal warrants
2,807,701.000 2,819,409,000 2,826,107.000 2,839.467,000 3,005,446.000
F. R. notes received from Comptroller 2.859,710,000 2.832,211,000 2,802,474,000 2,809.809,000 827,637,000 829,901,000 825,142,000 833,374.000 968.271,000
F.R.notes held by F. R. Agent
853.871,000 8'30,057,000 843.261,000 843,106.000
1.980,064,000 1.989,508.000 2.000,965.000 2.006.093.000 2,017,175,000
2,005,839,000 2.002.154,000 1.959.213,000 1,966,703.000
Issued to Federal Reserve Banks
How SecuredBy gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board
By eligible paper
309.253.000
100,600,000
1,034.595.000
648,512,000
309,653,000
110,457.000
965.320.000
822,806,000
309.393.000
99.051,000
976.087.000
777,026,000
311,743,000
104.805,000
945.175.000
838.769,000
310,498,000 310,748,000
105,606,000 102,162,000
988.203,000 1,019,492,000
827.811,000 704,667,000
310.846.000
107,962.000
989,900.000
754,218.000
310.846.000 277.316,000
104.140.000 108,898,000
968.184.001 1,177,163,000
835.592,0001 658,561,000
2.221.934.000
,
0 lAr: non nnn 9 ono 911I non o ini Kr, nnn 9 200 40 0 non's 999 1 is min 2 137 069.00a 2.162.926.000 2.218.762.000
the amount of balances held abroad and amounts QUO
NOTE.
-Beginning with the statement of Oct. 7 1925 two new items were added in order to show separately
Credit Bank debentures, has been changed to
CO foreign correspondents. In addition, the caption, "All other earning assets", now made up of Federal Intermediateadopted as a more accurate description of the total
"Other securities," and the caption. "Total earning assets" to "Total bills and securities." The latter term has been Act, which are the only items included therein.
of Sections 13 and 14 of the Federal Reserve
of the discounts, acceptances and securities acquired under the Provisions
AT CLOSE OF BUSINESS APR. 21, 1926
WEEKLY STATEMENT OF RFSOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS
Total
Two ciphers (00) omitted.
Federal Re erre Bank of-
Boston.
$
'(E.G )URCES.
Gold with Fed tral Reserve Agents 117.913,0
Gold red'n fun 1 with U.8.Treas. 8,627,0
Gold held exel. agst. FM.notes 126,540.0
Gold settle't fu nd with F.R.Board 53,070,0
35,530,0
Gold and gold certificates
Total gold r !serves
Reserves other than gold
23,925,0
Total bills ['mounted
32,296,0
BUD bought I . open market
U.8. Govern lent securities:
3.584,0
Bonds__
5,400,0
Tretumry n tee
Certificates of indebtedness... 8,306,0
Phila.
Cteretand Richmond Atlanta. Chicago. St. Louis. M(nneap. Kan. City
$
$
Dallas. San Fran
Total.
$
$
$
$
$
$
169,644.0 1.498.448,0
453,808,0 123,800,0 172,069,0 39,114.0 159.066,0 120.298,0 15,197,0 48,315,0 45.008.0 25,216.0
53,429,0
1,878.0 1,151,0 1,793.0
434.0 1,734,0
12,784,0 10,655,0 2,407.0 2,108.0 3,093,0 6,365,0
171.437,0 1,551,877.0
466,592,0 134,455,0 174,478,0 41,622.0 162,159,0 135.663.0 15,631.0 50,049,0 46,836,0 26,367,0 23,715.0 617,881,0
206,755,0 45,344.0 53,317.0 23.488,0 22,141,0 133,538,0 8,318,0 14,423,0 21,880,0 11,889.0 39,613.0 625,469,0
7,198,0 8,51503 10,472,0
351,910,0 22,805,0 49,008,0 6,678,0 4,063,0 72,378,0 19,299,0
s
$
$
$
43,728.0 234,765,0 2.795,227,0
215,140,0 1.025,257,0 202,604,0 276,801,0 71,788.0 188.366,0 341,579,0 43.248,0 71,670.0 75,231.0 5,638,0 8,259,0 155,243,0
42,351.0 6,311,0 6,549,0 8,342,0 10,469,0 19,508,0 19,937,0 2,948.0 4,537,0
20,394,0
54,366,0 243,024.0
235,534,0 1,067,608,0 203,915,0 283,350,0 80,130,0 198,835,0 361,087,0 63,185,0 74,618,0 79.818,0 2,359,0 3,530,0 -950,470,0
60,768,0
19,596,0 2,075,0 3,285,0 4,689,0 4,531,0 9,809,0 3.684,0 1.152,0 2,576.0
3,482,0
Total reserv es
Non-reserve e uM
Bills discount (I:
See. by U. Govt. obligations 10,568,0
13.357,0
. Other bills dscouuted
Total U. H. Govt. securities
New York.
17,290.0
1,298,0 27,932,0
6,051.0 23.529,0
208,834,0
240,836,0
61,228,0 43,844,0 51,262,0 48,505,0 41,439,0 59,229,0 26.943,0 6,845,0 22.640,0 7,349,0 51.461,0
26,086,0 12,495,0 20,125,0 9,812,0 26,647,0 27,873,0 7,970,0 19,818,0 12.361,0 10.740,0 23.251,0
449,670,0
229,474,0
37,475,0 29,743,0 32.039,0 15,912,0 5,554.0 27,249,0 10.206,0
23,753,0 19,101,0 19,223,0 32,593,0 35,885,0 31,980,0 16,737,0
2,048,0 8,810.0
4,797,0 13,830.0
11,762.0 3,088.0 11,541,0
36,275,0 2,644,0 17,325.0
25,831.0 17,991,0 8,241,0
3,200,0
3,737.0
2,400.0
1,050,0 25,914,0 3,199,0
248,0 18,797,0 10,335,0
3.001,0 13.272,0 12,208,0
9,486,0 11.207,0 10,294,0 4,356,0
6,057,0 13,653,0 13,243,0 22,285,0
4,285,0 11,574,0 9.628.0 23.157,0
98,681,0
149,999,0
139,903,0
73,863.0 23,723,0 37,110.0
9,343.0
4,299.0 57,983,0 25,742,0 19,828,0 36,434,0 33,165,0 49,798,0
388,583.0
2300
THE CHRONICLE
RESOURCES (Cencluded)Two Ciphers (00) °milted.
Other securities
Foreign loans on gold
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
All other resources
Boston.
New York.
$
$
661,0
2,384,0
Phila.
[VOL. 122.
Cleveland. Richmond Atlanta. Chicago. St. Louis.
Minneap Kan. City Dallas. San Fran.
$
3575,0
827,0
3
931,0
$
$
461.0
560,0
348.0
$
a
3
3
374,0
1,192,0
3
500.0
278,0
339,
305,0
Total.
3
3
4,635,0
8,700,0
600,0
74,172.0
163,566,0 89,464,0 109,428,0 68,121,0 73,293,0
146,277,0 61,029,0 46,269,0 71,774,0 51,559,0 125,110,0 1,081,062
,0
644,0
170,256,0 64,080,0 63,863,0 58,140,0 39,656,0
644,0
16,715,0 1,532,0 7,409,0 2,364,0 2,774,0 88,450,0 34,684,0 13,106,0 40,295,0 27,150,0 40,610,0 711,616.0
7,993,0 4,111,0 2,943,0 4,636,0 1,793,0 3,241,0
59,519,0
4,481,0
319,0
910,0
328,0 1,095,0 1,420,0
514,0 2,220,0
662,0
15,780,0
404.0 3,338,0
Total resources
388.671,0 1,442,866,0 366,385,0 468,245,0 213,772,0
320,184,0 614,976,0 167,207,0 141,308,0 199,761,0
LIABILITIES.
137,631,0 418,853,0 4,879,859,0
F.R. notes In actual circulatio
n- 145,605,0 363,393.0 138,678,0 194.206,0 72,981,0 191,222,0
Deposits:
172,577,0 36,955,0 63,949.0 62,590,0 36,473,0 183,655,0 1,662,284,0
Member bank-reserve aco'L- 142.421,0
825,558,0 134,823,0 173,701,0 66,662.0 77,089,0
Government
315,060,0 79,518.0 51,811,0 86,007,0 58,383,0 160.082,0 2,171,145,0
1,538,0
9,341,0 2.149,0 1.424,0 1,082,0 2,196,0
Foreign bank
478,0
298,0 1,545,0
1,119.0
307,0
23,828,0
1,628,0 1,030,0
1,565,0
383,0
432,0
214,0
161,0
Other deposits
553.0
174,0
129,0
157,0
193,0
4,494,0
141,0
9,317,0
278,0
166.0 1,234,0
60,0
378,0 1,194,0
488,0
240,0
761,0
41,0 6,211,0
20,283,0
Total deposits
144,459,0 845,781,0 137,521.0 176,791.0 68,018,0 79,824,0
Deferred availability items
72.066.0 136,080,0 57,107,0 59,469.0 53,782,0 34,619,0 317,285,0 80.508,0 53,725,0 88,044,0 60,193,0 167,601,0 2,219,750,0
Capital paid in
75,937,0
8,772,0
34,629.0 11,949,0 13,475,0 6.043,0 4,945,0 16,291,0 34,033,0 11,898,0 35,123,0 28,439,0 42,099,0 640,652,0
Surplus
5,246,0 3.142.0 4,256,0 4.303,0 8,401.0 121,452,0
17,020,0
59,964,0 20,464,0 22,894,0 11,919,0 8,700,0
All other liabilities
30,613,0 9,570,0 7,501.0 8,979,0 7,615,0 15,071,0 220,310,0
749,0
3,019.0
666,0 1.410,0 1,029,0
874.0 2,273,0
895,0 1,093,0
769,0
608,0 2,026,0
15,411,0
Total liabilities
388,671,0 1.442,866,0 366,385.0 468,245,0 213,772,0 320,184,0
614,976,0 167,207,0 141,308,0 199,761,0 137,631,0
Memoranda.
418.853,0 4,879,859,0
Reserve ratio (per cent)
81.2
88.3
75.6
76.4
56.8
73.4
Contingent liability on bills pur73.7
53.8
63.4
53.0
56.2
76.0
69.2
chased for foreign correspondls
5,182,0
18,191,0 6,478.0 7.296,0 3,614,0 2,728.0 9,342,0
F. R. notes on hand (notes reed
2,932,0 2,182,0 2,659,0
67,696,0
2,387,0 4,705,0
from F. R. Agent less notes In
eiroulaUon)
14 595 0 148 020 0 3.5 522 0 22.326.0 18.157.0
32.212.0 17.785.0 4.942.0 2.744.0 6.4450
4 705 0 35.193.0 343.555.0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERA
L RESERVE AGENTS AT CLOSE OF BUSINE
SS APRIL 11 1926.
71.326,0
4,068,0
89,0
Federal Reserve Agent atBoston. New York. PhUa, Cleveland. Richmond Atlanta.
Chicago.
(Two Ciphers (00) Omitted.)
3
$
$
$
3
$
F.R.notes rec'd from Comptroller
$
F.R.notes held by F. R. Agent__ 213,600,0 749,482.0 213,320,0 274,482,0 123,678,0 270,668,0 409,099,0
53,400,0 237,160,0 39,120,0 57,950,0 32,540,0 47,234,0
218,737.0
NM
a
F.R.notes issued to F.R. Bank
Collateral held as security for 160,200,0 512,322,0 174,200,0 216,532,0 91,138,0 223,434,0 190,362,0
F.R.notes issued to F.R.Bk.:
Gold and gold certificates__ 35,300.0 186,698,0
400,0 8,780,0 25,655,0 13,237,0
Gold redemption fund
14,613.0
26,110,0 9,903,0 13.289,0 2,959,0 5,329.0
Gold fund-F.R.Board
68,000,0 241,000,0 113,497,0 150,000,0 10,500,0 140,500,0 3,653,0
125,645,0
Eligible paper
56,221,0
72,539,0 52.379,0 70,149,0 55,996,0 66,978,0 86,934,0
Totalcollateral
174,134.0 526.347.0 176.179.0 242.218.0 95.110.0
226,044,0 216.232,0
Si. Louts. lifinnsap. Kan. City Dallas. San Fran.
3
3
$
3
Total.
-
$
a
65,397,0 86,056,0 115.585,0 56,415,0 281,928,0 2,859,710,0
23,500,0 19,363,0 46,550,0 15.237,0 63,080,0 853,871,0
41,897,0 66,693,0 69,035,0 41,178,0 218,848,0 2,005,839,0
8,745,0 13,212,0
309,253,0
17.226,0
1,452,0
1,103.0 3,148,0 2.490,0 16,551,0 100,600,0
5,000,0 34,000,0 41.860.0 5,500,0 153,093,0 1,088,595,0
33,920,0 26,504,0 34,795.0 17,902,0 74,195,0 648,512,0
49.117.0 74.819.0 79.803.0 43.118.0 243.839.0 2.146,960,0
Weekly Return for the Member Banks of the Feder
al Reserve Syste
m.
Following is the weekly statement issued by the
and Liabilities of the 708 member banks from which Federal Reserve Board, giving the principal items of the resources
those for the Reserve banks themselves. Definit weekly returns are obtained. These figures are always a week behind
ions of the different items in the statement were given
of Dec. 12 1917. published in the "Chronicle"
in the statement
for the latest week appears in our Department of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
of "Current Events and Discussions," on page 2282
1. Data for all reporting member banks In
each Federal Reserve District at close of business
April 14 1926. (Three ciphers (000) omitted.
)
Federal Reserve District.
Number of reporting banks
Loans and discounts. gross:
Secured by U.El. Gov't obligations
Secured by stocks and bonds__ _
All other loans and db3counts
Total loans and discounts
Investments:
U.S. Government securities
Other bonds. stocks and securities
Total investments
Boston. New York
40
97
Phila.
52
Cleveland Richmond Atlanta. Chicago. St. Louis.
Minneap. Kan. City
75
3
20,243
530,813
773,158
68
$
5,116
136,943
377,800
36
99
3
s
7,686
20,543
106,857 816,319
408,976 1,249,743
11,789
202,118
316,131
990,650 4,947,413
799,926 1,324,214
519,859
523,519 2,086,605
161,176 1,011,982
224,356 1,189,432
105,887
251,172
283,370
351,340
70,270
60,050
47,913
54.215
315,346
449,436
385,532 2,201,414
357,059
634,710
131,220
102,128
651,079
39,638
13,898
365,947
206,946
12,076
$
$
10,208
54,257
317,577 2,216,347
662,865 2,676.809
$
11,364
406.603
381,959
Total loans and Investments
1,376,182 7,148,827 1,156,985 1,958,924
Reserve balances with F.R. Bank
98.398 820.043
83,402 125,857
Cash in vault
20,941
79,993
16,750
30,674
Net demand deposits
896,915 5,572,518 782,385 1,003,043
Time deposits
402.136 1,229,932 223,442 786,300
Government deposits
47.452
57,676
35,718
35,935
Bills pay. & redisc. with F. R. Bk.:
Secured by U.S.Gov't obligations
3,100 143,650
6,214
30,934
AU other
11,481
17,400
8,142
12,552
Total borrowings from F.R. Bank
14,581 161,050
14,356
43,486
Bankers' balances of reporting member banks in F. R. Bank cities:
Due to banks
133,859 1,108.619 187,582
49,544
Don frnm honing
47 550
100 rot
74 005
29.361
33
24
Dallas. San Fran
Total.
69
49
2,522
63.570
171,874
3.957
102,770
320,187
3,075
77,889
231,344
530,038
237,966
426.914
312,308 1,197,701 13,897,113
63,892
105.621
72.149
42,960
112,386
80,836
764,782
169,513
115,109
193,224
625,647 2,851,387
43,011
232,29
12.169
50,677
360,182 1,755,920
219.778 1.032,869
14,453
26,302
699.551
44,844
8,359
410,968
218.056
9,867
353,075
25,652
6,569
220,918
109,717
5,141
620,138
54,732
11..915
481,078
146,469
10,096
s
s
a
a
a
66
a
708
10,594
161,354
278,612 5,256,418
908,495 8,479,341
53,473
23,514
257,098 2,554,944
210,867 3,044,699
76,987
467,965 5,599,643
389,295 1,665,666 19,496.756
29,848 113,365 1,710,990
10,764
21,779
285,488
274,059 773,770 12,897,703
99,478 830,004 5.505,127
8,826
30,336
293,878
4,136
15,134
7,285
19,974
19,520
23,655
7,223
7,206
1,583
700
4,250
5,445
665
946
26,768
9,544
255,328
132.179
19,270
27,259
43,175
14.429
2,283
9,695
1,611
36,312
387,507
32,696
17.124
17,193
15.041
396,112
156.112
83,712
28.196
50,176
21.247
91,204
36.242
26,903
26.118
88,099 2,265,699
59.551
690 OAR
2. Data of reporting member banks in New York City, Chicago. and
for the who e country.
All Reporting Member Banks.
Reporting Member Banks in N. F. City.
Reporting Member Banks n
Chicago.
Apr. 141926. Apr. 7 1926. Apr. 151925. Apr. 14 1026. Apr. 71026. Apr.
151925. Apr. 14 1926. Apr. 7
1926. Apr. 15 1927.
Number of reporting banks
709
708
736
59
60
Loans and discounts, gross:
65
46
a
46
$
s
46
a
a
a
Secured by U.S. Gov't obligations
a
161,354,000
$
164,102,000
200,093,000
a
49,325,000
50,804,000
75,354.000
Secured by stocks and bonds
14,100,000
5,256,418,000 5,349,972,000 4,708,150,000 1,938,780,000 2,054,696,000
14,767,000
23,200,000
All other lean, and discounts
1,878,908,000 607,537,000
8,479,341,000 8,448,024,000 8,219,978,000 2,352.634,000 2,338.763,000 2,261,917
588,197,
.000 686,742,000 695,167,000 516,259,000
000 692,644,000
Total loans and discounts
13,897,113,000 13,982,098,000 13,128,221,000 4,340,739,000 4,444,263,000
Investments:
4,216,179,000 1,308,469,000
1,298,131,000 1,232,103,000
12. S. Gov't securities
2,554,944,000 2,523,209
Other bonds, stocks and securities. 3.044.699,000 3,007,245,000 2,598,529,000 894,025,000 870,248,000 930,069,000 166,385,000 148,244,0
,000 2,883,358,000 889,503,000 864,625,000 849,314,000
00 184,322,000
214,515,000 213,679,000 199,449,000
Total investments
5,599,643,000 5,530.454,000 5.481,887,000 1,783,528,000 1,734,873,000 1,779,383
,000 380,900,000 361,923,0
00 383,771,000
Total loans and investments
19,498,756,000 19,492,552,000 18,610,108,000 6,124,267,000 6,179,136,000
5,995,562,000 1.689,369,000
Reserve balances with F. R. Banks_ 1,710,999
1,660,054,000 1,615,874,000
,000 1,621,929,000 1,599.356,000 763,152,000 632,867,000 667,097,
Cash in vault
000 157,145,000 163,549,0
285,488,000
285,121,000
277,064,000
00 156,992,000
64,854,000
66,417,000
Net demand deposits
61,886,000
22,497,000. 21,144,006
12,897,703,000 12.760,754,00 12.722,421,000 5,001,492,000 4,999,087,000
26,634,000
0
Time deposits
5,505,127,000 .5,516,174,000 5,052.176,000 814,093.000 836,291,000 4,979,657,000 1,151,851,000 1,130,666,000 1,114,770,000
816,484,000 503.096,000
Government deposits
293,878,000
293,427,000
495,874,000 462,004,000
246,230,000
52,067.000
52,067,000
Bills payable and rediscounts with
42,552,000
11,352,000
11.362,000
19,177,000
Federal Reserve Banks:
Secured by U. S. Govt. obligations
255,328,000
202,877.000
134,104,000 131,447,000
74,012,000
All other
47,575.000
6,220,000
132,179,000
170,482,000
10,395,000
6,967,000
100,549,000
12,600,000
32,684,000
32,937,000
10,039,000
10,896,000
620,000
Total borrowings from F. R. bks
387,507,000
373,359,000
234,653,000 144,047,000 106,696,000
80,512,000
16,259,000
7,587,000
21,291,000
Loans to brokers and dealers
member banks in New York(secured by stocks and bonds) made by 61 reporting
City:
For own account
876,765,000 958,386,000
For account of out-of-town banks
1,051,878,000 1,018,156,000
For account of others
.
522,696,000 510,810,000
2,451,339,000 2,487,352,000
*Revised figures.
2301
THE CHRONICLE
APR. 24 1926.1
4atlit.ers7 Gazette()
Wall Street, Friday Night, Apr. 23 1926.
-The review of the
Railroad and Miscellaneous Stocks.
Stock Market is given this week on page 0000.
Apr. 22 Apr. 23
Daily Record of U. S. Bond Prices. Apr. 17 Apr. 19 Apr.20 Apr.21
10025n 100213: 100nn
:: 100n:
(High 100ssn 10091
First Liberty Loan
:: 100nn
: 10011:: 10059
334% bonds of 1932-47_ _i Low. 100n:: 100"n 10039
32
(Close 100"n 1002, 1001.32 100"32 100"32 100nn
(First 354s)
90
14
128
14
10
2
Total sales in 51,000 units__
--------------___Converted 4% bonds of (High
Exchange this
The following are sales made at the Stock
list on the
week of shares not represented in our detailed
pages which follow:
Sales
STOCKS.
Week Ended April 23. for
Week.
Range for Week.
Lowest.
,
Highest.
Range Since Jan.1.
Lowest.
Highest.
per share.$ per share.
Par.Shares S per share. $ per share.
Railroads.
700 118 Apr 23 118 Apr 23 118
C C C & St Louis pt _. 100
100 594 Apr 21 554 Apr 21 4%
Nat Rys Mex lot pref100
20 175 Apr 23 175 Apr 23 175
50
Harlem
N Y St
423259 Apr 17207 Apr 22 255
N Y Rys ctfs stamped_ _•
150 8094 Apr 23 80% Apr 23 79
Northern Central__ 5
2,316 1654 Apr 17 18% Apr 23 1654
Reading Ms
Apr 125
Apr 854
Apr205
Apr 270
Mar 8054
Mar 2254
Mar
Jan
Jan
Apr
Apr
Feb
Total sales in 81.000 units__
Converted 4K% bonds IMO;
01 193247 (First 434s)4 Low
(Close
Total sales in $1,000 units._
Second Converted 494%(High
bonds 01 193247 (First( Low_
Second 43Is
.
Total sales in 51.000 units_ _
(High
Second Liberty Loan
(
4% bonds of 1927-42 ___ _ Low_
(Close
(Second 4s)
Total sales in $1,000 mtgs.__
Converted 43.4% bonds (High
of 192742 (Second (Low.
(Close
4948)
.
Total sales in 51,000 units__
(High
Third Liberty Loan
434% bonds of 1928..-.„( Low_
(Close
(Third 434s)
Total sales in $1,000 units__
(High
Fourth Liberty Loan
494% bonds of 1933-38._( Low_
(Close
(Fourth 4340
Total sales in 51,000 units._
(High
Treasury
(Low..
4348, 1947-62
(Close
Total sales in $1.000 units__
(High
4,, 1944-1954
(Low_
., (Close
Total sales if/ 81,000 tinils.__
(High
(Low.
33(s, 1945-1956
(Close
Total sales in ELMO units.....
-- - -99
--,
-1su 102 in 102;in 102sin 102 :1
-102s;:: 102
102"32 102"22 102"32 102"32 102"n 102"32
:: 102"32 102.32 102"32 102"32 102"32
10219
194
37
7
26
104
9
-------------___
____
----------------____
____
__ __
____
____
100ssn
100"32
rt
1003,
345
10111::
101son
1011032
210
9
102. ::
::
10229
102urt
115
108.32
107"n
108.32
32
103,132
103"s2
103"32
310
10021n
100ssn
100n::
---100.0:2
100.0a:
::
100.9
1
100nn
100"32
1001in
137
1011.::
101s::
,
101 32
58
102no
102ssn
10213,2
203
108.00
107"32
107"32
30
103"22
103"32
103"32
56
100ssn
::
100,9
100ssn
16
---100.9::
100"32
100n::
6
100ssn
100"n
100"22
311
101.0n
1019::
101"32
161
102.::
102n::
102s•rt
643
,
108 32
107"32
,
108 32
72
,
104 32
103"n
,
104 12
634
100sn
::
10019
1011,1
12
---0
100. ::
100,,,32
0
100. ::
1
100nu
100"32
100"32
54
101n,
::
1019
101.22
174
1021.::
102ssn
102"rt
542
,
108 32
108.00
,
108 32
12
104.3t
103",
104.32
84
101.00
101.0
101.00
143
_-_-.,---9
--__ 11(10.9
---- 100"n
--__ 100'232
__
0
- ss,,
10 100.32
100"32
106
10114:
1019::
101"12
122
103n::
::
10299
103.00
615
108"3
,
108 32
108",
351
104122
,
104 12
,
104 :s
593
::
1019
1019n
1019::
3
I
10094:
100"32
1002532
74
10114n
::
1019
101"n
213
::
1039
,
103 22
103•4s
1,354
108"32
108"11
108"32
674
104"32
104"22
104"22
168
101"ss
1019is
::
1019
173
Industrial &
Mar
300 107 Apr 2310734 Apr 17 10494 Mar 108
Abraham & Straus pf 100
• 3,400 2534 Apr 20 2634 Apr 23 2434 Mar 2694 Apr
Amerada Corp
Jan
100 94 Apr 21 94 Apr 21 9394 Mar 98
100
pref
Am Piano
Apr 5754 Feb
• 200 47 Apr 20 47 Apr 20 47
Barnet Leather
200 11454 Apr 21 11494 Apr 22 11494 Apr 11494 Apr
Beech Nut Pgck pf 13 100
Apr 9954 Feb
200 93 Apr 20 93 Apr 20 93
Com Cred 1st pf(654) loo
Apr 100
Jan
200 90 Apr 17 90 Apr 17 90
Com Inv Tr pf (654)_160
Apr 43
Apr
• 1,200 42 Apr 21 4294 Apr 19 42
Congress Cigar
Jan
1063j Apr 17 10654Apr 17 10454 Mar 109
Deere & Co pref__ _ _100 300
Apr 67
Feb
100 59 Apr 20 59 Apr 20 59
Durham Hosiery pf-.100
Mar 2
094 Feb
25 2,400 1294 Apr 17 1354 Apr 23 12
Eisenlohr & Bros
Apr 93
Apr
100 92 Apr 20 92 Apr 20 92
100
Preferred
Elec Auto-Lite*800 64 Apr 21 6554 Apr 23 6154 Mar 8294 Feb
Mar 834 Feb
2,000 494 Apr 21 434 Apr 17 4
Electric Boat
Feb 1294 Feb
100 10 Apr 17 10 Apr 17 9
Elk Horn Coal Corp_
7694 Apr 8494 Mar
Fisk Rub 1st pf stpd_100 600 7674 Apr 19 7754 Apr 20 95
1
Apr 107
Mar
100 95 Apr 22 95 Apr 22
100
1st pr cony
Feb
300 9754 Apr 17 99 Apr 23 9794 Apr 107
First Nat Pict 1st p1.100
Rub_ _ • 6,600 15 Apr 17 17 Apr 23 1494 Mar 2154 Feb
Intercontinental
-The above table includes only sales of coupon
Note.
Jan 117
Feb
100 11594 Apr 20,11534 Apr 20 114
Jones & L Steel pref _100
100 200 94 Apr 21 94 Apr 21 937.4 Mar 9954 Jan bonds. Transactions in registered bonds were:
Kinney Co pref
Feb
100 33 Apr 21 33 Apr 21 2994 Jan 35
8
Kuppenhelmer
:1
102"as to 10.32
100"32 to 1001.3128 4th 4549
1,000 18 Apr 17 19 Apr 20 1794 Apr 2194 Feb
5 2d ois
Life Savers
Jan 11694 Feb 44 3d 434s
::
1019 to 10119,1
100 11554 Apr 2311534 Apr 23 112
Bis 1st p1100
Loose-Wiles
105
Apr 110
Feb
oo 108 Apr 21 108 Apr 21
McCrory Stores pref_100
100 7454 Apr 19 7434 Apr 19 7434 Apr 7854 Mar
-Sterling exchange was quiet, but
Foreign Exchange.
Mallinson & Co Pre1.100
Apr 5094 Jan
100 200 35 Apr 22 35 Apr 22 27
Manta'Sugar
Mar 4454 Feb steady, and a trifle higher. The Continental exchanges were
Miller Rubber etfs ____• 2,200 3474 Apr 19 36 Apr 22 34
22,000 16 Apr 17 1674 Apr 17 1454 Mar 2234 Feb
Omnibus Corp
levels and Spanish,
Mar115% Feb irregular, with French francs at new low
100 115 Apr 21 115 Apr 21 112
Owens Bottle pref _ _ _100
Jan 10294 Apr Norwegian and Japanese currencies conspicuous for strength
100 10234 Apr 2210294 Apr 22 100
Penick & Ford pref__100
Jan 10654 Apr
100 10654 Apr 22 106% Apr 22 105
Penney (J C) pref___100
Jan and activity.
100 9894 Apr 20 9894 Apr 20 9534 Mar100
Reid Ice Cream pref _100
Apr
Mar 83
100 83 Apr 23 83 Apr 23 77
Rels(Rbt)& Co 1st p1100
To-day's (Friday's) actual rates for sterling exchanges were 4 82340
Apr
200 10794 Apr 21 108 Apr 23 10554 h1a 108
Rem Type 1st pf serS 100
4 86K 413)
4
,
Apr 4 82 23-32 for sixty days, 4 853 04 8531-32 for checks and 8527-32;
Mar 52
1,400 4734 Apr 22 49 Apr 23 43
Southern Dairies cl A _
Mar 3094 Apr 4 86 11-32 for cables. Commercial on banks, sight, 4 85%04
• 3,200 2734 Apr 17 3094 Apr 23 22
Class B
81 15-32, and docuMar 4754 Feb sixty days, 4 823404 837-32: ninety days, 4 81 3404cotton for payment,
100 4374 Apr 23 4334 Apr 23 4254
Thompson (.1 It) Co2.5
(sixty days), 4 823404 82 15-32;
11,200 7994 Apr 20 83 Apr 23 7794 Mar 8694 Mar ments for payment and grain for payment, 4 8594@4 8527-32.
Lin Carbide & Carbon_
Apr 11494 Apr 4853404 85 27-32.
• 7,800 101 Apr 19 11494 Apr 23 98
United Fruit new
To-day's (Friday's) actual rates for Paris bankers' francs were 3 2734
Jan
100 1,100 394 Apr 19 394 Apr 19 394 Mar 4
S Express
for long and 3 31%03 3634 for short. German bankers' marks
Vicksburg Chemical__
200 45 Apr 22 4554 Apr 23 4494 Apr 5134 Feb 33234 yet quoted for long and short bills. Amsterdam bankers' guilders
1
100 494 Apr 19 434 Apr 19 354 Jan 494 Apr are not
Wells Fargo
39.6644139.68K for long and 40.02@40.0434 for short.
25
200 334 Apr 20 45.1 Apr 17 334 Mar 594 Feb were
Wilson & Co etre
Exchange at Paris on London, 145.85 fr.; week's range, 144.20 fr. high
and 146.85 fr. low.
•No Dar value.
The range for foreign exchange for the week follows:
Cables.
Sixty Days. Checks.
Sterling Actual4 8634
4 86
4 82
High for the week
New York City Banks and Trust Companies.
486
4 8534
4824
Low for the week
AU prices dollars per share.
Bankers' Francs
Paris
3.3834
3.37K
3.3234
High for the week
Trust Co.. Bid. 456.
Bid. Ask
Banks.
Banks-N.Y Bid. Ask.
3.3034
3.293t
3.24
Low for the week
New York.
180 190
e Americas__ _ 320 330 Hamilton_
Marks
Germany Bankers'
1030 080 American_
Amer Ex Pac 430 435 ilanover
23.91
23.81
High for the week
560 590 Bank of N
_
23.81
Amer Unions. 210 220 Harriman_
23.81
Low for the week
& Trust Co 600 615
BoweryEastR 360 370 Manhattan* - 210 216
Amsterdam Bankers' Guilders
Bankers Trust 005 610
500
Broadway Cen 335 375 Mutual*
40.1434
40.1235
39.6834
High for the week
Tr_ 300
40.10
Bronx Soros- 1300 1400 Nat American 180 200 Bronx Co
40.08
39.04Si
Low for the week
Bronx Nat_ _ 400 450 National City 595 602 Central Union 830 840
225 250
-Chicago, par. St. Louis, 15+25c. Per $1,000
265 275 County
Domestic Exchange.
Bryant Park* 210 230 New Nabs
2
345 352
485 492 Empire
Butch & Drov 170 180 Park
discount. Boston, par. San Francisco, par. Montreal. $1•718 Per
Capitol Nat_ _ 215 230 Penn Exch.- _ 124 134 Equitable Tr_ 270 275
$1,000 premium. Cincinnati, par.
Farm L & Tr_ 500 510
Cent Mercan_ 275 285 Port Morris_ _ 215
550 560 Fidelity Trust 275 290
1420
425 Public
Chase
355 410
Seaboard_ _ _ 590 600 Fulton
Chath Phenix
-The review of the Curb Market is
The Curb Market.
355
180 190 Guaranty Tr_ 351
NatBk &Tr 343 348 Seventh
600 650 Irving BankChelsea Exch• 220 230 Standard
page 2295.
given this week on
Columbia Tr 311 315
585 600
Chemical _ _ 750 760 States
transactions for the
157 162 Lawyers Tr_ _
Colonial'_ __- 550
Trades
A complete record of Curb Market
215 230 Manufacturer .166 ZOO
.
Commerce _ _ 370 375 United
will be found on page 2316.
week
Com'nwealth* 295 305 United States* 297 305 Mutual(Westcheater)._ 175 200
Continental _ 270 290 Wash'n Htss. 650 800
N Y Trust__ _ 508 515
Corn Exch... 553 558
Brooklyn
Cosmop'tans_ 210 240 Coney Island* 250 300 Title Gu & Tr 640 650
CURRENT NOTICES,
118 Mtg & Tr 380 355
550
Fifth Avenues 2050 4200 First
•
First
2575 2625 Mechanics's-- 275 285 United States 1650 1700
Blodget
-Gilbert C. White, formerly with Brown Brothers & Co. and
Westches Tr_
Franklin
175 185 Montauk* _ _ 1305
350 375 Municipals _. 290 ion
Garfield
Brooklyn.
associated with Sperry, McKee & Crane, Inc., 149
& Co., has become
350 360 Brooklyn -- 710 718
Globe Exch_• 200 240 Nassau
Broadway, New York, as manager of their trading department.
325
Kings County 1900
580
Grace
People's
__ Midwood - - /260 275
Greenwich*. _ 475 525 Queensboro* _ 200
Vernon N. NicGlohon, formerly with Ralph W. Voorhees & Company.
(z) Ex-dividend
'Bank, marked (*) are State banks
has become associated with the Sales Department of L. D. Pierson & Co..
(t) New stock.
y Ex-rights
Inc. of New York.
-Guaranty Trust Co. of New York has been appointed Transfer Agent
-Ohio
New York City Realty and Surety Companies.
for certificates aggregating 120,000 option warrants of the Penn
Slid
Alliance WIty 483
4
Amer Surety. 171
Bond eic M G_ 307
Lawyers Mtge 253
Lawyers Title
& Guarantee 280
(I) New Stock.
Alt prices dollars per share.
Ask
Bea
Bid. Ask,
143 Realty Assoc,
4
513 Mtge Bond.. 139
(Bklyn)com 158
178 Not Surety.. 200 207
1st pref..... 83
312 N Y Title &
Mortgage, 445 453
24 pref____ 85
258
U S Casualty_ 325 375 Westchester
Title & Tr_ 495
290 (IS Tit le Guar 295 305
Ask
165
88
so
Quotations for U. S. Treas Ctfs. of Indebtedness, &c.
Maturity.
Int.
Rats.
Bid.
Asked.
Maturity.
Int.
Rate.
Bid.
10010,, 100"il June 15 1926 _
394% 100.51
Sept.15 1926_ _ _ 494%
,
100 13 Dec. 15 1927_ Oi% 10194
3% 100
June 15 1926___
,
,
Dee. 15 1928_ 394% 100 14 10034 Mar. 15 1927- _- 434% 101 :e
Asked
100%
,
101 16
10134
United States Liberty Loan Bonds and Treasury
-Below
Certificates on the New York Stock Exchange.
we furnish a daily record of the transactions in Liberty Loan
bonds and Treasury certificates on the New York Stock
The transactions in registered bonds are given
Exchange.
in a footnote at the end of the tabulation.
Edison Co.
May SE Company, dealers in first mortgage real estate bonds, announce
the removal of their offices from 15 Broad Street, New York to 32Broadway.
Their telephone numbers remain the same.
-Thomas II. McKoy, Jr. has been elected Vice-President of the Philadelphia office of Hambleton & Co., Inc.
-A. M. Chambers, Vice-President and Director of Guy Huston & Co..
Inc., of New York and Chicago, has resigned from that organization.
-Edwin Hobby & Co.. dealers in Texas municipal bonds, announce the
removal of their offices to the Republic Bank Building. Dallas. Texas.
-J. S. Bache & Co. have moved their Chicago offices to 231 S. La
Salle Street.
-Walker Hill, Jr. & Co., St. Louis, announce a change of name to
as members.
Hill Brothers & Company with Walker Hill,Jr. and Maury Hill
Curlee, Maury Hill and Wayman Allen, announce the dissolution
-John
of the partnership of Curlee, Hill & Company, St. Louis.
-The Equitable Trust Company of New York he been appointed
Registrar for the stock of American Solvents & Chemical Corporation.
-Mr.John G. WhytlaW Jr. has become associated with the bond department of F. B. Keech & Co. and Will specialize in bond trading.
2302
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING SIX PAGES
For sales during the week of stocks usually inactive,
see preceding Page.
111011 AND LOW SALE PRICES
PER SHARE
-PER SHARE, NOT PER CENT.
PER SHARE
Sales
STOCKS
Range Since Jan. 1 1928.
Range for Previous
for
NEW YORE STOCK
Saturday,
On basis of 100
Monday,
-share lots
Tuesday,
Wednesday, Thursday,
Year 1925.
Friday,
the
April 17.
EXCHANGE
April 19.
April 20.
April 21.
April 22.
April 23.
Week.
Lowest
Mesas:
Lowest
Highest
$ per share $ per share $ per share
$ per share S per share S per share Shares.
$ Per share $ per share 3 per share
l Per Share
*4312 45
Railroads.
Par
*4312 45
*4312 45
*4311 45
*4312 45
*431. 45
Ann Arbor
100 44 Jan 19 45 Jan 6
22 Feb 48 Dee
0
6814
*681 ____ ______
;
Do pre
12578 125% 126 12718 12612 12712
101) 6412 Jan 21 693 Jan 27
4
40 Mar 67 Dee
1274 13112 1304 1313 131 132% 37,600 Atch Topeka & Santa
8
.98
Fe_100 122 Mar 30 139 Jan 5 11614 Jan 1401g Dec
9838 93
9814 98
9814 9814 9814 98 9814 9818 9814 2,900 Do pref
133 15
100 9418 Mar 5 9314 Apr 19
138
13
138
9212 Feb 98 Dee
138 14
133
13
8 112
1%
138 3,209 Atlanta Birm & Atlantio_100
1835 185
184 18634 186
1 Apr 7 10 Jan
3
Jan
11% Dee
188 197
195 197
19814 203
9,900 Atlantic Coast Line RR _.,100 18112 Mar 30 26212 Jan 2
847 8518 843 8512 8478 187
8
4
2 14714 Jan 288 Deo
8512 853 8814 8812 8914 89
4
*6738 6814 6712 6712
9018 53,600 Baltimore & Ohio
100 8312 Mar 3 953 Jan 11
6711 673
71 Mar 9412 Doe
6814 684 6814 6814 6312 6312 1,000 Do pref
39
39
100 6712 Jan 6 694 Feb 10
387 388 *337
3
8
627 Apr 673 Nov
39
4
394 3914 3912 3912
590 Bangor & Aroostook
*98 10012 *9918 10018 *9818 3914 39
50 33 Mar 2 46 Feb 1
3514 Mar 5612 Nov
10018 *9818 100
*98 100
*99 100 s
Do pref
,
6214 6314 6212 63
100 977 Feb 8 1004 Jan
6212 643
89 June 100
4 6412 6512 6412 6512 6318 65
Oct
49.200 Elkin Manh Tr v t c__No par 5118 Mar 31 6914 Feb 20
*813 8212 82
4
82
5
8238 8212 83 83
3518 Jan 64 Nov
8314 834 8312 848 3,000 Do pref v t e
No par 78 Mar 31 8614 Jan 29
k
727 Jan 833 Dee
914 914
912 91
*914 912 *914 934 *914 10
10
11
700 Brunswick Term & Ry Sec_100
*6514 75
812 Mar 4 1438 Mar 18
*6514 75
3 Feb
*6514 75
1713 Nov
*65
71
*6514 71
*4514 71
Buffalo Rochester & Pitts 100 693 Mar 26 84 Jan 4
*59
625 *59
4
8
62 8 *59
5
48 Apr 9238 May
625 .59
8
62 8 *59
5
20 Canada Southern
8
8
•15314 154
100 58 Jan 15 60 Apr 9
154 15413 1547 1547 155 1563 15512 6238 593 593
56
Jan 59 May
8
4
1563 156 1565
8
8 4,300 Canadian Pacific
*245 265 *245 265 *245 260
100 14612 Jan 9 162 Feb 3 13612 Mar 1523 Jan
8
200 Central RR of New
122 1223 12012 12212 1214 12238 258 26412 *265 275 *260 275
4
Jan
1225 1243 12314 1254 12412 1254 23,000 Chesapeake & Ohio Jersey 100 210 Mar 30 305 Jan 11 265 Mar 321
8
4
*12114 124 *1214 12412 *121 126
100 112 Mar 2 1364 Mar 12
8914 Mar 13012 Del
*120 127
12512 12512 *124 128
100 Do pref
100 119 Jan 20 136 Mar 12 10514 Apr 130 Dee
75
8 738 *712 8
*75
8 8
8
8
814 8%
1,300 Chicago dr Alton
818 84
100
1012 1012 10
6 Feb21
1138 Feb 20
35 Apr 1038 Feb
8
1014 .10
11
11
11
1112 117
8 1112 11% 2.700 Do pref
•156 185 *156 185 *156 185
100
9% Feb 25 1814 Feb 13
54 Apr 1912
*156 185 *175 185
185 18514
300 C C C dr St Louis
100 17314 Mar 29 200 Jan 12 140 May 200 Feb
*303 33
4
*303 32
4
*30 4 32
3
Dee
*303 3134 *303 3134 *3034 3134
4
4
Chic & East Illinois R11.___100 31 Apr 3 37 Feb 10
•39
40
*39
40
293 Mar 3814 Aug
4
*3878 397
8 39
40
*404 41
41
41
500 Do prof
100 3612 Mar 31 513 Feb 10
*812 84
812 812 *814 834
4
40 Mar 5714 Jan
834 83
4
9
94
9
9 18 2.000 Chicago Great Western
•1812 183
100
73 Mar 31
4
4 187 19
12 Feb 20
8
9
19
Jan 15 Feb
19
1814 1978 1912 203
8 2018 20 4 10,100 Do pref
3
100 1614 Mar 30 28 Jan 2
*912 93
4
1914 Mar 323 Feb
914 938
914 9 2
8
958 1018
,
1014 1038
1012 11
9.800 Chicago Milw dr St Paul_100
9 Mar 29 1412 Jan 6
* 8 9 4 *87
87
,
8 912
314 Apr
84 9
163 Jan
8
878 9
9
1018 10
1014 3.400 Certificates
*1512 16
100
813 Apr 20 14 Jan 8
1538 1538 15
7 Sept 11 Noy
1512 165 16
8
16
8 163* 17
165
7,200 Do pref
100 1418 Mar 31 2214 Jan 9
*1512 16
1412 1514 14
7 Apr 2812 Jan
1438 145 1514 1514 157
8
4
8 16
163 10,100 Preferred certificates__ 100 14 Apr 20 214 Jan 5
*6612 6714 6614 67
127 Oct 22 Nov
8
67
674
69
6914 70
10,300 Chicago & North Western.100 6514 Mar 30 8174 Jan 2
70
71
*12012 121 *12012 12112 12112 12112 67
47
Apr 807 Dee
8
12112
123 124
700 Do pref
100 11812 Jan 4 124 Apr 23 1013 Apr 120 Dee
44
4431 4412 4512 4514 4512 453 12112 *122 124
4
8 4912 493 51 14 5138 527 79,300 Chicago Rock lel & Paciflo_100 4012
4
4
*973 99
4
Mar 3 1103 Jan 15
*973 99
4
4
4018 Mar 587 Deo
983 983 *973 99
4
4
4
3 100
99
99 18 99
1,100 Do 7% preferred
100 96 Mar 4 100 Jan 2
W3414 85
*84
85
92
*8412 85
Jan 100 Deo
8474 86
8912 8612 864 87
1,400 Do 6% preferred
100 8314 Mar 31 90 Jan 29
82 Mar 8912 Mar
*45
55
*45
55
*45
55
*45
55
*45
55
*45
Chic St Paul Minn & Om__100 48 Apr 5 53
55
.95 110
*95 110
Jan 26
3318 Apr 5912 Jan
*95 110
*98 110
*95 110
*95 110
*5548 871, *554 5713 55
Do pref
100 100 Mar 16 114 Jan 9
58
7314 Apr 12014 Dee
5912 5912 5914 5914 59
1,400 Colorado dr Southern
59
100 52 Mar 3 65 Jan 13
*66
68
*66
67 .66
4418 Jan
67
704 Sept
*66
67
*66
67
67
67 , 100 Do 151 pre(
100 62 Mar 2 67 Jan 11
.53
60
*53
60
*57
60 Mar 86% Dee
60 .57
60
*57
*57
Do 2d pref
60
100 59 Jan 11 59 Jan II
156 15754 15412 15612 1553 15534 15712 15911 1593 60
4
54
Jan 6212 Alta
4 1613 1613 16212 4,900 Delaware & Hudson
4
4
100 16014 Mar30 17114 Mar 12 1334 Mar 155
•133 134 *133 1337 1337 135
*
8
13558 137
Apr
13712 138
13812 1391
6.100 Delaware Lack & Western_ 50 129 Mar30
*38
41
.38
40
*3814 40
40
4
40
41
42
4212 1,500 Deny Rio Or & West pref 100 38 Mar 31 15312 Jan 12 125 Mar 1473 June
42
*4
418 *4
418 *4
47 Jan 2
41
*4
345 Oct 60
8
41
Jan
4
4
*4
100 Duluth Sou Shore & AU_ 100
414
.53
4 Mar 29
8 614 *53
*538 614
4 614 *53
518 Jan 23
8 61
23 Apr
8
512 Dee
512 51
3
.5% 614
100 Preferred
100
2912 30
512 Apr 22
294 3014 2912 3O's 30
814 Jan 18
33 Apr
4
3114 3112 3212 32
818 Dee
327 43,900 Erie
s
100 2212 Mar 2!) 40 Jan 2
*3814 3838 3838 393
3812 3813 333 393
2634 May 333 Dee
4
8
4 404 403
4 4012 4114 24,900 Do 1s1 pref
100 333 Mar 30 455 Jan 4
*35
3513 *35
36
4
35
8
36
35 June 46% Jan
3512 3638 367 37
8
3614 37
1,900 Do 211 prof
100 30 Mar 30 43 Jan 2
72
72
*714 72
7178 7214 7211 7312 73
34 June 433 Jan
4
4 9.650 Great Northern pref
735
8 733 74)
8
100 6812 Mar 30
2212 2212 2212 2212 223 2212 2212 2234
8
60 Apr 823 Dee
8
2238 23
223 23
4
3,600 Iron Ore Prupertles_No par 21 Apr 1 7838 Jan 4
*26
271z *26
2634
2714
2514 2514 26
25 Dec 4038 Jan
2712 273 29
4
283 297
4
3 6,600 Gulf Mobile dt Northern....100 2518 Apr 20 3514 Feb 15
•96
93
*96
98
96
Jan 7
96
23 Mar 363 Sept
96
8
9712 9812 10012 100% 101
2,900 Do prof
*3624 3714 37
100 95 Mar 29 1023* Jan 28
3714 3712 38
8912 Mar 10914 Sent
3838 3912 3814 39
385 35's 11,209 Hudson & Manhattan
8
•72
100 345 Jan 22 3912 Feb 9
7212 *72
7212 .72
721
213 Mar 383 Am,
7212 7212 7212 7212 73
4
500
Do pref
8
733
118 118
100 673 Mar 31 7512 Feb 21)
113 11812 118 1181 11814 11912 119 1195
4
6412 Feb 72 July
8 1193 1203
4
5,700 Illinois Central
*118 119 *118 121)
100 11313 Mar 3 124 Jan 2 111 Mar 12512 Dee
118 118 *118 12014 *11814 1193 12014 121 4
4
500 Do pref
100 11512 Mar 30 1234 Jan 2 11213 Apr 12514 Dee
*7114 7212 72
73
*714 __ *7114 724 *72
*71, ---70 Railroad Sea Series A__1000 714 Jan 6 75 Feb
4
*2512 264 *2512 2612 *2512 264 *2512 2714 *2512d 73
15
6814 Aug 7414 Deis
2714 .2512 274
Int Rys of Cent America_ 100 2514 Mar 30
31 Feb 13
18
Jan 334 Sept
*6114 6414 *6114 6414 *6114 6414 *6114 64
*6114 6414 64
64
100 Do pref
100 62 Mar 30 65 Apr 9
3912 4012 387 403
8
5912 Jan 6612 July
4
393 4318 427 4512 4514 4678 4214 457 131,400 Interboro
8
8
Rap Tran v t 0_100 2412 Jan 15 467 Apr 2ii
*114 212 *114 212
1312 Mar 3412 Feb
138
133 *114 214 *114 214*114 24
100 Iowa Central
100
3838 3838 385 39
13 Apr 20
8
8
312 Jan IT,
3834 3912 3912 4114 40% 433
112 Jan
312 Mat
4 4338 4438 32,300 Kansas City Southern
100 3414 Mar 3 493* Jan 13
*61
624 *61
624 613 62
2838 Mar LI Doe
6114 62
6212 6212 6212 6212 1,100 Do pre(
100 805 Mar 31 64 Mar 11
*805 813
4
8
8 8012 8012 81
57
Jail 6314 Dec
81
8118 827
8 83
8312 83
8338 5.200 Lehigh valley
50 7512 Mar 3 87 Feb 13
•12114 124
12014 12014 121 121
69 Mar 3812 Dee
123 12412 12412 12478 12518 1253
4 4,200 Louisville& Nashville
100 118 Mar 30
*804 93
.8018 93
Jail 148 Dee
90
923 *8712 90 .88
4
93
90
90
400 Manhattan Elevated guar 100 84 Mar 3 143 Jan 4 106
923 Apr 20
5012 5012 504 51
64 May 11912 Sept
507 523
8
4 5214 53
5312 5512 547 574 43,100 Do modified guar
100 3818 Jan 26 5512 Apr 22
7'
2 712 *7
3218 Mar 5114 Feb
8
*7
8
*7
712 *7
8
7
7 12
500 Market Street Ky
100
7 Feb 1
10 Feb 9
31
.26
2812 28, *28
2
6 Nov
12 Sept
30
*26
29
*26
30
2812 2312
200 Do pref
100 2514 Jan 5 40 Feb 9
42
4212 *4212 4414 *42
20
JaIl 4614 Sept
43
*42
44
43
43
44
44
400 Do prior pref
100 40% Mar 30 513 Feb 10
•16
8
19
*17
424 Nov 6514 Sept
18
*16
19
*16
19
*16
18
*16
18
Do 2d pref
100 1312 Jan 18 2212 Feb 10
*2
15 Dec 3514 Sept
214
214 *2
214
24 214 *214
212 *214 212
300 Minneap & St Louis
37 Jan 11
100
2 Mar 3
*35
38
*35
33
214 Oct
4 Mar
35
35
31
34
.34
36
36
600 Minn St Paul & S S MarlelOO 34 Apr 21 5212 Feb 3
36
*5512 60
3058 Apr 57 Nov
*5512 60
*5512 5812 *5512 5912 *5512 5911 •5512 60
Do pref
100 55 Mar 20 79 Feb 3
*6314 641 *6314 66
40 Mar 8814 Nov
8
*633 66
65
6518 *64
6512 *64
6512
200 Leased lines
100 6212 Jan 4 66% Feb 24
7 36
5712 June 03 Feb
35
35'2 35
36
36
36
373
8 3714 383
8 3814 39
20,200 Mo-Kan-Texas RR____No par 32 Mar 3 474 Feb 9
2814 Jan 4512 Sept
8914 8938 89
893
8 89
89
8912 90
903* 903
4 91
9112 3,900 Do prof
100 82 Mar 2 95 Jan 4
•2912 30
745 Jan 9212 Dee
293 301
8
4 30
303
4 303 3114 3112 3212 3238 3312 32,000 Missouri Pacific
8
100 27 Mar 3 4014 Jan 14
395 Jan 4154 Dec
8
7618 7618 7612 78
77 7712 7712 797
8 80's 8134 8112 8238 26,200 Do prat
100 7112 Mar 3 894 Jan 4
0145 175 *145 180 *145 180 *150 180 *150 175 *150
71 Mar 9112 Dee
180
Nashv Chatt & St Louls___100 150 Apr 3 188 Jan 14 143
Apr 192 Dec
291 212 *24 212
214 212 *214 24
24 2 8 1,800 Nat Rys of Mex 2d prof.....100
212 2 2
,
7
2 Mar 18
44 Jan 7
14 June
314 Dee
•12014 1227g 12014 12014 *1201z 12134 *12012 12134 *12012 1213 1213 1213
4
4
4
200 New Orl Tex & Mexlco____100 120 Mar 30 13212 Jan 9 11314 June 13712
Dee
12012 121
121 122
12114 122
12212 1247 1233
12114 1253 44,700 New York Central
4
100 117 Mar 31) 1355 Jan 2 11314 June 1374
*152 15312 *152 15312 *152 15312 153 154 8 155 4 125
8
Dee
158
2,700 NY Chic & St Louis Co_100 130 Mar 3 1813 Jan 11
1573 158
4
4
118 June 1983%
Jan
9734 9772 *9712 98
8
974 9712 978 977
98
9818 9814 93 4 1,100 Do pref
,
100 93 Mar 11 99% Feb 11
8812
34
3438 3414 347
Nov
4 35
8 3412 343
36
36
3714 363 3712 32,200 N Y N H & Hartford
4
100 3033 Mar 30 453 Jan 2
4
28 Mar 47 Dee
21
21
2038 2038 204 207
4
8 203 2112 22
223* 224 223
4 6,200 NY Ontario & ))Vectern10O 193 Mar 30 281k Feb 13
4
205* Apr 3454 Aug
345 345 *340 380 349 350 *350 360 *350 360 *350 360
65 N Y Railways part etfs_No par 294 Jan 4 359 Feb 17
262 Aug 319
•1612 17
157 16
Oct
8
157 1712 17
1135ii
1734
4.100 Preferred certifleates_No par
16
16
17
6 Jan 25 2014 Feb
5 Dec
*24
28
*24
12 June
28
*24
28
*24
2512 2512 24
28
28
100 New York State RallwayslOO 22 Mar 24 2812 Jan 5
14
21 Dee 36 July
*284 2914 *2818 2918 *2818 2918 *28
*29
2912 *29
30
Norfolk Southern
30
100 277 Apr 15 37 Jan 13
217 Apr
8
141 141
14012 1401 141 141
142 14412 145 14538 14512 1467
e 5,900 Norfolk dr Western
100 1394 Mar 30 15714 Jan 19 12312 Mar 45 Sept
•84
86
*84
151
Dec
86
*84
86
*8411 86
*8412 86
*8412 86
Do pref
100 84 Jan 7 85 Jan 7
7512 Jan 86 Dec
6912 6934 69 6914 *6834 6938 6912 703
7
8 693 70
4
703 713 16,950 Northern Pacific
4
4
100 653 Mar 30 7612 Jan 2
4
*26
5314 Apr 7814 Dee
36
*26
35
30
*26
27
27
30
*27
100 Pulite Coast
30
100 243 Mar 31 48 Jan 6
1
20 Aug 4013 Dee
50 4 51
51
5114 51
5138 5138 5218 5218 5212 52
5212 19,900 Pennsylvania
50 48% Mar 30 554 Jan 2
*17
4212 Apr 553 Dee
22
*17
22
8
*17
22
*1812 22
*17
22
20
400 Peoria & Eastern
2112
100 19 Mar 4 263 Jan 14
4
134 Apr 21% Dec
81
8112 80
81
*7912 803
8 81
827
8 82 823
815* 82
4 6.900 Pere Marquette
100 67 Mar 3 8812 Mar 11
*83
613 June 8512 Dee
85
4
*831 85
8414 8414 847g 8474 85
85
85
600 Do prior pre(
85
100 79 Mar 3 8712 Feb 24
474
78 July 893 Dec
75
74
74
4
747 74% *722 75
3
75
7514 747 747
700 Do pref
100 703 Mar 29 8012
4
4143 ____ *143
6812 Apr 795 Dec
__
14312 14312'143 __ _ *143
8
____ *143
4 Pitts Ft Worth & Chic pf 10 1421g Jan 2 145 Jan 13
Mar 30 139 Jan 144 Nov
*92
96
*93 - - *94
96
95
97
98
8 4,900 Pittsburgh & West Va
997 1044 10314 1047
100 85 Mar 30 1193 Jan 11
*8218 8212 824 827
8
63 Mar 123 Dee
8 82
8312 8312 8614 8538 867
4 854 8638 28,700 Reading
50 79 Mar 30 904 Jan 11
693 Mar 9114 June
4
*4012 403
4 4013 40, *4012 40 4 404 403
2
3
4112 4112
8
4 407 407
400 Do 1st pref
50 40 Jan 5 4112 Apr 23
357 Mar 41 June
41
41
*4118 4112 *4118 411
4114 4112 *4114 42
42
424 1,000 Do 2d pref
40 40 Mar 30 4218 Apr 23
3614 Mar 443 June
4
45
*364 443 *40
8
*40
48
45 45
46
4912 1,000 Rutland RR pref
5018 49
100 42 Apr 8 57 Jan 7
42 Apr 627 Jan
8812 8812 875* 894 8814 884 897 91
8
8
913 02
935 18,100 St Louis
8
93
8
-San Francisco
100 85 Mar 30 10114 Jan 21
5712 Jan 10214 Aug
87 '*86
*86
8614 8612 8612 8614 8614 *85
8612 86
400 Do prof A
86
100 8312 Apr 1 8812 Jan 22
76
Jan 9214 JulY
.66
. 66
661
66% 66
67
67
6814 68
69 4 6014 70% 13,800 St Louis Southwestern
100 5712 Mar 19 74 Feb 9
433 Jun
4
*72
75 - *72
6914 Dee
75
*72
75
75
75
*7512 761 *7614 767
8
100 Do prat
100 72 Mar 19 7712 Feb 5
7012 June 783 Deo
*29
30
2912 2912 2912 2913 2958 311_ 3112 32
4
3112 3218 11,800 Seaboard Air Line
100 274 Mar 31 51 Jan 2
203 Jan 5414 Nov
8
.32
34
*32
34
*32
33
34
347
1,700 Do pref
8 35
8 35
357
353
100 3112 Mar 31 483 Feb 18
8
35 Mar 5112 Aug
984 9838 9833 9812 985 99
8
99 993
4 9912 1004 10014 10112 23,200 Southern Pacific Co
100 964 Mar 30 10414 Jan 2
Oct1083 Jan
10712 1073 10712
06
8
4
44,600 Southern Railway
10814 10814 110% 11054 1114 112 113
100 1035
8Mar 30 11934 Jan 4
tum
807 *89
775* Jan 12012 Dec
90
897 90
8
90
90% 903 9012 9012 907
8
7,000 Do pref
100 8712 Apr f 9212 Jan 2
50 4 5112 515 523
3
83
Jan 9512 Sept
4 513 54
4
527 5312 53s 5414 537 5533 49,300 Texas & Pacific
3
100 424 Mar 30 615 Jan 13
8
4314 Jan 59 Dec
374 3714 3612 38
3734 393
8 385* 3914 383 4114 373 43
54,080 Third Avenue
4
4
100 1312 Jan 8
*694 704 *683 70
712 Apr 155* Sept
4
*6814 70
*674 6912 *6712 694 *6712 6312
Twin City Rapid Transit__ 100 71 Mar 30 43 Apr 23
783 Jan 4
4
14433 1443 1445* 145
58
Jan 784 Dee
8
14512 1457 146 14712 14612 1477 14712 14812 8,900 Union Pacific
100 14112Mar 30 150 Jan 2 13314 Apr
*77 8 78
5
7714 7738 *7712 78
1534 Jan
*7712 78
784 775 775
7712
1,400 Do pref
100 74% Jan 6
*25
72 Jan 7714 July
26
2518 2518 *25
26
*25
*25
26
26
26
1,300 United Railways Invest_100 1934 Mar 3 784 Feb 23
26
2712 Apr 7
83
83
18 Aug 3314 May
83
8314 83 83
83
843
4 8312 8312 8312 84
1,7(10 Do pref
100 65 Mar 2 8634 Apr 6
484 Mar 837 Dec
3812 3814 3813 39)4 3814 387
8
4 417 4212 61,900 Wabash
4
8 383 4053 403 413
3
100 337 Mar 30 52 Jan 12
8
69% 7012 7012 70 4 70
1912 Mar 4714 Aug
3
70 4 70 4 72
71% 7214 7212 73
3
3
12,100 Do pref A
100 68 Mar 30 785 Jan 13
553 Jan 737 Dee
8
4
*60
65
*60
65
60
60 .60
65
65
*60
*60
65
100 Do pref 13
100 57 Mar 29 72 Jan 2f)
384 Jan 6012 Aug
1 Ps 114 11 18 11% 1114 1114 113 117
124 1212 125* 4,600 Western Maryland
8
8 12
100 11 Mar 3 16% Jan 4
•171, 18
11 Mar 183 Aug
8
*1712 13 •171 177
,
177 1334
8
185* 18% 187 19
8
1.600 Do 24 pref
100 163 Mar 30 24 Jan 4
s
16 Mar 2614 Jan
•Bid and asked mires.
E4-thvidend. S Ex rights.
n
no
Ion 10734
New York Stock Record-Continued-Page 2
2303
Per *ales during the week of stocks usually inactive, see second page preceding.
-PER SHARE, NOT PER CENT.
NIGH AND LOW SALE PRICES
Saturday,
April 17.
Monday,
April 19.
Tuesday,
April 20.
Wednesday, Thursday,
April 22.
April 21.
Friday,
April 23.
Sales
for
the
Weak.
STOCKS
NEW YORK STOCK
EXCHANGE
P8R SHARE
Range Since Jan. 1 1926.
On basis of 10(9 share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1925.
Lowest
Highest
Railroads (Con.)
Par 3 per share $ per share $ Per share $ per share
$ per share 8 per share $ per share $ per share $ per share $ Per share Shares.
/
1
4
100 3314 Mar 30 39 Jan 2
1914 July 391 Dee
/
4
4 2.900 Western Pacific new
/
1
/
1
/ 334 3414 314 3418 34% 35 353
1
4
3418 33
3414 34)4 34
72 July 81 Dec
100 771 Jan 15 81 Mar 12
4
700 Do pref new
/ 7912 795 793
1
4
7914 7914 7914 79
7914 *79
*783 7914 *79
4
103 Mar 32 Dee
4
2312 13,100 Wheeling & Lake Erie Ry 100 18 Mar 30 32 Jan 2
21
22
2212 2212 231z 23
2114 21
21
*2114 22
22 Apr 53 s Dec
100 37 Mar 30 5013 Jan 4
7
43
/ 4312 44
1
4
3,100 Do pref
4012 4012 41
*3812 41
*3812 40
*39
40
,
thrill/m(1M & 341scellane. u8
62
Jan 784 Dee
400 Abitibi Power & Paper_No par 714 Jan 12 8412 Feb 1
/
1
8
/
1
75
76
745 744 *74
*7312 7412 *74
7512 7312 74
*74
100 131 Jan 6 142 Apr 20 119 Jan 133
/ Oct
1
4
500 All American Cables
•13612 141 *13612 14012 14012 142 *13612 141 *13612 140 *13612 140
/
1
90 Apr 11714 Oct
100 994 Mar 18 115 Apr 23
111 115
4,600 Adams Express
10912 110
108 10912 1094 11112 110 110
107 107
4
13 Apr 20
100 10 Mar 19 183 Jan 29
Oct
11
*1013 1114 11
111 1114 1114 1,200 Advance Rumely
/
4
/
1
1018 1012 104 1012 11
47 Feb 624 Oet
100 4912 Apr 1 6318 Jan 28
51
52
1,000 Do pref
51
51
52
*50
5112 51
51
51
51
*50
Ills Jan 4
7 Jan 23
/
1
4
74 Oct 124 May
/
1
1
/ *83
1
4
4 81 3,209 Abumada Lead
/
4
8
/ 8
1
4
83
4 87
8
4
8
83
4 83
83
4 87
84 84
8 % D n 118 JunDueen
63 Jan
54
1771/4
5
/
1
1123 11412 10,300 Air Reduction, Ine____No par 1074 Jan 16 11914 Mar 1
4
8
8
/
1
11018 11018 110 1113 11012 1124 112 1127 11212 114
No par
912 Mar 30 16 Feb
10% 10 8 5,500 Ajax Rubber, Inc
,
93
4 93
4
93 10
4
10
/
4
912 912
10
94 91
212 Oct
2 Jan 4
1
Jan
113 Feb 1
4 *112 13
4
300 Alaska Juneau Gold Min__ 10
4 *112 13
4 *112 13
*112 158
112 112 *112 13
/
1
4
80 Mar 11853 Dec
4
1093 11114 11012 11314 111 11318 11214 11438 113 11538 11612 1183 91,600 Allied Chemical & Dye..No par 106 Mar 30 142 Feb 13
4
/
1
100 1183 Mar 20 1214 Feb 15 117
4
Jan 12114 Nov
8
1197 120
8
1197 11978
8
1,200 Do pref
120 120 *1197 120
120 120
*1194 120
/
1
100 7814 Mar 26 9453 Jan 14
7112 Jan 974 Dec
8212 823 83
4
8228 8312 28212 83
2,700 Allis-Chalmers Mfg
82
82
8212 82
*81
100 10.5 Apr 7 110 Jan 4 10314 Jan 109 Dee
109 109
1074 10712 *108 109
400 Do pref
107 107
*106 107 *106 107
1312 Mar 29
/ Oct
1
4
2018 20
1812 19'8 19
213
3 203 213
4
3 6.100 Amer Agricultural Cliem-100 1714 Apr 12 3433 Jan 14
193 20
8
1912 20
3612 Mar 824 Dec
100 60 Apr 13 964 Jan 14
6318 65
/ 6418 66
1
4
653 6724 11,500 Do pref
4
63 6312 6314 6312 6112 64
3912 Dec 441 Dee
10 345 Mar 31 43 Jan 8
8
/
1
4
38
8
38
38
38
38
*3712 3734 38
700 Amer Bank Note, new
38
3814 38
38
50 55 Jan 15 57 Jan 9
534 Jan 584 Sept
57
*54
57Preferred
*57 _ _. *59
57
*54
56 __-*
2958 Oct 43 Jan
100 233 Apr 8 383 Feb 5
3
4
253 *25
252 2512 2515 2512 2512 1,300 American Beet Sugar
2512 2512 2412 2514 *25
0
n
N,8
2 7 Jwrsa
. 18
42
7
itt
100 75 a Apr 1.(1 1178 Feb 2:
*75
76
*75
76
*75
76
76
76
76
200 Do pref
*75
75
75
191
Mar
19
/ 20
1
4
20
20 1
213 213
8
4,800 Amer Bosch Magnete__No par
1934 20
197 20
8
194 20
/
1
9014 Mar 156 Dee
4
2
8
8
*11614 118 *1165 11814 1183 1187 11914 12018 121 12114 121 12134 2,200 Am Brake Shoe & F___No par 1133 Mar 30 180 Feb 2
100 11014 Mar 24 12814 Feb 18 10712 Jan 114 Des
/
1
4
112 112 *112 115 *112 115 *112 115
100 Do pref
*112 113 *112 113
473 Dee 53
4
/ Oct
1
4
/
1
4
35
354 8,200 Amer Brown Boveri El-No par 3014 Mar 29 48 Jan 9
/
1
3413 347
8 3412 353
4 3514 36
3412 343
4 3412 35
9018 Nov 118 Dee
94
94
100 8812 Mar 31 9713 Jan 16
93
93
94
93
95
2,000 Preferred
93
/ 93
1
4
*9112 9312 *91
471 Dec 491 Dec
/
4
25 38 Mar 30 58 Feb 20
/
1
4
4
44
433 444 444 45 122,20( American Can w 1
4
/
1
4
8 4212 4312 4252 4314 43
411 423
/
4
Jan 1211 Sept
100 121 Jan 4 12512 Feb 26 115
/
4
4
4
100 Do pref
*123 125 *12312 125 *12312 1243 *12312 1243 *123 1244 12312 12312
8
974 Apr 1154 Sept
/ 98
1
4
8
9714 9714 97
99
4
7,400 American Car & Fdy __No par 914 Mar 31 1147 Jan 12
93 4 9414 933 9412 935 951/4 95
3
8
100 12312 Apr 7 1285 Mar 9 1203 Apr 128 July
4
12612 12612 127 127 *127 12812 12812 12812
126 126
500 Do pref
126 126
25 231gMar30 25 Jan 2
2212 Oct 27 Feb
8 2414 2434 2438 2412 2418 2418 3,700 American Chain, class A
244 2412 2412 2412 2418 243
37 Jan 62 APT
39
39
No par 37 Apr 16 51 Jan 4
8 39
39
39
39
39
393 393
8
40800 American Chicle
40
*38
No par 3412 Mar 31 4714 Jan 7
37 Jan 584 Apr
374 *35
384 *36
37
*36
37
100 Do certificates
*3612 3712 3714 3714 *35
6 Mar 12
/
1
4
414 Dec
414 Jan 5
84 Jan
5
/ 552 *54 5
1
4
/
1
/
1
4
5
/ 5
1
4
/
1
4
512 512 1,300 Amer Druggists Syndicate_ 10
55
8 53
4 *54 6
/
1
8
100 1057 Mar 31 140 Jan 8 125 Apr 166
4
1,200 American Express
Jan
*114 11612 *115 11612 1153 11612 *11512 11614 11812 11812 11834 121
/
1
4
2714 Apr 5113 Sept
1834 1812 1834 184 191 1912 203
/
1
21
/
4
3 20
16,100 Amer & For'n Pow new.N8 par 17 API 14 42 Jan 2
/
1
171 174 18
/
4
No par 89 Mar 27 98 Feb 13
87
Jan 94 Feb
8914 90
*89
9014 8912 0012 0012 901 1,500 Do pref
90
/
4
*89
90
89
108 Mar 30 131 Jan 2 1143 Apr 142 Sept
8
110 110
_-__ ____ ____ ____
100 Do 25% paid
/
1
4
84 Mar 14 Dec
*1014 1034 10
9 Mar 30 174 Feb 9
400 American Hide & Leattter_100
*10
103
4 10% 10% *1012 11
10
11
•10
45
45
*46
100 45 Mar 18 6714 Feb 9
5812 Sept7b7a Jan
45
47
*45
47
45
*46
49
300 Do pref
45
45
100 109 Mar 31 13514 Jan 7
83 Mar 139 Dec
110 119
11914 12212 1223 12414 6,100 American Ice
118 119 *11812 119
4
118 118
100 8212 Jan 13 86 Apr 22
7412 Mar 86 July
8312 84
2 8312 8312 83
86
86
86
1,200 Do pref
2
8312 833 833
1083
3218 Mar 46 Nov
/
1
4
3614 3714 35
/ 37
1
4
374 3814 3713 3814 12,600 Amer International Corp 100 3418 Mar 30 464 Feb 16
3512 36
36
36
1114 Jan 20 Nov
13
13
10
123 Mar 31 1578 Jan 4
4
*1234 13
12
/ 13
1
4
12
/ 12
1
4
/ 13
1
4
13
800 American La France F E
*1278 13
3012 3114 3,100 American Linseed
100 2814 Apr 21 52 Jan 4
/
1
4
20 Ma
59 Nov
/
1
4
30
2858 2858 281 2814 287 30
/
4
29
8
30
*29
100 75 Mar 31 87 Jan 4
53 Jan 89 Oct
*78
80
*78
80
*7814 .7912 78
*7712 80
783 *78
8
7812
700 Do Pre'
8
9612 9638 98
9713 9912 993 10034 18,400 American Locom new _No par 9014 Mar 31 1197 Jan 4 10412 Jan 14473 Mar
4
9658 963
4 954 064 06
/
1
100 1173 Mar 31 12014 Feb 11 115 Aug124 Feb
4
119 119
11912 11912 1,000 Do Prof
11914 11914 11918 11918 *119 11912 119 119
3
*4934 50
494 5014 50
No par 47 Mar 30 571 Feb 16
451 Mar 57 Oct
4
53
5014 5012 507
8 5012 5012 5,800 American Metals
*493 50
4
'1134 11518 *11312 11512 *11312 1151 11312 11312 *11312 116 *11312 11512
/
1
100 11312 Apr 15 120 Feb 6 111 Mar 119 Nov
100 Preferred
25 10612 Mar 30 120 Feb 13
34
89
/ Jan 12212 Nov
1
4
10812 10912 1083 10914 109 10912 *10912 110
110 111
108 108
4
2,600 American Radiator
100 773 Mar 31 7812 Mar 10 e76 Sept84
8
*7712 78
Jan
*7712 791 *7712 7912 77
/ 778 78
1
4
78
200 Amer Railway Express
*7712 78
67
*6412 67
6834 6712 6712
48
Jan 79 4 Dee
1
*6412 6712 *6412 67
500 American Republics_No par 63 Mar 13 74 Jan 6
*644 67
4312 4434 44
8
4
423 423
4
4 4234 43
4512 453 50
367 Jan 763 Nov
42
43
4
11,200 American Safety Razor_ 100 42 Apr 14 63 Jan 8
3 1012
512 Jan 2 111 Mar 12
/
4
513 Dec1412 Feb
93 10'z
4
93 10
4
107 107
8
8 1014 1014
93 1014 6,900 Amer Ship 5r Comm__ _No par
4
94
4
8
90 Mar 14413 Dec
/
1
4
112 11452 115 117
/
1
4
/ 11212 11418 110i2 11234 1095 112
1
4
71,400 Amer Smelting & Refining_100 10918 Apr 21 1443 Jan 7
1123 113
4
100 1127 Mar 31 11712 Feb 30 10513 Jan 11514 Oct
2
115 115
115 115
*114 115 *114 11412 115 115 *114 115
400 Do prof
100 13712 Mar 30 165 Feb 9 13814 Apr 154 Nov
139 139100 American Snuff
•138 140 *138 140 *138 140 *138 140 *138 140
/
1
/
1
40
/ 404 404 41
1
4
/
1
4
3753 June 474 Deo
4118 411 3,800 Amer Steel Foundries__No par 404 Mar 30 46 Feb 1
/
4
4012 4012 4012 404 *4012 41
100 111 Apr 9 115 Feb 23 108
Jan 11312 Oct
*110 112 *110 112 *110 112 *110 112 *110 112 *110 112
Do prof
/
1
4
4
47 1 Jan 77 Dee
5
/
1
4
6712 68
6712 671 67
/
4
664 87
/ 67
1
4
/ 67
1
4
/ 6812 68
1
4
5,400 American Sugar Refining 100 65 Apr 14 823 Feb 5
69
914 Jan 10414 Nov
100 10014 Mar 30 105 Feb 26
1024 10212
100 1007 1013 102
/
1
4
8
4
500 Do pref
*10012 10212 *10013 10212 *10012 102
94 Mar 29 143 Jan 11
3
6 May 241 Feb
1018 1018 2,800 Amer Sumatra Tobacco...AO°
4 105 11
8
1018 103
4
1114
11
1114 103 103
4
11
28 Apr 12013 Oct
100
a____ 130 *_ 130 *._.... 130 *____ 130 *____ 130 *____ 130
Do prof
3714 June 47 Feb
*3914 40
3912 39
*39
3912 *39
3912 3912 3912 no
39
200 Amer Telegraph & Cable__100 39 Apr 23 418 Feb 10
100 141 Mar 29 1513 Feb 15 13053 Jan 145 Deo
4
/ 14514 14512 5,100 Amer Telep & Teleg
1
4
145 14518 145 14514 145 14518 14478 14518 14518 145
/
4
85 Feb 12112 Oct
8
50 1113 Mar 31 1211 Feb 6
4
8
*1123 11312 11278 11318 114 11412 11312 11412 11418 11434 1147 1152,000 American Tobacco
100 10618 Jan 4 111 Apr 21 10412 Jan 110 Nov
III 111
11018 11018 11018 11032 11012 111
11018 1107
*110 112
8 1,200 Do pre
841 Feb 11913 Oct
50 11012 Mar 31 12012 Feb 6
/
1
4
3,500 Do common class B
/ 113 113
1
4
/ 113 114
1
4
11153 112
/ 1111 11212 11278 112
1
4
/
4
*112 113
3
/
4
1193 125
8
1247 125
8
4
300 American TYpe Founders100 114 Jan 22 135 Feb 13 103 Apr 1353 Nov
111173 1211 *116 122 *116 122 *119 125
343 Jan 7614 Dee
s
20 433 Apr 13 74 Jan 4
4
467 47
8
463 4712 47
4
4912 4 4 52
/ 17,800 Am Water Works & Eleo
1
4
93
503 523
4
4 511 52
/
4
97 Aug 103 Feb
14
100 10112Mar 3 10814 Jan 27
104 104 *103 104 *10312 105
104 104
104 104300 Do let pref (7%)
*1023 105
4
3434 May 6414 Jan
/
1
4
100 294 Apr 8 42 Jan 13
3014 313
2 31
3112 3138 3112 3118 313
8 3112 317
8 5,700 American Woolen
*307 31
8
8912 May 9813 Jan
4
100 7412 Feb 23 893 Jan 4
78
77
78
7814 1,400 Do pref
*77
773
4 7714 7714 77
7732 7812 78
558 Jan 13
/
1
14 Jan 4
74 J
17a flee
4 jan
/
1
4
2
/ 414 3,800 Amer Writing Paper pref 100
1
4
*212 2
/ *213 23
1
4
212 212 *212 2
4
212 24
Dec
44 Jan 13
1 Jan 4
*158 2
*11 2
/
4
1011 2
/
4
*152 2
23
8 212
500 Preferred certificates-A00
1111 2
/
4
7 May 1212 Jan
74 Mar 31 124 Feb 4
25
*7
/ 712
1
4
712 712 *7
/ 71
1
4
74 712 *73
/
1
4 8
8
8
500 Amer Zinc, Lead di Smelt
24a May 44 Dec
/
1
4
25 264 Mar 31 4813 Feb 4
•29
30
2818 29
*29
30
*29
30
30
30
300 Do pref
1129
31
354 Apr 53 Nov
14
43
4318 423 434 433 44
4
4212 43
4
7,800 Anaconda Copper Mining_ 50 4112 Mar 30 51 Feb 9
42
/ 4318 4214 43
1
4
26
Jan 4612 Dec
37
36
36
36
36
*36
37
600 Archer, Dan'Is MIdI'd_No par 36 Apr 21 4434 Jan 2
*36
363 *36
4
37
*36
904 Jan 105 Oct
100 100 Mar 4 105 Jan 4
prof
*100 1043 *100 1043 *100 1013 *100 1043 *100 1013 *100 1043
4
4
4
4
Do
4
9018 Mar 100 Oct
/
1
4
1,000 Armour & Co (Del) pref_ _100 92 Apr 21 97 Jan 13
03
*93
931
92
93
93
9312 9512 93
93
*9512 96
20 Mar 271s Oct
25 1718 Apr 19 2512 Feb 13
1814 183 184 184 193 87,300 Armour of Illinois class A
8
/
1
205 207
8
/
1
4
8 1713 203
/ 18'4 18
1
4
4 17
/ Oct
1
4
64 Apr 19 17 Jan 4
16 Dec 20
25
93
4 03
8
81
/
4
812 9
34,400 Class B
74 814
753 8
4
612 9
/
1
4
90 Dec 9314 Nov
21 93 Feb 11
100 874 Apr
*8812 89
8812 8812 873 8734 871 8714 *80
420 Preferred
4
/
4
88
*8712 873
4
8 Jan
1753 Oct
*18
20
1118
19
*18
20
20
21
20
/ 21
1
4
2114 211a
500 Arnold,Conele&Co new No par 18 Apr 12 313 Jan 6
27 Dec 30 Dec
14 Jan 5 1534 Jan 6
No par
______ Certificates
15 Jan 20 Nov
/
1
4
;i6" If- ;i5- 16" ;i5- If ;ill "ii n;i6 8 21:1" ;i5" li
Art Metal ConstructIon____10 194 Jan 2 2312 Jan 26
39 June 80 4 Dec
3
*
494 52
*4912 52
*494 52
No par 50 Mar 30 6312 Jan 21
*4914 52
*4914 52
*4914 52Artloom
*107 10812 *107 10813 *107 10812 *107 1081 *107 10812 *107 10812
100 108 Mar 18 11134 Feb I 10112 Aug 110 Deo
Do prat
/
1
4
464 Aug 61 Nov
*3914 393
4 40 40
-100 3714 Mar 50 54 Jan 9
/
1
4
*40
*40
41
4012 40
/ 1,100 Associated Dry Goods
1
4
4012 3934 41
94
Jan 102
*96
98
Oct
*96
98
*9613 0712 *9612 971 *96
100 96 Mar 25 10212 Jan 6
98
*96
98
Do 1st Prig
12
Jan 10814 Feb
*105 107 *105 108 *105 107 *105 107 *105 108 *104 108
100 107 Jan 4 108 Jan 28 101
Do 2d pref
*4712 48
4414 Jan
*4712 48
48
32 Mar 47 Dec
/
1
4
4712 4712 *4712 48
4814 503 361260Mar 4
2
4 5312 1,200 Associated 011
35
3418 3412 35
35
344 353
/
1
3318 Mar 31 6833 Jan 6
20 Jan 77 Sept
4 3412
3514 3314 35
7,200 At Gulf & W I SS Line___10
3612 *36
40
*36
36
3912 36
36
*3613 39
100 3514 Apr 16 564 Jan 13
31
Jan 60 Sept
.37
40
500 Do prof
10612 10714 10712 10914 108 11014 109 11012 12,500 AtiantieRefining
4
10614 10614 *10613 108
/
1
4
95% Jan 11712 Feb
100 97 Mar 3 1113 Apr 12
•115 11514 *115 11514 *115 11514 11514 11514 11 6 116 *11512 116
100 11514 Apr 21 11712 Mar 3 113 Sept 1173 June
4
200 Do prof
*55
56
56
56
*54
56
*55
5612 .56
5512 *55
45 June 65 Dec
No par 54 Mar 4 59 Jan 8
5612• 100 Atlas Powder
*97 ____ *97
x9512 9512 *95
08
*95
08
*95
98
200 Preferred
904 Oct 94 Jan
100 94 Jan 8 97 Apr 13
*10
11
*10
11
1012 *1018 1058 *1012 11
•10
*1012 11
10 Mar 27 1712 Jan 30
913 Feb 21 Dec
No pa
Atlas Tack
1918 1918 *1918 194 1912 1912 1914 193
/
1
4 193 1912 19
8
8
175 Mar 31 28 Jan 29
22 July 3
Jan
1912 2,300 Austin,Nichola&Co vte No par
9018 1186
91
*8712 9014 *90
9012 *88
91
*88
91
'87
Do pref
100 85 Mar 30 93 Jan 6
871/4 Decttiin 1
91 Aug
*7
8 1
1
1
*1 1
/
4
1
1
*7
8
1
24 Feb 11
*7
8
1
54 Jan 2
200 Auto Knitter Hosiery_ _No par
1033 10558 10612 108
4
10014 1014 1004 1024 10178 10234 102 104
8
12
34,100 Baldwin Locomotive Wks_100 927 Mar 31 13612 Jan 4 107 PI
1 Ter,
4
1053 1053 106 106
4
10714 10714 *10714 108
106 106
4
4
*1053 106
600 Do pref
100 105 Mar 31 114 Feb 6 107 Aug11653 Jan
253 2512 2512 2618 263 2714 2714 28
8
8
11,000 Barnsdall Corp class A
25 243 Mar 30 3312 Jan 2
8
2512 2512 254 26
183 Aug 3313 ,Dee
4
2
24
*23
24
*23
24
4 24' 25
2412 243
2312 *23
16 Aug30 Dec
500 Do class D
25 2314 Apr 15 2913 Jan 2
*23
*383 40
4
*3834 40
40
4014 404 414 *41
• 4 40
383
42
700 Bayuk Cigars, Inc
14
384 Sept 53 Feb
No par 39 Mar 31 4918 Jan 4
5612 57
60
544 5414 5412 5412 56
/
1
5818 58
6014 61
4,100 Beech Nut Packing
60 Mar 7734 Aug
/
4
20 5312 Apr 13 711 Feb 4
3218 3113 311 • 3112 311 32
/
4
/
4
3334 3,900 Belding Bros
/
1
4
37 Sept 4153 Dec
Na far 3112 Apr 19 39 Jan 4
3212 3212 3112 3212 32
382 3918 3812 39
4
/ 3812 391 39% 4018 4018 4012 41
1
4
/
4
4134 22,000 Bethlehem Steel Corp
37 June 5313 Jan
00 3812 Apr 12 504 Jan 7
/
1
4
4
4
4
/
1
300 Do cum cony 8% prat _100 114 Mar 8 120 Jan 26 109 Mar 11612 Feb
*11512 115, 115% 1154 1153 1153 *1153 116 *1153 116 *1154 116
100 10018 4,400 Do pre 7%
Jan
9314 June 102
10058 100 10018 100 1001 100 10018 100 100
100 100 Mar 5 .105 Feb 2
10053
41 May
5
5
*5
514 *5
514
514 57
8
/ Oct
1
4
514 514 *5% 512
8
900 Broth Fisheries
418 Mar 24
9 4 Jan 11
1
No par
40
*35
*35
44
*35
40
41
*35
41
*35
25 June 62
Oct
41
•35
First preferred
100 351 Apr 15 5112 Jan 7
33
*33
33
33
33
33
33
33
*3212 33
405 Aug 46 July
8
400 Botany Cons Mills class A_ 50 33 Apr 19 414 Jan 4
3353 33
8
273
4 28
/
1
264 203 2612 27
283
4 2812 287s 6,200 BriggsManufacturing__No par 2614 Apr 19 37 Jan 4
Oct 44 May
/
1
4
12
27
8
265 261/4 2614
*114 113
112 14 *114 14
112 11
112 112
3 Jan 18
112 Mar 19
15 may
3
5 Oct
500 British Empire Steel
100
•112 2
18
18
19
14
14
*1212 16
*18
*14
19
22 July 38
Oct
200 First preferred
100 14 Apr 21 27 Jan 28
_ 20
•
0 July 14
3
--i 914 *4 412 4 4
23
4 3
*23
4 31
*3
31
2 4 Apr 21 101a Jan 11
3
Oct
600 2d preferred
100
*1357 136
8
136 13714 137 137
137 1381
1,700 Brooklyn Edison, Inc
100 133 Mar 31 14612 Feb 1 12053 Jan 15612 Nov
*13514 136 *13514 136
723
4 7212 7314 72
72
725
2 72
73's 4,000 Bklyn TJnion Gas
4
.
7112 711 *7112 72
/
4
7318 Dec 1004 Nov
/
1
No par 68 Mar 30 783 Jan 11
344 347
/
1
34
/ 3512 1,800 Brown Shoe Inc w I
1
4
46 Dec 4614 Deo
/ 331 34
1
4
8
100 30 Mar 29 48 Jan 7
/
1
4
3318 337 33
333
4 33
*33
4(108 115 *10614 115 *10614 110 *10614 110 *10614 110
/
1
4
96 Mar 109
Oct
Do pref
100 109 Jan 18 111 Mar 10
*108 115
265 27
8
27
27
27 18 2712 2,900 Brunswick-Balke-Colfr No par 243*Mar3O 307 Jan 4
8 2614 27
3
24 June 493 Jan
3
2614 263
2612 261
1311 13312 134 135
/
4
135 1357 13514 13612 2,800 Burns Brothers
3
9212 Feb 138 Dec
132 134
No pa 121 Mar 31 14114 Feb 13
135
130
35
3418 35
3612 37
38
38
3914 6,200 Do new class B com No pa
29 3 Mar 31 44 Feb 13
7
17 Mar 39 Dee
3514 37
34
37
/
1
4
*984 101
*9814 101
/
1
*371 997
/
4
991 994 *984 1003 *9814 103
/
4
100 Preferred
100 97 Mar 30 1004 Jan 11
914 July 99
Oct
7912 803
4 8012 8112 8312 8312 F15
7912 81
85
7712 Apr 13 93 Jan 4
65 Jan 103 Sere
3,700 Burroughs Add Mach_ _Ne pa
80
80
and asked prime; no sales on Ms day. a Ex-rights. 5 Ex-dividend.
•Bld
New York Stock Record-Continued-Page 3
2304
For gates during the week of stock, usually Inactive, see third page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
April 17.
Monday,
April 19.
Tuesday,
April 20.
8 per share
22
2212
*8612 90
*9912 101
*472 5
*23
2318
*1214 1234
*---- 30
*---- 994
$ per share
22 22
*8612 90
*9912 101
5
5
22 2312
*1214 1234
•26 30
994
$ Per share
22
2214
.86
90
101 101
472 47
21
2212
1214 1234
*26
30
Wednesday, Thursday,
April 21,
April 22.
Friday,
April 23.
Bales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Sines Jan. 1 1926.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Fear 1925.
Lowest
Highest
3 per share 3 per skare
per share Shares. Indus. & Miscall.(Con.) Par $ per shwa
Per share 8 per share $ per share
2234 2978 2658 2852 28
2934 14,800 Bush Terminal new.,.....No par 1634 Mar 18 29% Apr 23
1458 June 26 Dec
88 88
89 893g 89% 897
600 Do debenture
100 86 Apr 6 90 Feb 10
80 May 8972 June
•994
*994 ____ *9912 102
100 Bush Term Bldgs, pref
100 9912 Jan 20 10112 Jan 30
9612 Jan 103 Dee
47
47
Butte Copper & Zino
5
5
1,500
5
5
4% Apr 16
5
414 Mar
614 Feb 10
83 Jan
4
2112 2112 2112 244 3,800 Butterick Co
2034 21
100 1734 Mar 3 2414 Apr 23
17 May 284 Jan
*1214 123
4 128 1288 1214 123
8 1,200 Butte & Superior Mining
10 11 Mar 30 1614 Jan 11
612 May 2414 Jan
*27
30 *2812 30
287 303
600 Byers & Co
4
No par 28 Mar 29 38% Feb 2
23 Oct 44% Oct
...
Preferred
100 9812 Mar 20 993 Feb 18
/
954 Oct 100 Oct
Caddo Cent Oil & Ret_No par
72 Jan 8
4 Jan 2
2% Jan
4 Dec
127 ii
12614 7'lig- 12814 1i5- 129l 1 2 1164 I1312
-California Packing_ __ _No par 12114 Mar 30 17912 Feb 4 10012 Jan 3612 Noy
1
3234 33
3288 3318 3212 327
3234 334 334 33% 3374 347 30,300 California Petroleum
25 3052 Jan 20 384 Feb 10
23 2 Jan 3432 Dec
7
*14 18
134 134
112 118
112
112
112
152
134 13
252 Jan 15
112 Mar 26
4 1,100 Callahan Zinc-Lead
10
434 Feb
114 Oct
5712 574 5712 5712 5712 573 *5712 58
± 1,500 Calumet Arizona Mining
58 584 534 587
10 5512 Mar 29 644 Jan 8
45 Apr 6112 Dee
*1414 1488 1414 1414 1414 1488 1412 144 1434 1434 1488 143
4 1,303 Calumet & Recta
25 13% Mar 31 1512 Jan 6
1214 May 18% Jan
7614 7634 764 7712 777 79
7934 8212 82 8412 8412 86
15,200 Case Thresh Machine
100 624 Jan 4 903 Feb 13
24 Mar 6812 Dec
4
*10052 103 10112 10112 *100 103 103 103 *103 105 1043 1043
300 Do pref
4
4
100 96 Jan 5 1053 Feb 23
60 Mar 1074 Dee
1012 1012 1012 10 4 10
3
10 2 1014 1088 10% 1088 1012 1088 4,800 Central Leather
3
9 4 Apr 8 2012 Jan 5
3
100
1434 Mar 2352 Oct
48 48 *4712 49
477 4834 4312 49
47
4712 *4714 48
2,709 Do pref
100 45% Apr 9 6634 Jan 5
494 Mar 71 Oct
*13
14 *13
14
14
1334 133 *13
*13
4
100 Century Ribbon IvIllis_ _No par 13 Apr 8 32% Jan 8
14
*13
144
3034 Sept 4712 Mar
*85 87 *85
87 *85 87
*85 87
*85
Do pref
87
*85 87
100 85% Mar 2 90 Jan 21
94 Dec 9834 Jan
61
61
6112 6111 6112 62
611 6214 6214 6314 6314 64
8,400 Cerro de Pasco Copper_No par 574 Jan 22 6914 Feb II
434 Mar 64% Nov
*394 40
40 4012 4018 4032 4012 41
4034 414 4114 4172 3,500 Certain-Teed Products_No par 37% Mar 30 4912 Jan 5
4
4034 Mar 585 Sept
*9712 10358 *9712 10388 *974 10388 *98 10388 *98 10358 98 1035
1st preferred
100 10212 Jan 2 10512 Jan 21
8912 Jan 110 Sept
*15
1518 15
15
15
1512 15
15 *15
15
15
1514 1,900 Chandler Cleveland MotNo par 15 Apr 12 26 Feb 11
32 32
3212 3212 3178 3214 32
3
4,300 Preferred
3288 3212 3288 3288 337
No par 31% Apr 15 4514 Feb 15
10272 1043 105 106
4
109 11212 11212 11434 116 117
106 109
15,100 Chicago Pneumatic Tool__ 100 9412 Apr 8 120 Jan 2 161; Mill. fii- Dec
*5014 52
5112 52
4812 5118 48 495
7,200 Childs Co
4934 50
No par 48 Apr 21 6632 Jan 4
517 52
8
74% Oct
4978 Ma
•32 324 32 3212 3172 317
j 311 3218 32 3232 3214 33
4,000 Chile Copper
37% Jan
25 30 Mar 3 3632 Jan 6
304 Ma
204 208 2088 2114 2012 20 4 203 20 4 *20
1,300 Chino Copper
21
21
*20
3
4
3
5 16 Mar 3 2112 Feb 17
19 Apr 2832 Feb
*42 4312 *4212 4312 *4212 4312 4334 4334 437 4414 4418 4418
400 Christie-Brown certifs-No par 40 Mar 30 6334 Jan 4
6214 Dec 6412 Dee
3118 324 3188 3288 3188 3212 3214 334 3312 34
34
347 83,300 Chrysler Corp new ___No par 2812 Mar 30 547/ Jan 9
8
*99 100 100 100
99 99
100 10012 1,000 Do pref
100 100
100 100
No par 93 Mar 30 108 Jan 2 f661- July fifFs Nov
a
*61
64 *63 64
x624 6212 *62 633 •62
300 Cluett. Peabody & Co___.100 6014 Mar 31 6812 Jan 7
6312 63 4 6334
4
3
584 Mar 711, Jan
*108 120 *110 120 *110 120 *110 120 *110 120 *108 120
Preferred
100 10314 Jan 13 110 Feb 25 10312 Jan 109 Sept
13814 140
13812 141
14634 14834 23,100 Coca Cola Co
13988 14054 141 142% 143 145
No par 128 Mar 24 161% Feb 4
4
80 Jan 1773 Nov
*100 ____ •100
•100
Preferred
*100 __ *100 ____ *100
100 99 Jan 14 10114 Mar 24
99 Jan 10113 Mar
3112 3234 3112 33
3214 337
3212 3314 327 3312 33
333 21.200 Cowrado Fuel & Iron
4
100 273 Mar 3 384 Feb 11
2
3214 Apr 4814 Jan
*644 6512 46334 6334 63 6334 6388 64
64 65
6532 2,300 Columbian Carbon v t 13 No par 555 Jan 26 69% Feb 23
65
2
45 Mar 6254 Dec
75 7534 7518 7612 74% 77
77
7838 78
7834 773 79 98,700 Col Gas & Elea
4
No par 6312 Mar 29 90 Jan 9
Oct
4554 Jan 86
*113 11312 *113 11312 113 113
11314 11314 11312 11312 .'11358 114
400 Preferred
100 112 Mar 30 115 Jan 12 10414 Jan 11412 Dee
*3012 31
3012 3012 297 3014 30
3014 30% 307
4
2 30% 3078 1,800 Commercial Credit_ _No par 2914 Mar 3 474 Jan 14
3812 Sept 55% Dec
*22
24 *22
24
*23
*2312 24
24
23 23
200 Preferred
*23
24
25 23 Apr 20 2614 Jan 13
2514 Sept 274 Oct
*25 28
25
254 .25
28
200 Preferred B
28 •24
*25
28
*25
28
45 25 Apr 19 2734 Jan 11
2614 Sept 2734 Dec
*53 5412 *54
5412 *53
200 Comm Invest Trust_No par 65 Apr 12 72 Jan 11
56 *53 5412 55
55
56
56
50 Jan 8418 Nov
*94
99 *94
7% preferred
99 *94
99 *93 99
*94
99 *94
99
100 98 Mar 31 104 Jan 28 100 Nov 10712 Nov
132 1343 *13112 134
127 13012 130 136
4
129 130
2,600 Commercial Solvents A No par 1203 Jan 4 15212 Feb 13
128 129
2
80 May 190 Jan
127 132
129 13214 125 128
128 134
12712 12952 128 129
Do
B
5,500
No par 11814 Jan 4 146 Feb 13
76 May 189 Jan
152 1534 1512 16
1512 16
1588 16
1612 1614 1612 1672 4,400 Congoieum Co new__ _No par 1512 Apr 16 2134 Feb 4
/
157 Nov 434 Jan
sh
so,
2,
*8
8
2
8
so,
2
8
88
*58
2
8
100 Conley Tin Foil sip& No par
34
88
4 May 17 Feb
%Mar IS
1 Mar 12
48 4814 4714 491
5114 5178 5334 527 537
8 50
8
5412 5514 18,400 Consolidated Cigar
No par 4514 Apr 15 67 Feb 20
2612 Jan 6334 Dec
*95
99
100 Do pref
*96
99 *96
*98 100
9912 *96 9912 99 99
100 91 Mar 31 10212 Feb 11
3
79 4 Jan 96 Dec
314 34
27
3
3
/ 41s
1
4
34 4
4
16,300 Consolidated Distrib're No par
414
34 4
3
234 Mar 3
9% Feb
34 Jan
612 Jan 7
9034 91
90 914 91
9112 9152 9212 9212 93
/
1
4
19,000 Consolidated Gas(NY)No par 87 Mar 30 10412 Feb 23
9312 94
74% Mar 97 Dec
17
2
2
17
2
17
17
17
2
2
2
214 6,500 Consolidated Textile_ __No par
1% Apr 19
514 Jan
254 June
33 Jan 18
4
2
7312 734 7214 73
724 73
7314 7414 7412 75
7312 764 18,600 Continental Can, Ins_ _No par 70 Mar 30 924 Jan 2
604 Mar 934 Dec
•122 124
12212 12212 122 122
123 12312 124 127
725 Continental Insurance
130 130
25 122 Mar 31 144% Jan 9 103 Jan 140 Dec
1032 1012 1014 1034 1014 1032 1014 1034 1014 1034 1034 1072 13,600 Cont'l Motors tern atfs_No par 10)s Mar 3 13 Jan 5
814 Jan 1512 Oct
384 384 3834 39
3812 3834 3812 3914 384 3912 3912 3934 13,500 Corn Products Refin WI._25 3552 Mar 30 43% Jan 13
3218 May 4232 Dec
*126 ____ *126 130 *126 130 *126 12712 12612 12612 *126 130
100 Do pref
100 12212 Jan 6 12612 Apr 22 1184 Jan 127 July
, 47% 4712 4712 48
48 483 *48 4912 4812 4812 4934 5034 1.400 Coty, Inc
No par 4412 Mar 29 6054 Jan 4
48 Aug 6012 Dec
*25 40 *26
40 *26
40 *27
40 *28
40
*28
Crex Carpet
40
100 25 Apr 9 63 Jan 2
36 Mar 6418 Dec
847 847
8
6612 6714 6712 674 68 6812 684 69
8 65 67
5,400 Crucible Steel of America-100 64 Apr 15 8112 Jan 4
644 Mar 84% Nov
*96
983 *96
4
99 *96
99 '
9812 *96
396
Do prat
99 *96
99
100 96 Mar 30 10034 Feb 20
92 May 102 Dee
43% 4312 4338 44
4312 454 4514 457
4512 4814 47
1.0
8 0
4888 21.30 Cuba Co
No par 3912 Apr 15 53 Feb 4
4414 Dec 54% Oct
*9
9
*914 912
914
9
9
9
Cuba Cane Sugar
914 912 *914 934
No par
8% Mar 11 114 Jan 29
74 Oct 14% Feb
417
402 4088 4012 41
41
*4014 41
4134 43
42
4314 3,900 Do pref
HO 394 Apr 14 4952 Feb 4
3712 Oct 62% Feb
2514 2514 2514 2514 2412 2412 2412 2514 25
2512 247 2534 2,100 Cuban-American Sugar10 24 Mar 29 30% Jan 28
20 Oct 3312 Mar
4
*97 1003 *97 100 *97 100 *97 100
100 100
100 101
500 Do prat
100 97 4 Jan
3
104 Feb 5
7
93 s Nov 101 Mar
17
178 2
2
2,100 Cuban Dominican Sug_No par
172 2
2
172
*17
8 2
2
2
1% Apr 6
3% Feb 8
652 Feb
212 Oct
1712 18 *17
•17
18
18
19
18 *17
*17
Do pref
20
18
1,600
100 164 Mar 8 2218 Feb 6
16 Dec 4412 Jan
8114 824 83
82 82
•82 84
7912 8012 76
4,200 Cudahy Packing
83 83
100 76 Apr 21 97 Jan 4
9312 Dec 107 Oct
957 9612 963 964 97
92 92
4
4,500 Cushman's Sons
924 9518 9512 96
98
No par 774 Mar 1 100 Mar 4 62 Mar 104 Oct
44 *43 44
4314 4352 4312 4312 4312 4414 4412 45
2,500 Cuyamel Fruit
44
No par 42% Apr 15 51 Jan 14
44 Nov 59 May
Daniel Boone Woolen Mills_25
4
7
8
7
2
7
8
*3
1 Jan 4
*3
4
*3
ei Feb 16
*3
4
4
7
/
*3
4
7
8
*3
4
34 Dec
7
8
7% Jan
3412 364 29,700 Davison Chemical v t e_No par 274 Mar 30 464 Feb 17
33
33
3214 3318 33
3334 3314 35
/
1
2772 Apr 4934 Jan
3388 32
300 De Beers Cons Minee_No par 2732 Apr 20 29 Jan 8
277 2772 *273 29% 2734 2734 *274 2912 *2734 2912 •28
29
4
2014 Mar 29 Des
13114 13334 133 13312 4,900 Detroit Edison
126 126
125 125
129 132
12534 127
100 12312 Mar 30 141% Feb 1 110 Jan 15912 Sept
3734 3712 3872 3,300 Devoe & Raynolds A__No par 33% Apr 15 104% Feb 10
341% 3412 3432 3412 35
*3252 35 *34
35
53 Oct 0014 Dec
304 3112 120,900 Dodge Bros Class A___No par 2614 Apr 15 4714 Jan 2
294 30
2634 2712 2634 28
2612 27
2734 29
2134 June 4834 Nov
81
814 81% 8152 8112 813± 8134 811
81% *81
s 8212 8272 5,600 Preferred certifs___No par 81 Apr 15 884 Jan 8
7312 May 9112 Oct
1414 14
14
1418 4,900 Dome Mines, Ltd
14
144 14
1418 1414 14
144 14
No par 13 Apr 15 20 Mar 13
1234 Apr 1812 Nov
*20
21
21
600 Douglas Pectin
*20
•1512 16
21
No par 19 NIar 20 254 Jan 30
14 Feb 2312 Aug
20
1934 20
2018 •20
300 Duquesne Light 1st pref_ _ _100 11112Mar 3 114 Feb 11 105 Jan 11314 Dec
*11312 11412 1134 11334 *11312 11412'11334 116 *11334 116 *11334 11512
4
8
10858 109
4
10914 10918 109 109
10914 1093 109 10934 10934 10978 2,200 Eastman Kodak Co._ No par 10652 Mar 30 1123 Jan 5 1043 July 118 Jan
1012 Feb 3012 Deo
4
2612 2712 2684 2714 2712 27
*2612 2714 *27
274 263 27
/ 2,800 Eaton Axle & Spring__ _No par 24% Mar 30 323 Feb 13
1
4
4
19914 2044 204 205 205 20812 25,500 E I du Pont de Nan Co100 19315 Mar 29 23872 Jan 4 1344 Jan 27114 Nov
19412 19614 195 19812 197 200
700 Do pref 6%
100 10034 Apr 20 10412 Jan 18
94 Jan 10412 Nov
4
4
•10034 10114 10114 10114 1003 1003 101 10114 1014 10112 *10112 10134
1941812 194 1834 1918 18,800 Elea Pow & Lt etfs_ _ No par 17% Mar 30 3412 Feb 10
17% Apr 40% July
1772 1818 18
1814 177 1812 18
V
500 40% pr pd
9912 Mar 30 115 Feb 11 100 Mar 110 June
*10034 1024 *10034 1024 102% 10212 10214 10234
102 102 *1005 103
4
103 Apr 17 11012 Feb 26 18090183
100 Pref full paid
103 103 *100 104 *100 105 *100 105 *100 105 *100 105
0 JuDe
04
3
1,200 Do prat ctfs
93 93
8912 Mar 24 9712 Feb 11
MarAug
93 93
93 93 *924 93
*9212 9234 9234 93
Dee
14 71
7
: 114 3.28 Elea Storage Battery _No par 714 Mar 3 7952 Mar 12
1
*7
60 4 Mar 80 Dec
4 7„2 775 .1 773
5
77 77
77 77
1
741 77 % 7412 7117
: 1
1
Emerson-Brantingham Co 100
112 Mar 29
4 Feb 1
11
4 11
4 •112 2
934 Apr 23 2434 Jan 29
100
300 Preferred
934 934
10
8 May 26 4 jug
*8
10
1'
•10
10
12
13
*10
12 •10
5383 A y
ill
1,300 Endicott-Johnson Corp_ 50 6512 Mar 31 7252 Feb 8
6354 Apr 747 Sept
6712 6712 674 68 68
*67 674 67 67
*67
67 67
2
100 114 Jan 7 118 Feb 2
300 Do prat
117 118
.1154 11712 •11$12 117 •1151 117 *11534 117 *116 117
May
400 Eureka Vacuum Clean-No par 45 Mar 29 534 Jan 8 11812 ju y 15:83 Den
463
4 4634 47
4
43
11
*4612 47 *463 47 *45 4634 *45 4634 463
oNov
4
9 2 jat
74 O
; gu
200 Exchange Buffet Corp_No par 15 Apr 21 17 Apr 22
/
1
4
*1512 1712
17
•15% 17 •1514 17 *154 17
1534 1538 17
312 Feb 25
25
200 Fairbanks Co
2 Apr 16
2
2
3
214 Mar
*2
3
212 24 *2
•134 234 *2
3
434 Aug
par 46 Mar 29 5934 Feb 10
Fairbanks Morse
No
100
*50 5012 49 49
4
3214 Jan 1541g Oct
4
*4912 52 *49% 5012 *493 5012 *495 504
Preferred
100 10812 Jan 6 115 Feb 9 1064 June 1104 NOV
•105 115 *105 115 *108 115 *108 115 *110 116 *110 116
4
4
11452 11534 1152 117
116 11612 116 11812 11734 1183 11814 12034 36,900 Famous Players-Lasky_No par 1034 Jan 19 12654 Mar 12
9014 Feb 11434 July
1,100 Do pref (8%)
100 115 Mar 31 124 Mar 11 10372 Feb 120 Jill)
*115% 117
116 117 •116 11712 *1164 11712 11534 11734 117 119
15 28 Mar 31 39% Feb 3
29 2912 2834 2834 29
3014 30
307
8 2,400 Federal Light & Tree
26 Oct 374 Dee
2912 2914 2914 30
100 Preferred
No par 87 Feb 11 89 Jan 4
*85 87 *85 87
87
*85
87
87
87
*8.5
*85 87
8212 Sept 89 Dee
1,900 Federal Mining & SmeltIr_100 70 Apr 20 1111 Jan 5
*R012 86
75
73 *70
/
4
*81
72
89
70 81
75
*70
4,400 Do pref
100 81 Mar 3 105 Jan 6
*71
75
75
7212 72
73
73
76
72
72 78 *74
4 4 Mar 9 7r Deo
1912 ar
5
51e pm
4
600 Fidel Phan Fire Ins of N Y__25 160 Apr 15 20014 Jan 23 14712 Jan 179 Dee
167 167
*155 160 *160 170 160 160
160 161
160 165
Fifth Ave Bus tern otts_No par 1472 Jan 2 2152 Feb 9
18
19 •15
19 •15
*14
19
*15 ,1912 *15
12 Jan 17 July
194 *15
/
1
4
No par 30 Mar 3i, 49% Feb 5
3334 344 2,500 First Nat'l Stores
*324 3212 33 33
334 3312
33 33
33 33
3812 Dec 40 Dec
25 84% Apr 20 10534 Jan 4
8714 8712 8812 8912 9134 7,700 Fisher Body Corp
86
8514 86
8612 28434 84% 86
6014 Feb 125 Nov
No par 1454 Mar 3 264 Jan 13
15.300 Fisk Rubber
1652 16% 1612 1672 16% 16% 1652 17
104 Mar 2834 Oct
2
Do 1st pref
8
100 1054 Mar 2 115 Jan 2
1
*100 1134 *105 11312 105 113 *____ 1134 *10g34 11;1: *1712 11r8
754 Jan 11612 Nov
s
37% 37% 3734 3812 38
3812 38l 3914 3914 4014 407 4134 41,000 Fleischman Co new----No Par 3214 Max 29 5612 Feb 1
No par 93% Mar 29 1794 Jan 29
10014 10434 10414 106% 9,600 Foundation Co
9812 99% 9912 10014 101 102
98 98
90 Jan
Nov
No par 55% Mar 31 85 Jan 2
6414 6454 85% 5,900 Fox Film Class A
6132 62
6212 6212 61% 6212 6212 6315 64
85 Dee
6812 Sep
No par 1952 Jan 13 3012 Apr 23
2
2412 2612 2632 2812 2714 28
2652 273
24% Oct
8 Ma
4 267 2932 294 3012 238,700 Freeport Texas Co
434 3T
2
3
.
1 33% 4,400 Gabriel Snubber A____No par 29 Mar 25 42 Feb 11
32 3212 32
32
*3212 33
*3212 33
2872 Aug 3978 Nov
1,200 Gardner Motor
612 Apr 3
7
No par
7
7
7
954 Jan 4
7
7
7
Ca Jan 1614 Mar
*63
4 7
100 39 Mar 29 55% Jan 2
45 4512 4,500 Gen Amer Tank Car
4234 4272 4312 4312 43 43
4212 44% 44% 45
4412 Aug 60 Oct
.100 104
100 Do prat
10012 Apr 19 104 Jan 15
100
*99 102
10012 10012 *100 104 *100 104 *100 104
931 Feb 104 Nov
4
100 50 Mar 3 73 Jan 11
60 61% 6032 613
424 Mar 70 Dee
4 6014 6112 6114 6314 634 6532 6453 6732 55,600 General Asphalt
Do pref
100 9472 Mar 3 11354 Jan 11
105 10614
*102 10334 1034 1033 103 10314 10314 10312 10414 105
4
864 Mar 109 Dec
3;870 General Cigar, IncnewNo par 46 Mar29 594 Feb 11
4
4914 4934 449 .49
50 50
4974 4972
100 109 Jan 11 1151 Feb 18 105 -ii; .-4 Mar
2
100 Preferred (7)
•11114 11512 112 112 •1144 11512 •11114 11512 *11114 lff14 .154
(
1171111134 11134
100 Debenture preferred (7).100 10914 Apr 12 11812 Feb 10 104 July 116 Dec
*1074 11312 •108 112 •10712 112 *1074 112 *10712 112
100 285 Apr 15 38812 Feb 19 22714 Feb 33714 Aug
28812 29134 291 295% 29214 296 295 299 300 30334 30314 31012 119,000 General Electric
11% 1132 1114 11% 11% 1132 113g 1138 104 1132 1134 1112 5,000 Do special
10 11 Jan 5 11% Mar 22
10% Oct 11% July
*3534 364 35 4 3612 3534 353
367
3,000 General Gas & Elea A_ _No par 34 Mar 30 59 Jan 2
2 3634 373
3
36
5872 Dec 6152 Dee
4 3514 3
6
Breferred A (7)
9612
No par 9512 Mar 8 9914 Jan 4
964 *95
9612 *95
*9514 9612 *9514 9612 *9514 9612 *95
99 Dec 100 Dec
*105 10612 *10554 10612 10612 107 *106 108 *106 108 *106 108
Preferred A (8)
No Dar 1054 Apr 8 11014 Jan 15 110 Dec 110 Dee
4
700 Preferred B (7)
9312 9312 *9314 95
*931 95
/
No par 9314 Apr 21 96 Jan 4
4
934 934 *923 9312 *923 934
*5134 53
1,800 Gen Outdoor Adv A_ No par 61 Mar 30 5578 Feb 4 01 Aug 144 Sept
5112 5152
2
534 534 537 54
5272 53
- 1
3Ø7
2812 281! •23
*2834 29
4.100 Trust certincates____No Par 2652 Mar 30 33 Jan 6
294 30
31)
30
29
30
29
26% Aug 34% Dee
•Bid and asked prices: no sale. an this day •Ex-dlyidend. •
lig-iiiatto
dri:
New York Stock Record-Continued-Page 4
2305
For sales during the week of stocks usually Inactive. see fourth page preceding.
-PER SHARE, NOT PER CENT. I Sales
HIGH AND LOW SALE PRICES
for
Friday, Ithe
Wednesday, Thursday,
Tuesday,
Monday,
Saturday,
April 23. I Week.
April 22.
April 21.
April 20.
April 19.
April 17.
STOOKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1928.
-share lots
On basis of 100
Lowest
Highest
PER SHARE
Range for Preston&
Year 1925.
Lowest
Highest
per shwa
share
per share $ per share $ per share $ per share Shares. Indus. & Miscall.(Con.) Par $ per share I per Feb 4 $ per share 14934 Nov
It Per share 5 per share
8
645 Jan
..No par 11314 Mar 29 13114
12312 1247 245,200 General Motors Corp..
8
8
11513 1174 1164 11814 1165 118% 11814 120h 12014 123
Jan 115 Dee
100 11313 Jan 29 1151k Jan 11 102
114 11418 114 11418 11418 11418 114 11414 114 11412 2,100 Do 7% pref
11418 114%
8813 Apr 99% Nov
100 ogh Apr 13 100 Jan 11
8
100 Deb 6% Prat
8
*9812 -- *9812 -- *9812 _- 955 985 *9812 ____
42 Jan 5918 Dee
25 4912 Mar 2 6538 Mar 16
35,500 General Petroleum
5978 5912 60
59
8
4
58% 58% 583 5914 5858 58% 587 59
4
68 Nov 803 Oct
718 72% 4,200 GenRy Signal new ____ No par 60% Mar 31 84% Jan 7
61112 7012 7012 72
68
6812 68
6812
67 67
90% July 105% Nov
prof
100 103 Apr 14 104 Jan 18
Do
*103 10314 *103 10314 *103 104 *103 10314 *103 10314 *103 10314
42 Oct 5812 Jan
100 General Refractories_No par 42 Apr 22 49 Jan 4
44
"42
42 42
42 •____ 42 *____ 42 •____ 42
47 Mar 83 Dec
2
No par 4518 Mar 3C 787 Jan 4
50
8 3,000 Gimbel Bros_.
507
8 494 4912 4914 493
493
483 483
4918 49
4
4 49
8
8
100 1035 Apr 1 1113 Jan 19 10214 Mar 114% Nov
100 Do pref._
105 105 '103 106
•104 107 *104 107 *103 10512 *103 106
4
223 Feb 53 Dee
4
Ginter Co temp ctfe_No Par 40 Jan 2 443 Jan 4
1212 Mar 26% Dec
4
No par 18 Mar 23 253 Jan 7
1918 2014 "2014 2014 -2053
- Kioo Glidden Co
2018 197
*
1-20i8 264 20
Oct
37 Mar 51
6.000 Gold Dust Corp v t allo par 4112 Mar 31 3678 Feb 4
4612 463
4 46% 47
45% 4512 47
4614 45
4458 4434 44
4
4
364 Jan 743 Nov
.._....No par 52 Mar 30 7034 Feb 3
3
5414 553 25,400 Goodrich Co (B F)
4
5112 5278 5218 5418 533 55
5214 54
4
523 54
92 Jan 102 Nov
pref
100 9012 Jan 22 100 Feb 9
Do
9914 *98
9914
9914 *98
9312 •98
9914 "98
"984 994 *98
4
8618 Jan 114% Oct
101% 102
2,700 Goodyear T & Rub pf v t 0_100 9812 Mar 30 1093 Feb 4
4
99 100% 993 10012 101 101
10012 10114 '100 101
8
100 1053 Jan 22 108 Mar 9 103 Apr 109 Dec
108 108
450 Do prior pref
4
107 107 *107 1073 1063 107 "107 108
*107 108
39 Dec 42 Dec
Mar 30 41% Jan 11
35% 36
600 Gotham Silk Hosiery__No par 3314
3512 36
3512 *35h 36
3512 *35
*34
35% *35
9912 Dec 1024 Dee
100 98 Apr 6 10312 Jan 11
*981 99
300 Preferred
*9812 99 .9312 99
*9812 99
99 99
99 99
8
187 Dec 23 Sept
No par 1612 Apr 15 2112 Jan 23
Gould Coupler A
1813 1,000
8 1812 18% *1712 1812 1812 1812 *18
4 1718 187
173
•17
13 Mar 2178 Dee
3,800 Granby Cons M Sm & Pr..100 1618 Mar 31 2312 Feb 5
8
185 19
181
i 1753 1812 18
8
185 1914 1834 1918 1734 183
Jan 11318 June
91
2
94% 953
4 3,400 Great Western Sugar tern otf25 89 Apr 14 10614 Feb 14
93
9314 931 945* 9411 953
4 9312 94
3
93 4 933
107 Apr 11512 Dec
100 1081 Mar 30 116 Jan
100 Preferred
*109 11114 *109 11114 *109 11114 *109 11114 *109 1111 11112 11112
4
113 Mar 1914 Jan
Apr 3 14% Feb 10
Cananea Copper- _ _100
14
9
500 Greene
10
4
*93 1014
10
1014 10
*93 1014 10
4
*97 1014 •10
8
37 Sept
61 Jan
8
518 Jan 5 107 Feb 1
Guantanamo Sugar____No par
4 713 "63
"63
4 712
8
4 712 *63
*63
4 712
8
"7
4
6718 Mar 953 Nov
100 6678 Apr 19 93% Jan 4
4 70
7012 4,000 Gulf States Steel
67
6712 6714 68% 68% 693
8
4 667 69
67h 673
421k July 89 Feb
Apr 8 57 Feb 26
100 50
Hanna 1st pref class A
*42
*42
50
50
50
*42
50
*42
50
*42
50
•42
3
25 4 Apr 37% Jan
3,400 Hartman Corporation_-No Par 26 Mar 31 35 Jan 6
2714 28
2614 263
4 2612 2612 26% 2612 26h 273
2612 27
30 Mar 4913 Nov
No par 3418 Mar 30 46 Jan 14
4
3612 8,100 Hayes Wheel
36
4
3
3614 353 36
35 4 3714 353 37
3614 3614 36
4
66 May 773 Jan
25 68 Mar 29 741s Feb 11
*6914 71
200 Helme (GI W)
*6914 71
71
71
71
*70
69
69
71
•69
27 Dec 4878 Jan
Hoe(R)& Co tern ctfs_No par 25 Mar 29 35 Jan 6
2814 *2513 2814 *2512 2814 *2512 2814
*2512
*2512 2714 *2512 28
Jan
43 Jan 50
100 47% Jan 4 62 Feb 23
100 Homestake Mining
55 .5412 55
35212 55 "54
55 '5412 55 '
65
*5412 55
3412 Jan 4718 Nov
8
300 House!'Prod,Ino.tem ottNo par 40 Mar 3 483 Jan 8
8 4218 4218 "424 4212 4212 4212
4
421 4212 *413 427
"4212 43
Jan
59 Apr 85
Houston 011 of Tex tern otfs100 5014 Mar 31 71 Jan 5
4
553 57
57
*5612 58
5418 56
5912 3,600
55
54
53% 531
1612 June 31% Nov
No par 27 Jan 8 35h Mar 10
4
313 32
32
32
33
318 324 3214 3214 2,400 Howe Bound
4
*313 321 *32
4
333 Jan 13912 Nov
..No par 61 Apr 15 12314 Jan 4
4 695* 7212 473,400 Hudson Motor Car....
4 6414 763
7
8 62 8 643
621 647
4 673 693
61% 641
28% Jan 4
1414 Mar 31 Nov
204 21
2112 213 12.000 Hupp Motor Car Corp_ __ _ 10 17 Mar
2014 20 2014 2053 21
20
4
2014 201
4
131s Jan 413 June
34 Jan 2
8
5
2212 2253 22 8 2314 23
2314 23% 2412 2412 2718 50,700 Independent Oil & Gae_No par 195 Mar 3
22% 221
13 Mar 24 Aug
2414 Feb 4
18 Jan
No pa
300 Indian Motocycle
20
*2012 207 •2011 21
20
3
3
207 20%
*2014 20'z
21
*20
51 Jan 1414 Dec
Mar 31 135 Feb 13
9
93 1112 103 115
10
8 9,500 Indian Refining
4
3
94 94 *914 9 4
938 91
94 938
5
6 Sept12 8 Dec
10
8 Apr 13 1212 Feb 13
912 101
9
10
*8
104 4,600 Certificates
9
"8
77 Mar 110 Dec
100 9014 Apr 1 164 Jan 7
Preferred
*93 101
"85 101
*85 101
*85 101
*85 101
*85 101
77 Nov 10755 Dee
____No pa
8014 Mar 31 104 Jan 5
4
913 92 "92
92
500 Ingersoll Rand new.
93
*91
921± 92 9214 *90
92
92
4
383 May 50 Feb
No par 37 Mar 30 43% Jan 7
37
37
3714 3714 37
3713 37% 5,100 Inland Steel
37
3712 371
3734 373
4
100 1083 Mar 16 115 Feb 9 104% Apr 112 Sept
Do prat
8
s____ 110% *109 1107 *109 11078 '109 11078 *10914 1107 *10914 1107
2214 Apr 3234 Jan
Mar 30 26% Feb 10
20 204
4 2,400 inspiration Cons Copper
22
22
22
22
22
2212 223
22
22
21% 21% 22
718 Jan 24% Nov
No par 1514 Mar 31 2614 Jan 22
600 Internal Agricul
17
174 171
*16
17% 17%
17
"16
8
163 183
17
•16
40 Apr 85 Nov
100 83% Jan 12 95 Jan 27
700 Prior preferred
8612 861 *8611 8838 •86% 90
"8611 91
8612 87
88
*87
411
41
4218 42% 6,000 Int Business Machines-No Par 4384 Mar 30 d47 Mar 2 110 Mar 17614 Nov
42
4113 4112 41% 417
8 41
8
413 413
52 Jan 8112 Sept
4 2.400 International Cement...No par 57 Mar 29 71% Jan 21
*594 60
4
8
59
597 603
3 573 5814 58
8
587 587
60
60
100 102 Mar 17 106 Jan 26 10212 Nov 107 Aug
200 Preferred
103 103 •103 105
103 103 *102 103
*102 103 *102 103
4
313 Jan 69% Dec •
473 481
48
4
49 106,900 Inter Combus Engine__No par 3312 Mar 30 6412 Jan 5
4553 46 4 463 477
4
3
4453 454 4511 47
9618 Mar 13814 Sept
11712 1193 11918 120 8 13,600 International Harvester_....100 11214 Mar 29 1341 Feb 10
11434 11512 116 117
7
4
1143 116
3
114 4 115
114 Mar 121 Nov
4
100 118 Jan 5 1223 Apr 9
300 Do pref
4
4
*121 12114 121 121 *120 12053 *120 1203 1203 121 "120 121
718 June 147 Feb
8
818 Mar 31 123 Feb 17
100
94 9%
4 4,500 Int Mercantile Marine
8
97 101±
3
9 4 93
912 93
4 *94 9%
3
9% 93
4
27 Aug 523 Feb
100 27 Mar 30 46% Feb 16
8
377 3214 3812 4238 41
411
39% 42
8
405 42 107,000 Do pref
4
373 38
664 Dec 6072 Dec
.35 5312 Mat 3 664 Feb 23
58
8 6872 693
585
534 58
4 59
58
59% 2,300 International Match pref..
*58
5812 58
2414 Mar 482 Nov
8
35
344 3412 341 35
36% 3612 3713 58,800 International Nickel (The)_25 323 Mar 30 4614 Jan 5
3418 35
3414 3412
Jan 102 Nov
94
100 1011* Jan 29 10414 Apr 21
200 Do pref
*103 105 *103 105 *103 1041± 10414 16414 *10312 -- *102 _ _ -Oct
484 Mar 76
100 4418 Apr 15 .6338 Jan 9
47% 49% 6.900 International Paper
4712 483
8
4553 4612 467 4673 4614 47
47
*45
71 Mar 88 Dec
100 85 Jan 14 86 Jan 6
Do stamped pref
90
*80
90 "80
86
*80
90
"80
86
*80
85
*80
86 July 993* Oot
18
100 9012 Mar 3 98 Jan 2
9234 1,100 Do pref (7)
92
4 92
923
*9112 9214 "92
92% 92
8
917 91% 92
1.300 International Shoe__ __No par 149 Apr 20 175 Jan 11 108 Feb 1994 July
150 15018 149 150 *15012 152
150 151 *150 151
4
*1503 154
8712 Apr 144 Aug
11712 1187 1174 11914 7,600 Internal Telep & Teleg-100 111 Mar 3 133 Jan 25
8
1154 11512 11412 115% 1153 118
4
8
1145 115
18 July 293 Oct
3
No par 2112 Apr 5 29 Jan 7
2313 24
24
4 2212 223
700 ratertype Corp
4 223 223 "23
4
224 22 223
4
*22
1615 July 263 Dee
8
100 25 Jan 4 3614 Feb 10
2
Jewel Tea. Inc
32
32
4
313 3238 32
32%
1.600
30
4
313 *3012 3153 '30
*31
100 115% Jan 29 125 Feb 9 10212 Jan 115% Dec
Do pref
*110 122 *110 122 '115 120 •115 120 *115 123 *115 123
4
113 Dec 21% Feb
31 Igh Feb 5
1412 Mar
1514 153
8
*15h 16
1512 15
4 157 157
1,300 Jones Bros Tea,Inc,Stpd 10
15
15
35% Aug 65 Nov
4
No par 313 Apr 12 66 Feb 19
4
3518 363
4 363 3812 3814 39% 24,100 Jordan Motor Car
3414 334 3412 36
35
34
112 June
ra Jan 8
14 May
14 Mar 4
1
K11118118 Gulf
*14
*14
8
3
8
3
8
3
•14
8
3
3
3
*4
314
%
*14
8
Jan 1095 Sept
99
100 Kan City Lt &P 1st pi_No pa 10714 Mar 29 111 Apr 3
_
*108 11014 "108
_ *108
10814 1084 *108
*103 1834 Mar 4218 Dec
34% Mar 3 4753 Jan 14
353 36
Kayser (J) Co v t e____No pa
36
4
383 363
4
*3434 36
363 371
800
.36% 371 ail
3
83 Mar 103% Dec
par 102 Mar 30 105 Jan 15
No
Do let pref
4.9911 103
*9912 10214 *99% 1021
*9912 103 '99% 103
*9912 103
21% J1117
1214 Ma
25 1418 Mar 30 2112 Feb 6
15
1518 143 15
3,700 Kelly-Springfield Tires
•15
1512 1414 1434 1418 1412 14% 15
41 Mar 74 July
4
100 60 Apr 15 743 Feb 5
"60
68
*60
68
*60
70
500 Do 8% pref
60
60
60
60
65
*60
72 July
43 Ma
100 65 Mar 31 73% Feb 5
Do 8% Prof
*65
*65
68
63
*6414 70
*6414 70
'64% 70 '644 70
87 Aug 124 Dec
100 98 Apr 19 126 Feb 4
100 100
1,000 Kelsey Wheel,Inc
4
993 100 101
98 9818 9934 993 *99
99
*98
594 Nov
4612 Ma
7
4
No par 493 Mar 30 68 2 Feb 10
8 5214 527 17,000 Kennecott Copper
4
4
8 513 523
523
52
s 5158 8214 513 523
4
513 52
3% July
134 Sept
24 Jan 2
4
3 Apr 16
7g
7
3,200 Keystone Tire & Rubb_No par
7
4
3
1
78
8
7
4
3
7
8
7
8
7
4
3
75 Mar 100 Oct
No par 61 Mar 30 82% Jan 7
Co
8
657 657
300 Kinney
85% 65 65
*63
6213 6218 *63
66
66 "63
Mar 30 82 Jan 29
4
10 423
49
493 47,900 Kresge (S S) Co new
457
4534 4738 4712 487
4653 45
4434 4514 45
Oct
4
4
100 113 Feb 18 1143 Feb 26 10 Mar ius
Preferred
*110 114 *110 114 *110 114 *110 113 *110 1131 •110 1131
2812 Dec 45 4 Jan
3
1518 Mar 25 334 Jan 14
184 183
s 18% 184 1,700 Kresge Dept Stores- _No pa
17% 1712 1713 1718 1753 1711 18
17
4
88 Jan 975 Juno
100 704 Mar 26 9314 Feb 1
Preferred
*7213 84
*72% 81% *7212 8178 *7212 81%
*7212 84
*7212 90
Laclede Gas L (St Louis) 100 146 Mar 29 168 Jan 14 11014 Jan 178 Mar
*150 153 '150 154 *148 153 *148 153 "149 153 *152 15512
Oct
11% Feb 19
14 Jan 4
4
83 Mar 2
8 2,300 Lee Rubber & Tire_....No pa
1012 1018 1018 1018 103
10
10
3
10 4 10
1014 1014 *10
14
37 Dec 4412 Oct
304 Mar 30 4118 Jan 2
No pa
2.600 Lehn & Fink
7
4
323 34
32
3178 317
3114 3212 32
8 32
317
317 31
57 Mar 92 Dec
724 Mar 31 94% Jan 25
1,800 Liggett & Myers'rob new__2
7818 7812 7812 7812 *7812 80
4
773 781
77
8
763 768 78
100 1194 Jan 18 12414 Apr 22 .164 Jan 124 Dec
400 Do pref
12414 12414 •124 125
124 124
*120 124 '120 124 '121 124
5512 Mar 8978 Dec
25 71 Mar 24 94 Feb 1
7814 7814 5,900 Do "B" new
7712 7711 77% 78
763 777
4
763 76% 7638 773
3
3
60 June 743 Jan
No par 5313 Mar 31 6934 Jan 4
1,200 Lima Loa Wks
58
4
4 58
67% 573
4 573 673
5612 57
56
5612 57
56
22 Feb 443 Nov
41 Mar 16
No par 3414 Mar 2
4 374 37% 5,600 Loew's Incorporated
8 3612 3753 3712 373
3614 36% 36% 36% 36% 365
94 Apr
6 Jan
7 Jan 28 1114 Feb 10
714 714
No par
7t8 714
53 3,400 Loft Incorporated
718 718
718 714
7% 7
74 714
14 Mar 43 Sept
Mar 30 5012 Feb 3
No par 4613
48
700 Long Bell Lumber A
*47
4812 48% 48%
8
483 *46% 4812 *47
48% *4714 48
4
77 Feb1433 Dec
100 88 Mar 30 14018 Jan 4
500 Loose-Wiles Biscuit
100 10014 102 1023
95
*96 102
*90
4
95
95 '95 102
100 1204 Mar 30 143% Jan 6 104 Feb 148 Dec
2d preferred
*121 130 •121 130 *121 130 *122 130 *122 130 •122 130
4
3014 Jan 393 Sept
Jan 2 4214 Feb 3
25 3514
8
37% 373
38
3,900 Lorillard
4
4 3818 383
4 38
4 383 38% 387 39
38% 383
100 11118 Apr 5 117 Apr 23 1084 Feb116 Aug
115 115 *114 117 *1154 117
117 117
*112 115 *11213 115
300 Do pref
8
135 Otis 234 Feb
etts_No par 12 Mar 3 1958 Jan 4
1318 1312 13% 13% 14
1318 1314
141
1318 131
143 153
8 6,500 Louisiana Oil temp
4
23 Dec 2633 July
4
2314 231
8
2314 2338 23% 23% 23% 233
2312 233
"233 231
2,400 Louisville G & El A___ _No par 228 Mar 31 2618 Feb 10
3134 Feb 60 Dec
14
No par 3014 Mar 30 58 Feb 4
3438 3438 3412 34% 35
35
4
35 35
361
35
363 371
1,600 Ludium Steel
Apr 19 138 Feb 9 114 Mar 141 Sept
100 1304
*13014 1331 13014 13014 *1294 13312 *12914 1331 "13014 1331 *12914 133
100 Mackay Companies
4
66 Mar 783 Feb
100 68 Mar 19 734 Feb 9
'6812 691 "08% 691 *6914 6912 69% 691 *6912 71 *69% 72
200 Preferred
No par 10312Mar 30 159 Jan 4 117 Jan 242 Nov
11234 1147 11514 117% 89,200 Mack Trucks, Ino
4
1063 1081 108 1103 10818 11012 11014 113
Jan 113 Aug
4
100 1093 Jan 4 112 Mar 4 104
110 110 *10934 110
109h 1093 1097 110 •110 11014
8
*109% 110
600 Do lat pref
99 Jan 10653 Aug
100 104 Apr 17 107 Mar 13
1041: 105 *104 106
10414 10414
104 104 *104 106 *104 105
600 Do 2d pref
691k Jan 112
Oct
91
89
9112 921
901
0012 9012 91
92
9212 933
90
4 5,500 Macy(B H)& Co,lno-No Par 8612 Mar 29 106 Feb 10
4
4
100 11512 Mar 1 1183 Jan 14 1143 Jan 118 Aug
*11618 117 •11618 1161 11612 11612 •11618
*1164
100 Preferred
- *11618 - -34 Mar 46 Nov
34 Apr 19 447 Feb 10
34
361
No pa
35
34% 34% 35
36% 3614 5,800 Magma Copper
35
3512 3614 367
2114 Dec 371k Jan
8
174 Mar 30 281 Jan 5
19
19h 191
19
•18% 10
20
*1914 20
20
20
*19
400 Mallinson(H R)& C9_No pa
32 Mar 59 Mar
56 Jan 4 76% Feb 11
6812 68
68
6814 694 687 6912 69% 697
7
8
69% 707
68
3 6,400 Manh Elea Supptem otfs No pa
8
2014 Mar 347 Nov
s
25 227 Mar 27 32% Jan 4
24% 24% 241
24% 2478
24
24
•2414 2412 2418 244 24
700 Manhattan Shirt
Mk Mar 49% Apr
s3112 34
*3111 33
*3112 33 '3112 33
*3111 33
*3112 33
Manila Electric Corp __No par 27% Mar 20 35 Feb 23
Sept3512 Jan
3
20 8
4
2212 24
2414 25
3,700 Maracaibo 011 Expl.....No par 203 Mar 3 28 Feb 2
4 2111 2112 2154 2184 2178 22
4
213 213
5
32 8 Mar 6012 Dec
No par 4914 Mar 30 604 Jan 29
5518 5614 81.100 Marland Oil
4 5212 5358 531 55
4
613 5218 5178 5253 5218 523
1038 Mar 327 Oct
8
29
2911 2912
29
400 Marlin-Rockwell
*2812 2914 •2812 2914 29
No par 27 Mar 29 33 Mar 11
*2812 2913 29
19 Dec 3718 Jan
4
8
4
No par 1812 Mar 2 213 Mar 12
193 20
700 Martin-Parry Corp
•194 1911 "1918 1911 1918 1913 19% 1912 *195 20
Jan 10714 Des
51
7514 778
72
76
7,200 Mathieson Alkali Wkstemctf50 69% Apr 16 10618 Jan 2
7058 7053 72
71
72
73
7012 71
Mar 1391k
112 11311 113% 114% 11414 114% 115 116
4
111 112
•109 111
8,100 May Department Storea___60 1074 Mar 30 1371k Jan 2 101 Mar 124 Dec
June
100 1226 Feb 2 12412 Jan 18 11612
Preferred
*120 130 *120 130 *120 130 *120 125 .123 125 *123 125
217 Nov 268a Oct
s
No par 19 Mar 3 2318 Feb 13
2012 21
3
207 21
21
*204 21
21
*201z 21
800 Maytag Co
2012 2012
79 Mar 13934 Oct
.781m 81
*7714 80
78
3
81
78
81
82
82
77
800 McCrory Stores Class B No par 72 Mar 30 121 Jan 11
77
Jan 2234 Oct
16
254 25
*25
25
25
2514 2514 •25 8 2512 1,000 McIntyre Porcupine Mines__5 2233 Jan 2 30 Feb 15
25
3
25
25
18 Jan 241k Nov
23
2234 2254 2278 23
23
7
22 * 227
1,100 Metro-Goldwyn Pictures pf-27 2214 Jan 8 2414 Feb 9
52 224 '224 23
22
9 Dec 22% Jan
6 Feb 25 124 Jan 4
7
84
84 8 2
9
8
83* 8
7
2,400 Mexican Seaboard 011-No par
5e
84 84 *8
814 8*4
8 May 2453 Jan
5 11 Mar 3 1318 Feb 11
12
s
1213 12
8
124 117 12
117 1218 117 111
3
12
3,800 Miami Copper
12
253 Aug 38 Nov
4
8 3112 323 20,800 Mid-Continent Petro--No par 28 Mar 30 37 Jan 2
8
295 30
8
30
3114 3012 312
s 293 30
8
2953 291
8314 Apr 941 Oct
100 90 Mar 30 974 Feb 27
9212 *924 94*2 93
94% 9412 942
92
941 *93
400 Preferred
•9218 941
212 Jan 8
114 Jan 2
314 June
Ilz 11
1% 11
111 11
% Apr
8 11
13
112 13
8 138
13
Corp_-_10
7,500 Middle Stales Oil
2 1
*7
8
7
h
14 Jan 8
I
1
i
sa
8
*7
112 Feb
8
7 Jan 7
113 Feb
10
8 1
•7
1
8
*7
300 Certificates
Feb 23
96
Jan 147 Aug
11214 114
1101 "11014 112 •11012 1114 *104 113 *11034 115
800 Midland Steel Prod Pref-Ig 12;43Naarrp,
11014
0
64 Apr 994 Aug
72
72
7
73 8 73
73
4 72
73
74
4
1,200 Montana Power
8 713 713
7158 715
7
41 Mar 8414 Nov
5
59% 6138 6133 62 8 6312 643* 66,200 Montg Ward & Co III corp-10 58 Mar 30 82 Jan 2
591s 61i 5814 59
6012 61
8
s
223* Mar 42 Dec
29% 30
29 297
No par 287 Mar 30 373 Feb 10
29
30
5,400 Moon Motors
x2912 294 291 30
8
395 30
71 Feb 8
614 Mar 30
638
614
6 May
514
94 Jan
514
514
614 63
633
614 638
3 3.200 Mother Lode Coalltion_No par
3 638
63
tbla day. a Ex-diaidend, a liz-naw rants. •No par. d New stock isaued on basis 013 shares for each share of old stook.
BM and asked prim,. no Wes en
•
6
-2- -
IN:
2306
New York Stock Record-Continued-Page 5
For sales during the week of stocks usually Inactive, see fifth page preceding.
HIGH AND LOW SALE PRICES PER SHARE, NOT PER CENT.
Saturday,
April 17.
Monday,
April 19.
Tuesday,
April 20.
IVednesday, Thursday,
April 21.
April 22.
Friday,
April 23.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1926.
On basis of 100-share tots
PER SHARE
Range for Previous
Year 1925.
Lowest
Highest
Lowest
HOU:8
$ per share $ Per share $ per share $ per share
per share $ per share Week. Indus. & Miscall. (Con.) Par $ per share
g Per share $ Per share $ per shard
20
19
20
2014 1918 20
1914 20
2014 2014 1912 21
3,900 Motion Picture
No par 19 Jan 26 2314 Feb 25
195 Dec 2013 Dec
. 4 40
383
*383 3914 38
4
383
4 3714 3814 39
4014 4014 41
3,800 Motor Meter A
No par 36 Mar 30 533 Feb 10
8
40 Nov 4478 Oct
.253 2612 255 26
4
8
26
26
253 2612 2612 2613 27
4
1,300 Motor Wheel
27
No par 24 Mar 30 334 Feb 15
18 Apr 35 Juno
14
14
14
14
*14
1412 14
1512 *1412 15
1,200 Mullins Body Corp.__ _No par
15
14 Apr 17 1934 Feb 1
15
13 Aug 214 Feb
343 35
4
3512 3512 353 354 *3514 354 354 353
4
4 3512 3512
800 MunsIngwear Co
No par 343 Apr 6 38 Jan 2
4
304 Apr 39 Dee
53
4 6
54 63
612 7
2
612 7
612 714
63
8 612 6,900 Murray Body
No par
514 Apr 15 154 Feb 20
54 Dec 4212 Mar
5313 534 5314 5418 5314 5434 54
543 5512 55
3
55
No par 52 Mar 24 66 Feb 23 19312 Jan 488
554 49,000 Nash Motors Co
Oct
Do prof
100 10618 Jan 4 1064 Jan 4 10311.4 Jan 107 July
*812 9
;83. -9
-9-9- -;Sia -9- - 4
- 4 -9;83
83 Apr 12 127 Jan 9
National Acme stamped.._ _100
8
8
414 Mar 1258 Dee
80 8 81
3
8013 813
4 80 4 813
2 81
3
83
8214 83
83
25 74 Jan 8 9314 Jan 29
843 18,900 National Biscuit
4
65 Apr 79 Dee
•12914 -- *12914 __-- *12914 ____ 12914 12914 *12912 ____ *130
100 Do prof
100 126 Jan 27 13012 Apr 13 12312 Mar 12812 May
405 41
8
4073 4114 404 41
4053 4234 414 43
4134 424 9,100 Nat Cash Register Awl No par 3913 Apr 15 54 Jan 5
2514 25, *2513 2613 2518 2513 *23
4
26
26
26
100 23 Apr 9 57 Jan 2
254 254
700 National Cloak & Suit
491-2 Dec - - -Crei
8474
7512 7512 7512 7512 *75
80
*75
*7514 80
80
*7514 807
200 Do pref
878 Dec 104
100 7512 Apr 16 9213 Jan 8
8
Jan
5512 563
8 553 564 553 57
4
4
59
56 4 5812 58
593 605 20.800 Nat Dairy Prod tern cttsNo par 53 Apr 14 80 Jan 2
3
8
42
Jan 814 Nov
27
2714 2612 27
26
2612 2512 25 4 2522 2614 26
3
4,400 Nat Department Stores No par 2512 Apr 21 42% Jan 7
26
3812 Jan 45 May
*91
*9113 9312
93
*91
93
93
Do prof
*91
*91
*91
96
96
100 91 Apr 16 97 Jan 19
96 Apr 102
Jan
1758 173
4
4 173 173
4 17
17
1714 1612 17
1612 Apr 21 34 Jan 4
1814 1813 194 2,500 Nat Distill Products_ _ _No par
293 Dec 434 Oct
8
45
48
*45
55
*45
55
55
•45
*4712 52
*45
400 Nat Distil Prod pf tern ctf No par 45 Apr 17 7318 Jan 4
54
5213 Jan 81
Oct
.26 . 2712 .26
2713 *26
27
2612 2612 *2613 2712 *26
100 Nat Enam & Stamping
27
100 2618 Apr 13 4012 Jan 2
25 Apr 4153 Del
*82
86
*82
86
*82
86
86 .82
86
Do prof
*82
*82
86
100 81 Apr 10 894 Jan 4
75 June 8934 Jan
140 140 *141 143
138 142
143 145
146 147
149 150
5,800 National Lead
100 138 Apr 15 1744 Jan 5 13812 Apr 174% Nov
1173 1173 *11713 118 *11712 118
4
4
118 118 *11714 11814 *11712 11814
300 Do prof
100 116 Jan 16 118 Apr 21 11412 Sept 119 Sept
184 193
1918 194 19
4
1934
163 Mar 2 383 Jan 21
4
3 204 2113 38,500 National Pr & Lt etts__No par
1914 193
4
4 193 203
8
_
6312 *60
*60
6312 60
60 5512 Jan 4 657 Mar 16
200 National Supply
60
63
*6014 6112 *6012 6312 *61
8
- - Dec 5438
71- -Jan
•1073 112 *1073 112 *10734 112 *1073 112 *1073 112 .1073 112
4
4
Preferred
100 10414 Mar 30 110 Jan 26 10438 Jan 110 Apr
4
4
4
National Surety
100 208 Mar 31 227 Jan 20 206
Jan 222
Oet
120 125
125 125 '122 125
2,000 National Tea Co
No par 120 Apr 17 238 Jan 4 201 Dec 250 Dec
FiLia 128 - 130 13012 135 135
-*123 13
13
8
13
127 124 124 124 *12 8 124 124 124
3
900 Nevada Consol Copper____ 5 117 Mar 3
8
5
14 Fab 15
114 Apr
163 Jan
8
3873 40
394 3914 •
3918 3918 3914 4014 •40
1,900 NY Air Brake tern ette_No par 3612 Jan 2 443 Mar 11
4112 403 41
4
4
3112 Oct 5612 Jan
604 6014 6018 6014 6014 6014 *6014 603
No par 5514 Jan 6 6014 Apr 17
8 60 4 6014 6014 604 3,200 Do Class A
,
50 Sept 67
Jan
*33
3312 323 3133 3353 34
4
3112 353
8 354 3914 383 403 17,900 NY Canners temp ctis_No par 32 Apr 12 843 Jan 29
4
4
8
314 Mar 8111 Des
.35
36
353 36
4
Dock
*36
4,100 New York
3678 364 38
100 3212 Mar 30 457 Feb 5
37
3712 39
38
3
18 Mar 4514 Nov
*6912 70
100 6912 Mar 31 74 Feb 5
693 693 *6912 70
4
800 Do pref
4
694 7014 *6912 71
6913 70 2
,
5218 Jan 76 Dog
*9914 101
*9914 101
101 101
400 N Y Steam 1st pref._ _ No par 9914 Apr 13 10118 Apr 23
101 101
10113 10118
101 101
97
Jan 102 June
*28
28 4 2814 2814 2813 2818 .28
,
2818 2814 284 *28
8
2814 1,300 Niagara Falls Power pf new _25 2758 Mar 31 285 Jan 22
275 Oct 29
8
Jan
463 47
4
4612 4714 463 4714 4713 4814 474 4812 4812 49, 41.800 North American Co
10 42 Mar 30 67 Jan 14
4
2
4112 Jan 75
Oct
493 493
4
4
4 493 493 *4912 4934 493 493
4
50 49 Jan 2 awl Jan 11
493 494 493 494 1,200 Do prat
4
4
4
4
405 Jan 504 Sept
8
933 943
4
4 9433 9438 *933 95
4
*94
95
943
4 9414 943
*94
800 No Amer Edison pref__No par 914 Mar 31 9514 Jan 2
4
9412 Dec 964 Dec
107 104 104 104 1014 1014 .10
8
9% Mar 30 1513 Jan 14
.
1,700 Norwalk Tire & Rubber__ _10
104 104 10 4 103 103
3
3
1212 Sept 18% Aug
4
*1312 1412 *1312 1412 *1313 1412 *1312 1412 *1312 1412 *1312 1412
Nunnally Co (Thei____No par 1338 Mar 1 1712 Jan 7
8
Jan
1812 Nov
*31
3173 *31
314 3112 3112 303 30
25 303 Mar 31 36 Feb 5
3
53 *304 3173 3112 3112
8
500 Oil Well Supply
333 Dec 38 Nov
Ontario Silver Min new No par 10 Jan 8 1012 Jan 14
_
512 Jan
11
Oct
;53i4 35
;5ii4 35 ;55i835 ;55i835
Onyx Hosiery
No par 3114 Feb 2 36 Jan 12
;51- 35
*34
30
1838 Jan 39 Dee
95 95
*95
9613 *95
100 95 Apr 17 93 Jan 12
100 Preferred
9612 *95
9613 *95
96
*95
96
784 Mar 97 Nov
. 3 5312 •514 5311 *5152 5212 5114 5153 5138 5112 517 523
513
3 1,300 Oppenheim Collins & CoNo par 47 Jan 12 6012 Mar 11
4118 Sept 53 Dee
8
*295 294 30
8
30 2295 2958 2952 293
8
1 2712 Mar 25 305 Apr 9
4 293 293
4
4 1,900 Orpheum Circuit, Inc
4 2912 293
8
253 Jan 327 July
4
8
*101 105 *104 105
104 105
105 105 *104 107 *104 107
100 101 Jan 13 105 Apr 21
100 Preferred
98
Jan 107 Sept
*11012 114
11312 11312 114 114
114 11412 11413 11412 11412 115
50 11014 Mar 30 1293 Feb 5
1,700 Ott, Elevator (10
4
8753 Feb 14012 Aug
•10414 106 *10414 106
10114 10114 *105 10534 104 104 *104 1053
100 1023 Jan 13 107 Feb 8 101 Feb 112 July
200 Preferred
4
4
•
912 93
94 94 •93
4
3 934
912 953
93
9 Mar 29 144 Jan 19
No par
4 94
93
4 93
4 1,300 Otis Steel
8 Mar 1514 Aug
*933 95
4
9434 9434 *91
94
*91
93 3 *92
100 874 Mar 30 1074 Feb 17
100 Do pref
,
9412 *893 94,
4
2
5014 Mar 9712 Aug
• 4 61
583
59
59
*5914 60
60
1,800 Owens Bottle
6012 6013 61
3
25 53 4 Mar 29 6814 Feb 8
61
6114
4284 Mar 6938 Nov
*48
48
50 •
*4613 49
50
464 4638 *47
100 Outlet Co
49
No par 46% Apr 21 52 Apr 5
*47
49
4914 Nov 57 Nov
*97
*97
99
99
*96
99
*97
Preferred
99
*9612 9812 *9612 9812
100 974 Apr 1 10124 Jan 16
98 Nov 1007 Dee
8
•118 120
120 120
120 120 *12014 1207 121 121
900 Pacific Gas St Electric_ _ _ _100 118 Mar 31 13214 Jan 29 10212 Jan 1374 Nov
8
122 12212
533 544 533 54,
4
4
4 5312 534 5373 5411 544 5518 554 56 4 20,300 Pacific Oil
No par 513 Mar 31 834 Feb 13
4
,
513 Aug 7812 Des
8
334 34
334 3412 334 343
3418 344 314 354 3512 363 17,800 Packard Motor Car
10 313 Mar 31 43 8 Jan 4
4
3
4
15
Jan 4812 Nov
183 19
4
19
19
1834 19
1853 1973 1913 1934 194 193
4 4,500 Paige I)et Motor CarNo par 184 Mar 31 284 Jan 4
173 May 32 Oct
2
*6112 6212 61
61,
2 6112 6158 623 6373 634 643
4
5,500 Pan-Amer Petr & Trans
50 564 Mar 31 7612 Jan 2
8
4 653 66
5912 Sept 837 Mar
3
623 633
4
4
8 623 634 63
6333 6353 644 645 657
50 564 Mar 31 7853 Jan 4
8
8 66
6712 59,900 Do Class B
6018 Aug 8412 Mar
3712 3712 374 377
3 373 38
8
3814 3814 38
3912 393 403 20,600 Fan-Am West Petrol B_No par 34 Mar 1 46 Jan 2
3
4
3714 Oct 493 Dec
4
85
3 84
*83
4 9
9
9
84 9
83 1014
973 10,3 6,600 Panhandle Prod & Ref_No par
4
412 Jan 21
113 Feb 23
4
2% Aug
64 Dee
*20
20
20
21
20
20
2,000 Park & Tilford tern ctie_No par 193 Apr 13 2881182
20
20
2018 2018 21
21
4
t) 5
4
25 Sept 3512 Jan
64 612
612 612
8
63
3 63
I
63
3 612
64 61.1
64 Mar 19
614 614 2,700 Park Utah C NI
Fe
4912 4912 493 52
4
247
4758 48
No par 47 A pr 20 83 Jan 7
4
484 483 4912 5014 5112 5,900 Pathe Exchange A
70 Nov 90% Oct
•18
1873 1818 1878 1813 1813
1818 1812 183 194 194 20
No par 164 Jan 28 203 Jan 30
5,500 Penick dr Ford
4
s
17 Dec 28 Apr
1012 1012 1012 1012 1012 1012 •1058 1112 *105 1113 1053 104
500 Penn Coal & Coke
50 1012 Mar 3() 17 Feb 8
8
1234 Apr 26% Jan
158
IN
112 15
8
113 153
113 15
8
15
8
112 Feb 17
13
4
153
214 Jan 4
13
4 7,400 Penn-Seaboard St'l vtc No par
1 Aug
3
Jan
*1183 120 *11813 120 *119 120 *11934 1204 *11912 1204 1207 1204
4
100 People's G L & C (Chic)__100 117 Jan 4 130 Feb 11 112
8
Jan 123
Oct
713 72
7112 72
4
7113 7214 72
7252 7314 73
73
7314 16,500 Philadelphia Co (Pittsb)_ _ _5(1 5918 Mar 2 7658 Apr 8
5112 Mar 6714 Dec
4813 4812 *4812 50
*4813 50
*48
*4834 4912 487 487
50 4734 Jan 4 504 Mar 30
200 6% preferred
3
50
4512 Jan 49 July
8
364 3612 363 3712 73
4
3734 38
394 39
392
383 4114 17,600 Philp) & Read C & 1___No par 3614 Apr 14 484 Feb 13
4
3734 May 5213 Jan
*35
*35
Certificates of int___No par 3818 Mar 8 4612 Jan 11
90
39
*36
*38
*39
40
41
40
42
*37
38 July 5012 Jan
*46
*46
52
52
.
Phillips-Jones Corp_ _ _ No par .50 Mar 30 553 Jan 29
*46
52
*46
*45
52
52
*45
52
4
51 Nov 0013 Jan
*1712 1812 184 19
*17t2 1812 *1713 19
1,400 Phillip Morris & Co., Ltd_ _ _10 16 Apr 3 204 Feb 23
*1712 1812 183 19
4
4
123 Mar 2514 Sept
423 4258 4212 4318 4234 434 434 434 437 445
8
No par 40 Mar 30 4918 Feb 13
4
8 443 4512 76,000 Phillips Petroleum
8
3614 Mar 4713 June
*33
33
5 31 Mar 30 444 Jan 9
33
34
*33
100 Phoenix Hosiery
.32
34
36
36
*32
*32
36
18 Apr 4214 July
*95 100
Preferred
100 94 Mar 25 9918 Jan 21
*95 100
95
100
*94 100
95
*94 100
*94 100
84 Apr 99 Dee
2218 2212 2214 2378 2212 233
215
8Apr 15 4318 Jan 9
8 253 2713 48.000 Pierce-Arrow Mot Car No pa
1078 Mar 473 Oct
4
8
4
4 233 21% 243 253
100 7612 Apr 15 1087 Jan 11
8014 82
8112 85
8214 83
8
873
3 88
43 Mar 100 Nov
83
8514 85
894 9,200 Do pref
Corporation
118
114
114
14
25
1 Mar 30
14 Jan 30
118
1
113
14 3,400 Pierce 011
14 14
313 Feb
14
114 Nov
100 2012 Mar 3r) 2713 Jan 30
22
22
*20
*20
*20
100 Do prat
22
22
*20
2012 2012 *20
22
2014 Dec 40 Feb
412 412,
414 412
413 Apr 21
7 Jan 30
4 7,800 Pierce Petrorm tern ctfsNo Par
44 43
412 Dee
413 43
44 43
3
3
84 Feb
414 43
3
*3214 325
4
8 3213 3212 3212 324 *33
4
4
3714 May 5412 Jan
3312 3253 323 *323 3312 1,100 Pittsburgh Coal of pa.. 100 313 Mar 21 4222 Jan 6
100 71 Mar 25 85 Jan 5
*72
7214 72
300 Do pref
72
7214 7214 *7214 76
80 May 99
7214 7214 *7213 76
Jan
100 94 Mar 29 98 Feb 1
Pittsburgh Steel pref
*94
97
*94
97
97
*94
*94
97
•94
*94
94 Mar 1024 Jan
97
97
.42
*41
100 40 Mar 29 63 3 Jan 9
44
44
1,100 Pitts Term Coal
45
7
41
43
42
30 Apr 6334 Jan
41
41
41
41
100 83 Mar 26 9214 Feb 5
*83
*83
2,000 Preferred
87
85
84
83
79 July 8814 Nov
87
*83
83
*83
84
84
187 187
8
8 19
127 Mar 177 June
19
8
1914 19
1918 19
1914 1914 19% 9,300 Pittsburgh Utilities pref _ _ _ _ 10 1412 Mar 3 194 Apr 8
19
8
10 15 Mar 20 1953 Apr 8
•1878 19
1873 19
1913 1914 19
124 Mar 16 June
1918 1913 1914 1913 1,400 Do prat certificates
19
10 15 Jan 22 1914 Apr 22
*1873 19
19
19
19
123 Nov
900 Preferred ctfs new
1913 1914 1914 1914
4
19
1914
*19
1513 July
Post'm Car Co Inc new_No par 7512 Mar 30 1247 Feb 3
82 823
8
4 8153 8313 83
87
36,800
643 Nov 121 Dec
8
3
4
853 x837 8538 833 854 85
8
100 345 Apr 15 4112 Mar 19
8
*35
38
36
38
36
3812 1,100 Pressed Steel Car new
*35
38
38
36
36
36
100 82 Mar 4 95114 Jan 7
.
84
86
200 Do pref
8414 8414 *84
*8512 87
87
86
WI; July - 2 -ii;
8414 8414 *85
1C11Corp_50 11 Mar 29 1712 Jan 2
•113 1212 *113 13
4
4
1312 2,100 Producers & Refiners
12
12 .
1212 1212 13,
8 13
1222 Aug 325 Feb
12
8
50 31 afar 29 35 Feb 11
3212 3212 *31
3112 3112 *31
300 Preferred
33
*31
32
*31
27 Sept 478 Feb
33
32
5,000 PubServCorp of NJ newNo par 72 Mar 2 9218 Jan 19
*7614 7612 7618 7714 754 7714 77
7722 775s 78 s 79
3
625 Mar 8772 Aug
8
774
100 1034 Jan 12 1084 Apr 19
1057 106
8
1,500 Do 7% Prof
8
1087 1087 105 105 *106 10618 106 106, 1057 106
8
8
3
99 Jan 106 Nov
100 115 Mar 2 119 Jan 28 1085 Apr 119
8
•11714 1175 11712 11712 11713 11713 *11713 11753 11712 11712 *11712 11758
300 Do 8% pref
8
Oct
600 Pub Serv Elec & Gas pfd.100 97 Jan 22 993 Mar 3
*98
9812 9812 9812 9812 99
4
3
99 Jan 106 Nov
993 994 9913 • 994 994 994
8
300 Pub Service Eleo Pr pref 100 106 Jan 18 110 Mar 29
•
108 10912 1087 10878 10914 10914 110 110 *109 11018 •109 110
9212 May 1004 Dee
4
1575 1583 158 160
100 14514 Mar 31 174 Jan 14 129 Mar 17323 Sent
3
15814 16412 163 16414 1633 16812 16814 17012 58,800 Pullman Company
4
334 335 *3418 35
60 33 Apr 11 47 Feb 4
354 3518 3513 36
3553 3618 4,900 Punta Alegre Sugar
36
35
33 July 4714 Jan
25 2.53 Apr 13 31 Jan 4
*257 26
254 26
8
8
2573 26
26
4
4 274 2778 11,700 Pure Oil (The)
263
254 Aug 333 Feb
4 263 27,
4
100 106 Apr 14 11114 Feb 27 10212 Jan 10812 Sept
600 Do 8% prof
•10538 108 *10512 107 *105 108 *105 108
10613 107 •106 108
34
315
8 3414 35 8 3412 3514 35
3
3
8
8
3614 357 364 3612 383 31,000 Radio Corp of Amer_ _ _No par 32 Mar 30 465 Jan 12
3914 Nov 777 JIAD
8
8
50 444 Mar 31 475 Feb 1
*447 4512 *447 4522 *4514 4513 •4513 4512 *454 4512 454 454
8
800 Do prof
45 Dec 54 Feb
8
627 624 6214 63
63
8
6313 633 6414 644 6512 657 6614 11,100 Railway Steel Spring new._ _50 5314 Mar 1 687 Mar 10
8
4
•11612 117 *11613 117 *11613 117
100 115 Apr 9 123 Feb 20 1141; I51- 122 Dec
400 Preferred
4
117 117
117 11712 *11612 1173
- ai
Rand Mines, Ltd
No par 3312 Jan 18 345 Feb .5
*31 24 34
*314 34
*3133 34 • 3 34
*314 34
*314 34
313
8
334 Nov 394 Aug
1234 1234 21212 1258 1212 124 1212 12 3 1212 124 9,900 Ray Consolidated Copper_ _10 1012 Mar 3 124 Feb 9
4
123 123
4
3
1153 Apr
173 Feb
4814 *47
497
No par 4612 Mar 30 56 Jan 4
8
800 Reid Ice Cream
*47
4812 *47
4814 *47
4814 4814 4812 49
43
Oct 6014 Dec
No par
13
1414 4,600 Reis(Robt)& Co
1214 1238 1273 13
914 Mar 31
183 Feb 23
123 123
4
124 13
4 1212 13
10 May 2814 July
.
8
953 987 15,000 Remington Typewriter_ _ _100 8312 Apr 20 127 Feb 3
4
8813 893
89
4 8312 8812 86
88
9018 9134 96
463 Jan 1173 Dec
4
4
108 108
100 106 Apr 21 10812 Mar 10 100
200 Do 1st pref
*1054 108 *10514 108 *10514 108
106 106 *106 108
Jan 10912 Oct
Do 28 prof
100 105 Apr 1 111 Jan 5 103 Sept 11312 Apr
4
,
•104 10812 *105 108 2 *1053 10812 *10534 108 3 *1053 10812 •1053 10812
4
4
,
3,400 Replogle Steel
952 10
No par
94 9 3
3
912 10,
9 Mar 31 154 Jan 4
3
914 953
95
8 97
3
94 912
1253 June 2314 Jan
48
49
4
4813 49
4
4773 4973 4912 5014 50
100 4518 Mar 30 635 Jan 7
504 503 513 10,700 Republic Iron & Steel
1
424 Apr 6438 Jan
93
100 9114 Mar 30 95 Feb 3
93
300 Do pref
94
9412 *9414 9412
9212 9212 *92
*92
9412 *93
8414J uly 95
Jan
618 618
612 Feb 24 1053 Jan 5
6% 5,600 Reynolds Spring
No par
*64 614
613 613
64 614
6,
8 6,
8
18
8 July
Jan
92
9212 2,200 Reynolds (RJ) Tob Class 13 25 90 Mar 30 9812 Jan 5
*9112 92
915 92
8
9112 92
9113 9112 9153 92
7214 Mar 9534 Nov
89
*88
100 Rossla Insurance Co
887 884 *8612 89
8
25 86 Mar 2 100 Jan 20
89
*8612 89
*88
*88
89
85 June 9712 Feb
5112 5112 51
5114 5112 5112 3,600 Royal Dutch Co(NY shares)_
513
50 Mar 3 573 Jan 9
4 5033 50 3 50 3 50 4 51
5
3
8
3
4814 Mar 574 Jan
4 3812 3812 3812 333
*3813 383
10 374 Apr 13 484 Feb 10
385
4 38
8 3814 3812 384 3934 8,400 St Joseph Lead
353 July 5212 May
4
*4713 4734 1,200 Safety Cable
No par 4218 Mar 31 54 Jan 14
453 463 *46
4
47
48
*4612 47
46
47
4
47
48 Dec 5018 Dee
8173 2,500 Savage Arms Corporation_ 100 73 Mar 31 10212 Feb 10
81
7712 7712 7712 78
7612 7812 79
4 80
79
793
4812 July 10833 Mar
*512 6
512 512 *53
53
4 6
1,100 Seneca Copper
No par
5 Mar 31
3 6
8
553 57
1014 Jan 4
*53
4 6
11 Nov
0 Nov
56
58
*54
3,000 Shubert Theatre Corp_No par 52 Mar 4 6012 Jan 28
*5312 5512 56
4 58
5613 58,
56
56
56
5112 Dec 551 Des
433 44
4
4614 47, 15,200 Schulte Retail Stores_ _ _No par 42% Mar 30 13812 Jan 23 1013 Sept 1347 Boo
4
4212 4312 43
*4312 44
434 4312 46
8
4
100 11212 Jan 6 118 Jan 12 110 Jan 118 Aug
100 Do pref
•11338 11512 *11312 11412 *11412 11412 •11312 1157 *11414 1157 *115 116
8
8
1318 1313 123 1318 1314 1312 1314 1312 1312 134 2,800 Seagrove Corp
13
4
No par
1212 Mar 3 143 Mar 12
13
4
1314 Nov
ION June
463 47% 4612 4712 46
4
473 48
3
4712
474 484 4818 483 46,400 Sears,Roebuck&Co new No par 4414 Mar 29 49 Apr 1
5832 3,300 Shattuck (F 0)
*5212 5112 *5213 5414 543 554 563 564 57
No par 47 Mar 30 69% Jan 4 . ; Mar 92 -;;;
4
8
*5212 255
1
16
a Ex-rights.
Ex-60% stock dividend.
b After payment of 900% stook dividend.
•1938 and asked Odom; ne eaten on 11511 day. x Ex-dividend
New York Stock Record-Continued-Page 6
For sales during the week of stock. usually Inactive, see Birth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
April 17.
Monday,
Aprit 19.
Tuesday,
April 20.
Wednesday, Thursday,
April 21.
April 22.
Friday.
Aprit 23.
Sales
for
the
Week.
STOOKS
NEW YORK STOOK
EXCHANGE
PBX dff ABM
Range Since Jan. 1 1920.
On Oasts 01 100 share iota
2307
PER SHARE
Range for Preotons
Year 1925.
Lowest
Highest
Lowest
Highest
$ per share $ per share i per share 8 per share $ per share $ Per share Shares Indus. &
Miscall.(Con.) Par $ per share a per share $ Per *bare
.4213 4353 '
$ Per Owe
34212 43
4212 421 *4214 435
8 424 4218 4218 4218
700 Shell Transport & Trading-t2 4218 Apr 22 481 Jan 4
8
3912 Sept 49 Dee
24 8 25
7
*243 25
247 25
4
8
24 4 25
3
25
2514 2514 25 4 13,300 Shell Union 011
3
No par 24 Mar 3 2818 Jan 4
2118 Aug 2818 Dec
10412 140 4 *10512 107
104 104
•1037 104
8
3
107 107 *10818 107
800 Do pref
100 103 Mar 3 107 Apr 22
994 Jan 10614 Nov
2018 2014 2014 2058 2014 2012 2012 21
21
2214 22
2278 22,600 Simms Petroleum
10 197 Mar 30 285 Jan 2
8
8
1734 Sept 264 Jan
42 8 4312 4334 4384 4358 44
43
43
5
44 , 44
44
3,200 Simmons Co
45
No par 4218 Apr 19 544 Jan 4
3114 Mar 541 Nov
8
*1063 110 *108 110 *108 110 *10812 110 *10812 110 *10812 110
4
Preferred
100 10714 Jan 29 109 Jan 14 10018 Jan 10618 Des
191 197
3
8 19 4 20
8
1912 197
8 193 2014 2018 2112 2112 223 84,500 Sinclair Cons 011 Corp-No par 1938 Apr 13 244
4
8
Feb 23
17
Jan 247 Feb
8
*9314 9412 *9314 9412 *9313, 9412 *94
9412 9413 9412 9413 9412
400 Do pref
100 90 Mar 30 95 Jan 29
783 Jan 944 Feb
4
3034 3014 3038 3058 3114 313 32
8 30
30 8 305
3
8
3214 343 135,500 Skelly 011 Co
4
25 265 Mar 30 343 Apr 23
8
4
213 Mar 3218 Nov
4
*107 109 4 10814 10912 103 4 10912 10912 11014 110 1117 11213 115
3
3
8
6.400 Sloss-Sheffield Steel & Iron 100 103 Apr 12 13618 Jan 4
8014 Mar 14312 Dec
9714 9912 96
984 98
98
100 102
102 10378 101 1037
8 7,500 South Porto Rico Sugar___ 100 92 Apr 15 14712 Feb 2
62
Jan 10918 De4
*97 114
*98 110
*97 114
*97 114
*96 114
*97 114
Preferred
100 113 Jan 8 11718 Feb 8
9934 Jan 1134 Dec
1312 •12
1313 *12
•12
1312 *12
1312 *12
1312 *12
Spear & Co
1312
No par 1214 Apr 14 173 Feb 19
4
1318 Dee 24 May
75
*72
*72 75
•72
*72
75
75
733 733 *72
4
4
74
pref
100 Do
100 733 Apr 22 824 Jan 13
4
7814 Dec 92 MIU
20
20
4
1912 2018 1912 2012 2014 203
183 20
4 21
2112 7,100 Spicer Mfg Co
No par
183 Apr 19 3138 Feb 5
4
1518 Feb 867 Sept
*9918 102
8
*9918 102
*9918 102
*994 102
*994 102
*994 102
Do prat
100 101 Jan 12 105 Mar 11
92 Apr 108 July
5238 523
4 514 52 4 524 53
3
52 8 5312 53
5
535
8 534 54
26,600 Standard Gas & El Co_No par 61 Mar 2 69 Feb 8
4014 Jan 61
Oct
*5515 5513 55
5514 *55
554 *55
5512 5514 5534 *554 5512
800 Preferred
50 533 Mar 30 575 Feb 9
4
8
504 Mar 561 Nov
8
*7018 72
7012 *69
70
72
70 70
*70 4 72
3
72
72 8
7
600 Standard Milling
100 685 Mar 30 924 Feb 4
8
62 May 88 DO4
87 •82
86
432
*82
86
*82
86
•8314 86
*8314 88
Do pref
100 80 Mar 2 90 Feb 5
JanI 86.4 DM
81
4
53 535
534 54
8 53
5312 534 5418 541,1 55
544 5814 26.200 Standard 011 of California_ 25 5213 Mar 31 6214 Jan 2
5118 Augi 874 Fet
4138 413
4 415* 427
8 413 423
4
8 4178 4212 4212 4312 4312 4412 90,500 Standard 011 of New Jersey 25 4018 Mar
3 463 Jan 2
8
383 Marl 4713 Pet
8
8
11712 11712 1177 11778 *11712 11778 1174 11778 11712 1173 1173 11778 2,287 Do pref non-voting
4
4
100 11614 Feb 25 1183 Feb 23 11814 Julyl 119 Feb
8
7
7
718
7
64 7
3
7
7
7
7
.63
4 7
1,700 Stand Plate Glass Co...No par
6114 Jan 2 10 8 Feb 10
7
5 8 Augj 18
5
Jae
4
813
*803 8114 81
4 80 4 81
3
8114 8114 81
81
•8014 81
1,000 Sterling Products
No par 75 Mar 27 8812 Jan 7
6214 Marl 82 Dea
7538 7214 7412 734 75
7412 747
8 74
745 753
8
4 753 78
8
-Warn Sp Corp_No par 7012Mar 30 9278 Jan 2
31,400 Stewart
55 Marl 9612 Dec
*6312 06
*6312 66
*6312 65's 65 65
64
64
6512 67'z
900 Stromberg Carburetor_No par 64 Apr 22 774 Jan 4
61 Marl 89 8 OM
5
50
51
504 517
8 51
513
4 5112 5214 5214 5314 534 544 70,200 Studeb'rCorp(The) newNo par 497 Apr
8
15 613 Feb 23
8
4114 Jan4 685 Noi
*117 118 *117 119 *117 119 *117 119 *117 119 *117 119
8
Do pref
100 11412 Feb23 121 Feb 1 112 Marl 125 Sept
2
13
2
4 17
8
13
4 2
2
2
17
8 2
2
2
1,600 Submarine Boat
No par
152 Apr 13
3 4 Feb 1
3
3 Ootl 12 Mal
*30
324 31
3118 '
33012 31
3078 31
31
321
33
331s 2,800 Sun Oil
No par 3018 Mar 30 415 Jan 4
8
3818 Noel 43 8 Nen
7
2 8 212
3
214 212
214 212
214 214
212 212
24 2
3
3
2,700 Superior 011
No par
214 Apr 14
414 Jan 8
2 Dee
618 Pet
*20
204 20
20
*1912 21
20 20
•20
21
*2014 21
300 Superior Steel
100 1912 Apr 12 2534 Jan 12
20 Mayl 413 Jaz
*___. 10
8
4
*83 10
*83 10
4
*0
10
912 10
1118 1118
700 Sweets Co of America
50
85 Apr 13 13 Jan 7
8
5 8 Marl 1518 Oil
7
9
9
84 9
*812 8
7
88 9
1
*816 9
700 Symington temp ctfs_No par
9
9
71 Mar 3 144 Jan 4
8
1018 isnI 207 Sept
*1713 18
8
*174 173
4 1712 1784 1738 1738 1738 1738 1758 1758
800 Class A temp ctts.....No par 1814 Mar 31 207 Feb 4
8
1934 Dee 2618 Sept
124 *11
*11
13
*11
121 '
311
127 *11
12s 1118 1114
300 TelautograPh Corp____No par 11 Apr 5 147 Jan 19
11 Augi 1614 Noi
113 113
8 1114 113
8
8 1138 111
1112 111
114 117
8 117 12
8
2,400 Tenn Copp dr C
No par 107 Mar 31 18 Feb 5
8
74 AprI 16 Del
49 4 50
3
494 50
493 50
4
493 501
4
504 50 4 51
3
62
32,100 Texas Company (The)---- 25 48 Mar 30 547 Jan 2
8
42 4 Jan 55 DOI
3
131 1327 13212 1333 13213 13314 13212 1343 135 1381
129 130
8
8
8
24,900 Texas Gulf Sulphur
10 11918 Jan 12 1423 Feb 19
4
974 PebI 1217 Dee
134 12 4 123
13
8
13
13
3
4 13
1314 1313 14
4
134 143 14,700 Texas Pacific Coal dr Oil- 10 1218 Mar 2 1918 Jan 7
107 AugI 234 Pet
8
874 700 750 750 *725
760 730 749
730 730 *700 750
194 Texas Pacific Land Trust_100 510 Mar 19 785 Jan 13 265 AprI 657 Dee
nips 30
*2912 30
z295 291 *29
8
8
30 •294 30
*2918 30
100 The Fair
No par 2718 Mar 31 84 Jan 14
3214 Sept 394 Oa
3012 3012 3012 3012 3014 30 4 31
3
31
31
32
32
327
8 5.800 Tidewater Oil
100 3014 Apr 12 3914 Jan 25
3014 Sep11 367 Da
8
*9213 93 4 9312 9312 *93
*9212 94
3
9384 93
931 *93
94
500 Preferred
100 90 Mar 31 103 Jan 25
99 NovI 101
4878 4878 4934 4934 4912 4912 497 50
Oa
8
5Olz 50 8 51
50
3,300 Timken Roller Bearing_No par 447 Mar 3 5618 Feb 10
5
8
3734 Marl 594 Oa
983 98
97
*98
4
97
9758 9718 973
4 973 9938 994 10014 26,400 Tobacco Products Corp
4
100 9514 Apr 12 1103 Feb 23
8
70
JanI 1014 No
106 10612 10614 10612 1063 107
106 106
4
1063 108
4
1073 108
4
4,300 Do Class A
100 103 Mar 3 113 Feb 20
9318 JanI 1103 No
8
31
8 33
4
33
4 38
7
33
4 4
33
4 43
8
414 412
314 3 4 129.000 TraucTi011temetfnew No par
3
3 Mar 4
444 Jan 4
*2214 2512 *2214 2512 *2214 2512 *2214 2512 *2214 254
313 Septl
57 Mai
8
Transue & Williams St'l No par 2512 Mar 23 27 Jan 28
*2314 2512
2412 Septl 35 Jai
54 8 54
*54
5
5418 *5314 58
*5312 55
55
55
5514 654
600 Underwood Typewriter
25 5118 Mar 30 634 Jan 7
3818 Marl 6514 No
•37
3812 *3612 384 3712 3712 3712 384 38 38
394 40
2,500 Union Bag & Paper Corp_100 36 Mar 30 7114 Jan 5
4218 42 8 4212 42 8 42
AprI 88
36
1
5
Oa
4212 4238 424 4238 4312 433 453 31,300 Union 011, California
4
8
25 374 Jan 20 4938 Mar 23
33
87
87
OctI 43 Pal
88
88
/
1
4
883 89
4
90
90
00
90
89
2,600 Union Tan- Car
100 8414 Mar 31 94 Jan 15
11513 11518 1154 11512 *115 11511 11512 11512 *115 1154 89
94 Decl 134 Jun
11513 11512
pref
700 Do
100 1133 Feb 24 11812 Feb 8 11314 Junel 1174 Mal
4
*29
2912 294 294 29
29
294 2918 2978 2978 30
3014 2,900 United Alloy Steel
No par 2511 Jan 21 3112 Mar 17
24 Mayl 388 Ma
894 90 4 8914 007
3
7
8 893 904 90
4
91
9012 917
8 9112 92
13,200 United Cigar Stores
25 834 Feb 4 9914 Mar 12
6014 JanI 11512 Noe
•117 122 *117 121 •117 121 *117 121
120 120 *120400 Preferred
100 11478 Mar
121 Jan 21 115 Dec 1334 De
1361 1383 138 13914 13812 141
8
4
141 142
141 1423 143 11-- 8,700 United Drug
4
87
3
100 134 Mar 30 187 Feb 4 1107 FebI 18212 Oe
8
57
57
*56
57
567 57
8
56 8 57
7
•57
8 *57
1.000 Do lit pref
50 5512 Mar 5 573 Mar 22
4
52
'10
JanI 5818 Noe
12 *--_- 12 *____ 12 *___ 12 *____ 573 *____ 58
12
12
United Dyewood
100 10 Mar 17 12 Jan 11
•249 258
9 Dec 20 Ma
250 250 *251 275 *256 280 •260 270
270 27912
500 United Fruit
100 236 Jan 7 297 Feb 16 2047 Marl 248 Sep
8
*22
20
271
26
*22
2612 *22
2612 .22
284 *22
264
100 United Paperboard
100 23 Mar 30 3813 Mar 2
1814 AprI 334 De
*90
93
*90
92 *90
93
*90
93
*90
93
*90
93
Universal Pictures let pfd_100 90 Mar 8 95 Jan 6
947 Dec 1034 00
1512 1614 1512 16
8
153 163
8
8 16
174 1618 18
177 19
8
20,800 Universal Pipe & Rad-No par 185*Mar31 283 Jan 5
4
26 Deo 507 Pet
8
80 8 62
5
81
*59
60
60
61
6212 80
63
63 4 644 2,300 Do pref
3
100 52 mar 30 7818 Jan 5
65 July1 94 Pet
*163 165
184 166
16112 16412 18478 18912 188 172
174 17714 11,900 US Cut Iron Pipe & Fdy_100 158 Mar 30 21014 Jan 4 13114
12
AprI 250 Fit
*100 102 *101 102 *101 102 *101 102
10138 1013 102 102
8
500 Do pref
100 10014 Mar 8 104 Feb 2
91 July 113 Aui
513 53
8
53
54 8 5212 543
7
4 514 5312 52
5314 524 53 s 37,700 US Marti,Corp tern esti No par 39 Mar 30 6113 Feb 13
7
304 Feb 8314 De
'155____ *155
- *155
__- *155
__ *155
_ _ •155
_ _ _
Do pref
10
130 Marl250 De
51
52 .
3514 - 1 514 51 4
511
52 - 7- 52 4 - 52 8
3 531
53 - 5314 _2,900 USEoffMashCorPVtcNoPOr 457 Jan 2 593 Feb 4
8
8
23
JanI 494 Oa
48
49
483 50
4
60
504 5012 5312 544 553
s 5312 558 18,700 1:1 S Industrial Alcohol____100 4538Mar 30 7512 Jan 13
4
7014 DecI 98
*9914 100 4 100 100
Oc
3
*9914 100
*994 99's 9914 10018 101 10114 1,000 Do pref
100 9914 Apr 22 10434 Jan 13 102 Dec 115 Jun
53
63
53 8 5412 54
1
547k 544 5418 543 55
USRealty&Improv't newno par 4818 Mar 29 717 Jan 4 ____ ___
5512 57
7,900
8
6218 63'z 595 6338 5812 60
8
3
6014 62 8 624 64
3
63 4 64 8 109.000 United States Rubber
3
5
100 5812 Apr 20 8814 Jan 23
334 Mar 9712 No
*10312 104'z 10412 1043 310218 1023 104 105
4
4
1043 105
4
1053 10612 2,000 Do 1st pref
4
100 10112M5r 30 109 Jan 19
9234 Marl 1087 No
8
3812 4018 374 3812 383 371
4
364 37
384 3
7.000 IT 8 Smelting, Ref*Min
83
50 3618 Apr 21 497 Jan 2
30 4 40
3
8
30 Febl 51 De
48
48
*48
483
4 483 4814 473 48 '
4
4
4884 483 483
3 348
4
800
50 473 Apr 9 60 Jan 4
4
44 AprI 494 De
1184 11912 11814 12058 1184 11934 11912 12114 1203 l217s 122 4 12278 219,800 Do prof
4
United States Steel Corp 100 117 Apr 15 13812 Jan 4 1123 Marl 1394 No
g
*12612 1263 12612 1263 1274 12718 12818 128'l 128 12812 128 12812
4
4
2,300 Do pref
100 12412Mar 3 12812 Apr 22 12218 Mayl 1265* Ja
*5813 60
*5812 69 .58
60
*58
60
60 60
47 8 58
7
600 US Tobacco
No par 564 Jan 4 83 Feb 19
5112 Maij 59 4 No
1
•1121
__ •11214
__ •11212 ___ •l1212 . •11212
- •I1212
- --100 112 Mar 19 1141 Feb 26 105 8 Apr 114 Boo
8
Preferred
4
9812 -9
4- .97 --84 *97 100
-*97 100
*97 100
-994 994 91
200 Utah Copper
18
10 93 Apr 1 105 Feb 11
82 M
111 No
29
29
29
2918 287 29
8
3012 3012 *30
31
31
32
2,500 Utilities Pow & Lt A___No par 2814 Mar 31 37 Feb 15
3.8 AugI 38 An
30
373
8 3618 364 35
3512 3534 3718 364 3712 36
374 11,200 Vanadium Corp
No par 29 Mar 3 3712 Apr 14
255 Mayl ZIA Jul
8
14
14
*12
14
1214 1214 •123 14
8
*13
14
13
13
300 Van Raaite
1214Apr 20 22 Feb 8
No par
1514 Augl 267 No
8
*6812 73
*6812 73
*6812 725 *6812 70 '
8
3884 70
*6812 70
Do 1st pref
100 6814 Mar 4 75 Feb 11
60
*I
118 '
AprI 80 No
31
14
1
1
1
1
*1
118
1
S Feb 28
1
400 VirgInla-Caro Chem___No par
8
17 Jan 15
14 Septi
811 Jell
4
•17
18
*17
18
174 1718 1718 174 1712 173
4 173 177
8
8 1,100 New
No par 183 Mar 18 2518 Feb 3
8
17 8 Dec 217 De
7
1
8
1
elel
14 *1
118
1
1
*1
118 '
1
1
400 Certificates
1 Afar 24
158 Feb 16
No par
78 Dec
6 Jul
*3
9
*8
0
*8
9
*8
9
*8
9
*8
9
Do prat
100 10 Jan 30 11 Feb 3
813 Jan 234 Jul
*8 8 812 *83
3
8 94 *83
8 9
•838 9
•83
8 9
•83
8 9
Prof at!,
4
63 Mar 24 1112 Jan 7
No par
4 Marl 20 No
•1
118 •
1
118 *1
118 *1
118 *1
118 *1
Do "B"
lls
13 Jan 15
8
No par
15 Jan 8
3
78 Augi
'57
58
47 Jul
8
57
57
564 5618 56 4 5714 574 5712 577 58 8 1.300
3
8
5
100 523 Mar 31 69 Jan 4
4
8% reef NV I
5614 Novi 63 8 De
9412 9412 *94
7
95
*94
954 •94
9518 *94
9518 *94
9518
100 7% prat w i
100 9212Mar 18 9818 Jan 6
9214 Nov 9518 De
*4512 4712 *454 47
*4512 4712 *434 4712 *4512 47
453 4534
4
100 Virginia Iron Coal & Coke_100 41 Jan 12 4912 Mar 23
30 Junei 48 De
*274 28
274 2714 27
274 2718
2812 2878 29
29
2,800 V1vaudou (V) new
No par 26 Mar 30 3258 Feb 10
714 Jan 283 De
1712 1712 *174 1734 *175 1778 1712 28
4
8
1712 173 177
4
8 175 18
8
1,500 Waldorf Sutem
Ns par 17 Jan 12 197 Feb 11
8
*15
1412 Aug197 Ja
1812 *17
18
8
*15
1712 18
167
8 1712 1814 184 1814 1,300 Walwortb & CO
16 Apr 21 2314 Jan 27
No par
*100 108 *100 105
314 D
2414 De
*95 100
*90 100
*95 100
100 100
100 Ward Baking Class A No par 100 Apr 23 195 Jan 2 116 AprI 198
2912 2912 29
2912 2514 2812 2612 2714 27
De
29
29
2978 15,500 Class B
No par 2514 Apr 20 853a Feb 1
'90
*90
91
92
374 Mj 9518 0
90
90
*8913 91
.90
9118 90
9012 1,000 Preferred (100)
No par 90
Apr 16 11018 Jan 15
•123
-- 13
4
1312 133 14
94 FebI 112 DI
13
4
14
15
143 15
4
1414 147
8 8,900 Warner Bros Pictures A__ 10 124 Apr 12 184 Jan 6
*44 16
*44
4512 *44
174 Dccl
4512 *45
28 0
7
4512 454 4512 *45
48
100 Warren Bros
533 54
4
No par 43 8 Apr 15 504
7
533 533
4
43 June
4 63
53
018 Jul
534 54
5434 5478 55
554 2,300 weber & Babble, new_c No par 53 Apr 20 854 Feb 18
•13312 139
Jan 13
139 139
61 Apr 1004 DI
13912 1394 140 140 4 1394 13913 14012 141
3
2,300 Western Union Telegraph_100 13412Mar 30 1474 Feb
1103 111
4
110 110
4 1164 JanI 144 s Sal
111 113
7
1134 11312 11312 11312 1143 1151
4
8 5,800 Westinghouse
8614 683
14
4 6614 683
4 6614 67
97 AprI 144 At
663 874 873 6812 685 6914 17,200 Westinghouse Air Brake__ 50 10514 Mar 31 128 Feb 9
8
8
8
Elea & Mfg_ 60 657a Mar 31 794 Feb10
1514 1514 15Is 1512 1514 1514 1514 1812 16
661 Marl 84 Ja
4
16
1614 16 4 .2,600 West Elec Instrument
3
137 Mar 31 19 Feb 16
8
29
*2812 2912 *2812 2912 29
29
94 AprI 204 Al
293 *283 29
4
8
2813 2812
400 Class A
2714 Jan 4 3118 Feb 24
7
19 Marl 28 2 DI
431
West Penn Co
No par 118 Mar 2 180 Jan27
974 Sep 145 Ma
CertIfIcates
12212 Jan 13 1241 Jan 5 107 Oct 125% DI
4
8
---- 9
94 Apr 100 Jul
*88 "I" "iii- licr "oo" 16" iii- --- *9012 "--- • 012 --- ---300 Do 7% pf tern ctf new_100 957 Mar 3 101 Mar 11
92
---- 02 "5"- 92
West Penn Electric A__No par 884 Jan 6 97 Feb 11
98
394
*944 9818 '
98
____ ---- ----98
•94
9812 *94
98
•9418 98
100 Preferred
100 9813 Jan 8 10018 Feb
19-108 110 *108 110 *10814 110 *108 110 *108 110 *108 110
West Penn Power pref
100 108 Mar 25 112 Jan 16 104
259 28
4
Jan 111 Jul
-2518 28
8
253 257
257 26
8
8 25 4 28
3
25 8 2614 9,800 White Eagle Oil
5
No par 2518 Apr 20 2934 Feb 10
2513 Aug 315 Fe
4
4
52 8 53 8 53 4 554 564 57
7
5
5218 534 523 54
3
583 583 52,200 White Motor
4
4
50 5118 Apr 15 90
574 Mar 10412 At
28
28
283
4 2812 2812 •2734 28
2712 2712 *27
28
2934 2,600 White RR, M & S otfs_No par 26 Mar 27 383 Feb 11
414
3313 Dec 493 At
174
8 Feb 3
178 *18
4 174
8
4 178
13
4
134
11
8 14
11
8
13
4 1,400 Wickwire Spencer Steel ctf___
15 Apr 22
2 Dec
8
8
33 Jan 6
53 Ms
8
4 2318 2312 233 2412 244 244 2 4
8
8
2318 2318 227 233
4
75.300 Willys-Overland (Tha)
25
918 Jan 347 Nc
9512 9512 9512 9512 9512 9512 9512 96
5 21 Mar 25 34 Jan 4
8
953 96
4
96
96
1,600 Do pref
100 9118 Jan 19 99 Feb 4
7214 Jan 1237 DI
*314 434 *34 43
8
4 *34 4
4
34 *3
3
*3
41
412
300 Wilson & Co,Inc
3 Apr 21
No par
54 Feb 10
4 8 Dec 133 Me
5
*12
17
4
*10
17
17
*10
17
•12
*10
17
*10
16
Do pref
100 16 Mar 24 1718 Feb 2
17 Sept 60 Mi
8
15118 1533 1514 1553 112.100 Woolworth Co
14112 1434 14314 14638 143t8 1457 14513 152
8
8
(F W)
25 13914 Apr 12 222 Jan 4 1124 Jan 220 0,
22
2212 2338 245 25
2212 2214 2234 22
2212
8
25
2512 2,600 Worthington P & M
100 2014 Mar 30 44 4 Jan 6
3
3514 Aug 70 is
*73
73 73
75
111
•73
74
73
73
•70
781 *70
7612
200 Do pref A
100 73 Apr 14 80 Feb 2
76 Nov 88 ls
*54
55
*54
55
*54
58
55
54
*54
54
•54
55
200 Do prefB100 53 Mar 29 65 Feb 24
58 Aug 783 Ire
4
29
30
291
294 291z 29
23
2812 29
295
8 284 293
4 9,500 Wright Aeronautical_ _No par 2412 Mar 30 33 Feb 18
16 Mar 323 Jul
*3013 5113 •5014 513 351
8
4
51
514 513
4 513 52
4
*513 52
4
2,200 Wrigley(Wm Jr)
4
No par 47 Apr 3 693 Feb 11
4518 Mar 574 0
8
624 *817 6212 624 624 *82
621 *62
8
*307
62'2 6212 6212
200 Yale & Towne
25 6012Mar 4 641 Jan 5
4
62 Sept 7014 Jul
25
4 2418 2473 2413 2434 2434 251
253
8 255 263 11,000 Yellow Truck & Coeck.-100
24'8 243
8
8
2318 Mar 30 324 Feb 9
22 8 Oct 403 0
7
4
*93
94
94
95
*537 94
*92
8
95
943 95
4
05
95
600 Preferred
100 9112 Apr 3 9612 Feb 26
90
Oct 100 0
11 _ 7014 7014 - 7014 7034 71 _ 171
7112 7212 724 724 3.500 Youngstown Sheet & T No par 694 Mar 30 897 Jan
8
4
63 Mar 924 Ne
•Bid and flaked prices; DO gales 06 Ws day. iidx-div deed. a Ex-dents
2308
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the
zchange method of gusting bonds was changed and prizes are now "and interest"—acept for income and defaulted bonds
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 23.
ti
Price
Friday,
April 23.
Range
Since
Jan. 1
Week's
Range or
Last Sale
Ask Low
High No.
U. S. Government.
IBM
First Liberty Loan
441008%2 260
JD 1008822 Sale 1008,
334% of 1932-1947
998142Apr'26
Cony 4% of 1932-47
JD 100 101
Cony 43% of 1932-47
JD 102",Sale10218421028844 377
,
2d Cony 43(% of 1932-47
JD 10118440218n 1011,42121'4'26
Second Liberty Loan
M N 1001042 Sale 110015441001832
46 of 1927-1942
Cony 4ld % of 1927-1942
M N 1001844 Sale 10028n 101 1177
Third Liberty Loan-1011122 Sale 101842 1011844 938
M
634% of 1928
Fourth Liberty Loan
AO 103842 Sale 1028144 103844 3785
434% of 1933-1938
1947-1952 AO 108";,Sale 10721142108"a 1341
Treasury 41£5
1944-1954 Jo 104",,Sale 103284410418n 1945
Treasury 4s
101844 Sale 100,844 101044 348
Treasury 334s
1946-1956 M
State and City Securities.
NY City-4Xs Corp stock_1960 M 8
1964M S
&Me Corporate stock
Oda Corporate stock
1966 A 0
1972 A 0
4345 Corporate stock
1971 J D
43.48 Corporate stock
6345 Corporate stock _July 1967.1 J
1965 J D
430 Corporate stock
1963 M S
430 Corporate stock
1959 M N
4% Corporate stock
11% Corporate stock
1958 MN
1957 MN
Corporate stock
4% Corporate stock
1956 M N
4% Corporate stock
1955 M N
1936 M N
4% corporate stock
1957 M N
434% Corporate stock
%% Corporate stock_ _ _1957 M N
% Corporate stk_May 1954 M N
% Corporate stk_Nov 1954 M N
1955 ho N
3345 corporate stock
New York State Canal Im_40.9611.1 .1
19421 J
48 Canal
19641
4345 Canal impt
44 Highway!mot register'd19581__-Highway Improv't 4346_1963 M S
1991 .1 J
Virginia 2-35
8 25
8 1005
s
1003 Sale 1005
4
1003 Mar'26
8
1015 Feb'26
10114 Jan'26
10551 Apr'26 105 Mar'26 _ .105 Mar'26
ioais Sale 1053 10638 8
8
9814
9814
6
2
9814
---- 9814
Apr'26 ---_
---- ---- 98
9724 Mar'26
9714 Apr'26 -- ...99 Mar'26
10514 Sale 105 10534 6
2
105
---- 105
_
---- ---- 8814 Mar'26
_
4
-.-- ---- 883 Mar'26
_
89 Apr'26
---8
1015 Jan'26 _10118 Mar'25 _ _
11014 Mar'26
__
8
1027 July'25
__
10512 Oct'25
7612 Feb'25
Foreign Govt. & Municipal's.
8
Argentine (Nat Govt of) 78_1927 F A 1013 Sale 1018
B Ba of June 1925 temp_1959 J D 98 Sale 98
1959 A 0 98% Sale 98
Esti a f Os of Oct 1925
S 985 Sale 9828
1957 M
8
Sinking fund 65 Ser A
98 Sale 98
External 65 Series B__Dee 1958J
Argentine Treasury 5s £ _ A945 M S 8814 Sale 8718
Australta 30-yr Ss__ July 15 1955 J J 99 Sale 9812
1943.1 D 101 Sale 10012
Austrian (Govt) e f 7s
10112 157
,
985 634
9812 447
9922 185
8
985 410
8924 19
306
99
64
101
10912
109 Sale 1088
107 Sale 1063
4 10724
925
928 Sale 9112
8512
4
8512 Sale 833
8
952
9512 sale 9424
4
11430
1133 11434 11430
9922
9812 9914 9910
8813 Sale 87
884
4
1063 10714 107 Apr'26
4
/
991 Sale 991s
4
993
110 Sale 9914
10024
1
/
4
863 Sale 834
4
863
4 1031
8
1038 Sale 1023
9410 Sale 9212
9414
104% 1053 10412 105
4
95
95 Sale 9412
, 10014
100 Sale 981
Belgium 25-yr ext a f 73.4511_1945 .1 D
1941 F A
-year if 8s
20
1949 M 8
-year ext 61413
25
1955
Ertl a f 6s inter reta
1955 .1 D
Esti 30 yr 5 1 7s._
1945 Al N
Bergen (Norway) s f 85
-year sinking fund 6s 1949 A 0
25
1950 A 0
Berlin (Germany) 63.4s
1945M N
Berne (City of) s f 86
Bogota (City) ext'll a f 88_1945 A 0
1947 AI N
Bolivia (Republic of) 813
Bordeaux (City of) 15-yr 613-1934 M N
I9411.1 D
Brazil U 5, external Sa
1952.1 D
76 (Central Sty)
73.6s (coffee secur) £ (flat)_1952 A 0
1935 M N
Bremen (State of) esti 73
Buenos Aires (City) esti 6%61955 J .1
1
1931 A 0
Canada (Dominion Of) 5s
1929 F A
10
-year 634s
1952 M N
56
1936 F 24
43.45
1954.1 .1
Carlsbad (City) 5 f 88
Chile (Republic) esti s f 83_1941,F A
External 5
-year s f 8s__ ..1926A 0
1942 hi N
20
-year esti 75
1946 M N
-year a 1 Ss
25
Chile Mtge Bk 6.146 June 30'19571 D
Chinese (Hukuang Sty) 56_1951J D
Christiania (Oslo) 30-Yrs 1631954 M S
Colombia(Republic )6350— _1927 A 0
-year a f 5%s_19441 .1,
Copenhagen 25
1942 .1 .1
Cordoba (Proy) Argen 7s
1944 M S.
0( 1904
Cuba 55
External 56 of 1914 Ser A..1949 F A
19491F A
External loan 410
1953.1 J
Sinking fund 5146
Cseehoslovak (Repub of) 86_19511A 0
1952 A 0
Sink fund &I Eter13
194S A 0
Ext'l a I 7166 Ser A
31
8
1018 1011 10112 102
10224 35
102 Sale 102
10512 77
8
1053 Sale 105
4
4
8
987
988 Sale 983
Apr'26
1014 103 103
52
109
1083 10912 10851
4
8
102 Sale 1013, 102
3
10114 Sale 100 4 10112 44
7
109
109 Sale 10814
232
98
98 sale 97
4314 14
4
433 4212
3
42 4
10118
2
10118 Sale 101
9
1004
10014 Sale 0014
28
100
991 Sale 99
9714 18
9718 Sale 968
9951 1005, 10
100 102
4
99
99 Sale 99
20
91
91 Sale 89
1014 26
4 Sale 101
1013
40
102
1013 Sale 101
4
10114 25
101 Sale 1004
,
98 8 264
9818 Sale 9712
I
Danish Con Munich)8a A 1946 F A,
1946 F A
Series B a f Sa
1942,i 3,
Denmark 20
-year 68
Dominican Rep Con Admsf 50'58 F A
Custom Administr 534s
l942 M 0
1945 NI N
Dresden (City) extl 78
Dutch East Indies extl 65
1947 1 J
1962 M 8
40
-year 65
-year esti 514e
30
1953 M 8
30
1953 MN
-year ext1 5166
El Salvador (Rep) 83
1948.1 .1
Finland (Rep) extl 65
1945 M 3
External o f 7s
1950 M 8
Finnish MUD Lia 6143 A1954 A 0
External 634s Series B_1954 A 0
French Repub 25-yr WI 831_1945 M 3
20-yr external loan 7346_1941 .1 D
1949 J S
External 7s 01 1924
4
1103,112 1103
11014 112 11014
104 Sale 10314
10214 Sale 10214
98 Sale98
94 Sale 9213
4
1043 Sale 1044
10412 Sale 104
1025, Sale 1025,
4
1023 Sale 10214
0
106 1063 10614
8
8714 Sale 867
977 Sale 9714
3
91 Sale 90 4
91 Sale 9012
10214 Sale 1004
98% Sale 9713
9018 Sale 8712
1113
4
4
1103
104
10214
9812
9314
4
1043
104%
4
1023
4
1023
1064
874
98
3
90 4
91
10251
99
90%
13
7
56
1
29
29
64
106
10
25
5
8
89
2
3
298
356
886
0
1023
97
97
10412
0
1183
9738
85
4
/
971
0
873
9512
100
9410
10318
98
9712
105
118 2
,
98
86
98
8924
9614
100 4
,
9412
588
367
7
66
53
52
17
22
145
187
34
415
1949 A 0 103 Sale
German Republic exti 7s
1950 M 5 98 Sale_
German Cent Agee Bk 7s
1954 M N
Gras (Municipality) 8s
gi;
(UK Of) 534s-1937 F A 10:1i4 Sale
at Brit &
1929 F A 11812 Sale
-year conV 5343
10
4
Greater Prague (City) 7%6_1952 M N 973 sale
4
3
14
Greek Govt7885 Sale
98 Sale
Haiti (Republic) a f 63
Hungarian Manic Loan 7145 1945 J J 8914 Sale
Hungary (KIngd of) s f 73-45-1944 F A 9614 Sale
Ind Bank of Japan 6% notes1927 F A 1004 Sale
9412 Sale
Italy (Kingd of) ext'l 7s
1951
1,1211'
Japanese Govt £ loan 45
1931 1 J
-year f 6%5
30
1954 FA
Oriental Development 613_1953 MS
Lyons (City of) 15
-year 66 1934 MN
maree1146(City of) 15-yr 68_1934 MN
Mexican Irrigation 4342_1943 MN
Assenting a f 4%s
1943
8718 Sale
954 Sale
8
881 Sale
4
863 Sale
864 Sale
33 634
14
107
80
90
266
34
34
13
861,
8718 147
9412
,
95 4 308
372
89
8758
86% 77
8312
834
4 66
863
33) Mar'26
6
4
323
3212
W.A. •Due July. 3 Due Aug. g Due Nov. a 0DU011
36
18
23
101
167
1
3
73
Low
BONDS
N.Y STOCK EXCHANGE
Week Ended April 23.
i
bi
2.,2.,
High
9914z 01'n
993%4 Olun
1011844
101842 0188112
00,842
99
100,844 101
100184201,342
101284403.0
106842 088822
.2048.42
10238
100,342 011142
100 101
10012 10138
10012 101%
3
100 4 10114
1051z 105%
8
8
1047 1053
8
1045 10512
10412 106%
4
973 9812
,
4
973 98 4
97% 98
9714 97%
9714 9714
99
98
10412 105 4
3
10414 10512
4
87% 883
3
4
883 88 4
88% 89
101% 10152
Mexico(US)extl 56 of 1899 £245 Q J
Amenting 5s 01 1899 • 1945 _
Assenting 55 large
Assenting 55 small
Gold deb 4s 01 1904
1954 J D
Assenting 4s of 1904
Assenting 4s 01 1904 small
Assenting 46 of 1910
i"-i
Assenting 4s 01 1910 large
____
Assenting 4s 01 1910 small
Trees Os of'31 assent (large)'33 I-3
Small
1952.1 D
Montevideo 76
Netherlands 68 (flat prices)_ _1972 M S
-year external Os (.11at) 1954 A 0
30
1943 F A
Vorway 20
-year extt 136
20
1944 F A
-year external 6s
1952 A 0
-year external 65
30
1965 .1 D
-years f 53'46 temp
40
Oslo (City) 30
1955 M N
-year a f 65
Panama (Rep) esti 534e____1953 J D
Peru (Rep of) external 86_1944 A 0
Extl sink fd 7343 temp—_1940.1M N
Poland (Rep of) gold 65____19101A 0
Extl sink Id g 8s
1950.1 J
Porto Alegre (City of) 88
1961IJ D
Queensland (State) ext if 75_1941 A 0
25-year external 6s
1947 F A
Rio Grande do Sul extl s f 811_1946A 0
Rio de Janeiro 25-yr a f 81_1946 A 0
25-yr extl 85
1947 A 0
Rotterdam (City) esti 65_1964,M N
Price
Friday,
April 23.
Week's
Range or
Last Sale
11
001
Rang.
Since
Jan. 1
High
High N o. Low
Ask Low
4212 45%
4212 Feb'26 ---66
3412 43
41 I 22
4
/
411 40%
4
375 4113
41
4
4
/
411
3712 May'26 ---2/4
- 1____ 2724 Jan'26 --- 24
204 2912
26 1 112
2512 Sale i 2414
2314 Aug'25 ___ - I
2538 igi 25% Oct'25
4
23's 32s
4
273 108
27 Sale 2622
2912
22
8
4
253 165
2522 Sale 242
4115 47
44 I 35
44 Sale i 4314
40 47
5
8'
433
43%
4
993 113
96 100
,
993 Sale 087
10712 30 198% 109%
10722 Sale 107
1044, 83 1034 1044
104 Sale 1033
4
101141 81. 993 102
10128 Sale 101
101141 82 100 1024
10128 Sac 101
10134 28 1004 1021s
8
1013 Sale 10114
974
95
96% 260
965 Sale 9614
98% 101
8 87
1003
8
1003 Sale 995
1
3 1004 102%
102141
10214 Sale 102
10312! 24 10112 105
10314 Sale 10314
98%1 29
2
97 99,
9812 Sale 98%
68%
66
6712 12
6712 Sale 67
91
8812
86
8812 Sale 8734
101i 1978 20
98% 1021s
10118 Sale 100
18 11012 114
113 sale 11134 113
4. 11 10414 106
1053
1053 Sale 105
98% 102
102 I 14
10112 Sale 101
9714 10214
41 32
1013
10124 Sale 101
2
10112 53
97 1011
101 Sale 100
100 105 10312 10414 12 10312 1054
Bid
40
41
8
Sao Paulo (City) s I Si
1952.M N 10414 Sale 10414 10424
1044 28
4
San Paulo (State) ext a f 8s 1936
.1 105 Sale 1033
External 5 f Its lot rects_1950 .1 J 10278 Sale 10122 10314 50
26
97
External water loan 7s
1956 M S 97 Sale 9622
8912 115
1942 .1 J, 8912 Sale 8612
11014 filf4 Seine (France) ext1 75
9112 137
Serbs, Croats & Slovenes 85_1962 MN 9112 Sale 90
8438 28
Soissons (City) esti Oa
1936 M N 84 Sale 8212
10514 36
Sweden 20-year 6s
1939 J D 10518 Sale 105
4 10314 56
External loan 534s
1954 M N 103 Sale 1023
9
11512
Swiss Confed'n 20-yr If 85._1940 J .1 115 Sale 115
1042, 30
10012 10210 Switzerland Govt ext 5%5...1946 A 0 104 Sale 103%
41
71
71 Sale 69
99
96
Tokyo City 5s loan of 1912._1952 M S
1
1003 Sale 1003
4 1003
4
95% 99
Trondldem (City) extl O34s..1944 J
8 52
923
9614 100
Upper Austria (Prey) 75_1945 J D 9214 Sale 91
4 11024 136
3
95 4 99
Uruguay (Republic) ext 813_1946 F A 109 Sale ,1083
,
1067 Apr'26
8814 Zurich (City of) 8 1 83
85
1945 A 0
9610 99
4
100 1023
Railroad
4
1021
Ala Gt Sou 1st cons A 55_1943 3D 10212
11) 28
'
8
105 11124 Ala Mid 1st guar gold 5s____1928 MN 1003 101 100 F083 ___!'
12
86
1946 AO 86 Sale 86
105% 108% Alb & Buse cony 3348
95
88
Alleg & West 1st g 45 gu_
1998 AO
94
82: 8233
33
96
9 4
4
52
8112 87% Alleg Val gen guar g 43
B 95
1942
2
78
78
78
79
97% Ann Arbor ling 4s
92
July 1995 Q
4
923 305
113 115
Ateh Top & S Fe—Gene 43_1995 A0 9212 Sale 9218
9012 Apr'26
A0
98 10012
Registered
8
87
8512 88%
Adlustment gold 4s._July 1995 Nov 87 Sale 85%
87 18 21
106% 108
July 1995 MN 8718 8724 87
Stamped
8324 Jan'26
lifist 100
MN 8212 85
Registered
1
8612
8612
964 1014
Cony gold 4s 1909
1955 ID 8418
88 Apr'26
814 863
Cony 45 1905
4
1955 J D
_ _1
_ 86 Apr'26
100% 104
Cony g 4,issue of 1910_1960'23 84%
9922 Apr'26
9922 100
8918 9424
East Okla Div 1st g 4s___1928
8
89142
103% 10714
Rocky Mtn Div 1st 4s__ _ _1965 J J 8914 8912 8924
Apr'26'____'
911
4
9212 96'8
Trlins-Con Short L 1st 48_1958 J .1 893 91
2
96 I
4
4
953 992 053
101
9714
Cal-Ariz 1st & ref 434s A_1962 M
Apr 6 2
Atl Knoxv & Nor 1st g 5a___1916 J D 10318 ____ 10312 m ar:26
97
983 063
4
10114 10212 All & Charm A List A 4343_1944 J
10312 15
10312 104 10312
10112 103%
1st 30-year S.Series 11__1944 J
__1
102% 10512 Atlantic City lot cons 4s____1951 J J 85 ____ 8512 July'25
4
9412 933
94 1 29
4
983 98% All Coast Line 1st cons 4s__01952 M S 94
10612'
7
10114 10312
1930 M N 10612 Sale 10614
-year secured 76
10
9713 15
10712 10934
1064 J D 9714 Sale 9724
General unified 434s
7
93 I
10018 102%
L & N coil gold 4a____Oet 1952 MN 9218 9212 9212
5
7814
65221 27
7814 Sale 7712
1948J J
100 10212 Atl & Danv lat g 4s
1948.1 .1 6512 Sale 65
107 109
2d 4s
79 I 10
19491A 0 79 Sale 78
94% 58
Atl & Yad ist g guar 45
1
10014 ____ 10114 Apr'26._ _
4222 48% Austin & N W let gu g 5s
1941 J
99 1014
9212 48
9212 Sale 9158
0
4
993 1003 Bait & Ohio lat g4s____July 1948 A 0
_1
9024 Apr'26
8
9814 1004
July 19481Q .7 803 __
Registered
9718 447,
1933 M S 96% Sale 9638
95% 99
10-year cony 4345
4
883 Apr'26
M S
99% 10112
Registered
9812 363
98 10012
Refund dz gen 55 Series A_1995 J D 98 Sale 9710
6 104% 102
1948A 0 104% Sale 1043
88% 91
1st g 5s
64
1929J .1 103 Sale 10234 103
4
10-year 65
1003 103
244
108
1955J D 108 Sale 107
4
4
993 1023
Ref & gen 65 Ser C
9214 58
9212 Sale 9130
4
963 10212
PLE&W Va Sys ref 45_1941 M N
1015 240
J 101% Sale 1007
1950
95% 994
Southw Div lot 55
80 . 104
Tol & Cl,, Div 1st ref 45 A_1959 J .1 80 Sale 79
624 Feb'26
_
8
1101s 112
Battle Cr & Slur 1st Cu 3e_1989 .1 D 613 65
9414 Apr'26
96
1938 J .1 05
110 112
Beech Creek 1st gu g 45
4
92, _
J D
Registered
102 104
9 1% A7A6
8034 N
5
Beech Cr Ext lit g 3Xs____1951 A 0 8114
10112 103
9212
91 - - 91% Apr'26
1944
93% 99% Big Sandy 1st 4s
74% Apr'26
75
9222 9324 Bost & N Y Air Line lit 4s_1955 F A 73
9312 Jan'26
1938 J J 94% _
4
1033 1055, Bruns & W let gu gold 4,s
1025, 102%
3
103% 10524 Buffalo R & P gen gold 53..1937 51 S 10218
92
7T
1957 M N 92 Sale 91
Consul 4345
10112 10312
_ 8724 Feb'26 ____
M N
Registered
102 10314
101
5
1934 A 0 101 Sale 101
4
103 1063 Burl C R dz Nor 1st 14
84% 90
8 11
4
A0 1033
-- 10312 1037
Canada Sou cons gu A 561962
85 98
94%
8
8912 9212 Canadian Nat 434a_Sept 15 1954 MS 9418 9412 94
1
4
98%
5-year gold 43413__Feb 15 1930 FA 983 98% 08%
8914 924
11514 11
9812 10312 Canadian North deb a 1 7s__1940 J o 115 Sale 115
20
1946 3.8 118 Sale 117% 118
20
9212 99%
-years f deb 13146
4
97
32
10-yr gold 4%a____Feb 15 1935 FA 963 Sale 98%
884 91
3
4
86, 231
Canadian Pao Sty 4% deb stock_ 3.8 853 Sale 8518
9314 Oct'25
1932 M
s
1013 I031s Carb & Shaw 1st gold 45
1
/
8218 Apr'26
'
1938 P 824
Caro Cent 1st con g 45
98
94
97
9712 Caro Clinch &0 151 3-yr 56_1938 J D 1102%10334 102% 103% 13
3
10814
Ser A
1952 J o 108% 109 108
10414 1061
: let & con g tle
85% Apr'26
1981 J O 864
Cart & Ad 1st gu g 41
4
1173 119
3
Cent Branch U P 1st g 4a_1948 3D 80% 8212 81% Apr'26
92% 99
8
10421 Apr'26
84
8712 Central of Ga 1st gold 55___p1945 FA 1043
8
10318 Apr'26
1945 MN 1033
Consul gold 513
95% 9814
8
1015 Feb'26
MN 9710
Registered
84% 8914
4
10314 24
10-year secur 6s____June 1929 J D 103 Sale 1023
4
933 98
13
105
1959 AO 105 Sale 1044
Ref & gen 5%5 Ser B
9934 100%
8814 87 Mar'26
Chatt Div par money g 46_1951 J D 87
94%
94
4
10112
Mae & Nor Div isle 5a 1946• J 10112 Sale 100
1948 J J 10110 11_- 99 Dee'25
Mobile Division 58
83% 8718
32
72
1961 .1 J 72 Sale 7012
,
6
923 95 4 Cent New Eng 1st gu 48
3
9812
9812
8914 Central Ohio Reorg 430-1930 MS 9812
85
9934 Apr'26
8118 863 Cent RR & B of Ga coil g 56_1937 MN 99%
4
11012 11
4
/
811 883 Central of N J gen gold 58_1987 3' 11014 ---- 1104
4
5
4
1987 Q J 110
10912 1093
31
30
Registered
91% 29
1949 FA 91% Sale 91
28st 34ss Cent Pao 1st ref gu g 4a
1
9714
_ 9714
k1929 J D 974
Mtge guar gold 3%s
5
89
89
8
Through St L 1st flu 4a,..1954 AO 887 90
1960 FA 10110 Sale 100% 101% 466'
Guaranteed g 56
4
10012 1041
1024 1064
4
/
1011 1044
9612 974
84 9014
4
8712 9
85
82
10410 10514
10112 103%
115 11714
4
1023 105
71
67
99I 101
94
90
10712 111
4
106% 1101
ion; 163
101 10112
844 86
82% 82%
92% 95
8
757 78111
894 933
s
884 9012
87
85
8422 871s
4
1
/
8314 83
8434 87
8412 88
1
/
1
/
834 884
9834 100
8612 89,
4
90
88
94% 96
10312 10312
9634 97%
102% 10313
921s 94*
10514 107
9414 9712
4
943
91
78
7812
69%
65
7614 79
1001s 1014
4
1
/ 924
89
,
88 8 9014
97%
94
4
4
883 883
93% 9812
8
10212 1047
10212 10312
104 108
6
8911 9214
98 1013
4
74st 80
6214
61
95
93
8
81; 613
- -3 - 89% 9112
73% 7478
9314 9312
10112 10214
8712 92
8714 87 4
,
100% 10114
2
1021 104
9314 94%
4
981 994
4
4
1143 1171
117 118%
9612 9714
804 8614
ill; IA
10112 103%
10712 10813
4
813 88%
794 83
1031s 10412
4
1024 1033
101% 101%
10212 10312
1
/
1014 105
S6'* 8715
100 10112
98% 98%
4
98% 991
6
1083 1104
4
2
1083 1093
88
4
1
/ 9112
4
96st 971
3
87 89 4
gals 1013
4
v
2309
New York Bond Record-Continued-Page 2
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 23.
a,
Prise
Friday,
April 23.
Week's
Range or
Last Sale
13
03Q
Range
Since
Jan. I
Bid
Ask Low
Mph No. Low
High
Charleston & Savannah 7s_1936
J 11712
11212 Feb'25
Ches & Ohio fund & Impt 58_1929
J 10014 10118 10118 Apr'25
1041 8 1018
- 5- - 31st consol gold be
1939 M N 10512 Sale 105
8
105%
4 10238 1055
HQ 10214
Registered
1939 M N
10214 Mar'26 _
General gold 4744
1992 M
953
4 58
953
4
953 Sale 9334
4
92
Registered
1992 M S
9018 July'25
_
20-year cony 4728
1930 F A 99 Sale 9853
99
86
30-year cony secured 90_1946,A 0
129
Apr'26 12 124 15014
Registered
IA 0
129
26
.
129
Craig Valley 1st g 5s
1940 J J 10014 ___ 9812 Dec'25
Potts Creek Branch 1st 4s_1946 J J 8412 88
83 Mar'26
1438 83
R & A Div 1st con g 4s__ _1989 .1 J 8814
8778 Apr'26
853 8712
4
2d consol gold 4e
1989 J J 8214 -.
8
614 8412 Apr'26
_
82 8 8412
7
44 arm springs V 1st g 58..1941 M
_
.
95 100
983 Oct'25
4
Chic & Alton RR ref g 38....1949 A 0 6814 Sale 6814
69_ _5
_
65 69
Ctf dep stpd Apr 1926 lot
6714 Mar'26
64 6753
Railway first lien 3345_1950 .1'
264
58
5118 5812
578 Sale 56i4
Ctfs dep Jan '23 & sub coup56
5
5512
55
56
51
5612
Chic Burl & Q-III Div 376_1949
g32 863
4
8
86
87
86
864 16
Registered
4
J .1 8213 ____ 8412 Feb'26
8412 843
Illinois Division 45
1949 J 2
__ 927 Apr'26
8
0153 9358
963 10014
4
Nebraska Extension 4s_1927 M N 993 997 964 Apr'26
9334- 8
4
Registered
M N 9812
9912 Mar'25 _
9 - -104 63 2
General 45
9313 22
1958 M S 9314 Sale 9258
Registered
9118 92%
M S
923 Mar'26 _
8
3
let & ref be
1971 F A 10434 Sale 10412 1047
3 26 30252 1047
Chic City & Conn Rys 55_1927 A 0 4812 Sale 4813
13
4712 56
51
Chicago & Ea& III Is 6:3_1934 A 0 10638 1067 10614
8
1063
4 40 10614 10634
7318 7812
C & E Ill Ry (new co) gen bs_ 1951 M N 7712 Sale 7312
7734 304
Chic & Erie 1st gold be
1982 M N 10418
_ 10353 Apr'26 _
101% 105
4
Chicago Great West 1st 45_1959 M S 693 Sale 67
6418 693
4
694 1292
Chic Ind & Louisv-Ref 68-1947.3'
Refunding gold 58
1947 J J
Refunding 4s Series C--1947 3.3
General 53 A
1966 MN
General 68 B
May 1966 J J
Chic Ind de Sou 50-year 4s..1950
J
Chic L S & East let 438_1969 J D
C M & Puget 18.1 let gu 4e_ __1949.33
Certificates of deposit
ChM & St P gen g 48 Ser A_e1989 J J
General gold 334e Ser B..e1989 J
Gen 4748 Series C__May 1989.33
Registered
Gen & ref Series A 4745._a2014 AO
Certificates of deposit
Gen ref cony Ser B 5s___a2014 FA
Certificates of deposit......
Let sec 13.2
1935 JJ
Debenture 476
1932 JD
Certificates of deposit
Debenture 48
1925 JD
Certificates of deposit______
15
-year deben.ure 4s
1934
Certificates of deposit
Chic & Mo Rh Div be_ _1926
,
Ohio & N'west Ext45___1886-1926 FA
Registered
1886-1926 F A
General gold 3728
1987 MN
Registered
Q F
General 48
1987 MN
Stamped 48
1987 MN
General bs stamped
1987 MN
Sinking fund Os
1879-1929 AO
Registered
AO
Sinking fund 58
1879-1929 AO
Registered
1879-1929 AO
Sinking fund deb Es
1933 MN
Registered
MN
10
-year wowed 78 g
1930 JD
15
-year secured 6745 g.,..1916 MS
1st & ref g 58
May 2037 3D
Chia RI& P-Railtoay gen 481988
J
Registered
'.3
Refunding gold 48
1934 AO
Registered
AO
11078
1117
8
1
101 Mar'26
80
Jan'26
__
973
4 14
973
4
10613 106121
5
92
3
91
95 Mar'26 _
4718 Apr'26
4714 Apr'26_.
8314
843
4, 26
72 Apr'26 -94
29
93
91
Apr'26
4912 Sale 4912
4938 26
49 Sale 4814
49
119
4918 Sale 494
4918
2
4812 49
4813
8
4814
10434 Sale 1044 10834
5
49
4912 4814
4914 28
4812 49
48
4858 54
49 Sale 484
49
16
4812 49
4734
4878 30
494 Sale 48
494 11
4812 487 4812 Apr'26 -8
993 9934 993 Apr'26
8
8
997 100
8
998 Apr'26
993 100
4
993 Jan'26
8
76
80
77
774 14
7212 July'25
8712 88
88
88 3
4 21
8718 883 883 Apr'26 4
4
1063 Sale 10638 197
8
5
10314 1943 10334 1033
8
4
033 Feb'26 _
4
103113 ____ 0112 Apr'26
1058
10012 10112 10012 Jan'26
10114 ____ 10058 Apr'26
1003 ____ 10014 Dec'25
10778 Sale 10713 1077
8 21
11414 Sale 11234
11414
5
10312 Sale 10134 10318 21
85
88 8612
87
18
_
8413 Mar'26
9113 Sale 9014
02 1165
8313 Apr'26 -
ChB L & N 0 Mem Div 48_1951 J D
001 L& P let COC9 g 5s___1932 A 0
Chle St PM & 0 cone 6e___1930 .1 D
Cons Os reduced to 33413._1930 J D
Debenture be
1930 M S
Stamped
Chia T H de So East 1st 5s_ _1960
Inc gu be
Deo 1 1900 M S
Chic Un Sta'n let gu 4f44 A.1963.3 J
1st 58 Series B
1963.3 J
19443 D
Guaranteed g 55
let 6745 Series C
1963.3 .1
Chic & West Ind gen g 6s_ _y1932 Q M
Congo'50-year 48
1952 J J
let ref 5348 ser A
1962M S
Oboe Okla 44. Gulf cons be
1952 M N
Gin H dc•D 2d gold 4763_ _1937 J J
0I St L & C 1st g 48_ _Aug 1936 Q F
Registered
Aug 1936 Q F
Cln Leb & Nor gu 49 g
1942 M N
On 8 & CI cons 1st g 5s__ 1928 J J
884 ____ 88
10113 __
102
10312 104 10313
4
8 ---- 933
100 10013 100
101 10053 10014
84 Sale 77
7718 783 77
4
963 Sale 9512
8
10418 1043 10353
4
102 103 10212
11812 Sale 11818
1053 ____ 1033
8
4
87 Sale 8'
105 Sale 1033
4
10312
1033
4
9714 Sale 97
933 9413 9413
4
923 94 9214
4
90
905
8
10014 ___- 101
Apr'26
Mar'26
Apr'26
Oct'25
10118
Apr'26
843
4
783
4
96%
Apr'26
10212
11812
Apr'26
87
105
104
9714
Feb'26
Dec'25
Apr'26
101
Cleve Gin Ch & St L gen 48_1993 J D
20
-year deb 4729
1931.3 J
General be Series B
1993 J D
Ref & impt 138 Serlee A
1929 J .1
131 Series C
1941 J J
be Series D
1963.3 J
Cairo Div 18t gold 48
1939 J J
CinW&MDlylstg4a,,..1991J J
St L Div 1st coil tr g g 48 1990 MN
Registered
MN
Spr & Col Div let g 411----1940 M
W W Val Div let g 45_ _1940 J J
CC C&I gen cons g tla_ _1934 .1 J
Clay Lor & W cost let g 58_1933 A 0
Cleve & Mahon Val g Ss___ 1938 J J
01 & Mar 1st gu g 472s
1935 M N
CI & P gen gu 4%5 Ser A_ _1942
aeries C 3740
1948 M N
&dee D 3725
1950 F A
Cleve Shor Line let gu 4748_1961 A 0
Cleve Union Term 6728_1972 A 0
let e f bs Ser B
1973 A 0
Coal River Ry 1st gu 48_ _ _1945 J D
Colorado de South let g 48 1929 F A
Refunding & exten 4348_1935 M N
1948A 0
Col de H V 1st ext g 4s
1955 F A
Col & Tol let ext 48
Conn & Fromm Rim lit 0_1943 A 0
Consol Ry deb 48
1930 F 14
1964.3 J
Non-cony 48
J
Non-cony debenture 411_1955
Non-cony debenture 48_1956 J .1
-year 56 8-1952 J J
Cuba RR let 50
19363 D
let ref 7748
Cuba Northern Ry let 6..,.19663 .1
87
____ 8612
99 Sale 9812
103
____ 10314
103 Sale 103
10513 ____ 1054
1025 103 10212
3
91
____ 91
93
9434 8312
867 -___ 86
3
923 ____ 8314
4
9018 9113 893
4
8912 91
873
4
107
___ 107
102 10212 10112
993 ____ 9853
4
964 993 964
4
9913 ____ 10112
8518 86
86
854 ___- 933
4
99 100
99
10713 Sale 1063
4
10314 Sale 10314
873 _
4
8718
9812 984 9813
963 Sale 963
4
4
8814 ____ 8718
8814 90
8713
8512 ____ 8713
84
90 82
6718 69 6718
6718 71
6718
674
68
9212 93 92
10613 Sale 10612
964 Sale 9614
87
99
Mar'26
10358
10518
103
Feb'26
8312
87
Feb'26
Apr'26
Jan'26
Apr'26
Mar'26
Dec'25
Mar'26
Mar'26
Apr'26
Nov'25
Apr'26
10712
10314
Apr'26
985
8
9714
Jan'26
Apr'26
Jan'26
Mar'26
6718
Apr'26
Mar'26
92 14
1067
98
a Due Jan. 6 Due Feb.
11078 ____
10153 ____
88
____
973 Sale
4
10612 Sale
91
93
945 96
8
4712 49
4712 48
837 Sale
8
724 ____
94 Sale
7
51
24
14
33
4
76
45
40
6
11
6
32
38
2
34
2
4
6
7
7
28
2
28
4
45
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 23.
-r
z
Day & Mich 1st cons 4745..._1931 Ii J
Del & Hudson let & ref
m N
30-year cony 5s
1935jA 0
15-year 5328
1937,M N
10
-year secured 78
1930• D
Et RR & Bdge 1st gu 4s g
1936 F A
Den de It 0
-let cons g 4t...1936 J J
Consol gold 476.
1936 J J
Improvement gold be__ _1928 • D
Den de 11.0 West gen 5s_Aug 1955 MN
Dee M & Ft D 1st gu 4e___ _1935
I
_
Temporary ctfs of deposit.....
N
Des Plaines Val let 434s..
1947
Dot & Mack-1st lien g 45 1995 J
Gold 48
1995 J D
Detroit River Tunnel 4746_1961 MN
Jul MIssabe & Nor gen 5s_ _1941 • J
Dul & Iron Range 1st 58_1937 A 0
Out Sou Shore & Adl g 5s
1937 .1 J
Price
Friday,
April 23.
"leek's
Range or
Last Sale
IA 53
MO
Bid
Ask Low
High N o Low
97 3 983
7
3
9814
983 ,Feb'26
s
8
9412 Sale I 933
905 9412
8
944; -112 Sale 109
112 I 19 10818 11614
3
10412 ____ 105
10518; 122 1027 1054
3 107 110
1075 Sale 10758 10752
8
9414 95
95
Apr'26
1
94
96
8538 903
8
903 166
2
9014 Sale 89
89
9314
934 9414 93
934' 44
98
993
4
993 Sale 99
4
993 106
4
704
62
657 Sale 6312
8
6614 303
4713
44
49
44
Apr'26
44
42
47
38% 40
42 Apr'26
937 954 9312 Feb'25
8
-70 72
7112
72 Mar'26
65
65
70
60 Mar'26 ___ _
65
9434 964
9513' 33
9512 9612 953
10312 10312
1033 ____ 10312 Apr'26
4
8
8
1017 103 10214 10214'
1 10118 1027
8713
85
85
85
1
86
87
East Ry Minn Nor Div let 4s_'48 A 0 9138 9212 91 Mar'26
gam T Va & Ga Div g be__ _1930 J .1 10012 ____ 10058 10058: 6
4
Cons let gold 55
1956 M N 1044 105 10413 104781
1
103 I
Elgin Joliet & East 18'S 58 1941 M N 103 105 103
4
___ 1033 Apr'26
El Paw,& S W let 5s
198 A 0 104
5
2
ICre let comet gold 75 ext 1930 M S 10712 Sale 10733 10712
7912 198
let eons g 42 prior
1996 J J 79 Sale 78
--------7153 Dec'25
Registered
1997
71
349
4
let consol gen lien g 4s_ __ _1996 J J 703 ale 6814
6814 Feb'26 _
Registered
1996
98% 9634 Mar'26
Penn coil trust geld 4s..,, _195l F A 974 112
4
72
flo year cony 45 Ser A
1953 A 0 7212 Sale 703
7214 202
do Series B
1953 A 0 7212 Sale 7058
110% 11212
783
8012
8012
89%
1o1 10:1, Gaa cony 4a Series D 1953 A 0 108 Sale 107 8 Apr'26 235
__
Erie &Jersey lets f Cs__ _1956 J J,
795
8
18
92
y e 04
.1, 108 Sale 10612 138
Genesee River let s 1 Se..1957
92 Mar'26
J 8514
1940
10314 1,,
08
.,k1 Erie & Pitts au g 3348 B
8912 Mar'26
Series C 374s
1940 J J 88
95
95
98 Mar'26
2
73
70
4714 524 Fla Cent & Penn let ext g 58_1930 J J 100
1
1004 10012
Consol gold be
1943'.3 10012
454 024
963
4
9712 29
S97
8138 9434 Florida East Coast let 476_1959 J D
ale 9838
993 1014
4
1st & ref 58 Series A
1974 MS
90
/ 97
1
4
4
60
6012 60
Fonda Johns & Glov 4348_1952 MN
61 Mar'26
Fort St U D Co let g 434€__.1941 .53 9218
91
91
1054 Jan'26
4914 WS Ft W & Den C 1st g 576
1961 3D 11100096908209511:4:
8 £T7
4714 5312 Ft Worth & Rio Or 1st g 48_ _1928 .3.3 965 - -12 96 Apr'26
10814 Apr'26
•
4712 6314 Frem Elk & Mo Val 1st 6s._..1933 A0
63
47
1
8
GLI&SAM&Platbs
1931 MN 10012 10112 10058 1005
10212 'nc..
4
4 17
2d extens 55 guar
1931 J .1 100 1003 10034 1003
47
?,:r3
4
1
9712
1933 A 0 9612 9714 967
46% 0 , Gale Hone & Head let 5s
"'„13
1
975
8
8
8
Ga & Ala Ry let cons Sa__ _.01945 3 J 973 983 974
455
8
3
467 . Ga Caro de Nor lat gu g 58-1929 J .1 10018 Sale 1004 1004
8 0
71
Apr'26
_
4712 53 8 Georgia Midland 1st 38
2
1946 A 0 71
5.1
_
97
Gr R & text let gu g 4%5_1941 J .1 96 - - 9534 Mar'26
47
9812 99% Grand Trunk of Can deb 78_1940 A 0 114 Sale 115
115
6
998, 994
107 10713 10678 10712 14
15-year of 68
1936 M
992 9912 Great Nor gen 78 Series A_ _ _1936 J .1 114 Sale 11234 11412 420
8
1
11318 1134
Registered
J J
745 78 3
8 '
9
96%
let & ref 4144 Series A__ __1961 J J -664 Sale 95%
4 75
General 5728 Series B
1952 .1 J 10612 Sale 10538 1063
4 10218 59
General 58 Series C
1973 J J 10134 Sale 1013
855 884
8
'
7914 Feb'26
104 1084 Green Bay & West deb Ws A__ __ Feb 7614 80
10334 1054
1513
5
154
16
Debentures ctfs B
Feb 14
1940 M N 88% ____ 88% Jan'26
Greenbrier Ry let gu 48
1033
4
1001, 1034 Gulf Mob de Nor 1st 5348_1950 A 0 10413
102
10414 10412 30
6433331 1014 Gun & S I 1st ref & t g 58_61952 3 J 10412 1- 4 105 105
/10 112
4
188 '
9553 13
8
Hocking Val 1st cones 4745_1999 J J 9512 955 9514
107 1159
.-1T1
9013 Mar'25
Registered
1999.3 .1
4
2
/
4
9678
1111 114, Housatonic Sty cons g 5s___ _1937 MN 9034
97
99 10218 H & T C let g int guar
/
1
4
19373 J 10214 103 102 Mar'26
10134
_ 10134 Mar'26
1930 M N
Waco de N W 1st 65
85 ,
87,,
3
9834
8
8412 04.2 Houston Belt & Term let 58_1937 J J 9 % 99
98%
101 Mar'26
8712 92
Houston E & W Tex 1st g 58_1933 MN loot8
10113 Mar'26
1933 M N 101
let guar bs red
9914 8884
98 -329
Bud & Manhat 55 Series A._1957 F A 9712 Sale_ 9618
802 88
4
9414 Jan'26
F A
Registered
10184 102
8112 -553
i4 Sale 7912
Adjustment income bs____1957 A 0
1027 10412
8
3
97
9712
9712
Illinois Central 1st gold 48_ __195I J .7 86
- 4 101
18193 Mar'26
1951 J J
RegIstered
9812 10014
85 Mar'26
1951 J J 88314
let gold 372e
77
90
353
8234 Jan'26
.1 J
Registered
77
83%
8334 Mar'26
Extended let gold 3725_1951 A 0 85
944 9612
Feb'26
66
71
let gold Is sterling
8
895 Apr'26
8
952 Ibi 2
51 A 51
10218 10414
Collegistered
Dateral trust gold 48_ _ 19 5 t0 905
4
19. 3 863 Nov'25
4
1110 10212
4484 11812
/
1
934 Sale 9314
9312 23
let refunding 48
10334 10514
l
4
8, 1‘1ar 2 6
414
19523 J 823 87_ 84 2 J8 y:28
Purchased limo 3745
J J
81
87
Registered
--le 863
4
8712 13
10012 W.'
Collateral trust gold 4s___1953 M N
Dec'25
102% 104
MN
Registered
98
9714
19
107
e- 03
1955 M N 1.964 gra- 1863
Refunding 58
9353 9414
10334
4
10312 48
1934.5 J 1033 Sale 10314
I5-year secured 5745
1936 J J 1124 114 11278 Apr'26
15-year secured 6%a g
9038 Jan'26
Iii; 1[64
1950.3 D 9118 92
Cairo Bridge gold 4e
1001, 101
Jan'26
_
74
Litchfield Div let gold 36_1951 J J 761
4- .
4
4
Louisv Div & Term g 37611953 J J 8218 8i3 813 Mar'26
783 Jan'26
8
85 87
• J
Registered
"i5/4
974 _9,
0
,
Omaha Div la gold 35_ _ __1951 F A
4 4 A9r;26
_-___
10238 103'4
Gold Lis & Term 32_1951 J J 7314 - - - 7318 Feb 26
Louis
s
1
85
1013 103.4
4
1951 J J 8514 ____ 85
7
105 107
3345_1951 J J 83 8 ____ 8212 Feb'26
Springfield Div 18 g
993 10318
4
4
Western Lines Ist g 48._ _ _1951 F A 891s ____ 893 Feb'26
84 Aug'25
91
914
Registered
814 83 2 Ill Central & Chic St L de N 0- F A
,
1951
8 85
JGoolnidt st ref be Series A_ _ _1963 J D 10212 Sale 10134 1027
824 87
D 10414 10712 104 Mar'26
D
8314 834
1951
Ss
4
993
10214. Apr'26
89
874 873
4
7923 ____ 7812 Feb'26
1951 J D
IZIOId g3tered
Re isA e
1064 1073 linneldBulio&omiodewaW, t l ext 48_1940 A c
4
91
____ 8814 Aug'26
a
Ttg t
10112 10212
4
92 ___: 913 Feb'26
_
793 Mar'26
8
80
Ind dc Louisville let gu 48_ _19 6 3
1 9 9 .1
5
8 -3-8
Ws;- j Ind Union Ry gen 58 Sec A._l96SJ 3 1027 103 10212 Mar'26
10112
10112
J 10278 ____ 10218 Mar'26
Gen de ref 5s Series B
1965
10513 26
8313 86
Int & Grt Nor lst 6s Ser A_1952 J J 10553 Sale 10518
110
69
8314 Sale 6612
Adjustment Os, Series A 1952 Apr
- -- 2
4 0
973 10 -14
743 Dec'25
Apr
Stamped
1063 108
7612 16
Int Rye Cent Amer let 55...1972 M N "i6, gide- 7614
2
1002 1034 Iowa Central 1st5e___ _1938 J D 6161
4
Sale 61
D
of
8
- 605 6018 Arp'26
864 874
18
984 9914
177
5
M 8 1712 19
1951
Refunding gold 48
963 9711 James Frank & Clear let 48.1959.3 D 8912 9112 9114 Mar'26
874 8718
___: 181,4 Apr;26
0
4
p 28
102
8718 8712 Kan m R latg
K Ale Giet gu gu:58
a
1938
81
8212
1990 A 0 8512
3 1005
762 82
8
1
1927 J J 100% 3; 1005
se
2d 20-year
1024
663 70
2
1928 MN 10213 Sale 19218
KC IstS&Mconsges
9212 99
8
4
884 7014 K C Ft S & M Ry ref g 48-1936 A 0 917 Sale 913
____ 100
8512 70 KC&MR&B let gu 55_ _1929 A 0 100
Apr'26
883 9312 Kansas
4
8
76
46
Rei
let gold 38_1950 A 0 7552 Bale 753
105 107
983 Sale 97
4
983 232
4
Apr 19503
9214 98
Dee May. o Due Oct. V Due Deo. II Option Sala.
Range
Eines
Jars, 1
91
91
1003 101
8
8
10214 1047
10118 103
10258 1033
4
10714 10812
7412 7912
7J7
64
681
4
65
965 9813
8
8
6714 737
674 7414
7312 85
104 107
10414 108
86
92
89
18
89
98 100
984 1003
8
9638 973
4
97
997
8
8
8
693 847
60 61
103 1054
98
96
107 10814
1004 100 4
1
10018 101
962 9712
96
975
8
10018 1004
7214
63
96 97
4
11434 116
8
1067 1075
8
1094 11412
11214 11318
93 96%
4
102% 1063
974 10218
784 794
162 194
883 88
8
4
101 1044
1062 105
914 955
/ 8
1
lit; Ws;
100 1024
1013 11114
4
964 983
4
101 101
100 10112
9212 98
75l
82
9238 9778
93
93
8314 85
831s 83'g
71
71
884 1395g
1111;
13
815 84
8
Itr 871
fii far1021s 104
11113 1134
9053905
$
74
74
80 814
4
/
1
2
783 783
8
7312 73 4
3
3
7414 74 8
814 85
8212 8212
893 893
4
4
9913 1027
s
104 10513
1024 10214
7812 7813
4
89e 915
793 79 4
3
3
100 8 1024
5
1007 1024
8
103 10512
66
737
s
76 4
1603
4
604
177
8
8853
655
8
65
231e
9114
101 101
8414
83
1004 1014
10018 1034
8918 9212
983 100
4
76
74
034 983
4
New York Bond Record-continued-Page 3
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 23.
Price
Friday,
April 23.
...a,
Kansas City Term let 48_1960 J J
Kentucky Central gold 4s__1987 j
Kentucky & Ind Term 450_1961 J J
1961 J J
Stamped
Lake Erie & West let g 5s 1937 J J
1941 j
2d gold 50
1997 JD
Lake Shore gold 330
Registered
1997 JD
1928 M S
Debenture gold 4a
1931 MN
25-year gold 44.1
1931 MN
Registered
Leh Val Harbor Term be__ _1954 PA
Leh Val N Y let iru g 48is_ _1940 J J
Lehigh Val (Pa) cons g 1(3_2003 MN
Registered
MN
2003 MN
-is
General cons 43
Lehigh Val RR gen 5eSertes_2003 MN
Leh V Term Ry let gu g 541_ _1941 AO
I..eb & N Y let guar gold 4s 1945 M S
Lax de East let 50-yr be gu_ _1965 *0
Little Miami 4s
1952 St N
Long Dock consol it 6s
1935 AO
Long bid 1st con gold 58_91931 Q
91931 Q J
1st eonsol gold 4s
1938 JD
General gold 4a
Gold 48
1932
D
Unified gold 48
1949 MS
1934 JD
Debenture gold 58
20
1937 MN
-year p m deb 55
Guar refunding gold 4s__ _1949 MS
Nor Sh 13 let con it gu 58_01932 Q J
1927 M S
Louisiana dr Ark let it 5e
Lou & Jeff Bdge Co gu g 45_ _1945 MS
Louisville de Nashville be_ _1937
N
Unified gold 40
1940 J J
Collateral trust gold 55_1931 MN
1930 MN
-year secured 7s
10
1st refund 534s Series A 2003 *0
1st dz ref 5s Series B
2003 AO
let & ref 4)4s Series C_2003 AO
N 0 & M 1st gold 6s
1930 J
2d gold 68
1930 J J
Paducah & Mem Div 48_1946 PA
St Louis Div 2d gold 313_1980 MS
Mob & Montg let g 4348_1945 MS
South Ry Joint Monon 4s_1952 J J
Atl Knoxv & On Div 4s 1955 MN
Lousy Cin de Lea Div it 431532 MN
1934
J
Mahon Coal RR 1st 58
Manila RR (South Lines) 48_1939 MN
1959 MN
1st 48
Manitoba Colonization 5e...._1934 ID
ManGB&NW 1st 3;0_1941 J J
Mich Cent DM & Bay City 58231 MS
MS
Registered
1940 J J
Mich Air Line 4s
1951 MS
J L & S 1st gold 3Sis
1952 MN
let gold 3Sis
1929 *0
20-year debenture 48
1940 *0
Mid of N J 1st ext 58
Milw L S & West Imp g 5s_ _1929 FA
MO & Nor lot ext 4 Sis(blue)1934 JD
1934 JD
Cons ext 434s (brown)
1947 MS
5111 Spar & N W Ist gu 4s
Milw de State L 1st gu 3348_1941 J J
Week's
Range or
Last Sale
Ask Low
Bid
8712 Sale 87
87
- 82
9234
8512 89
8714
10134 -- 13178
10012 - - 10012
8114 Sale 8078
- -- 7934
4
983 Sale 9858
9714 Sale 07
96
14314
i559s38 Sale 9814
84% Sale 84
80
4
9512 Sale 933
103
1652 10-334 10314
4
8814 90 883
10914 Sale 10814
85
8512
110 10912
10012
-2
i0151
9412
941e
4
903 ___
4
903
8
927 ____ 9312
8618
4
883
9912
9912
97 Sale 9534
87
s-873
-1
8
995 103 1 995
8
100 10014 100
873 88% 8738
4
_ 10313
104
95
97
95
10014 10112 10112
108 Sale 107
108 10814 108
8
1065 Sale 10618
991e Sale 9914
10614 107 10614
104 105 10338
8
917 9212 9138
6614
6614 68
8
8
993 097 99%
873 8814 88
4
93
9938
9912
102
1013
4
8
6314
63 - - 625
6414 6612 6612
100
100
85
8
815
10078
102
10014
9058 06
8
955
8318 84
79
8518 8614 8512
98
0812 9778
9414 Sale 9414
10018 10112 10012
94',---- 9412
9412 95
4
943
9118 9112 91
8158
8212 87
Az 63
High No.
114
88
8712 117
Apr'26
_
Mar'26
8 12
1017
1
10012
8114 10
2
4
793
98% 57
9712 44
Dec'25
5
104
3
98%
27
85
Feb'26
9512 16
8
10314
Apr'26
7
883
16914 21
Apr'26
Feb'26
Feb'26 ____
Apr'26
2
4
003
Aug'25
_
Apr'26
11'
Apr'26
11
97
4
8712
Apr'26
1
190
6
88
Apr'26
9512 15
Apr'26
42
108
_
Apr'26
8 29
1065
9912 17
Mar'26
Mar'26
Feb'26
Apr'26
1
8
995
8812 13
2
9314
Apr'26
Mar'26
7
6314
Apr'26
Mar'26
Apr'26
Mar'26
_
Dee'26
2
8
953
Mar'26
7
8512
4
8
977
1
9414
Apr'26
Dee'25
Mar'26
Apr'26
Dee'25
1927 JD
Minn & St Louis tot 75
1934 SIN
let consol gold 5s
MN
Temp etre of deposit
1st dz refunding gold 48......1949 MS
Ref & ext 50-yr bs Ser A__1962 Q F
1927 JD
let gu.er e 75
M St p & s S 31 eon g 4s lot gu'38 T J
1938 J J
130 COIN to
1938 J J
1st cons 58 gu as to Int
1931 St S
-year coil trust 634s
40
1946 J J
1M & ref 85 Seri
1949 MS
25
-year 534s
1941 MN
let Chicago Terms f 4s
Mississippi Central lot 5o..1949 J J
Mo Kan & Tex-1st gold 48_1990 J10
Mo-K-T RR-Pr 1 58 Set A.1962 J J
1962 J J
-year 4s Series B
40
1932 J J
-year 65 Series C
10
Cum adjust 58 Set A Jan_1967 A 0
Mletiourl Pacific (reorg Co)
19t dr refunding 5s Set A 1965 F A
1st & refunding Os Ser D_ _1949 F A
let & refund 6s Set E int_1955 M N
1975 M S
General 48
1938 MN
Mo Pac 3d 73 extat 4%
102
60
56
56
50%
4
193 Sale
8
147
14
99 102
8
903 Sale
99313 Sale
9914 Sale
10312 Sale
10212 Sale
4
903 Sale
9212
9314 - 4
933
8712 Sale
10114 Sale
4
853 Sale
103 Sale
9314 Sale
103 Nov'25
60 Apr'26
57 Apr'26
19
8
20
16 Mar'26
02 Sept'25
90
4 68
903
99
9912 12
8
087
3
99 4 63
41
0312 104
4 103
013
22
9012
4
4
903
93 Mar'26
0338
5
93%
86
8712 17
00
10112 67
86
84
17
0212 103
91
4
933 523
0218
9778 Sale
106 Sale
106 Sale
4
703 Sale
9512
8
977 161
0478 10012 173
0518 10618 169
4 86
4
683 . 703
90 Apr'26
45
19 J J
Mob & Bir prior lien it 5s
1945 3 .1
Mortgage gold 48
Mobile & Ohio new gold 6s 1927 3D
91027 Q J
let extended gold 68
1938 MS
General gold 4s
Montgomery Div bIg 58_1947 FA
1927 3D
St Louis Division 58
1091 M S
Mob & Mar 1st gu gold 48
1937 J
Mont C 1st go g 6s
j
1937
let guar gold bs
Morris & Essex lot gu 3Ma_ _2000 Jo
Nashv Chatt & St L let 5e 1928 AO
1937 FA
NFla&S let gu g 5s
Nat Ry of Me:pr den 434s._1957 J J
July 1014 coupon on
Assent cash war rct No 3 on_
e - 43
1977 -k -year s f 45
Guar 70
Assent cash war ret No 3 on.
Nat RR Mex prior lien 430_1926 J J
J J
July 1014 coupon on
Assent cash war rdt No 3 on.
A
1951 ---45
mongol 4s
let
Assent cash war rct No 3 on.
4
993 ____ 09 Sept'25
8
815 Jan'26
102
101 10212 102
10614
101 10112 0614
9012 9112 9038 Feb'26
8
993 Apr'26
0614
9912
993 10012 9912
4
4
883 Apr'26
00
89
11018 11212 0938 Mar'26
0234 Apr'26
1023 4
7958 Apr'26
8
777 79
10118
101 10114 01
4
1013 ---- 013 Feb'26
4
39 Sept'24
---19 Apr'25
1712
1712 Sale 17
8712 June'24
211403120- 2114 2114
3812 July'24
24 Sept'25
30
31
30
28 Apr'25
1614 1412 Apr'26
15
1945 3.3
New England cons be
1945 J J
Consol 48
1986 FA
June RR guar let 4s
NJ
N 0& N E let refddmp 4345 A '52 J J
1953 3.3
New Orleans Term 1st 4s
NO Texas de Max n-c Inc 5a_1935 AO
1954 *0
let be Series B
1954 *0
lit 5345 &Ilea A
N & C Bdge gen guar 434s...1945 J J
NYB&MBIsteongbe 1935 AO
N
N Y Cent RR cony deb 6s 1935
MN
Registered
Consol 4s Series A
1998 PA
Ref & impt 4SO"A"
2013 AO
2013 AO
Ref & Root ba Berke C
AO
Registered
__
8318
84% 853
4
4
963 - - _ 86
86%
10012 10078
4
1003 Sale
8
1053 Sale
4
963 - - -4
1003 101
10812 Sale
-4
883 00
9718 Sale
10514 Sale
Due Jan. h Due July. o Due Oat
9514
8412
8412
9618
8
865
10012
100%
10518
4
063
4
993
8
1045
10612
8814
4
053
10438
10318
'Option sale.
2
1
3
7
18
2
5
Mar'26
Apr'26
Mar'26
9612 12
3
86%
4
1003 159
4
1003 124
10512 05
Apr'26
4
003
10812 91
Jan'26
7
4
883
9718 20
105% 80
Apr'26
Range
Since
Jan. 1
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 23.
-t•
z,„
Price
Friday,
April 23.
Bid
High
Ask Low
Low
88
N Y Central & Hudson Myer
85
8
Mortgage 334s
1997 j J 805 Sale 8014
8712
86
4
783
Registered
1097 3 .1
8
893
82
4
853 8714
Debenture gold 4a
8
1934 M N 96 Sale 955
9418
10012 102
Registered
M N
30-year debenture 4s
8
1942 j j 933 ____ 937
8
983 101
93
7858 8112
Registered
80
Lake Shore coil gold 3348_1998 V 77
ei 7812 Sale 7712
7618 78 7812
Registered
8
983 90
1998 F A
9614 973
Mich Cent colt gold 334s..1998 F A 81 Sale 80
4
80 Sale 78
Registered
1099 F A
4
-4
943
4
102- 10 -- N Y Chic & St L 1st g 48
19371A 0 943 95
Registered
9512 98%
1937 A 0 924 ___ 9218
4
-year debenture 4s
25
1931 m N 953 9612 957
8
825 85
4
803
80
2d tis Series A B C
1931 m N 10314 Sale 103
4
Refunding 5349 Series A_1974 A 0 1043 Sale 1023
4
9512
92
10044 1033
Refunding 534s Set 13
8
1975 j J 1033 Sale 10212
N Y Connect lst gu 43 A 1953,F A
94
10212 104
-is
95
let elute' 5s Series B
904%
0:
91,
1953 F A 10317 2 Sale 10
05
8852 9 8
92 8912
10512 10914 NY & Erie let ext gold 48_1947 m N 90
3d ext gold 4348
94
8452 87%
1933 M s 97
4th ext gold bs
1005
8
1930 A 0
109 10912
5th ext gold 45
1928 j D 9814
8
6
93
9 4
10018 10012
9412 95
N Y & Greenw L gu g bs
1948 m N 96%
79(4
NY & Harlem gold 3Sis
2000 MN 80
8
905 91
;
-3
14; -86-1
8
073 99%
97
94
85 8712
8
995 10014
8
997 101
8
865 8914
10212 104
%
9314 95
101 104
165t4 108
10612 11014
10412 10814
9912
96
8
1047 107
103% 103%
8
913 91%
6512 8612
9878 99%
8518 8312
9(114 9314
%
9914 99
101% 101%
6012 84
%
6212 66
4
100 1003
85 85
8
8
1007 1007
92 i 4 8
---5 - -58
803
79
85)2
83
4
073 9814
9012 95
4
10018 1003
0312 9824
89 91
60
57
20
15
64
4
633
23
1614
N Y Lack & W lst dr ref 5s 19731 MN
1st & ref 434s
1973 m N
N Y L E & W let 7s ext
1930 M S
31 Y de Jersey 1st 58
1932 F A
N Y & Long Branch gen 24s_1941 31 S
N Y N H & Hart 13-e deb 48-1947 M S
Registered
M 5
Non-cony debenture 33.0_1947 al 8
Non-conv debenture 330-1954 A 0
Non-doily debenture 4s___1955 J .1
Non-conv debenture 4s___1956 m N
Cony debenture 33-4s
1956 J J
1948 J j
Cony debenture 68
Registered
J J
1940 A 0
Collateral trivet 68
1957 m N
Debenture 4s
Harlem P.& Pt Ches 1st 481954 m N
N Y & Northern let g Is ..,1927 A 0
N Y 0& W ref 1M it 4s_June 1992 M S
1955 .1 D
General 40
NY Providence &Boston 4.81042 A 0
N Y & Putnam 1st eon gu 48_1993 A 0
1927 M 5
N Y & R B let gold 5s
.1937 .1 j
N Y Susq & West let ref 08.
2d gold 434s
1937 F A
General gold ba
1940 F A
1943 m N
Terminal let gold 55
NY W'ches &B let Ser I 4;48 '413,j j
I
Nord Ry extle I 634s
1960A 0
Norfolk South 1st & ref A 58.1961,F A
Norfolk de South let gold 58.1941 M N
1931 M N
Norf & West gen gold 8s
1934 F A
Improvement & ext 6s
New River it gold
1932 A 0
N & W Ry let cons 24s_1996 A 0
Registered
1998 A 0
DWI lot lien & gen it 4s_1944 3 j
-year cony 6s
10
1929,M S
Focal C & C joint 48_194113 D
1974 m s
Nor Cent gen de ref 58 A
North Ohio let guar g bs
1945;A 0
19971Q J
Nor Pacific Prior lien 4s
19971Q .1
Registered
General lien gold Is _ _520471Q F
RegIstered
a2047 Q F
Ref & Inapt 434e ear A____2047 J J
J J
Registered
Ref &'mot 6s ser B
29.473 J
j .1
Registered
2047J .1
Ref & kept ba ser C
Ref & inapt 5s ser D
2047 3 .1
Nor Pac Term Co 1st it 6s 1933 1 J
1938 A 0
No of Cal guar g 55
1930 J .1
North Wisconsin let 6s
8 9
857 -- 4
034
8
975 993
4
4
973 903
10234 104
8
4003 1035s
8
8912 927
93
93
4
93 933
8
845 8712
9614 101(2
8011 86
1948 J J
02 & L Cham lst gu 4/3 g
10212 10414 Ohba River RR let it bs
1936 J D
3
1937 A 0
9012 95 4
General gold be
1927 3 .1
Ore & Cr I 1st guar it 58
8914 97% Ore RR & Nav con 2 413
1946J
1013 10012 Ore Short Line-let eons e 54-'46 J
4
4
1013 10018
1946
J
Guar eons 58
4
703
65
1929 3 D
Guar refund 48
ss 90 Oregon-Wash 1st & ref 4s_1981 .1 J
1948 J D
Pacific Coast Co let g 5s
1938 F A
ext g 4.8
Idi; 115- Pad RR of Mo lot 53
8 211 extended gold
1938 .1 J
101% 103
% Paducah & us lst s f 434s..1955 J .1
10078 10014 Paris-Lyons-Med ItR 6s
1958 F A
00%
90
1958 M S
S f external 78
9914 101
1954 M S
Paris-Orleans RR 5 f 7s
9912 10012 PaulL9ta Sty 70
4
883 Pennsylvania RIt-cons it 45 1943 M N
87
1048 M N
10914 11:14
Consol gold 45
4
10114 1023
4s eterl stud dol__May 1 1948 MN
8
8
785 815
1000F A
Consol 4 Sis
1965 J D
General 434s Set A
100% 101%
4
1958 SD
General be Set B
4
1013 1013
1930 A0
-year secured 7s
10
-year secured 034s__1936 FA
15
1912
FA
Registered
15
40
-year gold be
1984 M N
1812 22
Pa C0--Gu 334s coil tr A reg 1937 M S
Guar 33.40 coil trust Ser B_1941 FA
Guar 334s trust MN C__1942 J
Guar 3)40 trust etfe D
1944 JO
3-1
1 2
Guar 15-25-year gold 48_1931 *0
113 4
1952 MN
13 ---3Guar 4s Sm. E
9514 95%
8412
81
8412 84%
4
923 9612
87
84
4
9614 1003
4
96 1003
10218 10512
9413 963
4
09% 1003
4
104% 108%
10612 106%
85% 88%
9214 9718
10118 10558
10318 10318
1940 AG
Peoria & East let eons 4a
1990 Apr.
Income 45
1974 A0
Peo & Pekin Un 1st 53.is
Pere Marquette let Set A 58.1956 J J
1958 3 .1
let 41 Set B
3
1943 1.1 N
Phlia Balt de W let g 4s
1974 PA
Gen bs Series B
Philippine Ry let 30
-yes 340 1937 3 .1
D
1932
Pine Creek regstd 65
1941) AO
PC C & St Lgu 43isA
1942 *0
Series 13 43.4s guar
1942 M N
Series C 4358 guar
1945 31 N
Series D 40 guar
Series E 334s guar gold1949 FA
1953 Jo
Series F 46 guar gold
1957 51 N
Series G 413 guar
97
102
105%
101
0014
7418
Rang.
Since
.780. 1
Week's
Range or
Last Sale
High No. Low
High
7612 8112
4 55
803
7614 7834
Apr'26
9414 96
38
96
0414 9412
Jan'26
94
93
Apr'26
Feb'28
8
.7- 7 ;
7812 10
75 2 ---1
76%
76
Apr'26
81
77
12
81
80
77
7
80
4
923 95
14
95
9214
92
Mar'26
9312 973
4
2
957
4
10314 39 1023 105
9312 10414
10414 260
9814 104
310
104
9418
92
9418 40
10114 26 10018 10112
8911 8912
Feb'26
Nov'25 ....„
- 8 -166( 10 .57;
6
Mar'26
8
98% 9 %
Mar'
9712
94
18
7914 7914
Apr'26
____
___
____
____
____
____
80 July'24
vc 1003*
4
8
1003 Apr'26
107 Dec'25
1604 1-61-1
10114 Apr'26
;
90 90
90 Mar'26
7012 Jan'26
7012 7014
60 June'25
6211 681*
6512 10 2 6618 Feb'26
4
614 6414
4
6414
64)4 Sale 63 a
71
68
26
71 Sale 70
71
67% 71%
8
717 Sale 71
8 17
717
64
61
6312 Safe 63
6312 20
97% 997
4
9938 Sale 99
9912 53
97
96
2
0612
9612
9611 9912
99 Sale 9814
09% 42
6254
58
60% 36
8
607 Sale 60
4
843 88
3
88
881 , 88
100 10014
10014 106- 10014 Apr'26
4- 3
4
4
673 7114,
8
707 Sale 70
71 14 89
6212 8512
14
8
643 Sale 643
65
4
85%
8612 Feb.26
8(114
8
857 92 86% Mar'26
2 100 10034
10018
10018 100% 1001,8
8
773 85
24
84 Sale 84
85
7012
8
655 72 68 Mar'26 ___ I 84
7414
63
68
70
4
743 9758
t' 973 99
8
97%
9712
97%
8
898 76
75 Sale 7314
7512 276
1
7714 8214
4 78
793
4
703 Sale 773
4
773 83%
4
853 339
8
857 Sale 83
9912
98
10614 1063
4
1
_ 90 2 Apr 6
106 2:- 10913 A pr:228
8
__ 1083 Apr'26
110
107 1- 7 3
67
107 ____ 10712 Mar'26
9014 9314
9
924
9214 Sale 9214
0212
89
4
9074 913
2
1
1 11' 92 2
-511E8 I21- 923'4 A pr' 16
26 138 15614
145
145 Sale 140
4
923
71 91
023 Sale 923
4
4
923
10038 103%
10334 ___ 0312 Apr'26
06
88
06 Sale 93
96
8618 90
48
4
893 Sale 885s
89% - 6
86 87%
_
6412 Apr'26
4
613 65%
6512 165
65 Sale 6418
60 63%
6312 Sale 6214
6312 14
8
933
87
2
9338
Sale 93
9312
12% Apr'26
- 4 - 34
1133 Sale 112
4
1133 218 1081- 1173.
4
11014 11014
0114 Apr'26
984 10214
10214 Sale 10138 10212 26
9814 10214
10214 1023 10112
4
10214 29
4
1093A 1093
10934 ____,1093 Apr'26
4
1014 10514
10310 ____10514
10514
4
10214 1021
8
____ 1025 Jan'26
103
7612 Sale 755
77
8
101% ___10158 Apr'26
4
101 1013 100 Dec'25
8
1005 Sale ,1003o
1003
s
9112
4
913 __I 9118
107
s
1067 10712 107
8
1067 Sale 10618 107
98
4
9712 Sale 973
8
867 Sale 86
87
8
017 92
9128 Apr'26
02% ____ 11214 Apr'26
10012 101 16034 Mar'26
8
065 ____ 0614 Mar'26
7714 Sale 75
7712
85 Sale 82
86
844 Sale 8214
85
8
1013 Sale 101
8
1013
9312 ____ 9414 Mar'25
8
943 Sale 94
9458
94% 05
94
94
10112 ---- 10114
8
1013
99 Sale 98
99
10614 Sale 1057
8
1065
8
10712 Sale 10712 1077
8
11318 Sale 1127s
11314
10912 Jan'26
8
1023 Sale 1015s 1023
8
8612 ____ 8612 Oct'25
8312 85
83 Mar'26
8312 ___ 82 Dec.'25
833 8312 Apr'26
83
4
4
063 967 9012
8
4
963
874 8814 8812 Mar'26
85 Sale
36% Sale
10214 Sale
10312 Sale
8714 ---_
108%
43
433
4
o
1057 - - - 8
973 Sale
8
973 ___
97% ____
9312
9318
9312
9312
84
36
101
103
8718
9312
10812
4
423
10512
8
975
97%
97%
82
9214
92%
9358
20
_
9
26
23
148
176
103
179
32
13
6
1
7
328
56
23
172
164
77
73
10012 102
4
- 1-.1011
11:1(1 4 ---8914 9114
4
1044 107
10514 107
9674 OS
8334 87
91% 96
0112 937
4
4
100 1003
9614 9614
7312 7812
8714
82
87
82
10014 102
9412
94
9112 904
9114 95
9874 1014
9414 99
10258 106%
4
107 1083
11134 11314
98½ 10228
83
93¼
Kit; 7314
3
4
9614 967
8614 88
85
17
3612 41
10
10214
103% 136
8714
2
Mar'26
1
10812
423
4
Mar'26
9758
Apr'26
Apr'26
Mar'26
Feb'26
Feb'26
Apr'26
7914 8714
4111
35
10014 10214
8
10118 1037
85% 8714
9312 9314
10814 1081z
4012 4412
1.-.
9638
96%
8
973
82
9214
92%
93
-573
17
4
973
974
82
92%
93
935s
New York Bond Record—Continued—Page 4
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 23.
Price
Friday,
April 23.
t
Bid
MUM Chic dr St L(Conanded)
Series H 4s
1960 FA
Series I cons guar 4140_1963 PA
1964 MN
Series J 41413
General M 5s Series A
1970 3D
Gen mtge 5e Series B
1975 AO
Pitts & L Erie 2d g 68
81928 AO
PRte McK & Y 1st gu 8s___1932 Si
Pitts Sh & L E 1st g 50
1940 AO
let cense! gold 5s
1943 J J
Pitts VA & Char 1st 45
1943 MN
Pitts Y & Ash 1st cons 5s
1927 MN
1st gen 4s series A
1948 JD
1st gen 65 series B
1962 FA
Providence Secur deb 413
1957 MN
Providence Term 151 4s
1956 MS
Week's
Range or
Last Sale
Ask Low
884 Sale 88
8812
10212
10234 Apr'26
10718
110
Jan'26
102
10134 Dec'25
894 9338 8918 Apr'26
8014 81% 8112
8112
81 Sale 80
81
81 Sale 7812
8112
7212 Sale 71
73
96 Sale 035
8
963
8
92 Sale 92
92
9612 Sale 95
9612
0618 100 100 Apr'26
10114 1013 10134 Apr'26
4
103% 10418 10338 Apr'26
I0811
1i 10834 Apr'26
8
s8 ' 16
8712
8812
85 Scotia
974 Sale 9712
98
101 10212 1005
8 1003
4
1005 101 101
8
101
893 Sale 89
4
893
4
853
8
853
8
10413
103 8 Apr'26
,
9418
9414 Jan'26
0234 Sale 92,
8
927
8
10
39
954 9714
11
7
1
16- 913
4
944 8713
993, lows
5
101% 10212
9512 09,
2
8
14
26
145
1455
138
138
67
306
659
4
28
79
13
159
867
7418
89
75%
87
7818
973
4
91'2
82
94%
77
90
82
97%
914 9612
10014 101
95% 9714
100 10012
8
775 84
80 80
93 99%
102 103
9914 10318
9212 97
'2
845 9012
8
101 10512
10018 101,
4
10212 103%
,
944 94 2
84% 833
4
75
804
91% 95
8912 9614
86
963
4
87 19
904 91
go
97
2
1
63
6
121
259
164
493
8
66
37
172
2
42
3
•
137
72
72
1
4378
4434
3
94
112
95
933 Apr'26
4
99%
993
4 36
90
138
8912
08
10913 50
0212 1023
4 19
Duo Jan a Duo May e Due Juno, 5 Due July. k Due Aug.
.
10314
- 4 10018
993
9112
91
10213 10'24
64
64
83% 8318
22
26
49
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 23.
g.2
4c‘
High
9514 9614
8
963
96
100 1023
4
9912 1023
4
101
Southern—lit cons g 5.s
4
19941J J 1063 Sale 10558
13634 90
Registered
_ 103 Mar'26
'J D
Develop & gen 4s Her A__1956 A
85 Sale 8412
8512 152
Develop & gen 68
1956 A 0 11118 Sale 11018
11118 84
Develop & gen 634a
4
1956 A 0 1163 Sale 11512 117
95
Mem Div 1st g 4346-58_1996 J J 105 _
,
1054 10518
2
St Louts Div 1st g 4s
1951J J 884 89
86 Apr'26
East'lean reorg lieu g 50_1938 PA S 10014 10212 100 Mar'26
Mob & Ohio roll tr 4s
913 Sale 913
8
1938 M S
8
902
Spokane Internal 1st g 66_1955 J J 8214 83% 833 Apr'26 31
4
Superior Short line 1st 5s_e1930 M S • 9912 10012 9912 Apr'26
Term Assn of St L let g 4}ig_1939 A 0 9713 ____ 973 Apr'26
4
let con.s gold 6a
_ _ _ 10214 Mar'26
18441? A 102
Gen refund a l g 421
2
1953 J J 873 Sale 8614
873
8 67
Tex & N 0 con gold 68
1943J J 100 1013 102 Apr'26
4
Texas & Pac 1st gold 5s,..2000.3 D 1043 1043 10418 104,
8
4
1
8
La Div 13 L 1st g 55
1931 J J 10018 Sale 10018 10014 26
Tex Pac-Mo Pac Ter 5146_1984 121 S 1023 10312 10234
4
10313 21
Tol & Ohio Cent let gu 5s 1935 J J 101%
8
1014 •1015
1
Western Div 1st g 5a
8
1935 A 0 1005
1007 Mar'26
8
General gold fta
4
1935 .1 D 993 100
9918 Apr'26
Toledo Peoria Sr West 45
1917 J J -- -- 3314 375 Jan'26
8
Tol St L& W 50-yr g 4s_1950 A 0 89 Sale 8812
89
11
Tol W V & 0 gu 41421 A
1931 J J
93 Mar'26
Series 13 43.413
1033 J .1 9312
96% Dec'25
1942 M S 91
Series C 45
00 Nov'25
Tor Slam & Buff 18t g 4s
1946 J I) 8814 Sale 8814
8814
2
1928 in 70
7413
Ulster & Del let come 5a
1952 AO 71
73
let refunding g 48
8
Onion Pacific 1st g 411
1947 J J 943 Sale
Registered
J J 914 8
1927 Si 993 Sale
-year cony 4a
20
90 Sale
e2008
1st & refunding 48
e2008 M S 109 Sale
1st lien & ref Oa
4
10
-year perm secured 13E2_1928 3 J 1023 Sale
Range
Striae
Jan, 1
High No, Low
9418
933 Sept'25
4
0614 974 964 Mar'26
967 9718 9638 Mar'26
8
10234 Sale 10134 1023
4
1023 Sale 102
4
1023
4
101 101 Dec'25
106
106 Aug'25
10138
102 Apr'26
10014
10018 Oct'25
02
9114 May'25
994
100 Apr'26
9112 Mar'26
10901%
1027 Jan'26
8
63 64 Mar'26
8414
853 Apr'26
8
Reading Co gen gold 4s
1997
'S 9718 ---- 96 Mar'26
Registered
4478 May'2
J J
Jersey Central coil g 4s___1951 AO 90
91
903
4
9114
Gen & ref 4s Ser A
1997 J J 9714 Sale 9678
9712
Mehra & Danv deb 6s stpd 1927 AO 10018 _--- 10018 10018
Rich & Meek 1st g 40
80
75 Dec'25
1948 MN 76
Riches Term Ry 1st gu 50_1952 J J 10212 103 10134 Apr'26
9912
Rio Grande June 1st gu 55_1939 SD 9918 Sale 9912
4
Rio Grande Sou 1st gold 4s 1940 J J
7
6 may: 5
512 Dec226
Guaranteed (Jan 1922 coup on)
J
Rio Grande West 1st gold 4s_1939 J J 9112 --- 01
9112
Mtge & coil trust 4s A
1949 AO 82 Sale 80
82
RI Ark & Louts 1st 434a
8
1934 MS 945 Sale 9314
941
1st gu g 45
7713 783 77 Feb'26
Rut-Canada
1949
J
Rutland let con g 41441
1941 J J 8SI3 -- -- 90 Apr'26
Bt. Jos &. Grand 1st 1st g 4s 1947 J J 8112 Sale 81
82
St Lawr & Adir 1st g 55
1996 Ji 971 ---- 9778 Mar'26
.
--- 101 Sept'25
2d gold 63
1996 AO 102
Bt. L & Cairo guar g 45
1911 J J 9618 Sale 9618 Mar'26
St L Ir M & S gen con g 50_1931 AO 101 Sale 10012 101
97 Sale 9672
Unified & ref gold 48
974
1929 J
Registered
---- 93 Sept'25
J J
8Sale 9212
Riv & G Div 1st g 4a
35
1033
94
N
4
St L M Bridge Ter gu g 5s
1930 AO 993 10114 100 Apr'26
8
811.& San Fran (reorg co) 4a 1950 J J 835 Sale 81%
84
Registered
80 Apr'26
J J
Prior lien Ser 13 68
1950 J J 9912 Sale 98
995
8
Prior lien Ser C 55
1928 ii 1024 10214 10218
1023
4
Pr'or lien 5,348 Ser D
1949 .1 .1 102% Sale 10213 10278
adjust Ser A 88____721955 AO 97 Sale 953
8
Cum
9712
Income Series A 68
311980 Oct. 90 Sale 8713
9012
&Louis & San Fran Ity gen es '31 J J 10833 __ 10538 Mar'26
General gold 58
1931 J J 101 Sale 1004
131
St. I.Peo & N W Ingo 6s
1948 J J 1034 105 10338 Apr'26
St. Louis Sou let gig 4s
1931 M S
9418 Apr'26
St L S W let g 49 bond 008_1989 MN 8614 03
8534
853
4
2d g 4s income bond etre_ p1989 J J 80 Sale 7918
804
gold 4s
04 Sale 035
Comml
1932 in
95
1st terminal & unifying 68.1952 J J 9614 Sale 9334
0614
St. Paul & K C Sh L 18t 4)4s 1941 FA 003 Sale 897
4
8
903
4
St. Paul & Duluth 1st 66
1931 Q F 10138 -- 9914 Mar'24
1st C011801 gold 4s
,
1968 JD 881 ____ 89 Feb'26
9218 -- 91
St Paul E Gr Trunk 4348
1947
Jan'26
'3
St Paul Minn & Man con 45_1933 SD 90 8 97 2 97 Feb'26
,
,
Registered
9214 July'25
SD
lit consol g 40
1087 Apr'26
8
1933 JD 1087
Registered
107 Mar'26
J J
Os reduced to gold 4,18._1033 J J 9934 _--- 100 Apr'28
99
Registered
1933 3' 99 Sale 99
Mont ext 1st gold 45
1937
D 944 9512 9418
9418
Registered
9238 Mar'26
J D
Pacific ext guar 4s (sterling)'40 J J 893 ---- 895 Apr'26
4
St Paul Union Depot 65_1972 J J 10338 10412 10318 Apr'26
S A & A Page let 4411 g 46____1913 J J
Banta Fe Urea & Phen 521_1942 M S
Say Fla At Neat let g 6s____1934 A 0
1st g 5s
1934 A 0
Octet° V dr N E lat gu g 40 1989 M N
'Seaboard Air Line g 4s
1950 A 0
Gold 413 stamped
1950.A 0
Adjustment 5s
Oct 1949 F A
Refunding 4s
1959 A 0
151 & cons 6s Series A
1945 M S
Atl & T3irm 30-yr let g 48_411933 M S
Seaboard-All Fla 181 gu (is A.1935 F A
Seaboard & Roan 1st 5a
1926 J J
So Car & Ga let ext 5546
1929 PA N
8 & N Ala cons gu g 53
1936,F A
Gen cons guar 50-yr 08
1963 A 0
80 Pac Col 4s(Cent Pac col)k1949 J D
Registered
1J D
20-year cony 4s
June 1929 NI S
20
-year cony 5s
1934 .1 D
20
-year g 56
1944 M N
San Fran Terml let 4a
1950 A 0
Registered
'A 0
So Pac of Cal—Gu
1937 M
So Pao Coast 1st gugg58 — 1932 J N
4si
SO Pee RR 1st ref 48
1955 J J
re,
coro
10 7 151
-- - 1
fa
107 107
99% 100
9812 99
93 95 2
5
8
923 0212
8914 805
8
1017 10314
8
8812
84
4
10012 1023
110 110
i
CT N J RR & Can gen ts____1944 h
Utah & Nor gold 58
1926 J J
1st extended 40
1933
Vandalia cons c 45 Ser A
1955 FA
Consol 45 Series B
1957 M N
Vera Cruz & P lst gu 41513
1934 J .1
Assenting 1st 411s
1934
Virginia Mid 6s Series F
1931 j j
General 55
1936
N
Va & Southwin let gu 113_2003 J J
1st cons 50-year Es
1958 A0
Virginian let 5s Series A__1982 MN
Wabash 1st gold 55
1939 MN
2d gold be
1939 FA
Ref s f 514a ser A
1975 MS
Debenture B 6s reg1stered_1939 MS
1st lien 50-yr g term 4s
1954
'S
Bet & Chi ext 1st g 5a
1941 .1 .1
Des Moines Div 1st g 4a1939
'3
Om Div 1st g 334s
1941 A0
Tot & Ch Div g 4s
1941 M
Warren 1st ref gu g 3148
2000 FA
1948 QM
Wash Cent let gold 45
Wash Term let gu 3140
1945 FA
1st 40-year guar 4s
1945 FA
2311
Price
Friday,
April 23.
Week's
Range or
Last Sale
33.3
Range
Since
Jan. 1
Bid
Ask Low
Hie)
Hieli No, Ltw
6312
9213 Dec'25
- 7- 1606
618
9534 166- 10012 Mar'26
9512 9513
945
8
9513 Mar'26
88
88 4
,
89 4 ---- 8814 Mar'26
8738 Dec'25
3818
4
4
213 233 20 Sept'25
257 Jan'26
8
100 Dec'25
100
f- 161"
102
Apr'26
102
9913 100
1037 103 100 Mar'26
0 8
0
10
90% 93,
Sale 93
93
3
993 10314
4
103 Sale 1013
4
10314 62
10312 Sale 103
10312 22 10114 104
24
9812 101%
10231 Sale 10114
0 14
1
1013
4
10412 287
104 Sale 1024
9813 10412
933 Feb'26
4
8424
8416 8412 843 Mar'26
84
4
101 10214
10214 Mar'26
8414 85
85
Feb'26
85% 87
2
774 83
82
82
8218 83
89
87
83
8912 88% Apr'26
77
Oct'26
84 14
-kr 84
Apr'26
82 5
83
833 85
4
884
8312
8312
83
9038
0112
90% Apr'26
965 9858
8
71
67
100% 10213
83% 863
4
W Min WAN W 1st gu 58_1930 PA
West Maryland 1st g 45
1952 AO
West N Y & Pa let g 5a_1937 J J
Gen gold 48
1943 A0
Income g 58
Apr 1 1943 Nov
Western Pac 1st Scr A 58_1946 MS
1st gold 68 Series B
1946 MS
West Shore 1st 44 guar
2361 J J
.
2361 .1 .3
Registered
Wheeling & L E let g
A0
Wheeling Div bat gold 56_1928 J J
EXVIZI & impt gold 5223
1930 FA
Refunding 4345 Series A 1966 Ft S
RR 1st consol 4s
1949 M S
Wilk & East let gu g 5s
1942
D
Will & S F 1st gold 50
1938 JD
Winston-Salem 553 let 4s
1960 J J
Wis Cent 50-yr 1st gen 4s_ 1949 J J
Sup & Dul div & term 1st 4s'36 MN
Wor & Con East let 414s
1943
'S
8988
5
971
703 gnli; 6912
4
101 Sale 101
863 Sale 8612
4
45
10012 Sale 9913
1033 105 104
8
8614 Sale 857
8
8512 86
8518
994 10012 100
101
____ 1013
4
99% ____ 99
8612
8614 87
863 Sale 8812
4
69
6953 683
4
10212 10378 10212
8812 88
88
8414 Sale 8312
89% 9014 89%
7614
7618 79
Mar'26
160
71
101
864 20
Feb'26
10012 -iai
3
10612
8612 23
Apr'26
Apr'26
Mar'26
Apr'26 ....„
Apr'26
863
4 10
4
683
4
1
10212
2
88
6
8414
893
4 16
Mar'26
- 7- 10012
918
1003 10612
4
52 8613
83
83 854
997 100
8
10014 10213
98% 99
807 8 %
6 8
81
8712
6414 73l
10238 10212
85 4 8
,
8°4 8414
8612 89%
7614 764
INDUSTRIALS
Adams Express coll tr g 423..1948 MS
Ajax Rubber let I5-yr 5 f 85_1936 SD
Alaska Gold M deb (le A
1925 MS
Cony deb 68 Series 13
1026 MS
Alpine-Montan Steel 7s
1955 MS
Am Agile Chem 1st Es
1928 AO
lat ref a f 710 g
1941 FA
Amer Beet Sug cony deb 68_1935 FA
American Chain deb 5 f 68_1933 AO
Am Cot 011 debenture 5a
1931 MN
Am Dock dc 'nun gu 6s
1938 Si
Amer lee deb 7s__Ju2y 15 1939
AmMach&Fdyst6s
1939 AO
Am Republic Corp deb 88_ _1937 A0
Am Sm Alt 10t 30-yr Ets ger A1947 A0
1st NI 13s Series 13
1947 A0
Amer Sugar Ref 15-yr 65_ 1937 J J
Am Telco & Teleg cell tr 421_1929 Si
Convertible 48
1936 MS
1933 MS
20
-year cony 4345
1946 Jo
30-year colt tr Es
35-yr f deb .5s
1960 J J
20
-year f 5
1943 M N
Am Type Found deb 6s
1940 AO
Am Wat Wks & Elec 5s
1934 *0
Am Writ Paper a f 7-68
1939 .1 .1
Temp interchangeable etis dep_
8513 Sale 8512
10358 Sale 10312
418 5
414
44 6
914 Sale 91
103 103% 103
10412 Sale 10414
965 97
8
963
4
101 Sale 10014
963 Sale 96
4
1055 106% 1055
8
8
11018 125 125
101 10112 10112
100 Sale 9914
10012 Sale 100,
2
10713 1073 1073
8
4
104% Sale 1035
8
974 Sale 9734
9314
9312
10054
1005
8
10314 Sale 10212
1005 Sale 100 2
,
8
10512 Sale 10514
104 Sale 10412
9713 Sale 963
4
46 Sale 44
45 Sale 42
8512
103%
Feb'26
Feb'26
91(8
103
1043
4
963
4
101
963
4
Mar'26
Mar'26
10112
100
101
108
1044
98
Apr'26
101
10314
101
1063
4
10412
9712
47
45
85
86
10214 105
44 418
4
418
9012 9118
4
1023 10414
103% 105
9512 10111
98% 101
9313 9714
1055 1064
8
118 13412
10014 103
98 100
,
99 101 4
108 1083
4
1023 10474
4
9672 98
9312
92
9714 11)212
10018 1024
9738101
4
103 1063
10314 104%
95% 9712
42
56
414 54%
Ili 161
8
7814 82
7814 82
76
872
8
6914 74
91
963
3
8812 92
4
9214 903
100 1003
8
101% 10134
4
8
1033 1033
Anaconda Cop Min let 65_ _1953 F A
1933 F A
15
-year cony deb 75
Andes Cop hiln deb 7e50% p0'43
J
Anglo-Chilean Nitrate 70_1945 St N
A ntilla (Comp ..zue) 73,1s....1939 J J
Irk & Mere Bridge & Ter 58.196481 13
Armour & Co 1st real est 41031939 J D
Armour A Cool Del 534s_ 1943 .1 .1
Associated 0116% gold notes 1935 M S
Atlanta Gas L bet 58
1947 J D
10834 10838 Atlantic Fruit 75 ctfs dep 1934 J D
86
8812
Stamped etre of deposit
Atlantic Refg deb 55
'1937 .1 J
96% gm 1023 Baldw Loco Works bat 50..._1940 M N
4
993 1017 Baragua (Coup Az) 7 gs
4
8
1937
J
87
90
Barnsdall Corp deb 6s
1940 J D
85
85
% 13elding Hemingway Gs
1936 J J
10314 104
Bell Telephone of Pa 523
1948 J J
9414 9414
1St & ref fa Ser C
1960 A 0
90
927 Beth Steel 1st & ref Os guar A_'42 M N
8
30-yr p m & imp s f 5s_
1936 J J
4
104 1063
Cons 30-year 6s Series A 1948 F A
1013 103
4
Cons 30-year 514 Series 13 1953 F A
8114 8512 Bing & Bing deb 6348
1950 M S
8
10718 111, Booth Fisheries deb 5 f 6s
1926,A 0
112 117
Botany Cons Mills 614s
1934,A C
10124 10518 Brier Hill Steel 1st 534
_1421it D
43
9 J O
9
8914 Biway & 7th Av lat c g 55. _
86
99% 1012
Cita of dep stmod June '25 lot
8712 92
Brooklyn City RR 50
1941
81
833 Bklyn Edison Inc gen Os A._1949 J J
4
0012 99,
2
General 88 Series 11
05% 973 Bklyn-Man It Tr Sec 85.. 193 j j
4
968 J J
9
101 106
Bklyn Qu Co & Sub con gtd 5s'41 MN
8
8484 873
15158
98% 102
Brooklyn R Tr lat cony g 42 042 j j
901 J J
103 10412
3-yr 7% secured notee
_1921 J J
993 101
4
Ctis of deposit stamped _______ ---99% 10312 Bklyn Un El
1950 F A
bat g 4-53
10012 101%
Stamped guar 4-53
1050 F A
10012 10118 Bklyn Un Gas 1st cons g 5s_ _1945 M N
97% 100
Co lyen e ref 65Series A 1947 M N
lstn i dt
37%
34
1936
J
87% 89
Buff & SIIHQ Irons 155
1932.1 D
,
1
97% 98
Bush Termina. 1st 45
1952'A 0
Conseil 5s
19551.1 J
Bush Term Bldgs5s gu tax ex 1950 A 0
. 2 - 16
.
71 314
Cal G &E Corp unif rir ref 5e_1937 M N
80
72
Cal Petroleum e f g 6140
1933 A 0
4018 48
1942,A 0
Camaguey Sug lat af g 7s
9214 95
Canada SS Lines let colt f 7s '42 M N
913 933 Cent Dist Tel 1st 30-yr 5s-1943 J D
4
4
9914 100
F
J
Cent Foundry 1st s f
86
90
Cent Leather 1st lien6s93
f 86-119451
10613 20912
10212 1033
4
v Due Nov. 5 Option sato.
4
26
2
96
16
40
1
1
50
115
53
63
103
1
205
210
211
1
54
15
17
4
1033 222
1033 Sale 10314
4
10518 Sale 10472 111518 129
994 275
993 Sale 983
8
4
9812 Sale 974
954 75
87
8812 8714
87, .
4
3
98
14
973 Sa.e 97
4
924 103
9214 Sale 9112
951 193
2
944 Sale 931
1023 103 1027
4
8
103
41
99% Mar'26
99%
Jan'26 -263 _- 28
4
2314 394 2018 Jan'26 -101 Sale 10012 101 I 22
10114 10412
103 10782
964 102
9514 10018
8612 1214
,
9414 98
903 9914
8
9312 964
102 1031a
10314 104 104 .! Apr'26
104
104 Sale 103 1
9
993 Sale 9814
4
100 I 190
9712 Sale 9712
9812 13
1037
8 35
1027 Sale 1024
8
10312 Sale 10212 1037s 121
99% 28
9834 Sale 9812
96
Sale
182
21
0812 Sale 951'
93
97
99
98;
9318 326
Sale 9214
9213 9412 94
Apr'26
89
8512 80
802 17
913
4 26
9112 Sale , 90
42
103
1023
4
_ 102
72 Sale 1 7112
5
73
8
7012 74
73
73
9414 95
9312
9413 15
104 Sale 104
11)43
4 37
10418 105 105
Apr'26 -9614 Sale 9538
963 760
4
6353 Sale 6214
6214 350
753 70
7553 Apr'26 ---88
___ 92 June'25 ---13613 Nov'25 ---12314 May'25 -9
8
923
4
-9212 Sale , 923
1
9212
9212 Sale ' 9212
8 11
1037
103 Sale 103
1123 Sale 1124 1123
4
4
9
135
134
134 Sale 130
____. 92 Mar'26 —.91
9014 ____ 9014
9014
3
4
9412
94% ____i 9412
9814 Sale I 96%
9838 101
10214 105 4
3
103 1064
97 101
97 1007
a
1003 1037
8
8
100 1034
955 100%
8
93
963
4
954 993
4
8712 9314
0012 95
97
70
90
951
4
101 103
71
76%
7012 73
9314 95
4
103 1053
103% 10812
4
9214 963
61
64
774
72
18; - 1
.1 12 4
884 9212
1017 1034
2
110 112%
126 135
92
92
87% 9014
9412
90
952 100
4
10114 1013 1007
2
4
8
10114
1033 Sale 10312 1033
4
4
0812 987 983
8
4
983
4 25
104 Sale 104
104
5
1023 ____ 103
4
Apr'26 -94
9514 9512 Mar'26 -10014 Sale 10018
10013 57
10014 10114
10312 105
14
9012 99%
1011s 104
10134 1031
4
933 99%
4
100 101%
2018 2013
993 10114
4
2312
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 23.
New York Bond Record—Continued—Page 5
Price
Friday,
April 23.
Week's
Range or
Lasi Sale
Range
Since
Jan. 1
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 23.
t
O.
Price
Friday.
April 23.
Week's
Range or
Last Sale
Range
BIWA
Jan, 1
rcA
High
High No. Low
Ask Low
Bid
High
High Na, Low
Ask Low
Bid
7714 80
2
80
4
788 80
4
9 11514 118 Kluge County El 1st g 4s___1949 FA 7914 Sale 80
8 1173
Central Steel let g 51 88_ _ A941 MN 11712 Sale 1173
12 80
77
5
7914
7914
1949 F A
Stamped guar 413
10112 10214
10218 10218 Apr'26
Ch G L & Coke lat gu g 58-1937 J J 101%
5
98% 100 8
4
5
993
99%
Kings County Lighting 58_1954 J J 9912 100
7218 115
4
4
653 81
72 Sale 703
1927 FA
Chicago Rys lst 1w
106 110
1954 J J 10812 10912 10834 Apr'26
1st & ref 850
4
4
Chile Copper Is Ser A
1932 AO 1073 Sale 10613 1073 190 10512 10912
14 104 107
4
,
193 2 Kinney(GE)& Co7Si% notes'38 J D 1043 107 10412 105
8 30 102
1023
Cincln Gas & Elec let & ref 59'56 40 10214 Sale 10214
9614 9812
97
4 11
975
S 973898
10438 17 1024 1/34% Lackawanna Steel let 58 A_1950
1961 AO 10414 Sale 10414
550 Ser B due Jan 1
4
4
10112 10 1003 1013
8218 8218 Lac Gas L 01St L ref&ext 58_1934 A 0 10112 Sale 10114
8218 Feb'26
Clearfield Bit Coal 1st 4s
1940 J J
8
4
F y
1953 5 A 1033 Sale 10334 10412 32 1025 105
Series C
Coll & ref 5548
9314
3
91
4
923
98
Colo F & I Co gen e I 59_1943 FA 9212 Sale 9213
98
98
Jan'26
96
86% 14
8
834 86% Lehigh C & Nay s f 4349 A_1954
Col Indus let & coil 59 gm
._1934 FA 865 Sale 8512
2 10018 101
4
10012 13 100 10114 Lehigh Valley Coal 1st g 59_1933 ▪ J 10012 102 10012 1003
3
8
397 404
1927 J J 1003 Sale 10014
Columbia G di E 1st 55
4012 Feb'26
Lex Ave & P F let gu g 58_1993 51 S
10014 15 100 101
1927 J J 10014 Sale 10014
Stamped
8 12 118 12612
1207
Liggett & Myers Tobacco 78_1944 A0 121 Sale 120
Oct'26
10
Col & 9th Av 1st gu g 58_ __ _19c3 MS
122 122
Jan'25
122
A0 117
Registered
58
99% 103
1021z 27
9914 10018
1951 FA 10312 Sale 102
7
10018
997 __-- 9914
Columbus Gas let gold 5s__ _1932 .1' .1
Oct'25
FA 9814 --- 98
78
9
Registered
78
75
77%
Commercial Cable 1st g 45_2397 Q
- -1.
4 53 115 3 1164
1203
11812
1944 A o 12018
(P)75
99 1001i Lorillard Co
2
9934
9934 Sale 9934
1934 MN
Commercial Credit 5 f 69
1154 Oct'25
9912
A
Registered
9912 14
94
9914
____ 94
Col tr St 55i% notes_ _ 1935 J
98's 10114
5
A 191,
1951•° 01411Sale 10012 10114 52
37 1023 105
104
4
be
Sale 10314
Commonwealth Power es_ _1947 MN 10334
9614 Oct'25
F A
6 1045s 100
10518
Registered
8
10518 Sale 1047
Rici"
Computing-Tab-Rec s 1 65_1941
43
1e
3
9012 92
M 5 998
Louisville Gas di Electric 58_1952 5 34 89,2 Sale 99% 100
Conn Ry & L 1st & ref g 4545 1951 J J 8712 ____ 9012 Mar'26
8912 9412
7
894
891z
9212 Loulsv Ry let con 58
1930
1
4
4
903
90
903
9012 92
Stamped guar 43is
1951
30
82
80 86
Lower Austrian Hydro-Elec Co—
Cons Coal of Md let & ref 58_1950 JO 80 Sale 80
85 974
8518 15
1944 FA 85 Sale 85
ls:51654s
Consul Gas(NY)deb 530_1945 FA 106 Sale 10534 10612 229 10414 10612
04% Mar'26
4
10414 IL5
S
Cons'd Pr & Ltg 1st 6 Hs_ _1943
9914 103
10014 30
9914
1942 AO
Manati Sugar 730
2
754 15
73% 8
8
59% 667
& Bag Mills 650_1944 FA 75 Sale 75
Cont Pap
8
667 105
984 101 12 Manhat Ry(NY)CODS g 45_1990 AO 66 Sale 6412
10118 ____ 10112 10112 13
53 60
Consumers Gas of Chic gu ea 1936
34
60
62
5913
60
2013 J O
9712 10214
2d45
8 10214 96
4
N 1003 Sale 1003
Consumers Power 1st 5s__ _1952
4 102 1154
115
8
8
1942 MN 1147 115 1147
4
99 1003 Manila Electric 75
6
100
89% 94
Copenhagen Telep ext 69_1950 40 100 Sale 9914
2
4
913
9112
91%
Manila Elec Ry & Lt f fa_ _1953 M
____ 9058 July'24
1931 MN 99
Corn Prod Rein sf g 58
97% 9911
9858 26
.J940 Q J 9712 Sale 9718
Apr'26
166.11 Rif% Market St Ry 75 Series A.
s
MN 1013 10212 101
let 25-year s I 58
1934
8
4 104 10
10712
21
84
4
8214 854 Metz Ed let & ref g es Ser B.1952 FA 10712 Sale 107
833 Sale 8312
964 10012
Crown Cork & Seal 18t 81 65_1943 P A
10012 31
1953'.2 10012 Sale 10014
1st & ref 58 Series C
4
9714 448
924 9714
Cuba Co cony 5165
1935'.2 97 Sale 933
4 10213 10412
1953 J D 10412 Sale 10412 1043
93
96
Metropolitan Power es
9412 14
9312 9412 93
Cuba Cane Sugar cony 78.. _1930'.2
7113 7414
7234 63
4
4
Met West Side El (Chic) 49_1938 F A 723 Sale 723
4
983 100
9812 100
Cony deben stamped 8%_1930 J J 9814 Sale 98
s
m s 10312 Sale 1027
1037s 75 10114 10414
63
,
Cuban Am Sugar 1st coil 88.1931 MS 10812 Sale 10612 10814 223 1061z 10913 5.414-Cont Pete 1st 0e 155 1940 MS 96 Sale 945
4
96
923 96
582
8
9114 99, 'Midvale Steel dr 0 cony
1936
4
9914 51
9914 Sale 96
Cuban Dom lug 1st 750_ _1944 MN
9
97 9
9
9812
Milw Elec Ry& Ltref&ext4i5'31 ▪ j 9818 98% 9814
4 1017
s 33 10014 102
4
9838 100
Cumb T & T let & gen 68_1937 J J 1013 102 1013
8
99%
1951 J D 9913 Sale 99
General & ref 55 A
4
4
933 9512
go% 97
let 68 int ctfs '40 AO 933 9412 94 Apr'26
Cuyamel Fruit
95% 88
9528 Sale 95%
1961
Ist&rel5sB
4
10414 21 1003 10414
let dr ref g es Serial C___ _1953 MS 10414 Sale 104
9218 Aug'26
$
99 995
Deny City Tramw let con 513 1933 AO
1
9928
394 Ii4 Milwaukee Gas Lt 1st 49_1927 MN 99% Sale 99%
4
-- 9534 Apr'26
999 102
8
Den Gas& E L let & ref sfg 5551 MN 953
72
102
8
3
1943 5, 101 Sale 1007
95%
96
9512
Montana Power let es A
93%
MN 9513 _--4
9618 975
Stamped
9712 13
8
973 9712 97
6
85
8514
85
Montreal Tram 1st & ref 59_1941 J ,
84
85 91
9212 93
_
DerY CorP(D G) lst s f 78_ _1942 MS 10112 1023 10134 102
4
8
8
10 101 1023
8
Gen dr ref I 53 Ser A_ _ _1955 AO 923 932 93 Feb'28
Detroit Edison let coll tr 55_1933• J
7
84 83
8
873
4 14 113058 1025 Morris & Co lets f 450_ _ _1939 J J 874 Sale 87
4
1023
1st dr ref 55 Series A_July 1940 MS 10238 Sale 10214
80
_
SO
80 Mar'26
81
4
4 19 100 1023 Mortgage-Bond Co 46 Ser 2_1966 A0 80
4 1023
4
go% 98
1949 AO 1013 Sale 1013
Gen & ref 59 Series A
9812 Apr'26
4 10812 21 106 10312
1932 J J 9812 97
10-25-year 58 Series 3
10813 Sale 1073
83% 9313
lst & ref es Series B__July 1940 M
87% 20
J O 88 Sale 84
8 27 1004 101% Murray Body 1st 650
1934
8
98% 1024
1955 J D 1015 Sale 101% 1027
Gen & ret 56 ser B
5
____ 10158 10214
go
97
Apr'26
91
1947 MN 102
Mu Fuel Gas let gu g 58
Oat United let cons g 4yie.._1932• J 91% 93
8
4
1015 1021
10138 Feb'26
9512 184
5
93
975 Mut Un gtd bonds ext 4%..1941 MN
95 Sale 9412
N
1941
Dodge Bros deb 68
1
7513
754 Sale 754
72 83
1942 MN
Dold (Jacob) Pack 1st es
91
64
4
4
583 64
6
51
51 Sale 50
50 624 Nassau Elec guar gold 48_ __1951 J J 62 Sate 62
Dominion Iron di Steel 59_1939• J
15
99
98 1004
8
7
1931 J D 99 Sale 98
95
929 9712 National Acme 750
1942 J J 94 Sale 94
Donner Steel let ref 75
9512 98%
146
98
9758 Sale 96
1
9914 10938 Nat Dairy Prod 6% notes_ _1940 M N
D 10913 Sale 10912 10913
du Pont(ES) Powder 438_1936
1004 103
10614 60 105% 107
4
106 Sale 1053
Net Enam & Stampg 1st 58.1929i D 101 10112 0118 Apr'26
Duquesne Lt let & coil 69_ _1949 1 J
0953 101
01 Mar'26
9914 101
27 105 1063 Nat Starch 20
106
2
-year deb 58_ _1930 J
J 106 Sale 10514
1st coil trust 5545 Series B-1949
6 101% 1034
4 103
8
1952 M N 1027 10312 023
National Tube let 59
No% 1027
s
8
027 Apr'26
8 52 1043 10853 Newark Consol Gas 58
1057
1948.2 D 10218
4
1053 Sale 10538
8
3
East Cuba lug 15-yr at g 7;45'37 MS
10311 67 1009 10312
93 99% New England Tel & Tel 55_1952 J D 10212 Sale 03
9518 95% 9438 Apr'26
Ed El III Bkn 1st con g 413_ _1939 J J
6 100 8 102%
4
7
_ 103 105
105 Mar'26
N Y Air Brake 1st cony 65_1928 M N 10114 10113 0112 1013
ii 10518
Ed Elec III let cons g 58
1995
4
3
9514 86
90 4 95,
8
8812 le
857 893 New On Pub fiery 1st Ss A 1952 A 0 95 Sale 9313
4
8812 Sale 8712
Elec Pow Corp(Germany)6555'50 M
9014 95
130
95
5
9912
9912
1955 J D 95 Sale 9312
99 100
let & ref 58 ser B
Elk Horn Coal 1st & ref 6555.1931 J O
8512 10
4
8112 85
_
-year lat g 48_1951 F A 8513 Sale 85
- N Y Dock 50
_ _ _ _1931 S D
Deb 7% notes__
115
11638 Sale 18
s 6;1;- 10134 10118 74 10134 104- N Y Edison 1st & ref650 A_1941 A 0 103,8 Sale 0318 117 48 102 117
104
Empire Gas de Fuel 7549_ _1939 MN jai' Sale 97%
49
104
9712
97% 22
1944 A 0
97% 98
1st lien & ret 58 B
1st dr ref 6lis(with warets)'41 40
105
6
1
8
8
1003
1003 1003
5
99% 1003 N Y Gas El Lt & Pow g 513._1948 J D 10413 Sale 0412 10438 21 104
89% 914
Eqult Gas Light 15t con 544_1932 MS 95 Sale 9412
9118
8
90% Sale 903
48
95
1949 F A
9212 97%
Purchase money g 48
1942 MS
Federal Light & Tr 1st 58
0012 Apr'26
10314 25 100 1043 N Y L Edi West C &RR 548 1942 MN 1004
3
10314 Sale 102
1942 M
1st lien es stamped
0216 Apr'28
1011* l02'
943
9334
4 10
93
98
NYLE&WDock&Imp 59_1943 J J 10112 10212 017 Apr'26
1954 JO 9312 94
-year deb es Ser B
30
8
lows 10324
93 Apr'28
93
97
91
92
N Y Q El L di P lst g 58_ —1930 F A
1939
5
Federated Metals s I 75
55
52 60
55
10 113% 11613 N Y Rye let RE & ref 48_ _1942 J J
115
115 116 115
1941 MS
_
Fisk Rubber 1st sf8a
55 Apr'26
46
60
25
81
8012 Sale 80
7514 88
Certificates of deposit
514 1014
1936 M
Ft Smith Lt & Tr 1st g 5s
5
812
812
11
91
88
93
91 Sale 8912
-year adj Inc 59_ _ _Jan 1942 A 0
30
318 1014
Frameric Ind di Doe 20-yr 7349'42
5 Apr'26
,
25 104 1074
105
of deposit..........
10412 10514 105
Certificates
3612 4232
Francisco Sugar 1st sf 754s. 1942 MN
612
3
32
22
8112 125
4
Sale 783
79% 8112 NY Rye Corp Inc es__ __Jan 1965
3
8634 261
82 86 4
84
French Nat Mall SS Lines 791949 JO 81
1965 J J
Prior lien 6s Series A
1 1005 102%
4
4 102
53564685 2 -- Mar'26
M N 101338'4 5Saal 0911e:1 1013
1007
1951
1003 100% NY di Rich Gas 1st 6s
8
_102
59%
551, Sale 5514
5812 17
54
Gas& El of Berg Co cons g 581949 JD 1054 Sale 105
4 10418 106% NY State Rys let cons 4549_1962 M N
10514
2
1939 AO
8
4
782
4
703 82
8
Gen Asphalt cony es
707 734 703
7
894
1962 M N
87
8918
90
87
88
1st con 650 series B
7 10118 104
104
1942 FA
103
Gen Electric deb g 3345
9838 47
9812
8
95
977 Sale 97%
Y Steam 1st 25-yr es Ser A 1947 M N 104 Sale 984
3
9918 48
99,
97
Sale
Gen Elec(Germany)7s Jan 15-'45 ii 102 1023 102
984
Apr'26
4
10012 10223 N Y Telep let & gen 9 f 4;0.1939 SIN
FA
16 10978 111
111
111 Sale 11014
Gen Refr 1st ste es Ser A_1952
67 104 107
106 Sale 10534 107
-year deben sf6s_ _Feb 1949 F A 109 Sale 10873 109
30
61 107% 10912
Goodrich (B F) Co 1st 634e_1947 JJ 12058 Sale 12058
12118 21 120 122
-year refunding gold 68_1941 A 0
20
11 1003 103
103
4
Goodyear Tire & Rub 1st 51 1941 MN 110 Sale 110
11014 157 1093 11134 Niagara Fall Power let 58_1932 J J 103 Sale 103
4
4 10434 10612
41931 F A
4 10614
1053
-year 81 deb g 88
10
4
90
90
Jan 1932 A 0 1054 Sale 1005
90
9318
9018 91
Ref & gen es
24
8 101
99 101
10034 Sale
Gould Coupler 1st s I Os__ _1940 FA 100 10012 100 Mar'26
100 101
Niag Lock & 0 pr 1st 58 A_ _1955 A 0 98
87
98
0
984 974
9712 10
Granby Cons MS & Peon es A'28 MN 100
10012 Jan'28 - _ moil 101
No Amer Cement deb 630 A 1940 M
8 48 10114 10411
4 1043
1928 M
4
Stamped
63 100 10913 Nor Amer Edison es
103
1952 M S 1033 Sale 1033
4 Sale 10213
1054 23 103% 106
10514 Sale 10514
1930 M N 1023 10514 105
Cony deb 79
14
105
9614 109
105
Secured f g (15i8 Ser B 1948 M
21
96
4
923 96
Sale 9a18
Gray & Davis 1st cony SI 75_1932 F A
92
93
90% 93% Nor Ohio Trac & Light es_ 1947 M S 96
93 Sale 911,,
1002 104
3
97% 10011
Cu Cons El Power(Japan)7s_1944 F A 1025 104 102% 103
3 1014 10413 Nor Stetes Pow 25-yr 58 A_1941 A 0 100 Bale 99
8
9314 Jan'28
Great Falls Power lets f 5e 1940 M N
A 0
Registered
4 fat;fell:
106 Sale 10512 106
__
4
let & ref 25-yr es Ser B___1941 A 0
86% 88
s
877 --__ 873 Apr'26
9812 98
---- 9814 98 Apr'26
Hackensack Water let 48_1952 J J
_
4
863 _-__ 8512 Aug'26
North W T 1st Id g 434s gtd_1934 J J
1930 M
Hartford St Ry let 48
-2
4
4 Sale 943
7 121- 95
95 I
943
4 1121s 11312
11312
Havana El Ry L di P gen 58 A'54 151
3
A.0 11312 Sale 11314
8
963
9412 96 2 Ohio Public Service 730 A_ _19461
,
9614 ____ 9814
6 110% 112
112
1952 F A
Havana Elec consol g 5s
1947 F A 112 Sale 11118
9918 102
let & ret 79 series B
101 Sale 10012 101 I 62
19 10114 1044
104
10314 Sale 10314
Hershey Choc let & coll 550 1940 J
7
95 I
94 9914 Ohio River Edison let 69_1948 J
Sale 94
20
97
4
9614 Sale 953
9554 9714
Hoe(IQ & Co let 85.5stemp_1934 A 0 9438 823 8212
8
8258
3
1944 F A
79 85 4 Old Ben Coal 1st (is
4
82
7
99% 101
10013 101 10012 10012
Holland-Amer Line es (fiat).1947 MN 10212 ____ 1022
6 100 8 103
8 103
3
Ontario Power N F let 58_ _1943 F A
4
4
9938 993
___ 993 Apr'26 - _
1940M N
Hudson Co Gas 1st g 58
N
27 10112 103
1945 M
Ontario Transmission 5s
Sale 10218 10212
5 10514 1083
108
8
4
Humble Oil & Refining 5349_1932 J J 10212 Sale 10214
99410312 44 1003 10312 Otis Steel 85
1941 F A 1077 10818 108
4
5
1958 J 13 10214
Illinois Bell Telephone 58
3
10338 16 100 4 1035
96121 50
97
Ser B 1947 F A 10314 Sale 103
96
let 25-yr s f 730
944
97% 1004
10012 150
100 Sale 9914
1940 A 0 9614 Sale 9412 Apr'28
Illinois Steel deb 4548
9118 94'2 Pacific G & El gen & ret 58_194211 J
948 ____
3
99% 101
Ind Nat Gas & 011 5s
4 10014 5,
993 Sale 993
4
10353I 14 102% 104's Pas Pow & Lt Ist&ret 20-yr 58'30 F A
8
8 101
1952 MN 1033 Sale 10338 Dec'25
Indiana Steel 1st 68
1937IJ J 101% Sale 10113 1022 213 101 102%
Pacific Tel di Tel 1st 58
994
__
8
1023
d let 58
1935 .1 J 100
Sale 101
Ingersoll-Ran
98% 10212
100 I 169
6
1952 M N 101
4 -Ref M 58 series A
983 10
100 Sale 99
496 104 1123
8
108
Inland Steel deb 550
1945 M N
10112 27 10114 1013 Pan-Amer P & T cony 8 t 65_1934 MN 10712 Sale 105
10114
4
3 1037 107 2
7
Inspiration Con Copper 6159.1931 51 S 10114 Sale 11
,
10538 10512 10514 10512
8
Apr'26--_
1930 FA
-year 78
1st 10
13
200
97
98
Interboro Metrop coil 4lis_1958 A 0
8
9212 97
_
412 Aug'26
Paramount-Bd way let 5565_1951 J J 963 Sale 94
9412 18
Guaranty Tr Co Ws del/-----9412 Sale
8513 96
_ Park-Lax at leasehold 630_ _1953 J J
1012 Mar'26
10118 Mar'26
Ctt dep stpd asstd 16% sub.__ -100 10115
74 1403 1324 74
8
Fag& Paasatc G dr El cons 581949 MS 10218 103 1103
71% Sale 707
8
8 1103
Interboro Rap Tran let 58_ _1966
1104 111
s 11112
7314 2048
70
62
7314 Peon Gas & C let cons g 69..1943 40 1103 Sale 10114
71% Sale
72
102
10112
9813 102
Stamped
711
,
76 4, 752
64
76%
1947 M
Refunding gold 58
4
20 um% 105
4 105
1932 A 0 743 Sale 9212
105 Sale 1043
10-year 6s
4'
943 750
4
854 943 Philadelphia Co coil tr 69 4.1944 FA 101 Sale 100
8
935 Sale
43
101
9858 101
10
-year cony 7% notes_1932 M S 9014 9438 9358
MS
3
94121
8814 9513
15year cony deb 53452_ _ _1938
10212 12
10214 Sale 101
9912 10212
lot Agric Corp 1st 20-yr 59_ _1932 MN 83
88 Apr'26
824 90
87
Phila di Reading C & I ref 55.1973'.2
Stamped extended to 1942__ M N 91 Sale 89
9112 1008
4
843 9112
2 103 10814
Sale 10312 104
Inter Mercan Marine Sf es_ _1941 A 0 943 sale 937
248
8
95
4
8
913 9514 Pierce-Arrow Mot Car deb 851943 MS 104 Sale 10814
10614 10 10313 107%
10614
1947 J J
International Paper 5s
9612 100
9914! 57
_Dec
elerce 011s St_ _ _Dee l5._1931 J O 10112 Sale 10112 102
9914 Sale 9838
4 10112 104%
Ref 9 f es Ser A
A0
112 I 359 10812 11614 Pillsbury Fl Mills 20-Yr 68
Sale 11012
-1943
1
4
9812 984
4
983
4
983 Sale 983
lot Telep & Teleg cony 5345 195519I 5 1111'
945 MS
Pleasant Val Coal 1st gel59_1928 S i
4
923 Apr'28
4
9018 923
10612f 27 100 1113 Pocah Con Collieries let s f 581957.2, 9112 93 1033
5
Sale 106
11 102 104
4 104
Jurgens Works es War price)_1947 J J 106 8 Sale 10214
FA 10418 ____
1034 69 10014 103% Port Arthur Can & Dk es A.1953
10313 Apr'26
10112 10312
Kansas City Pow & Lt 5s___1952 M S 1023 Sale 10412 105
37 10138 10514
1953 FA 1013 Sale 10114
let M es Series B
105
37
102
4
99 10214
Kansas Gas & Electic 68__1952 M S
9 10614 10713 Portland Elec Pow 1st 68 11_1947 MN
107
107
3
99% 10114
10114
1014
Kayser (Julius) di Co let s f 78'42 F A 107 Sale
10514 44 1034 108
1935 J , 10118 10218 943
4
1043
Portland Gen Elea 1st 5s
2
95
4
4
947 9,53
8
922 954
Kelly-Springf Tire 8% notes_1932 M N 105 Sale 9112 Apr'26 --' 90
9112 Portland Ry 1st & ref 5e__.1930 MN 92
9112 9313
9258 37
8854 93
9278 92
Keystone Telep Co let 58_1938 J J
102 10314 Portland Ry Lt & P 151 ref 581942 FA 1004 Sale 1003
____ 10314 Apr'26
16
101
4
Khags County El & P 581937 A 0 102
99 10214
1947 M N
8
1st I & ref 138 Ser B
120% 123
124 12512 1225 Mar'26
6 106% 108%
1073
4
10712 Sale 10714
1997 A 0
Purchase money 138
1st & refund 7558 Ser A 1946 m N
2 loss 1004
8
4
1931 M N 1053 ____ 1057 Apr'26
Porto Rican Am Tob 88
Due May. S Option sale.
APR. 17 1926.]
THE CHRONICLE
New York Bond Record—Concluded—Page 6
z7,
3
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 23.
Price
Friday,
April 23.
Week's
Range or
Last Sale,
2313
Quotations of Sundry Securities
All bond prices are"and Interest" except where marked .1`."
c
Range
Since
Jan, 1
Standard 011 Stocks Par Bic All , Railroad Equipments
Per Ct Beaks
Anglo-Amer Oil vot et__
*175 177 Atlantic Coast Line 60
s
8
5 10 4 95
Non-voting stock
£1 *1714 1734
Equipment634s
4 90 4 75
High No LOIt
High
Atlantic Refining
100 10914 1093 Baltimore & Ohio 68
4
5 10 500
9614 58
94% 98 8
,
Preferred
100 11512 116
Equipment 4348 & 5s.... 4 80 4 70
Mar'26
11014 1123
4 Borne Scrymser Co
100 230 240 Buff Koch Si Pitts equip 6.. 5 10 500
Apr'26
10934 1103
4 Buckeye Pipe Line Co_
.5212 5312 CanadianPacific 434s & 6.. 4 95 4 70
10412 104 100 10412 Chesebrough Mfg new _ _ 50 *2
25 *6612 68 CentralRR of N J 68
5 10 4 95
1053
4
12 1037 1053
8
4 Continental 011 v t
10 *2114 2112 Chesapeake & Ohio 65
5 10 500
1053
8 31 1037 10512 Crescent Pipe Line c
8
Co_ - 50 •1312 15
Equipment6 SO
5 00 4 80
1075s 31 106 108
Cumberland Pipe Line_ _100 11912 120
Equipment 55
4 85 4 70
106% 28 104 111
Eureka Pipe Line Co_ _ _ _100 50
52 Chicago Burl & Quincy 6s.. 5 10 500
8512 22
8112 88
Galena Signal Oil corn._ _100 21
22 Chicago& North West 65.. 5 15 500
993
4 58
9714 100 4
,
Preferred old
84
100 82
Equipment6345
500 480
94
21
9212 9412
Preferred new
85 Chic R I & Pac 4345 & 5€... 4 90 4 70
100 80
89
4
88 907
8 Humble 011 dr Ref
8
4
25 *663 663
Equipment65
5 30 5 05
58
1
58 6812
New
*663 663 Colorado & Southern 6s... 5 20 500
8
4
11212
2 1123 114
s
Illinois Pipe Line
100 14234 143 Delaware& Hudson Sis
5 10 4 95
Apr'26
10518 108
Imperial 011
*3414 3412
5 00 480
Mar'26
6712 733
4 Indiana Pipe Line Co_ _ _ 50 *6314 65 Erie 4148 & 55
Equibment68
5 30 5 10
International Petroleum._t *3212 3252 Great Northern 65
St Joel Ry Lt Ht & Pr 5s_
1937 MN 9414 Sale 9414
5 15 500
9414
6
9114 97
National Transit Co_ _12.50 *163 163
4
8
St Joseph Stk Yds 1st 430_195C
Equipment 58
4 85 4 70
.1 97114 -- 96
Jan'26
9534 96
New York Transit Co_..100 44
47 Hocking Valley 5s
St L Rock Mt & P 5s stmpd_ 1955 S i 5112 Sale 80
4 85 4 70
9112 16
78
Ws Northern Pipe Line Co_ 100 72
7312
St Louis Transit gen imp 58_1924 AD 75
Equipment65
5 20 500
81
7612 Apr'26
7012 7612 Ohio 011
St Paul City Cable cons 58_1937
25 *6018 61 Illinois Central 434s& 58... 4 75 4 65
9534 100
9514 Feb'26
9514 953
8 Penn Alex Fuel Co
20
Saks Co 8 f 75
25 *19
Equipment6s
1942 FA 11014 Sale 11014
5 10 4 9
5
1103
8 31 10718 11012 Prairie 011 & Gas new..... 25 *5418 5412
Saxon Pub Wks(Germany) 78 '45 MS 95% Sale 953
_.
Equipment 75 dr 6348
4 90 4 75
953
4 74
923 96% Prairie Pipe Line new_ _ _100 124 12412
4
San Antonio Pub Serv 1st 69.1952 ii 102% Sale 10212
Kansa ha & Michigan 68... 5 20 500
10212
4
8 101% 10312 Solar Refining
Sharon Steel Hoop 1st 8s Ser A'41 MS 10712 1073 10712
100 197 200
Equipment454s
500 480
1 107%109
Southern Pipe Line Co_ _100 6512 66 Kansas City Southern 534s. 5 35 500
Sheffield Farms 1st & ref 6348.'42 AG 10734 Sale4 10712 10712
1073
5 1067 10812 South Penn 011
4
8
Sierra & San Fran Power 58_1949 P A 9414 Sale 9414
100 157 160 Louisville & Nashville 6s__. 5 10 4 95
9478 33
9112 95
New
Sinclair Cons 011 15
25 *3914 3912
-year 7.4_1937 MS 96 Sale 9512
Equipment6348
490 4 75
96
49
9334 9714 Southwest Pa Pipe Lines.100 52
57
1st In col tr 68 C with warr 1927 S D 109 Sale 105
Michigan Central 55 &
4 95 4 75
109
639 105 1133
4 Standard 011 (California) 25 *5534 56
1st lien 6146 Ser B
MinnSt P &SSM.434s& 5s 5 10 4 85
1938• D 9014 Sale 897
8
91
68
87 91
*5512 55513 Equipment 6348 &
New
Sinclair Crude 011 3-yr 6s A_1928 FA 10018 Sale 10012
5 20 4 90
1003 115 10014 101
4
Standard 011(Indiana)._ 25 *633 637 Missouri Kansas & Text's 65_ 5 35 5 10
3-yr 6% notes B Feb 15_ _1926 FA 10018 101 1005
8
4
8
15 1003 101
4
8
Standard Oil (Kansas)._ 25 •263 27 Missouri Pacific 65 & 6348
4
Sinclair Pipe Line s f 5s._ _1942 AO 90 s Sale 8912 1003
5 25 500
9014 176
87 91
Standard 011(Kentucky) 25 •117 118 Mobile & Ohio 4345 & 5€.... 5 00 4 70
Skelly Oil 614% notes
1927 AO 136 Sale 120
138
934 11158138
Standard 011(Nebraska).100 256 258
Smith (A 0) Corp 1st 6345-1933 MN 101 Sale 10114
NewYork Central 43413 & bs 4 75 4 66
1011
7 101 10212
New
*423 44
4
EqUipment6s
5 10 4 95
Standard 011 of New Jer_ 25 4418 4414
South Porto Rico Sugar 7s...1941 S D 10912 Sale 108
Equipment 75
4 85 4 75
1093
4 20 107 1093
4
Preferred
11712 1177 Norfolk & Western 4345
8
South Bell Tel dr Tel 1st 8 1581941 ii 10112 10314 1031
4 70 460
1031
4
6 10118 10312 Standard Oil of New York100 •31 3118
Southern Colo Power 135_1947 S i 9834 Sale 9812
25
Northern Pacific 75
4 95 4 80
9818 27
9712 9914 Standard 011 (Ohio) _ __ _100 315 317
Erweet Bell Tel 1st & ref En.._1954 FA 10212 Sale 10212
4 95 480
Pacific Fruit Express
1033 105 100 8 1035
8
3
8
Preferred
Spring Val Water g As
100 11712 119 Pennsylvania RR erl 55 & 0
1948 MN 100
8 5 10 4 70
99 4 Apr'26
,
5914 9914 Swan & Finch
Standard Milling 1st 55
1812 Pitts Ai Lake Erie 6345
100 17
1930 MN
5 05 480
993a 100 10012 Apr'26
98%10114 Union Tank Car Co
9012
89
dr ref 5345
1st
100
Equipment6s
1945 MS 1003
5 30 5 05
8
99
97%10012
Preferred
Steel & Tube gen s f 78 Ser C 1951 ii 1073 Sale 10712 10014 12
4
100 115 1153 Reading Co 4345 & 58
4 75 4 62
4
1077
s 13 10712 109
Vacuum 011 new
Sugar Estates (Oriente) 7e_ _1942
25 *100 10012 St Louis & San Francisco 513. 4 95 4 75
9912 Sale 99
9912 46
8912 100
Washington 011
Superior 011 1st s f 7s
10 •
1929 FASeaboard Air Line 534s &68. 535. 5 05
95
95
96
5
95 9711
9514
Other Oil Stocks
Syracuse Lighting 1st g 5s_ _1951 J D 101 Sale 10012
Southern Pacific Co 4348... 4 75 4 65
101
2 100 101
Atlantic Lobos 011
Tenn Coal Iron & RR gen 56_1951 Si 1013
*13
4 1%
Equipment75
4 95 4 75
4 -- -- 10312 Apr'26 - _ 1031s 103%
Preferred
Tennessee Elec Power 1st 65_1947 J D 10512 Sale 1043
50 *314 4 Southern Ry 4345 & 58
70
4 95
4
10512 51 1025 10512 Gulf Oil new
8
Third Ave 1st ref 45
86
25 *85
1960 ii 62 Sale 60
Equipment65
5 10, 500
643 495
4
55% 65% Mountain Producers_ _ 10 *247 25
8
Adi Inc 55 tax-ex N Ya1960 AO 607 Sale 5714
Toledo & Ohio Central 65.. 5 20 600
8
4112 657
8 Mexican Eagle 011
643 2562
4
Third Ave Ry 1st g 55
5 .412 8 UnionPacific 75
75
1937 S i 953 Sale 953
490
4
22
96
4
93 8 96
7
National Fuel Gas
Toho Elec Pow 1st 75
100 130 140
1955
9212 Sale 9112
9212 141
9012 927
8 Salt Creek Cons 011
Tokyo Elec Light 6% notes_1928 P A 98 Sale
4
10 *8% 83
Tobacco Stocks
973
4
98
64
97 985s Salt Creek Producers
8
Toledo Edison 1st 75
10 *307 31 American Cigar common 100 114 117
1941 MS 10814 Sale 10814
1085
8 18 108 1093
4
Toledo Tr L & P 534% notes 1930 J J
100 97 100
Preferred
9814 Sale 9814
9812 14
98 99%
Public Utilities
Trenton 0 dr El 1st g 5s_ _1949 MS 10218 Sale 10218
68
Amer Mach & Fdy new-100 :64
10218
1 1001s 10218 Amer Gas & Elea
75 British-Amer Tobao ord. Ll *2711 2812
*73
Trumbull Steel 1st
(is__ _ _1940 P A 953 953 9,534
8
957
4
35
9514 97
*90
6% pro! new
92
Twenty-third St Ry ref 55_1962 J J 7214 Sale 72
£1 *27
28
Bearer
7214 10
81
7214
Deb 68 2014
Tyrol Hydro-El Pow 7348_1955 MN 96
M&N *99 100
Irerd •24
25
9612 953
4
96
22
953 9712 Amer Light & Trac com..100 203 206 Imperial Tob of G B &
4
thadergr'd of London 4345_1933 J J 9518
94
Int Cigar Machinery-- —100 89
96
Apr'26 _ _
94 96
Preferred
Income 68
100 104 106 Johnson Tin Foil & Met-100 60
1948 J J 9514 _ _ _ 95 Mar'26
90 95
54 MacAndrews & Forbes_ _100 39
Amer Power & Lt common_ _
53
Union Bag & Paper 1st M 65_1942 MN 1047 105 1047
8
_ 104% 10518
94
Preferred
Union Elec Lt & Pr 1st g 55_1932 MS 101 Sale 101 g Apr'26
100 93
100 100 103
Preferred
101
9 100%10214
Deb 65 2016
Ref & ext 55
M&S 9712 9812 Mengel Co
100 37
39
1933 MN 1007 Sale 101
8
10114 28 10018 1013
4 Amer Public Util corn _100 75
80 Porto Rican-Amer TO_ -100 68
1st g 5345 Series A
72
1954 J J 10214 Sale 10012 10238 16 1001i 10212
89 Universal Leaf Tob com_100 60
7% prior preferred_ _ _100 86
Union Elm/ Ry (Chic) 55_ —1945 AO 7914
65
Sale 7914
80
4
77% 80
85
4% partic wet
Union 011 1st lien 5 f 55_ _1931 J J 1003
100 82
100 97 100
Preferred
8 ____ 1003 Apr'26 _ _ _ 10018 10112 Associated
52 Young (J 13) Co
Gas & El pf___t *50
30-yr 68 Ser A
100 126 129
May 1942 P A 105 Sale 105
105
2 100%10512
Secured g 630 1954_ _J&J 10012 102
ist lien s f bs Ser C
100 104 108
Preferred____.
963 Sale 96
1935 FA
4
9634 57
9518 98
95
Blackstone Val G&E corn 50 *90
United Drug 20-yr 6s_Oct 15 1944 AG 1043 10512 105
4
106
6 10312 10614 Cities Service common
.407 4132 Rubber Stocks (Cleveland)
8
United Fuel Gas 1st Sf 65_1936 J J 102 Sale 102
20
102
6 10112 104
8
Preferred
8
United Rys Inv 58 Pitts issue 1926 MN 9934 100
100 837 843 Falls Rubber coin
1012
(t)
993 Apr'26
4
_
99 4 100%
3
Preferred B
25
10 s782
Stamped
187
8
Preferred
99 4 100
,
997 Mar'26
8
997 100
5
a
Preferred 13-B
United Rys St L 1st g 45____1934 S i 7814 Sale 7812
100 74 ---- Firestone lire dr Rub com 10 •108 113
7812
2
7412 79
Cities Service Bankers Shares *2018 - United SS Co 15-yr 65
100 10012
6'7 preferred
-.,7,
1937 MN 92 Sale 92
9212 14
92 95
Com'w'Ith Pow Corp new,t *3414
United Stores Realty 20-yr 65 '42 AO 10358 Sale
100 98
99
7% preferred
1
10414 70 103 105
Preferred
_ 160
100 8412
US Rubber 1st & ref 55 Ser A1947 J J 9414 Sale 10358
I General Tire &Rub corn. 25 *
9414
9412 127
91% 94% Eiec Bond
105 10612
100 f6E 110
Preferred
10-Yr 7.4% sec notes
,
1930 P A 10818 Sale 10612 10818 118 10612 108% Elea Bond dr Share pref _100 6612
& Sh Secur
3312
U S Steel Corpreoupon_ _41963 St N 106 Sale 10612
6 I Goodyear Tire & R com-100 33
,
107
57 105 107
Lehigh Power Securlties_t *1314
• f 10-60-yr 581reglatered _41963 MN
1 Goody'r T & R of Can id 100 r __ _ _ 94
106
_ _ 105% 106
Mississippi Riv Pow com 100 60
.Utah Lt & Trac 1st & ref 55_ _1944 AO 9014 Sale 8812 Apr'26
India The & Rubber..—100 155 157
5618 6014
9014 57
Preferred
Utah Power & Lt 1st 551944 FA
100 92
95 100
Preferred
9718
9658
9712 78
95 9712
First mtge 58 1951
4
Utica Elec L & P 1st 55_ _ _1950 ii 10212 Sale 10212
J&J 100 1003 Mason Tire dr Rub com-(t)
3
• 4 114
2 100% 10212
S F g deb 75 1935__M&N 102
Utica Gas& Else ref & ex t 55 1957 J J 10212 Sale 10212 10212
11
8
100
Preferred
1025
8
8 10018 1023
8 Nat Pow & Lt pref
*98 1
.
66" Miller Rubber corn new_100 35 37
Vertientes Sugar 1st ref 78. _1942 J O 9812 Sale 9812
983
4 20
9012 9912
Income 78 1972
Victor Fuel lst f 55
Jdr..1 1001 102
100 100 101
Preferred
1953
/ 55
62 Feb'26
58
5314 62
North States Pow tom..100 104 107 Mohawk Rubber
Va-Caro Chem lilt 75
30
100 25
1947 SD 10618 1073 106
4
Apr'26
105 1073
4
Preferred
Certificates of deposit
75
100 100 103
72
.Preferred
'
10618 Sale 105
10512
10514 106
Nor Texas Elm, Co com _100
40 Selberling Tire & Rubber (t) *21
Stpd as to payt 40% of Orin
22
50
1st 75
Preferred
100 45
95
100 92
Preferred
1947
10618 Sale 106
106
6 105 108
Pacific Gas& El 1st pref_100 9814 99
Ct.( of deposit
107 Sale 106
107
•5
100 10412 109% Power Securities corn
10
Ctt of deposit stpd
t
Sugar Stocks
10612 107 10712 Jan'26
1067 10812
8
•13
7345 with & without war_
18 Caracas Sugar
Second preferred
50 •112 3%
_1937 SD
110 Feb'26
107 111%
90 Cent Aguirre Sugar eoM- 20 80
Coll trust 68 1949_ _ _J&D *86
Certifs of dep without warr_
82
963 Sale 96
4
97
94
93 113%
Certlfs of dep with warrants_
Incomes June 1949__F&A •76 80 Fajardo Sugar
100 133 135
107
Jan'26
107 107
Va Iron Coal & Coke 181 g
52 Federal Sugar Ref com 100 50
Puget Sound Pow & Lt_ _100 49
55
94
Apr'26
9114 94
Va Ry Pow 1st & ref 55 5s1940 MS 9114 06
84 86
6% preferred
100
100 60
75
Preferred
1934 ii 99 Sale 985
8
99
30
9712 99
Walworth deb 634s(with war)
7% preferred
100 10612 10812 Godschaux Sugar, Inc— -(t) .212 412
'35 AO 9312
95
,
8
9312 95
1st sinking fund 6s Ser A _1945 AO 94 Sale 93 2
1st & ref 5345 1949_ _J&D 101 102
20
100 15
Preferred
95
95
95
7
9114 95
Warner Sugar Refill 1st 7s...1941 S D 92
85 88 Holly Sugar Corp cam (t) *34
Republic Ry & Light
100
38
Sale 91
93
43
91 100
Warner Sugar Corp 1st 75._ _1939 J
Preferred
100 101 104
190 83 86
Preferred
7718
797
8 92
76 887
s South Calif Edison com_100 11712 11812 Juncos Central Sugar..
Wash Wat Power a f La_ _ _ _1939 S i 10212 Sale 77
.100
_ _ _ _ 1017 Apr'26
8
1 10112 10214
Westches Ltg g 58 stmpd gtd 1950 J O 102
8% preferred._
100 120 130 National Sugar Refining_100 frii" fif
103 103 Mar'26
1021a 1033
West Ky Coal 1st 711
8 Standard(MEI 7% pr p1100 993 10012 New Niquero Sugar_ _ _10( 50
4
70
1949 MN 101
101
15 100 102% Tenn Else Power 1st pf 7% 94
West Penn Power Ser A 58_1946 MS 1017 Sale 101
96 Santa C,ectlia Sus Corp W100
4
1
8 Sale 1013
4 10218 18
99% 102'8
1st 75 Series D
4
953 Savannah Sugar corn_ (t *140 150
Western Pow Corp pf_ _100 93
1946 MS 10512 10614 106
10612 21 105% 1083
15
158 Series E
4 West Missouri Pr 7% pref.. 94
97
1963 MS 1013 Sale 101% 10212 26
100 110 115
Preterred
8
99%10212
151 534s Series F
80
1953 AO 10514 Sale 10514
Sugar Estates Oriente p1.100 72
10514
13 104% 106
Short Term Se"urlties
West Va C &C lat 62
1950 is 8312 Sale 8312
8412 15
81
91
4
Anaconda Cop Min 68'29 J&J 1023 103
Indus. & Miscellaneous
Chic R I & Pact 55 1929_J&J *993 10018 American Hardware
Western Electric deb 5s
4
82
1944 AO 10212 Sale 102
25 *79
10234 82 10018 1023
4 Federal Sug Ref 65'33..M&N 92
Western Union coil tr cur 55.193t" ii 1025
96 Babcock & Wilcox
8
100 116 120
03
103
4 102 103% Missouri Pacific
Fund & real estate g 4348_1950 MN
55 '27J&.1 10012 10038
21
9712 Sale 97
(t) *19
9712
3
9614 97% Sloas-Sheff S&I 63 '29.F&A 1023 10314 Blise(E W)Co new
4
15
-year 6345 g
61
1936 P A 1127 Sale 1123
50 *57
8
Preferred
8 1127
8 32 111 1134 Wis Cent
4
Westinghouse E & M 75___ _1931 MN 106 Sale 10518
534s Apr 15 '27.. 10038 1003 Borden Company com (t) *94
96
10618 81 105 10614
White Sew Mach Cis(with warr)'36 J J 95 Sale 95
25
Celluloid Company _.....100 22
95
9412 957
47
2 Joint Stk Land Bk Bonds
Wickwire Spen Steel 1st 75.-1935 is 6012 65
70
100 65
Preferred
66 Mar'20
66
7012 51.4s Nov 1 1951 opt 1931._ 102141104 Childs Company pref_..100 114 116
Certificates of deposit
6014 Mar'26
60 4 607
,
8 5s Nov 1 1951 opt 1931.. 10012 10214
Certificates of deposit stamped MN
100 145 150
7012 Man'26
7012 7012 5s May 1 1952 opt 1932._ 101 ,10214 Hercules Powder
Wickwire Sp Steel Co 78 Jan 1935 MN
Preferred
51 Sale 5918
100 113 115
53
3
5018 6812 4 Us Nov 1 1952
Willys-Overland 5 f 6345_ _ _1933 MS 1023 103 102
10014 10112
4
1023
4 17 102 103,4 434s Nov 1 1952 opt 1932 _ _ 99 10014 International Silver pref-100 101 103
Wilson & Co 1st 25-yr 5!65_1941 AO 100 Sale 993
opt 1932_ _
Lehigh Valley Coal Sales 50 •83 86
4
10014 134
987 101
a
4s May 1 1963 opt 1933 _ _ 10014 10112 Phelps Dodge Corp
Registered
93 Feb'25
100 120 125
1023
5s
4
1 1963 opt 1933__
-year cony s I 68
10
1928 S D
4512 Apr'26
161 71 454s Nov 1 1964 opt 1934.- 10114 10034 Royal Baking Pow corn _100 155 165
3
9912
Nov
Certificates of deposit......
45 Sale 45
Preferred
100 101 103
45
2
43 72
993 1003 Singer
4
4545 Oct 1 1965 opt 1935 _ _
4
10-yr cony s I 7345
91931 FA
Manufacturing_ - _100 316 320
45 Apr'26
45 83
Pact Coast of Portland. Ore-Certificates of deposit......
____ 45
4512 Apr'26
43% 72
4
1511 1965 opt 1935___M&N 10114 1 1033
Winchester Arms 7345
1941 1-45 102 Sale 102
10214
17 101% 10214
4
its 1954 opt 1934___M&N 101 4023
Younen Sheet & T 20-yr 65_1943 S i 10214 Sale 102
10314 153 10114 10314
Bid
Ask
Pressed Steel Car cony g 5ti_ _1933 S i 9512 Sale
Prod A, Ref s f 8s(with witents)'31
D 111
Without warrants attached__ J D 11112
Pub Serv Corp of NJ see 65_1944 FA 104 Sale
Pub Serv Elec & Gas 1st 534s1959 AO 1047 Sale
8
1st & ref 5946
1964 AO 1047 10514
8
Pub Serv El Pow & Ltg 6s. 194S AO 10712 Sale
Punta Alegre Sugar deb 75_ _1937 J J 10614 107
Remington Arms 68
1937 MN
8112 Sale
Repub I & S 10-30-yr 55 61_1940 AO 9912 Sale
Ref & gen 6)'s Ser A_
1953 ii 9312 94
Rime Steel 1st 78
1955 FA
88
89
Robbins dr Myers sf78
1952 J D 5614 63
Rochester Gas dr El 78 Bet B_1946 M S 11238 1121
Gen Mtge 531s Series C
1948 MS 105 1051
Rogers-Brown Iron Co 75_1942 MN 6512 69
Lore
95
111%
1103
4
1023
4
105
10478
10714
1053
4
8112
9914
9334
88
58
11212
10518
71
a Due Jan. d Due Awn. 9 Due Dec. sOption sale.
•Per share. t No par value. b Basis d Purchaser
!New stock. I Flat price. k Last sale. n Nominal. also pays accrued dividend.
z Ex-dividend. y Ex-rights.
Ex-stock dividend. a Sala price.
Canadlan quotation.
BOSTON STOCK EXCHANGE-Stock Record See Next
2314
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Aril 17.
Monday,
April 19.
Tuesday,
April 20.
Wednesday, Thursday,
April 22.
April 21.
Friday,
April 23.
Sales
for
Ow
Week.
STOCKS
BOSTON STOOK
EXCHANGE
Range Since Jan. 1 1926.
Lowest
Highest
ran au ARE
Rant?. ler Prelims*
roar 1925.
Lowest
Highest
Railroads
100 159 Jan 9 175 Feb 13 156 Feb 16434 Jan
103 Boston & Albany
170 171
'170 173
171 171
170 17014 170 170
Jan
7514 Mar 86
100 7712 Apr 14 8214 Jan 11
230 Boston Elevated
7814 7814
4
4
7712 7814 7712 7312 7712 7812 773 773
Jan 10414 Dee
92
100 89 Feb 27 102 Mar 20
35 Do pref
96
96
06
____
96
*96
*96
*96
100 11518 Jan 16 122 Jan 7 109 Mar 130 Deo
48 Do let pref
116 116
_
116 116
_
_ *x116
*x116
94 Mar 116 Dee
100 9811 Jan 9 112 Jan 2
--------164 Do 2d preferred
0
-- 12
3
100 4 101
- 10012 10 - 101 101
*2116--*100 la
10 Apr 4912 Dec
100 35 Mar 30 4814 Jan 7
397
4 2,195 Boston dr Maine
3912 413
373 37%
____ ___ 3718 3712 38
1112 Apr 46 Dee
100 32 Apr 14 4712 Jan 6
Do pref
_
_
032 ____
____ *32_ _ *32
*32
17 Apr 65 Dec
Apr 15 66 Feb 4
100 59
230 Do series A let pref
62
62 --.
*58
62
61 -- -- *59 "61
*59
29 Apr 8712 Dec
100 84 Apr 15 95 Feb20
100 Do series B 1st pref
'83__
88
88
88 *____ 88
__ *83
*83
25 Apr 7912 Dea
.100 74 Apr 15 85 Feb20
60 Do series C lot pref,..
75
1
75
.73 - 75
75
75
75
*74
75
*73
3512 Apr 110 Dee
100 105 Jan 29 120 Feb20
150 Do series D 1st pref
113 113
115 115
*110 115
*110 113
*110
96 Dec 99 Nov
94 Apr 16 9812 Jan 4
171 Prior preferred
9612
93
9412
9412 9412 *9312 95
96
*93 -958
100 317512 Mar 19 182 Jan 29 167 Feb 180 May
_ _ _ Boston & Providence
_
_ *178
*17612
*177_ *178
26 Sept 8213 Nov
------1,095 East Mass Street Ry Co 100 51 Apr 22 61 Jan 6
5314 1312 5314 - 14 *53
51
Si "ii
54
60 July 73 Deo
100 60 Mar 29 71 Jan 2
Do lst pre
____ ____
6212 ____
*60
*60
64
62
*60
64
*60
51 Aug 70 Dec
14 69 Jan 13
100 57 Apr
10 Do pref B
58
__ _ ____
58 58
•58 *____ 58
•
35 Sept 50 Dee
100 4014 Apr 14 4914 Jan 29
25 Do adjustment
-*4014 4113
_4012 4012 4013 4012 *4014 4312---_
23 May 56 Deo
100 50 Feb 10 60 Feb 3
45 Maine Central
*51
5512
*52
52
- 55 -52
52
52
4
28 Mar 463 Deo
100 317 Mar 30 4514 Jan 4
100 NY N H & Hartford
*3373 - 3
8
8
314 357 357 *363 1i32
8
5
*3414 343
70 Feb 90 Dee
--------10 Northern New Hampahlre_100 81 Apr 8 88 Jan 6
____
*81
8312 *81 8312 83 8312
*81
Oel
Jan 125
75 Norwich & Worcester pre!_100 120 Apr 22 124 Mar 18 100
____ ___•12012 12112
__ 120 120
12012 12012 *120
Oct
Jan 113
96
100 111 Jan 6 120 Jan 29
66 Old Colony
____ ____
116 116
*11414 115
4
11414 115 *1143 115
87 Feb 101 Deo
4
10 Vermont & Massachusetts_100 993 Mar 121 10314 Feb 4
____ ____
100 100
101 101
*100 101 *100 10012
Miscellaneous
5 Deo
24 Mar
314 Mar 29, 5 Jan 7
260 Amer Pneumatic Service___25
8
3
3 4 37
4
4
378 38
4
4
33
* 4 4
1612 Mar 2413 Deo
50 2112 Mar 3, 24 Jan 29
85 Do pref
__
4
*223 23
2212 2212 2218 2212 ____.
*2212 23
8
4
30, 1503 Feb15 1303 Jan 145 Dee
4
1443 145
8 1,050 Amer Telephone & Teleg-100 141 Mar
4
1443 14514 145 14512 14514 1153
4
1443 145
6112 May 87 Aug
No par 50 Apr 20 71 Jan 2
875 AmoRkeag Mfg
53
52
53
62
52
5212
50
5112 5312 53
7014 May 864 Aug
No par 734 Jan 27 78 Feb 23
53 Do pref
75
75
_
_ *75
*75_
*75
75 75
Jan 16 Aug
14
_ _ ___ _ _ _ Art Metal Construe, Inc_ 10 20 Jan 16 2112 Jan 23
_ __ _
22
*20 32
22"
*20 -- *x18 -- 2
*20
4613 Aug 6712 Dec
4
5212 Apr 14 633 Jan 19
320 Atlas Plywood t o
5512
55 - 544 •5414 55
*5312 55
5414
54
54
913 Aug 21 Dec
10 Mar 30 1714 Jan 2
No par
-_ ___ __ _ Atlas Tack Corp
____
11
*10
11
•10
11
*10
11
*10
,
1518 Mar 25 2012 Jan 14 -------------140 Ber.con 011 Co corn TO
•153* 1614
1512 15% 16 16
*1512 16
*1514 16
9712 Nov 0913 Oct
245 Bigelow-Hartf Carpet_No par 85 Apr 23 9812 Jan 2
1
8512
48612 ---8612 8612 8612 8612 8612 8612 85
Jan 10814 Aug
50 Boston Cons Gas prof 654%100 10512 Jan 25 10818 Feb 18 103
2_
*1071
_ *108
10712 10812 *10712
Oct
2814 Jan 74
Dominion Stores. Ltd__No par 58 Apr 6 8812 Feb 1
-59
58 g
59
157 - . 1..57 ---- -- - 50" -- - 59 .
*57
99 June 100 Dec
100 104 Jan 5 112 Jan 26
Do pref A
___ ____
*113 114
*112 114 *112 114 *112 114
6as SW
112 Apr
3
312 Jan 21
s_
2 Mar 31
10
_ -_ __
__ _
East Boston Land
3
3 *__
3 4._ _ _
•__
4
63 Jam
3 July
44 Jan 19
312Mar 8
5
Eastern Manufacturing
4
15 2 4
;7
*5T2 4 .1512 4 *512 2 4
*51.
42 Mar 89% Dec
25 57 Apr 15 8812 Jan 22
6412 1,440 Eastern SS Lines, Ins
62
61
60
59
59
5812 60
60
60
Jan 4614 Ool
35
4
No par 383 Apr 15 45 Jan 6
210 Do prof
42
42
*4012 42
41
40
41
*39
42
41
Jan 100 July
89
100 05 Apr 22 9913 Jan 9
70 1st prof
95
95
95
*94
*92
95
9612
*03
2313 Sept
18 Aug
20 Mar 31 26 Feb 6
80 Economy Grocery Stores
4
21
4 203 163
*20
20 203
21
*20
4
4
193 20
Jan 213 May
200
100 x207 Jan 15 250 Feb 11
361 Edison Electric Illum
214 2144 21212 21412 214 215
215 215
214 215
4
53 Oct
2 Dec
213 Jan 8
1 Mar 16
10
--------45 Elder Mfg Co (v t c)
8 *118 2
*111 211
118 13
*112 212
Jaz
Oct 38
17
Galveston-Houston Elea_ _100 21 Apr 10 2512 Feb 25
__ ___ ____
_ *15
_ *15
•15
4
113 Apr 12 17 Jan 22
____ ____ ___
General Pub Ser Corp corn__
12
1312 *11 - •1112 13
13
*1112 -- -12 *1112 *15- 12
3234 Aug 43 July
8
No par 3414 Apr 20 403 Jan 12
--------180 Gilchrist Co
3412 35
35
35
3414 35
35
35
5712 Jan 1154 De<
4,761 Ghlette Safety Razor_No par 8812 Mar 30 11312 Feb 6
99
9712 98
9212 9414 94
9612 96
9114 9214
1512 June
11 May
8
13
25 10 Jan 12 127 Feb 11
___ _ _ Greenfield Tap & Die
*1012 11
*1012 11
____ ____
•1012 11
*1012 11
Oct
72
52 May
4
No par 58 Apr 16 683 Feb 4
Hood Rubber
_
--------20
1
61 ._ _ _ _ 61
6012 *58
60
60
•58
Oct
80
5212 Jan
Internal Cement Corp_No par 6812 Jan 7 6814 Feb 9
*58
59
*58
59_______
59
*58
*5912 6012
Jai
2
International Produots_No par .10 Jan 2 .25 Mar 24 .05 Dec
1.10 .45 *.10 .45 _ _ _ _ _ _
*AO .45 .
•.10 .45
1012 Jai
100 .50 Mar 3 .55 Jan 5 .10 Deo
Do prof
____ ____ ____
1
+.25
*.25 1
1
•.25
•.25 1
8213 Jan 9512 Nos
49 Kidder, Peab Accep A pref_100 293 Apr 15 9514 Jan 9
93 93 *z9312- --.
93 93
4
•2951 _ __
_- - -%
91 Jan
3
9 4 Feb 1
614 Apr
7 Mar 24
10
142 Libby, McNeill & Libby
8
8
8
812
8
814
*8
814 812
*8
1114 Aug 137 Jell
Apr 22 1218 Jan 18
2
25 1014
362 Loew's Theatres
210 4 103
11
3
11
4 1012 103* 1014 1012 1012 11
Feb 85 Der
68
100 80 Apr 20 8612 Feb 26
283 Massachusetts Gas Cos
8012 81
.
11 r81
80
80 8012 80
81
4
813
80
8312 Jan 70 001
100 65 Jan 8 704 Feb20
229 Do pref
6712 6712 6818 69
69
67 6712
6714 6712 68
Ocl
Jan 197
Mergenthaler Linotype-100 19312 Jan 6 218 Jan 26 167
*101 106
Stock • *101 105 *101 105 *104 108 *104 105
4
714 Sept 163 Jan
4
4
73 Apr 22 103 Jan 7
545 Mexican Investment. Ino_ 10
3
74 8
8
8
8
*_. 8 Es,hAnite 111....-8 •____
9614 Nos
8713 Jan
100 89 Apr 9 96 Jan 4
Pow stpd pref
60 Miss Riv
92
92
94
*92
94
*92
Closed- .92
94
94
*92
4
63 Ju
4
33 Dec
412 Jan 5
2
33 Apr 1
10
114 National Leather
312 312
3
8 *312 3 8 *312 33
8
3
3 8 • 35
5
3 33
33
113* Dec 17 Dee
5 1513 Jan 9 2814 Feb 19
4,21
485 Nelson (Herman) Corp
2312 Patriot's
23
4 22
23 2318
2112 213
22
22
2 Jam
Jan 2 .65 Mar 6 .10 Dec
New Eng 011 Ref Co tr ctfs___ .20
Day
1.35 .50 •.30 .40 *.40 .50 ___ _ . ____
.
•.30 .50
534 Apr 12 Sent
8 Feb 25 1012 Jan 6
100
20 DO pref Rs ctfa)
912 112
1012 1014 1014
*712 1012 *9
*712 9
330 New England Pub Serv prior pf 96 Mar 2 100 Jan 6
98 98
98
98
98 98
98
99
98
z98
•
Fel
27 Dec 11 8 Feb 18
• 4 Mar 15
Mills__No par
____ ___
New Eng South
4
4 •____
4 *____
*____
4
Jar
20 Deo 55
100 20 Mar 25 28 Jan 29
Do pref
._
._ _ 20 1 _ _ _ 20 1.___ 20_
1
•-_---._ 20
99 Apr 12212 Nos
4
382 New Engi'd Tele')& Teleg.100 1107 Apr 1 1183 Feb 17
-3111 112
11112 111 4
8
111 1117 111 112
1117 111%
90 Sept 100 Ma3
Feb 15 96 Feb 25
No Amer UM 1st pf full paid.. 89
4
943
4
943 *92
4
943 *92
*92
92 9434
20 May 28 Mai
18 Feb 1 27 Feb25
100 let pref 25% paid
2014 -------2014 *19
.19
1912 1
19
•1912 2014
4
2113 Oct 323 July
1 2912 Apr 13 30 Jan 14
Orpheum Circuit, Inc
50 Dec 8113 Jam
21 55 Jan 2
100 38 Apr
996 Pacific Mills
9
- 8
37
38
3812 19
9
3
39 1612 38 -40
40
Oct
32 Aug 75
100 40 Mar 25 6814 Jan 12
_ ____ ____ ____ _ _ Plant (Thos G), let pref
_ *34I
1x41
__ .
*x41
*41_
Api
18
1614 Aug
10 15 Feb 8 17 Jan 12
614
16
*16 -- -14 *16 1- --------60 Reece Button Hole
16
16 -16 Iti
4
23 Jam
114 Nov
113 Jan 19
112 Jan 19
10
Reece Folding Machine
--- ___
4
1.18 13 ---134
1.13*
4
134
.13
1 8 13
.13
1 8
9914 Dec 101 Del
283 Swed-Amer Inv par prat 100 99 Feb 6 106 Feb 19
8 9912 9912 9912 100
4
100 100
8 993 997
997
99
100 111 Apr 21 117 Feb20 10914 Apr 120 Pet
268 Swift & Co
4
111 1111, 112 11214 1113 113
11112 112
11314 11314
4512 Apr 7312 Dec
25 54 Mar 31 70 Jan 4
107 Torrington Co
4
4
*6012 603- 60* 6012 6034 603
61
6012
*61
63
712 Jaz
Oct
3
7 Jan 5 1513 Feb 11
5
11
310 Union Twist Drill
11
11
11
11
11
•1012 11
*104 11
4
403 July 50 Nov
4
25 47 Mar 31 523 Feb20
1,749 United Shoe Mach Corp
4712 4814 4712 4814
4
4718 4814 473 48
4812 481
4
Oct
2612 Jan 29
25 28 Jan 2 2812 Jan 25
532 Do pref
28
28
28
28
2818
2814 2814 28
28
28
4
1412 Aug 193 Jar
4
8 173 1814 1,770 WaldorfSys.Inc,new sh No par 17 Jan 6 20 Feb 11
8
175 177
1712 1734 1712 1738
1712 17
4
1
/
5 Jan 34 Dee
230 Walth Watch el B com_No par 29 Jan 18 40 Feb 5
39 *___ 3812 3812 3812
39
39
39
•39
3014
174 Jan 57 Dee
100 52 Jan 23 59 Feb 10
295 Do pref trust ctfs
4
553 57
5 __ 57 *____ 56 •____ 56
•---- 56
Jan 105 Deo
65
100 102 Jan 29 11012 Apr 13
Do prior pref
__ _ - _
_ __
...r104 110 .3104 110 *3104 110
•z10434110
4
163 June 2714 July
4
20 163 Apr 22 23 Jan 27
1,335 Walworth Company
183
8 8 183
4
163 18
17
4 1612
1712 173
1
1317
37 Jan 5012 July
50 44 Mar 25 501s Feb 18
Bros
217 Warren
4612
4
*443 4512 4512 45's 46
8
443 45
4412 443
4
37% Jan 4313 July
50 39 Apr 15 4214 Mar 11
75 Do let prof
41
41
41
41
41
.40
1
*4012 41
•40
41
4013 Jan 48 Dee
50 42 Apr 16 47 Feb 10
70 Do 241 pref
44
44
43
43
43
*4214
43
*42
*42
43
11 Mar 217 Dee
8
3
14 Will & Balmer Candle corn.. 13 4 Apr 17 1713 Jan 2
____ ____
*1314 14
*1314 14
•1314 14
4
133 133
4
Mining
Jan
Adventure Consolidated- 25 .05 Mar 15 .20 Feb 1 .05 Dec .25
1.06 .20
.25 .
1.06 .25 *.08
*.06 .25 .
•.06 .20
Jam
25 .10 Feb 2 .I0 Feb 2 .10 Mar .25
Algomalt Mining
1.05 .20
*.05 .20 *.05 .20 *.05 .25 .
•.05 .20
3 Jar
.00 .90 1,135 Arcadian Consolidated..... 25 .25 Mar 27 .90 4 Jan 4 .50 Dec
.75 .75
.80 .85
.80 .80
.35 .45
8
912 Mar 153 Feb
912 Apr 14 123 Jan 2
5
97
97
410 Arizona Commercial
912 9'2
913 958
4
913 93
10
10
4
2814 July 6014 Ool
10 3612 Apr 21 553 Jan 4
365 Bingham Mines
8
8
367 367
37
37
3712 3612 37
38
37
38
1231 June 187 Jan
8
25 133 Mar 31 1512 Jan 7
8 3,032 Calumet & Hecla
8
143 147
8
8 143 1512
1414 1414
1438 1434 1412 143
1 .30 Mar 1 .60 Jan 2 .20 May .90 Aug
Carson Hill Gold
1.30 .50 •.30 .50
•.30 .40
1
.1.30 .50 ..30 .50 .
Jar
18 Dec 33
25 15 Apr 15 20 Jan 4
441 Capper Range Co__ _
8 1518 1512
155
1512 15
1512 1518
15
15
15
614 Jan
4 Feb 3
3 June
3 Apr 22
505 East Butte Copper Mining_ 10
8
318 318
318 33
3
3
34
3
We 34
114 Jan 20 .04
3
13 Jan
Jan
25 .50 Jan 4
110 Franklin
.50 .50
.50 .5
'a.54) .75 *a.50 .75
'a.50 .70
134 Feb
Hancock Consolidated.... 25 .50 Feb 25 .80 Feb 13 .50 June
1
1.50
.50 .80 •.)).1 .80 .1.50 .80 '
•
.50 .80
•
1512 July 23 Jar
1 14 Mar 29 2114 Jan 4
320 Hardy Coal Co
8
8 163 163* 1612 1612
1638 163
*1534 17
16
1612
313 Fat
2 Jan 11
1 Dec
26 80 Mar 27,
Helvetia
8 *1
13
138
138 *1
118 *1
118
*1
*1
1 141 Mar 29 175 Feb 8 121 Mar 165 Del
718 Island Creek Coal
161 16112 161 16112
155 161
160 162
157 15714
9414 May 10013 Der
1 9912 Jan 4 10212 Jan 26
14 Do pref
102 102
•100 102 *100 102 *100 102
*100 102
25 10 Apr 15 1314 Feb 10
7
9 3 Apr 2012 Jan
285 Isle Royale Copper
1018 1018
1018 101
11
*10
1018 1018
1012 1012
113 Just
118 Apr 18 .50 June
25 .50 Jan 2
Keweenaw Copper
540
112
*1
1
1
1
1
1
1
1 14
•1
3 Jar
114 Jan 4
1 Apr
25 .90 Mar 10
Lake Copper Co
1313 •118
112
112
8 *Ds
13
•118
112 •118
*118
213 Mar 15
1 Dec
4
3 Jan
1 Feb 1
25
La Salle Copper
'114 112
14
*1/ 114 *1'A 13* •1 ifor 13*
•1%i 114
8
23 Feb20 .95 Sept
4
13 Jan 26
5
4
23 Jet
105 Macon Valley Mine
4
4 13
13
*134 2
2
2
4 2
*13
4 2
*18
114 Jar
25 .25 Mar 16 .70 Feb 13 .40 May
110 Mess Consolidated
.25 .40
.30 .3
1.30 .50 *.30 .50
.
•.30 .50
3 Jar
14 Jan 5 .50 Nov
25 .90 Apr 8
30 Mayflower-Old Colony
1
.1.95
.90 .0
.95 .95
114
*0.95
*0.95
Jai
114
2513 June 41
25 30 Mar 30 37 Feb 10
549 Mohawk
33
33
317 321
313* 32
3112 32
31
31
Jar
18 Mar 25
5 19 Mar 3 2114 Feb 13
430 New Cornelia Copper
4 2012 2012 2012 2012
4
2012 203 *2014 203
2014 2014
.05 Jan 30 .10 Jan 7 .10 July .85 Fel
_ New Dominion Copper
__
____
..10 .1
.10 .18 *.I0 .20 1
•
*AO .18
25 Apr 31 AIM
24 Apr 20 25 Feb 4
100
5 New River Company
25
24 *X.__ 25 *____ 25 *-- -24
•___ 25
40 June 65 Ala
100 50 Jan 4 72 Feb 11
34 Do pref
52
*50
52
52
52
51
..r-__ 52
oz.__ 55
77 Jan 27
4
63 Jai
43* July
514 Apr 22
5
735 Nipissing Mines
514 514
514 54
512 5%
8
53 534
3% No
4 6
.1x53
2 Apr 13
3
15
3 4 Jan 9 .89 June
455 North Butte Mining
8 238
23
218 214
214 214
214 21.1
14 Jar
25 .50 Jan 4 .80 Mar 20 .15 Nov
170 Oilbway mining
.09 .00
8
13
cal
1
.99
118
*al
Jar
1
- -14
*al
1634 Dec 27
4
25 143 Apr 1
1913 Feb 10
215 Old Dominion Co
*1514 1534
1514 1514 *1514 16
1534 16
*15
e
1612
1012 June 187 Bela
4 11
1112
265 rd Celt Pocahontas CoNo par 1012 Mar 29 15 Jan 2
4
4 103 103
3
3
1034 10 4 10 4 103
*1038 n12
19 Apr 3912 Jan
8
25 183* Apr 20 237 Feb 25
285 Quincy
4
4
8
Jai
8
183 183 •183 1912 183 1912 1912 1912
4
*183 1912
2812 Apr 48
300 St Mary's Mineral Land- 25 z28 Apr 16 3812 Feb 10
2812 2912
2312 2814 29
2812 *z28
28
2812 2812
11 NP?
714 Nov
8
93 Jan 4
514 Apr 1
Seneca Mining
4 614
4 61s *512 614 *512 614 *53
*53
112 Jar
4 64
*58
10 .45 Apr 23 .80 Jan 5 .50 May
425 Shannon
.45 .45
.50 .50
1.50 .70
.50 .50 .
2 Jai
•.50 .70
Pa Mar 1 .70 May
187 Superior & Boston Copper 10 .35 Apr 21
.35 .35
.35 .35 13.40 .60
.50 .50
37 Jan 8111 Jas
.60 .50
6 Jan 6 113 Feb 5
4
5
77 SI e
814 1,365 Utah-Apex Mining
8
X
8 8
77
Jas
4 818
73
8
8
1 .50 Jan 8 21114 Mar 13 .40 July .98
2,350 Utah Metal & Tunnel
17
8
17
4
13 1%
1% 1%
4 17
13
114 Jai
8 2
17
25 .43 Mar 2 .75 Feb 23 .22 Nov
Victoria
.50 .60
.50 .60 •
Jai
1..50 .60 .1.50 .60 •
•.50 .60
25 .15 Jan 23 .25 Feb 9 .10 Dee .48
70 Winona
1.17 .25 •.17 .25
.17 .20 .
'.17 .25
Fel
•.17 .25
25 .40 Feb 1 .45 Mar 22 .05 Apr .21
WYandot
.50 --__ ___
*0.40 .50 *0.50 .50 'a.40
0.40 .50
4
trEz-dlvidend and rights. a 1ft-dividen . 0 Ex-stock dividend. a Assessment p
•&15and asked Prime: no sales on this day. s 111-rlgistr.
APR. 24 1926.]
THE CHRONICLE
Outside Stock Exchanges
Boston Bond Record -Transactions in bonds at Boston
Stock Exchange Apr. 17 to Apr. 23, both inclusive:
Friday
Last Week's Range Sales
Sale
ofPrices.
for
Price. Lois. High. Week.
BondsAseoc Elec Co 5%5 w 11946
Atl G dr W I S El L 55_1959
Chic Jet NY &U BY 45'40
1940
5s
Cities Service (is
1936
East Mass St RR1948
Ser B 55
Ser C 6s
1948
Hood Rubber 7s
1937
Houston Lt dr Pr 6s._ _1953
Karstadt(Rud) Inc 751930
Mass Gas 4%5
1929
431s
1931
Metropolitan Ice Co 781954
Miss River Power 5s__1951
New Eng Tel & Tel 45_1930
55
1932
Pacific Gas &Elec 5s 1942
So Ice Utilities 6s__.1945
Swift dr Co 5s
1944
Utah Power & Lt 55_1944
Western Tel & Tel 5s_ -1932
9534 9534 $5,000
13834 67% 6834 4,000
88
88
1,000
10034 10034 1,000
9734 9734 3,000
9834
100
10134
10031
10044
2315
Sales
Friday
Last Week's Range for
ofPriem.
Week.
Sale
Stocks (Condu44d) Par.
Low. High Shares.
Range Since Jan. 1.
Low.
9554
67
86
99
9734
High.
Apr 9531
Mar 74
Jan 8731
Jan 101
Apr 9734
Apr
Feb
Feb
Mar
Apr
6534 67
4,300 65
Mar 70
77
77
1,000 77
Apr 7834
10431 10434 4,000 10431 Jan 105
94
94
5,000 94
Apr 94
94
94
5,000 94
Apr 96
9831 9931 1,000 9831 Apr 9934
9731 9731 5,000 96
Jan •9735
1023410254 1,000 100
Apr 10234
100 10034 4,000 99
Mar 10031
96% 96% 2,000 91331 Apr 9634
101% 101% 7,000 10034 Feb 10131
9934 9934 2,000 9954 Apr 9954
95
95
1,000 95
Apr 97
10034 10051 12,000 9931 Jan 101
96% 9634 3,000 9654 Apr 9634
100W 101
14000 01444 Mar 10144
Jan
Feb
Feb
Apr
Mar
Apr
APr
Apr
Jan
Apr
Apr
Apr
Mar
Mar
Apr
Jan
Indep Brewing. com----50
Preferred
50
Jones & Laughlin, pref_100
Lone Star Gas
25
Nat Fireproofing, com 50
Preferred
50
Ohio Fuel Corp
25
Oklahoma Natural Gas_ _25
Peoples Say & Trust Co.100
Pittsburgh Brew,cam- -50
Preferred
50
Pittsburgh Coal, pref__100
Pittsburgh 011 & Gas___ _5
Pittsburgh Plate Glass 100
Salt Creek Cons 011____10
San Toy Mining
1
Stand Plate Glass, pr pf.100
Stand Sault Mfg, com25
Tidal Osage Oil
10
Union Storage
25
U S Glaze
25
West'house Air Brake_ _ _50
West Penn Rye, pref.. _100
4
115
32%
13%
35
34
30
372
8%
79
104%
41
17%
114
431 431
7% 8
115 115
3231 3231
13% 13%
34
35
33% 34
2934 30
372 372
531 5%
13
13
7134 72
4% 434
280 283
831
30
3c
79
79
103% 105
831 935
41
41
17% 1735
113 114
9131 91%
170
130
110
725
150
462
2,017
303
39
940
15
155
275
60
320
500
194
316
300
43
25
137
30
Range Since Jan. 1.
Low.
234
5%
114
30
13
34
33
28
372
3
11
71
431
273
8
30
79
101%
834
41
1734
106
9034
Jan
Feb
Jan
Apr
Apr
Feb
Apr
Mar
Apr
Jan
Jan
Apr
Mar
Mar
Apr
Jan
Apr
Apr
Mar
Apr
Apr
Mar
Jan
High.
13)1
8
116
5634
18%
39
3631
34
475
7
15
8331
6
310
10
40
85
118%
10
41
19%
127%
9134
Mar
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Mar
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jae
Jan
Apr
Jan
Feb
Apr
Bonds
Pittsburgh Brew (is_ _.1949
93
93
51,000 93
Apr 96
Mos
•No par Value. x Ex-d vidend
Note.
-Sold last week and not reported: 20 American Vitrified Products, prat. at
92:25 A. M.Byers dr Co., pref., at 98;5 Peoples Savings & Trust Co.at 371.
Cincinnati Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange Apr. 17 to Apr. 23, both in- Cincinnati Stock Exchange Apr. 17 to Apr. 23, both inclusive, compiled from official sales lists:
clusive, compiled from official lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Armstrong-Cater8% pf 100
Amer Wholesale pref_-100
Arundel Corp new stock--• 33
Atlan Coast L(Conn) _50 216
Baltimore Brick
100
Preferred
100
Baltimore Trust Co
50 137
Baltimore Tube
100
Beneath (I), common._ •
Century Trust
50
Ches & Po Tel of Balt pf 100 11234
Commerce Trust
100
Commercial Credit
• 31
Preferred
25
Preferred B
21 2534
Rights 6% Pref
100 9334
Consol Gas, E L. & Pow_ _• 50
634% Preferred
100 110
7% preferred
100
8% preferred
10C
Consolidation Coal_ ___10(. 37
Beaten)Roll Mill new stk." 34
Fidelity dr Deposit
50
Finance Co of America_25 1034
Series B
25 2034
Preferred
2' 10
Finance Service Claes A.10 20
Preferred
10
Guaranty Co of kid
•
HMV &
Preferred
Chase.
100
Houston Oil pref tr ctfs.100 83
Manufacturers Finance_25 5731
1st preferred
25
2d preferred
25 23
Trust preferred
25 2034
Maryland Casualty Co_ _25 97
Merch & Miners, new_ __ ..• 4534
Monon Vail Trac, pref_ _25
Mortgage & Accept. come 13
Preferred
50 41
Mt V-Woodb Mills
Preferred v t r
100
New Amsterd'm Gas Co_10 50
Northern Central
50 SO%
Penne Water & Power 100 144
Roland Park Homeland
1st preferred
"
Silica Gel Corp
• 1831
United Ry & Electric_ _50 1834
US Fidelity & Guar__ _50 196
Wash Bait & Annan- _50
Preferred
50
West Md Diary, Inc, pf_50
Bonds
Chas dr Po Tel of Vs
let 55
1943
Consolidated Gas 55_1939
General4315
1954 98
Consol G. E L & P13% notes. Ser A_ _1949 107
Danville Trac & P 58.1941
Davison Elul dr Phos138 1927
Elkhorn Coal Corp 634s'32 100
Fair & Clarks Trao 55.1938 9231
Fairmont Coal 55.,.,193i
Georgia 4: Ala cone 55.1945
Gs Sou & Florida 55_1945
Md Electric Ry let 58_1931
6345
1052 9634
Sparrow Point 4%s
United Ry & E 44_1949 71
Income 4s
1949 4931
Funding 58
1936
138, when issued__ _ _1949 9434
Wash Balt & Annap 5s 1941
Wll & Weldon 55
1996 103
•No par value. x Ex-dlv.
25
30
99
9934
31
33
205 216
10
10
84
84
135 13834
15
17
39
39
165 165
11234 11234
58% 5854
3034 31
24
2431
2534 2531
93
9334
47
50
10934 110
11134 112
126 126
3834 37
32
35
119 120
1034 1034
2034 2034
10
10
20
2034
10
10
12
12
23
23
90
90
8131 83
5631 5734
2131 2134
2234 23
20
2034
96
97
4231 4534
21
22
13
1331
4031 41
72
50
8034
144
23
45
2,430
55
50
25
122
11
3
10
24
5
556
293
73
190
214
75
14
20
697
886
123
233
37
80
153
100
40
87
10
61
20
85
392
68
100
161
52
85
32
Range Since Jan. 1.
Low.
25
99
2834
190
10
84
130
15
39
155
11031
5734
30
24
2531
93
45
10834
109
124
36
3031
11734
1034
2034
10
20
10
12
23
90
81
5634
2034
2131
20
96
42
21
13
4034
Apr
Apr
Mar
Mar
Apr
Apr
Apr
Apr
Apr
Ap:
Jan
Feb
Mar
Apr
Apr
Apr
Jan
Jan
Mar
Jan
Mar
Apr
Mar
Apr
Apr
Jan
Mar
Jan
Mar
Apr
Mar
Mar
Apr
Apr
Apr
Mar
Mar
Apr
Apr
Apr
Ain
High.
53
101
36
26234
11
86
154
22
40
182
113%
61%
4634
2631
2734
99
5731
110
115%
128%
53
48
124
12
2134
1034
2134
1034
12
2634
92
89
6834
23
2431
23
102
5334
2334
2331
46
Jan
Feb
Jan
Jan
Jan
Mar
Feb
Jan
Jan
Feb
Mar
Mar
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Mar
Mar
Max
Jan
Feb
Jar
Feb
Jar
Jar
Feb
Aim
Jar
Feb
72
5031
8034
144
10 72
350 49
164 7834
16 140
Apr 83
Mar 5634
Jan 8134
Apr 171
98
98'
1734 1834
x18
1834
196 198
9
9
23 • 23
5231 5231
20 98
225 12
325 17
133 187
60
8
336 2234
33 5234
Apr 98
Ap:
Jan 22
Jar
Jan 1931 Mal
Mar 219% Jar
Mar 1534 Jar
Mar 2534 Jar
Mar 5434 Jar
100 100
10231 10254
98
98
107 107
64
64
10034 10034
100 100
9234 9234
9834 9834
97
97
100% 10054
9534 9534
9831 97
8154 8131
7031 71
49
4934
7034 71
9431 9434
138% 69
103 103
Jar
Jar
Jar
Jar
500 9931 Apr 100
Api
5,000 10034 Apr 10234 Mai
2,000 9434 Jan 98
Ap:
3,000
1,000
2,000
18,000
1,000
1,000
3,000
1,000
6,000
13,000
7,000
28.000
12,000
7.000
7,000
5.000
1.000
10534
64
10034
99
9031
9834
9634
100
9454
9134
8134
89
48
8731
9134
68
10131
Jan
Apr
Apr
Jan
Feb
Apr
Jan
Jan
Jan
Apr
Apr
Mar
Mar
Jan
Jan
Mar
Jan
10734
6634
101
100
9254
9934
9754
10054
9734
9734
Fl 31
7131
5034
7134
96
7334
103
Mai
Jar
Jar
Apr
Apr
Feb
Ap:
Jar
Mar
Mal
Apt
Mar
Mar
Max
Mar
Feb
AIM
Pittsburgh Stock Exchange.
-Record of transactions
at Pittsburgh Stock Exchange Apr. 17 to Apr. 23, both
inclusive, compiled from officials sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par, Prtce. Low. High. Shares.
3031 31
Am Vitrified Prod, corn-50
6
534 631
Arkansas Nat Gas, com_10
98
9854
Byers(AM)Co, pref _ _ _100 98
17
10
1754
Carnegie Metals
255 255
100
Colonial Trust Co
Conley Tank Car, pref.__ ------ 10031 100%
20
pref-50
20
Consolidated Ice,
1331 14
10
Devonian 011
6
531 , 631
Houston Gulf Gas
Range Since Jan. 1.
Low.
265 3034
1,465
554
115 98
360 16
10 220
10 10031
50 20
70 1331
1,110
531
High.
Apr 333.4
Feb
7
Apr 100
Jan 21
Feb 280
Apr 10131
Mar 24
Apr 17
Apr 10
Jan
Jan
Jan
Feb
Feb
Mar
Feb
Jan
Feb
Stocks-
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Par. Price. Low. High. Shares.
Industrials
-Am Laundry Mach,com.25
Preferred
100
American Products
Amer Roll Mill. com__25
Preferred
100
Am Seed Mach, pref-100
Amer Thermos, corn
Baldwin, new prof
100
Buckeye Incubator_-100
100
Carey (Philip), com
Preferred
100
Champ Coat Pap,com_100
Champ Fibre, pref
100
Churngold Corporation...*
Cin Union Stock Yds-100
City Ice & Fuel
•
Cooper Corp, new pref_100
Dalton Add Mach,com100
Dow Drug. prof
100
Eagle-Pickier Lead, corn _20
•
Earl} & Daniel, corn
,
Formica Insulation
•
French Bros-Bauer, coin..
Gibson Art, corn
•
Globe Wernicke, com__100
Grant Tire
100
"
Gruen Watch, corn
Preferred
100
Hatfield-Reliance,com___*
Johnston Paine. pref.-100
20
Kahns, 1st prof
Kodel Radio, prof
20
Krogers, corn
10
New preferred
100
Procter & Gamble, com.20
3% preferred
100
6% preferred
100
Pure 011,8% prof
100
3% preferred
100
Putman Candy,corn
•
If S Can. corn
•
Preferred
100
U S Playing Card
20
U8Print & Litho.com_100
Preferred
100
US Shoe. prof
100
Whitaker Paper, pref 100
West Paper "A"
•
Wurlitzer, 5% pref____100
11354
124
2454
5034
10954
74
1734
10531
3134
180
112
183
105
5331
12634
2334
10231
64
106
28
4454
2034
15
38
9254
35
39
105
16
100
10034
2031
11634
112
156
16034
93
107
2231
4634
1013-4
137
8731
99
48
98
28
106
Banks
Fifth-Third-Union units100 325
11134 114
124 124
2451 2454
4931 5034
10934 10954
74
74
17
1834
10531 10531
31% 32
175 180
112 113
183 183
105 105
5331 54
126% 12834
2354 24
101 10254
64
84
106 106
28
2854
4254 4454
20
2034
15
15
3734 3834
9254 9254
34
35.
39
39
105 105
16
16
100 100
10054 10054
2054 2031
116 120
112 11234
149 157
16031 16031
11334 11354
93
94
107 10831
2234 2231
4634 4634
10131 103
137 137
8731 8731
90
99
48
48
95
98
2734 28
106 106
325
325
Public Utilities
Cincinnati & Sub Tel._50 82
82
8234
Cincinnati Gas & Elec_100 9031 8954 9031
C N & C Lt & Tr,com 100 8534 85
8534
Preferred
6434 66
100 65
Ohio Bell Tel, pref____100 109
109 10931
TractionsCin dr Ham Trac,com100
Cincinnati Street Ry___ _50
Ohio Traction, corn_ ___100
Preferred
100
10%
3334
631
77
Railroads
C N 0 dr T P. com__ _ _100 276
•No par value.
1031 10%
33
3354
634
8
79
77
272
276
737
20
265
1,323
285
10
58
5
123
145
55
10
29
155
14
287
17
2
5
1,535
170
22
85
248
5
110
la
13
175
3
50
100
600
17
1,344
Range Since Jan. 1.
Low.
108
High.
Mar 14034 Jan
2434
4754
10854
74
1534
104
30
175
110
153
103
5334
12634
2334
100
62
106
2614
3734
20
15
36%
9234
34
3654
10334
1431
98
2731
59
111
75
20
10631
3354
180
115
183
10534
78
153
2534
108
7131
110
3334
4254
27
16
40
96
40
41
10554
1831
10244
10031
2154
12154
11234
160
Mar
Feb
Mar
Feb
Mar
Jan
Feb
Apo
Mu
Are
Jan
Feb
Feb
Jan
Jae
Feb
Mao
Feb
Apt
Feb
Mar
Mu
Ape
Mat
Mu
Apt
Jan
Feb
Apt
Feb
Apt
Apz
Jam
30 11034 Feb 11634
281 8531 Jan 96%
10534 Jar, 11031
Mar 24
105
20 47
Apr 63
Mar 10334
149 99
Apr 145
42 137
11 81
Jan 9434
Jan 100
13 92
Apr 5834
25 48
Apr low
1 98
110 27
Apr_3134
Mar 108
20 105
Api
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jam
AP
s
Apr
Mar
Jan
Apr
Apr
Feb
Jan
Apr
Feb
Jan
Feb
Apr
Apr
Apr
Mar
Apr
Apr
Mar
Mar
Apr
Apr
Feb
Apr
Apr
Jan
Feb
Apr
mar
1004 Apr
2031 Mar
10434 Mar
Feb
100
139% Jan
4 321
Feb 3
30
Mal
20 81
137 83
162 8131
205 64
197 109
Apr 84al
Mar 95td
Jan Fin 3
4
Apr en 14
Apr 11154
Feb
Ma:
Mai
Jar
1110.1
10
258
75
100
Apr
Mar
Apr
Apr
Ma;
Fel
AF
AP
10
32
6
69
48 270
11
3334
654
80
Mir 825
Tel
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, Apr. 17 to Apr. 23, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par Price. Low. High. Shares.
Alliance Insurance
10
4831 483(
Amer Elec Pow, pref_100 11131 111 111%
American Stores
• 86% 8231 6631
Baldwin Locomotive_ __100
10134 10231
Bell Tel Co of Pa, pref._
111
11051 11134
Cambria Iron
50
38% 39
Catawissa, 1st prof
50
4334 4331
Congoleum Co,Inc
•
15% 18
Consol Trao of N J__ ..100
29
30
East Shore0& E,8% pf 25
26
28
Elsealohr (Otto)
100
12% 12,1
Fire Association
50
68
58
General Asphalt
61
100
65%
Giant-Portland Dement.50
35
35
Preferred
50
453/ 4531
Hunt & Brd Top, pref _ _50
2
2
Insurance Co of N A...... _10 51% 50
51%
Lake Superior Corp_.100
2% 2%
Range Mu Jan. 1.
Low.
High,
100 36
Jan 59
Jan
109 10134 Jan 111% Apr
9,878 60
Mar 9434 Jan
130 9934 Apr 104% Apr
136 109% Mar 112
Jan
27 3831 Jan 40
Mar
10 423.1 Feb 4334 Apr
110 15% Apr 21
Feb
100 29
Ayr 35
Feb
20 25
Mar 26% Feb
150 12% Apr 20% Feb
10 55
Apr 88
Jan
368 58
Mar 87% Mar
16 35
Apr 50
Feb
90 34% Jan 4834 Feb
6
1% Jan
5
Feb
1.207 49
Mar 6434 Jan
1.205
234 Mar
434 Jan
THE CHRONICLE
Stocks-
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Par. Price. Low. High Shares.
Adams Royalty Co, corn-*
All Amer Radio class A_5
Amer Shipbuilding_ _100
100
Preferred
Amer States Sec Corp A--*
•
Class B
Warrants
Armourt& Co(Del), pref 100
Armour a Co, pref____100
Common class A v t c_25
Common class B v t c_25
15
Armour Leather
100
Preferred
Assoc Invest Co,com____*
Auburn Auto Co, com_ _25
Balaban de Katz v t c__25
Beaver Board pref ctfs-100
Bendix Corp class A____10
10
Borg & Beck, com
Cent Ill Pub Serv, pref _ -_•
Cent Ind Power, pref. _100
Cent Pub Serv (Del),com.•
Central SW,7% pref__...*
•
Prior lien preferred_
Warrants
Chic City & Con Ry. pref_*
Chicago Fuse Mfg Co_ _ _ _•
Chic N S & Milw, com.100
100
Prior lien pref
100
Preferred
Chicago Title & Trust_ _100
Commonwealth Edison_100
Consumers Co New
5
100
Preferred
Continental Motors
*
Crane Co
25
Preferred
100
Cudahy Packing Co_ 100
Cuneo Press A
50
Decker (Alf) & Cohn,Inc.*
Preferred
100
Deere & Co pref
100
Diamond Match
100
Eddy Paper Corp (The). *
El Household UM corp.10
•
Elec Research Lab
EmpireG & Fuel7% pf 100
.
Evans& Co. Inc,el A_ _.5
*
Fair Co(The)
100
Preferred
Fitz Simons & Connell
Dock & Dredge Co
Foote Bros(G & M)Co_*
*
Godchaux Sugar
*
Gossard Co(H W)
Great Lakes D & D.__ _100
Greif Bros Coop'ge A corn*
Hammermlll Pap Co pf_100
Hart,Schaffner & Marx 100
Hibbard, Spencer, Bartlett & Co
25
10
Hupp Motor
25
Illinois Brick
Illinois Nor Utilities pf_100
Jaeger Machine Co corn •
Kellogg Switchboard_ _25
Ky Hydro-Klee pfd_._ _100
Ky Utilities Co pref____50
25
Kraft Cheese Co
.
La Salle Ext Univ (III) _10
Libby,McN & Libby,newl0
10
Lindsay Light
- - - - .. -__ ...... -
30
234
31
87%
1831
831
4
3634
49
6934
36
2634
3134
89
1231
95
1634
334
31
100
139
7
11
55
117
48
120
1834
11
92
30
27
11
3
34
140
110
45
91
2534
9334
6434
10
831
2734
1134
334
34
142
33
110
114
70
20
45
91
2554
3134
9334
51
60
931
8
234
70
2034
45
91
2534
3134
93%
51
6434
10
834
234
01,1
Chcift A. r,I... ,. Ket 1015
•
7131 $8,000
50
5,000
4834 1,000
33
4,000
9734 20,000
10431
1.000
1f1/11,4 10(1 0.4
1 nnri
AAAtAmia
AAAAAAA
.MOCCIAWOODON.
W•4&....1W.O.0N.ONWW0.0'0bDka
WNW4a.0.0000I00N000WW0024.W0C4M0VIN0000'N0-4000
Ag AA A g A Ag
AA AA
7934
5654
5654
40
99
10431
Jan
Jan
Jan
Jan
Feb
Feb
1(1031
Ton
Range Since Jan. 1.
Low.
170 26
370 11
3
550
583 3134
1,910 122
240 3734
10 10834
50 112
207
175
3,920
75
200
70
30
210
3.330
607
1,333
100
7134
50
4834
33
9731 9654
104%
•No par value.
2831 3031 2,465 2734
740
931
9
9
71
71
15 71
43 103
103 10334
234 274 5,475
231
lg 2
1
600
31
y,
34 2.858
93
9
337 93
534
8634 8934 1,607 8631
16,485 1734
1734 21
934 4,825
7
7
334 4
334
447
2 8834
8834 8834
180 3634
3
634 3634
50
45
7,095 4034
2,565 64
70
68
130 32
36
36
320 2634
2
634 27
1,960 28
2934 3131
89
88
307 8734
119 8834
89
8934
1234 3,700 12
12
486 8934
95
94
373 9531
9634 9934
610 1034
1634 1634
450
354
334 454
100 3034
31
31
150 43
44
43
152 9954
9934 100
125 76
76
76
3 545
550 550
577 13731
13834 13934
534
734 1,810
634
105 73
77
77
339 1034
1034 11
464 5034
5034 55
120 11334
11534 117
400 80
80
80
80 47
48
4734
2934 2934
50 28
16 102
103 103
130 106
10734 108
128 116
120 122
100 18
20
20
1034 1,880 1634
18
6,195 1034
1034 18
300 91
9131 92
95 2534
26
26
780 2734
2934 30
10 105
10534 10534
2634
11
3
33
130
3734
110
114
Bonds
Chicago City Ry 58_ _ _1927
Chic City&Con Rys 581927
Chicago Rys 5s, ser A.1927
4s, series B
1927
Hone GG Co s f g13348.1931
P 8 Co of Nor 111534s_11162
0-0Pt-0.055Elv—I1ImIlinn5nEWAg5v,linn4OFmng.ngroviMn
-The complete record of
Chicago Stock Exchange.
transactions at the Chicago Stock Exchange from Apr. 17
to Apr. 23, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
.14.4.4.44444.4.=14
17,M4g
0.9-9.4444,
-.4s-44s-4a4.4X,
X*4.›,
,,
Inn
1934 j Feb
Feb
23
13434 Jan
11134 Feb
12334 Feb
254 Apr
4934 Feb
100
Jan
98
Mar
Feb
65
Apr
128
Jan
26
434 Jan
2734 Apr
Jan
32
Jan
99
2134 Feb
Feb
24
2231 Feb
5934 Jan
137
Jan
13134 Mar
Apr
103
11634 Mar
Mar
136
Feb
107
5834 Jan
2534 Jan
3034 Mar
Jan
93
Feb
117
2254 Jan
48
Feb
8834 Mar
5834 Jan
2
Mar
26
Feb
31
Mar
92
Mar
51
Feb
Mar
38
16134 Jan
Mar
117
25
Jan
1434 Feb
2334 Feb
1054 Feb
5534 Jan
Feb
32
Feb
33
Jan
96
5054 Feb
,
.49444
OR
• No par value.
High.
Low.
10.0.WOINN.CmW
W.W020,
9434 Mar
6534 Feb
5834 Feb
9834 Feb
6834 Jan
9934 Mar
Apr
87
10334 Apr
10434 Feb
10734 Jan
10734 Jab
10234 Apr
10834 Feb
9234 API'
McQuay-Norris Mfg
* 1634 1634 1634
10
Maytag Co
*
2034 21
70
Middle West Utllities____* 11234 11134 11434 2,310
Preferred
100 10434 104 10734
579
Prior lien preferred_ _100 11431 11334 11634
435
Rights
st2 41612 ni 234 8.334
Midland Steel Products_* 44
4334 44
310
Midland Utll prior lien_100 19834 9834 9834
342
1/11 Preferred A
100 96
98
96
101
Morgan Lithograph Co__* 5634 5534 5634 1,445
Nat Carbon pref, new_100
127 127
15
Nat Elec Power A w I_
*
2031 2031
120
National Leather
10
334
334 334
222
National Standard com_.* 27
2634 27
1,150
No Amer Car Corp corn...* 28
2734 2831 2,400
Nor West UM pr In pref 100 19535 9534 96
61
Omnibus v t c w la
•
16
1651
250
Penn Gas & Elec WI
*
1934 1934
100
Pick Barth & Co pref A__*
135
1934 20
Pines Winterfront A
5 4234 37
4234 1,625
Pub Serv of Nor Ill
•
45
12831 129
Pub Sens of Nor III_ _ _ _100
12831 12834
50
Preferred
100
101 102
30
7% preferred
100 114
114 114
10
Quaker Oats Co
•
132 132
52
Preferred
100 107
140
10654 107
Real Silk Hosiery Mills.10 4231 42
43
1,955
Reo Motor
10 2031 1974 2054 2,225
Sprague-Sells Corp CI A_30
30
30
100
Stewart
-Warn Speedom..* 7674 7234 77
19,810
Swift & Co
100 11334 110 11334 3,173
Swift International
15 1654 1434 17
18,660
Thompson (2 R)
25 4331 4254 437.4
935
Union Carbide & Carbon_* 8231 7914 83
13.375
United Biscuit class A
_• 4531 4234 4534 4,250
United Iron Works v t c50
1
1
200
United L ds P A w I new_.
1331 1334
60
B w I new
*
15
15
45
Preferred class A w I a_ _* 88
8434 8635
645
Preferred class B w I a_ _* 4434 4231 45
845
United Paper Board_ _ _100 25
25
2834
230
137 140
U S Gypsum
20 140
496
114 114
12
Preferred
100
Vesta Battery Corp_ _ _ _10 1234 1234 13
910
Wahl Co
*
150
1034 1034
William 011-o-Mat,com_ _* 19
1831 1954 1,400
315
Wolff Mfg Corp
734 8
•
*
720
Wrigley Jr
5034 5134
860
Yates Machine, part pref_• 2731 2731 28
24
26
1.590
Yellow TrdsCoach Mfg B 10 26
65
9254 94
Preferred
100
942
Yellow Cab Co,Inc (Chic)* 4531 4531 46
A A
12034 Feb
8334 I Jan
3334 Jan
8 IliJan
Apr
52
91 sil Feb
5534 ran
9141 Feb
76% Apr
50 61 Mar
6731 Jan
5
Apr
55
Feb
5734 Feb
48% Feb
Feb
65
14% Jan
3534 Mar
Apr
86
Feb
101
431 Jan
734 Feb
4334 Jan
Apr
205
144% Jan
85
Apr
38% Mar
1734 Apr
334 Mar
Jan
47
Jan
56
3834 Feb
Range Sines Jan. 1.
A
oc°
g44V,V,Tgg'gg.gligligtIg'gggV.410g4MnI4n
ra
b30,0
W.WO.W..NO10.4
WWW.CAW08
ks,
.WWWOW
High.
Friday New'
Sales
...e a.tial
Last Week's Range for
MI
Sale
Week.
ofPrices.
Stocks (Concluded) Par. Price. Low. High. Shares.
ma ....-asi
..il 'jag
=X
wit
• BondsAmer Gas & Klee 5s_ _2007 94
92
94
8,000
Elea & Peoples tr ctfa 4s'45 62
60% 62
10,200
Inter-State Rys coll 4s 1943
56
56
3,000
Leh C & Nay cons 414s '54 98
9734 98
7,000
Peoples Pass tr ars 48_1943
64
64
1,000
Phil& Co at pd sk fd & red'51
2,000
9834 99
Phila Elec 1st s f 4s.. _ A966
85
85
600
1960
55
10234 10334 12,000
1st 5s
1966 10334 10334 104
27,000
1947
10751 10731 1,000
5345
5345
1953
10731 10734 1,000
1972 102
10134 10234 34,000
534s
Os
6,000
1941 10734 10734 108
9234 9234 1.000
Reading inapt 4s
1947
v....t...,.. s.* Ca
10'17
TIATO OA TT
A OM
WO&
8,893
500
215
830
MI 20
423
26,100
48
1,556
138
52,865
10,616
40
1,093
150
96
250
5
105
90
12,310
2,055
912
2)
9,916
210
445
200
15
190
[1,87
1..... 5
Low.
000Q000000000
14.WWboN4.0W-.40..40
AW,
Lehigh Navigation
50 10934 105 11034
Lehigh Valley
50
8031 8331
Lit Brothers
10 26
2534 26
Man Rubber
10
334
334 4
Mlnehill & Schuyl Hay_ _50 52
52
52
Penn Cent L&P cum pf .* 7231 7234 73
Pennsylvania RR
50
5031 52%
Pennsylvania Salt Mfg_ _50
75
75
Philadelphia Co (Pitts)_ _50
7131 73
Preferred (cumul6%)-50
4834 49
Phila Electric of Pa
25 46% 4334 4731
Power Recta
25
434
434 5
Phila.Insulated Wire
52
*
52
Plana Rapid Transit_ ___50 5334 52% 5331
Phila & Read Coal & Ir Co*
3734 3934
Philadelphia Traction_ _ _50 58% 58% 5834
Phila. ds Western
50
13
133.5
Preferred
50
3531 3534
Reading Company
50
8234 86
Scott Paper Co pref._ _ _100 101
9934 101
Tono-Belmont Devel_ _1
2 1-16 334
Tonopah Mining
1
534 534
Union Traction
50 3931 3934 3934
Union Cos of N J.
___100
205 205
United Gas Impt
50 9434 91
9434
United Rys pref
100
82K 84
US Dairy Prod "a"
35
36%
Class B
*
173.4 1734
Warwick Iron & Steel_ _10
.
2
2
West Jersey & Sea Shore_50
43
44
Westmoreland Coal new 50
50
50
York Railways pref_- -50
37
37
RangeMines Jan. 1.
000W.0.C.Ob
OW00001..1.4
Fritter/ OBI win Sales
Last Week's Range for
ofPrizes.
Sale
Week.
Stockil(Conduded) Par. Price. Low. High. Shares.
For, 1.111.
High.
3734
1934
9574
10354
854
534
%
98
9234
2534
17
634
8834
3734
7234
73
40
3134
3434
91
93
1231
95
100
2231
7
35
6134
101
83
585
144
1031
93
1334
60
11734
9534
50
31
10434
10934
12934
25
25
3234
97
3034
3334
107
Feb
Jan
Jan
Apr
Feb
Feb
Feb
Mar
Mar
Feb
Feb
Feb
Apr
Mar
Mar
Mar
Feb
Jan
Feb
Jan
Jan
Apr
Apr
Feb
Feb
-Jan
Jan
Feb
Mar
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan 3034
Mar 1534
7
Mar
Mar 39
Mar 171
Apr 4034
Feb 110
Apr 125
Feb
Jan
Feb
Jan
Jan
Feb
Apr
Jan
Jan
Apr
Apr
Apr
Mar
Mar
Mar
Apr
Apr
Aln•
Apr
Apr
Apr
Apr
Mar
Mar
Mar
Mar
Jan
Jan
Mar
Apr
Mar
Mar
Jan
Apr
Mar
Apr
Jan
Mar
Apr
Apr
Jan
Mar
Mar
Apr
Mar
Apr
Jan
Jan
Jan
Feb
Mar
Apr
Mar
Apr
Apr
Mar
Mar
Jan
70
19
37
9034
25
31
9134
49
60
9
731
2
Apr
Mar
Jan
Feb
Mar
Mar
Apr
Mar
Apr
Mar
Mar
Jan
nn IL
4.,.
7934 Apr
Jan
Apr
45
Mar
92
2934 Feb
Jan
38
Jan
95
Mar
61
9031 Jan
1434 Jan
Feb
10
334 Feb
2834
AO
inn
-For this weeli's record of
St. Louis Stock Exchange.
transactions on the St. Louis Stock Exchange see page 2296.
-Below is a record of the
New York Curb Market.
transactions in the New York Curb Market from April 17 to
April 23, 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.
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale.
Par. Price. Low. High. Shares.
Week Ended April 23.
Stocks-
Indus. & Miscellaneous.
Ala Grt Southern, corn_ _50
Aluminum Co com new. •
100
Preferred (8%)
Amalgam Leather com. •
100
American Arch Co
Amer Cyanamid class B-20
20
Class A
Amer Elec Corp v t e..„.•
Amerlcan Gas dr Elm corn •
•
Preferred
American Home Products.*
Amer Lt & Trail corn__ _100
100
Preferred
Amer Mach & Fdy.com_.*
Amer Multigraph corn_ •
•
Amer Pow & Lt com
*
Preferred
Amer Rayon Products •
Amer Rolling MI11 com-25
100
Preferred
100
Amer Seating Co
Am Sumatra Tob (new co)
Voting tr ctfs w 1
•
Am Superpow Corp CIA.
•
Class B
25
Prior preferred
American Thread pref....5
Amer Writing Pap,com 100
Armour Leather com_ _ _15
Assoc Gas & Elec Class A_•
migrate Fruit & sugar_ _ _•
Atlas Portland Cement.. •
Auburn Automobile. com25
Babcock dr Wilcox Co- _100
Blackstone Val G&E com50
Bliss (E W) new w 1
Bloomingdale. Inc, com__*
100
Preferred (7%)
50
Borden Co new
B & NI RR corn, stpd..100
Bradley Fireproof rrod__1
Bridgeport Mach com --•
Brill Corp (new) Claw A.*
•
Class B
Brillo Manufacturing corn*
Class A
Brit
-Amer Tob ord bear_31
Ordinary regLstered. -31
10
Brooklyn City RR
11111
w.,....,,,,.. nes Aron
9934
9931
119
10
73'34
2536
209
6934
5334
93
31
270
9834 9934
64
64%
9954 9994
13
13
119 122
38
40
41
40
934 10
7134 7454
9
034 9034
25
2534
201 211
10654 10634
6934 6934
1934 1954
5054 5434
93
9334
31
3154
4934 4954
10834 109
270 274
17
1854
2434 2131 2434
2431 2254 2454
x2431 x2434 2531
3111* 31314
75o
60o 75e
4
4
2954 2834 2934
1
154
134
4554 4754
4934 43% 4934
114 120
92
92
19
19
2154
27
27
2854
10154 10334
103
9551 9134 9534
41
41
41
80c 90c
834 9
834
37
40
40
18
1834
634 7
20
20
2734 2734
27
27
754
735 8
9115
109
ono
300
400
100
400
350
400
300
1,000
2,100
200
3,500
725
25
100
100
7,600
270
3,900
10
130
30
Range Since Jan. 1.
Low.
High.
95
5434
9834
13
119
3534
3674
9
64
9031
2431
195
105
66
191.4
Mar
Jan
Jan
Apr
Apr
Jan
Jan
Mar
Mar
Apr
Mar
Mar
Mar
Apr
Apr
4854 Mar
92
Apr
2994 Feb
4831 Apr
106
Jan
250
mar
18054
76
101
1551
13211
47
4634
1134
9934
9
554
2734
264
11534
6934
2354
7934
96
3554
5934
109
335
Feb
Feb
Mar
Feb
Feb
Fels
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Apr
Feb
Jan
Jan
Jan
Feb
Apr
Feb
200 17
Apr
4,100 1914 Mar
5,800 2134 Mar
510 23
Mar
331 Mar
600
400 10c Mar
200
4
Jan
1,300 2554 Mar
4,400 89e
Jan
Apr
300 45
600 4134 Mar
130 114 , Apr
100 9031 Apr
Apr
1,600 19
Apr
2,700 27
1,600 10154 Apr
900 9154 Mar
Apr
100 41
2,400 636 Jan
900
734 Mar
Apr
2,500 37
Apr
400 18
634 Apr
400
Apr
100 20
300 2634 Feb
200 2654 Feb
754 Apr
5,200
1854
3734
39
2694
4
75c
534
3534
234
5554
73
149
11854
2054
3254
10434
110
49
134
Apr
Jan
Jan
Feb
Jan
Jan
Feb
005
1,0
Ton
ulli
5734
33
7
21
2731
2734
954
VAIT
Jail
Feb
Mar
Mar
Jan
Jan
Apr
Mar
Apr
Jam
Jan
Jai
Jan
Jan
Jan
Apr
Apr
Mal
Apr
Feb
Feb
APR. 24 1926.]
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Coneinued) Par Fria. Low. High. Shares
Buff Nlag & E Pow com • 24% 24% 25%
Preferred
i5
24% 24%
Burdines Inc coin
•
1634 1654
Burroughs Add Mach p1100
10554 1055E
Can Dry Ginger Ale
• 4834 4454 48%
Car Ltg & Power. cora _25
2
2
2
Celluloid Co pref
100
69
69
Central Aguirre Sugar_ _50
7634 81
Central States Eire corn_ •
27
27
Central Steel corn
100
62
62
Centrifugal Pipe Corp_ _• 18%
163-4 18%
Chic Nipple Mfg Cl A.50 42% 42% 42%
Class B
50 2554 25% 26%
25 40% 40% 41%
Cities Service corn
Preferred
10
83% 8334 84
Preferred B
10
7% 7%
Bankers' shares
20
20
Collins & Alkman Co corn •
3234 33
Preferred (7%)
100 97
9554 97
Colombian Syndicate
2% 234
Com'wealth Power Corp
Common
• 35
32% 35
Preferred
100 85
8454 85%
Warrants
42
40
42
Consol Dairy Products._ _•
3%
3% 4
Con Gas, E L&P Bait come 50
4734 50
Como'Laundries. w L _• 22% 22
22%
Continental Baking,cora• 85% 82
85%
• 13% 12% 14%
Common B
8% preferred
100 92
90% 92
Continental Tobacco_
•
1134 11%
Courtaulds Ltd
El
31% 32
Cuneo Press corn
•
26% 2734
Class A
50 4834 48
48%
Curtiss Aaron!& M.com_•
17% 18
De Forest Radio Corp_ __•
3%
1% 334
Dinkier Hotels Co
Class A with purch warr• 20% 20% 21
Doehler Die Casting
•
12% 1334
Dubiller Condenser dr Rad•
434
43.4 4%
Dunhill International__ _ _• 19% 19% 19%
•
Durant Motors, Inc
6%
6% 6%
Duz Co class A
11
11
Class A voting trust ctfs• 12
12
14
Eastern Roll 151111, corn_.' 33% 3334 34
EitIngon Schild Co, cm.*
33% 33%
Elec Bond & Share, pf 100. 10634 105% 106%
Elec Bond & Share Sec__.• 67% 63% 681
Elec Investors without war. 37% 34
3834
,
Electric Railway Secure_ _•
5%
5% 534
Electric Refrigeration__ _• 62
63
57
Empire Power Corp
•
22% 23%
Emporium Corp w I
• 36
36
36
Engineers Public Serv corn. 22% 21% 22%
Preferred full paid
•
97% 9834
Preferred (70% Paid).-• 97% 97
9834
Preferred 7%
87% 87% 8734
Estey-Welte Corp class A-•
26
2734
Fageol Motors Co. com_10
554
5% 5%
Fajardo Sugar
100 134
131% 134
Federal Finance Corp cl A•
31
32
Fedi Finance Corp, el B.•
12
13%
Federal Motor Truck_ __10 41
40
41
Federated Metals
•
17
17
Film Inspection /)lach___.
4% 4H
Firestone T & It,7% pf.100 99
98% 99
Ford Motor Co of Can_100 523
440 529
Forhan Co,clam A
• 1534
154 16%
Foundation Co
Foreign shares Class A-• 19%
18
19%
Fox Theatres, CI A, con).* 23
22
23%
Franklin (II H)Mfg.corn.'
26% 26%
Freed-Eisemann Radio...'
43.4 4%
Freshman(Chas) Co
• 2834 24% 2854
Garod Corporation
•
23,4
General Baking class A_ _• 53
49% 53%
•
Class B
7
6% 754
Gen'l Fireproofing, com . 49
43
50
Gen'l Gas & El of Dell._• 28
28
28
(WW1 Ice Cream Corp....' 49
47% 49
Gang Pub Serv, corn
1234 123.4
7% preferred
10034 1003E
Georgia L P & Ry com_100
70
70
Gillette Safety Razor_ _ _• 9934 9154 9934
• 15854 153
Glen Alden Coal
15934
Goodyear Tire & It.com100 33% 29% 33%
Grand (F VI) 5-10-25c St •
55
57%
Great Atl & Par Tea (Md
Corp), 18t prof
100
11634 117
Griffith (1) W) class A _ •
134 1%
Grimes Ra & Cam Rea __ •
1% 1%
13,4
Ilablrshaw Cable & Wire_•
11% 12
Happiness Candy St el A_•
654
634 7
Havana Elec & Util, pref_"
68
70%
Hazeltine Corporation._ _• 1034
8% 11
Hellman(Richard)Inc,
Pref with warrants_
•
33
33
Hayden Chemical
•
134
141
1%
Hires(Chas E)Co
Class A common
• 24
24
24%
Hollander(A)& Son corn.'
28
28
Horn& Hardart Co
•
4734 5134
Imperial Tob of Canada_.5
634 6%
Imp'l Tob 0101& Ire_ _El
24% 2434
Industrial Rayon Class A _•
10% 11%
Int Cone Ind Fre shs___10
534
5
5%
Jut Projector Corn
10
104
Internat Utilities class A.* 3234 3234 33
•
Class B
534
5% 534
Johns-Manvllle. Inc
• 137
134% 137
Reiner Williams Stamp_ • 1634 16 34 16%
Keystone Solether
10
22c 22c
Kraft Cheese
25 63
60 34 64
Lambert Co common....' 41
38% 41
Land Co of Florida .
• 30
29% 30
Landover Hold Corp CI_A1 3234 32% 323,4
Class A stamped
834
8
854
Lehigh Power Securities
New Cons Corp
• 1334 12% 13%
Lehigh Valley Coal Bales.50
8234 8234
Lehigh Vali Coal ctfs new_
4134 38% 41%
Libby, McN & Libby_ _
8% 8%
Libby Owens SheetGlass 25 144-- 140% 145
Marconi Wirel of Canada _1
94c 94c
Corporation
McCall
•
38% 38%
McCord Rad & Mfg v t c •
19
19
100
Mengel Co
36
36
•
Mesabi Iron
1% 1%
Metropoi. Chain Stores •
30
30
Middle West Utillties.com• 112 11112 114%
100 11434 1111334 116%
Priorlien stock
100
Preferred
9104 107
•
Midvale Co
24% 24%
Miss ltiv Pow, pref._ 100
93
93
Mohawk & Hud Pow corn.* 2234 22% 23%
Mohawk Valley Co_ ___ • 3354 3134 33%
Moore Drop Forge class A. 64
6234 64
• 25c
Music Master Coro
20c 25c
Nat Eleo Power. Class A.• 2134 2154 2134
10
National Leather
3% 334
• 9834 98% 99
Nat Pow & TA pref
Range Since Jan. 1.
Low.
High.
2,600 233E Mar 3834
100 24
Feb 2534
100 1634 Mar 21%
500 10534 Apr 107
8,300 40% Jan 50%
1.400
134 Jan
234
10 51
Feb 6954
220 75
Mar 95
100 20
Apr 3434
100 60
Mar 7434
10.400 16% Apr 27
2,600 42
Feb 43%
1,400 259.4 Apr 27
8,300 37% Feb 42%
1,700 82% Apr 134
300
7% Feb
734
200 19
Jan 2054
900 32% Mar 39%
1,400 95% Apr 10154
12.200
2
Mar
334
15,500
600
600
2,000
2,400
7,300
3,200
45,400
2,300
100
.300
40
20
70
5,20
29
82
3034
3%
4434
22
65
10%
8433.4
11%
30%
26
43
17
134
Feb
Apr
Jan
Feb
Mar
Mar
Star
Ireb
Feb
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Mar
Mar
Mar
Jan
Mar 42% Jan
Mar 88
Jan
Mar
76
Feb
Apr
5% Jan
Jan 58
Feb
Mar 2834 Feb
Mar 121% Feb
Mar 3034 Jan
Mar 101
Feb
Apr 1634 Jan
Mar 3434 Jan
Feb 31% Feb
Jan 50% Feb
Mar 23% Jan
Apr 10% Jan
600 20
Mar 2534
600 12% Apr 18
454 AP
900
11
200 194 Apr 2634
12,200
6
Ma
13%
100 11
Apr 21
300 10
Jan 22
200 29
AP
46%
100 33
Ma
3734
500 104% Jan 108%
12,600 56% Ma
86
8,700 3034 Ma
7434
200
434 Jan 10
26,000 523-4 Mar 9034
500 22% Apr 32
100 33
Ma
3934
3.100 21% Apr 29%
610 97
Ma 104
300 9554 Ma 10434
100 8734 Apr 87%
800 24
Jan 28
4% Ma
500
10%
60 124% Apr 169
1,000 30
Apr 3534
1,300 12
Ma
17%
400 32
Mar 45%
200 15
Apr 22
200
434 Apr
734
260 98% Apr 100
670 440
Apr 655
1,200 1334 Mar 20
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Apr
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Mar
Jan
3,200 16%
4,300 1934
100 20%
1,000
334
38,200 1734
200
2%
28,700 44%
19,200
554
800 40
100 28
200 4734
100 12%
25 100
100 56%
9,100 89
2,800 138%
9,300 294
300 50
Ma
Jan
55
Ma
34% Jan
Ma
Jan
33
Ma
835 Jan
Jan 2854 Apr
Fe
7
Jan
Apr 7934 Jan
Mat 1734 Jan
Mar 57
Jan
Mar 49
Jan
Mar 56% Jan
Apr 16% Feb
Mar 106% Feb
Mar 75
Jan
Mar 114
Feb
Jan 166
Jan
Apr 60
Mar
Mar 85
Jan
116%
134
1%
10%
6%
64%
8%
Apr 11754 Feb
Apr
134 Apr
Apr
Jan
7
Apr 15
Jan
Apr
834 Jan
Apr 71% Feb
Apr 1734 Feb
30
100
1,500
200
2,400
200
3,300
100
1,900
30
Mar
15E Apr
300 23%
100 2754
1.200 41
100
6
500 24
1,900
9%
200
4%
300
9
300 32
1.400
4%
225 130
100 15
1,000 10e
1,300 60%
6,900 37
500 21
100 27%
500
8
3634 Feb
2% Jan
Mar 36
Apr 3654
Mar 62%
Feb
7
Feb 25
Apr 1934
Apr
8%
Apr
1554
Mar 39
Mar
9%
Mar 159
Mar 18%
Apr 45c
Apr 88%
Apr 4134
Mar 4734
Apr 35
Apr
834
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Feb
Apr
25,000 10
Mar 22
Jan
50 80
Mar 83% Feb
9.200 3634 Mar 4514 Jan
300
754 Mar
9% Feb
120 1404 Apr 219
Jan
2,000 92c
Apr
1% Jan
100 37
Mar 43
Feb
100 19. Apr 25% Jan
50 34
Apr 62
Jan
400
134 Ma
2% Jan
100 2534 Mar 49% Jan
2,100 109
Mar 135
Jan
170 98
Jan 122% Feb
200 97
Jan 11134 Feb
100 2334 Jan 25% Mar
100 92
Apr 96
Jan
900 20% Ma
26 yi Feb
600 30
Mar 8734 Jan
300 61
31a
67
Jan
2,000 100 Apr
3% Jan
600 1554 Mar 26% Jan
100
3% Ma
434 Jan
500 97
Ma 102% Jan
2317
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Nat Pub fiery CIA corn..' 21
• 1234
Class B common
Nat Sugar Refining. _ _100 10854
Nelson(Herman)Co
5
Neptune Meter Class A. •
New Eng Telep &Tales 100
New Mex & Ariz Land__ _1
12
N Y Telet)634% pref__100 112
Northeast Power corn_ _ • 20%
Northern Ohio Power Co _• 153.4
Nor Ont Lt & Pr corn. _101) 72%
Nor States P Corp corn_100 i0934
Preferred
100 10034
Pacific Steel Boiler
•
Pender(David)Grocery A•
Class B
•
Penns Water & Power_100 142
Peoples Drug Stores. Inc_•
Phelps
-Dodge Corp_ .10C
Pillsbury Flour Mills_..50
Pitts & L E RIt, coin_ _ _50 143
Pratt & Lambert, Inc_ _•
Procter & Gamble corn. _20 157
Pro-phy-lac-tic Brush,com• 43%
Puget Bound P & L corn 100
Purity Bakeries Class A.25 3934
Class B
30%
Preferred
100 9434
Pyrene Manufacturing_ _10
Rand-Eardes Bu new WI.' 38%
Rem Noisel Typew,com A*
Bee Motor Car
Republic Mot Truck v t c_•
634
•
Richmond Radiator
•
Rickenbacker Motor
53(
Royal Bakg Powd com_100
Preferred
101
Safety Car Iltg & Ltg _ _100
• 50
St Regis Paper, corn
Serval Corporation A...' 23
Certificates of deposit... 22%
Sherwin-Williams,corn._25
Sierra Pac Elec Co corn_100 25
Silks Gel Corp corn v t 0..
1934
Sliver(Isaac)& Bros
Singer Manufacturing_ _100
(200 lire)
Snia Viscosa. ord.
Dep recta Chas Nat Bank
9ou Calif Edison corn..100 118%
New common
25 29%
100 98%
6% prat series B
Southern Cities Utilities100 35
Southern G & P Class A_ _• 23
S'enstern Pr & Lt. Corn.' 30
Prior preferred
62
7% preferred
•
Warrants
10
Southwest Bell Tel pref 100
Splitdorf Beth Elec Co_ •
Stand Motor Construc_100
Stand Publishing Cl A..213 14%
Standard Tank Car, corn.* 10
Stand Textile Prod.com 100
Stutz Motor Car
• 2334
Swift & Co
100 11434
Swift International
15 16%
Tampa Electric Co_ _ _ _100 270
Thompson(RE)Radio vto •
Timken-Detroit Axle--10
Tobacco Prod Exp Corp__•
3%
•
Todd Shipyards Corp_
Tower Slfg Corp
5
Trans
-Lux Day Piet Screen
•
8%
Class A corn
Trumbull Steel. corn _ _ __25
162
Tubize Artif Silk Cl B
Tung Sol Lamp Works__•
•
Clasa A
United Elec Coal Cos v t 43*
United Gas Improvem't_50 9454
United Lt & Pow corn A •
14%
Common A new
8654
Preferred A
United Profit Sharing _ _ _ _1 12
U S Light & Heat corn_ -10 1954
Preferred
634
10
U S Rubber Reclaiming_ •
US Stores Corp class A _ _• 20
•
Class 13
Utah Pow & Lt, pref._ _100
Utilities Power & Lt B.._.• 14%
Utility Share Corp
2%
Option warrants
Van Camp Packing. pref.50 x25
.100 77
Victor Talk Machine.
Warner Quinlan Cow I. _ _• 2634
Western Auto Supply partic
Preferred with warrants.
Western Power prat_ _ _ _100
White Sewing Mach, pre1-• 45%
Wilson & Co (new) w 1....
• --16- i
5
Claas A
46%
Preferred
Yellow Taxi Corp. N Y_ _• 17
13.4
Rights
Amer Mach & Foundry_ __
Middle West Utilities
50c
2
Former Standard 011
Subsidiaries.
Anglo-Amer 011 (sot sh)
.£1
17%
Non-voting shares
1
Buckeye Pipe Line
50
cnesenrougn Mfg
25
Continental Oil v t 0._10 21%
Crescent Pipe Lines. _25
Cumberland Pipe Line_100 120
Eureka Pipe Line
100
Galena-Signal Oil. com _100
Humble 011 & Refining-25
Old ex-rights
6654
New
66%
Illinois Pipe Line
100
Imperial Oil (Can)
• 3454
Indiana Pipe Lines
50
National Transit_ _ _12.50 1634
New York Transit
100
Northern Pipe Line_ _ _100
25 6034
Penn Mex Fuel
25 19%
Prairie 011 dr Gas
25 5434
Prairie Pipe Line
100 124
Solar Refining
100
South Penn 011
100 159
New w 1
25 3954
Southern Pipe Line..._100 66
So West Pa Pipe Lines 100
Standard OS Calif new _ _ - _
5554
Standard Oil (Indiana) 25 63%
Range Since Jan. 1.
Low.
High.
19% 21
3,000 1534 Mar 24
11
12%
800 10
Mar 12%
10834 10834
25 102
Mar 129%
22% 22%
200 19% Mar 26
23% 23%
200 2335 Mar 2534
111 112%
70 109
Mar 118
9% 12% 4.900
934 Apr 17
111% 112%
250 11034 Apr 11334
18% 21% 15,700 17% Mar 3634
1334 15% 6,400 11
Mar 26%
72% 7254
400 45
Mar 74
2.800 9954 Mar 13634
10034 108
99% 101%
200 9934 Apr 10134
11
11
100 11
Apr
16%
44
44
100 44
Apr 50%
24
23
200 23
Apr 36%
140 142
310 13034 Mar 174
25
27
300 20
Mar 3434
128 139
20 120
Jan 139
200 36
3735 37%
Feb 48
142 143
30 130
Mar 162%
53
53
100 51
Mar 60%
149 158
170 14234 Jan 163
43% 4334
100 42
Feb 43%
48% 50
900 45
Mar 6634
1,400 35
373,4 39 36
Mar 42
27
30%
1,800 24
Mar 8934
94%
93
120 91
Mar 9545
11% 11%
600 10% Mar 1134
3854 41
2,000 3434 Apr 48
30% 32
900 30% Mar 52%
19% 2034 4,800 1934 Apr 25%
63%
700
API' 1634
6
16% 16%
Jan 23
200 15
4
5% 9,200
Apr
4
934
141 146
60 141
Apr 213
99% 100
80 99% Apr 103
126 127
30 123
Jan 128%
50
50
100 48% Mar 90
22% 23
1,100 1554 Mar 3054
18
2254 5,800 16 34 Star 23%
40
40
400 35
Feb 43
25
25
300 23
Mar 2834
1434 1954 3,600 1144 Mar 2234
31
31
50 28
Apr 42
316 316
20 310
Apr 385
Jan
Mar
Jan
Mar
Jan
Feb
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Feb
Jan
Feb
Jan
Mar
Apr
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Mar
Feb
Jan
Jan
Feb
Jan
1234 12%
300 1234 Apr 1354 Apr
118 119
2,500 11554 Mar 142
Jan
29 34 29%
Mar 35
300 29
Feb
98% 98%
50 97
Star 99% Feb
32
35
Apr 49
500 27
Jan
23
23
200 22
Mar 273( Feb
24% 30% 25.000 2154 Mar 46,4 Jan
6054 62
Mar 65% Feb
1,000 59
99
99
100 983.4 Apr 100
Apr
7% 10
7
2,500
Mar 15% Feb
11334 11334
20 111% Jan 114
Mar
100 29% Apr 43% Jan
2934 2934
2% 2%
100
24 Feb
2% Mar
1434 14%
1.500 14
Apr 19
Feb
634 Apr 14% Jan
1,300
834 10%
10
10
200 10
Feb
Apr 14
20% 24% 3,700 1934 Mar 87% Jan
110 114%
500 110
Apr 11634 Feb
14% 17
9,900 1454 Apr 22% Jan
270 27034
40 25034 Mar 330
Feb
1%
1%
400
1% Mar
534 Jan
9
934
900
8% Mar 1134 Jan
354 4
300
334 Apr
434 Jan
30
30
100 29
Jan 31% Feb
854 8%
100
Jan 13% Feb
7
834
1034
161
8
1734
26%
9054
633E
1254
8654
11%
1734
6
14%
13
554
99
14
9
6,200
754
10%
800
8%
170
150 161
8
300
754
18
700 17
28%
300 23
95% 10,500 84
67
3,200 633(
143.4 34,700 12%
86%
100 8634
12
200 11
195E
700 16
6% 1,100
5%
1554
500 1354
20
1,500 10
65E
800
534
99
50 99
14%
300 14
2% 2%
34
225
77
68
2534 265(
24%
95
44
8)4
1454
42%
16
14
13,4
240
1034
20%
4434
144%
143%
28
87%
14%
23%
734
2134
27
14
10135
18
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Apr
Jan
Mar
Feb
Feb
Jan
Jan
Jan
Feb
1,100
3,550
800
700
234
20%
68
2334
Apr
Ma
Apr
Mar
Feb
6
38
963,4 Jan
Feb
29
24%
100
95
20
46
4,900
1,800
93.4
16%
1,800
46%
1,400
17% 10,900
22
8134
38
8%
14%
42
9
Mar
Mar
Mar
Apr
Apr
Mar
Mar
28
99
50%
1454
30%
73%
1754
50c 60c
500
1% 2% 20,900
1734
1734
533.4
66
19%
1334
120
52
20%
Apr
Jan
Apr
Mar
Mar
Mar
Mar
Apr
Apr
AP
Jan
Ma
Ma
Mar
Apr
An
Apr
Apr
Apr
50e
134 Apr
3,300 17
1754
17%
1,900 1634
5334
50 5334
66
100 135
2134 19.600 19%
300 1334
1334
120
40 120
52
100 52
21
37
19
56
66%
56
66%
142 142%
33
34%
64
64
16% 17
45
47
72% 73%
59
60%
1934 20
51% 55
123 124
199 199
154 160
3834 39%
66
67
54 54
52% 5554
61% 64
26,500
16,400
80
7,300
50
700
200
100
3,000
200
14,00
1,10
2
350
600
250
50
9,300
20,800
52
53%
1343-4
3254
58
16
39
70%
59
15
48
1223.4
191
149
38%
61%
5234
51%
61%
Mar
Jan
Jan
Feb
Feb
Jan
Jan
Apr
Apr
1
23i Apr
Mar 1954
Mar 18%
Apr 59%
Jan 73,4
Apr 25;4
Apr 16
Apr 137
Apr 63%
Apr 82%
Jan
Jan
Jan
Feb
Jan
Feb
I Jan
/Jan
Jan
Mar
Mar
Mar
Mar
Jan
Mar
Feb
Jan
Apr
Ma
Mar
Ma
Mar
Mar
Apr
Jan
Feb
Mar
Ma
Apr
Apr
Mar
Jan
Mar
Jan
Mar
Feb
Jan
Jan
Feb
Mar
Jan
Jan
Jan
Mar
Star
Feb
Jan
66%
66%
144
38%
70
2034
5134
80%
67%
28
6034
12734
212
197
50
7414
56
58%
7014
(Va.. 122.
THE CHRONICLE
Sales
Friday
Last Week's Range for
Former Standard Oil
Week.
ofPrices.
Subsidiaries
Sale
Par. Price. Low. High. Shares.
(Concluded)
Standard Oil (Kansas)_ _25
25
Standard 011(Ky)
Standard 011(Neb)____100
New w 1
Standard Oil of N Y._ _ _25
Standard 011 (0)corn._100
100
Preferred
Swan & Finch
100
Vacuum 011
23
2,700
2634 27
37
1,500
115 117%
117
370
247 259
258
100
42
42
31% 30% 3135 37,400
160
310 317
10
118 118
50
18
18
9744 1004 3,600
100
Range Since Jan. 1.
Low.
25
108
211
42
30%
302%
11635
15%
94%
Mar
Max
Mar
Apr
Apr
Mar
Feb
Mar
Mar
High.
3634
13454
287
42
4734
362
119
23
10934
Jan
Jan
Apr
Apr
Jan
Jan
Apr
Jan
Jan
Feb
Jan
Jan
Mar
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Mar
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Apr
Jan
Feb
Jan
Feb
Feb
Feb
Apr
Feb
Other OH Stocks.
4)4 4%
434
Amer Contr 011 Flelds-5
5;4 7%
Amer Maracaibo Co
734
•
6
6
6
Arkansas Natural Gas_ _10
1% 1%
Atlantic Lobos Oil, com_ •
15% 16%
Beacon 011 Co corn
• 16
134
Cardinal Petroleum Corp10
13.4 700
11% 16
14
Carib Syndicate
9%
9
Consol Royalties
1
11%
11
1134
Creole Syndicate
1% 2
2
Crown Cent Petrol CorP-•
134
1
Euclid 011
1
134
434 4%
Gibson Oil Coro
43.4
86
Gulf 011 Corp of Pa
25 85% 82
International Petroleum_ _• 3234 3034 32%
2% 234
2%
Kirby Petroleum
•
16% 19%
Lago Oil& Tr Corp cl A.' 19
814 934
Lago Petroleum Corp _ _•
934
7% 8%
Leonard 011 Developm't_25
3%
•
22% 2234
Lion 011 & Refining
740 95c
Livingston Petroleum_ _ -• 95c
2% 235
• 2%
Manzay 011 Corp
234 2%
234
Marland 011 of Mexico_ _ _1
4% 4%
Mexican Panne° Oil_ _ _ _11
10c
10c
10 be
Mexico 011 corp
1% 1%
1%
Mountain & Gulf Oil
1
2334 25
Mountain Producers.... 10 25
135 135
National Fuel Gas
100 135
5% 634
New Bradford Oil
6%
434 534
New England Fuel 011__ •
11% 11%
New York Oil
25
9
0
9
North Cent Tex 011
•
33% 3334
Ohio Fuel Corp
2'
Oklahoma Natural Gas_25 29% 29% 29%
75c 800
Peer 011 Corp
• 770
19
20%
• 20%
Pennock 011 Corp
25 26% 24% 26%
Red Bank 011
Reiter-Foster 011 Corp_ _ _ • 19% 19% 23%
20c 25c
-Can 011Syndlcate.•
Royal
4% 5
5
Ryan Consol Petroleum_ _•
834 834
834
Salt Creek Consol OIL_ _10
28% 31%
10 31
Salt Creek Producers
9%
9
•
Tidal Osage Oil
834 834
•
Non-voting stock
21% 25
Tide Water Assoc 011_ *100 25
100 9735 9734 97%
Preferred
5% 614
6%
Venezuelan Petroleum__-5
calicos Oil& Gas new _ _ _ _• 25% 25% 25%
535 5%
.5%
Woodley Petroleum Co_ _ _*
9c
1
70 10C
-Y" Oil& Gas
300
4
10,200
5
200
5%
100
134
4,100 14%
16,900 700
15,300
9%
800
8%
3,000 10
800
1%
9,200 88c
13,600 950
3,700 82
32,200 28%
1,200
23(
58,600 1634
2,700
8%
6%
16,400
100 22%
700 710
134
2,300
234
100
8,800
3%
8c
1,000
200
1%
16,600 23
20 131
1,000
534
700
2
100
8
500
9
100 33
500 2934
2,700 70o
1,000 18%
1,400
6%
12,800 1434
3,000 200
500
4%
200
8
10.300 28%
200
7%
200
8%
24,000 21
2,800 97%
31,400
434
400 22
200
5%
50,200
5c
634
Ain
Mar 1434
Mar
6%
Apr
3%
Mar
1934
Apr
3%
Mar 22%
Mar 10%
Mar 15%
Mar
7%
Mar
3%
Mar
634
Apr 9354
Mar 87%
Jan
3%
Apr 25%
13
Alm
Apr
12)4
Mar 25%
Mar
1%
2%
Jan
Apr
3%
Mar
534
Apr 12c
Mar
1%
Apr 26
Apr 159
Mar
634
Mar
5%
Mar 17
Mar 12%
Mar 36
Apr 33
Apr
2%
Mar 22%
Feb 2634
Jan 24%
Apr 6760m
Apr
Apr 10
Apr 38
Apr 10
Mar
9
Apr
27
Mar 99%
Jan
7;4
Mar 27%
Jan
6%
Jan
100
Jan
Feb
Jan
Jan
Jan
Mar
Mar
Mar
Apr
Mar
Apr
Mining Stocks.
11c 21c
Arizona Globe Copper_
770 770
1
Beaver Consolidated
134 2
135
Calaveras Copper
1734 1734
10
Carnegie Metals
4c
50
Chino Extension
1% 334
Consol Copper M Ines_ _ 1
234
2%
Cresson Con 0 M & M_ _ _1
14% 14% 15
Engineer Gold Minee,Ltd
4e
3c
4c
1
Eureka Cromus
60
6o
60
First Thought Gold Min_ _1
12e 16c
Forty-nine Mining Co___.1 130
1% 234
134
Golden Centre Mines_ _
8c
Sc
Goldfield Florence
16c 18c
180
Hawthorne Mines, Ino_ _ _1
25( 1634 16% 1734
Heels Mining
17% 1734
Hollinger Consol G M_ _6
134
14
1
Kay Copper Co
2
234
2
5
Mason Valley Mines
4c
4c
50(
National Tin Corp
New Cornelia Conner-- -6 20% 20% 2034
.
1(0 189% 182 18934
New Jersey Zinc
49% 5134
Newmont Mining Corp_10 Si
534 534
534
Nlyissing Mines
1434 1634
* 16
Noranda Mines Ltd
50c 50c
Ohio Copper
20c 25c
Tarmac-Porcupine Min_ _1 250
16c 16c
Plymouth Lead Mines_ _1
2% 2%
Premier Gold Min, Ltd I
250 25c
1
Red Warrior Mining
434
4
43.4
South Amer Gold & Plat_ _1
Sc
30
40
.1
Spearhead Gold Mining.
3111
334
1
Teck Hughes
2% 3
2%
Tonopah Belmont Devel_ I
52c 550
550
1
Tonopah Extension
5% 534
Tonopah Mining
Sc
70
Sc
_
Mines new.
U S Contin'l
38c 390
United Eastern Mining_ _1 390
2834
United Verde Extens...500 2835 28
7% 814
8
Utah Apex
2
1
Utah Metal & Tunnel_
-----234 234
Wenden Copper Mining_
18,000 lie
Jan 210
100 450
Jan 960
300 1%
4
Am
300 1734 Mar 21%
9,000
Jan
3e
to
29,400
1% Apr
254
200
214 Mar
2%
2,600 11
Mar 1854
16,000
30 Apr
7o
12,000
50 Mar
be
17.000
50 Feb 190
10,900
Mar
1
234
2,000
8o Apr
18o
9,000 120
Apr 320
2,100 15% Ma
1934
100 17% Jan 194
1% Jan
35,500
2%
1,000
154 Jan
254
5,000
4c Ma
7e
Ma
300 19
2154
110 180
Ma 210
1,300 464 Jan 57)4
2,900
5% Apr
754
8,500 1234 Ma
1835
1,600 47c Ma
7bo
4,000 20c Ma
35c
Jan 280
1,000
8o
500
2% Jan
234
Jan 35e
3,000 20c
800
33( Feb
534
37,000
20 Feb
Sc
VIII Jan
2,400
354
6,900
2% Apr
4%
6,800 510 AP
1%
Jan
100
5
734
Jan 10c
70
4.000
AP
3,000 38o
47c
Ma
700 27
33
6% Fe
3,000
11)4
1% Feb
100
234
200
2% Ma
354
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Apr
Jan
Feb
Feb
Mar
Feb
Mat
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Mar
Mar
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Mar
Jan
87,000
89
f'
: 80
% A
75 "'
1,000 65
29,000 10634 Jan 107%
Jan 100
105,000
9898
81,000 9834 Apr
99%
Jan
Jan
Feb
Feb
Apr
Jan 98
Jan 103%
Feb
1,4ar 103%
94%
Mar 103%
Jan
Apr
Jan
Jan
Jan
Feb
Mar
Jan
Mar
Mar
Mar
Feb
Jan
Mar
Mar
Jan
Jan
Apr
Jan
Jan
Mar
Apr
Apr
Feb
Jan
Jan
Feb
Mar
Jan
Jan
Jan
Feb
Jan
Feb
Apr
Feb
Apr
Mar
Mar
Jan
Apr
Feb
Apr
Apr
Apr
Mar
Mar
Mar
Mar
Apr
Apr
Apr
Apr
Bonds
Allied Past, deb 841_1939
1939
Debenture (is
Aluminum Co of Am 7s193::
,
Amer G & E deb 6e._.201
2014
68 w I
American Power & Light
2016
Os old with warr
Amer Roiling M1116s 1936
American Thread 68_1925
Amer W Wks dr El 68_1976
Anaconda Cop Min 681929
Andian Nat Corp 6s_ _1940
Without warrants
Assoc Gas & Elec 65_ _1955
&we'd Sim Hardw 634e'33
1949
Atlantic Fruit Se
Atl G & W I SS L 58._195i.
Balt & Ohio RR 5e...2000
Beaver Board Co 8s_ _ -1933
Bell Telep of Can 5a- -1955
Berlin City Elec 6358-1928
1929
634s
Beth Steel equip 78_ _ _1936
Hunan & Maine RR 681933
Brunner Turb & Eq 73.4 s'55
Buffalo Gen Elec Os.._1956
Canadian Nat Rys 75_1935
Carolina Pow & Lt 58_1956
Cities Service 6s
1966
New WI
Cities Sera 75, Ser C__1966
Cities Serv 7a, Ser D_ _1966
Cities Serv Pr & Lt 66.1944
Cons 0,E L &Pas A_1940
1952
534s series E
1965
55, Series F
79
6534
107
99% 9934
99%
79
9734
10234
102%
93%
94
10254 10234
98
9434
95
69
9734
95
100%
98%
97%
104%
08
95%
102
9834
91%
91%
130
96
10734
10534
101%
79
65%
107%
99%
9934
98 475,000 96
7,000 101
103
102% 4,000 02
9434 178,000
12,000 102%
103
1,000
135 135
93% 94% 91,000
28,000
95
95
1,000
22
22
21,000
67)4 69
96% 99 821,000
21,000
95
95
10034 10014 35,000
98% 98% 5,000
97% 97% 6,000
104% 104% 39,000
26,000
98
97
9534 05% 25,000
101% 10234 77,000
1,000
112 112
9834 9934 267,000
50,000
91% 92
51.000
91% 92
20,000
128% 130
103 103% 21,000
96 343,000
95
107 10735 5,000
105% 10534 4,000
10034 101% 6,000
102L4
135
92%
95
19
63
94%
93%
9934
98
97
103%
9454
95%
9934
110
9714
91%
91%
125%
101%
935(
105%
105
100
148%
9534
9634
3334
75
99
98
100%
99%
98%
104%
98
101%
10234
112
99%
9334
94
131
104
96
107%
106
10114
Bonds (Concluded)
Consolidated Textile 85'4
Cosg-Meeh Coal 6348.1954
Crown Will Paper 7345 '51
Cuban Telep 734e_ __1941
Cudahy Pack deb 5348.1937
1946
55
Detroit City Gas 68..1947
Detroit Edison 7s._..1928
1929
Cony deb 7s
1930
Cony deb 76
1932
Cony deb Cs
Eltingon-Schild Co 63_1935
Elea Refrigeration 6s 1936
Est RR of France 7s_ _1954
Europ'n Mtg dr Inv 7358'50
Federal Sugar 68
1933
1931
Fisk Rubber 5%s
Florida Pow & Lt 55_1954
Gair (Robt) Co 75_ _1937
Galena-Signal 011 76_1930
General Petroleum 6s_1928
Aug 15 1940
let 58
German Gen Elea 6346.1940
Goodyear T & R 5s_ _-1928
Grand Trunk Ry 634e-1936
Great Cons Elec 630_1950
1937
Gulf 011 of Pa 55
1928
Serial 5348
Hamburg Elec Co 75_ _1935
1936
Hood Rubber 78
indep 011 & Gas6345_1931
Keystone Telep 5348_ _1956
Krupp (Fried), Ltd. 781929
Laclede Gas L 530.-1935
Lehigh Pow Secur 68-.2026
Leonard Tietz Inc 7346'46
with stock purch warras
Libby. McN & Lib 70_1931
Long Island Ltg Co68_1945
Manitoba Power 5548_1951
1940
Mass Gas Cos6)48
1927
Missouri Par RR
Morris & Co 734e _ ...1930
1945
Dist Prod 6346
Nat
Nor States Pow 6348..1933
1933
6%s gold notes
Ohio Power 56 Ser B 1952
1952
5s, new
1941
Otis Steel 56
Pan Amer Petrol85..1940
Penn-Ohio Edison 68.-1950
Penn Pow & Light 55_ _1952
1953
56 SerIes D
1941
Phil/3 Elec 68
1047
534s
1953
53is
Phil& Elec Power 5%e.1972
Nina Rapid Transit 661962
1933
Pure Oil Co 6345
Rand-Kardex Bur 534s '31
Rhine-Main-Danube Corp
1950
75 Series "A"
ltliIise-Wfatphal El P 713'50
1955
Salida Falls Co 5s
Schulte RE Co 1313_ _ _ _1935
Its without comstock1935
Servel Corp 6s w 1_ __ _1931
1931
Shawsheen Mille 7s
Slemaas dr Haleke 76..1928
1935
79.
Sloss-Sheff Steel & I 6e 1929
Purchase receipts
1034
Solvay & Cie 65
Southeast P & L 68-2025
Without warrants
Sou Calif Edison 5.._l944
Stand Olin! N Y 6348-1933
Stutz Motor of Am 7345 '17
1939
Sun 011 534e
Swift dr Co 55_ _Oct 15 1932
Texark dr Ft Smith 534s'50
Thyssen (Aug) US 75 1930
Tidal-Osage Oil 713_. _1931
Trans-Continental 01178'30
United Elec Weetph Power
Corp (Germany)6345'50
S Rub ser 614% notes'27
Serial 634% notes..1928
Serial 634% notes_ _1929
Serial 634% notea _ _1930
Serial 634% notes_ _1931
Serial 04% notee 1932
Serial 634% notes_ _1933
Serial 634% notes_ _1934
Serial 634% notes_ _1935
Serial 634% notes_ _1936
Serial 634% notes_ _1037
Serial 634% notes_ _1038
.1939
Serial 634% notes.
Serial6% notes_ _194e
S Smelt & Ref 540-1935
1937
Valvoline 0116s
Webster al Ills 1534s..11333
Foreign Government
and Municipalities.
Antioquia (Dept of) Col
1945
7s Ser A
1945
78, Series B w I
Baden (Germany)75..1951
Buenos Aires(Prov)7348'47
193;
75
1052
7s
Caldas(Dept of) Coll 348'46
Caldas (Dept of) Col 78 '45
Cologne (City) 6348_1050
Danish Cons Muni°514e'55
Denmark(Kg)534s _1955
1970
68
1931
French Coat. 55
German Cone Munlc 75'47
Heidelberg(City)7%51950
Indust Mtge Bk of Finland
1st M coils f 78_ _ _ 1944
Italian Pub Utll Inst 75'52
1947
Leipzig 76
Medellin (Colom) 86_ _1945
Nether'ds (Kingd) Cs B '72
1946
Oslo (City) 5348
Ithinelbe Union 76._ _ _1946
Russian Goat 6345_ _ _ _1919
Russian Goat 634s etre 1915
1921
5Me
534% certificates_ _ _1921
SantaFe(Argentina)7s 1942
Saxon State Mtge Inv 76'45
Switzerland Govt 54s 1920
Friday
Last Week's Range Sales
ofPrices.
Sale
for
Price. Low. High. Week.
Range Since Jan. 1.
Low.
92
06%
99%
112
9554
9554
106%
134
131
138%
135
9851
107
84%
9634
9834
98%
94%
10534
104
10234
9854
99%
9934
10934
86
101
10154
97
105
10054
87
95
10034
95%
Feb
Jan
Feb
Mar
Jan
Feb
Feb
Jan
Apr
Feb
Jan
Jan
Jan
Feb
Mar
Feb
Jan
Apr
Mar
Mar
Jan
Apr
Feb
Jan
Apr
Jan
Feb
Jan
Apr
Feb
Feb
Apr
Apr
Feb
Feb
93%
104%
99%
94%
99%
100
10434
96%
108
102%
94
9434
9734
99%
98
97%
9734
106
106%
106%
100%
97%
102%
101%
Mar
Jan
Mar
Apr
Jan
Mar
Jan
Apr
Mar
Mar
Jan
Jan
Mar
Apr
Apr
Mar
Mar
Jan
Jan
Mar
Mar
Jan
Jan
Mar
9734
105
102
97%
103%
10054
10534
99
131
10434
97)4
9734
98%
10431
106
9914
99%
108
107%
107%
102%
100
10334
115
Apr
Jan
Apr
Apr
Apr
Feb
Apr
Jan
Jan
Jan
Apr
Apr
Mar
Jan
Jan
Apr
Apr
Apr
Feb
Apr
Apr
Apr
Feb
Jan
18,000 94
130,000 9334
42,000 94
50,000 92
35,000 83
147.000 9934
10,000 99%
108,000 66%
49,000 94
7,000 102
6,000 102%
12,000 102
Jan
Mar
Mar
Apr
Apr
Mar
Feb
Jan
Jan
Jan
Jan
Jan
98
96%
96
9834
8634
10234
10235
9914
9734
10334
103%
104
Feb
Apr
Feb
Jan
Jan
Apr
Jan
Jan
Feb
Mar
Apr
Apr
94 359.000
99% 29,000
106% 19,000
10234 3,000
99% 134,000
98% 103,000
103% 407.000
84,000
96
104
2,000
9434 13,000
89
96%
1054
101%
9734
96%
100%
93
10334
92%
Mar
Jan
Mar
Apr
Jan
Jan
Mar
Jan
Jan
Mar
94
9954
10734
120
9954
98%
10354
97
105%
98
Apr
Mar
Jan
Jan
Feb
Apr
Apr
Feb
Ma:
Jan
45,000
8,000
3,000
9,000
9,000
19,000
17,000
20,000
41,000
16,000
1.000
4,000
20,000
14,000
11,000
24,000
1,000
10,000
84%
10034
10114
102
10134
101
1004
10035
10034
101
10034
10034
10034
10034
100
100
103%
96%
Apr
Mar
Apr
Jan
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Jan
Jar
Jan
Apr
8734
102%
102%
103%
10234
102%
10234
10234
10234
102%
102%
102%
10234
10234
102%
102
10434
101
Feb
Mar
Jan
Apr
Jan
91% 92 642,000
9134 9134 7,000
2,000
93
93
100 100% 73,000
52.000
99 100
9634 97% 37,000
9534 9535 2,000
01% 9134 15.000
86% 8734 157.000
27,000
9634 97
98% 99 109,000
10034 100% 34,000
20
20
100,000
94% 07 248.000
97% 9834 13,000
90
0134
93
9934
99
96%
95%
91%
85
9634
98
9934
20
9454
97%
83%
90
99
108%
9234
0434
10454
12434
130
124%
12434
95%
100%
7734
92%
9034
95%
9134
10334
102
101%
93
93%
9734
107%
85
98%
9734 25,000
9734 05
101% 104% 104% 11,000
101% 101% 10134 13,000
96% 96% 9734 304,000
102% 101% 103% 108,000
3,000
100% 100%
10534 10534 23,000
9634 97
3,000
11034 11234 52,000
112
10334 103 103% 18.000
97% 37,000
0734 97
9714 46,000
97
9854 98% 9834 66,000
10134 100 102 171,000
99% 0834 100
52,000
9934 99
9934 14,000
99% 22,000
99% 99
108 108
1.000
1,000
107% 107%
107% 10714
1,000
101% 101% 102% 437,000
100% 99% 10034 22,000
103 1034 17,000
103
106
105% 10634 59,000
92
9534
106%
102%
82%
91
93
94
102%
10134
9834
9734
9834
109%
8534
96%
105
11734
9934
95
96
9534
05
92
83
0934
10034
9914 99
9734 96%
10334
103
104
96
96
93
8334
10234
94
0334
90% 99
106
106
101%
9934 99
98% 9834
102% 101%
9534
96
10334
94
9334
96%
96%
96
94
85%
10234
10034
99%
97%
10334
103%
104
8634
8634 86
101% 101 101%
102 102
103% 10334
10234 102%
101% 102
102
102 102
102
101% 10235
10154 101% 102%
10234 102 10234
102 102
101% 102
102
101% 10231
102
10234 102 10235
102
102 10214
10134 101% 10115
104% 104%
96% 97%
92
100%
99%
97
0534
8734
99
10034
9634
9834
High.
Apr
Ap
Feb
Jan
Jan
Jan
Jan
Apr
Feb
Apr
Apr
Apr
Mar
Mar
Jan
Apr
Apr
Mar
Jan
Jan
Mar
Mar
Jan
Mar
Mar
Apr
Feb
looy, Jan
Jan
94
1044 Jan
9534 Mar
Apr
83
90% Jon
Jan
98
Mar
93
83% 85
16,000
50,000
92
90
99
99
5,000
111% 112
8,000
93% 94% 34.000
95
9535 3,000
106% 106% 10,000
12434 13134 7,000
131
131
1,000
12434 131
3,000
12434 12434 2,000
95% 9534 14,000
101% 102% 29,000
81)4 82% 185,000
96
96
10,000
91
91% 7.000
9634 98
07.000
92% 9434 74,000
4,000
104 105%
15.000
102% 103
10134 10134 16,000
97% 98% 42,000
96% 97% 27,000
0834 64,000
98
109 10934 9,000
85
8534 66,000
99% 10014 6,000
4,000
101
101
44,000
95% 97
8.000
10434 105
80,000
98
96
24,000
87
86
23,000
9434 95
9934 99% 26,000
9534 25,000
05
Jan
Apr
Apr
Apr
Jan
Feb
Mar
Feb
...Br
Apr
Feb
Apr
Jab
Jan 92% Apr
Apr 91% Apr
Feb 9354 Feb
Jan 10144 Feb
Apr 100% Apr
Apt
9734 Apr
Mar 95% Mar
Apr 914 Apr
Jan 8834 Feb
Apr 9954 Feb
Mar 9954 Jan
Jan 10134 Jan
Apr
Apr 20
Apr
Mar 97
Mar 9854 Jan
97
99
9634 97
14,000 96% Jan
Mar 93
92
02% 92
93
66,00
Apr 9454
92
93% 254,00
93% 92
Jan 100
98
9934 99% 99% 10,00
4,00 106% Mar 10934
107% 106% 107%
Mar 9734
93
95% 94% 95% 100,00
97%
96% 96% 96% 266,000 9334 Ma
Ma
1235
13
14% 1434 1434 18,00
17
1234 Apr
1334 13% 2,00
1735
1334 1234 13% 24,000 124 Apr
13
1234 13% 15,000 1234 Apr 17
93% 03
93% 44,000 9234 Jan
9436
93;4 94
44,000 924 Ma
101% 101% 102
59.000 101% Ma 10354
Jan
Mar
Apr
Feb
Feb
Mar
Apr
Feb
Feb
Jan
Feb
Feb
Feb
Jan
•No par value. k Correction. I Listed on the Stock Exchange this week, where
additional transactions will be found. o New stock. s Option sale. e Ex-cash and
y Ex-rights. z Ex-stock div.
stock dividends. to When leaned. s Ex-dividend
paestment anti
Latest Gross Earnings by Weeks.—In the table which
follows we sum up separately the earnings for the second
week of April. The table covers 13 roads and shows 6.85%
increase over the same week last year.
Second Week of April.
1926.
Buffalo Rochester & Pittsburgh
Canadian National
Canadian Pacific
Duluth South Shore & Atlantic_
Great Northern
Mineral Range
Minneapolis & St Louis
Mobile & Ohio
Nevada California & Oregon__
-San Francisco
St Louis
St Louis Southwestern
Southern Railway System
Texas & Pacific
Total
Net increase (6.85%)
317,992
4,436,438
3,137.000
101,433
1,717,000
6,922
293,934
362.952
4.110
1,646,026
425,600
3,955,873
588,207
1925.
Increase. Decrease.
S
S
289.393
48.599
3.963,395 473,043
2,745,000 392,000
106,833
1,619,834
97,166
12.718
275,528
18.406
359.400
3,552
4,819
1.634.502
11.524
453,220
3,835,671 120,202
621,178
17,013,487 15.921,491 1.164,492
1,091,996
$
5,400
5,796
709
27,620
32.971
72.496
In the following we show the weekly earnings for a number
of weeks past:
Week.
Current
Year.
Previous
Year.
1st week Jan. 15 roads)____
2d week Jan. 15 roads ____
3d week Jan. 15 roads,____
4th week Jan. 15 roads)___.
let week Feb. 15 roads)___..
2d week Feb. 15 roads)___..
3d week Feb. 15 roads ____
4th week Feb. (15 roads)_-let week Mar. il4 roads)_--2d week Mar. 14 roads)__ _
3d week Mar. 14 roads)_-4th week Mar.(15 roads)_--1st week Apr. (14 roads)---2d week Apr. (13 roads)____
$
16,483,387
16,801.718
17,314.742
23,422.685
17,503.007
17.767,644
17,674.105
17,941,175
17,011.615
17,403,986
17,723,131
26,826,156
17.646,125
17.013.487
$
15,221,149
15.778.084
16.076.124
23,465,449
16.641,621
17.263 755
16,950.595
16.783.658
16.195.029
16,675.446
16,555,077
23,116.172
16,514.362
15.921.491
Increase or
Decrease.
%
$
+1,262.238 8.29
+1.023,634 6.50
+1.238.618 7.71
—42,764 0.18
+861.386 5.17
+503,889 2.91
+723,510 4.27
+1.157.517 6.90
816.586 4.96
728,540 4.35
+1.168,054 7.05
+3,709,984 16.09
+1.131.763 7.02
+1.091.996 6.8.5
•
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 total
mileage each month as stated in the footnote to the table.
Gross Earnings.
Net Earnings.
lifosth
1925.
1924.
Increase or
Decrease.
1925.
1924.
Increase or
Decrease.
$
$
$
$
8
$
Mar__ 485,498,143 504,362.976 —18,864,833 109,230.086 114,677,751 —5,447,665
Apr11- 472,591,665 474,287,768 —1,696,103 102,861,475 97,471,685 +5.389.790
May _ 487,684,385 470,549,801 +11,114,584 112,859,524 96,054,494 +16.805.030
lune_ 506,002.036 484,774,329 +41,227,707 130,837.324 101,487,318 +29,350,006
July__ 521,538,604 480,943,003 +40,595,601 139,606,752 111,786,887 +27,819.865
Aug._ 554,559,318 507,537,554 +47,021.784 166.558,666 134,737,211 +31,821,455
Sept-- 564.443,591 540,063,587 +24.381.004 177.242,895 159,216,004 +18.026,891
Oct.. 590,161.046 571,576,038 +18.685,008 180,695,428 168,640,671 +12,054.757
Nov__ 531,742,071 504,781.775 +26.980.296 148,157,616 131,381.847 +16,775,769
Dee__ 523,041,764 504,450,580 +18.591,184 134,445,634 124,090,958 +10.354,676
1926.
1925.
1926.
1925.
Jan __ 480,062.657 484,022,695 —3,960.038 102,270,877 101,323.883 + 946,994
Feb__ 459.227.310 454.198 055 +5.029.255 99.480.650 99 518 658
—58008
Note—Percentage of Increase or decrease In net for above months has been:
March, 4.74% dec.; April, 5.53% Inc.; May, 17.49% Inc.; June, 18.91% Inc.;
JulY, 24.88% Inc.; Aug., 23.26% Inc.; Sept., 11.32% Inc.; Oct., 7.14% inc.; Nov
12.77% Inc.; Dec.. 3.09% inc.; Jan. 1926, 0.93% Inc.; Feb., 0.04% dec.
In March the length of road covered was 236,559 miles In 1925, against 236,048
miles in 1924: in April, 236,664 miles against 236,045 miles; In May,238,063 miles
against 236,098 miles: in June, 230,779 miles, against 236.357 miles; in July,236,762
miles, against 236,525 miles; In August, 236,750 miles. against 236,546 miles; in
September, 236.752 miles, against 238,587 miles; In October, 236,724 miles, against
236,664 miles; in November, 236,726 miles, against 235,917 miles; in December.
236,959 miles,against 236,057 miles: in January, 1026,238.944 miles,against 236,599
miles in 1925; in February. 236.839 miles. against 236,529 miles.
Net Earnings Monthly to Latest Dates.—The table
following shows the gross and net earnings for STEAM
railroads reported this week:
—Gross from Railway— —Net from Railway— —Net after Taxes
1926.
1926.
1925.
1926.
1925.
Central Vermont—
March
723,969
700,040
109,340
83,914
89,723
64,818
From Jan 1_ 1,965,332 1,895,164
301,500
125,663
243,833
68,237
Chicago & Alton—
March
2,449,465 2,382,299
"222,591 "250.630
From Jan 1_ 7,196,356 7,261,781
"598,647 "819.769
Delaware Lackawanna & Western—
March 7.607.000 7,201,000
*1.707,000 •1,176,000
From Ja 1_18,253,000 20,771,000
*2,328,000 *2,997,000
Fonda Johnstown—
March
123.089
104,106
50,807
31,271
42,967
23,431
From Jan 1_ 331,888
347,453
120,048
116,519
96,528
92,999
International Rye of Central America—
March
675,526
603,805
283,809
294,339
From Jan 1. 1,934,871 1,754,206
820,057
818,854
Kansas City Southern Ry—
March
1,864,899 1.762,241
670,282
574,509
544,893
464,351
FromJan 1_ 5,274,555 4,956,786 1,847,215 1,476,334 1,471,317 1,146,609
Minn St Paul & S S Marie—
March
1,964,269 1,956,141
286,049
363,771
133,539
213,920
From Jan 1_ 5,704,571 5,841,277
847,978
967,171
405,178
520,255
Wisconsin Central—
1,550,816 1,558,394
March
263,328
307,861
171,761
215,614
From Jan 1_ 4,340,924 4,505,030
693,890
845,033
425,616
574,878
Monongahela Connecting—
195,879
221,545
March
47,191
33,648
42,258
28,784
649,305 145,443
86,450
From Jan 1_ 619,755
129,748
71,802
Montour—
57,150
90,842 —24,338 —19,203 —26,180 —21,931
March
318,637 —63,802
FrOM Jan). _ 158,463
—3,308 —69,404 —18,016
K Y Chicago & St Louis—
4,004,142
4,821,471
March
•1324,292 '1,084,254
FromJan 1_13,418,908 13,336,935
"2,539,976 "2,582,351
Southern Pacific System—
24,455,835 23,957,418 5,947,899 .5,222,984 "3,797,207 "3,306,731
March
From Jan 1_67,175,980 66,785,579 14,479,131 12,463,221 *8,382,063 '6,720,539
Union Pantile System—
march ____18,095,760 14,012,401 4,246,188 3,443,475 2,979,098 2,220,142
From Jan 1_43,908,899 41,006,434 10,851,781 9,968,396 7,083.754 6.264,129
•After rents.
2319
;
Income. Charges. Balance.
$
$
$
12,380
33,052
*45,432
Mar '26
—5,289
31,584
'25 .26,295
8,073
96,380
From Jan 1 to Mar 31 '26 "104,453
4,879
'25 "100,380
95,501
Fonda Johnstown & Gloversville
Electric Railway and Other Public Utility Net
Earnings.—The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
—Gross Earnings— —Net Earnings—
Previous
Previous
Current
Current
Year.
Year.
Year.
Year.
Companies.
$
$
S
$
Alabama Power Co
*430,880
Mar 1.018,258
805,717 *510.542
12 mos ended Mar 31_12.389,231 9,244,691 *5,615,490 *4.592,273
Cent Maine Pow Co Sys_Mar 408.295
168.069
399.660
186,724
12 mos ended Mar 31__ 4,931,927 4.731,615 2,157,282 1.826,904
* After taxes.
Balance,
Net after
Fixed
Gross
Taxes.
Charges.
Earnings.
3
Surpls.Comanie
$
$
AUG & WI 58
Feb'26 3,298,337 c116.981
243.365 6-126.384
Lines & sub S S cos
'25 2.673,275 c464.776
184,115 6280.661
2 mos end Feb 28 '26 6,807,206 c268,521
490,988 6-222.467
379.649 6364.531
'25 4.939.608 c744.180
Bangor Hydro-Elec Mar '26
148.448
45,355
27,209
72,564
40.207
'25
Co
136,286
66,360
26.153
12 mos ended Mar 31 '26 1,619.495
321,469
515,680
837,149
'25 1,545,084
504.206
813,223
309.017
Mar '26 3,773,026 *1,091,635
B MT Corp and
447.906
643,729
affiliated companies '25 3.701,812 *1,061,561
403.071
658.490
9 mos ended Mar 31 '26 33.295,345 *9,944,649 5,848.398 4,096.251
'25 32,085.954 *9,517.891 5,859.344 3,658,547
Bklyn City RR
Mar'26
976.278
119.708
167.296
47.588
972,737
146.681
191.503
'25
44,822
9 mos end Mar 31 '26 8,462.853 1,517,556
467.168 1.050.388
'25 8,458.238 1,446,954
363,441 1,083,513
Central Illinois
Mar '26
354.848
133,727
Light Co
'25
333.455
154,983
12 mos ended Mar 31 '26 3.951.907 1.513.902
466.488 1.047,414
'25 3,652.487 1.686,132
550,831 1,135.301
Cities Service Co
Mar'26 2.165.641 2.089.132
249.981 1.839,151
'25 1.922.141 1.858.599
156.321 1,702.278
12 mos end Mar 31 '26 20,958.541 19.650.770 2.445.537 17.205.233
'25 17.788,491 17.042,531 1,916.240 15,126.291
Columbia Gas &
Mar '26 3.500.339 *1,883,415
634,389 1.249.026
Electric
823,841
'25 2,504.618 *1.329.232
505,391
3 mos ended Mar 31 '26 10,833,699 *5.937,147 1,897,521 4.039,626
'25 7,871,694 *4,294,200 1,520,082 2.774,118
Commonwealth
Mar '26 4,024,754 1,912,377
Power Co & Subs
'25 3,566,588 1.605.949
12 mos ended Mar 31 '26 45,604.968 20,223,395 14,543,440 5,679.955
'25 39,689,940 17,705.633 13,240,086 4,465,547
Consumers Power Mar '26 1.937.580
972,981
Co
'25 1,656,223
798,427
12 mos ended Mar 31 '26 21.563,584 10,138,309 2.506.081 7.632.228
'25 18,455,216 8,842,376 2,670.277 6.172.098
Detroit Edison Co Mar '26 *3,999,026 1.347.249
330.218 1,017.031
'25 *3,330.060 1,187,461
847,591
339.870
3 mos ended Mar 31 '26 *12002182 4,239.992
992,908 3,247,084
' *10000901 3,517,023 1.032.055 2,484,968
Eastern Mass
Mar '26
866,669
95.940
199,617
103,677
Street By
'25
808,903
183,187
75.328
107,859
3 mos ended Mar 31 '26 2,548,005
277,204
588,689
311,485
'25 2,488,281
341.262
567.423
226,161
Hudson & ManMar '26 1,059.947
193.493
529,703
336,210
'25 1,044,318
hattan
176,002
515,006
339.004
3 mos ended Mar 31 '26 3,072.172 1.525.273 1,007.102
518.171
'25 3.058,085 1.468.543 1.014,539
454,004
Feb '26
Idaho Power Co
227,980 *118.253
56.454
61.799
'25
211,946 *107.322
57,677
49,645
12 mos ended Feb 28 '26 2,849.375 *1.519.620
685.109
834,511
'25 2,813,833 *1,453,822
754.752
699.070
Illinois Power Co Mar '26
235,165
83,193
'25
222.064
75.099
12 mos ended Mar 31 '26 2,540,376
814,459
396,265
418,194
'25 2,355,182
695.778
381.984
313,794
Kansas City Pow Mar '26
905,723
448.664
106,763
341,901
& Light Co
'25
849,166
425.299
98,710
326.589
12 mos ended Mar 31 '26 10,396,629 5.410.937 1,235,266 4.175,671
'25 9,635.998 4,857,058 1,084.667 3,772,391
Northern Ohio
Mar '26 1,026,378
295,092
190,826
104,266
'25
Power Co & Subs
941,924
63,349
251.175
187,826
3 mos ended Mar 31 '28 3,134,670
866,204
574.151
292.053
25 2,873,258
764,904
548,804
216,100
Ohio Edison Co
Mar '26
155,846
64.023
'25
132,092
51,273
12 mos ended Mar 31 '26 1,637,530
679,043
104.741
574,302
'25 1.480,595
590,465
108,873
481.592
Mar '26
Philadelphia &
69,463
528,160
12,233
k15.927
Western By Co
'25
72.312
530,954
k15.917
15.037
Republic Ry SC
Mar '26 1,020,868
441,486
290,373
151,113
Light Co
'25
949,170
313,993
217,787
96,206
12 mos ended Mar 31 '26 11,493,990 4,589,812 3,336,285 1,253.527
'25 10,688,422 3.449,516 2,731,419
718.097
Southern Indiana Mar '26
245,085
104.847
Gas & Elec Co
'25
219,384
82,191
12 mos ended Mar 31 '26 2,721,641 1,119,766
401.373
718.393
'25 2.632,089 1,017.211
585.270
431.941
x Tennessee Klee
Mar '26
970,403
475.752
Pow Co & Subs
'25
907,561
439,293
12 mos ended Mar 31 '26 11,784.084 5,162.277 2,240,142 2,922,135
'25 9,889,928 4,696,014 2,048,914 2.647,100
Utah Pr & Lt Co
Feb'26
853.251 *471,858
294.868
176.990
'25
800,725 *430.978
177,299
253.679
12 mos end Feb 28 26 9,949.278 *5,436.075 2,131,040 3,305.035
'25 9,382,803 *5,089.142 2,133.729 2,955.413
Washington Wat
Mar '26
470.962
233.162
43,214
276,376
Power Co
'25
429,644
201.225
51,882
253,107
3 mos end Mar 31 '26 1,493,679
753.437
131,138
884,575
'25 1,359,329
645.217
154.872
800,089
York Utilities Co
Mar'26
85.731
21,320
—3.808
*j-77
'25
k4,116
17,481
*52.591
—1.525
3 mos end Mar 31 '26
k11,259
58,977
*52,455
—8.804
*59.482
'25
54,074
k12,105
—2.623
'Includes other income. jBefore taxes. k Includes taxes. x Includes
dividends on Nashville R.& Light Co. pref. stock not owned by the Tenne.ssee Electric Power Co.
b After rents. c After depreciation.
New York City Street Railways.
Gross
*Net
Fixed
Net Corp.
Revenue. Revenue. Charies.
Income.
Companies.
$
$
$
Jan '26
Brooklyn City
981.805
178,543
47,440
131.103
'25
947,260
128.954
49,785
79,169
Bklyn Hts (Roc) Jan '26
1,560
7,541
57,954 —50,413
'25
1,575
7,228
57.954 —50.726
Bklyn Queens & Sub Jan '26
224,286
56.790
56,810
—20
'25
215,429
16,441
51,892 —35.451
Jan '26
Coney Island &
220,646
53,412
32.453
20.959
Brooklyn
'25
209,153
20,480
30,048
—9.568
2320
THE CHRONICLE
Companies.
Coney Island &
Gravesend
Nassau Electric
Jan '26
'25
Jan '26
'25
Jan '26
South Brooklyn
'25
Manhattan Bridge Jan '26
3c Line
'25
Jan '26
Interboro R T
(Subway Division)
'25
Elevated Division Jan '26
'25
Jan '26
NYRTCorp
'25
Jan '26
Third Ave By
System
'25
Jan '26
New York Rys
'25
he(Rec)
Jan '26
Eighth Avenue
'25
Jan '26
Ninth Avenue
'25
Jan '26
N Y & Harlem
'25
Second Ave (Rec) Jan '26
'25
Jan '26
NY & Queens
'25
(Rec)
Jan '26
Steinway Rys
'25
Jan '26
Long Island Elec
'25
(Rec)
Jan '26
N Y & Long Isld
'25
(Rec)
Jan '26
Ocean Electric
'25
Jan '26
Manhattan &
'25
Queens (Rec)
Jan '26
Richmond Lt &
'25
RR Co
* Includes other income.
Gross
*Net
Fixed
Net Corp.
Revenue. Revenue. Charges. Income.
$
$
$
$
5,709
13,505 -14,759
-1,254
13,524 -15,950
-2,426
5,083
95,105 -25,681
69,424
481,565
61,390
460,148
92,024 -30,634
7,488
23.470 -15.982
88.417
25,239
-66
104.631
25,305
864
530
334
19,245
-367
-663
296
20,604
688,012
3,749,339 1,809,808 1.121,796
615,850
3,656.406 1,693,082 1,077.232
349.207
703,081 -353,874
1,545,092
689,414 -325,113
364,301
1.607.940
761.802
499.467
2,666,962
262,335
748,990
494,515
254,475
2,631,508
206,627
222,755 -16,128
1.210,308
152,880
224,897 -72,017
1,144,636
88,969
588,107
72,648
16,321
77,747
239,969 -162,222
572.415
2,250 -21,528
83.191 -19,278
2.228 -38.486
79,895 -36,258
43,226
-2,731
-7,127
4,396
34,069 -24,634
4.175 -28,809
51,006
107,732
56,726
109,147
50,828
109,168
50,137
100,965
6.884
17,433 -10,549
89,780
73.530 -11.468
17,533 -29,001
6,244
62,043
23,858 -17,614
24,576 -22,433
2.143
65,782
483
4,931
63.792
4,448
60.567
-450
4.629
-5,079
8,102
3,952
31.368
4,150
1,026
-2,660
31.441
3.686
3.303
38,681
-2.607
5.910
-1,423
-8.170
34,277
6,747
15.077
-392
-3,358
2,966
15.147
-2,864
-5.843
2.979
7,476
35,088
-2,239
9.715
2.350
30,323
-7,433
9,783
55,335
11,493 -14,808
-3,315
66.376
-2.486
10,880 -13,366
-Deficit.
FINANCIAL REPORTS.
Annual, &c., Reports.- The following is an index to all
annual and other reports of steam railroads, public utilities, industrial and miscellaneous companies published
since and including March 27, 1926.
This index, which is given monthly, does not include
reports in to-day's "Chronicle."
Boldface figures indicate reports published at length.
Page. Public Utilities (Continued)- Page.
-Steam Roads
1914 Central Indiana Gas Co
21918179
Alabama & Vicksburg By
2182, 1758 Central Kansas Power Co
2038
Ann Arbor RR
288
.
TTe eep.h
li p
Top.& Santa Fe Ay- _2178,2131 Central Maine Poweer Co
A tch.
.d0
Co of 14t4:1917
Atlantic & Yadkin Ry
1909 Ege.: tr Poromac
t :
o
c
(Dial.
Bangor dr Aroostook RR
2186 of Columbia)
of Chicago
Belt Ry.
1905 Ches.& Potomac Tel. Co.(of Va.)--127
dr Maine RR
Boston
1753, 1787 Ches.& Potomac Tel.Co.(of W.Va.)1917
Canadian Pacific BY
2130 Chicago City & Connecting Rys.ColCentral of Georgia RY--2227. 2179. 2
2186 lateral Trust
1757
Central New England RI'
1758 Chicago City Rys. Co
1910
of N. J
Central RR.
2029,2067 Chicago Railways Co
11991171
Chesapeake & Ohio BY
2036 Chicago Surface Lines
Chicago & Alton RR
1917
& QuincY Ry 1758 Chickasha Gas & Electric Co
Chicago Burlington
2181 Cities Service Co
2189
Chicago Great Western RR
2189
Indianapolis & Loulsv. Ry _1908 Citizens Gas Co. of Indiana
Chicago
Light Co
Chicago North Shore & Mllw.RR_ _1758 Citizens Gaswestern Ky.& Lt.Co_
1758 Cleveland S'
C
bleago & North Western By
.
17181
21689
Isl.& Pac.By-_2220 2179 Coast Valley Gas& Electric Co
Chicago Rock
Cohoes Power
Chicago St. Paul Minn. & Omaha1758 Columbia Gas& Light Corp
2185,
& Electric Co
By
_2187
Chicago & Western Indiana RR_ 2036 Columbus Delaw.& Marion El. Co-2189
Columbus Ky., Power & Light Co--2189
Cincinnati & New Orleans BY
1915 Connecticut Co
Cleveland Union Terminals Co
1908 Consolidated Water Co. of Utica. -L13S3
g9
Delaware & Hudson Co
Denver Tramway Co
Delaware Lackawanna & Western2179 Des Moines City Ry
2223,
2039
RR
RR_2183 Diamond State Telephone Co
Denver & Rio Grande Western
E33
2189
2036 Dom. Pow.& Trans. Co., Ltd
Detroit Toledo & Ironton RR
2183 Dubuque Electric Co
Erie RR.Co
1904, 1761
2187,2036 Duquesne Light Co
& Florida Ry
Georgia
Mass.
Georgia Southtrn & Florida Ry_-_-2036 EasternElectricStreet Ry
E90
1758 Edison
Illuminating Co....211i)
Grand Trunk Pacific BY
1753 Eighth Avenue RR
Northern RR
Gulf Mobile &
2034, 2071 Electric Bond & Share Co-...1917, 200309
.
220439
Hocking Valley RR_ __1753,
1754 Electric Investors, Inc
Hudson & Manhattan RR
RR__2030, 1759, 2057 Electric Public Service Co
Louisv. & Nosily.
1180
2796
2033 Fall River Electric Light Co
Maine Central RR
-Kansas-Texas RR___1754,1913 General Electric Co Corp__ _ _2073, 2031
Missouri
117960
2180 General Gas & Elec.
Missouri Pacific RR
2036 Grand Rapids By
Mobile & Ohio Ry
St.LouisRY-2036 Great Falls Power Co
Nashv.Chattanooga &
2 9a
2190
1759 Hackensack (N..1.) Water Co
New York Connecting RR
Harrisburg (Pa.) Riol
New York New Haven & Hartford
2190
2180,1907 Hartford City Gas Light Co
RR
Norfolk & Western Ry-1904,1754, 1930 Helena Light & By. Co Co
09°
2140
2182 Honolulu Rapid Transit
Northern Pacific Ry
1762
2031 Illinois Power Co
Pennsylvania RR
2190
2188 Illinois Power & Light Corp
KY
Pere Marquette
1905 Indianapolis Crawfordsville & DanPittsburgh Rys. Co
2190
vine Electric RY
3062, 2030, 1759
Reading Co
2190
2207,2179 Indianapolis Light & Heat Co
Southern Pacific Co
2217, 2180, 1759 Indianapolis & Northwestern Tr. Co.2190
Southern By. Co
1762
2183 Teterboro Rapid Transit Co
Texas Pacific RY
2040
3179, 2214 International Ky.(Buffalo)
Union Pacific RR
2191
Vicksburg Shreveport & Pacific By.1909 Interstate Power Co
2040
2185 Interstate Railways
Virginian RY
2191
Jersey Central Power & Lt. Co
2191
Kansas City Gas Co
UtilitiesPublic
2191
2037 Kansas City Railways
All American Cables, Inc
1762
1760 Laclede Gas & Electric Co
American Gas & Electric Co
2040
2188 Lake Erie Power & Light Co
American Tel. & Tel. Co
2040
2037 Lake Superior Dist. Power Co
American Utilities Co. (Del.)
2040
Lehigh Valley Transit Co
American Water Works & Electric
1916 Lincoln Telegraph & Telephone Co- _2191
Co.,Inc
2040
1916 London (Ont.) Street RY
Androscoggin & Kennebec Ry
1041
2037 Los Angeles Gas & Electric Corp--_2917
Associated Electric Co
2033 Mackay Cos
Associated Gas & Electric Co
1916 Manchester Trac., Lt.& Pow. Co- _2191
Bangor Hydro-Electric Co
1912
1916 Market Street KY. Co
Belvedere Water Corp
2191
2188 Massachusetts Gas Co
Berkshire Street By
917
1762
2188 Massachusetts Lighting Co
Consolidated Gas Co
Boston
1910 Midland Utilities Co
Boston Elevated Ry
2041
2038 Midway Gas Co
Buffalo General Electric Co
Buffalo Mag.& East. Power Corp_ _1912 Missouri Gas & Electric Service Co_2041
2192
1760 Mobile Gas Co
Cairo Water Co
1760 Monongahela West Penn Public
California KY.& Power Co
2041
2204411
1916 Service Corp
Capital Traction Co
Co
2188 Montreal Tramways Co
Central Gas & Electric
EC89
[Vol,. 122.
Page.
Public Utilities (Concluded)- Page. Industrials (Conitnued)1767
Nevada-California Electric Corp-2192 Belding Heminway Co
1754, 1790
New Eng.Fuel& Transportation Co.2192 Bethlehem Steel Coro
1921
New Haven Water Co
2192 Billings & Spencer Co
2196
New Jersey Water Co
1762 Bing & Bing Inc
1921
New York Edison Co
2192 Bingham Mines Co
New York dz Queens County Ky.._2192 British Columbia Fishing & Packing
1921
New York Rys. Corp
2192 Co., Ltd
1768
New York & Stamford By
2192 Brown Co
2047
New York Transportation Co
1763 Brunswick-Balke-Collender Co
New York,Westchester& Boston Ry.2192 Bunker Hill & Sullivan Mining &
1921
Niagara Fails Power Co
2192 Concentrating Co
1768
Ninth Ave. RR
2192 Bunts Bros. Co
1768
North Boston Lighting Properties-1918 Bush Terminal Co
2196
Northern Canada Power, Ltd
2041 By Products Coke Corp
1922
Northern New York Utilities, Inc.-2192 California Cotton Mills Co
1922
Northern Ohio Power & Light Co---2192 Calumet & Arizona Mining Co
Calumet& Hecla Consol.Copper Co.1922
Northern Ontario Light & Power
Co., Ltd
2041 Canadian Consol. Rubber Co.. Ltd-2196
Northwestern Bell Telephone Co---2041 Canadian Fairbanks-Morse Co.,Ltd-1922
Canadian General Elec. Co., Ltd---2047
Nova Scotia Tramways& Power Co.,
Ltd
2041 Canadian Northern Prairie Land Co..
1922
Ohio Cities Telephone Co
1763 Ltd
1756
Ohio Fuel Corp
2042 Central Leather Co
Mills, Inc....2047. 1922
Oklahoma aik8& Electric Co__1763,1918 Century Ribbon
Oklahoma Natural Gas Co
2042 Chandler Motor Car Co
1922
Oklahoma By. Co
2042 Chapin-Sacks Corp
1922
Omnibus Corp
1763 Chicago Nipple Mfg. Co
2047
Pennsylvania Gas & Electric Corp--1763 Childs Co
2047
1904, 1764, 1935 Christie Brown & Co.,Ltd
Philadelphia Co
1767
Philadelphia Electric Co
2193 City Ice& Fuel Co
2196
City Investing Co
Philadelphia Suburban Gas & Elec.
1922
Corp
Co.
2193 ClInchfield Coal
1922
Coca-Cola Co
Philadelphia & West Chester Tree2196
2193 Coca-Cola International Corp
tion Co
2185
2193 Colorado Fuel &Iron Co
Philadelphia & Western By
2193 Columbia River Packers ABM,Inc-1922
Pittsburgh Utilities Corp
1769
Commercial Solvents Corp
1764
Pittsburgh B.Y3
1922
2042 Congoleum-Nairn, Inc
Pittsfield Electric Co
2196
2042 Congress Cigar Co.,Inc
Porto Rico Rye. Co
2047
Cement Corp
Consolidated
Poughkeepsie & Wappingers Falls
1922
2193 Consolidated Ice Co
By.
2042 Cons. Min.& Smelt.Co.of Can.,Ltd2197
Public Service Co.of Okla
1923
2043 Consol. Retail Stores, Inc
Quebec Power Co
1923
Consolidated Textile Corp
Quebec Ky. Light, Heat & Power
1923
Baking Corp
Continental
Co., Ltd
2197
2043 Continental Gin Co
Reading Transit Co
1918 Continental Paper & Bag Mills corp.2048
& Electric Co
Rochester Gas
1756
2193 Crane Co., Chicago
St. Louis County Gas Co
2043 Curtiss Aeroplane & Motor Co.1923,2048
St. Louis County Water Co
2048
.
2193 Dennison Mfg. Co
San Diego Electric By
2048
San Joaquin Light & Power Corp_ _2043 Detroit Creamery Co
1770
2193 Diamond Match Co
Saxon Public Works, Inc
2048
Dominion Stores, Ltd
Shamokin & Mt.Carmel Transit Co.2193
.1923
1918 Dubiller Condenser & Radio Corp.
Sioux City Gas & Electric Co
Southeastern Power & Light Corp--1918 Eagle-Picher Lead Co
2185
2193 Eastman Kodak Co
Southern Cities Utilities Co
2048
1764 Eaton Axle & Spring CO
Southern Counties Gas Co
2048
Eddy Packing Corp
2043
South.Ind.Gas& Electric Co
1770
Southern Wisconsin Electric CO..--2043 (Otto) Elsenlohr & Bros.. Inc
1923
Southwestern Gas & Electric Co----2193 Electric Boat Co & Mfg.Co
2048
2043 Electric Controller
Springfield Street By
2049
2043 Electric Ferries, Inc
Terminal By Co
Springfield
2198, 1924
2193 Elk Horn Coal Corp
Spring Valley Water Co
1770
Empire Gas& Fuel Co.(Del.)
Standard Gas & Electric Co_ _1764,
2198
1919. 2044 Equitable Office Bldg. Corp
2049
Ewa Plantations Co
2193
Stark Electric RR
2198
..2044 Fageol Motors Co
Suburban Electric Securities Co..
2049
2045 Federal Electric Co., Inc Co
Tennessee Electric Power Co
1924
smelting
Terre Haute Traction & Light Co.-2193 Federal Mining & Shoe Stores
1771
2193 Feltman & Curme
Texas Electric By
2198
First National Stores, Inc
2045
Toledo Edison Co
2049
Ford Motor Co
Trenton & Mercer County Traction
1771
2193 Foundation Co
Co
2198
1919 (Chas.) Freshman Co., Inc
Trl State Tel. & Tel. Co
2199
Co.,
Underground Elec. Rya. of London_2045 Gardner Motor CorpInc
2199
2194 0.-B. Theatres
United Electric Light Co
1910
United Elec. Rys.,Providence, R.1_2045 General Asphalt Co
1771
1765 General Motors Corp
Improvement Co
United Gas
2049
Gibson Art Co
United Power & Transportation Co_2045
2199
United Rys.& Electric Co.of Balt 2194 Gilchrist Co
2200
2194 Gilman Fanfold Corp
United Rys of St. Louis
1924, 1772
2194, 2045 Gimbel Bros., Inc
United Rys. Investment
2200
Electric Co., Ltd__ __2194 Glass Mobile Corp
United Towns
2194 Goodyear Tire & Rubber Co.of Cal-2200
Utah-Idaho Central RR
2200
2194 Gosnold Mills
Utilities Coal Corp
-10-25-Cent Stores,
Annapolis Elec.RR_2045 (F.& W1 Grand 5
Wash.,Boni.&
1772
Inc
2194
Westchester Street RR
1772
2045 Greif & Bro., Inc
West Penn Power Co
1772
2045 Gulf 011 Corp
West Penn Rys.Co
1772
2194 Hale Bros. Stores, Inc.(Del.)
Western Ohio By
2049
Hamilton Mfg.Co
Western Union Telegraph Co., 2075,
1773
Hare & Chase Inc
2030, 2194
2200
2194 Hartman Corp
Wisconsin Valley Electric Co
1755, 1795
Consolidated Street Tty_ _2045 Hayes Wheel Co
Worcester
1773
2045 Heywood-Wakefield Co
Worcester Gas Light Co
1773
(R.) Hoe & Co., Inc
Hudson River Navigation Corp..-2200
Industrials
1925
Abitibi Power & Paper Co., Ltd_ - _1919 Ingersoll-Rand Co
1925
2046, 1919 Inland Steel Co
Abraham & Straus, Inc
2200
Inspiration Consol. Copper Co
1757
Advance-Rumely Co
Alaska Juneau Gold Mining Co..-1919 Internat. Business Mach. Corp_ __ _1773
1905 International Harvester Co_-_1796, 1756
Allied Chemical & Dye Corp
2201
1765 International Paper Co
Allied Packers Inc
2050
2239,2180 International Salt Co
Allis-Chalmers Mfg Co
International Securities Trust of Am 2200
1919
Amalgamated Leather Cos
2201
2195 Intertype Corp
American Chain Co
1774
Amer.Coal Co.of Allegheny County 1920 Jones & Laughlin Steel Corp
2201
American District Teleg. Co.(N.J.)2195 Jordan Motor Car Co
1774
1765 (B. F.) Keith Corp
American Factors, Ltd
1774
2046 Kelsey Wheel Co
American Fruit Growers, Inc
2050
American Furniture Mart Bldg.Corp1920 (G.R.)Kinney Co.,Inc
2050
1920 (B. B.& R.) Knight,Inc
Co
American Glue
1774
2195 Laclede Steel Co
American Ice Co
2201
2046 Landers, Frary & Clark
American International Corp
1774
Langendorf Baking Co. (Del)
2195
American Linseed Co
2052
1766 Lee Rubber & Tire Corp
American Metal Co.(Ltd.)
1775
1920 Lehigh Valley Coal Co
American Multigraph Co...
2202
Amer. Pneumatic Service Co.._1920,2046 Libby, McNeill & Libby
1775
1920 Lockwood, Greene & Co., Inc
American Radiator Co
1775
1920 Long-Dell Lumber Corp
American Railway Express CO
1925
1766 Ludlum Steel Co
American Rolling Mill Co
Razor Corp
1766 McIntyre Porcupine Mines, Ltd_ _ _2202
American Safety
2052
1766 McQuay-Norris Mfg. Co
American Tobacco Co
1925
American Zinc, Lead & Smelting Co _2105 (R. H.) Macy & Co.,Inc
2052
Marquette Cement Mfg. Corp
Anglo-Chilean Consolidated Nitrate
1775
1767 Martin Parry corp
Corp
2202
1920 Mason Tire & Rubbrr Co
Arcade Real Estate Co
.
Arizona Commercial Mining Co_ _ _1920 May Department Stores Co...1775, 2202
2202
1767 Mengel Co
Arundel Corp
1920 Merchants& Miners Transp. Co- _ _2202
Asbestos Corp. of Canada, Ltd
1775
1767 Merck & Co
Associated Laundries, Inc
2052
2185, 1767 Metro-Goldwyn Pictures Corp
Associated 011 Co
1921 Mid-Continent Petroleum Corp_ _1926
Atlantic Fruit & Sugar Co
2202
Minnesota & Ontario Paper Co
Atlantic Gulf & West Indies B.S
1926
2046 Moon Motor Car Co
Lines
1926
2046 Moto Meter Co., Inc
Atlantic Refining Co
1776, 2053
2046 Motor Products Corp
Autocar Co
2195 Mt. Vernon-Woodberry Mills, Inc...2203
Automobile Finance Co
2203
1921 Mountain & Gulf Oil CO
Babcock & Wilcox Co
2053
1921 Murray Body Corp
Barker Bros
2203
1767 Mystic Steamship Co
Barnet Leather Co., Inc
1921 National Cash Register Co.(Ohio)._2053
Barnsdall Corp
Corp.1776,2053
1921 National Dairy Products
Beaver Board Cos
1926
1921 National Dept. Stores, Inc
Beaver Products Co., Inc
APR. 24 1926.]
p Industrials (Coattuned)
THE CHRONICLE
Page.
Industrials (Concluded)Page.
National Lead Co
1776 Sloss-Sheffield Steel & Iron Co
2055
National Sugar Refg. Co.(N.J4-.2053 South Penn Oil Co
2056
Neptune Meter Co
1776 Southern Dairies, Inc
1779
Nevada Consol. Copper Co
2053 Southern Pipe Line Co
2056
New Cornelia Copper Co
1926 (A. G.)Spalding & Bros
1779
New England Coal & Coke CO
2204 Spicer Manufacturing Corp
2205
New York Canners, Inc
2053 Standard 011 Co.(Calif.)
2183
Niles-Bement
-Pond Co
2053 Standard Oil Co.(Kentucky)
2205
Ohio Oil Co
2054 Standard Oil Co.(Nebraska)
2056
Oil WeU Supply Co
2054 Standard Oil Co.(Ohio)
2056
Oppenhelm, Collins & Co
2054 Standard Sanitary Mfg. Co
1928
Otis Elevator Co
1777 Stromberg Carburetor Co. of AmerOvington Bro's Co
2204
ea, Inc
2056
Owens Bottle Co
2054 Submarine Boat Corp
1928
Packard Motor Car Co
1777 Sweets Co. of America, Inc
1779
Paige-Detroit Motor Car Co
1927 Swift Internacional Corp
1928
Pan Amer. Petrol. & Transp. Ca..
..2204 Texas Pacific Coal & 011 Co
2206
Pan Amer. Western Petroleum Co 2204 Thayer Hotel
1928
Panhandle Prod.& Refg. Co
2204 Tide Water 011 Co
1757
Paragon Refining Co
1777 Transcontinental 011 Co
2206
Parker Mills
2204 Traveler Shoe CO
1928
Peerless Motor Car Corp
1777 Union Bag & Paper Corp
1780
Pennsylvania Coal & Coke Corp_ .1777 Union Hardware Co
1929
Phelps
-Dodge Corp
2054 Union Carbide& Carbon Corp.1908,1936
Poatum Creel Co., Inc
2205 Union 011 Co.of Calif
2206
Prairie Oil& Gas Co.(Kan.)
2654 United Fuel & Supply Co
2056
Prairie Pipe Line Co
2054 United Oil Co
2206
Ray Consolidated Copper Co_ __ -2054 United States
1780
Gypsum Co
Reid Ice Cream Corp
1794, 1754 United
1755, 1781
Remington-Noiseless Typewr. Corp-2205 United States Steel Corp
Steel Works of BurbachRemington Typewriter Co
Eich-Dudelange
1927
1929
Robbins & Meyers Co
2015 Utah Copper Co
2070
St. Joseph Lead Co
1913 Vacuum 011 Co
1929
St. Louts Rocky Mtn. & Pao. Co
2055 Vulcan Detinning Co
2226
Safety Cable Co
2055 Walworth Co
1780
Saks Realty Corp
2055 Weber & Helibroner
1780
Schulte Retail Stores Corp
1778 Western Electric Co
1755, 1798
Scruggs- Vandervoort-Barney Dry
Western Grocers, Ltd
1937
Goods Co
1927 Westinghouse Air Brake Co
2070
Selberling Rubber Co
1778 Wheeling Steel Corp
1801, 2226
Sheffield Farms Co
2055 White Motor Co
1792, 1755
(Franklin) Simon ht Co.,Inc
1927 White Rock Mineral Springs Co_ ___1801
Sinclair Consolidated Oil Corp
1927 White Sewing Machine Corp
1801
Sinclair Crude 011 Purchasing Co__ _2055 Willys-Overland
Co
2184
Skelly Oil Co
1927 Wright Aeronautical Corp
1801
Erie Railroad Company.
(31st Annual Report-Year Ended Dec. 31 1925.)
The remarks of President Frederick D. Underwood,
together with the comparative income account and balance
sheet and other statistical tables, are given under "Reports
and Documents" on subsequent pages.
A comparative income account and table of statistics were
Ii mV. 122, p. 2183.-V. 122, p. 2183,
2036.
Chicago & North Western Railway Co.
(66th Annual Report-Year Ended Dec. 31 1925.)
The remarks of President Fred W. Sargent, together with
comparative income account and balance sheet as of Dec.
31
1925, will be found under "Reports and Documents" on subsequent pages.
GENERAL STATISTICS FOR CALENDAR YEARS.
1925.
1924.
1923.
1922.
Tons revenue freight_ _
55,744,981
52,158,316
58,207,915
48,607,124
Tons freight Per ton mUe_8,286,548,010 8,290,312,7
10 9,248.615,383 7,579,553,676
Passengers carried
30,027,619
32.409,398
33,004,205
33,828,207
Passenger miles
1 097,745,118 1,097,745,118 1,122,116,027 1,078,240,7
61
Revenue per ton per mile
1.266 cts.
1.249 eta.
1.223 eta.
1.329 eta.
Rev. per pass. per mile_
2.544 eta.
2.630 eta.
2.708 eta.
2.706 eta.
-V. 122, p. 2186, 1758.
Chicago St. Paul Minneapolis & Omaha Railway Co.
(44th Annual Report-Year Ended Dec. 31 1924.)
The remarks of President Fred W. Sargent, together with
a comparative income account and balance sheet
and traffic
statistical tables will be found under "Reports and Documents" on subsequent pages.
Our usual comparative income account table was published
in V. 122, p. 2185.
Illinois Central Railroad Co.
(76th Annual Report-Year Ended Dec. 31 1925.)
The report of President C. H. Markham, together
the general statistics,income, profit and loss account, with
balance
sheet and other tables, will be found under "Report
s and
Documents" on subsequent pages.
GENERAL TRAFFIC STATISTICS FOR
YEARS ENDED DECEMBER 31.
1925.
1924.
1923.
1922.
Average miles oper._
6,243.25
6,218.06
6,208.66
6,154.03
Tons freight carried.
58,207,077
55,615,045
60,519,065
52,002,324
Tons fgt. carr. 1 mile.14,891,944,844 14,284,712,
Tons all fgt.carr.1 m_16.708,545,000 15,830,185, 470 16,151,798,440 15,085,299,196
000
Revenue from freight 8137,168,131 $132,169,33 18,355,999,000 16,749,832,000
1 8142,721,657 8134,416,757
Av. rev. p. ton p m.
.921 eta.
.925 eta.
.884 eta.
.891 eta.
Rev, pass. carried _ _.
34,490,871
36,339,704
37.784,981
37,510,203
Rev, pass. carr. 1 m_
966,349,756
970,793,310 1,019.620,594
935,658.545
21ev. from passengers $28,138,056
$29,075,554
$31,319,478
$28,390,785
Avg. rev. p. Pass.P.m
2.912 eta.
2.995 eta.
3.072 eta.
3.034 eta.
-V. 121, p. 3128.
Pacific Gas & Electric Company.
(20th Annual Report-Year Ended Dec. 31 1925.)
The remarks of President W. E. Creed are cited on
quent pages, together with the income account, subsesheet as of Dec. 31 1925 and other statistical tables.balance
2321
Atlantic Coast Line Railroad.
(92d Annual Report-Year Ended Dec. 31 1925.)
The text of the report, signed byiPresident J. R.
and Chairman H. Walters, will be found on subsequentKenly
pages
of this issue.
STATISTICS FOR CALENDAR YEARS.
1925.
1924.
1923.
1922.
Average miles operated_
4,870
4.866
4,861
4,852
Passengers carried
5,378,564 5,628.505 6,511,541
Pass. carried one mile 637.492,580 512.238,044 518.448,406 6.350,662
Freight carried (tons).... 23.940.650 20.734.714 19,874,981 460,796,676
Tons carried one mile_4,440,360.680 3763630,965 3712154.470 16,437,958
3031173.450
Commodities Carried
Agricultural
2.839.879 2,590,348 2,459,535 2.370.354
Animals
196,921
226,377
188.509
172.089
Mines
7.769.233 6.065,557 5,600,675
Forests
6,168,099 6,182,933 6,175.688 3.975,506
5,224,562
Manufactures
4,852,504 3.909.874 3,615,298 3,065,706
Miscellaneous
23,940.650 20,734,714 19.874,981 16.437,958
INCOME ACCOUNT FOR CALENDAR YEARS.
Opcrating Revenues1925.
1924.
1923.
1922.
Fre ht
$64,657,121 857,288.726 $56,580.484 848.857,558
Passengers
22,042,718 17,755,9,27 17,995.083 15,871,367
Mail
1,347,208 1,281,724 1,239,674
1.382,956
Express
2,835,344 3,026,193 2,658,978 2,581,626
Other transportation...
864,232
780,548
763,584
673,796
Incidental & joint facil
2,251,076 1.652.802 1.644,506
1.456,041
Railway oper. rev____$93.997,698 881,785,921 $80,882,310 $70.823,3
45
Operating Expenses-
Maint. of way & struct_810.820,231
Maint. of equipment- _ 17,544,834
Traffic
1,724.863
Transportation
32,310,002
Miscell. operations
804,997
General
1,761.194
Operating expenses__ _S64,966,121
Net from railway oper--$29,031.576
Tax accruals
6,600.000
Uncollectibles
20.033
$10.660,590 510.191.289 $8,434,956
16,833,082 17.349.030 14,297,181
1.531,249
1.367.842 1,276,123
29,063,109 28,814,876 26,018,260
465,338
424.306
367.961
1.781,757 1,721,085 1.638,967
$60.335,126 859,868.428 $52.033,448
821,450.795 $21.013.882 818,789.897
5.625,000
5.425,000 4.275,000
59,234
42,457
81,873
Railway oper. income_$22,411,543 515.766,561 815.546,425
514.433,024
Non-operating Income
Hire of equipment
Cr.14,415 Cr.86.250
Joint facility rent income
338,859
302,935
310,408
265,922
Dividend income '
4,086,675 3,897,690 3,222,086 3.221,772
Income from unfunded
securities & accounts_
641,915
510,132
625,474
638.425
Income from fund. secs_
537,961
618,542
471,355
379.475
Miscell. & other income
352,741
373,193
340,586
316,024
Dividend approp'n_ydeb.1,371,724 sdeb.88.5.862
Gross income
$26.997,970 320,783,199 $20,530.750 519.340,892
Rent for leased roads-$46,276
$45,276
$45.276
$45.276
Hire of equipment
Dr.2,187.549 Dr.500,193
Joint facility rents
378,304
390,119
374,639
368,828
Miscellaneous rents__ -281,150
226.292
240,520
188,665
Int. on unfunded debt
24,672
16.362
17,306
16.663
Int. on funded debt....6,031,281
6,031,282 6,042.286 6,042,237
Int. & dive, on equip.
trust notes,&c
472,368
517,386
562,404
607,422
Int. on 10
-year notes...
420,000
420,000
420,000
420,000
Miscellaneous
44.952
46,306
31,245
47.737
Net for year
$17,111,418 812,589,983 $12,797,073 $11,604,074
Inc. appl. to s.f., &c..fds.
20.363
28,645
25,617
21,877
Income approp. for inv.
In physical prop
440.749
249,152
250,566
144.124
Deduct
-
Transferred to P.& L_$16,650,307 512,312,186
Credit balance Jan. 1... 71,276,846 63,503,519 812,520,890 811.438,073
55,440,787 48.704.648
Miscellaneous credits...
182,097
377,159
562.709
306,294
Total surplus
$88,109.250 876,192,864 $68,524.385 $60,449,015
Pref. dividends (5%)- _ _
9,835
9,835
9.835
9.835
Common divs. 7%) _ _ - a4,801,034 x4,801,034 4,801,034
4,801.034
Surplus appropriated for
physical property__ _ _
27,243
15,682
137,868
95,685
Loss on retired road and
equipment
69.702
47.788
16,162
14,931
Miscellaneous debits_ _ _
129,704
41,679
55,967
86.744
Bal. credit Dec. 31_583,071.732 871,276,846 $63,503,519 855,440,7
87
x Extra div. of 1% paid from non-oper. income to
stockholders
July 10 1924. y Extra divs. on common stock of 1%common1925
July 10
and 1%
Jan. 111928. x See also "x." a See also "y."
GENERAL BALANCE SHEET DEC. 31.
1924.
1925.
1925.
1924.
Assets$
Liabilities
s
Road & equip_ _241,242,724 230,642,074 Common stock_ 67,586,200
67,586,200
Impts. on leased
Class A Rich.
property
124,020
116,667
& P. RR.stk. 1,000,000
1,000,000
Sinking funds..
21,919
21,919 Preferred stock.
196.700
196,700
Deposit in lieu of
Prem.on cap.stk. 4,829,442 4,829,442
mtged. prop..
2,592 Equip.tr.oblig's. 7,553,000 8,278,300
2,593
Mb3c.phys.prop. 1,415,053
1.506,202 Mtge. bonds_ _ _101,849,000
101,850,000
Inv.in affil. cos.:
Coll. trust bonds 41,000,000 41,000.000
Stock
58,314,516 58,275,190 Income bonds
8,000
14,000
Bonds
4,688,106
4,658,106 Miscellaneous _ _ 4,579,930
4,579,930
Notes
3,301,652 4,007,610 Traffic, &c., bal. 2,078,249
925,545
Advances.... 2,784,588
1,864,651 Accts. & wages_ 6,767,956
4,604,389
Other investls- 7,438,017 6,534,164 Misc.accts. pay.
631,059
778,257
Cash
18,579,417 13,340,753 Interest matured
434,552
442,783
Cash for diva.,
Divs. matured__
5,850
5,850
Interest, &c
1,122,001
1,130,248 Fund.debt mat'd
3,000
3.000
Bonds to secure
Unmatured diva. 3,086,379
2,400,517
leases
15,225
15,225 Unmat. int.,&c_ 1,435,344
1,455,159
Loans & bills rec.
4,966
4,044 0th. cum. flab's
190,665
117.975
Traffic, &c., bal. 2,684,018
2,228,913 Deferred liabire
148,025
156,963
Bal.from agents,
Tax liability.. _ _ 4,119,946
3,216,149
dm
1,070,709
854,665 Ins. & cas. res.
505,842
477,173
Misc. accts. rec.. 2,355,029
2,454,958 Accrued deprec..
Mans & suppl's 7,391,201
6,613,154
road & equip_ 20,858,244 19.422,540
Interest & diviOth.unadj.cred
1,150,459
dends received 2,107,282 2,158,029 Corp. surplus: _ 1,748,551
Other assets_ _ _ _
89,654
32,430
Add's to prop.
Working
fund
through inc.
advances
19,739
19,239
& surplus__ 2,423,422
1,955,430
Insurance and
Profit& loss__ 83,071,732 71,276,846
other funds..
511,193
479,689
Unadjus.debits.
825,469
762,885
INCOME ACCOUNT FOR CALENDAR YEARS.
1925.
1924.
1923.
1922.
Gross oper. rev., incl.
other income
$48.066,897 844,935,419 $39,971.743
$39,204,605
Deduct-Oper. & admin.
exp.,taxes (incl. Fed.),
Total
356,109,090 337,723,609
Total
356,109,090 337,723,609
maint.,uncoll.accts.,&c.28.898,713 28,203,096
23.493,410 23,416.876 -V. 122, p. 1914, 1758.
Gross income
519.168.185 $16,732,323
Missouri Pacific Railroad Co.
Bond int., disc.& exps _ _ 7,508,838 6.646,557 $16,478,332 $15.787,729
5,598.371
Reserve for deprec'n-_ -- 3.807.990 3,057,417 6,497,281
(9th Annual Report-Year Ended Dec. 31 1925.)
3,224.757 3.602,199
The remarks of President L. W.
Net income
$7,851,357 $7,028,349
Divs.pd.on pref. stk.(6%)3,265.434 3,244,608 86,756,294 $6,587,159 income account and comparative l3aldwin,together with the
3.103,847
balance sheet, will be found
Common dividends--(8%)3,624,337(8)3,040,123(6)2,310,498 2,574,157
(5)1.820.431 under "Reports and Documents" on
subsequent
Bafance, surplus
$961,586
A comparative income account as published inpages.
$743,618 $1,341,949 $2.192.572
V. 122,
A comparative balance sheet as of Dec.31 was published in V.122, p.1170 p. 2180.
2322
TIIE CHRONICLE
TRAFFIC STATISTICS FOR YEARS ENDED DECEMBER 31.
1922.
1923.
1924.
1925.
26,149,053
32,715,582
36,713,004
Revenue freight (tons)___ 40,380,712
Revenue tons carr. 1 mile_9,564,442,764 8,773,081,103 7,416,475,688 5,995.683,688
Rev, tons carried 1 mile
825,649
1,024,981
1,191,999
per mile of road
1,303,480
1 232 cts.
1.159 cts.
1.094 cts.
1.091 ctn.
Avge.amt.rec. per ton m.
9,239,522
10,277,948
9,198,614
6,890,526
Number passenger carried
No. pass carried one mile 492,044,088 511,952,827 547,304,201 489,342,361
51.8290
51.8457
51.9052
52.3998
Avg. rec. from each pass_
3.45 eta.
3.47 eta.
3.42 eta.
3.36 eta.
Avge. rec. per pass mile_
-V. 122, p. 2180, 1916.
Southern California Edison Co.
(30th Annual Report-Year Ended Dec. 31 1925.)
The report of President John B. Miller, together with the
income account and balance sheet for 1925, will be found
under "Reports and Documents" on subsequent pages.
INCOME ACCOUNT FOR CALENDAR YEARS.
1922.
1923.
1924.
1925.
System output(k.w.h.)
.1998.856,927 1687886,206 1548896,000 1198926,369
Delivered to consumers:
Lighting (k.w.h.)_ _143,913.806 119.066,532 99,358,552 72,035,948
1414346,773 1234857,015 1080783,640 829,838.151
Power (k.w.h.)
196,154
247,953
294.557
327,070
Connected load meters
706,308
899,950
1.003.485
Connectedloadhorsepow. 1.237,598
Results
$24,322,680 $20.973,563 $19,824,959 $15,839,577
Gross earnings
6,866.916
8.847.792
*Oper. & maint. expense 8,271,704 12.993.779
$16,050,976 $7,979,784 $10,977,167 $8.972.662
Net earnings
1,142,648
386.201
415,936
509,722
Int., diva., &c., received
$16.560,698 $8,395.720 $11,363,368 $10,115,313
Gross income
4,152,303
4,974,648
6,306.555
Int,on bonds & deben s_ 6,422,509
280.443
415,721
279.894
321,243
Miscellaneous interest
Construction account_ _ _Cr1,305.685 Cr2.009,011 Cr2,359.314 Cr.996,179
362,975
363.039
380,233
381,746
Amort. of bd. disc.,&c
Balance
$10.740.885 $3.438.050 $7,969,274 $6,315,767
1,224.777
2,786,891
3,393.008
1.465.913
Previous surplus
1,138.501
Profit from prop. sales
Withdrawals from contingency reserves provided in advance for
1,581,191
low water conditions..
$12,206,798 $8,412.250 $10,756,165 $8,679,045
Total
1,850,190
2.000,000 2,005.635
Reserve for depreciation x3,400,756
810.000
Reservefor contingencies
112,975
510,715
772,516
1,545,632
(7/
Ser."A"pref.dbrs.
299,627
782,642
Ser."B"pref.divs.(67
320.000
320.000
320.000
320,000
c
Original pref. dive.(8e
300.748
Second pref. diva.(5%)2,972,857
3,469,121
3.661.950
Common dividends(8%) 3,761,372
adjust's_ Dr.24,794 Cr.107,757 Dr.247.685 Dr.335,385
Miscellaneous
Total P.& L.surplus- $2,371,601 $1,465,913 $3,393,009 $2,786,891
* Includes taxes amounting to 51,970.603 In 1925.$1,680,120 in 1924 and
$1.899.594 in 1923. x Includes $457,483 additional reserve for 1924.
BALANCE SHEET DECEMBER 31.
1924.
1925.
1924.
1925.
Liabilities-.
$
Assets
Plants & prop__203,727.619 191,899,977 Capital stook:
Original pref_ 4,000,000 4,000,000
425,047
259,227
Cash with trus_
7% pref. "A" 24,962,900 13,489,400
Invest., Sec., in
subsidiary cos. 3,301,642 3,187,795 6% pref. "B" 20,520,300 9,999,600
Common stk. 43,271,072 41,833,472
14.545
14.461
Sundry invest'ts
Corn,stock subs. x5,468,281 4,227,326 Subscr, by empl.
of cap. stock_ 5,150,500 4,864,500
3,900,748
3,237,970
Cash
Public subscrip.
Cash securities- 2,250,000
capital stock_ 3,014,800 1,910,200
123,560
121,380
Working funds..
Funded debt___113.080,000 114,721,100
Notes and accts.
4,566,829
receivable..... y2,551,891 2,119,967 Accts. Payable_ 2,424,026 9,473.000
5,400,253 6,110,430 Notes payable__ 5,000,000
Material & supp.
247.344
286,662
Consum. deposljnamortized disConsumers' adv. 1,346.725 1,067,251
count and pre6,814,096 Interest accrued 1,984,231 2,019,769
mium on bds_ 6,439,964
830,821 Taxes accrued.- 1,357,566 1,129,768
993,886
On cap. stock
Deprec'n reserve 10,789,309 9,541,068
Miscell. deferred
683,567
755,156
1,628,375 1,438,469 Sundry reserves
charges
80,000
80,000
Dividends Day-1,465,913
2,371,601
Surplus
240,394,849 221,092,781
Total
240,394,849 221,092,781
Total
. y After
a Due by officials, employees and public on stock subscriptions
122, p.1764.1028.
deducting $65,651 reserve for uncollectibleaccounts.-V.
Illinois Power & Light Corporation.
(Annual Report-Year Ended Dec. 311925.)
The remarks of President Clement Studebaker Jr., together
1925,
with income account and balance sheet as of Dec. 31subsebe found under "Reports and Documents" on
will
quent pages.
The usual comparative income account was published in
V. 122, p. 2190.
CONSOLIDATED BALANCE SHEET DEC. 31.
19524.
1925.
1924.
1925.
5
bilitiesLiabilities$
5
Assets344 140,615,837 7% pre:.stock_ 30,000,000 24,156,350
Property acet_x162,493,
6% Participating
Cash held by
pref. stock__ _ 1,875,300 1,875,300
964,209
322,044
trustee
Common stock_x21,041.854 20,614.091
Cash and due
2,423,271 4,294,030 Underlying bds. 34,568,600 34,646,800
.from banks
1st & ref. mtge.
Notes and ac50,200,000 45,200,000
bonds
counts recelv3,253,126 3,569,328 Underlying pref.
able
718.800
stks.& bonds_ 7,677,700
Materials and
323,412
2,619,096 2,121,254 Car trust notes_
supplies
334,762 Debenture bonds 9,731,800 9,842,900
187,517
Prepayments...
Notes payable__ 4.083,190 1,801,248
Investment acct. 1,057,482 1,583,506
124,639 Accts payable__ 2,065.578 2,754,569
62,967
Sinking funds..
409.377
530.842
Consum. depos_
Undistributed
1,249,894
92,831 Accrued taxes__ 1,334.881
4,196
accounts
Accrued interest 1,205,767 1,151,991
Unamort. bond
621,866
556,255
4,259.746 3,942,219 Deferred sects__
discount
Adv. on pref.
Miscell. deferred
390,920
612,949
.
stock sales_ _
165,763
29,876
debits
41.533
263,513
404,900 Unadl. credits__
Treasury stock_ 2,289,300
Retirem't res've 11,659,148 10,875,364
288,734
86,647
Miscell. reserve.
1,508,040 1,252,139
Total(each skle)179,001,065 158,213.278 Surplus
-V.122, p. 2190, 1309.
x Represented by 400,000 shares of no par value.
Cities Service Co., New York.
(16th Annual Report-Year Ended Dec. 31 1925.)
remarks of President
'
re On subsequent pages will be found the
Henry L. Doherty, in addition to the 15-year comparative
income account of Cities Service Co., the consolidated income account, including all subsidiary companies, for 1925,
andlithe consolidated balance sheet, including subsidiary
companies, as of Dec. 31 1925.
[Vox. 122.
GENERAL STATISTICS DECEMBER 31.
1922.
1923.
1924.
1925.
Electric Propertieshours sold_-_1212541 098 1004181,394 993,913.613 862,066,092
Kilowatt
390,390
410,204
454.945
508,277
K.W.installed capacity_
711,453
770,428
929,798
933.814
K.W. connected load__ _
247,961
331.180289,628
344,099
Customers
1,450,000
1,450.000
1.450.000
1,450,000
Population served
Electric Railways
76.165,319 84,077,050 97,199,484 93,492,405
Passengers
308
372
342
320
Miles of track
776
822
688
606
cars
Number of
650,000
650.000
650.000
550,402
Population served
Artificial Gas
5.957.787
6.908,051
7.166.345
8,067.240
Sales(1,000 cu.ft.)
-hour capacity (cu.ft.) 32,462,000 30,753.000 27,093.000 24,495,000
24
103.537
111,203
120,077
128,223
Customers
1,721
1,776
1.851
1,920
-in. basis
Mains (miles) 3
1.100,000
1,100,000
1,100,000
1.100,000
Population served
Gas
Natural
Gas sold (1,000 cu.ft.)._ 64.389,149 43,278.540 40,491.897 38,606,628
9,308,239 11,286.253 10.044,648
Oil produced (barrels)._ 10,912,211
2,199
2,158
3.918
4.003
Wells owned
5.604
5,678
7.103
7,691
Gas mains owned (miles)
1,650,000
1,700,000
1,700.000
1,700.000
Population served
CONSOLIDATED BALANCE SHEET DECEMBER 31.
[Inter-company items eliminated.]
1924.
1925.
1924.
1925.
$
$
Liabilities-8
$
Assets466,219,378 Preferred stock_ 85,900,796 80,308,046
Plant & invest't.512,853,009
6,784,498 6,674,420
Sinking fund__ 6,874,975 5,856,180 Preference stks_ 75,417,420 46,045,854
19,040,513 13,697,726 Common stock_
Cash
540,189 Pref. stocks sub.
499,726
Securities owned
companies ___ 57,815,687 41,903,726
950,934
Bills receivable. 2,301,130
22,440,458 Corn,stocks sub.
Accts. receivable 20,437,769
companies ___ 7,409,043 7,232,178
15,632,721 10,728,990
Oil in stock
Mat Is & suppi_ 9,455,2619,050,506Debenture bonds 32,674,775 26,895,415
Subsid. bonds &
Paym'ts in adv_ 3,653,731 3,636,065
funded notes_223,559,738 209,044,107
Diset. on bonds,
debentures,&c 17,986,664 16,348.041 Subs. scour. In 5.507.666 4,955,624
sinking fund_
646.197 3,612,255
Special deposits_
Bills payable__ 18.579,826 14,710,624
Accts. payable_ 8.624,194 7.127.529
Taxes accrued__ 2,686,462 2,891,032
Interest accrued 3,248,306 3.309.693
Cash scrip (not
17,170
14,665
presented) ___
Misc. unclassif'd
204,917
61,478
items
Cities Serv. Co.
9,906.473
com.cash scrip
C.8.Co.stk.scrip
35,006 24,766.182
(not presented)
Customers' dep. 2,714,214 2,428,614
Decree. & other
48,162.175 36,013,090
reserves
30,185,747 29,646,125
Total(each side)609,381,697 553.080,722 Surplus
by Cities Service Co. of $2,900.000
-Guarantee
Contingent Liability.
serially
Cities Service Tank Line Co. 5% equipment trust certificates, due ,,I
to 1935.-V. 122. p.2189. 1761.
Pan American Petroleum & Transport Company.
(Annual Report-Year Ended Dec. 31 1925.)
The remarks of Chairman F. H. Wickett, together with
income account and balance sheet as of Dec. 31 1925, will be
found under "Reports and Documents" on subsequent pages.
A comparative income account was published in V. 122,
p. 2204.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1924.
1925.
1924.
1925.
$ •
AssetsLiabilities
Properties-.x110,180,872 129,012,667
50,077,850
Investments...y20,122,501 2,145,990 Common stock_ 50,077,950 83,748,850
Acc'ts receivable 11,303,374 11,874,613 Corn. stock B__ 87,738 100
Controlled comCash in hands of
panies' stock_ a1,332,369 1,619,288
trustees under
10-yr.conv.s.f.66 11.076,900 12,000,000
984,813
mtges
Marine eq't bds_ 4,726,500 5,656,500
U. S. Govt.940,300
936,600
599,209 2,531,841 Bub. cos.' bonds
-rec. in oil__
Mtges. secured
Deposited with
460.967
43,000
by lands
Mexican Gov857,300 12,200.000
Notes payable....
ernment to
Acc'ts payable... 4,876,353 6,497,387
protect minor2,714,168
ity Interest... 1,500,000 1,500,000 Divs. payable- 4.163,760
U. S. Govt. rec.
Loan applicable
Nay.Res. No.
in payment of
985,126
1-suspense2,696,438
taxes
4,687.679
21,953,685 14.102.829 Res.for tax. &a_ 6,710,319 12,931,908
Cash
616,580,284
1,633.674 Surplus..
U.S.Gov.rec's_
20,240,735 26.178,776
Inventories
Deferred charges 2,234,247 2.883,204
189.119,435 194,560,023
Total
189,119,435 194,560,023
Total
refineries, marketing
x011 lands, leases and development, steamships, for depreciation and
,530,561: less reserve
stations and facilities. &c.. $177
Co. (affiliated company)
depletion, $67,349,689. y Includes American 011
$6,959,938; miscellaneous,
$1,750,000; Lago Oil & Transport Corp.,
(of Delaware), Pre$162.562. a Includes Mexican natroleum Co., Ltd. $888,800; Caloric
8% non-cumulative stock, $159,600: common,
ferred
stock, $57.514*,_ common, $186.086; Mexican
Co., preferred 8% cumulative
appliPetroleum Co. (California) stock. $40,369. b Includes $15,358,481 appliTransport Co.,
cable to Pan American Petroleum &122, p. 2204. and $1,221,804
-V.
cable to minority stockholders.
New York Canners, Inc., Rochester, N. Y.
(7th Annual Report-Year Ended Dec. 31 1925.)
The remarks of President John M. Prophet, together with
the balance sheet as at Dec. 31 1925 and the income account
for the year ended Dec. 311925, will be found under "Reports
and Documents" on a subsequent page of this issue. Our
usual comparative income account was given in V. 122, p.
2053.
BALANCE SHEET DEC. 31.
CONSOLIDATED
1924.
1925.
$
$
Assets-Real estate, plant
equipment- 5,020,590 7.307,431
and
Good-will (T. A.
43,486
Snider Preserve)
466,781
480,182
Cash
Accounts & notes
935,249
1,540,665
receivable
6,518,590 4,381,829
Inventories
Prepaid interest &
46,564
57.545
Insurance
99,134
98.634
Investments
1925.
$
LiabilitiesConvert. pref.stk_ 5,100,000
7%cum.lst pf.stk.
8% cum.2d pf.stk.
Common stock... x648,808
Stated value unit,
sued shares
T. A. Snider bonds
T. A.Snider pt. stk
Notes payable_ .__ 3,130,600
Accounts payable_ 407,606
Res've for depreen
do Doubtful accounts, Sec
183,289
do Fed'I taxes_
Min. int. in N. Y.
Pea Pack., Inc_ 334,920
Dividends payable
Contingencies
3,910,983
Total (each side).13.716,206 13,260,474 Surplus
value. v.122. p. 2053. 1322.
x 129,762 shares of no par
1924.
$
1.553,200
850,000
500,000
750,000
600,000
770.714
1,924.300
312,485
2,451,207
99,836
127,005
140.680
69,663
3,111.385
Ara. 24 1926.]
THE CHRONICLE
Amerada Corporation and Subsidiaries.
(5th Annual Report-Year Ended Dec. 31 1925.)
The remarks of President E. L. De Golyer, together with
income account and balance sheet as of Dec. 31 1925, will
be found under "Reports and Documents" on subsequent
pages. The income account and balance sheet in comparative form are already a matter of record in V. 122, p. 1172.
Net earnings of the corporation and subsidiaries for 1925 aggregated
32,498.428. equalivalent to $4.24 per share on the 588.300 shares outstanding at Dec. 31 1925. This represents a gain in net income equivalent to
$2.20 a share over earnings for 1924, the increase being attributed to
increased production of crude oil and natural gasoline, improved conditions
within the industry and to the sale of storage oil at a profit.
Surplus available for dividends amounted to 34.105.416. equivalent to
$6.98 per share on stock then outstanding. A dividend of $1 a share was
paid on Jan. 15 1926.
Since the beginning of 1926, the authorized capital has been increased
from 600,000 shares of $10 each to 1,000,000 shares of no par value, and the
old exchanged for the new, share for share. Also 125,000 new shares were
sold and an option given on 200.000 additional shares at $25 a share to
Dillon. Read & Co. These negotiations were made in connection with a
financing arraneement between Dillon. Read & Co., the Corporation and
former stockholders by which control of the corporation passed to American
interests. Of the 1.000,000 shares authorized. 713.300 are issued and
outstanding.
-V. 122. p. 2195, 1458.
Florida East Coast Railway Co. (Flagler System).
(Annual Report-Year Ended Dec. 31 1925.)
INCOME ACCOUNT FOR CALENDAR YEARS.
1925.
1924.
1922.
1923.
$16.059.142 $11,953,838 $9.409.907 $7,998.757
9,782.820 5.719.600 4,595.452 3,771,812
1.895.293 1,516,896 1,298.660 1,140.489
1.395,483
918,576
719.977
516.567
Total oper. revenues_ _$29,132.738 320.106,910 $16.023.998 $13.427,625
Expenses
Transportation
$10.943,839 86,478,865 $4,8/11.988 $4.200,801
Maintenance of way,5m. 4,238.004 2,976.212 2,570.184 2,163.518
Maint. of equipment_ _ _ 3,958.282 3,060,187 2,662.824 2.468.414
787.724
Traffic, &c
754.831
599.092
656.333
Total oper. expensee_ _819.927,850 $13.270,096 $10,771,329 $9.431.825
$9,204,887 36,838.815 $5.252.668 $3,995.800
Net earnings
1,508.579
Taxes
1,318.892 1.352.468
769.374
Uncollectible revenue_ _ _
8.968
6.460
4.170
6,085
•
Freight
Passenger
Mail. express, &c
Incidentals, &c
Railway oper. income- $7.687.340 35.511.463
Rents, &c
$76,532
343.613
Inc. from lease of road_
64.507
Inc. from funded securs6.750
Inc.from unfund. secs.. _
507.895
337.196
Miscellaneous
67.020
30.027
Non-oper. Income
$715.955
$417.586
Gross income
38.403,295 $5,929,050
Deduct
hire of fgt. cars. (debit
balance
32381.474
8993,311
Joint facility rents
74.965
58,725
Interest on funded debt_ 2,008.525
869,219
Rents. &c
170,385
91,525
Miscellaneous charges
127.575
398,778
Total deductions
$4,562.925 $2.411,557
Net income
53.840,370 $3,517,492
-V. 122, p. 1758. 1605.
33,896.031
335,742
152.024
4.300
256.297
27,239
33,220,341
$26,930
4,250
41.115
24.695
$96,091
$475.602
34,371.632 33.317.333
$665,100
54.004
609,890
46,756
238,209
$454.254
50,871
575.333
42.884
202.118
31.613.959 $1.325.461
32,757,673 $1,991.872
Norfolk Southern Railroad Co.
(16th Annual Report-Year Ended Dec. 31 1925.)
Pres. G. R.Loyall, Norfolk, Va., April 15, wrote in subst.:
-Net income for the year increased $104,003,or 25.46%. Gross
Results.
revenue decreased $160,051, or 1.72%. Operating expenses and hire of
equipment
-debit were reduced $284,044 or 3.87%
Passenger revenue decreased $244,226 or 19.48%. The principal reason
for this decrease is tne increased use of the automobile. Passenger revenue
Is received from local or short
-haul travel, and this class of traffic has very
ly forsaken the railroad for the highway.
eight revenue for the year increased $99,511 or 1.33%. There was a
decrease of $305,257 or 7.58% in this revenue during the first 6 months
of the year, due to adverse agricultural conditions locally. Commencing
with the month of July, there was an improvement. in loading, and during
the last half of the year there was an increase of $104.768, or 11.68%. in
this revenue.
-Taxes increased $19,709 or 3.85%.
Taxes.
Funded Debt.
-Funded debt was reduced $240,708 by payment of equipment trust and other notes maturing ouring the year and the redemption
of 1st & ref. mtge. bonne through funds available in the sinking fund of
that mortgage. The amount of funded debt outstanding at the end cf the
year was 316,641,937, the smallest in 11 years. During the year temporary
notes issued in 1920, or previous thereto, to the amount of $82,000 were
paid. Company now has no temporary loans outstanding.
Additions and Betterments and Equipment.
-33 new tracks to serve industries were constructed and an .ft.Mnsion made to an existing track.
The sum of $289,526 was expended dming the year for additions and
betterments.
TRAFFIC STATISTICS
-YEARS ENDED DEC. 31.
1925.
1924.
1923.
Average miles operated
931.88
931.88
931.45
Passenger Traffic
Number of passengers carried
1.334,231
1,655,224
1,947,473
Number of pass. carried one mile.- 32,752,047 40,794,869 47,637,852
No.of pass. carr. one mile per m.ofrd
35.146
43,777
51,144
Aver. distance carr. each pass
24.55
24.65
24.46
Aver.amt.rec.from each pass.(cis.)75.667
75.748
75,977
Average receipt per pass. per m.(eta.)
3.082
3.073
3.106
Number of tons carried
4.015,534 3,879,356 3.633,423
No. of tons carried one mile
455,757,809 433,074,318 413,037.669
No.of tons carr. one mile per m.ofrd.
489,073
464,732
443,435
Average distance hauled each ton_ _-113.50
111.64
113.68
Average amt. received from each ton_
1,892
1.932
2,024
Average receipt per ton per mile (eta.)
1.667
1.731
1.781
per train m.(cents)...
Net open rev,
102.59
96.96
94 44
OPERATING STATISTICS AND REVENUES FOR CALENDAR YEARS.
1925.
1924.
AU Lines (incl. Electric)
1923.
1922.
$7,595,416 87,495.905 37,354.159 36.469,657
Freight revenue
Passenger revenue
1,009.569
1,253,794
1.479.625
1,476.853
express
294,670
294,915
Mail and
302,730
289,858
232.224
247,314
All other transportation_
250,139
176.589
Total oper. revenue 39,131,878 $9,291,928 39.386,653 38,412,957
Mart.of way & struct_ _ 1,191,523
1.213,230 1.216,135 1,182,652
1,320,534
1,381,759 1.501,127 1,296,602
Maint. of equipment_
281,68)
286,528
Traffic
285,639
262,024
Transportation
3,552.143 3,693,826 3,749,064 3,498.665
Miscellaneous
340,208
358,752
373,679
355,493
Total open expenses 36.686,088 36,932.095 37.125.645 86,595,435
Net rev,from ry. oper_ _ 32.445.790 $2,359,833 32.261.008 E.817,522
545.71a
520.688
462.965
Tax accruals, &c
403.849
larg
Total (mar. income._ _ 31.900,088 81,839,145 31,798,043 $1,413,673
Deduct---MisC. oPer ns49.596
368,210
406,246
Equipment rents
404,897
281,496
23.421
21,570
25.618
Joint facility rents
23,802
Net over. income_ - _ 81.508.456 V .411,328 $1.367,528 $1.058,779
2323
INCOME ACCOUNT-YEARS ENDED DEC. 31.
1925
-Etc Inc.
Steam.
Total,
1924...
9
37.416362
3179.054 37,595,116 87.495.904
140,287 1,009,569
869.282
1.253.794
453,541
66.875
520.415
535.441
6.478
6.478
Total oper. revenue__ $8,745,663
8386,215 89,131.878 89.291.928
Operating ExpensesMaint. of way & struct__ 81,136,365
$55,159 31.191.523 81.213.230
Maint. of equipment_ _ _ 1,286,297
34,237
1.320,534
1,381.759
Traffic expense
15,285
266,395
281.680
286.528
Transportation expense_ 3,354,533
197,610 3,552,143 3,693.826
Miscellaneous operations
1,941
1.941
ft,346
General expense
319,053
19,214
338.267
348.406
Total operating exp.. 86,362,643
$323.445 $6,686,088 $6,932.095
Net rev, from oper
$2,383,021
62,770 $2,445.790 $2.359.833
Less-Ry.tax accruals
20,400
511,091
531,491
511,782
Uncollectible ry. rev_...,
14,173
38
14,211
8.906
Net operating income- $1,857,756
$42,332 81.900.088 31.839,145
COMPARATIVE INCOME ACCOUNT FOR CALENDAR YEARS.
1925.
1924.
1923.
1922.
Net operating income_ _- 81.900.088 $1,839,11.5 31.798,043 $1,364,302
Other IncomeHire of equipment(net).
1,260
1,179
697,440
548,768
Joint facility rent income
12.165
11,466
12,014
Misc,rent income
12.325
10,484
12.669
7.976
Misc.non-oper.phys.prop
4,712
9.391
7,772
7.959
Dividend income
12,887
11.317
10.532
9.846
Income from funded secs
3.820
3,878
3,758
5,110
Income from unfunded
securities and accts.__
12,739
14,900
25,562
24.847
Income from sinking and
other reserve funds...
13,210
15,566
14,570
19.329
Miscellaneous income_
136
49.459
Total non-oper. inc'me
$63.310
$76,661
$783,769
$685.299
Gross income
81.963,398 $1,915,805 82.581.812 $2.049.601
Deductionsfrom Income
Hire of equipment
$369.470
3407.425 $1,102,338
$830.264
Joint facility rents
23,422
33,73537.084
35.815
Rent for leased roads_ _ _
167,102
158.116
118.116
159.054
Miscellaneous rents_ _ _ _
1,256
1,201
1,375
1.389
Interest on funded debt_
857,380
871.558
874.614
873.499
Int. on unfunded debt
6,503
5.823
10,590
7.466
Amortization of discount
on funded debt
18.145
20.861
20.281
24.237
Misc.Income charges_ _ _
8,276
7,885
3.063
8.825
Total deductions
$1,450.874 81.507.284 82,207.642 81.940.549
Net income year ended
Dec.31
$512.524
$408,521
$374,350
$109,051
BALANCE SHEET DEC. 31.
1925.
1924,
1925.
1924.
Assets
$
$
Liabiltties$
It
Road & equipl__232,043,151 31,927,322 Capital stock
16,000.000 16,000.000
Real est. pot used
Funded debt
19,055,937 19,296,645
In operation_ _ _ _ 173,742
178,104 Traffic &c bats
Impts. on leased
Vouchers& wages- 481,337 650,114
property
165,807
161,671 Notes payable__
85,772
Leased rail. &c.-55,807
54,812 Misc, accts. pay le
.
24,615
13,648
Securities of underCoupons,
duo
lying & other cos 5,033,119 5,248,062 and unpaid.....
48,725
48,100
Invest. in Mill.cos 907,912
570.448 Agents' dratts.. _ _
59,727
42,352
586.605
450,911 Accrued interest,
Cash
Dopes. with trust_
48,150
47,525 rents, &e
285,542
289,450
Sinking funds.... 363,019
359,986 Taxes accrued, &c
16,458
10,620
32,784
Notes receivable..
36,902 Deferred & unadMisc. accts. recelv 339,524
304,084 justed accounts_
22,113
22,113
Balance from agts_
58,590
72.523 Reserves
115,884
49,071
Materials, &c
534,514
590,128 Unadjus. credits__ 120,911
129,305
142.177 Grants in aid of
Working fd.adv.&c 145,583
44,531
759,007 constr
Defer. assets
324
324
137,331 Surplus
Unadj. debits.... 792,133
4,839,662 4,283,374
13,613
Accrued Income
12,137
Operating Revenue
Freight trains
Passenger trains
Miscellaneous
Joint facility
41,338,587 41,143,131
Total _J
Total
41.333.587 41.143,131
a Includes road, 826,847,983 and equipment. $5.905,872 less depreciation reserve. 31.198.666: balance. $4,707,206 and $487.962 general expendi-V.121, p. 1566.
tures.
International-Great Northern RR. Co.
(4th Annual Report-Year Ended Dec. 31 1925.)
President L. W. Baldwin, St. Louis, Mo., Feb. 15, wrote
in substance:
Guaranty Period.
-The guaranty period accounts have not been finally
adjusted. The L-S. C. Commission only recently has completed its field
examination of these accounts which disclosed the necessity of some adjust
merits between the accounts of the Director-General and the guaranty period
which matter is being handled for an early adjustment. The question as
to the proper settlement of so-called lap-over items since Dec. 31 1921 remains unsettled. All other matters have been satisfactorily adjusted.
The amount of money involved in the final settlement is small. ,
-The results from operations for the year show an increase
Operations.
in the volume of freight traffic handled and in gross revenue received.
Total railway operating revenues for the year were $17,083.748, an increase
of $182,300, or 1.08%. The increase in freight revenue amounted to 8502,853, or 3.97%. The total number of tons of revenue freight handled increased 8.19%, while the ton miles increased 7.35%. The average revenue
per ton mile was 17 mills, as compared with 17.55 mills in the previous year,
due primarily to the decrease in tonnage of local cotton loading, which net
greater system revenue than on cotton from connecting lines.
a The increase in tonnage handled of products of agriculture was only
0.91%. due to heavy decline in movement of wheat to Gulf ports. Tonnage
increases were as follows: Animals and products, 38.25%; products of
mines, 11.27%; products of forests, 0.77%; manufactures and miscellaneous.
13.77%. A decrease of 3.24% in merchandise, less than car loads,
to local movement not being as heavy, same resulting from thewas due
drouth
conditions in the cotton producing territory local to our line.
The decrease in passenger revenue amounted to $323.776, or 12.45%.
The number of revenue passengers shows a decrease of 25.91%, while tee
number of passenger miles decreased 9.33%, with an increase of average
haul per passenger of 22.37%. The loss in passenger revenue is all attributable to the decrease in local travel.
Continued increase in the mileage of good roads and
number of automobiles and motor buses used by the traveling public the
is solely responsible
for the decline in local passenger revenue.
The average revenue per passenger per mile was 30.0328, as compared
with 80.0339 last year.
Total railway operating expenses increased 4.34%. Locomotive fuel
costs were approximately 13% greater. Passenger-train miles show but a
slight decrease compared with jarevious year, in spite of the heavy reduction
in passenger-train revenue. Very small reductions so far have been possible
in passenger-train mileage without eliminating service of minimum mail,
express and passenger requirements. The improvement in freight train
service and co-ordination of scheduled freight service of the system lines
resulted in some increase in freight-train miles.
There was a slight decrease in the total of the maintenance expense accounts. The ratio of maintenance of way and structures expenditures to
total operating revenue was 18.06%, an increase of 0.38% compared with
the previous year, while the ratio of expenditures for maintenance of equipment to total operating revenues was 16.87%, a decrease of 0.88%.
The increase in hire of equipment charges is due to the increase in private
line mileage; per diem charges for 1925 show a decrease of $94,548 compared
with the previous year.
-Hearing on the tentative report of valuation was held
Federal Valuation.
In Washington during November 1925 before an examiner of the I.
-S. C.
Commission, at which time testimony was introduced in defense of our posi-
2324
THE CHRONICLE
tion that the tentative values fixed by the Commission were far below the
-actual values if properly determined under the provisions of the Valuation
Act. It is not known at this time when the Commission may hand down
Its finding of so-called final or actual values.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1925.
1924.
1923.
1922.
Tons rev, freight carr'd_ 4,792,066
4,429,176
3,857,959
4,170,323
Tons rev. fr't car. 1 mile 775,015,289 721,963,934 677,805,666 618,063,625
Rev, per ton per mile... 1.700 cts.
1.755 cts.
1.736 eta.
1.713 cts.
Rev. passengers carried_
721,419
1.080,005
973,646
1.103,625
Rev. pass. carr'd 1 mile_ 69,498,493 76,652.171 81,281.988 73,147,728
Aver, distance car., miles
96.34
67.73
78.73
73.65
rev, per passenger
Aver,
$3.15
$2.30
$2.67
$2.51
Rev. per passenger mile.. 3.276 cts.
3.393 cts.
3.412 cts. 3.390 eta.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
Operating Revenue
1924.
-1925.
1923.
1922.
$13,176,198 $12.673,345 $11,607,925 $10,733,365
Freight
Passenger
2,276,800 2,600,576
2,479,459
2,773,103
Mail
407,284
378,681
401,492
397,173
Express
468,930
496,577
407,858
477,974
Miscellaneous
455,346
529,981
378,476
431,569
Incidental
208,864
277,040
219,439
236,032
Joint facility rev.
-net.
22.149
Dr.9,388 Dr.28,560 Dr.11,770
Total operating rev_ _$17,083,748 $16,901,447 $15,806,608 $14,674,116
Operating Expense
Ma nt. of way & struc
3,085,733
2,988,936
2,965,152
2,273,391
Maint, of equipment__ _ 2,882,165
2.999.927
2,742,532
2,831,968
Traffic expenses
415,722
423,536
318,233
379,569
Transportation expenses 6,654,870 6,112,183
6.222,477
5,879,493
Miscellaneous operations
81,184
66,519
80.278
74,578
General expenses
698,551
604,962
568.999
573,836
Trans. for invest.-Cr
300,474
15,047
240,823
72.527
Total operating exps413,517,750 $12,955,240 $12,542,633 $12,280,299
Net operating revenue
$3,565,998 $3,946,207 $3,263,975 $2,393,816
Operating Charges
Taxes
$516,138
$392,817
$555,456
$485,295
Uncoil, railway revenues
2,067
3,246
14.161
616
Hire of equip. Debit
,
741,500
760,045
555,069
628.546
Joint facility-Net
67,015
55,540
39,904
47,069
Total oper. charges_ _ _ $1,326,720 $1.374,287 11.088,049 $1,075,428
Operating income
Other income
$2,239,278 $2,571,920 $2,175,926 $1,318.388
94,910
102,261
160,453
133,967
Total income
$2.334,187 $2,674,181 $2,336,379 $1,452,356
Deductions from Income
Rentals
$4,344
$24,126
$15.086
$38,884
Miscellaneous
23,383
5,329
2,249
8,984
Total deduc. fr. inc.._
$27,727
$29,454
$41,133
$24,071
Bal. avail, for int., &c
$2,306,460 $2,644,727 $2,295,245 $1,428,285
Int. on fixed chg. oblig- 1.179,000
1,191.314
1,180,767
1,183,734
Int. on adj. mtge. bonds
at 4%
680,000
680,000
680,000
Balance of income__._
$447,461
$773,413
$431,511
$247.518
Profit and Loss Account.
-The consolidated profit and loss account for
the year ended Dec. 31 1925 shows: Credits-Credit balance Dec. 311924.
$550,143; balance transferred from income account. $447,461; unrefundable
over charges, $13,462: donations, $23,848: miscell. credits, $4,262; total
credits, $1,039,177. Debits-Surplus appropriated for investment in physical property, $23,848; surplus available for capital expenditures and other
corporate purposes, but not available for dividends as per adjustment mtge.,
$340,000: debt discount extinguished through surplus,$1,085; loss on retired
road,$27,361; miscell. debits, $12,245; credit balance Dec.311925,$634,637.
CONSOLIDATED BALANCE SHEET DEC. 31.
1924.
1925.
1924.
1925.
AssetsLiabilities
$
$
Investments
48,275,463 42,573,082 Common stock_ _ 7,500.000 7,500,000
1,775,014 1,985,280 Long-term debt_ _17,250,000 17,250,000
Cash
1,000,000 Adj, mtge. bonds_17,000,000 17,000,000
Time deposits__
14,478
Special deposits_ __
528,040 6% gold notes__ 2,400,000 2,400,000
Baldwin Locomo,
Loans and bills re822
Works
-notes.
ceivable
531
215,273
Am. Car & Fdy.Traffic and car
notes
service balances
194,972
340,448
receivable
154,835 Loans & bills pay. 205,123
Traffic & car serv.
Agents and conduc466,147
balances
1,497,249 1,363,735
679,090
tors' balances
Aud.accts.& wages 792,149
Miscellaneous ac863,459
596,602 Misc. accts. pay
62,099
50,583
,
t counts receiv_ _ .. 551.131
528,040
Mat'is dr supplies_ 2,104,465 2,396,352 Int. mat'd unpaid_ 538,436
3,733 Unmet.int. Ewer
734,768
741,538
Int. & dive. rec_
TJnmat,rents accr_
13,262
12,050
13,262
Other curr. assets_
22,142
8,309
5,386 0th. curr. Ilabils__
37,327
Working fund adv.
192,435 Deferred liabilities
.343
45,242
Other def. assets.. 178,359
119,031
9,561 Tax liability
86,954
840
Rents & ins. paid_
614,803 Accrued deprec'n_ 3,871,924
Other unadj. debits 608,106
0th. unadi.credits 828,549
943.043
Add'ns to prop.thr.
Inc. & surplus_
70,464
46,616
Sur.avail.for corp.
680,000
expend., &a__ _ 1,020,000
550,143
Profit and loss_ _ _ _ 634,637
[VOL. 1.22
Of the total number in need of repair, 5,365 or 8.5% were in need of
classified repairs on April 1, a decrease of 312 compared with March 15
while 4.826 or 7.7% were in need of running repairs, a decrease of 462
within the same period. Class I railroads on April 1 had 5.370 serviceable
locomotives in storage, an increase of 462 locomotives compared with the
number of such locomotives on March 15.
Car Loadings.
-Loading of revenue freight for the week ended on April
10 totaled 929,506 cars, according to reports filed April 20 by the carriers
with the Car Service Division of the American Railway Association. This
was an increase of 11,106 cars compared with the corresponding week last
year and 48,569 cars over the corresponding week in 1924. Compared with
the preceding week, the total for the week ended on April 10 also was an
Increase of 1,414 cars, increases being reported in the total loading of all
commodities except grain and grain products, coke and miscellaneous
freight.
Matters Covered in "Chronicle" of April 17.-(a) Railroad gross and net
earnings for Febuary, p.2117-2120. (is) Senator Cummins Bill for consolidation of railway properties reported to Senate, p. 2145.
Albany Passenger Terminal Co.
-Final Valuation.
The 1.-S. C. Commission has placed a final valuation of $158,901 on the
owned and used properties of the company, as of June 30 1925.-V. 121.
p.454.
Atchison Topeka & Santa Fe Ry.-By-Laws Chanqed.-
The stockholders on April 22 approved (a) an amendment of the by-laws
and (b) the acquisition by the company of stock and indebtedness, and
lease of the Elkhart & Santa Fe Ry. (See details in V. 122, p. 744.)V. 122, p. 2178.
Atlantic Coast Line RR.
-The
-13.% Extra Dividend.
directors on April 20 declared an extra dividend of 1M% on
the common stock in addition to the regular semi-annual
dividend of 3%%,both payable July 10 to holders of record
June 15. The extra dividend is payable out of non-operating
income. On July 10 1925 and Jan. 11 1926 the company
paid extras of 1% on the common stock.
-V.122, p. 1914.
Bangor & Aroostook RR.
-New Directors.
-
Col. Isaiah K. Stetson, President of the First National Bank of Bangor,
Me., and F. A. Carleton. Bangor representative of the Boston Fire Underwriters' Association, have been elected directors to fill vacancies
-V. 122,
p. 1909.
Central New England Ry.-Merger.See New York, Haven & Hartford RR. below.
-V.122, p. 2186.
Chesapeake & Ohio Ry.-Control of Island Creek RR.
The I.
-S. C. Commission on April 6 approved the acquisition by the
company of control of the Island Creek RR.
The report of the commission says in part:
The Island Creek is a West Virginia corporation and its railroad is located
entirely in Logan County in that State. Its outstanding capital stock,
except directors' qualifying shares, is owned by the Island Creek Coal Co.
The main line, built between 1902 and 1906, extends from a connection
with the applicant's Logan Division at or near Logan in a westerly direction
toa point near Holden, a distance of approximately 5.43 miles. Several
short branch lines or spurs of a total length of 10.23 miles were constructed
between 1906 and 1923. The Logan & Southern RR., a short feeder line
owned and operated by the applicant, connects with the main line of the
Island Creek at Monitor Jct., a point 0.57 miles west of Logan. Traffic
to and from the Logan & Southern moves over the Island Creek's line
between Monitor Junction and Logan.
The applicant operates the Island Creek line under a 20
-year lease
dated April 5 1912. By the terms of this lease the applicant is required to
maintain and operate the leased line, to pay all taxes, insurance, and
similar charges, and to pay annually to the Island Creek as rental a sum
equal to 5% of the cost of constructing the original line and 6% of the
cost of constructing additional main line and main line sidings. This rental
amounted to $62,830 in 1925. The applicant represents that after the proposed acquisition of control is effected it will continue to operate the Island
Creek line as a part of its system, either under a new lease or under the
present lease supplemented by an indenture providing for the payment of
a nominal rental of $1 per annum.
The applicant proposes to purchase from the coal company the outstanding common capital stock of the Island Creek, including directors'
qualifying shares, consisting of 4,000 shares of a total par value of $400.000.
for which it will pay,$1,500,000 in cash. Treasury funds will be used for
this purpose and no securities are to be issued at this time in connection with
the proposed acquisition. The Island Creek has no bonds outstanding,
but as of Nov. 30 1925, it was indebted to the coal company for advances
In the amount of $465.550. Concurrently with the delivery of the stock to
the applicant the coal company will cancel and discharge all indebtedness
then owed by the Island Creek,
New Directors, etc.
-
That it might be recorded as consistent in its attitude toward the activities of the majority interests during the last year, the minority stockholders'
representation at the annual meeting of stockholders at the general offices
at Richmond, Va., April 20 declined to ratify the actions of the board of
directors for 1925.
It was announced that 843,196 shares were registered as present, in person or by proxy, at the session. The resolution to ratify the acts of the
board, without reference to the recent merger proceedings of the proposed
Nickel Plate consolidation, was introduced by Newton D. Baker of Cleveland, representative of 0. P. and M. J. Van Sweringen. The resolution
carried by a vote of 763,492 to 69,504-10.200 shares not voting.
Mr. Baker assured the minority that the resolution would not be employed as fresh or affirmative authority by counsel of the majority group
54,548,288 50,527,078 in any future proceedings for possible merger. The minority stockholders,
Total
54,548,286 50,527,078
Total
however, expressed a preference to record their vote as in no sense approv-V. 122, p. 1759, 1306.
ing the acts of the board in the last year.
The following were elected to the board of directors:
George T. Bishop, Elva T. Bradley, Cleveland; John Stewart Bryan,
Joseph A. Dart, Richmond: F. H. Ginn, Cleveland; W. J. Harahan. Richmond; W.J. Louderback, Chicago; Otto Miller, Cleveland; John C. Myers,
Ashland, O.; George Cole Scott, Richmond; L. R. Steere, Chicago. and
0.P. Van Sweringen, Cleveland. The election et Messrs. Scott and•Bryan,
STEAM RAILROADS.
representing the minority stockholders' group, had been forecast as the restilt of an agreement for harmony between the majority and minority facRoad Loses in Shopmen's Suit.
-The right of 131 former shopmen of the tions, the Van Sweringens agreeing that the minority stockholders properly
Western Maryland Ry., who were "fired," to bring suit against the railroad should be represented on the board.
-V. 122, p. 2029. 2035.
company for back wages has been upheld in the Circuit Court at Towson,
Md. According to Judge Offutt's ruling, a contract entered into between
Chicago & North Western Ry.-Bonds Sold.
-Kuhn,
the railroad and the shopmen prior to March 22 1922, is definite, mutual
Loeb & Co. and National City Co. have sold at 102M and
and enforceable. "Wall St. Journal.'
274.219 surplus freight cars int., to yield over 45 %,$18,632,000 gen. mtge. gold
.-Class I railroads on April 8 had
Car Surplus
4
49%
in good repair and immediately available for service, according to reports
filed April 19 by the carriers with the Car Service Division of the American bonds due Nov. 11987. Not subject to redemption before
Railway Association. This was an increase of 27,670 cars over the number maturity.
reported on March 31.
Chicago & North Western Ry. extension 4% gold bonds due Aug 15
Surplus coal cars in good repair on April 8 totaled 127,084, an increase of 1926 will be accepted at 100% and int. in payment for the above mentiOned
22,804 within approximately a week while surplus box cars in good repair bonds, provided that notice of the amount of such bonds to be tendered in
totaled 99,679, an increase of 4,201 during the same period. Reports also payment is given not less than five days prior to the date fixed for delivery
showed 26,319 surplus stock cars, an increase of 379 over the number of and payment for the new bonds.
reported on March 31 while surplus refrigerator cars totaled 12,620, an
Issuance.
-Subject to the approval of the I.
-S. C. Commission.
increase of 104 cars compared with the same previous period.
Legal for Savings Banks.
-Bonds are a legal investment for savings banks
-Practically no car shortage is being reported.
Car Shortage.
In the States of New York, Mass., Conn., New Jersey, Mich,
Freight Cars in Need of Repair on April 1 totaled 162,470 or 7% of the Wisc., and other States.
number of line according to reports filed April 21 by the carriers with the
Data from Letter of Pres. Fred W. Sargent, New York, April 20.
Car Service Division of the American Railway Association. This was a
General Mortgage.
-These bonds will be issued under the general mortdecrease of 2,788 cars under the number reported on March 15 at which
23,947 cars gage, executed in 1897, authorizing the issuance from time to time of bonds
time there were 165.258 or 7.2%. It was also a decrease of
compared with the same date last year. Freight cars in need of heavy not to exceed 1165,000.000 bearing interest at the rate of not to exceed
4 4,4-1compared 5% per annum, and providing for the retirement at or before maturity of
tgLelof 4 6:
e
1 totglrecl rs 2 9 or 5.1%, an increase
eiai a 18in1n
Po. the prior liens and debentures then outstanding,and for the further improved
Mare d of
ment of the property.
ch 15. pa
e
a decrease of 4,422 compared with
Of the authorized amount of general mortgage bonds there will be out10 Locomotives in need of repair on April 1 totaled 10,191 or 16.2% of the
number on line,according to reports filed April 17 by the carriers with the Ca standing after the present issue $114,357.000 bonds, of which $31.316.000
% bonds
of the American Railway Association. This was a decrease are 3!.c% bonds, $30,554,000 are 4% bonds, $18,632,000 are
Service Division
of 774 locomotives compared with thErnumber in need of repair on March and $33,855,000 are 5% bonds. In addition, there are pledged as part
15 at which time there were 10,965 or 17.4%. It also was a decrease of collateral for the company's secured bonds due in 1930 and 1936 $20,500,1.420 locomotives compared with the number in need of repair on the same 000 of 5% general mortgage bonds. Of the balance of the authorized
mount,120.757.000 are reserved to retire prior liens and debentures due In
date last year, at which time there were 11,611 or 18.1%.
GENERAL INVESTMENT NEWS.
wilir oanretp11.1
. .
APR. 24 1926.]
THE CHRONICLE
1929 and 1933, $5,031.000 bonds are unissued in the treasury of the company, and $4,355,000 bonds are reserved to assist in refunding, or for improvements or additions, including equipment.
Purpose.
-The present issue of bonds is being sold to provide funds for
the retirement on Aug. 15 1926 of $18,632,000 extension 4% gold bonds.
Security.
-General mortgage bonds upon retirement of the bonds due
Aug. 15 1926 will be secured by a first lien on 3,469 miles of road and subject to $20,757,000 prior liens (for which bonds of this issue are reserved)
on an additional 1,623 miles ef road. This first lien mileage includes the
entire double track main line of the company from Chicago to Council
Bluffs, Ia.; its main line to Elroy, Wis., forming with the main line of the
Chicago St. Paul Minneapolis & Omaha By. a main line from Chicago to
Minneapolis. St. Paul, and Duluth; its main line through southern Minnesota and into South Dakota,the main line from Chicago to Milwaukee, and
its main lines from Milwaukee to Ashland on Lake Superior and from Milwaukee through Green Bay to northern Michigan points. Upon retirement of the above mentioned extension 4% bonds the general mortgage
bonds, including those pledged, together with the prior lien debts for which
general mortgage bonds are reserved, will be outstanding at the rate of only
$30.560 per mile of road, sub Oct to the general mortgage. The general
mortgage bonds are also secured by a first lien on the Chicago terminal
properties of the company.
Capital Stock.
-Company has outstanding $22,395,120 of preferred stock
and $155,509,803 of common stock. Dividends have been paid uninterruptedly since 1878, the present dividends being at the rate of 7% per annum on the preferred stock and 4% per annum on the common stock.
-The gross income of the company for the year ended Dec. 31
Earnings.
1925, applicable to the payment of rentals and interest on funded debt,
amounted to $23.424,996 (after Federal income taxes), while the rental payments,interest on funded debt and other deductions for that year amounted
to $12,640,418 (for details of annual report for 1925 see under "Reports
and Documents" on subsequent pages).
Listing -Application will be made in due course to list these bonds on the
-V.122, p. 2186, 1758.
New York Stocic Exchange.
Chicago Rock Island & Pacific Ry.-To Offer Notes.
Speyer & Co. and Dillon Read & Co. will offer privately
-year 432% secured gold notes.
next week $6,000,000 2.
Dated June 1 1926, due June 1 1928. The proceeds of this
issue together with other funds on hand will be used by the
-year 532% secured gold
.company to retire its $7,000,000 3
notes, maturing June 1 1926,
Interlocking Directors.
In authorizing Edward N. Brown, James M. Kurn and Jesse Hirschman
to hold the position of director of the Chicago, Rock Island & Pacific
By. while continuing to hold positions with the St. Louis-San Francisco
-S. C.Commission says in part:
By. and other carriers, the I.
In addition to his position as director and chairman of the Frisco. Edward
N. Brown also holds the position of director with various subsidiary or
.
leased lines of that company,the Pere Marquette Ry and the Denver &
Rio Grande Western RR.and its subsidiaries. James M.Kurn is president
of the Frisco, as well as director, and this applicant and Jessee Hirschman
also hold the position of director with various subsidiaries or leased lines of
the Frisco. The applicants have been elected to the positions which they
now ask authority to fill, subject to our approval. The application of
Edward N. Brown recites that, if approved by the commission, he will be
made chairman of the executive committee of the Rock Island. The
board of directors of the Rock Island consists of 13 members, three of
whom resigned to make way for the applicants.
The Frisco has purchased 183,333 1-3 shares of the capital stock of the
Rock Island, equal to about 14% of the total outstanding. All classes of
Rock Island stock have equal voting rights. While it is expected by the
applicants that authority for the unification of the properties of the two
companies in some form will be sought eventually under the provisions
of paragraph (2) of section 5 of the act, we are not now faced by any
such plan.
The applicants will constitute a small minority of the Rock Island board.
The record supports a finding that the granting of the applications will
not affect adversely either public or private interests within the meaning
of paragraph (12) of section 20a. The applications will therefore be granted
by appropriate order. This action, however, is taken without prejudice to
any findings that may be justified by subsequent proceedings involving
the relations of the Frisco and the Rock Island, or the relations of either
of these carriers to other carriers, in the administration of the provisions of
section 5 of the act. If at any future time it should be shown that the
exercise of the authority granted is affecting adversely either public or
private interests, an appropriate order may be entered to meet the situation
then presented.
Commissioner Eastman dissented from the majority report.
-V. 122,
p. 2186, 2178.
2325
-Kansas
he plans to merge into a new Southwestern system-the Missouri
Texas and the Kansas City Southern.
The third member of the group-the St. Louis Southwestern, or Cotton
Belt
-is headed by Edwin Gould. Mr. Gould no longer controls the road,
the majority of his holdings having been sold to the Rock Island and then
to Mr. Loree. He has remained as Chairman of the board of the Cotton
Belt pending further developments of the merger plan.
Charles N. Whitehead, now the executive Vice-President of the Missouri
Kansas
-Texas, will become its President on May I, succeeding C. E. Schaff
who will retire on that date.
-Kansas-Texas directors in placing Mr. Loree
The action of the Missouri
at the head of the road is regarded as convincing evidence that the Katy
-V.122, p.2187, 1916, 1913.
will be an important part of the new system.
-J. P.
-Equip. Trusts Sold.
New York Central Lines.
Morgan & Co., First National Bank, National City Co.,
Guaranty Co. of New York and Harris, Forbes & Co. have
sold at prices to yield 4.65% for all maturities $11,172,000
43/2% equip. trust gold certificates (completing a total authorized amount of $22,500,000).
Dated May 15 1925; serial maturities of $798,000 per annum, May 15
1927 to May 15 1940, both incl. Dividends payable M.& N., commencing May 15 1926. • Certificates and dividend warrants payable at principal
office of Guaranty Trust Co. New York, trustee. Denom. $1 ,000c*.
'
The equipment trust agreement dated May 15 1925 authorizes the issuance thereunder of not exceeding $22,500,000 of certificates to provide for
not exceeding 75% of the cost of standard railway equipment. -The agreement provides that title to the equipment be vested in the trustee and that
the equipment be leased by it to the following railroad companies, which
jointly ana severally covenant to pay rentals sufficient to discharge the
certificates and dividend warrants and other specified charges as they mature: New York Central RR., Michigan Central RR.,Cleveland Cincinnati
Chicago & St. Louis By.
There have heretofore been issued under the trust agreement $10,530,000
of certificates. Of the balance, $798,000, which by their terms mature on
May 15 1926. will be cancelled, and $11,172,000 are presently to be issued,
thus completing the total of $22,500,000 of certificates authorized to be
Issued under the agreement.
The equipment, title to which is vested or is to be vested in the trustee,
to be held by the trustee as security for all the certificates to be outstanding,
-ton steel box cars;
without preference or priority, consists of: 4,500 55
-ton
-ton steel hopper cars; 960 55
-ton steel gondola cars: 1,000 55
3,500 55
-ton refrigerator cars; 20 steel underframe milk
steel auto box cars; 500 35
hes; 29 steel motor passenger cars; 42 steel
130 steel passenger
cars;
dining cars: 7 steel passenger and baggage cars; 32 steel baggage and mail
cars, and 63 steel baggage cars.
At least 25% of the cost of all equipment included and to be included in
the trust has been or is to be paid by the railroad companies in cash at
the time of acquisition of the equipment. The title to a portion of such
equipment has heretofore been vested in the trustee in connection with
the previous issue of $10,530.000 of certificates. Cash equal to the par
value of the $11,172,000 of certificates presently to be issued is to be deposited with or to the credit of the trustee, to be applied to the payment of not
exceeding 75% of the cost of equipment title to which has been or is to be
vested in the trustee in connection with the present issue of certificates.
Commission Approves Issuance of Certificates-Chairman
Eastman Dissents.
The I. C.Commission on April 19 approved the issuance of $11,172,000
-S.
equip. trust certificates to be sold to J. P. Morgan & Co. at not less than
97% and divs, in connection woth the procurement of certain equipment.
Chairman Eastman dissenting, says:
I dissent for the reasons stated in New York Central Lines Equipment Trust
of 1925, 991. C. C. 121. 124_(V. 120, p. 2682). There is no sound reason
why a railroad like the New York Central should market its new securities
through a single, preferred middleman. In fact there is no good reason
why it should employ a middleman at all in the case of an issue such as
-V. 121, p. 2872.
that which is here under consideration.
-Has 100th Anniversary.
New York Central RR.
The 100th anniversary of the founding of the New York Central was
observed April 19 with ceremonies on the lines of the railroad in New York,
Albany and Schenectady. The centennial is that of the granting by the
New York State Legislature of a charter to the Mohawk & Hudson RR.,
permitting the constructions of a steam railroad between the Mohawk and
Hudson Rivers, with terminals in Albany and Schenectady.
The exercises included a trip by two special trains carrying prominent
railroad officials and their guests from this city to Albany and Schenectady,
the unveiling of bronze tablets in the stations of those cities, a pageant of
various types of railroad trains which moved over the route from Albany
to Schenectady and a dinner at the Waldorf.
Dayton-Goose Creek Ry.-Control cfc Lease.
The speakers at the dinner included Patrick E. Crowley, Pres. of the
See Southern Pacific Co. belovf
.-V. 121, p. 2399.
New York Central Lines and former United States Senator Chauncey M.
Depew, who has been in the service of the New York Central for 60 years.
Detroit & Mackinac Ry.-Earninqs.Chairman of the board.
-V. 122. n•
13 years as
Cal.Yr. Gross. Net aft.Tax. Tot. Inc. Int.11&c. Divs. 'Bat. Burp. 2188. 1446. President and 27 years
1925 --31.697,184
$100.291
$66.890 $216,950 $116459
-Merger.
1924
1,925.509
157.129
196.567
276,194
119.065
New York, New Haven & Hartford RR.
1923 - _ _ 1,924,863
59,289
52,487
176,193
116,904
The stockholders on April 20 authorized the merger of the Central New
1922 _ _ _ 1,868.154
45,755
54,322
def57,052 England By. and the Harlem River & Portchester RR. with the New
111.384
1921
80.129
111.188
1,971,1281.08
-V.122, p. 2180, 1907.
1920 - _ _ 2,077,931 def281,046
73,303
$47,500 def106,762 Haven.
132,566
* Before deducting income appropriated for additions and betterments
Pere Marquette Ry.-Balance Sheet Dec. 31.to property.
-V. 120, p. 2142.
1923.
1925.
9$
1925.
LiabilitiesAssetsHarlem River & Portchester RR.
-Merger.
Road & equip 134,970,400 133,406,405 Prior Pfd. stock 11,200,000 11,200,000
See New York, Haven & Hartford RR. below.
-V. 106, p. 1688.
Preferred stock_ 12,429.000 12,429,000
Leased property
709,415 Common stock_ 45,046,000 45,046,000
823,580
improvenfts _
Maine Central RR.
-May Resume Dividends.
31,468 Funded debt__ 49,675,000 50,394,000
95,133
Dep.in lin. mtge
At the annual meeting of the stockholders on April 21, Pres. Morris
14.794 Collat. tr. bonds 3,000,000 3,000,000
13,383
McDonald stated that he would recommend to the directors at their May Miscell. prop_ _ _
PaYmeeting the declaration of a small dividend on the common stock. "Con- Inv.affil. cos__ 8,216,447 8,077,116 Test. bass.wages 1,855,296 1,513,014
140 Accts. &
140
Other invest_ _
sidering," he said,"that operations in the first quarter of 1926 will probably
payable
2,361,918 2,286,349
6,494,210 5,283,462
show a surplus of $100,000, and that the outlook for the year is favorable, Cash
Misc.acc'ts pay.
198,346
418,501
I feel quite confident that we can do this with safety." No intimation U. S. Tr. notes 2,996,156
500,000 Int. mat'd unpd. 1,041,805 1,059,640
_
and certif
as to the size of the payment was given.
1,380 Divs. mat. unpd
450,460
450,460
450
Two matters placed the stockholders in the call for the annual meeting Special deposit_
22,961 Unmet.div ace.
93.333
93,333
13,803
were passed without opposition. The first provides for refunding the bond L'ns & bills rec.
241,050
259,530
260,006 Untnat.int. accr
263,803
Issue on the Portland & Rumford Falls By. branch line. The second Due from agents 1,214,469 1,002,585 Unmatured rents
authorizes the company to enter into a contract with the State of Maine Misc. accts. rec.
accrued
169,574
124,389
for building a combination highway and railway bridge over the Kennebec Maths & supp__ 3,055,392 3,682,254 Other curr. liab_
136,222
53,084
144,509
Int.& diva.
River at Bath, Me.
-V. 122, p. 2036. 2033.
240,124
155,470 Deferred Habits_
226,736
rec.53, 73
10 79
2 29
Other assets_ _ _
107,432 xUnadj. credits. 12,471,461 10,280,735
267,899
Deferred assetsNational Rye. of Mexico.
-Annual Report.
859,401 1,020,798 P.& L.surplus_ 18,836,250 15.417,492
Unadj. debits__
Financial Statement for Years ended June 30 (in Mexican Gold Pesos).
159,440,740 154,328,770
159,440,740 154,328,770 Total
Total
1925
1924.
1923.
1922.
Exp. of Mex., N. Y. &
x Comprises tax liability, accrued depreciation of equipment and other
London offices
516,030
520,658
534,801
528.781 unadjusted credits.
Sundry taxes
2,696
A comparative income account was published in V. 122, p.2188.
189,071
190,729
192.979
Int.on su'd'y obligations
74,980
76,427
80,674
60.450
Int.on fund,debt,equip.
St. Louis Southwestern Ry.-Seeks Proxies.
& coll. tr. & notes pay. 21,840,762 21,840.762 21.840,762 21.840,762
Walter E. Meyer, 50 Pine St., is seeking proxies to be voted at the
Debit bal. of exch. acct.
6,790
4,287
3.468
481 annual meeting May 5 for the election of directors representing small
Install. acc't sink.fd.Pr.
holders. After pointing out that the Missouri law provided for representa2,289,434
Lien 4 s
2,289,434 2,289,434
2.289,434 tion of stock interests he said that pending the conclusion of arrangements
Sundries
21
for consolidating the road with the Kansas City Southern and Missouri
Kansas & Texas lines his associates favored placing the Cotton Belt common
24,730.693 24,920,660 24,939,868 24,912,887 stock on a 5% dividend basis. Mr. Meyer authorized the following stateTotal
& diva. on sec. own 659.373
637,988
616.603
595,218 ment:
Int.on pond.amts.spent
"Referring to recent press reports on the St. Louis Southwestern situation
563,770
In constr. of new lines_
517,876
493,216
469,729 in which my name has been mentioned, and in behalf of my friends and
Miscellaneous earnings_
332,836
433,692
564.489
537,274 myself who own a considerable amount ofstock of the St. Louis Southwestern
I desire to state that we are of the opinion that the minority stockholders
1,555.977
Total credits
1,589,556
1.674,308
1,602,221 are not adequately represented. if at all, on the board of directors of the
23,174.713 23.331,103 23,265,560 23,310.666 company as at present constituted.
Balance, deficit
"The laws of the State of Missouri under which the St. Louis Southwestern
Total tr. and 1. deficit--.286,058,802 262,880,164 239,520,461 216,231,317
122, p. 346, 211.
was organized allow, as I am advised, for representation of minority stock
interest by cumulative voting. With this in view we are securing proxies
-Kansas
-Texas RR.
Missouri
-New Chairman.of stockholders for the purpose of electing a number of directors to represent
Leonor F.Loree has been elected as Chairman,succeeding Henry Ruhlen- the minority interest on the board, such directors to be without affiliation
action places Mr. Loree at the head of two of the three railroads with any road with which it is proposed to merge the Si, Louis Southwestern
der. Th s
2326
THE CHRONICLE
2
124 .
and to protect and foster the interest of St. Louis Southwestern stockholders. Commission for a term of 9 years. Leon G. Godley of Brooklyn is named
"Inasmuch as we have not been informed of the details of the plan. if for 6 years; and Charles C. Lockwood, also of Brooklyn to serve three years.
any, for the merger of the St. Louis Southwestern with the Missouri-Kan- The salary is $15,000 a year.
sas
-Texas and Kansas City Southern, there can be no truth in the current
published reports that we are opposed to such a plan.
Alabama Power Co.
-Earnings (Inel. Subsidiary Cos.).
"As experience has shown that consolidations, though proposed, may take
1922.
1924.
1923.
considerable time to be carried into effect, and as it seems to be admitted Net oper. rev., less dis- 1925.
by all that the common stock of the St. Louis Southwestern is to be re5,745,321
counts,
7,863.294
11.589.419 8,823,389
garded as capable of paying a dividend, we are in favor of the immediate Operating &c
expenses
5,818.918 4,490,026 4.278,222 2,994,600
initiation of dividends on the common stock."
-V. 122, R. 1916.
Net earns, from oper_ $5,770,501 $4,333.363 $3,585.072 $2,750,721
Sandy Valley & Elkhorn Ry.-Bonds.Other income
242,707
257,258
134,698
172.432
The I.
-S. C. Commission on March 26 authorized the company to issue
$2,320,000 ref. & gen. mtge. bonds: said bonds to be delivered to the
Gross income
$5,905,199 $4.505.795 $3,842.330 $2,993.428
Chesapeake & Ohio By, in discharge of certain indebtedness.
Int. on bond.debt(net)
627,315
1,069,303
1,696.003
The corrected report of the Commission says in part: "The applicant Depr.,amort.,rents., - 1.596.597
885,195
1,034.214
454.160
represents that since April 1 1917 it nas expended $2,943,164 for additions Pref.stock dividends &c 1,488.883
78,073
_ 1,044,523
711,215
340,884
and betterments to its line of railroad and that the money for such ex- Int. on 100-yr. gold dependitures was aavanced by its stockholders. The amount of indebtedness
benture certificates-- _
829,238
851,900
851.900
851.900
for such advances has been reduced as of June 30 1925 to $2,320.961.
"Pursuant to our order entered July 31 1925 the Chesapeake & Ohio Ry.
Transferred to P.
$573,607
$923,296
$546,029
$792,518
acquired control of the applicant from its former stockholders and the -V. 122, p. 1024.& L_
indebtedness of the applicant was assigned to the Chesapeake & Ohio By.
The applicant now seeks to draw down $2.320,000 of bonds in respect
American Power & Light Co.
-Debentures Offered.of a like amount of the aforesaid expenditures and deliver tnern to the
Chesapeake & Ohio By. in discharge of its indebtedness. As the Chesa- Bonbright & Co., Inc., are offering at 98 and int., to yield
peake & Ohio owns the entire outstanding capital stock of the applicant over 6.10%, $10,000,000 additional gold debenture bonds,
and operates the property under a lease, our order will provide that the
bonds herein authorized to be issued shall not be sold, pledged, repledged, American 6% series, dated March 11916, due March 1 2016.
or otherwise disposed of by the Chesapeake & Ohio unless and until so Data From Letter of C. E. Groesbeck, President of the Company.
ordered by us."
-V. 121, p.837.
Company.
-Owns practically all the common stocks of companies supplyindirectly, 536 communities, of
508 are supplied
Southern Pacific Co.
-Control of Dayton-Goose Creek Ry. ing, directly orand light service, while gas andwhich water and other with
electric power
mis(or)
The I.
-S. C. Commission on April 1. approved the acquisition by the cellaneous service is supplied to the remaining communities. The territory
company of control of the Dayton-Goose Creek Ry. by purchase of its served includes many important cities, such as Portland, Ore.; Wichita
capital stock.
and Pittsburg, Kan.; Yakima, Walla Walla and Vancouver, Wash; Omaha,
The acquisition by the Texas & New Orleans RR. of control of the Neb.; Council Bluffs, Iowa; Duluth, Minn.; Superior, Wis.; Ft. Worth,
railroaa of the Dayton-Goose Creek By. by lease was also approved and Galveston. El Paso, Waco and Wichita Falls, Tex.; Phoenix. Ariz., and
authorized by the Commission.
Miami, Miami Beach, Ft. Lauderdale,
Beach,
The report of the Commission says in part: "The Southern Pacific St. Augustine, Daytona, Sanford, Ft. Palm Beach, West Palm
Bradenton.
Co. and the Texas Itc New Orleans RR. on Jan. 4 1926 filed their Joint Fla., and has a population estimated atMyers, Sarasota and
2,670.000.
application for an order approving and authorizing (1) the acquisition
Gross earnings of operating subsidiaries for the year ended Feb. 28 1926
by the Southern Pacific of control of the Dayton-Goose Creek By. by were $51,990,973 and net earnings were $23,337,474. Of the gross earnings
purchase of the capital stock of that company, and (2) the acquisition 74% was derived from the electric business,16% from gas business and 10%
by the T. dr N. 0. of control of the Dayton company by lease of its from miscellaneous business.
properties.
Purpose.
-Proceeds are to be used for working capital and for other
"The Southern Pacific operates railroads in the States of Oregon, Cali- corporate purposes.
fornia, Nevada, Utah. Arizona, and New Mexico and a line of steamships
CapitalizationAuthorized,
Outstanding.
between Galveston, Texas, and New Orleans, La.. on the one hand, and Preferred stock (no par),$6 per share per ann.
New York on tie othsr. The T. & N. 0. is a Texas corporation and
redeemable at $115 per share
238,100 shs.
500.000 shs.
operates railroads wholly within that State. It has a line extending from Common stock (no par)
2,300,000 shs. al,648,581 abs.
Houston through Beaumont to Echo. with a branch extending to Clinton Gold debenture bonds, American 6% series,
on the Houston ship channel, and lines that extend from Sabine and Port
due March 1 2016
Ii
c$45,912,400
Arthur through Beaumont to Dallas, with branches to Turpentine and
a Including scrip equivalent to 783 shares of no
value issued for
Rusk. It leases from the State of Texas the line of the Texas State RR., fractional shares in connection with the payment par stock dividends.
of
which extends from Rusk to Palestine. It is controlled by the Southern b Authorized amount is unlimited except by
to earnings of
Pacific, which owns practically all of its stock. These lines connect at the company. C Including $10.000.000 nowrequirements as
being offered.
Houston, Dallas, Echo. and Nacogdoches with other lines of the Southern
Earnings Year Ended Feb. 28 1926.
Pacific system, the line from Houston to Echo being a part of the system Gross earnings of operating subsidiaries
$51,990,973
line from New Orleans to the Pacific Coast.
Net earnings of company, incl. undistributed income (after
"The Dayton company is a Texas corporation. It owns and operates
renewal & replacement reserve) of sub. cos. accruing to It..
a line of railroad extending from Dayton, Liberty County, Texas. through Annual interest charges on $45,912,400 gold debenture bonds_$10,934.629
2,754,744
Goose Creek to Baytown, Harris County, Texas, a distance of approximately 25.14 miles. At Dayton, which is about 35.5 miles east of Houston,
Balance
$8,179,885
it connects with the T. & N. 0. and with the Trinity Valley & Noruhern
Supervision.
-Electric Bond & Share Co. supervises the operations of
By. At Fullerton, a point about 5.8 miles north of Dayton, the Trinity company and its subsidiary companies.
-V. 122, p. 1453, 346.
Valley & Northern By. intersects and connects with one of the Gulf Coast
Lines. The Dayton company's lines connect at Baytown with the inAmerican Public Service Co.
-Annual Report.dustrial tracks of the Humble Oil & Refining Co.
Consol. Earnings for Cal. Years1925.
1924.
1923.
"The entire capital stock of the Dayton company, consisting of 250 Gross earnings from operations
$4,887,006 $4,009,191 $3,288.848
shares, par 9100 each, is owned by R. S. Sterling. On Nov. 25 1925 the Oper. exp. (incl. taxes & deprec.)
3.201.003
2.716.540 2.133,981
Sou.hern Pacific Co. contracted to purchase this stock from Sterling
for a consideration of $900.000 in cash. The contract provides that
Net earnings from operations
$1,686,003 $1,292,651 $1,154,867
transfer of the stock shall be made as soon as possible after our approval Non-operating income (net)
281.157
60.085
37.893
of the proposed sale and lease and that the purchase price shall be paid
upon the transfer and delivery of the stock; that the Dayton company's
Gross income
$1,746.088 $1,573.808 $1,192,760
railroad shall be operated for the account of Sterling until midnight of the Interest on funded debt
753,445
649,706
532,975
last day of the month following the effective date of our order approving Amortization of debt disc. & exp
104,216
112,787
101,307
the proposed sale and lease; and that Sterling shall be entitled to all money Divs.on pref.stock (paid or accrued)368,311
471,406
312,726
on hand and in bank and accounts receivable belonging to the Dayton Divs, paid public on San Angelo Wat.
company on the last day of the month preceding the transfer of the stock,
Lt. & Pow. Co. pref. stock
1,162
shall assume and pay all indebtedness of the Dayton company accrued
prior to or during the time that its railroad is being operated by him or
Balance, surplus
$443,004
$415,859
$245,752
for his account and shall indemnify the Southern Pacific from ill claims - 122, p. 1760.
V.
or causes of action accruing against the Dayton company prim' to minnight
of the last nay of the month following the effective date of our order.
Arkansas Central Power Co.
-Annual Report.
Provision is also made for apportioning between the parties income taxes,
1924.
1925.
1923.
and taxes assessed under State. county, municipal, or other governmental Gross earnings from operation
$2,202,535 $2,125,798 $2,057,458
authority, and payments of excess income payable to us under the pro- Operating expenses, including taxes
1,285,583
1,314,752
1,332,744
visions of Section 15a of the Inter-State Commerce Act. The general
effect of the contract is that the Southern Pacific through purchase of
Net earnings from operation
$916.952
$811,046
$724,714
the stock will acquire control of the Dayton company's properties free Other income
6,727
10,808
7,502
from all indebtedness. The resignations of all officers and directors of
the Dayton company, effective at once or at the pleasure of the Southern
Total income
$923,679
$821.854
$732,216
Pacific, are to be delivered to the latter along with the stock
Interest on bonds
327,661
297,709
262,419
"By the terms of the proposed agreement of lease between the Dayton Other interest and deductions
11,514
15,296
14,239
company and the T. & N. 0. It is provided among other things that the Dividends on preferred stock
70,000
70,000
52,500
former shall lease to the latter all its railroads and appurtenances, equip- Renewal and replacement reserve_ _ _ _
207,983
189,941
164,809
ment, rights, &c... that the T. & N. 0. shall take over from the Dayton
company all material and supplies on hand and settle for them at their
Balance, surplus
$306,521
$248,908
$238,24*
book value as of the effective date of the lease; that the T. & N .0. shall - 120, p. 2399.
V.
operate the Dayton company's railroad and keep its properties in as good
lessor,
Birmingham (Ala.) Electric Co.-Annua/ Report.
condition as they may be at the time they are received from the
and shall pay all expenses in connection with such operation and main1922.
1923.
1924.
1925.
tenance and all ta-es and rentals payable during the continuance of the Gross earns,from oper__ 86,138.158 $7,122,569 $7,854,660 $8,603,013
lease; that the T. & N. 0. shall pay the Dayton company annually during Oper. exp., incl. taxes__ 4,405,590 4.802,591
5,273,202 5,713,034
the continuance of the lease and the Dayton company shall accept as
full compensation for the use of its properties (a) a rental of $54,000,
Net earns, from oper_ $1,732,568 $2,319,978 $2,581,458 $2,889,979
payable in equal monthly installments, and (b) the payment of all cor- Other income
17,292
30,405
porate expenses, payable for such year, required to maintain the corporate
organization of the Dayton company; and that the lease shall become
Totalincome
$2,598,750 $2,920,384
effective on the first day of the month following the effective date of our Interest on bonds
848,789
869.334
order approving the proposed acquisition of control by lease and shall Other interest and deductions
82,834
34,075
continue in effect for one year and thereafter until termination by 30 Dividends on preferred stock
105,000
227,859
days' notice in writing served by either party upon the other.
-V. 122. Renewal and replacement reserve
598,512
691.401
p. 2179.
Balance,surplus
$963,615 $1,097,715.
Texas & New Orleans RR.
-Leases Road.
See Southern Pacific Co. above.
-V. 122, p. 2037.
Union Pacific R.R.-Corrections.-In the annual report
published in the "Chronicle" of April 17, certain typographical errors crept in. The errors and the corrections are noted
as follows:
Paje
Should Be.
Item.
As Shown.
2214 Total mileage operated (1925)
14,781.73
14,781.77
2217 Grand total (1925)
$1,139, 0753202 $1.I39,607,53202
Page No. 2215, first column, explanation of "Mail Revenue" shows decrease of $201,701 60 should be $201.701 06.
Page No. 2217 shows "Extra dividend on common stock declared Jan.8
1914, payable to stockholders of record March 2 1924, unpaid," should be
March 2 1914.-V. 122. p. 2179, 2037.
PUBLIC UTILITIES.
Joint Bus Licenses for Vehicular Tube.
-New York and New Jersey unite
in urging bill for regulation on Congress. Constitutionality raised. "Times"
April 21.
-Governor
New Transit Commission for N. Y. City.
appointed
the new Transit Commission for the City of New York, the terms for the
present Commission having expired midnight last. John F. Gilchrist,
President of the State Tax Commission,is named as Chairman of the new
Slarhas
Blackstone Valley Gas & Electric Co.
-New Financing.
The stockholders April 21 authorized a mortgage to the State Street
Trust Co., Boston, Mass., as trustee, of all or part of the property, assets
and franchises of the company, now owned and hereafter to be acquired,
for the purpose of securing gen. & ref. lien bonds, to be issued from time
to time in series and to be unlimited in amount; and authorized under said
mortgage an initial issue of $4.000,000 of series A 5% bonds to be dated
April 1 1926 and due April 11951.
The stockholders also increased the authorized common stock from
$6,496,850 to $7,796,200, par $50, the additional 25,987 shares to be
Issued to common stockholders at par on the basis of one new share for
each five shares now outstanding. See also V. 122, p. 1760.
Blue Ridge Power Co.
-New Control.
-
See General Gas & Electric Corp. below.
-V.121, p. 72.
Broad River Power Co.
-Bonds Offered.
-Halsey, Stuart.
& Co., Inc. and Pynchon dr Co. are offering at 92 and int.,
yielding over 5.55% $1,485,000 additional 1st dz ref. mtge.
5% gold bonds, series A. Dated Sept. 1, 1924; due Sept.
1, 1954 (see description in V. 122, p. 746).
Company.-Organiz.ed in South Carolina. OWns and operates the properties supplying electric power and light service to Columbia, S. C., and
other communities in the central section of the State, including Eau Claire,
Batesburg, Leesville, Lexington, Trenton and Johnston. Total population.
1
2327
THE CHRONICLE
APR. 24 1926.]
placed in
served is over 100,000. During 1925 company completed and extending
operation 70 miles of steel tower 110.000 volt transmission lines
from the new steam power plant at Parr Shoals to the district around
Spartanburg, S. C., thereby enabling the company to obtain a considerable
amount of desirable power business. Company also owns the gas works
and distributing system in Columbia and, in addition, substantially all the
stock of the company operating the electric street railway system.
Company, controlled by General Gas & Electric Corp., together with
other interconnected companies operating in South Carolina controlled or
now being acquired by General Gas & Electric Corp., forms the basis of
an important superpower system in the territory served.
Growth for Calendar Years.
M Cu. Ft. Gas Gus
Electric
Kw.Hours
Customers. Gas Produced. tamers.
Output.
'4.250
203.340
9,872
100,145,382
1925
4,114
213,815
9,028
78,149.490
1924
3,852
184,034
8,001
64,821,390
1922
3,505
182,107
6,592
58.745,020
1920
3,001
123,807
5,219
48,624.419
1918
2,113
64.730
3,860
38,694,841
1915
Authorized. Outstanding.
Capitalization1st & ref. mtge. 5% bonds, series A,due 1954 1nel
a
$3.985,000
this issue)
1.500,000
10-Yr• 63i% sinking fund gold bonds due 1934_ _ _ (Closed)
b
5.555.000
Divisional mortgage bonds
(closed)
322,600
-Year gold notes, due 1930
10
2,652,600
$10.000,000
7% cumulative preferred stock
2,400,000
10.000,000
Common stock
a Bonds may be issued without limit as to amount, subject however, to
the restrictions of the mortgage. b Closed except for pledge under the
1st & ref. mtge.
-These bonds are issued in =Inaction with the company's
Purpose.
construction and expansion program, including the acquisition of new
properties, construction of a new steam power plant, transmission lines,
Ac., and for other corporate purposes.
Earnings of Properties Now Owned and on Which 1st ec Ref. This. Are Mtg.Lien.
Dec. 31 '24. Dec. 31 '25. Mar.31 '26.
Twelve Months Ended*Gross earnings (incl. other income)_ _ _ _$1,403.198 $1,793,344 $1.913,729
942,703
856,004
Oper. exp., maint. & tax. excl. of depr.) 526,816
-Consolidated earnings 12 months ended Dec. 31 1925:
Earnings.
$2,413,123
Gross earnings
Oper. exp., incl. maint. & taxes, other than income taxes, but
1,372,785
excl. deprec. and reported non-recurring items
547,450
Annual funded debt interest
$492.887
Balance
147.000
Annual preferred dividends on this issue
-Proceeds from the sale of this issue and other securities will
Purpose.
provide funds to retire present outstanding securities, for the acquisition of
property and for other corporate purposes.
-Application will be made to list this stock on the Chicago
Listing.
Stock Exchange. Further details regarding company in V. 122, p. 2188.
--Report.
Central States Electric Co., Iowa Falls.
Calendar YearsGross revenue
Operating expenses
Taxes accrued
Interest
1925.
*586,772
$355.027
36,840
92,704
1924.
2344,892
$198,767
26,866
50.071
1923.
$318,689
$170,690
17.071
45,302
1922.
*267.308
*152,979
15.826
40.671
857,832
$85.626
*69.188
*102.200
Balance
The foregoing statement included acquired properties only for periods
during which they were owned and operated as a part of the system.
V. 120. p. 1880.
-Earns.for Year 1925.
Central States Utilities Co.
$331.257
Operating revenues. $323.135 other revenue, $8,122 total
225,942
Operating expenses including taxes
39,000
Interest on bonds
4.048
Miscall. int., $444 amortization of debt discount, $3,604 total.._ 11,305
Dividends on preferred stock
18.027
reserve
To depreciation
$32.935
Net additions to surplus account
-V. 120. p. 1585.
-Earnings.
Charleston Consol. Ry., Gas & El. Co.
Calendar YearsNet operating revenue
Fixed charges
*876.382 *937.340 $971,026
Net earnings
Balance
Annual int. on 1st & ref. bonds and divisional mtge. bonds to be
477,000 -V. 115, p. 2268.
outstanding with the public. incl. this financing, requires
during the above periods: $17,202,
*Includes interest during construction
Chicago City
1924; $111,350, 1925; *119,885, 1926.-V. 122, p. 746.
1925.
$465,457
125,533
1924.
8467,191
126.153
1923.
8466.571
126.892
$339,924
$341,038
3339,679
& Connecting Rys,-Collateral Trust
Bondholders' Protective Committee.
-Manhattan Transit Corp.-Earninas.
Brooklyn
collateral trust
The following notice has been
-month ofMarch--9Mos. March 31- sinking fund 5% gold bonds: issued to the holders of the
1926.
1925.
1925.
1926.
PeriodTotal oper. revenues..,.. *3.773,026 $3,701,812 $33,295.345 $32.085.954
2,473.096 21.709.746 21.081,851
Total oper. expenses_ _ _ _ 2.459.868
295.715
262.755
2,277,181
2,488,027
Taxes
Operating income
Ifon-oper. income
*1.017.443
74,191
$965.960 $9,097.571 $8.726.923
95.601
790.968
847.078
$1,091,635 $1,061,561 $9,944,649 $9.517.891
Gross income
643,729
658,490
5,848,398 5,859.344
Total inc. deductions_ _ _
Net income
$447,906
$403,071
34.096.252 $3,658,547
-v.122, p. 2038, 1807.
California-Oregon Power Co.
-Annual Report.
1923.
1924.
1925.
Calendar Years1922.
$2,167.990 $1,699.764 81.370.545 $1,066,100
Gross earnings
111.086
Deduct-Maintenance -.
.
375,425
493,252
434,910
Operation and admin_
274.257
138.221
166,077
218.211
Taxes
109,766
Res.for doubtful accts
13.109
10,542
14.882
8.217
Bond & other interest_
314,785
273.691
497,549
216,868
264,549
223,908
Preferred dividends194.513
155.862
Balance
Previous surplus
$568,460
358,425
$462,182
195,146
$307,738
144,175
$245,673
125,517
Total
Dew. on plant & equipAmort. of debt discount
and expense
Fed. & State taxes, 1923
Miscel. deductions
*926.885
269,019
$657,328
219,429
$451,913
238.242
$371,190
182,982
46.162
33,166
36.019
33,911
37,364
8,200
18,523
35.156
8,875
Profit & loss surplus- _ $542,528
*358,425
$195,146
$144,175
Condensed Balance Sheet Dec. 31.
1925.
1924.
1924.
1925.
LiabilitiesPlant
$
20,080,823 16,541,651
901,419 Common stock... 4,441,100 4,441,100
119,796
Cash
364,540 a preferred stock__ 4,411,231 3.656,691
Notes & accts. rec. 393,268
153,558 First & ref. 754s_ _ 1,870,300 1,909.800
Zubso.to prof.stk_ 165.135
254,400
282,867 20-yr. s. I. cony.78
Investments
1,476,000
397.169 First & ref. 514s_ _ 2.600,000
Materials & sum). 368,250
189 First & ref. 68_ ___ 4,500,000 4,500,000
Sinking funds.
157,220 Underlying bonds_ 554,000
Mlscell. debits_ ___ 200.048
745,000
Prepayments, &o.
129,913 Notes, vouchers &
43,661
accts. payable__ 1,092,418
Ilnamortized stock
312,979
419.155 Consumers'depos.,
& bond discount 624,785
155,195
advances, &c._ _ 147,094
Bond interest__ 249,882
190,690
Other exp.,&c_ _ _ _ 148,863
111.748
Deferred revenues
9,824
Res,for deprec'n__ 1,546,696 1,398,178
Other reserves_ _ _ 136,230
91,875
Tot.(each side)_22.250.167 19,347,682 Surplus
542,528
358,425
a Includes stock subscribed for but not fully paid and issued.
Note.
-Federal taxes on income for 1924 were provided for in 1925 by
monthly transfers to special deposits account, together with sufficient
amounts to cover all interest, sinking funds, other taxes, &c., as they
accrue.
-V.122. p. 881, 746.
Central Gas & Electric Co.-Pref. Stock Offered.
-West
•ok Co., Pearsons-Taft Co. and Thompson Ross & Co., Inc.
are offering at $96 per share and div. 21,000 shares $7 Dividend series preferred stock (without par value).
The governing committee of the Chicago City and Connecting Railways
collateral trust has unanimously recommended action by the owners and
holders of its bonds and participating certificates through protective
committees to deal with the important questions presented by the maturity
on Jan. 1 1927. of the bonds, aggregating in amount the principal sum of
320,616.000. by the maturity on Feb. 1 1927, of the outstanding underlying
first mortgage bonds of the Chicago City Railway and the Calumet & South
Chicago Railway, aggregating nearly $40,000.000 par value, and by, the
expiration by limitation on Jan. 31 1927, of the existing street railway
franchises.
Pursuant to this recommendation, the undersigned, who own or represent
owners of substantial amounts of these collateral trust bonds, have consented
and agreed to act as a protective committee with respect to these collateral
trust sinking fund 5% gold bonds.
The deposit agreement, among other things, provides that in the event of
there being formulated a plan for a comprehensive, unified system of transportation for the City of Chicago, or for a consolidation or merger of all of
the street railway properties, or of these properties with the Elevated
properties, or any other method or combination of methods for a local
transportation system for the City or for the metropolitan district of Chicago
which is acceptable to the committee, copies of such plan shall be filed with
the depositaries and notice thereof given to the depositors who shall have the
right to file dissents from such plan, or to withdraw from the agreement,
which they will be at liberty to do upon the reasonable terms stated in the
deposit agreement.
The holders of the above bonds are urged to deposit them without delay
In order that the committee may be in position to act effectively for the
protection of their interests.
All interest received by the committee or depositary on account of deposited bonds, either before or after maturity, will be paid promptly to the registered holders of the transferable certificates of deposit according to their
respective interests.
The depositaries designated for the purpose are J. P. Morgan & Co..
23 Wall St.. N. Y. City and the Illinois Merchants Trust Co., 231 South
La Salle Street, Chicago.
-Bernard E. Sunny, Chairman, Henry H. Porter, Rufus 0.
Committee.
Dawes, Samuel M. Felton and Charles Day, with Harry P. Weber, Counsel
and Roger A. Baldwin, Sec.. 480 First National Bank Building. Chicago.
-v. 122. P. 1757
.
-To Pay Income Bond Interest.
Chicago Railways.
The directors have voted to pay on May 1 next the 4% annual interest
-V.122, p. 2039.
on the $2,500,000 adjustment income bonds.
-Sale.
Cincinnati & Hamilton Traction Co.
The Ohio P. U. Commission April 15 approved the sale of the property of
the company to the Cincinnati Street Ry. at an agreed price of $1.000.000.
The Cincinnati Street Ry. gives 20,000 shares of its stock at $50 a share for
-V. 122, p. 1607.
the property.
Cincinnati Street Ry.-Acquisition.--
-V. 121. p. 3003.
See Cincinnati & Hamilton Traction Co. above.
-Dividends.
Cities Service Co.
Regular monthly dividends of ;4 of 1% in common stock and ;i of 1%
in cash have been declared on the common stock, together with the usual
monthly cash dividends of 34 of 1% on the prefered and preference B
stocks, all payable June 1 to holders of record May 15. Like amounts are
payable May 1.-V. 122, p. 2189.
-Stock Inc., &c.
Coast Counties Gas & Electric Co.
The stockholders on March 25 increased the authorized 1st preferred
stock from 52.000.000 to 25,000.000, par $100.
Gross operating revenues for the year 1925 totaled $1,360,086: nonoperating income, 829.218; total revenue. *1.389.304: operating. general
and miscellaneous expenses. $896,791; uncollectibles and taxes assignable
of debt discount and expense. &c.,
Transfer agents: New York Trust Co., New York, and Harris Trust & to operations, $68,282; int., amortiz.
for year, $196.Savings Bank, Chicago. Registrars: Chase National Bank, New York. $90,782: dividend appropriations, $137.263; balance surplus
Central Trust Co. of Illinois, Chicago. Cum. pref. diva, payable 245.-V. 122, p. 1608.
and
Entitled to $100 and diva, per share in the event of dissolution or
-Increases Dividend Rate
Columbia Gas & Electric Co.
liquidation, and if such dissolution or liquidation is voluntary to further
-The directors on April 20 declared a
sum of *5 per share. Red. at 105 and diva. Preferred as to diva, and on Common Stock.
assets over all other stock.
quarterly dividend of $1 25 per share on the outstanding
-Each share of $7 dividend series pref. stock
Stock Purchase Warrants.
will carry a warrant (non-detachable for one year except at the option of 1,500,000 shares of common stock of no par value, payable
-she company) entitling the holder for a period of 3 years to purchase one May 15 to holders of record April 30. This is at the rate
share of common stock or Central Public Service Co. at $10 per share if exer<Aged before March 1 1927, $15 per share if exercised during the next suc- of $5 per share per annum and compares with dividends at
ceeding 12 months and $20 per share if exercised during the subsequent the rate of $2 60 per share per annum (65 cents quarterly)
12 months periods.
-A Delaware corporation. Will furnish, through operating paid on the common stock from Aug. 15 1923 to Feb. 15
Company.
properties, public utility service in various communities of Illinois, Wiscon- 1926 incl.
sin, Michigan, Indiana, Maine, New York and New Brunswick, comprising
President Philip G. Gossler, after the meeting of the
a population of approximately 300.000. The sources of net revenue of the
properties are reported as follows: Electric light and power. 67.5%; gas, directors, stated:
This action is in compliance with the policy of the company as outlined
17,5%; water. 11.5%; railway and heat, 3.5%. All of the properties in
Wisconsin, Lower Peninsula of Michigan, Maine and New Brunswick are at various times in the past few years, this policy being: First, to maintain
hydro-electric. The present capacity of the electric station equals 26.629 properties at 100% efficiency for public service; second, to fix and adjust
h,p, of which 12,213 h.p. is hydro-electric. Connected to these stations rates up or down as warranted, but sufficient to produce income to provide
are 1,036 miles of transmission and distribution lines. The gas plants have facilities for the best possible service; third, to accumulate sufficient surplus
a rased capacity of 3.030.000 Cu. ft. of gas per day and the gas distribution and reserves to meet periods of depression or other emergencies and give
the company a sound financial position and highest credit: and fourth,
systems total 173 miles of mains.
-The properties of the company, as recently appraised by inde- with the above results accomplished, to compensate stockholders with
Assets.
pendent engineers, show a net depreciated value substantially in excess of substantial disbursements of surplus earnings from operations.
Than)
the total funded debt and this issue of pref. stock (taken at $100 per share) policy. various steps have been realized in the execution of the company's
The properties have been built up, extended and fully maintained.
presently to be outstanding.
2328
THE CHRONICLE
with ample capacity provided for growth. The rates for service are substantially lower than the average in force throughout the country, and
while they do not as a whole provide the fair return on the value of the
property devoted to public service which should be earned, the diversity
and stable character of the operations and the communities served would
seem to give assurance that the rate of earnings can be maintained and
increased in the future. The company has reinvested substantial sums
from earnings in building up the properties and creating an ample surplus
to safeguard the service and the credit of the company.
In view of the present strong position of the company and with the
operations showing such satisfactory progress, the time has arrived substantially increase disbursements to the stockholders.
The general industrial conditions throughout the territory are favorable
to continued stability and increase in earnings in all of the System operations.
Regarding the additional 500,000 shares authorized by the stockholders
last week, President Gossler said "It is not at present anticipated that
any of the additional shares will be issued for any purpose in the immediate
future."
Consolidated Income Account for Quarter and Twelve Months Ended March 31
(Incl. Subsidiaries Controlled by Practically 100% Common
Stock
Ownership or Lease).
1926-3 Mos.--1925.
1926--12 Mos.--1925.
Gross earnings
$10,833,699 $7,871,694 $36,445,563 $25,584,051
xOperating expenses_ _ _ _ 5,742,217
4.132,073 21.288.404 14,592.897
[VOL. 122.
and power, 15'; from ice, with gas, water and miscellaneous earnings providing the balance.
-V. 122, p. 1168.
Consumers Gas Co. of Toronto.
-Rights.
-
The stockholders will be given the right to subscribe on or before June-23
for $2,000,000 capital stock (par $100) at $150 per share, on the basisrof
one new share for every five shares owned. Payment must be made_on
or before July 2.-V. 121, p. 2636.
Consumers Power Co. (Mich.).
-Earnings.
-
12 Mos. End. Feb. 28- 1926.
1923.
1925.
1924.
Gross earnings
$21,282,227 $18,400,025 $17,441,113 $14,718,943
Oper. exp., taxes & maint 11,318.472 9.590,662
7,743,467
9,444,313
Faed charges
2,483,568
2,461,471
2,663,423
2,237,014
Div. on pref. stock
2.538,798
995,698
1.224,662
1.644,706
Prov.for replace. & depr. 1,392,328
1,088,078
1,150,000
1.356.000
Balance
$3.549.061 83.145,235 $3.385,124 $2,430.228
12 Mos. End. Dec. 31- 1925.
1922.
1924.
1923.
Gross earnings
$20,684,973 $18,328,151 $16,877,422 $14,201,202
Oper. exp., incl. taxes &
maintenance
11.137,858
9,611,020
9,108,074
7,437.075
Fixed charges
2,485,548
2.486,011
2,605,394
2,237,631
Div. on pref. stock
2.423,349
970.778
1,532,706
1,172,558
Prov.for replace.& depr. 1,392,328
1,082,078
1,320,000
1,116.000
Balance
$3,245,890 $3.259.022 $3,243,160 $2,225,260
The co. is a subsidiary of Commonwealth Power Corp.
-V. 121, p. 3130.
Net oper. earnings_ _ _ $5,091,482 $3,739,621 $15,157,159 810,991,154
Other income
845,665
2,246,535
554,579
3,020,956
Total income
$5,937,147 $4,294.200 $18.178,115 $13,237.689
Detroit Edison Co.
-Quarterly Earnings.
Lease rentals
1,079,717
1,158,025 4,374,129 4.702,244
3 Mos. End. March 31- 1926.
Int.charges St pref. diva.
1923.
1925.
1924.
Gross revenue
of subsidiaries
$12.002,182 $10,000,901 $9,656,900 $8,456,401
486,043
636.562 Expenses
186,169
1,826,590
Int. charges (Columbia
7,762,190 6,483,877
5,817,152
6,421,055
Int. charges, &c., deducGas & Elec. Co.)
1.064,631
992,908
1,032,055
1,054,421
940,483
1,219,123
175.887
331. 60
7
Net income
Surplus avail.for diva. $4,039,627 $2,774.119 810,758,273 $6,958,394
$3,247,084 $2,484,968 $2.181,424 $1,574,618
x Include provision for all taxes and amounts reserved for renewals and -V. 122. p. 748, 475.
replacements.
-V.122, p. 2189.
Florida Public Service Co.
-Results for Year 1925.
-Operating revenue
Commonwealth Edison Co.
81,059,357
-Crawford Are. Station.
Operating expenses, maintenance and taxes
See General Electric Co. under "Industrials" below.
778,249
-V. 122, p. 1168.
102
Operating income
$281,108
Commonwealth Light & Power Co.
43,496
-Plan for Exchange Other income
of Securities.
Total income
$324,604
See Indland Power SPLight Corp. below.
-V. 118, p. 2442.
Int. on funded debt, $170,028: other deductions from income,
$73,599; total
243,637
Commonwealth Power Corp.(& Subs.).-Earninas.- Provision for dividend on preferred
stock
47,108
12 Months Ending March 311926.
1925.
Gross earnings
$45,604,968 $39,689,941
Balance of net income
$33,859
Operating expenses, incl. taxes and maintenance_ - 25,381,572 21,984,307 -V. 122, p. 1608.
Fixed charges (see note)
11,402,344 10,245,977
Dividend on preferred stock
General Gas & Electric Corp.
2,198,988
2,115,606
-Acquisitions.
Provision for retirement reserve
The corporation announces the acquisition of
3,141,097
2.994,109
Blue Ridge
Power Co., the Manufacturers' Power Co. and control of the
their subsidiaries. These
Balance
$3.480.967 $2.349,941 companies operate both in
This statement is prepared on the basis of giving effect for the full two- electric power and light to North Carolina and South Carolina, supplying
Hendersonville and vicinity in the former State
year period to the acquisition of the control of the Tennessee Electric and Spartanburg and surrounding
territory in the latter State.
Power Co. under plan which became effective in July 1925.
In announcing this transaction.
Note.
-Includes interest. amortization of debt discount and earnings Gas & Electric Corp., stated that W. S. Barstow, President of General
control of these properties had been
accruing on stock of subsidiary companies not owned by Commonwealth secured from John A. Law and
associates who organized them. Mr. Law
Power Corp.
-V. 122, p. 1761.
will continue as President of the Blue Ridge company, while its operation
will be managed by the Barstow organization.
-V. 122, p. 2030, 2040.
Community Power &
Light Co.
-Bonds Offend.
Georgia Railway & Power Co.
Spencer Trask & Co., New York, Win. L. Rilss & Co., Inc.,
-Annual Statement (Incl.
Chicago Whitaker & Co., St. Louis, and Bauer, Pond & Leased and Subs. Cos. and also Inter-Co. Charges).
Calendar Years1925.
Vivian, Inc., New York, are offering at 953 and int., to Operating revenues
1924.
'
1923.
%
$17,424,855 $16,179,766 $16,006,928
yield about 5.80%, $1,250,000 1st mtge. collateral gold Operating expenses
10,882,348
9,813.374 10,195.923
Taxes
1,071,849
bonds, series E,5%%. Dated Dec. 11925; due Dec. 11955. Other income
1,052,292
990.940
Cr1,051,642 Cr686,483 Cr553.107
Interest payable J. & D. at Guaranty Trust Co., New York, at Central
Trust Co. of Illinois, Chicago, or at Liberty Central Trust Co., St. Louis,
Gross income
trustee. Denom. $100, $500 and $1,000c*. Red. all or part on any int. Bond int. & rental divs. of leased & $6,522,300 $6,000,582 $5,373,171
date on 60 days notice at 105 and int, prior to Dec. 1 1930; and on or after
subsidiary companies
1,901,845
1,830,928
1.717,708
Dec. 1 1930 at yy of 1% less for each succeeding year until Dec, 1 1945: Other int. of leased & subs.
447,674
330,030
245.675
and on or after Dec. 1 1945 at 101 and int. Company agrees to pay inter- Extinguishment of disc, oncos
secur. of
est without deduction for any Federal income tax not exceeding 2% and to
leased & subsidiary cos
31,559
12,493
10.604
reimburse the holders of these bonds, if requested within 60 days after Bond int., Ga. Ry. Se Power Co
1,467,700
1,197,085
892,177
payment, for the Pennsylvania 4 mills tax and for the Mass, income tax Interest on notes of company
83,644
37,393
102.546
on int. not exceeding 6% of such int. per annum.
Eating. of disc, on secur. of co
62,678
52.771
33,377
Data from Letter of President D. A. Belden, St. Louis, April 19.
Net income before deprec. & diva.. $2,527,190 $2.474,728 $2,436,238
Company.
-Incorporated in Illinois in April 1922. Owns the entire outNote.
-Gas depreciation in operating expenses.
-V. 122, p. 2040.
standing common stocks, except directors qualifying shares, and all the
outstanding bonds of the Missouri Utilities Co., the Arkansas
Co.,
Havana Electric Railway, Light & Power Co.
-Earns.
the Community Power & Light Co. of Texas, the Kansas Utilities Co., the
1925.
1924.
1925.
1924.
Texas Utilities Co., and the capital stock and floating debt of the New
Cal. Years$
Cat. Years$
$
$
Mexico Utilities Co.
Through the operating companies, located in the States of Missouri, Geer. revenues_ _ _15,309,372 14,357,901 Interest charges._ 1,063,957 1,088,950
Oper.
Arkansas. Kansas, Texas and .New Mexico, the company serves 127 com- Other exps.& taxes 8,067,311 7,433.585 Sinking fund reincome_ _ _ _Cr.409,692 Cr.339,686
quirements
334,015
318,670
munities having a populaiton of approximately 282,000. Electric light
and power is furnished to 119 communities centred around and including
Total Income_ _ _ 7,651,753 7,264.002
Balance of Inc__ 6.253,781 5,856,382
Cape Girardeau, Poplar Bluff, Charleston, Eldon and California in Mo.,
The Electric Bond & Share Co.. through the Havana Electric & Utilities
Helena and Paragould in 'Ark., Fort Scott in Kan., Mexia, Marlin, Plainview and Lubbock in Tex., and Clovis in N. M. Gas service is furnishea Co., recently acquired control of this company for the American & Foreign
-V. 122. p. 748.
to 50,000 population, including 3 of the communities above mentioned and Power Co., Inc.
Columbia, Mo., while ice service is furnished to over 136,000 population.
Houston Lighting & Power Co.
-Annual Report.
Water service is also furnished in four communities and steam head in one.
Calendar Years1925.
1924.
Purpose.
-Proceeds from the sale of these El .250,000 series E bonds will
1923.
1922.
be used to reimburse the treasury on account of recent acquisitions of Gross earns,from oper_ _ $3,904,927 $3,107,064 $2,552,153 $2,096,997
operating properties and to provide funds for further additions, extensions Oper. exp., incl. taxes_ - 2,231,301
1,824,015
1,662,228
1,383,456
and improvements.
Net earns,from oper_ _ $1,673,626 $1,283.049
Security.
-Secured by deposit and pledge with the trustee of 1st mtge.
$889,925
8713,541
bonds of subsidiary corporations, which have been approved by the regu- Other income
18,952
39,709
51,002
423
latory bodies in the various States, and which constitute the entire funded
Total income
$1,692,578 $1,322,758
debt of such corporations, in an aggregate principal amount equal to 125%
$940,927
$713,964
of the total amount of 1st mtge. coll, gold bonds outstanding, and under Interest on bonds
500,150
437.901
204,483
120,150
the terms of the agreement of assignment and pledge this ratio must always Other int. & deductions_
78,820
58.709
44,180
37,970
be maintained. These bonds are further secured by deposit and pledge Divs, on pref. stock....
199.405
139,968
91,097
19,979
with the trustee of the entire outstanding common stocks, except directors' Ren.& replac. res
464,753
327,386
238,981
194,207
qualifying shares, of such subsidiary companies.
Balance, surplus
Valuation of Properties.
$449.450
$358,794
-The combined properties have a conservative
$362,186
$341,658
present value, after making liberal deductions for depreciation. of $15,992,- -V.122, p. 480.
901. a sum equal to 1.7 times the entire outstanding funded debt, including
Inland Power & Light Corp.
this issue.
-Plan for Exchange of
Maintenance & Renewal Fund.
-Each subsidiary must maintain a main- Securities of Commonwealth Light & Power Co. and Interstate
tenance and renewal fund and credit yearly thereto 12%% of the gross
Electric Corp.
revenues from the operation of its properties.
A plan for the exchange of the securities of the Commonwealth Light &
Capitalization Upon Completion of Present Financing (Co. and Subsid. Cos.).
1st mtge. collateral gold bonds,series A 734%,due 1942 (closed). $500,000 Power Co. and the Interstate Electric Corp. for securities of the Inland
Series B 6;5%, due 1938 closed)
925,000 Power & Light Co. has been approved by the president and directors of
Series C
% due 1933 (closed)
2,700.000 Commonwealth Light & Power Co., of Interstate Electric Corp. and of
Tide Water Power Co. which owns
Deries D 6%, due 1950
4,000,000 common stock of Commonwealth a controlling interest in the outstanding
Light At Power Co. It has also been
Series E 53 %,due 1955 (this issue)
,
5
1 ,250.000 approved
7% cum. 1st pref. stock (authorized, $5,000,000)
4,000.000 securities by the investment bankers who sold the presently outstanding
of the Commonwealth and Interstate companies, and by a
8% cum. participating 2d pref. stock (authorized, $2,000,000)- 1.257,600
Common stock (authorized, $3,000.000)
01,600,000 substantial number of the larger holders of the Commonwealth Light &
Kansas Utilities Co.and Missouri Utilities Co.7% cum. pf. stock b384,200 Power Co. 1st mtze. 6s and Insterstate Electric Corp. 1st lien 6s and
a Does not include $400,000 additional common stock to be issued shortly debenture 7s, to whom it has been submitted.
A circular letter to the bondholders of the Commonwealth company.
to common stockholders of record March 18 1926,as a stock dividend of25%.
says: The substantial character of the progressive communities served by
b Outstanding Dec. 31 1925.
the public utility properties controlled through stock ownership by ComConsolidated Earnings of Company and Its Subsidiaries
monwealth Light 8z Power Co. and
[including, in part. subsidiary company earnings accruing to prior owners, Electric Corp., make it imperative that its affiliated company. Interstate
increased plant capacity be provided
but omitting earnings of New Mexico Utilities Co., an affiliated company]. and generating facilities enlarged to care
for needed additions and extenTwelve Months Ended Dec.
revenues1924.
sions to transmission and distribution lines so that adequate service may be
1925.
Consolidated gross
31-$2,
858.460 $3,477,813 given these communities with increased efficiency and economy ofoperation.
Oper. exp.. &c.
maint, and local taxes)
It is, therefor, of in portance that a financial structure be created which
1,754.771 2,102,670
will permit the financing of immediate and future growth on favorable
Net available for funded debt, int., Federal taxes,
basis so that the substantial new business now available and a prospect
in
dividends, depreciation and amortization
$1,103,688 $1,375,142 may be contracted for, and further, that additional continguous properties
Annual interest requirements of funded debt outstanding upon
of unusual potentialities may be acquired.
completion of present financing
With this end in view. Inland Power & Light Corp. has been organized
$581,875
About 70% of the net earnings are derived from the sale of electric light In Va., and there has been prepared a plan and agreement for exchange of
THE CHRONICLE
An 24 1926.]
2329
securities of the Commonwealth Light & Power Co. and Interstate ElecMidland Utilities Co.
-Class A Pref. Stork Increased.
tric Corp.for securities of Inland Power & Light Corp. dated, April 1 1926.
The stockholders on April 20 increased the authorized class A preferred.
The plan provides (1) that each $100 Commonwealth Light & Power stock from 100,000 shares, par $100, to 150,000 shares. par 3100.-V. 122.
Co. 1st mtge. 69" bond due Nov. 1 1947 [May 1 1926, coupon detached] p. 1917.
will receive $100 Inland Power & Light Corp. 1st coll. trust 6% bond due
May 1 1941 and $7.50 cumul.7% pref. stock;(2) that each $100 Interstate
-Annual Report.
Minnesota Power & Light Co.
Electric Corp. 1st lien 6% bond due March 1 1933 will receive $100 Inland Consolidated Statement for Calendar Years (Ina. Controlled Companies).
Power & Light Corp. 1st coll. trust 69' bond due March 1 1936 and $7.50
1925.
1924.
1923.
cumul. 7% pref. stock;(3) that each $100 Interstate Electric Corp. deben- Gross earnings
35.122,527 $4,769,793 $4,467,375.
ture 7% due June 1 1932 [June 1 1926, coupon detached] will receive $100 Operating expenses and taxes
2,222,233
2,471.389
2,586,319
Inland Power & Light Corp. debenture 7% due June 1 1935 and $7.50
cumulative 7% preferred stock.
Net earnings
$2,900,294 $2,298,404 31.881,056
Empire Trust Co., 120 Broadway, New York, has been named as
1924.1
1925.
Earns. 12 Mos. End. Dec. 31
depositary under the plan, Continental & Commercial Trust & Savings Gross earnings from operation (Co. only)33.705,348 32.970,689
Bank, Chicago, Ill., and Bank of Italy, Los Angeles, Calif., as sub-deposi- Operating expenses and taxes
1.658,546.
1,791,409
taries, and A. E. Fitkin & Co., 165 Broadway, N. Y. City as managers.
When the plan is consummated, all commmon stock of the operating
Net
$1,913,939 $1,312,140'
companies presently controlled by Commonwealth Light & Power Co. and Other earnings from operation
income
848.775
845,278
Interstate Electric Corp. will be deposited to secure the 1st collateral trust
gold bonds (of which there will be several series) of Inland Power & Light
$2.762.714 $2,157,418.
Total income
Corp.
836,056
640,667
The operations of the companies will continue to be surpervised and Interest on bonds deductions
318.047
281,778.
Other interest and
managed by General Engineering & Management Corp. [Further details Dividends on preferred stock
471,469
281 ,461
will be given another week.]
455.000
455,000
Dividends on second preferred stock
200.000
200,000'
Interstate Electric Corp.
-Plan for Exchange of Secur.- Renewal and replacement reserve
See Inland Power & Light Corp. above.
-V. 121. p. 1908.
$298.512
$482.142
Balance,surplus
-Annual Report.
Kansas Gas & Electric Co.
-V. 122, p. 1610.
1924.
1923.
Calendar Years1925.
1922.
-Earnings for Year 1925.
Mississippi Power Co.
• xGross earns,from oper_ $5,219,483 $5,651,591 $5,558,121 $5.111,157
31.833.085.
Oper. exp., incl. taxes- - 3,312,970 3,967.992 3,988.244
3,373,411 Gross revenue
*NI
Oper. exp.,$955,582;int, on funded debt.$261,446; other int.,
1,300.136.
Net earns,from oper_ $1,906,513 $1,683,599 $1,569,877 $1,737,746
$83,108; total
135.653
Other income
249,871
375,309
201.290
31,942 Preferred dividends
$397,296.
Total income
$2,156,384 $2,058,908 $1,771,167 $1,769,688
Balance. surplus
Interest on bonds
1,020,000
1,020,000
915.500
652.748 -V. 122, p. 883.
Other in & deductions_
129,568
117,682
73.662
145,196
-Earnings.
Missouri Power & Light Co.
Divs. on pref. stock_ _ _ _
364.846
354.337
275,019
184,529
Renew.& replac. res've_
1924.
4
1925.
350.000
200,000
200,009
Calendar Years-200.000
$2,255,646 $2,009,433
Gross earnings
Balance, surplus
$291,970
$366,889
1,266,559'
1,366,419
$306,986
$587,215 Operating expenses. maintenance & taxes
x Gross earnings were derived from electric power and light and natural
gas service as follows:
$742.874
Bal. for interest, bond discount and dividends- $889,227
Calendar Years1925.
1924.
1923.
1922.
-V.122, p.213.
Electric power and light_ $4,314,310 $4,025,541 $3,947,007 33,465,938
-Quarterly Statement.
Natural Gas
a905,173
Montana Power Co.
1,626.050
1.611,114
1,645,219
1923.
1925.
1924.
3 Mos. End. Mar,31- 1926.
Total
$5,219.483 $5651,591 $5.558,121 $5,111,157 Earnings
$2,283,289 $2,159,957 $2,110,062 $2,154,873'
a The company has sold all its gas distributing systems and these earnings Oper. exp. and taxes._ _ _
752,673
775,989
732,363
784,042
-V.120, p.2268.
are for the 5 months ended May 31 only.
438,751
452,092
443,018
Int. & bond discount....
456,383
Kentucky Hydro Electric
Co.
-Earnings for 1925.
Balance, surplus_ _
$881,980
3963,44W
$984,575
$1,042,864
Operating revenues (electric sales to other utilities)
$361.039 -V. 122, p. 1609. 1170.
Operating expenses. $188,333; taxes, $18,052; total
206,385
Non-operating income
Cr.394.940
-Earnings.
National Power & Light Co. & Subs.
Int. on funded debt, $240,000; miscell. amortiz., $9,576; total- 249,576
Feb. 28 '26. Dec. 31 '25. Dec. 31 '24.
12 Months EndedGross earnings of subsidiaries
$30,330,157 329,800,043 326,648,996.
Net income for the year
$300,018 Net earnings of subsidiaries
9,949,569
11,709.472 11,535,545
Deduct-Divs. paid and accrued on 7% pref. stock for 1925--256,194 Gross earns. (incl. bal. from oper. of
Add-Received from Guarantors, the Middle West Utilities Co..
sub. cos. applic. to Nat. Pr. & Lt.
and Kentucky Utilities Co. to Nov. 30 1925, date when
Co. (after renewal and replacement
plant began operations
Cr.231,747
appropriation)x$4,794,105 $4,640.270 $3,904,970
Adjustments applicable to prior years
Cr.49,491 Expenses of Nat. Pr. & Lt. Co
85,607
6 ,
79,284
700.101
Interest deductions of company
653,525
663,890
Surplus, Dec. 31 1925
$325,062 Preferred dividends paid
279,650
272,562
279,650
Balance Sheet, Dec. 31 1925.
732,471
549,401
Common dividends paid
801.483
AssetsLiabilities
Fixed capital
$11,411,589 Preferred stock
$4,190,900
Combined undistributed income.... $2,969,798 $2,889,017 $2,217,899
Cash
32,518 Common stock
x2,806,730
-These are the combined income accounts of the old National Power
Note.
Accounts receivable
59,826 Pref. stock subscribed
23,400 & Light Co. and the Carolina group of properties that are now owned or
Prepayments
349 1st Mtge.6% bonds
4,000,000 controlled by the present National Power & Light Co.
Subscribers to capital stock__
10,211 Notes payable
5,157
x Renewal and replacement appropriation for each of the respective perSpecial deposits
4,900 Accounts payable
5,419 iods was $2,553,696 for the 12 months ended Feb. 28 1926; $2,529,494 for
Deferred debits
145 Interest accrued
20,257 the calendar year 1925, and $2,312,619 for the calendar year 1924.
Taxes accrued
109.500
Dividend No. 2.
Dividends accrued
24,447
The directors have declared a quarterly dividend of 10 cents per share on
Miscell. unadjusted credits_
8,666
Total (each side)
the common stock, payable June 1 to holders of record May 12. An initial
811,519,538 Surplus
325,063
-V. 122,
dividend of like amount was paid on this issue on March 1 last.
x Represented by 67.000 shares of no par value.
-V.121, p.2874.
p. 1456.
Keystone
Telephone Co. of Phila.-Earnings-Quar. End. Mar. 31- 12 Mos. End. mar. 31.
Gross earnings
Op. exp., maint. & taxes
Interest on bonds
Other interest charges
1926.
$513.634
262,011
124,868
2,820
1925.
1926.
1925.
$488.477 32.017,117 $1,927,701
256,624
1,038,307
1.015,914
121,888
494,505
441,528
1,492
13,290
64,055
Balance
-V. 122, p. 480.
$123,935
$108.473
$471,015
$406,204
Knoxville Power & Light Co.
-Annual Report.
Calendar Years
1925.
1924.
1923.
Gross earnings from operation
$2,481,522 $2,342,101 32,212.269
Operating expenses, incl. taxes
1,709,187
1,523,694
1,657.780
Net earnings from operation
Other income
$772,335
9,707
$684.321
17.044
$688,575
6.974
Total income
Interest on bonds
Other interest and deductions
Dividends on preferred stock
Renewal and replacement reserve....
Balance, surplus
-V.120. p. 2012.
$782,042
201,945
14,820
97,080
160,013
$701,365
207,919
30.462
35,430
148.126
$695,549
203,067
33.680
21.000
139,513
$308,184
$279,428
$298.289
Logan County (W. Va.) Light & Power Co.
-Bonds.
All of the
outstanding 1st mtge. 6% sinking fund gold bonds, dated
Nov. 1 1914. have been called for payment May 1 at 105 and int, at the
Pennsylvania Co.for Insurances on Lives, &c., Phila., Pa.
-V.99, p. 1835.
Memphis Power & Light Co.
-Annual Report.
-
Calendar Years1925.
1924.
1923.
Gross earnings from operation
$4,630.480
Operating expenses, inducting taxes.. 2.576.310 34.401.122 $3.951.588
2,671.177
2,520,913
Net earnings from operation
$2.054,170 $1.729.945 $1.430,675
Other income
262,872
156,761
129,765
Total income
32.317,042 $1,886,706 31,560.440
Interest on bonds
584,537
521.065
422.934
Other interest and deouctions
13.141
161,908
84.005
Dividends on preferred stock
200,094
78,930
70,000
Renewal and replacement reserve_
479.706
419,820
341.249
Balance, surplus
$1,039,564
$704,983
$642,252
-v. 120, p. 3187.
Memphis Street Railway Co.
-Annual Report.
-
Calendar Years1925.
1924.
Gross earns,from oper__ $2,92/.966 $3.014,674
Open exp., incl. taxes.... 1.986.176
2.121,690
1923.
1922.
33,154,526 33,149,147
2,189,370
2,041,149
Net earns, from oper_
Other income
$941,790
3,396
3892.984
3,628
$965,156 $1.107,998
9,478
4.049
Total income
Interest on bonds
Other int. & deductions_
Divs. on pref. stock_
Rep. & replace. res
$945,186
447,899
26,562
200,000
256,469
3896,612
454,195
8,890
125,000
277,125
3974.634 31.112,047
480.043
566.553
30,206
69.071
100.000
228,932
248.705
$14,256
$31,402
Balance, surplus
-V. 120, p. 2816.
$135,453
$227,718
-Tenders.
New Orleans Public Service Inc.
The New York Trust Co., trustee, 100 Broadway, N. Y. City, will
until May 4 receive bids for the sale to it of gen. lien 434% gold bonds.
due July 1 1935, to an amount sufficient to exhaust $150.615, at prices
not exceeding 105 and int.-V. 122, p. 1762.
-Bonds Sold.
New York Central Electric Corp.
Manufacturers Trust Co., New York have sold at 101 and
int. yielding over 5.40% $500,000 1st mtge. gold bonds
5% series of 1950.
M
'
Dated March 11924; due March 1 1950. Red. all or part on any int.
date on at least 30 days' notice at 106 an or prior to March 11928; and at
1% less during each period of four consecutive years thereafter up to and
incl. March 1 1948; and at 100 thereafter to maturity, plus int. in each
case. Denom. c* 31,000, $500 and $100 and r* 31.000, 35.000 and $10,000.
Int. payable M. & S. at the office or agency of the corporation in New
York. Corporation agrees to pay the normal Federal income tax to the
extent of 2%; and to refund the Penn. and Conn. personal property taxes,
not exceeding 4 mills per annum in either State. New York Trust Co.,
trtee.
us
issuancei-Authorized by the New York P. S. Commission.
Data from Letter of E. L. Phillips, Vice-President of the Corporation.
-Furnishes electric light and power service in the Finger Lakes
Company.
District of New York State, serving, without competition, various communities, including Corning. Hornell, Perry. Warsaw, Dansville and Cohocton:
and doing the principal electric light and power business in Penn Yan. A
small part of the corporation's earnings is derived from the sale of steam heat
and gas. Corporation also owns all of the common stock, and operates the
properties, of the Empire Gas & Electric Co., which furnishes the entire
electric light, power and gas service in Auburn, Geneva, Newark, Seneca
Falls, Lyons,and various other communities. The combined gross earnings
of the two companies for the 12 months ended Feb. 28, 1926 were $3.662.610.
-Mortgage securing these bonds is a direct first mortgage on the
Security.
entire property of the corporation except stocks, bonds, and other securities,
and except consumable (coal, etc.) and-or sales materials and supplies
(household appliances, Ste)] owned at the date of the indenture, and upon
betterments, extensions and additions thereto, and upon properties subsequently acquired in their entirety subject only to underlying bonds on such
properties outstanding at the time of their acquisition.
Capitalization.
$3,932,600
7% cumulative preferred stock
2.000,000
Common stock
33,100.000
1st Mtge. gold bonds, 5549' Series of 1950
There are not to exceed $91.800 of underlying bonds now outstanding and
a sufficient amount of the proceeds of this series of bonds has been deposited
to redeem them.
-Twelve months ended Feb. 28.
Earnings.
1925.
1926.
$1,064,312 $1,183,263
Gross earnings
755.345
Oper. Expenses. maintenance & taxes
769.329
Net operating earnings
$308.967
Earnings of Empire Gas & Electric Co. appl. to its •
common stock (wholly owned by New York Central Electric Corp.)
$413,934
352,035
Total earnings _ _
_ ---------- -- --- = --------- $765,969
Annual interest requirement on entire funded debt of
corporation, incl. this issue
_
_ 175.090
Franchises.--Corporation operates under favorable franchises which, in
the opinion of counsel, are either perpetual or. with no important exceptions,
maturity of these bonds.
extend beyond the
-V. 121,.p. 331.
2330
THE CHRONICLE
New York Steam Corp.
-Bonds Sold.
-National City
Co. have sold at 92 and int., to yield over 5.60% $2,500,000
1st mtge. gold bonds 5% series due 1951.
Dated May 1 1926: due May 1 1951. Int. payable
at National City
Bank. New York, trustee, without deduction
tax up to 2%. Penna. and Conn. 4 mills tax of the normal Federal income
refunded. Denom. $500 and
81,000, and 81,000. $5,000 and 810,000. Red. all or part, either at the
option of the corporation or by the sinking fund, on
.days' notice, at 105 on or before May 1, 1948, and any int.,date, upon 30
at 100 thereafter. National City Bank, New York, trustee.
Issuance.
-Authorized by the New York P. S. Commission.
Data from Letter of James D. Hurd,President of the Corporation.
Company.
-Supplies steam for heating and power purposes
town financial district and in extensive uptown commercial in the downand residential
sections in the City of New York. The franchise under
tion operates Ls very satisfactory and, in the opinion of which the corporaright, without limit as to time, to lay mains and pipes counsel, grants the
on the Island of Manhattan and to supply steam for in any of the streets
power, heating and
cooking.
Earnings for Calendar Years.
Cross
Oper. Exp. Curr.
Net
Int. on
Earnings Main, A: All Taxes. Earnings.
Fund. Di.
1922
83,410,401
82.623,422
$786,980
$287,857
1923
3.724,098
2,818.421
905,677
310,004
1924
3,843.974
2.800,495
1,043,479
316,188
1925
4,334.389
3.174,537
347.899
1,159.852
*1926
4.947.711
3,482,5631.465,148
345.945
*12 months ended March 31 1926.
The first mortgage gold bonds constitute the sole funded debt of the corporation and annual interest requirements on
•ently to be outstanding amount to $466,610. the total of such bonds pros-The first mortgage gold bonds ($8,193,500 outstanding. inSecurity.
cluding this issue) are secured by a direct first mortgage on the
Lcal property of the corporation. The mortgage debt amounts entire physto loss than
44% of the value of the property, based on an appraisal approved by the
Public Service Commission.
Purpose-Proceeds from the sale of those bonds, supplemented by funds
derived from the sale of preferred stock, will reimburse the corporation in
part for expenditures in connection with
additions.
eluding the extension of the corporation's important property district. inmains in the uptown
Capitalization Outstanding with Public (after this financing).
'First mortgage gold bonds, 5% Series due 1951 (this issue)____ $2,500,000
t 6% Series due 1947
Preferred stock, Series A, cumul. divs. $7 a share per annum, 5,693,500
41.930 shares without par value at minimum liquidation price
of 8100 a share
Common stock, 30.000 shares without par value, representing 4,193,000
balance of stated capital
7,320,000
Sinking Fund.
-A sinking fund is provided for bonds of the 5% Series
due 1951. requiring semi-annual cash payments to the trustee equal in each
ease to at least II% of the aggregate principal amount of said bonds outstanding at the time of such payment. Such moneys shall be applied
toward the purchase or redemption and cancellation of bonds of the 5%
Series due 1951.-V. 121, p. 2875. 1223.
. North American Edison Co. & Subs.
-Earnings.
r Calendar Years1925.
1924.
Gross earnings
Operating expenses and taxes
Interest charges
Preferred dividends of subsidiaries
Minority interests
Depreciation reserve
Preferred dividends
Common dividends
$72,563,287 866.315,448
43.628,873 40.957.074
7,970,539
9,023,896
2,275.318
2,852,019
1,130,227
1,212,492
6,613,828
7,396,578
236.667
3,753.750 3.330.250
Balance,surplus
$4,459,010
Consolidated Balance Sheet December 31.
1925.
1924.
1925.
Assets$
$
ProP'Y & plant_256,748,609 231,078,522 Preferred stock.x20,000,000
Cash on deposit
Common stock_y27,139,870
with trustees_ 1,056,668 4.738,222 Pfd stks.of subs. 44,438,898
Stocks & bonds
Minority lets. In
of other cos__
226,852
186.000
capital & surSundry invesrts
289.493
304,843
plus of subs__ 8,968,606
Due fr. Mill. cos. 12,917,681 5,558,185 Funded debt_ _ _148,181.326
Cash
2,654,737 2,727.172 Due to affIl.cos_
81,471
U.S. Govt.secs. 15,113,343 17,214,442 Notes & bills
-pay 2,086,021
Notes & bills rec.
370,261
238,337 Acc'ts payable__ 2,215.789
Acels receivable 7.764.490 9,551.586 Sundry cur.ilab. 1,701,711
Mans & supra_ 6.851,691 6.632,412 Taxes accrued__ 4.609.895
Prepaid meta
281.177
217,689 Int.accrued _ _ _ _ 2,002,023
DIsc't de exp. on
Divs. acced__ __
437,944
securities..., 11,718,702 10.945,041 Sundry accrued
liabilities ____
52,915
Deproc. reserves 37,807,955
Other reserves__ 5,715,080
12,754,200
Surplus
$4,038,210
1924.
27.139,870
37,903,717
6,277.298
153,579.517
8,060.994
411,626
2,474,488
1,421.389
3,842,615
2,223,430
261,630
48,994
32,367.081
5.059,017
8,318,784
Total
315.993.705 289.390,451
Total
315,993.705 289,390,451
x Represented by 200,000 shares of no par value.
y Represented by 385,000 shares of no par value.
-V. 122, p. 1611.
North Carolina Public Service Co. & Subs.
-Earnings.
Years Ending Feb. 28Operating revenue
Operating expenses, maintenance and taxes
1926.
1925.
81.873,802 81.738,920
1,264.017
1.180.934
Operating income
Other income
Total income
Interest on funded debt
Other deductions from Income
Provision for divs, on preferred stock
$609.785
$16,563
$626,348
274.273
18.790
145.959
$557.986
84.680
8562,666
253.596
20.072
110.187
Balance of net income
-V. 121, p. 3005.
$187,326
8178.811
North Hudson County Ry.-To Retire Bonds.
-
All of the outstanding $1,291,000 improvement mortgage 6% bonds
due May 1 1926 will be retired at maturity. The bonds will upon presentation at the office of Drexel & Co., Phila.. Pa., or at the office of lionbright
& Co. of New York, be purchased at par. Coupons duo May 1 1926 will
be paid as usual upon presentation at the Fidelity Union Trust Co., Newark,
N. J.
-V. 118. p. 2179.
Northern Ohio Power Co.(& Subs.).
-Earnings.
-
Period End. Mar.31- 1926-3 Mos.-1925. 1926-12 Mos.-1925.
Gross earnings
$3,134,670 $2,873,258 811,761,110 $10,503.477
'Open exps., incl. taxes
and maintenance
2,268,466
8,582.404 8,126,279
2,108,354
Gross income
Fixed charges(see note)-
8866,204
574,151
8764,904 $3,178.706 $2,377,196
2,216,853 2,129,790
548,804
xNet income
8961.853
$292,053
8216.100
$247,406
x Available for retirement reserve and corporate purposes.
Note.
-Fixed charges prior to Feb. 1 1925 have been computed for comparative purposes to include interest of the Northern Ohio Power Co. for
expired periods of 1925 and for year 1924 and include interest charges and
dividends on outstanding preferred stock of subsidiary companies.
-V.122,
p. 612.
Northwestern Light 8c Power Co.
-Annual Staternmt.-
Results for Year Ended Dec. 31 of Properties Now Constituting the System.
Gross revenues___________________________________________ $264,729
Operating expenses
167,892
Operating expenses, $167,892; taxes, $5,600; total
8173,492
Its
Amount available for interest
$ 91.237
-V. 121. P. 1566. •
[Void. 122.
Ohio Edison Co.
-Earnings.-
Calendar YearsGross earnings
Operating expenses
Taxes
Provision for retirements
Int. & other fixed charges
Divs. on preferred stock
1925.
1924.
1923.
$1,564,958 $1,478,103 $1,289,267
777,737
746.510
662.890
169,894
143,753
101,962
123,000
123,000
108.000
111,782
114,533
126,053
78,551
72,371
51,056
Balance, surplus
$303,994
5239.307
$277,937
12 Mos. End. Feb. 28- 1926.
1925.
1923.
1924.
Gross earnings
$1,613,776 81,485.623 31,400,350 $1,099,062
Oper. exp., incl. taxes &
maintenance
947,483
904,101
845,908
646,813
Fixed charges
107,155
97.792
110,666
134,276
Dividend on pref. stock_
83,366
72,578
44,187
57,826
Prov. for rept. & deprec_
123,000
123,000
108,000
110,500
Balance
8352,772
8202,270
2251,840
8275.278
-V. 121, p. 2876.
Ohio Traction Co.
-Plan.-
At the annual meeting of the stockholders on Feb. 8 1926, a resoltluon
was adopted authorizing the president of the company to appoint two
committees of three members each, the first a preferred stockholders
committee to represent the holders of the preferred stock, and the second a
common stockholders committee to represent the
common
stock, with authority to request and accept deposits holders of the classes
of the respective
of stock by the owners and holders thereof. The committees were authorized
to negotiate and agree upon a plan for an
distribution between the
two classes of stock of any of the assetsequitable
company which the board
of directors may decide to distribute or forof the
an equitable distribution between
the two classes of stock of the capital stock of a company which may
acquire all of the assets of Ohio Traction Co. and
companies
through a merger. No plan has as yet been agreed its associated
upon.
Stockholders were requested to deposit their
on or before March 31
(time subsequently extended to April 20) withstockWestern Bank & Trust
the
Co. of Cincinnati.
Preferred stockholders committee: Wm. Cooper Procter, Frederick
llertenstein and A. E. Burkhardt.
Common stockholders committee: W. F. Wiley, Julia B. Foraker and
Theobald Feiss.
The assets of the Ohio Traction Co. are said to include 51,600.000 in
cash and bonds, 85.000 shares of Cincinnati Street It stock, the capital
stock of the Cincinnati Car Co., the Traction Building and the Chester
Park property.
-V. 122, p. 749.
Ozark Utilities Co., Pleasant Hill, Mo.-Bonds Offered.
-Stern Brothers & Co., Kansas City, Mo. are offering at
100 and int. $350,000 1st mtge. 6% 5
-year gold bonds,
series A.
Dated April 1 1926: due April 11931. Interest payable A. 5c 0. at office
of Stern Brothers & Co., Kansas City, Mt. Red. on any int. date on 30
days' notice at 101 Ji and int. up to and incl. April 1 1927: thereafter at
101 and int. up to and incl. April 1 1930 and thereafter
100 and int.
Company assumes the normal Federal income tax up toat
2%. Denom.
51,000. $300 and $100. First National Bank, Kansas City, trustee.
Company.
-Occupies a territory contiguous on the
ths
West Missouri Power Co., and is owned and operated South to that of
interests.
It serves with power and light 23 communities lying by the same
within a radius of 60
miles to the north and west of the City of Springfield and having a combined
urban population of approximately 17.000. The territory
cultural in character and the towns are the commercial served Is agricenters of the
surrounding farming districts. There are also industrial interests of
considerable importance, such as flour mills, stone quarries, canning
factories, ice plants and others.
The combined plant consists of 2 hydro-electric generating stations at
Caplinger Mills and Bower Mills which carry the base
modern and
efficient oil engine plants at Bolivar and Greenfield load; 2
and additional ell
engine plants all with a combined generating capacity of 1,256 k.w.: 199
miles of high-tension transmission lines; distribution systems: transformer
stations. &c.
Earnings Year Ended Feb. 28 1926Operating revenues
$98,129
Non-operating revenues
2,143
Total revenue
$100,272
Operating expenses & taxes
53,070
Net earnings before depreciation
$47,202
Annual interest on present issue
21,000
CapitalizationAuthorized. Issued.
1st mtge. bonds (this issue)
$750,000
$350.000
Preferred stock
250,000
250,000
Common stock
150.000
150.000
Pacific Electric Ry.-Annual Report.-
Calendar YearsGross earnings
Net (after taxes)
Other income
Int., rents, dm
Balance, deficit
-V. 121. p. 2521.
1925.
1924.
1922.
1023.
$19,514,324 820,729,483 821.641.554 118.307.733
$2,356,581 $3,714,351 $4,463,752 $3,542,207
Cr539,356 Cr292.163 Cr216,292
Cr98,215
2,938.375
4,598.699
4,349,129
4.216,411
$42,438
$592,185 sur.$330,915
$575.989
Pacific Gas & Electric Co.
-To Issue Bonds.-
The company has applied to the California RR.Commission for authority
to issue $10.000.000 1st mtge. 5% bonds, to be sold to the National City
Co. at not less than 94).. The bonds are to mature in 1955. The proceeds are to be used to pay for improvements and additions, including
the Pitt River project. The company is now spending 228,875,000 on
this program.
-V. 122.9. 1170.
Pacific Power & Light Co.
-Annual Report.--
Calendar Years1925.
1924.
1923.
1922.
Gross earns,from oper_ - $3,545.421 53.181.736 $3,127,068 83.007,058
Oper.exps.,incl. taxes
2.009.701
1,758.254
1.642,088
1,616.496
Not earns, from oper_ 81,535.720 $1,423,482 81,484,980 $1,390,562
Other income
17.693
26,848
22.748
33,216
Total income
81.553.413 $1,450,330 31.507,728 11,423.778
Interest on bonds
555,950
555,950
555,950
555,948
Other int. & deductions_
229,633
176.928
133,823
112,774
Divs.on preferred stock_
390,095
339,514
312,676
292,245
Renewal & replace. res
350.000
260,000
320,000
200.000
Balance, surplus
$27,735
$117,938
8262.811
5185.279
-V. 122, p. 482.
Penn-Ohio Edison Co.
-Definitive Debentures.
Definitive 6% gold debentures Series A and option warrants are now
ready for delivery in exchange for outstanding interim receipts at the Central Union Trust Co., 80 Broadway, N. Y. City.
-V. 121, p. 2876, 2752.
Philadelphia Rapid Transit Co.
-Earnings.
-
Quarters Ended March 31
Operating revenue
Operation and taxes
Non-operating income (credit)
Payments to city skg. fund & Frankford Elev- Fixed charges, diva. and management fee
Surplus
Passenger Statistics
Total passenger revenue
Total passengers
-carried
Average rate per passenger
-V. 122, p. 1918. 1611.
1925.
1926.
$12,907,925 $12,427,025
9,624,542 8.974,908
50.479
130.052
162,030
201,040
3,088.290
3,204.849
$7,545
8252,276
512.728.393 $12,266,023
234,736,757 227.502,156
5.39e.
5.42c
Public Service Electric & Gas Co.-Pians Issuance of
$40,000,000 Additional Stock.-
AM. 241926.1
THE CHRONICLE
2331
Gross and Net Earnings of Subsidiaries.
The company has applied to the New Jersey P. U. Commission for the
approval of an issue of $40.000,000 additional capital stock. The issue will
1924.
1922.
1925.
1923.
be made up of 2,500.000 shares of common stock of no par value, to be sold Gross earns,of all subs_ _613,828,675 $12,617,472 611,161,374 69,865,586
at $10 a share, and 150,000 shares of 6% cumul. pref. at par $100 per Oper. exp., incl. taxes- - 7,037.755 6,656,595
5,941,349
5.136,898
share.
The $40.000,000 will cover about 922,000,000 already expended in 1925
Net earns, of all subs- $6,790,920 65,960.877 65,220.025 $4,728,688
and the balance of $18,000.000 will be applied to the construction budget -V. 120. p. 2013.
of 1926 which involves a total of more than $50,000.000.
-Bonds Offered.
Richard R. Young has been elected Vice-President in charge of sales.
Springfield City Water Co.
-Timber-V.122, p. 1312.
lake SE Co. and Porter Erswell & Co., Portland, Me.,recently
Portland Electric Power Co.
-Earns., Calendar Years.
- offered at 1023/, yielding 5.78%, $250,000 1st ref. 6% gold
2
1925
1924.
1923
bonds, series A of 1924, due May 1 1944.
611.045.063 910,841,617 $10,825,380
Company ProperGross earnings
Operating expenses
Taxes
Interest
Bridge rentals, &c
Prior preferred dive.(7% cum.)
First pref. dive.(6% cum.)
First pref. dives.(7.2% cum.)
Second pref.(non-cum.)
Depreciation
Interest payable M.& N. at Union Safe Deposit & Trust Co., Portland,
Me.,and at Chase National Bank,New York. Denom.$500 and $1,000 cs.
Int. payable without deduction a the normal Federal income tax up to 2%.
Penna. and Conn. 4
-mills tax and Mass, income tax up to 6% refunded.
Red. all or part on any int. date at 103 and int. Union Safe Deposit &
Trust Co., Portland, Me., and St. Louis Union Trust Co., St. Louis,
Mo., trustees.
Company.-Incorp. in Maine in 1911. Successor to Springfield Water
75.000
717.386 Co., which has been in successful operation since 1884. Company owns
the entire water works system and serves without competition Springfield.
:Balance
688,948
$338,592
$735.162 Mo.. and vicinity with water for public and domestic purposes. In MS
company had 12,158 water takers, 85% of which are on metered service.
• x Available for financial requirements and surplus.
-V.122. p. 1764.
Capitalization.
Puget Sound Power & Light Co.
-Bonds Offered.- Common stock
$800,000 1st mtge.fe, 1936(closed)--6637,500
Preferred stock
500.000 I 1st ref. 6s (incl. this issue).- 500,000
Lee, Higginson & Co., Harris, Forbes & Co., and Estabrook
Sinking Fund.
-An annual sinking fund of 2% of the gross
& Co. are offering at 9932 and interest, yielding over 5.10%, company has been provided by this mortgage and that securingincome of the
the 1st mtge.
bonds, for the retirement of funded indebtedness.
$5,000,000 first and ref. mtge. 5% gold bonds, Series B.
Earnings Year Ended Dec. 31 1925.
Dated Feb. 1 1926: due Feb. 1 1931. Redeemable on any interest date
6295,680
on 30 days' notice, at 102 on Aug. 11926, decreasing 3(% each six months Gross earnings
169,618
thereafter to par on Aug. 1 1930. Interest payable F. & A. in Boston, Operating expenses and taxes, including depreciation
New York and Chicago. Elenom. 91,000 and 6500c*. Old Colony
Net
$126,062
Trust Co.. Boston, trustee. Company agrees to pay interest without
63,750
deduction for any normal Federal income tax to an amount not exceeding Interest charges on funded debt
-V. 113, p. 631.
2%.
Capiialization Outstanding upon Completion of Present Financing.
Standard Gas & Electric Co.
-Stock Increased-AcFirst & ref. mtge. 5'l% Series A. due 1949
$28,500,000 quires Control of Standard Power & Light Corp.
do 5% Series B (this issue)
5.000,000
The stockholders on April 21 (a) increased the authorized common and
Divisional bonds (underlying on properties owned)
17.381.900
pref. stocks each from 1.000,000 shares to 3,000,000 shares: (b) approved
Coupon notes, due 1930
4,350.000
Prior preference (7% cumulative) stock
10.000.000 an agreement dated March 22 1926 between Ladenburg, Thalmann & Co.,
Preferred ($6 per share cumulative, no par value) stock
180.000 abs. the Standard Gas & Electric Co. and H. M. Byllesby & Co., relating to
Common stock (no par value)
202,829 alas. the purchase by the Standard Gas & Electric Co. of stock of the Standard
In addition, subsidiary companies have outstanding 96,308.000 bonds, Power & Light Corp. and the United Railways Investment Holding Corp.*
for which Puget Sound Power & Light Co. has no liability, excepting on (c) approved the purchase from H.M.Byllesby & Co.of stock of the United
62,500,000,for which a subsidiary has agreed to furnish the necessary funds. Railways Investment Holding Corp. and the payment of certain sums to
Company.
-Owns one of the most important electric power and light H. M. Byllesby & Co. for services to the Standard Gas & Electric Co.;
systems in the United States. Furnishes nearly all power and light (outside and (d) approved the sale of securities by the company to the Standard
of that supplies by municipalities of Seattle and Tacoma)in an area of over Power Ac Light Corp. and the purchase by the former of notes and stock
31,000 square miles in the State of Washington. Also, but principally issued by the latter. See also V. 122, p. 2044.
through subsidiaries, it does part of the transportation business in the same
Standard Power & Light Co.
-To Increase Stock.
territory. Properties include generating plants with a present installed
capacity of 229,890 h. p., of which 185.180 h. p. is hydro-electric and
The stockholders will vote May 4 on increasing the authorized capital
44.710 h. p_. is steam, with necessary transmission lines and distribution stock from 1,330,000 shares to 4,600,000 shares of no par value. See also
systems. The hydro-electric generating capacity includes 40,215 h. p. at V. 122, p. 2043.
Baker River,of which one unit began commercial operations on Dec. 1 1925,
Tampa Electric Co.
-Div. on New Common Stock:
and the other on April 1 1926.
Securifs.-Mortgage covers substantially all the electric power and light
A quarterly dividend of Si)cents per share has been declared on the comproperties and certain other property now owned or hereafter acquired, mon stock of no par value, payable May 15 to holders of record May 3.
subject only to the divllional bonds unde:lying on a part of the property. This is equivalent to the regular quarterly dividend of $2 50 formerly paid
It is a first mortgage on properties having a present value in excess of on the common shares of $100 par value, which are now exchangeable for
$22.700.000. It also covers by direct first lien $10,835,000 "City of n par shares on the basis of five new for one old. The stockholders on
Seattle Municipal Ry.5% bonds of 1919." maturing serially. The Properll 6 approved the plan of recapitalization outlined in V. 122, p. 1457.
ties and securities covered by this mortgage are valued by the Company
Utah Light & Traction Co.
-Annual Report.
substantially in excess of the entire mortgage debt including underlying
issues. The mortgage, with one unimportant exception, does not cover
Calendar Years1925.
1922.
1924.
1923.
electric railways and does not cover certain properties or securities hereafter Gross earns,from oper-- $1,841,060 $1,852,762 11.857.747 $1,979.380
acquired but not made the basis of the issue of rirst and ref. mtge. bonds.
1,479,155
1,498.811
Oper. exp., incl. taxes-- 1,447,310
1.467,590
Earnings (Company and Subsidiary Companies), Years Ended Dec. 31.
$373,607
$390.157
$480.569
Net earns, from oper- 1393,750
Gross
Net Income
Interest
560,080
536,755
495.998
382.797
Other income
Earnings. after Taxes. Charges.
Balance.
1921
610.038,544 $4,905,250 62,442.614 $2,462,636
$8863,366
1922
9953,830
$910.362
$886,155
Total income
10,477,609
5,093,875 2,439,302
2,654,573
841,765
841.765
841,765
841,765
1923
12,424.707
5,543,055
2,532,624
3,010,431 Interest on bonds
46.453
123,261
82,757
1924
59,577
12,539,869 5,215,051
2,557,141
2,657,910 Other int. & deductions_
1925
.688.972 2,764.129
Purpose.
$11,196
$14.160
115,187
124,852
Balance, deficit
-Proceeds will be
used for construction, the acquisition of new
properties, and to reimburse the company's treasury for construction
Comparative Balance Sheet Dec. 31.
already made.
1924.
1924. I
1925.
1925.
Sinking Fund.
-Annual sinking fund (first payment Sept. 1 1926) payable
Liabilities$
$
in cash or bonds equal to IX% of aggregate amount of first and ref. mtge. Plants & invest._ _23,400.310 22,905,800 Capital stock
1,150,875 1,150.875
bonds and underlying bonds, as defined in the mortgage, in hands of public. Cash
166,079 Funded debt (held
148,119
Sinking fund payments on underlying bonds will be credited toward this
by public)
73,928
166.735
sinking fund. The cash remainder will be applied to purchase first and Accts. receivable._ 116,829
Utah L.St P.55_ 746,000
745.000
106,253
Material suppl
ref. mtge. bonds of any series, at not exceeding par and interest, or if bonds Prepaid accounts.
4,117
Utah L.& P.4s. 1,113.000 1,113,000
2,824
not so purchasable, to additions to mortgaged property or reduction of Trust funds
1.000
9,991
9,991
Cons.RY.StP.511
LW°
bonded debt.
-V. 122, p. 1312.
486.000
Utah Lt.&Ry.5s 486.000
Funds depos. with
Utah L.&T.58_12,471,300 12,471.300
trustee for red.
Savannah Electric & Power Co.
-Control.
Utah L.& T.8s_ 1,401.000 1,401.000
of Consul. Ry.
See Engineers Public Service Co.in last week's "Chronicle," page 2190.1,000 Notes &loans pay_ 2,103,019 1,793.937
& Pow. 5s
1,000
V. 122, p. 1611.
151.097
Accts. payable.._ 279,488
Unamort. discount
482,971
507.056
and expense.._
South Carolina Gas & Electric Co. & Subs.
-Earns.
- Deferred debits__ _ 165,166 177,749 Accrued accounts_ 1.755.188 1.778.969
1,414
3,478 Reserves
Income Account for Calendar Year 1925.
1.929,740 1.940,969
Surplus
Operating revenue
$966.900
Operating expenses and taxes
23,919,581 23,541,202 Total
23,919,581 23.541,202
Total
859,554
-V .120, p. 3066.
Operating income
6107,346
Other income
-Annual Report.Utah Power & Light Co.
588
(Incl. Western Colorado Power Co.-Inter-Company Charges Eliminated.)
Total income
1925.
Int. on funded debt, 6256800; int. on notes pay., $42,610; $107,934
Calendar Years1924.
192.1.
1922.
int. on consumers' deposits, $288; arnort, of debt discount
Gross earns,from oper__ $9,854,500 19.331.444 $8,543,405 17.125,089
and expense, $106; total
Oper. exp., incl. taxes__ 4.848,211
4.716,022 4,253,372 3,612,341
299,804
5,504,578
5,434,454
977,672
993,704
2,485,985 2,247,598
103,943
103,477
444,361
3
95,875
375.000 • 375,000
47,190
5,531
300,000
300,000
717.386
717,386
5,538.954
1,003,877
2,066,894
108,176
905,001
375,000
A
Net deficit
-V. 119, p. 1954.
6191,870
Southeastern Massachusetts Power & Electric Co.
-
The Massachusetts Department of Public Utilities has authorized the
company to issue 2,457 additional shares of capital stock (par 825) at $30
per share. The proceeds will be used to pay for extensions and additions
to property.
-V. 120, P. 1748.
Southwestern Power & Light Co.
-Earns.for Cal. Years.
Southw,Pow.& L .Co.- 1925.
1924.
1923.
1922.
Gross earnings
63,762,193 $2,862,994 $2,549,754 $2,441,850
Operating expenses
31.569
27,708
36,370
34.604
Net earnings
63.730,624 $2,835.286 $2,513.384 $2.407,246
Interest and discounts_ _
941,548
964,416
870,654
1,286.623
Preferred dividends paid
542,212
409,990
307,090
307.090
Balance
$2,246,864 $1.460,880 $1,335,640
$8813,533
Controlled Companies1925.
1924.
1923.
Undistributed inc. of controlled cos-- $1,482,497 61,691,239 61,343,216
'Fransf. to renewal & replacement res.. 1.179.600
887,000
900,400
applicable to common stock
Amount
1,598
of Southwestern Power & Light Co_
2,734
Cr.8,643
Net addition to surplus ofcontrolled
cos. applic. to S.W.P.& L.Co-.. $301.299
$801,505
$451,459
Combined balance for 12 months,
applic. to Southw.P.& L.Co--_ $2,548,163 62,262,385 $1,787.099
Surplus of company at end of year -- $1,522,314
$811,067
6668.298
Netsurplus of controlled cos. at end of
year applicable to company
3,101,854
2,791,742
1,988,967
Combined surplus at end of year - $4,624,168 $3,602,809 62,657,265
Net earns,from oper- $5,006,289 $4,615,422 $4,290.033 $3.512.748
Other income
364,067
386,140
183,749
201,219
Total income
$5,370,356 15,001.562 $4,473,782 63,713.967
Interest on bonds
1,957,350
1,957.350
1,574,919
1,854.933
Other int. and deduc'ns_
181,995
173,346
194,532
286.312
Divs, on pref. stock_
1,359.629
1.142,945
867,837
786,402
Divs. on 2c1 pref. stock
70.000
70,000
216,930
216.930
Renewal & replacement
(deprec'n) reserves_ _ _
725,000
725,000
600,000
725,000
Balance, surplus
1614,550
8249.404
11.076.382
1932.921
Consolidated Balance Sheet Dec. 31 (Including Western Colorado Power Co.).
[Inter-Company Accounts Eliminated.1
1924.
1925.
1925.
1924.
Assets
Liabilities$
$
$
$
Plants, leaseh'ds
Pref. stock, 7% 21,056,400 18.056,400
and securities. 84,277,181 82,330,912 2d pref. 7% stk. 1,000,000 1,000,000
Construe.(contr.
Common stock_ 30,000.000 30,000,000
804,392 Funded debt__ 36,847,000 36,847,000
advances)..___ 2,280.971
Cash
923,826
851,960 Divs. declared__
535,987
333,487
Adv. to MM.cos 3,738,019 2,538,937 Aec'ts payable__
454.141
621,762
Notes receivable
4,202
5,002 COI:MM. depos_
456,489
458,946
Acets receivable 2,494,642 2,175,960 Accrued acc'ts_ _ 1.199,872 1,123.885
Material & supp
812,983
760,410 ProgressCo note
x30,000
Prepaid acc'ts
34,263 Utah L.& Tr.Co
21,316
Progress Co.note
x30,000
bonds St notes.x13,872.000 113,872,000
Utah L.k T.Co.
Deferred credits.
27,696
bonds & notes.:13,872.000 :13,872,000 Reserves
3,291,170 2,722,724
Unamort.
Surplus
3,022,292 2,537.723
comm.& exp_ 3,337,905 4,187,314
Deferred debits_
12,777
Total
111,763,046 107.603,927
Total
x Guaranty (see contra)
.-V. 121. p. 3133
111,763,046 107,603,927
2332
THE CHRONICLE
[VOL. 122.
Tug Strike Settled
-Men Win Pay Raise.
-After being on strike one day
men return to work April 17, the towboat owners granting a 10
-hour day,
$10 to $25 increase in monthly wages and more "grub" money. "Times"
April 17.
Plumbing Companies Accept Decree.
-A consent decree in the government
anti-trust proceedings against 14 plumbing supply companies has been
In the
Virginia Public Service Co.
-Debentures Offered.
-E. H. entered Fares Federal Court at Richmond, Va. "Wall St. Journal" Apr. 20.
Rollins & Sons, Blyth, Witter & Co., H. M. Byllesby & 35Taxi firstGoing Up on May 1 in N. Y. City.-Yellow Cabs to charge
cents
mile
Co., Inc., Howe, Snow & Bertles, Inc., and Eastman, 'Times" April 21. and 25 cents thereafter. Checker may make change.
Green Moves Again to End Fur Strike.
-A. F. of L. head asks employers
Dillon & Co. are offering at 963' and int., to yield about to meet members of three workers'
bodies. "Times" April 21.
6.30%, $5,000,000 20-year 6% s. f. gold debentures.
High Court Enjoins Garment Pickets.
-Appellate Division upholds the
Dated Feb. 11926; due Feb. 1 1946. Red. on the first of any month on temporary order issued by Justice Proskauer. Permits peaceful means.
30 days' notice as a whole or in part at 105 and int., reducing V of 1% for "Times" April 21.
Matters Covered in "Chronicle" April 17-(a)Proposed cut of 10% in Cuban
each year elapsed from Jan. 31 1926 up to maturity. Int. payable F.& A.
in New York or Philadelphia. Denom. $1,000 and $500 c*. Philadelphia Sugar Crop-Decree by Pres. Machado prohibiting new plantings until June
Trust Co., trustee. Company agrees to pay interest without deduction 1927, p.2129. (b) New York Stock Exchange suspends M. G. Morgan and
for any normal Federal income tax not exceeding 2%. Conn., Penna. and J. B. Morgan. partners in the brokerage firm of buyer & Morgan, for
Calif. personal property taxes not exceeding 4 mills per annum. Maryland one year-Dissolution of firm announced. p. 2132. (c) Consolidated Stock
not exceg 4 mills per annum, Dist. of Col. taxes not exceeding Exchange now asks the state to modify certain terms of its agreement with
exceeding
5 mills per annum and ass.Income tax not exceeding 6% on int.refunded. the State Attorney-General recently sanctioned by the State Supreme
Purpose.
-Proceeds of these debentures, together with the proceeds of Court, p. 2133.
$11.500,000 1st mtge. & ref. bonds (V. 122. p. 1313) and $3,6100,000 7%
Acadia Sugar Refining Co., Ltd., Halifax.-Reorg. Plan.
pref. stock, are being used for and in connection with the merger and acquiA meeting of shareholders is to be held in Glasgow on April 29 for the
sition of certain properties, and for the retirement of outstanding obligations
purpose of considering a refinancing plan which among other things provides
of the companies which are parties to such merger, and to furnish additional
moneys to connect by transmission lines the properties in western and as follows: Company shall go into voluntary liquidation, and transfer its
assets to a new company to be incorporated under the same or a similar
southern Virginia, together with other additions and betterments.
name in the Province of Nova Scotia, having a share capital of $3,000,000
Exchange Privilege.
-National Public Service corp., owner of all the
common stock of Virginia Public Service Co., has agreed to exchange a (£616,436), of which $1,500,000 (£308,218) will be 6% cumulative preferlimited number of these debentures into class A common stock of National ence shares and $1.500.000 (E308,218) ordinary shares. Both classes will
be issued in denominations of $5 and £1. Holders of the preference shares
Public Service Corp. on presentation and surrender to National Public will
receive 75% of their present holdings In the 6% cumulative preference
Service Corp. of said debentures, with a cash adjustment of accrued int. on shares
of the new company in satisfaction of all their claims including all
the debentures and accrued divs. on the stock at the rate of $1 60 per share
arrears of dividend, and the holders of ordinary shares will receive 25%
per annum on the following terms:
During the 12 months ending April 30 1927 National Public Service Corp. of their present holdings in ordinary shares of the new company. $750,000
will accept up to, but not exceeding, $500,000 of debentures, and will ex- (£154,109) of ordinary share capital of the new company will be allotted
in exchange therefor 40 shares of its class A common stock for each $1,000 to the underwriters of the new 1st mtge. bonds or the subscribers of the
of debentures. This exchange privilege will inure only to the benefit of the gen. mtge. bonds (below). The scheme also provides for the sale by the
holders first presenting debentures for exchange and will expire at the close liquidator of all fractional shares. Provision will be made for the election of
three directors by the shareholders resident in the United Kingdom and for
of business on April 30 1927 to the extent not exercised by that time.
During the 12 months ending April 30 1928 National Public Service Corp. the establishment of a share register in Glasgow upon which the Cl shares,
will accept up to, but not exceeding. $500,000 principal amount of debenture both preference and ordinary, may be transferred.
It is proposed to issue $2.500,000 (£513.835) out of an authorized issue of
and will issue in exchange therefor 35 shares of its class A common stock for
-year 6% 1st mtge. sinking fund gold bonds
each $1.000 principal amount of debentures. This exchange privilege will $3.000.000 (£616.436) of 20
inure only to the benefit of the holders first presenting debentures for ex- secured on all the properties and assets, and calling for a sinking fund of
2% annually, commencing July 11927; also $750,000(£154,109) out of an
change and will expire at the close of business on April 30 1928 to the extent
authorized issue of $1,000,000 (5205,479) of 20
-year 7% gen• mtge.sinking
not exercised by that time.
During the 12 months ending April 30 1929 National Public Service Corp. fund gold bonds, also secured on all the properties and assets, but subject
to the 1st mtge. bonds, and calling for a sinking fund of 2;4% annually,
will accept up to, but not exceeding,$500,000 principal amount ofdebenture, commencing
July 11928. Out of the proceeds of these issues, the company
and will issue in exchange therefor 30 shares of its class A common stock
for each $1,000 principal amount of debentures. This exchange privilege would redeem the outstanding 1st mtge. 7% serial gold bonds and outwill inure only to the benefit of the holders first presenting debentures for standing gold notes amo_nting together to approximately $1.607.208
exchange and will expire at the close of business on April 30 1929 to the (5330.933) and would be left with working capital amounting to more than
$550,000 (£113.025).
extent not exercised by that time.
Should the plan be approved. it is probable that a public offering of the
The class A common stock of National Public Serie° Corp., into which
1st mtge. and gen. mtge. bonds will be made in the near future, and an
these debentures may be exchanged, is entitled to priority as to dividends opportunity
afforded to the shareholders of subscribing for either issue.
to the extent of $1 60 per share per annum over the class B common stock.
Such dividends are cumulative to the extent earned in any calendar year -V. 120, p. 2945.
and have been paid regularly since issuance. In addition, class A common
Advance Bag & Paper Co., Inc.
-Tenders.
stock has certain participating features. For the 12 months ended Dec.31
The Pennsylvania Co. for Issuances on Lives, &c.. Phila., Pa., will until
1925 dividend on the outstanding class A common stock was earned apApril 27 receive bids for the sale to it of 1st mtge. 7% sinking fund conproximately four amps.
Management.
-Company Is controlled, through ownership of 100% of vertible gold bonds, to an amount sufficient to exhaust 639,753, at a price
the conunon stock. by National Public Service Corp., which operates not exceeding 10734 and int.-V. 122, p. 1613.
public utility companies in the States of New Jersey, Pennsylvania, DelaAetna Life Insurance Co.
-Subsidiary Co. Stock.
ware, Maryland. 'Virginia, West Virginia, North Carolina, Georgia and
See Automobile Issuance Co., Hartford, Conn., below.
-V.122. p.1919.
Florida, and is under the supervision and management of General Engineering & Management Corp. Compare also V. 122. p. 1313. 1765.
Ajax Rubber Co., Inc.
-Capital Stock Increased.
The stockholders on April 20 increased the authorized capital stock from
Washington Water Power Co.
-Earnings.
500.000 shares of no par value to 1.000,000 shares of no par value.
3 Mos.Ended Mar.311924.
1926.
1925.
V. 122. p. 1765, 1314.
Gross revenue
$1,493,679 $1,359,329 $1,335,474
Operating expenses
396.581
388,890
416,317
Allegheny Avenue Realty Corp., Phila.-Bonds Called.
Taxes (including income tax)
166,082
192.787
170,350
All ofthe outstanding $606.500 1st mtge. serial6 %
gold
Interest
149,948 due 1926-1939. (Nos. 24 to 869, both incl.) have beencouponfor bonds,
154,872
131,138
called
payment
Profit and loss prior years (credit)
492 June 15 at 102% and int, at the offices of S. W.Straus & Co., New York
401
900
or
Chicago.
Net earns avail.for diva. & retir.exp. $753,837
$646.117
$623,354
-V.122, p. 1172, 885.
Amerada Corp.
-Acquires Leasehold.
The corporation has acquired a leasehold of 960 acres of proven oil
Washington Water Suppy Co.
-Sale.
land in the Panhandle field of Texas, and
By order of the court of Common Pleas of Lehigh County, Pa., the In the Seminole field of Oklahoma from the1,000 acres of scattered leases
Douglas 011 Co.of Oklahoma.
Real Estate Trust Co. of Phila., trustee of the mortgage, dated Jan. 1 1906 it is announced.
-V. 122, p. 2195.
will sell the entire property at public auction at the court house in Allentown, Pa., May 14.
American Bosch Magneto Corp.
-Balance Sheet Dec. 31.
1924.
1925.
1924.
1925.
West Kootenay Power & Light Co., Ltd.
-Earnings.
- AMU
$
Liabilities$
Consolidated Income Account for Calendar Years.
Prop., plant & eq. 4,032,073 3,951,373 Can. stk. & sun:1_210,207,265 7.670,111
1925.
1922.
1923.
1924.
Patents. &c
594,176 Cold notes
594.176
2.250,000
$772,123 Investments
Gross revenue
$1,041,125
$690,575
$683,516
2,921,242 2,807,367 Accounts payable. 1,127,095
747,017
211.839
Operating expenses
241,620
344,772
194,267 Cash
180.211 Notes payable_ ___ 800,000
850,000
118.849
Bond interest, &c
106,968
196.270
114,839 Notes & accts. & 160,953
Accrued accounts_
78,614
69,459
284,265
Depreciation_ _ _ _
232,655
364,864
287,048
trade accep.rec_ 1,609,782 1,208,685 Rea. for conting_ 100,000
100,000
35,000
35,000
Preferred dividends(7%)
35.000
35,000
2,867,638 2,863,600
(4%)128,480 Inventories
Common dividends
11.194
Life insurance__
14,181
Prepaid expenses- 103,774
79,133 Total (each slde).12,303,819 11,695,743
Balance, surplus
$40.622
$12.487
$67,273
$100,219
a Represented by 207,399 shares of no par value.
-V. 120, p. 2150.
The Income account was published in V. 122, p. 1613.-V. 122, p.
2046. 1745.
Winnipeg Electric Co.
-Annual Report.
1922.
Calendar Years1923.
1924.
1925.
American Chicle Co.
-Quarterly Earnings.
Gross earnings
$5,211,665 $5,128,324 $5,280,407 $5,395,223
Quarter Ended March 311926.
1925.
1924.
Operating expenses
3,301,904 3,379,497 3,465,892 3,526,715 Net profit after int.,depr. & Fed. tax.. $293,900
$256,367 n203,462
* Before Federal taxes.
-V. 122. p. 1029, 885.
Net operating revenue $1,909,761 $1,748,827 $1,814,515 $1,868,508
Miscellaneous income_ _ _
121.854
127,706
139,186
157,605
American European Securities Co.
-Initial Dividend.
An initial dividend of $2 per share has been declared on
Gross income
$2.067,366 $1,888,013 $1,942,221 $1,990,362 stock, payable May 15 to holders of record April 30. R. the preferred
M. Youngs is
1,071,821
Int. charges, taxes, &c
1,054,988 Treasurer of the company.
1.067,654
1,245,761
Depreciation
201,050
201,050
201,050
201,050
Preferred dividends_
210.000
American Fruit Growers, Inc.
210,000
210.000
210,000
-Balance Sheet Dec. 31.Common dividends_ __ _
110,000
220,000
1924.
1925.
1926.
Assets
Liabilities$
$
Balance. surplus
$524,325 Fixed assets
$459,350
$190,555
$299,310
5,872,287 6.066,762 7% cum. pref. silt. 5,444,700 5, 924 00
1 44,7
4 .
Previous surplus
2,047,791 Invest.in misc.cos 189,872
2,301,176
594,788 2,516,514
189,872 Purch. money oblIg 579,639
618,363
Cash
463,177
244,901 Purch.money notes
Total_ _ - -- $2,815,824 $2,760,526 $2,572,116 Accts.receivable 2,671,297 2.387.810
$785.343
against misc. Inv
74.957
74,957
Balance of power contr _
279.692
Ulna agst.carriers 142,839
196,904 7% ,cr.cony. notes 1,500,000 1,476,000
156,003
138,460 Notes & mtges. rec 893,030
Additional depreciation.
165,000
173,000
720,322 Accts. payable__ 2,413,263 2,002,220
55,320
Sinking fund reserve_ _ _ _
56,550 Rec.under real est.
73,100
Notes Payable.... 2,211,975 1,892,376
nerd & undist. charges_
158.956
1,814.890
sale contracts_ _ 102,351
113,782 Accept. & miscall.
2,225,532 1,754.452
Inventory
notes payable.. 477,744
586,209
Profit & loss surplus
$556,242 $2,549,203 $2,377,106 Inv.in grow'g crops 518,580
$380,287
326,396 Accr. liabilities...
78,058
75,743
-V. 122, p. 752.
Prepaid expenses_ 294,376
242,687
14,659
xes. 67,903
rec_
Re" aor ta
ecr. foe f cas.
r
Wisconsin Telephone Co.
-Results for Year 1925.
& claims against
117,925
Telephone oper.revenues $12.641,687 Rent and misc. deduc'ns.
carriers
$58,197
83,684
Telephone oper. expenses 8,983,970 Bond interest
Surplus
32,342
443,714 def61,580
29,253
Uncollectible oper. revs__
32.584 Other interest
Total
13,373,321 12,243,887 Total
Taxes assignable to oper_ 1,020.141 Div, appr. of income_ _ 1,910.287
13,373,321 12,243,887
Net non-oper. revenues._ Cr.86,338 Misc. approp. of income100,000
Note.
-In addition to the above liabilities, the company is contingently
liable, as endorser, in the sum of $306,506.
Total gross income_ ___ $2,691,330 Balance for corp. Burn- $561,251
A comparative income account was published in V. 122, p. 2046.
-V. 122, p. 1458.
American Locomotive
Tr -City Ry. & Light Co.
-Pays Smaller Dividend.
On April 1 last, the company paid a quarterly dividend of 1% on the
common stock to holders of record Marcia 20. This is at the rate of 4%,
per annum and compares with dividends at the rate of 9% Per annum Paul
In the four previous quarters.
-V. 120, p. 455.
INDUSTRIAL AND MISCELLANEOUS.
Refined Sugar Prices.
-Federal Sugar Refining cut refined sugar 5 points
to 5.15c. on April 20.
Price of Lead Reduced.
-American Smelting & Refining Co. April 20
reduced the price of lead 15 points to 7.854. "Wall St. News" April 20.
Co.
-Capitalization Increased-To
Acquire the Railway Steel-Spring Co.
-The stockholders on
April 20 increased the authorized capital stock from 250,000
shares of preferred stock, par $100, and 500,000 shares of
common stock, no par value, to 385,000 shares of preferred
stock, par $100, and 770,000 shares of common stock, no
APR. 24 1926.]
THE CHRONIC:TM
2333
Armour & Co. (Ill.).
--Judgment for more
-Award.
par value. The number of directors will be increased from
than $1,000,000 was awarded by the U. S. Court of
11 to 15.
The purpose of these changes is to enable this company to carry out a Appeals April 19 to three packing companies to cover losses
plan under which it will acquire all the property and assets of the Railway incident to the Government's cancellation of war contracts
-Spring Co., assuming all its debts and liabilities, and the stockholders
&eel
of the Spring company will become entitled to receive one share of preferred at the close of the World War. Armour & Co. was awarded
stock of this company for each share of preferred stock of the Spring com- $929,766, the Cudahy Packing Co. $440,632 and Miller &
pany, and two-thirds of a share of common stock of this company for each
share of common stock of the Spring company held by them, respective. Hart $23,728, the same amounts being the difference
The plan also contemplates that four directors of the Spring company will between the contract price and amount realized on them when
be added to the board of directors of this company.
William H. Woodin.President of the American Locomotive Co.,has been salvaged by the packers. In connection with an award,
elected Chairman of the board of directors and F. F. Fitzpatrick. now the F. Edson White, Pres. of Armour & Co., authorized the
President of the Spring company, will later become the President of this following:
company. See also v.122. p. 1765.
The judgment for $929,766 awarded Armour & Co. by the U. S. Court
of Appeals is the result of a war time claim. During the closing days of
-Balance Sheet Dec. 31.American Linseed Co.
the war the War Department contracted with Armour & Co. for supplies
1924.
of bacon and corned beef put up according to formulas provided by the
$
resulted
Department. These
16,750,000 from that which theformulas domestic in a product differing materially
trade calls for.
normal
16,750,000
When the war ended the Government cancelled its contracts and it was
316,000 necessary for us to sell the specially made bacon and corned beef at prices
clam which we filed with the War
which were
620,198 Department under their cost The between the cost and the price we
covered the difference
obtained.
6,272,000
In considering the claim the War Department complimented Armour &
3,649,708 Co. on the service rendered during the war but rejected the claim on the
529.798 ground that it was matter calling for decision of the courts rather than of
5,750,438 the Deparment.
the Court of Appeals where decision was rendered in
The claim
Total
Toted
47,963,274 50,628,142
47,963,274 50,638,142 our favor andwent to
some weeks ago the U.S.Supreme Court affirmed the verdict.
x After depreciation reserve of $769,489. y Includes good-will, trade- -V.122, p. 2195. 2046.
marks, foreign patent rights, &c.
A comparative income account was published in V. 122. P. 2195.
-Earnings.
Arnold-Constable Corp.
Income Account for 7 Months Ended Jan. 31 1926.
American Radiator Co.
-New President.
$6,439,344
Clarence M. Woolley has been elected President, succeeding Charles M. Net sales (incl. leased departments)
6.520,039
Parker. Mr. Parker will remain a member of the executive committee. Expenses, &c., $6,483.788; dePrec., $36,251; total
Clarence M. Woolley is also Chairman of the Board.
-V. 122, p. 1920.
$80,695
Loss
39,378
Andes Petroleum Corp.
-Stock Offered.
-Henry Zucker- Other income
1925.
1924.
1925.
LiabilitiesAssets$
$
Land, bldgs., dce_x13,295,545y35,847,251 Preferred stock_ _ _16,750,000
Good-will, &c___ _21,104,785
Common stock_ _ _16,750,000
Inventories
9.793,391 10,291,881 Bonds & mtges_ __ 313,500
Investments, &c_
936,615
709,970 6% coupon notes_ 6,000,000
Accts.receivable 1,568,807 1,672,127 Accts. payable, &c 991,515
Notes& accept. roe
95,824
89,325 Prof. div. payable.. 583,978
1,005,052 1.647,813 Notes payable_
Cash
163,255
Defer assets
289,775 Accts. payable_
Reserves
529,797
Surplus
6,044,484
man & Co., Jerome B. Sullivan & Co., New York; Hines,
Robertson & Co., Boston; R. P. Clark & Co., Ltd., Vancouver, B. C., and Bongard & Co., Toronto, Can., are
offering at $6 50 per share 300,000 shares common stock (no
par value). The stock is offered as a speculation.
Authorized 2.000,000 shares; outstanding, including this issue, 1.667,570
shares; Empire Trust Co., New York, transfer agent; Chatham & Phoenix
National Bank & Trust Co., New York, registrar. Company agrees to
make application in due course for listing this stock on the New York
Curb, the Pittsburgh and Boston Stock Exchanges.
Data From Letter of Louis de Brigard, Vice•President of Corporation.
Company.
-Incorporated in Delaware Feb.6 1922 for purpose of acquiring
and developing oil concessions in Venezuela, Colombia and other countries.
According to a geological report made by Huntley & Huntley, petroleum
geologists of Pittsburgh, Pa., the properties of the corporation are favorably
located (having two deep seaports in the Gulf of Maracaibo); have excellent
possibilities, and in many cases contain live seepages.
The properties of the Andes Petroleum Corp. and its subsidiaries, in the
Republic of Venezuela, comprise upwards of 4,000.000 acres, which makes
the Andes Petroleum Corp. the third largest oil land concessioner in
Venezuela. Of its holdings, 1,150,000 acres are located in the famous
Maracaibo Basin, borde
the properties of the following major oil
companies or their subsidiaries: Standard 011 Co. of New Jersey: Texas
Oil Co.; Pure Oil Co.; Maracaibo Oil Exploration Co.; Gulf 011 Co. and
the properties of the three British companies known as the Dutch-Shell
Group. In Colombia the corporation has 740,000 acres in the Magdalena
Valley. making the total holding's of the corporation around 5,000,000 acres.
Atlantic Refining Company Contract.
-Associated with this company in
the development of these Venezuela concessions is the Atlantic Refining Co.
By virtue of a contract between the Andes Petroleum Corp. and the Atlantic
Refining Co., the latter company acquired a one-half undivided interest
In all the properties of the Andes Petroleum Corp. In return, the Atlantic
Refining Co. has agreed to undertake, at its own expense, the geologizing
and engineering, required under the laws of Venezuela, as well as the
payment of the first year's exploitation tax. After completion of this
work, development expenses will be borne equally by the Atlantic Refining
Co. and the Andes Petroleum Corp., not only on drilling of wells but also,
at the option of the Andes Petroleum Corp., on the construction of pipe
lines, terminals, &c. Men and equipment, necessary to carry out the
Atlantic Refining Company's portion of this agreement, are already in
the field.
Venezuela Gulf Oil Co.
-A subsidiary of the Gulf 011 Co., has entered
into a contract to purchase, for cash, from the Andes Petroleum Corp. and
the Atlantic Refining Co., 12.500 acres on the checker-board plan in the
District of Mara, State of Zulia. Under this contract the Venezuela Gulf
011 Co. further agreed to drill at least 2 wells at its own expense, make an
additional payment in oil, and give the Andes and Atlantic companies,
jointly, a substantial royalty interest in the property.
Purpose.
-Proceeds of this issue are to be used for the purpose of paying
50% of the cost of the drilling undertaken with the Atlantic Refining Co.,
and to provide additional funds for working capital.
Directors
-John H. Allen (Pres. American Foreign Banking Corp.),
Anthony Andujar (Pres.), John C. Cosgrove (Chairman Cosgrove Meehan
Coal Co.), Louis de Brigard (V.-Pres. & Treas.), Philip deRonde (Pres.
Oriental Navigation Co.), R. W. Evans (Pres. R. W. Evans & Co., Inc.),
Henry S. Fleming (Pres. Henry S. Fleming Co.), James L. Freeborn (Pres.
Freeborn & Co., Inc.), Frank H. Hall (director, Corn Products Refining
Co.), B. E. Hepler (V.-Pres. Hope Engineering & Supply Co.). W. J.
Morris (V.-Pres. Youngstown Sheet & Tube Co.), Robert A. Putnam
(V.-Pres.), Frederick B. Rogers (Pres. George W. Rogers Co.,_ Inc.),
Hugh J. Sheeran (Pres. New York Railways Corp.), Harold C. Tibeout
(Pres. Thrift Service Stations. Inc.).
Anglo-American Corp. of So. Africa, Ltd., Transvaal.
The following are the results of operations for March 1926:
Tot. Yield
Est.
Crushed.
(Oz.Fine.)
Value.
Brakpan Mines, Ltd.._ _90,100
34.082
£144,278
Springs Mines, Ltd
70.200
31,089
131.765
West Springs, Ltd
50,000
18,322
77.532
-V. 122, p. 1920, 1767.
Est.
Profit.
£62.812
63,273
29,959
Arkansas Natural Gas Co.
-Report.
Earnings for Calendar Years (Including Arkansas Fuel Oil Co.)
1925.
1924.
1923.
1922.
Gross & Miscell.inc__ $5,321,014
$4,369,152 $3,903.421 $4,061.114
Gross expenses
3,031 ,017
2,717,267
3,232.157
2,258,671
Net inc. af. exp.& tax $2,289.997
$1,651,885 $1,671,263 $1.802,443
Deprec. & depl
1,064.847
P.&I.susp.items &c.
249,359
Dividends paid_ _ _(3.2%)522.778 (3.2%)522.778
Bal. sur. bef. depr..
$453,013
$1,129,107 $671.263
51.802.443
Balance Sheet December 31.
1925.
1924.
1925.
1924.
$
Assets$
Liabilities$
$
Physical property_18,689,030 18,235,654 Capital stock
16,336,900 16,336,900
Original gas rights 5,500,000 5,500,000 Funded debt
1,281,706
666,229
91,087
Inv. in other cos__
91,000 Deprec., depl., &c.
295,470
70,671
Cash
reserve
8,124,583 7,462,361
Accr.accts.(taxes) 109,654
011 inventory, ma97,406
822,203
956,365 Bills & sects. pay- 394,863 1,032,735
terials & suppl
Notes dr accts. rec_ 1,242,257 1,045,433 Unadjust. credits_
103,815
936,674
631,507 Other liabilities
Other assets
154,473
Surplus
1,174,542
831,184
27,576,722 26,530,631
Total
Total
27,576,722 26,530,631
*-1.120, p. 1940.
7
$41.317
11,277
Loss
xPederal taxes
$52,594
Net loss
xThis provision is made for Federal taxes on profit made by M.I. Stewart
& Co.
Above statement shows consolidated operations of M. I. Stewart & Co.
-V. 121, p. 2640.
and Arnold. Constable & Co.. Inc.
-Results for Calendar Year 1925.
Artloom Corp.
Net profit before
Depreciation, $159,478: provision for Federal Tax,$238.100
$2.069,125
397,578
Net profit
Dividend on common stock
Dividend on preferred stock
$1,671,547
300.000
152,303
Balance Dec. 31 1925
Balance Jan. 1, 1925
$2,123,548
$904,303
Total
-V. 122, p. 484, 753.
$2,575.850
-Balance Sheet, Dec. 31
Art Metal Construction Co.
1924.
1925.
AssetsPlant dc property.$1,788,388 $1,866,057
472,353
Patents, less depr- 457,647
502,743
272,572
Cash
Accts. & bills rec. 1,545,821 1,579,293
2,229,850 1,761.456
Inventories
12,000
12,000
Investments
41,218
32,575
Deferred charges
1924.
1925.
Capital stock
$3,205,700 $3,205,700
Mortgage, N. Y.
85,000
office building__
84,000
Accounts payable_ 304,596
172,815
Res. for erection &
53,484
66,953
delayed charges_
86,526
Res.doubtful accts. 112,733
Reserve for taxes_ 118,171
79,095
Res. for div. decl_ 128,228
Res.for add.comp. 27,275
2,534,837 2.308,859
Total (each side).16.569,025 $6,004,948 Surplus
A comparative income statement was published in V. 122, p. 1459.
,
-New Wells, &c.Associated Oil Co. of Calif.
An oil well that is over a mile deep has been brought in by this company,
subsidiary of the new Tide Water Associated Oil Co., it was announced
this week. The newly completed well is No. 26 Lloyd at Ventura, Calif.
Reports received at New York offices of the company stated the well is
flowing 6,800 bbls. of 29 gravity oil and 3.000,000 cu. ft. of gas during an
18-hour test. Depth of the hole is 5,925 ft., with production coming from
1,346 ft. of sand. This is said to be the deepest commercial well in the
world and is the largest producer in California since the close of 1923.
Figured in terms of dollars it is estimated the new well on this production
would bring in about $10,000 a day from this gravity oil.
The company also reports a new well in the Ventura field producing 1.500
bbls. a day, of 29.7 gravity, under adverse mechanical conditions. The
depth of oil sand so far determined is 300 An., and geologists of the company
estimate the oil-bearing area to be at least halfa mile wide and 1M miles long.
A third recent development reported by the company is that Vickers
well No. 2 has come in flowing 1,580 bbls. of 23 gravity oil from 425 ft. of
lower sand. These three wells combined have added approximately 10,000
bbls. to Associated production.
Announcement is also made by the company of new operations in Texas.
It has leased 736 acres of proven oil land in Jim Hogg County. Geologists
estimate the oil sands in this area to approximate 4,000 ft. long by 1,000 ft.
wide, with good gas reserve.
A dispatch from San Francisco states that the company has acquired
an interest in the Westland Oil Co., which holds oil and gas permits on
Cane Creek and Shafer Creek domes in southeastern Utah, for a price
reported in excess of $100,000 V. 122, p. 2185.
-Earnings.
-Atlantic Gulf & West Indies S. S. Lines.
-Month of February- -2 Mos. to Feb. 281926.
1925.
Period1926.
1925.
Operating revenues
$3,298,336 52,672,274 56,807,206 $4,939.608
570,864
445,652
174.335
705.917
Net after depreciation
116,980
464,776
268,521
744.179
Gross income
243.365
184,115
490,988
379,649
Int.,rents and taxes_ _ _ _
Net income _
_ _ _def$126,384
-V. 122, p. 2046, 1173.
-- -
$280,661 def$222,467
$364,531
-Balance Sheet Dec. 31.Atlantic Refining Co.
1924.
1925.
1924.
1925.
Liabilities
Assets
Plant account__ 60,933,603 x60,542,492 Common stock_ 50,000.000 50,000,000
Preferred stock_ 20,000,000 20,000,000
Invented in associated cos_ _ _
7,457,871 8,890,560 Debentures ___ 15,000.000 15,000.000
Mar.equip.notes
248.667
497,333
Reeve for'rapt.,
% ser'l notes 8,533,000 12,135,000
construe., &c. 4,000,000 4,325.000
2,346,457 1,541,413 Cap.stk. of sub.
Cash
cos. not held
U. S. Govt. sec_ 3,303,906 3,267,969
by A. R.Co__
278.200
0th. mark. sec_
764,720 1,252,027
279,400
Accts. payable_ 5,209,588 3,921,300
Accrued interest
187,925 Fed'l taxes (est.) 1,050,000
160,803
receivable_ _
525,000
Accts. receivable 14,908,515 12.975,939 Notes payable_
3,122
718,495 Mtge. payable__
926,852
150,000
Notes receivable
150,000
Accrued Sabin,
273,007
Merchandise and
197,606
36,995,396 36,364,072 Deferred items_
material
204,092
439,704
Ins., &c., res._ _ 5,213,922 4,835,587
Prepaid and de762,708 Profit and loss__ 27,533,745 22,661,879
ferred items_ _ 1,891,364
Appr.Burl).* &e.
Other advances,
323.050
340,124
157,415
327,780
134,017,271 130,986.055
Total
Total
134,017,271 130,986,055
The income account was published in V. 122. p. 2046.
See Andes Petroleum Corp. above -V.122, p. 2046.
2334
[vol.. 122.
THE CHRONICLE
Automobile Insurance Co., Hartford, Conn.
-Rights.
Briggs Mfg. Co.
-Earnings.
-
The stockholders on April 16 adopted a plan approved by the State
Quarters
March 311925.
1926.
Insurance Commissioner of Connecticut whereby 10,000 new shares (par Net profitsEndedcharges & Federal taxes
after
$2,947,342 $2,388,861
$100) will be issued at $1,200 per share. This will increase the outstanding
V.-Pres. J. H.French, at the annual meeting said in part: The report for
capital stock from 34,000,000 to $5,000,000. The Aetna Life Insurance Co.,
which owns about three-fourths of the Automobile stock, will take all its 1925 reflects the extensive program of plant expansion and equipment
shares of the new stock and whatever rights are relinquished by other through which the company passed in 1925. We acquired the Waterloo
plant of the Timkin-Detroit Axle Co., the Meldrum Ave. plant of the
stockholders
Payment for the new stock has been arranged as follows: $600 April 20, American Auto Trimming Co. and the tool and dye plant of the F. Joseph
Lamb and Blodgett Tool & Engine Co.
July 15. $150 Sept. 15, $150 Nov. 15 and $150 Dec. 15
$150
These additional facilities enabled us to cope with the current and future
President M.B. Brainard disclosed that the Automobile Insurance Co.'s
requirements of our customers and placed us in line for important new busilosses in 1925 were between $6,000.000 and $7,000,000.
ness such as contracts with Willys Overland, Paige-Jewett and others,
New directors elected are Edward Milligan. President of the Phoenix
Fire Insurance Co.and a director of the New York. New Haven & Hartford which are in prospect
Having secured these facilities early last year we have since averaged for
RR.and Richard M.Bissell, President of the Hartford Fire Insurance Co.
the past 6 months about $1,000,000 net profit per month after taxes.
-V. 121. p. 2042.
depreciation and all charges
We now have ample facilities to take care of our growing volume of busiBabcock & Wilcox Co.
-Usual Annual Dividend.
The directors have declared four regular quarterly dividends on the capital ness. We have no funded debt, no preferred stock and no bank loans.
stock for the ensuing year of $1.75 each, payable July 1, Oct. 1 1926, and Our cash position at the close of business today amounted to $8,895,803.
Jan. 2 and April 1 1927 to holders of record on the 20th of the month -V. 122, p. 96.
preceding.
Brillo Manufacturing Co.
-Moves Into New Piant.C. W. Middleton has been elected a Vice-President.
-V.122, p. 1921.
The company has moved into its new plant at 205 Water St.. Brooklyn,
N. Y. which,it is said, will greatly increase output and reduce manufacturBayuk Cigars, Inc.
-Earnings.
ing costs. A total of 22,268,000 packages was sold in 1925, against 16,3 Mos. end. Mar. 31- 1926.
1923.
1925.
1924.
Net,after Fed.taxes, &c. $169,529
$251,212 982,000 in 1924-V. 122, p. 1460
$91,226
$127,003
Other income
.8,923
Cr.8,410
Cr
Cr.18.285
Cr.19,536
Brown Co., Portland, Me.
-To Retire Bonds.
Reserves
22,778
32,909
34.060
25,236
The company has decided to redeem all of its outstanding 6% serial gold
Preferred dividends_ _- ..
25,610 debenture
53,555
54,881
56,357
bonds, dated Nov. 15 1919 at 10234 and int. at the Old Colony
Co., trustee, Boston, Mass. The series A bonds will be retired on
Surplus
$211,747 Trust15, the
$101,350
$53,820
$21,821
May
series B bonds on Sept. 15 and the series C bonds on July 15.
-V. 122, p. 1314, 1174.
Bondholders who so desire may present their bonds at the office of the
trustee at any
Beatrice Creamery Co.(& Subs.).
- discount at thetime prior to the redemption date and receive 10534, less a
-Annual Report.
rate of 4% per annum for the period from the date of preFiscal Years Ended Feb.28-1926.
of redemption on
xTotal income from all sources
$1.513,570 $1,556;784 sentation to the date series B bonds. the series A and C bonds and at the
Reserved for depreciation
434,977 rate of 434% on the
390,989
The company has also decided to redeem on Sept. 15 next all of the
Reserved for Federal taxes
112,000
120,047
Preferred dividends(7%)
245,000 outstanding 1st mtge. 6% serial gold bonds, dated March 15 1915, and
245.000
maturing after Sept. 15 1926, at 10234_ and int. Payment will be made
Common dividends (10%)
612,500 at the Old
612,500
Colony Trust Co.. trustee, Boston. Mass., or at the option of
Balance,surplus
$152,307 the holders either at the Chase National Bank, New York,or the Michigan
$145,034
x After deducting all expenses incident to operations, Mel. those for Trust Co.. Grand Rapids, Mich. Bondholders who so desire may presen
ordinary repairs, and maintenance, int. and exp. pertaining to the dis- bonds maturing subsequent to Sept. 15 1926 at any of the above offices
at any time prior to Sept. 15 1926, and receive for each $1,000 bond $1,055,
tribution of the company's products.
less a discount at the tate of 4,34% per annum for the period from the date
Consolidated Balance Sheet Feb. 28.
of presentation to Sept. 15 1926.-V. 122, p. 1768.
1926.
1925.
1925.
1926.
AssetsLiabilities$
8
$
$
Brunner Turbine & Equipment Co.
-Bonds.
Real estate, bides.
Preferred stock__ 3,600,000 3,500.000
The
Co., 140 Broadway, N. Y. City, will be prepared
& plant
x5,130,869 5,281,450 Common stock__ 6,125,000 6,125,000 on andGuaranty Trust to effect the exchange of its outstanding interim
after April
Investments
2,414,602 1,855,169 Notes& accts. pay. 751,608
771,486 receipts for Brunner26
company 734°! closed 1st mtge. 30
-year sinking fund
Cash
699,993
491,855 Federal taxes
118,000
gold bonds, due Nov. 11955,
Aects.& notes rec_ 2,217,454 2,553,048 Reserves
192,410 p. 2756, 2642.)-V. 122, p. for definitive bonds. (For offering see V. 121.
86,928
1031.
Int.receivable_ _ _
.
1,886
1,644 Surplus
1.156,041 1,011,017
Inventories
1,242,152 1,287.284
Brunswick-Balke-Collender Co.-Bal. Sheet Dec. 31.Deferred charges
130.631
129,463
1924.
1925.
1924.
1925.
Tot.(each side)_11,837,586 11,599,913
AssetsLiabilities
$
$
$
$
x After deducting $3,695,571 reserves for deprec.-V. 120, p. 2405.
Land, buildings &
Preferred stock___ 4,527,300 4,552,400
equipment
9,725,002 10,505,392 Common stock_x24,098,991 24,098,990
Beech Nut Packing Co.
-Earnings.
Good-will
1
1Pur, non. obliga_ 349,999
374,998
3 Mos.End.Mar.31- 1926.
1925.
1924.
1923.
Sundry invests
1,197,729
420,926 Gold notes
1,200,000 1,600,000
Net profits (before Fed.
Notes receivable
715,346
775,346 Notes payable_ _ _ 2,970,000 4,768,500
tax provision
$672,796
$665,294
$595.737 Inventories
$562,258
12,500,451 15,059,845 Accts. payable_ _ - 1,630,730 2,290,541
Sales for the first quarter of 1926. as compared with the first quarter
Notes & accts. ree.10,279,733 11,728,155 Federal tax reserve
426,000
of 1925, show an increase of 17.5%.-V. 122. p. 1314, 1174.
Empl. stk. subset*. 163,800
291,300 Insur., &c., ree__ _ 195,700
177,207
Cash
1,529,983 2.610,632 Accrued interest_
Bethlehem Steel Corporation.--Earnings.60,000
Deferred charges._ 597,154
707,437 Divs. payable_.,
81,159
Report for First Quarter of 1926.
Surplus
1,7:36,479 3,675,219
At the regular quarterly meeting of the board of directors, held April 22,
a report was submitted of the results of the business and operations for the
Total
36,709,199 42.105,034
Total
36,709,199 42,105,034
first quarter of 1926, comparing with the fourth quarter of 1925 and the
x Represented by 500,000 shares of no par value.
first quarter of 1925 as follows:
A comparative income account was published in V. 122, p. 2047.
151 Over.
4th Over.
1st Quer.
R. F. Bensinger, former Treasurer, has been elected Vice-President. suc1926.
1925.
1925.
Totalincome ofcorp. auditssubsid's_$11.973,038 $10,543,136 $10,399,316 ceeding H. F. Davenport and 0.0. Ortman has been elected Treasurer.
Interest charges
3,065,032 3,224,083 3.337,504 V. 122. p. 2047.
Prov.for depl.,deprec.& obsolescence 3.042,156 3.046,223 2,990,205
Burroughs Adding Machine Co.
-New Directors.
-James S. Holden and Frank Parker Davis have been elected directors to
Netincome for period
$5,865.850 $4,272.830 $4,071,517
Preferred dividends
1.688,795
1.075.870
1,075,638 fill vacancies caused by the deaths of Edward Rector and Walter B. Manny.
-V. 122, p. 1921.
Surplus for the period
$4,177,055 $3,196.960 $2,995,879
Bush Terminal Co.(& Subs.).-Bal. Sheet
In making public the statement of earnings, E. G. Grace,
President, said:
Dec. 31.-
1925.
1924.
1925.
LiabilitiesS
$
12,562,869 Preferred stock... 2,300,000
Pref. stock (Build16,243,362
ings Co.)
7,000,000
Debenture stock 6,889,986
Common stock _ _ _
a
2,469,709 First mortgage 4s_ 2,713,000
Consol. mtge. 5t3._ 6,629,000
3.019,204 Bldgs.Co.let M.5s 7,991,000
1,420.009 Exh. Bldg., Inc.,
3,000,000 bond & mtge-- 1,925,000
Accounts payable_ 283,267
1,044,600 Exp.accr. not paid
13,708
440,135 Int. accrued on
bonded debt_ _ _ 339,799
37,143 Taxes accrued_ _ __ 2,272,123
1,988.156 Dividends payable 189,548
704,052 Sundries curr.'lab. 703,744
287,343 Rentals pd.in adv. 194,878
Storage billed in
59,710 advance
22,605
210,624 U. S. Govt. acct._
102,234 Reserve for labor_
16,485
166,491 Empl. liabil. Maur.
17.784 reserve fund_ _ _ _
21,348
262,198 Sundries
111,890
60,817 Surplus
4,835,767
1924.
$
2,300,000
"Earnings during the first quarter of 1926. after deducting all charges
and dividends on the preferred stock outstanding during the quarter, were
7,000,000
equal to 32 66 per share on the common stock as compared with $1 77 per
a
share in the fourth quarter of 1925, and $1 66 per share in the first quarter
6,889.986
of 1025.
2,743,000
"These earnings do not include any interest on the proceeds of the addi6,629,000
tional $35,000,000 of 7% stock which was recently sold but not issued until
8,127,000
after the close of the quarter. The dividends payable July 1 1926 on the
new issue, however, have been charged against the first quarter's earnings,
1,975,000
leaving a balance equivalent to $2 32 per share on the common stock.
183,055
"The value of orders on hand March 31 1926 was 359.390.376 as com34,730
pared with $70.566,9..3 at the end of the previous quarter, and $65,921,289
on Mar. 311925.
344,031
"Operations averaged 87.2% of capacity during the first quarter as com2,121,206
pared with 77% during the previous quarter and 77.5% during the first
241,141
quarter of 1925.
528,223
"During the month of March Bethlehem produced 610,775 tons of steel
273,135
ingots and castings, equal to 96.4% of its capacity, the highest rate of operation in the history of the corporation. This high rate of operation reflects
in part the benefits accruing from the large expenditures over the last throe
16,185
years for plant improvements and extensions.
30,098
"Current operations are at the rate of approximately 85% of capacity.
16,878
The decrease in orders on hand is accounted for in the main by shipments
against seasonal contract business such as rails. The volume of new orders
20.875
is sufficient to sustain operations at a better rate throughout the second
91,025
quarter than in the corresponding quarter of 1925, though naturally not at
4,532,072
the record-breaking rate of March.
"In view of the fact that the 8% preferred stock of the corporation has
Total
44,453,007 44,098,443
Total
been called for redemption on July 11926. the regular quarterly dividends
44,453,007 44,096,443
thereon were declared payable July 1 1926 to stockholders of record on that
a Common stock reclassified May 6 1925, the holders of each $100 share
regular quarterly dividends on the 7% preferred stock of the receiving in exchange one share of 7% debenture stock (par $100); and 2
date. The
corporation were declared payable July: 1 1926 to stockholders of record shares of common stock (no par value). Common shares outstanding
on June 1 1926."-V. 122, p. 2196, 2046.
Dec.31 1925 amounted to 137.770 shares (see V. 120.)3. 2405)•
The income account was published in V. 122, p. 1768.-V. 122, p. 2196.
Borden Co.
-Common Stock Increased.
2047.
The stockholders on April 21 voted to decrease the authorized capital
California Building, San Diego.
stock from $42,500,000 (divided into $7,500,000 pref. and $35,000,000
-Bonds Offered.
com.) to $35.000.000, by canceling the 75,000 shares of pref. stock which Banks, Huntley & Co., Los Angeles
and Southern Trust
were redeemed on Dec. 15 1925 at 110 and dividends
Following this authorization, the stockholders voted to increase the & Commerce Bank, San Diego, are offering at 100 and int.,
capitalization to $50,000,000,divided into 1,000.000 shares of $50 par value, $400,000 1st Mtge. (fee & lease)6% serial gold bonds.
all of one class.
-V. 122. p. 2047.
Dated March 1 1926; due 1928-40 incl. Principal and int. (M. &
payable at Southern Trust & Commerce Bank, San Diego, trustee, or a
Borne-Scrymser Co.
-Dividends.
In addition to the extra dividend of $4 per share and the regular semi- Farmers & Merchants National Bank, Los Angeles. Callable as a whole,
annual dividend of $4 per share disbursed on the outstanding $1,000,000 or in part by lot, on any int. date at 103 and int. Normal Federal income
,
s1
capital stock, par $100, on April 15 last, the company paid a special divi- tax not to exceed 2% paid by company.
securitv.-The security of this loan will be a direct first mortgage on
dend of $4 per share. Record of dividends paid since 1912 is as follows:
1912-1921. 1922. 1923. 1924. 1925. April '26. fee and leasehold estate of Southwest Income Properties, Inc., a California
company, in real property in the heart of the downtown business district
Regular (cash)
8
20%
20% 8
8
4
of San Diego.
Extra (cash)
6%
4
15% '4%
4%
This property has three valuable business frontages. It occupies the
Special (cash)
entire block on the north side of C St., from Third to Fourth. The lot
In stock
measures 200 ft. on C. by 100 ft. on Third and 100 ft. on Fourth. The
-V.122. p. 1175.
site is being improved with the California Bldg. The fee property is the
Bourne Mills, Fall River.
-Smaller Dividend.
100x100 ft. on the N. E. corner of 0 and Third. The adjoining leasehold
The directors have declared a quarterly dividend of 1% on the capital is held under 99
-year term from Dec. 1 1925, at a favorable rental.
stock, payable May 1 to holders of record April 21. In the three previous
An eight
-story class A and two-story class 0 structure is being bull
quarters, dividends of 134% each were paid.
to cover the entire site. It will contain 1'7 stores(10 having full mezzanines)
-F. 121. P. 2160.
Assets$
Land
12,513,463
Piers, warehouses,
&c., less deprec_16,110,625
Sales Building and
annex, Manhattan
2,470,064
Inv., Bush House,
Ltd., London
2,974,341
Construction exp. 1,432,796
Good-will
3,000,000
Equipment (less
amortization)
1,002,163
Furniture & fist's. 434,411
Misc, secs, owned
& investments
22,143
Cash
2,652,716
Accts.rec.
(less res.) 841,561
Due from U.S.Gov. 47.640
Am.storage, &c.,
charges
20,056
Securities owned__ 145,802
Special deposits... 229,573
Exp. paid in adv.- 250,047
Ins, losses recov__
8,328
Materials & frupp_ 297,420
Sundries
1,859
APR. 24 1926.]
66'officee, 9.800 sq. ft. of rentable loft space (equal to 39 additional offices),
and a 1.980-seat theatre of latest metropolitan type.
Canadian Consolidated Rubber Co.-Bal. Sheet Dec. 31.
1925.
Assets$
Property, &o
10,923,469
4,214,052
Good-will, &o
193,141
Cash
Accts.receivable__ 1,914,747
Loans receivable__ 886,727
5,488,652
Inventories
603.690
Investments
Def., &c., assets__ 531,273
2335
THE CHRONICLE
1924.
1925.
LiabilUtes$
11,144,885 Common stock__ 2,805,500
4,203,702 Preferred stock__ 3,000.000
108,398 Bonded debt
10,600,000
1,445,713 Accts, pay., &c _ _ _ 700.925
621,635
1,847,866 Accept. pay.,&c
38,982
3,981,384 Accrued interest__
604,250 Contingent reserve
26.237
524,891 Surplus
6,962,475
1924.
2,805,500
3,000,000
10,600,000
497,215
69,035
38,982
21.754
6,828,604
24.755.755 23,861,089 Total
24,755,755 23,861,089
Total
A comparative income account was published in V. 122. p. 2196.
Carnegie Metals Co.
-Listing.
-
Management & Control.
-Management of the company will continue in
charge of the men who have been responsible for the success of the Chicago
"Evening American." All of the outstanding capital stock of the company,
except directors' qualifying shares, Is owned by William Randolph Hearst,
who operates a publishing business consisting of a chain of newspapers
serving from coast to coast 16 of the important cities of the United States,
and a group of 7 nationally known magazines.
Balance Sheet Dec. 31 1925.
[After giving effect to (a) sale of 53.000.000 6% notes: (b) liquidating
notes payable amounting to $1,000.000: (c) advancing balance of proceeds
of notes to affiliated companies; (d) appraisal of good-will at $10.000,000,
and (.3) writing off advances made prior to Dec. 31 1925 to affiliated cos.]
Liabilities
Assets-year 6% notes
Land, bldgs., equip., &c_ $393,837 5
53,000,000
Cash
98,351 Mortgage payable serially
Accts. & notes receivable
124,000
to Oct. 15 1932
954,968
Notes payable
Prem. mdse. & supplies
290.000
on hand
118,609
88,655 Accounts payable
U. S. Liberty bonds, &c..
132,690
2.134 Accrued taxes, &c
Due from affiliated cos__
60,000
9,321 Mtge. payable Jan. 29 26
Due from W. R. Hearst_
641,591 Res. for Fed. taxes, &c
90.877
Adv.to & inv. in affil.cos 1,942,075 Due to affiliated cos_
129.696
Unearned subscriptions_
Association memberships
16,841
at cost
10,214 Capital stock
100,000
Good-will
10.000,000 Surplus,incl. $10,000,000
arising from appraisal
Deferred charges
27.126
of good-will
10.105,559
Total (each side)
814,168,273
The Boston Stock Exchange has authorized the listing of 200,009 shares
(par $10) common stock.
Company (both an operating and holding company) was incorp. In
Arizona March 3 1915, under name of Carnegie Lead & Zinc Co., with an
authorized capital stock of $500,000 (par $5). On Aug. 17 1918, authorized
capital was increased to $1.000,000 and on Nov. 3 1920. to $2,000,000.
Under an amendment to the articles of incorporation, approved Aug. 31
1925. the name of the corporation was changed to the Carnegie Metals
Co., and the par value increased from $5 to $10. and the total number of
shares decreased from 400,000 to 200,000 shares.
-Increases Common Stork.
Christie, Brown & Co., Ltd.
The developed ore reserves of the company and its subsidiaries are given
The shareholders have authorized an increase in the Common stock
as follows, these figures not including any ore isg place: Pittsburgh Vets
Grande Mining Co., 1.400,000 tons; Pittsburgh Bote Mining Co., 291,000 from 105.000 to 150,000 shares. This increase will pave the way at some
tons; San Acacio Mine, 400,000 tons;
future date for the distribution of additional shares to the common stock'
holders.
Results for Period Sept. 1 1924, to Nov. 30 1925.
The shareholders also sanctioned the employees savings and the profit
Operating income
8386.877 sharing fund put into effect Jan. 11926. J. F. Lash of the firm of Blake,
Operating expense
290,771 Lash, Anglin and Cassels, Baristers of Toronto, has been elected to fill a
vacancy on the board.
-V. 122, p. 2047.
Operating profit
$96,107
Other income
15.963
Cohn-Hall-Marx Co.
-Reduces Preferred Stock.
The company has filed a certificate at Albany, N. Y.. decreasing its
Total
$112,070 authorized preferred stock from $774,000 to $667,200. Par 5100.-V. 122.
Net expense
70,691 p. 353.
Net profit
$41.379
Net earnings for the succeding quarter to the above were. Dec. 1925.
$237; Jan. 1926. $1,115; Feb. 1926. $4.031. Net earnings for March 1926.
are estimated at approximately 530,000.-V. 122. p. 486.
Carolyn Park Apartments, Mamaroneck, N. Y.
-An offering of $200,000 63/2% 1st mtge.
Bonds Offered.
bonds has been announced by the American Bond & Mortgage Co. Bonds are offered at 100 and int. for all maturities,
except the 1928 and 1929 maturities which are offered at
prices to yield 6%
The bonds are dated March 15 1926 and will be matured serially in from
2 to 10 year periods. Interest is payable Sept. 15 and March 15.
The bonds will be secured by a closed 1st mtge. on the land owned in fee
fronting 159.62 ft. on Livingston Ave. with a depth of 93.97 ft.• also the
4
-story modern fireproof apartment building and fireproof garage buildings
'
to be erected. The building will contain apartments of 1,3,4 and 6 rooms.
Central Coal & Coke Co.-Bal. Sheet Dec. 31.1925.
1924.
1925.
1924.
$
Liabilities$
$
10,324,962 Preferred stock_._ 1,875,000 1,875,000
Common stock__ _ 5,125,000 5,125,000
16,276,020 Minor. sharehold's
395,733 int. In capital
264,719 stock sub. co__ _ 1,284,385 1,360,695
Bond & other def.
1,004,132
debts
7,024,380 8,395,393
1,717,864 Notes payable_ ___ 1,172,087
871,607
563,750 Accts. PAY.& seer.
7.500 int. & taxes._ __ 1,030.480
989,865
694,398 Res. for Fed. taxes 500,000
500,000
Other reserves_ _ __ 144,469
135,859
Total (each side).30.212,761 31,249,079 Surplus
12.056.95911,995,659
The income account was given in V. 122, p. 1175.-V. 122, p. 2047.
Assets$
Coal Nis & !mot/1_10,230.297
Timber lands and
improvements_ A4,853,527
0th. prop.& equip. 377.894
Cash
240,975
Customers' bills &
accounts roc_ _ _ _ -1,207,262
Inventories
2,209,377
Other assets
524,375
Treasury stock..
7.500
Deferred charges.... 561,554
Certain-teed Products Corp.
-New Directors.
-
Hamilton Stewart, L. R. Walker, Robert M. Nelson and Daniel F.
Brown have been elected directors, increasing the board from 7 to 11 members.
-V. 122, p. 1316.
Chicago Pneumatic Tool Co.
-Earnings.
--
Quarter Ended March 311926.
1925.
Mfg. profit, after expenses, depreciation & Fed'l tax_ $208.748 $136,063
Other income
13,632
11.783
Total income
Interest
$222,380 $147,846
23,234
14,062
Net profit
-V. 122, p. 1616.
$199,146 $133,784
Chicago Evening American (Evening American Publishing Co.).
-Notes Offered.
-Halsey, Stuart & Co., Inc.,
and Whiting & Co. are offering $3,000,000 5
-Year6% sinking
fund gold notes at 100 and interest.
Dated April 1 1926, due April 1 1931. Interest payable A.
offices of Halsey, Stuart & Co., Inc., Chicago and New York,& 0. at
without
deduction for the Federal Income taxes not in excess of 2%. Denom.
$1,000 and $500 0' Red. all or part at any time on 30 days' notice at
following prices and int.: prior to .April 1 1927 at 102: on and subsequent
.
to April 1 1927 at 101X less
for each full year elapsed after March 31
1927, and on and after April 1 1930 at 100. Company will agree to reimburse the holders of these notes, if requested within 60 days after payment,
for the Penn. 4 mills and Maryland
mills taxes, for the Conn. personal
property taxes not exceeding 4 mills per $1 per annum, and for the Mass.
Income tax on the interest not exceeding 6% of such interest per annum.
Guaranty.
-Unconditionally guaranteed as to the prompt payment of
principal, interest and sinking fund by William Randolph Hearst.
Data From Letter of Pres. Roy D. Keehn, Dated April 19.
Business.
-Evening American
Illinois
publishes the Chicago "Evening PublishingSo., an has the corporation,
American, which
largest paid
circulation of any afternoon and evening daily newspaper in Chicago.
Although selling at 3c. a copy, this paper for the last several years had has
the largest circulation, regardless of price, of any Chicago evening newspaper. During the past two years the volume of advertising has increased
bv 20%. a greater growth than shown by any other evening newspaper in
dalcago.
Average daily paid circulation for the past three calendar years, and the
period shown below taken from independent sources, are reported as
follows:
*1926. 537.487 copies; 1925, 457.327 copies; 1924. 457,385 copies; 1923,
399,716 copies.
* Period ended March 21.
-Company will retire annually beginning April 1 1928,
Sinking Fund.
5250,000 principal amount of these notes,either by purchase at not exceeding
the prevailing call price or by redemption by lot at the then prevailing call
price. This sinking fund will retire 8750,000 principal amount of these
notes prior to maturity.
Prefits.-Company's net profits before deducting interest paid but after
all taxes and depreciation, as certified by independent auditors, for the
3 years ended Dec. 3-1925 have been as follows:
1925.
1924.
1923.
Average.
51.842.776 51,273.739
$934,064 81,350,193
Net profits
Annual interest on the company's funded debt to be presently
outstanding requires
$188,060
Columbia Steel Corp.
-Balance Sheet Dec. 31 1925.
[Including Carbon County Railway.]
Liabilities.
Assets.
$9,485,300
Plant, property & equip _ _...$21,678.437 7% preferred stock
Deposit with trustee
6,200 Common (837,719 sh. no par) 8,041,018
Investment in securities
4,923.000
116,786 let mortgage 7s
1,659.514
Cash
383,633 Notes payable
619,753
Accounts & notes receivable_ 1,362.558 Accounts payable
110,290
Inventories
3,102,106 Federal income tax for 1925.,..
144.120
Deferred debit items
462,635 Accrued Int. on bonds & notes
911,937
Depreciation reserves
174,296
Other reserves
Total (each side)
1,043,127
$27,112,355 Surplus
The income account was given in V. 122, v. 1616.
Commercial Solvents Corp.
-To Retire 63/2% Gold Notes
and Also the 8% Preferred and Class A Stocks.
The directors have called for redemption the $2.397.000 615% gold notes
,
as of June 1 1926, the $1,000.000 8% preferred stock and 39,960 shares of
no par value Class A stock as of July 1 1926. The notes arp callable at 104
and int. and are convertible on or before May 31 1926 into Class B stock at
110 per share, with a cash adjustment in respect to fractions. The preferred stock is not convertible and is callable at 105 and dIvs. The Class A
stock is callable at 50 and diva.,and is convertible on July 1 1926 into Class B
share for share, provided holders give notice by mail on or before July 11 '26.
The regular quarterly dividend of $1 per share has been declared on the
Class A stock, payable July 1 to holders of record June 30.
The directors on April 21 appropriated $1.000.000 for plant additions for
the manufacture of by-products and it is expected a substantial increase in
net revenue will be derived from this Increase in facilities. President Mumford states that current business is satisfactory and plants are operating
at capacity.
The saving in interest on the notes and the dividends on the preferred and
Class A will aggregate approximately 1,400.000 each year and will make the
entire net earnings available for dividends on the authorized 110,000 shares
of Class B stock, which after Jui3I 1 will be the only outstanding security.
It is the intention of the board to initiate dividends on the Class B shares
by a payment not later than Oct. 1.
The board feels that substantially all the holders of the Class A stock
will exercise their right of conversion and that the redemption will require
only $I ,050,000, the redemption price of the first preferred stock, plus the
amount necessary to redeem any such notes that may not be converted.
To protect the corporation so far as may be against any note redemption
expense, and to give the holders of notes who wish to obtain immediate
payment a method of so doing and at the same time to assure the conversion of such notes, the board has arranged with Tucker, Anthony & Co.,
Huntington, Jackson & Co. and George M.Moffatt, without compensation
for their services for the purchase by them, on or before May 31. at the
redemption price, including accrued interest to June 1. of all notes in respect of which the holders may 'wish to receive payment of the redemption
price and for the conversion into Class B shares.
As of March 31 1926 there were outstanding $2,397,000 6 4% gold notes,
$1,000.000 of 8% preferred stock, 39.960 shares of Class A stock of no par
value, and 47,299 shares of Class B stock of no par value.
Income Account for Quarter Ended March 31 1926.
Net profits, $321,889; pref. and class A diva., $59,960; surplus__ $261.929
1,415,114
Previous surplus
Total surplus as of March 31 1926
-V.122, p. 1769. 889.
$1,677,043
-Earnings.
Congress Cigar Co., Inc.
Quarter Ended March 31Net profits after all charges except Federal taxes.-V. 122, p. 2196, 615.
1926.
$403,455
1925.
$363,757
Consolidated Amusements, Inc., Tampa, Fla.
-Bonds
Offered.
-Mortgage & Securities Co., Canal Bank & Trust
Co., Interstate Trust & Banking Co. and Union Title
Guarantee Co., Inc., New Orleans, are offering at 100 and
int $600,000 1st mtge. leasehold 63/3% guaranteed gold
bonds.
Dated April 1 1926; due serially Jan. 1928-1938. Denom. 51.000 and
$500 c*. Principal and Int.(J. & J.) payable at Interstate Trust & Banking
Co., New Orleans. Callable on any int. date at 102 and int. Federal normal
Income tax up to 2% paid at source by borrowers. Interstate Trust &
Banking Co. and P. H. Sitges, trustee. Payment guaranteed by Union
Idemnity Co., New Orleans; by Southern Enterprises, Inc., a wholly owned
subsidiary of the Famous Players Lasky Corp. and by Strand Amusement
Co. of Tampa.
Security.
-These bonds are the direct obligation of the Consolidated
Amusements, Inc., of Tampa, secured in the opinion of counsel by closed
-year leasehold estates of the Consolidated
first mortgage on the valuable 99
Amusements, Inc., covering two parcels of ground in the business center of
-story office
Tampa, Fla., together with a modern de luxe theatre and 10
building in course of construction thereon. Valuation of land and building
51,265,032.
-Notes Offered.
Consolidated Cement Corp.
-A. B.
Leach & Co., Inc., are offering at 100 and int. $1,100,000
63/2% sinking fund convertible gold notes. Convertible
during the life of notes into 10 shares of 7% cumulative pref.
stock and 2 shares of common stock for each $1,000 of notes
converted.
2336
[Vol.. 122.
THE CHRONICLE
Dated March 1 1926; due March 1 1931. Int. payable M.& S. in ChiCushman's Sons, Inc.
-Quarterly Statement.
cago or New York. Denom.$1,000 and $500 c*. Red., all or part,on any
3 Months Ending March 31-1924.
1925.
1926.
int. date on or before March 1 1927 upon 30 days' notice at 102Si, the
5352.751
e
Earniws before deprec.& Fed. taxes- $493,659
5290,865
premium to decrease Si% for each year or part thereof elapsed thereafter
78,755
83,484
96,787
to maturity. Corporation agrees to pay interest without deduction for any Dep
33,664
25.457
53,996
normal Federal income tax not exceeding 2% which the corporation or the Federal taxes
32.699
Divs. on 7% cum. pref. stock
32,044
37,384
trustee may be required or permitted to pay at the source, and to reimburse Divs. on $8
45.129
cum. pref. stock
45,120
52.898
the holders of these notes, if requested within 60 days after payment for the
71,430
Common dividends
71,430
75,180
Calif., Conn.and Penna. tax not exceeding 4 mills. Kansas 2Si mills, Mary
land 4Si mills, Kentucky and the Dist. of Col.5 mills and the Mass,income
*91.083
Surplus March 31
$33,349
5177,415
tax on interest not exceeding 6% per annum. First Trust & Savings Bank,
615,
Chicago. trustee. For statement of history, property, capitalization, earn- -V. 122, p. 889,
ings and balance sheet see V. 122, p. 2047.
De Forest Radio Corp.
-Receiver Asked.
S.
Application
the
-Red- District Courtfor a receiver for Del.company has been made in the U.De
-Notes Sold.
Consolidated Laundries Corp.
at Wilmington,
by an attorney representing Lee
mond & Co. and Bonner, Brooks & Co. have sold at 100 Forest and William S. Priess. New York. who alleged mismanagement and
and int. $2,000,000 convertible 63% 10-year sinking fund asked for an accounting. Federal Judge H. H. Morris set May 17 as the
date for hearing the application.
gold notes.
H. L. Lamphear, an officer of the company stated in reference to the
Dated April 15 1926; due April 15 1936. Denom. $1,000 and $500 c*. receivership proceedings:
"The company is entirely solvent and has never defaulted in the payment
Interest payable A.& O. without deduction for the normal Federal income
tax not exceeding 2%. Co. will refund the Penn. and Conn. personal prop- of its obligations. The suit for a receiver was not instituted by a creditor,
erty taxes not exceeding 4 mills per annum,the Mich. personal property tax but by two stockholders, who were formerly connected with the managenot exceeding 5 mills per annum,the Maryland securities tax not exceeding ment of the company and who object to some of the policies of the present
43 mills per annum, and the Mass,income tax not exceeding 6% per ann. management. The suit will be contested, and we have no doubt as to
-V. 120, 1:$• 1753.
Red. all or part at any time on not less than 60 days' notice at 105 and int, the outcome."
the premium decreasing
of 1% on Oct. 15 1926 and on each semi-ann.
Dictaphone Corporation.
-Earnings.
int. date thereafter. Irving Bank-Columbia Trust Co., New York,trustee.
1924.
Quarters Ended March 311925.
1926.
Convertible at the principal amount thereof as provided in the indenture
5519,982
$568,173
*757,791
at any time up to 30 days prior to redemption date into common stock of Gross sales
63,869
58,736
125,240
the corporation at the following prices: 535 per share for the first $500,000 Net earnings
of notes converted; $40 per share for the second $500,000; $45 per share for -V. 122, p. 1176.
the third $500.000, and $50 per share for the remaining notes converted.
-Drake,
-Stocks Offered.
Discount Corp. of Calif.
Data from Letter of Charles B. Kilby, President of the Corporation.
Corporation.
-Organized in Dec. 1925. Acquired, either directly or Riley & Thomas and Stevens, Page & Sterling, Los Angeles
through wholly owned subsidiaries, the business and properties of 17 are offering 4,592 shares cumul. pref. stock no par value)
laundry and linen supply companies serving a large part of Greater New and
2,296 shares common stock (no par value) in units of
York, as well as many of the important cities and towns on Long Island
and in northern New Jersey, including Newark and Jersey City. The 2 shares preferred stock and 1 share common stock. Paying
plants are equipped with modern laundry machinery and are advantageously
each unit)
batted in each territory served. Net business of the several units in 1925, under present schedule of divs. $18 per annum on
including those to be acquired, exceeded $8,000,000. and there are approxi- at $225 and accrued pref. div. per unit, yielding 8%.
mately 55,000 customers on the companies' books.
Preferred stock is non-callable, has full voting power and is preferred as
Earnings.-Consoltdated earnings of the constituent companies for the to assets in liquidation up to 51(X) per
cumul. divs. of $8 Per
2 years and 10 months ended Oct. 31 1925, after depreciation and after share per annum. Corporation cannotshare and tothe authorized amount
increase
adjustment for non-recurring charges, including executive salaries, avail- of preferred stock without affirmative (1) or written consent of at least
vote
ble for interest on these notes, are as follows:
having priority to
the
5781,393 two-thirds ofoverpref. stockholders, (2) issue any stock debt or obligation
1923 '
or preference
the
issue any
942,090 convertible into stockpresent issue,(3)create oror equality with this issue
1924
having preference over
*990,287 (4) amend the provisions of the certificate of incorporation so as to alter or
1925 (10 months to Oct. 31)
* Includes earnings for the 12 months ended Dec. 31 1925 in the case o
change the present rights of the preferred stock in any way. Has equal
the National Family Laundry Service Corp. to be acquired.
voting power with common stock.
-A sinking fund is provided payable semi-annually beSinking Fund.
Authorized. Outstanding.
Capitalizationginning April 15 1928, sufficient to retire each year $100,000 principal
10,000 shs. 10,000 shs.
event notes are converted, such conversion shall Preferred stock (divs. payable Q-J)
amount of notes. In the
Common stock (divs. payable M. & N.)
20,000 shs. 19,994 Si Ohs.
be credited against the sinking fund requirements.
Company.-Organlzed in July 1922 in Delaware. Is engaged in commerPurpose -Proceeds of the present issue of notes are to be applied in part
for the acquisition by the corporation of properties and business or the entire cial banking, which includes mainly the purchase of, or loans upon, secured
drafts and
capital stock of three additional laundry companies, the Sea Beach Steam commercial and partial payment contracts, acceptances, machinery, other
plant
Laundry Co., Inc., Community Laundries Corp. and the National Family secured obligations. Company has no capital tied up in
or equipment, and as the average deferred maturity of its loans is not over
Laundry Service Corp., and in part for the increase of working capital.
7 months, and the average amount unpaid only about 60% of each obligaAuthorized.
Outstanding.
Capitalizationtion, its assets are particularly liquid and subject to a minimum of depre-year sinking fund gold
Convertible 6Si% 10
ciation, which means that the company would be able to curtail the amount
$2,000,000
notes(this issue)
$2.500,000
conditions
shs. of its loans almost immediately upon evidence of unsound business
371,480
Common stock (no par value)
*1.000.000 shs.
becoming manifest.
* Includes 47,898 shares reserved for the conversion of notes.
-A summary of the company's operations and
Operations & Earnings.
Consolidated Balance Sheet Oct. 31 1925 (After Present Financing)•
earnings for the past three years, resulting from the employment of capital
never exceeding one-half of the amount of preferred stock authorized.
Liabilities
Assets
$121,608 follows:
$319,731 Accounts payable
Cash
1925.
1924.
58,402
1923.
Liberty bonds, &c.,secur_
12,184 Federal taxes
95,584 Gross business
$1,632,271 $2,186,751 $4,286,993
321,899 Accrued accounts
Acc'ts & notes rec.(net)
150,640
89,604
2,000,000 Net income (before Fed. taxes & res.)
76,664
Inventories and supplies_ - 782,156 Convertible notes
40,064
771,524 Dividends on 8% preferred
37,380
27,005
Mortgages
Land, bldgs., mach'y,
17,474
393.960 Dividends on common
16,773
5.008,082 Long-term notes
equipment, &c
0
74; 77
12,836 Balance for surplus
18 560
18,085
295,201 Reserve for contingencies
Prepaid charges
For the first quarter of 1926 the net income has been 44,529, which is
3,426,747
17,155 Capital and surplus
Securities
substantially in excess of the corresponding period of 1925.
124,252
Acc'ts & notes receivable_
-To supply funds which will permit the company to accept
Purpose.
$6,880,661
Total (each side)
1
Good-will,leaseholds,&c
additional business now available and increase its banking credit.
-V. 122. p. 2196.
-New Director, &c.
Consolidated Textile Corp.
-Sales of Graham Brothers.
Dodge Bros., Inc.
Motor truck retail sales from Jan. 2 to April 3 this year of the Graham
Frank Callahan has been elected a director, succeeding Andrew G.
of
Pierce Jr., formerly Chairman of the board. Joseph Bennet has been Bros., a subsidiary, were 6,085 units, against 3,381 in the same period in
1925. Retail sales in Jan. totaled 1.471 units, in Feb. 1,768 units and
122, p. 2048.
elected a Vice-Pmident.-V.
March 2,846 units. Factory shipments from all Graham Bros. plants for
-Earnings.
quarter ended Mar. 31 were 7,937 units, against 4,751 in the corresponding
Corn Products Refining Co.
1923.
period of 1925. Jan. shipments totaled 1,402 units, Feb. 3,102 and March
1924.
1925.
1926.
3 Mos. End. Mar. 31.
$3.148,719 52,234,177 $3,943,457 53,583.545 3,433.-V. 122, p. 2197.
Net earnings*
240.488
258.059
364.731
514,555
Other income
-Earnings.
Dome Mines, Ltd.
53,663,274 52,598.908 54.201.516 53.824.033
Total income
-Three Months Jan. 1 to March 31.
Approximate Statement
778.804
969.456
819.618
945.024
Interest & depreciations_
1924.
1925.
1926.
434.473
437.500
437.500
437,500
Preferred divs. (1 SI %)116,700
131.500
Common diva. quer_ _(2%)1,265.000(2)1,265.000(235)1250000 (1)497,840 Number of tons milled
$1,024,094 $1,053,631 51,031.933
(3)248.920 Aver.recov.(____ per ton in 1926)
extra
do
565,009
526,052
611,838
Oper.& gen. costs (_ _ per ton in 1926)
26,925
26.635
26.600
576,790 51.544,560 51.863.996 Estimate Dominion income tax
$1.015,750
Surplus
*Net earnings from operations, after deducting charges for maintenance
$440.289
5500.655
5385.656
Net income
-V.122. p. 1317, 1176.
and repairs and est, amount of Fed. taxes, &c.
44,012
65.183
43.556
Miscellaneous earnings
-Earnings.
Coal Corp.
Cosgrove-Meehan
5505,472
$4429,212
$5544,667
Total income
1925.
1926.
Quarters Ended March 31In the above figures no allowance is made for depreciation or depletion.
593,352 518.354
Net earnings after charges
122, p. 2048, 1317.
Tonnage produced was 20% greater in the first quarter of 1926 than the -V.
first quarter of 1925.-V. 121. p. 80.
-Sales.
Dominion Stores, Ltd.
- Quarter Ended March 311925.
-Reorganization Plan.
1926.
Cuban Dominican Sugar Co.
Sales
$3,274,756 $2,606,814
A reorganization of the company is announced in a letter -V. 122, p. 2048.
sent to stockholders by Pres. George H. Houston. The
plan of capital readjustment calls for the formation of a new
company with but one class of stock outstanding. The
authorized capital stock will consist of 1,150,000 shares (without par value) of which 1,142,836 shares are to be issued
presently. The plan in brief, provides as follows:
Douglas-Pectin Corp.
-Earnings.
Quarter Ended March 31Net sales, less returns and allowances
Other income
1926.
$559,780
7.067
1925.
$3390,711
4,831
1924.
5217.361
4,352
$221,713
Total income
$395,542
$566,847
89,256
Mfg. costs, selling exp., &c
242,962
395,333
of Depreciation
22,682
23,334
27,905
Each present holder of the preferred in addition to receiving one share to Interest
17,453
7,122
8,086
stock of the new company for each share of the old now held is also
warrant entitling him to subscribe
receive a transfer of the subscription
$92,322
$135,523
$122,124
Net profit
at $20 a share for all or any part of 2 shares of stock of the new company. -V. 122. p.
1318, 1176.
Each holder of present common in addition to receiving one share of
stock in the new company for each 10 shares of old common, is also to
to subscribe
-Bonds Called.
(E. I.) Du Pont de Nemours Powder Co.
receive transferable subscription warrants giving him the right stock of the
-year gold bonds, due June 1 1936, have
All of the outstanding 4si% 30
at $20 a share, for all or any part of 35-100ths of a share of
new company for each share of his existing common stock. This is equiva- been called for redemption June 1 next at 110 and int. at the Guaranty
-V. 122, p. 1616.
lent to all or any part of 31i shares of stock of the new company for each Trust Co., 140 Broadway, N. Y. City.
10 shares of his existing common.
-Earnings-Shipments.
The plan of capital readjustment will provide the new company with
Eaton Axle & Spring Co.
1924.
1925.
$15,300,000 in cash, which will be sufficient to pay off all bills payable
1926.
Three Months Ended March 31needs.
and provide the company with adequate working capital to meet its & Co. Net before Federal taxes
$113.103
$153.198
$203,637
A syndicate, headed by W. A. Harriman & Co., Inc. and Cassatt
A despatch from Detroit states that later figures show March shipments
-V. 122, p. 1923, 487.
has agreed to underwrite the reorganization.
of the Eaton Axle & Spring Co. as 51.109,781 and those of the Eaton
Spring Corp. as $329,107. making a total of $1.438,888. This compares
-Results for First Six Mnoths.Cudahy Packing Co.
-V. 122. p. 2197.
months of the company's with 5672,828 in March last year.
President E. A. Cudahy says: "The first four
fiscal year, beginning with Nov. 1925, were rather lean, but March showed
-Jay
-Bonds Offered.
Eby Shoe Co., Inc., Lititz, Pa.
entirely satisfactory. Our sales for
quite an improvement, and April is
the five months ended March 31 were $88,000,000, against 585,000,000 for N. Schroeder & Co., Inc., Lancaster, Pa., S. M. Vockel &
the same months last year. I feel safe in saying that our profits for the
National
first six months of our present fiscal year, to May 1,will compare favorably Co. and C.M. Barr & Co., Pittsburgh, and First
with those of the same period of 1925. I believe the results for 1926 will be Bank, Sharon, Pa. are offering at 98 and int. $450,000,000
and I see no reason for any change in our common dividend
satisfactory
1st (closed) mtge. 6% sinking fund gold bonds.
-V. 122, p. 1176, 354.
policy of 7% per annum.
APR. 24 1926.]
THE CHRONICLE
2337
Dated Feb. 1 1926; due Feb. 1 1941. Denom. $1,000 and $500 c*.
The location of this property, on the northwest corner
Callable all or part on 60 days notice, or for sinking fund at 103M and int., and Foster Avenue, directly across the street from the of Sheridan Road
on or before Feb. 1 1931; 103 on or before Feb. 1 1936, and thereafter at Club, one block south of the Edgewater Beach Hotel Saddle and Cycle
and less than one
102M and hit. Tax free in Penna. Interest payable F. & A., with deduc- thousand feet from Lake Michigan, is ideal for a building
of this character.
tion for the normal Federal income tax up to 2%. Lancaster Trust Co.,
Net annual earnings from the property, after a liberal deduction for
Lancaster, Pa.. trustee.
operating expenses, taxes, insurance and an ample allowance for vacancies
-Application will be made to list these bonds on the Pittsburgh are estimated at 1210,400, which is slightly less than
Listing.
twice the greatest
Stock Exchange.
annual interest charge. In making this estimate a rental rate considerably
under that which is obtained in similar properties in this same immediate
Data from Letter of Harry E. Eby, President of Company.
district were used.
Company.-Incorp. in Pennsylvania in 1904. Is one of the largest
manufacturers of juvenile shoes in the east. Production is distributed
Fleischmann Company.
-Earnings.
under the well known registered trade marks and trade names: 'baby
Quarter Ended Mar. 311926.
mine," "Eby service," "wee tots," "kiddy service," "kiddy car," "our
1925.
1924.
Net sales
514.984.387 512.594,232 110,539.443
gang.," "smile."
10.387,859
With the acquisition of Henry M. Willits, Inc., incorp. in Pennsylvania Costs and expenses
9,526,586
8,218,074
March 15. 1915, manufacturers of misses' and children s shoes located at
Operating profit
54,596,528 13.067.646 $2,321,369
Birdsboro, Pa., the output of the Eby Shoe Co., Inc., will be materially
178.643
increased. Eby Shoe Co. as now organized has a capacity porduction of Other income
246.860
191,909
8,300 pairs of shoes a day. Company distributes its products throughout
the United States through the largest and most prominent jobbers and Gross income
$4,775,171 $3,314,506 52,513.278
Charges and Federal taxes
department stores. The retail trade is covered through the Kiddy Shoe
643,793
475,534
322.680
Preferred dividends
18,522
Service Co., Inc., a subsidiary organized for this purpose.
18,618
19,425
Sinking Fund.
2,250,000
-Mortgage provides for a mandatory sinking fund which Common dividends
1,500,000
1,125,000
will retire $25,000 of bonds annually for years 1926 to 1930 incl.; $30,000
Surplus
51.862.856 51.320,354 51.046.173
annually during 1931 to 1935 incl., and 1,35,000 annually during the years
7.689
1936 to 1940 incl. Through the operation of this sinking fund all bonds Profit and loss credit
6,769
12,270
will be retired by maturity, viz., Feb. 1 1941. The sinking fund can be Ins,fund and profit and loss charges
262.186
77,401
92,235
used either for purchase of bonds in the open market, and if not obtainable,
Net surplus
may be called at prices as above set forth.
11,608,359 $1,249,722
$966,208
Purpose.
-Proceeds will be used to retire bank loans which represent -V. 122. p. 2189, 1302.
capital expenditure and to provide additional working capital for increasing
(H. H.) Franklin Mfg. Co.
-Annual Report.
business.
Calendar
1925.
1924.
Sales and Net Earnings. before Depreciation. Interest and Federal Tax, but Profit from Yearsoperations
x$2,538.168 loss 118.263
after Inventory Adjustments, Calendar Years.
Provision for depreciation
518.997
793,172
Sates.
Net Earns.
Sales.
Net Earns. Deferred charges written off
298,835
1919
31,885,182 5283,970 1924
51,818,692
199,697 Miscellaneous charges
132,505
1920
2,028,950
162,426 1925
1,496,582
86,507 Dividends on preferred stock
448.829
463,116
1921
1,70a,432
234,032
1922
1,699,168
238,199
Total
Net profit
512,550,525 51,343,506
51.570,342 loss$1705,891
1923
1,913,515
178,772 Average per yr.(7 yrs.)
xIncludes miscellaneous income of $36,067 applicable to prior years.
5191,929
Consolidated Balance Sheet Dec. 31 (Including Subsidiary comapmes).
Economy Grocery Stores Corp.
-Sales.
1925.
1924.
Period End. Mar. 31- 1926
1925.
1924.
-Month--1925.
1926-3 Mos.-1925.
Assets$
5
Sales
$
$602,528
$
$417.944 $4,919,781 13,035,390 Land,
bldgs., &a-10,332,143 10,139,087 7% cum.pref.stk_ 6,216,350 6,491,550
-17*. 122. P. 1770.
Patents and goodCommon stock_ _ _x8,675,200 5,071.018
will
Eitingon Schild Co., Inc.
1
1 Current accts. &
-Bonds Ready.
808,074 1,468,220
notes payable__ 941,788 1,252,826
Permanent 10
-year 6% sinking fund gold debenture bonds, due Nov. 1 Cash
Taxes payable_ _
1935, are now ready and exchangeable for temporary certificates originally Sight drafts against
42,519
28,009
bills ot lading__ _ 291,041
164,985 Other liabilities_ _
Issued. For offering of bonds, see V. 121, p. 2882, 3009.
75,550
82,200
Accounts and notes
Min. stock int. in
receivable
Electric Auto-Lite Co.
384,192
366,965
Fek'n Die-C.Co
-Earnings.
43,662
39,571
Stamp, &c
1,306
1.106 Between reserve _ _ 3,555,301 3,130,494
Income Statement For 3 Months Ended March 311026.
Inventories
5,532,726 3,754,897 Res. for notes and
Sales 52,898,903; other income $79.937; total income
43,988
$2.978.840 Notes receivable
23,408
accts. receivable
27,873
41,379
Expenses
2,307.621 Deterred charges._ 460,535
450,605 Inventory reserve_ 183..847
49,000
invin other cos
17,000
17,000 Sundry reserves__ 115,096
204,731
Net profit before Federal taxes
6,178
3671,219 Sinking fund cash_
4,524
-V. 122, P. 1771, 1460.
Total
17,877,186 16,390,778
Total
17,877,186 16,390,778
Electric Refrigeration Corp.
-Earnings.
-x Authorized 600,000 shares of no par value--outstanding 299,463M
Quarter Ended March 31shares.
-V. 122, p. 890.
1926.
1925.
Net profit after Federal taxes
$969,885
$664.193
As of March 31 current assets totaled $9,386,045 against
(Chas.) Freshman Co., Inc.
-Earnings.ties of 12,445,148, a ratio of approximately 4 to 1.-V. 122, current liabiliQuarter Ended March 31p. 2197, 1460.
1926.
1925.
Net profit before taxes
$343,147
$304,916
Empire Farms, Inc.
-Receiver.
--V. 122. p. 2198, 617.
Equity receivers have been appointed for this company,
operator of
hundreds of acres of truck farms at Great Meadows, Warren County,
Furniture Capitol Building Co., Grand Rap:ds, Mich*
N. J.
The corporation's assets are put at $3.000,000 and liabilities at
-Fenton, Davis & Boyle and Grand Rapids
Robert Walker who has been manager of the farms, and 51.000.000. -Bonds Offered.
William L.
Dill, State Motor Vehicle Commissioner, were appointed
receivers by Trust Co., Grand Rapids, Mich. are offering at 100 and
Federal Judge William N. Runyon in Newark.
int. $400,000 coll. trust 65.% serial gold notes.
The corporation controls the stock of the Alphano Corp. and the
Moore
Dated Mar. 1 1926; due serially March 1928-1935. Principal and int.
land Farms Corp. The New York offices are at 2 Rector St.
Hoff of Boonton, N. J., is Pres., and H. Clay Lint of New York, John N. payable M. & S. at Grand Rapids Trust Co., Grand Rapids, trustee.
Sec.
without deduction for the normal Federal income tax up to 2%. Red.
30
notice, all or part at 101 and hit. Denom. $1.000. 8500 and
Equitable Office Building Corp.
-Debentures Called.
- on days'
One hundred eighty 35
-year 5% sinking fund debentures, dated Sept. 1 1100. Tax exempt in Michigan.
These notes are the direct and personal obligation of Mr. G. A. Hendricks,
1917, aggregating $180,000, have been called for payment May 1 at par
doing business as The Furniture Capitol Building Co. of Grand Rapids.
and int. at the Empire Trust Co.. trustee, 120 Broadway, N. Y.
City.
- Mich., who shows a net worth in excess of 11,000.000, according to his
V. 122. P. 2198.
signed financial statements on file with the underwriters, exclusive of his
equity in the property directly pledged to secure these notes.
European Shares, Inc.
-Buys German Bank Stock.
These notes are specifically secured (subject only to the lien of the reOfficials of the corporation announce the purchase of a block
the Darmstaedter Bank of Germany, constituting the largest of stock in spective first mortgages on these properties) by a deed conveying title
individual
subscription of this company in foreign investment to date. "The Darm- to the premises known as the Pantlind Exhibition Building and the Fine
Arts Building, and by the assignment to the trustee of
staedter Bank," said the announcement, "is one of the leading banks
of both buildings now existing or hereafter arising. These leases to spaces in
Germany. It has a capital of 60.000,000 marks and reserves of
buildings are used
40.000.000. for furniture exhibition purposes and are located within two blocks of
with 130 branches throughout Germany. It is strongly fortified
in the cotton and tobacco trades in Bremen and holds securities of banks in Amster- Campau Square which is the center of the downtown Grand Rapids busidam, Vienna, the German South American Bank and the German Orient ness district. The land and buildings have been independently appraised
by prominent Grand Rapids real estate authorities, and the
Bank. The stock paid dividends in 1924 of 10% and the shares
acquired tions placed thereon: Land, 1385,000; buildings, $1,754.222; following voluby this company already show at current market prices a substantial
total appraised
appre- valuation, $2,139,222.
ciation over their cost price."
-V. 122, p. 2197.
The appraisals, therefore, show an equity in these two properties, after
deducting $750,000 first mortgage bonds outstanding, of 11,389,222, which
Famous Players-Lasky Corp.
-New Director.
amount is not included in the net worth of the company as shown above.
Herman Webber, district manager at San Francisco. has been
elected a Over 85% of the leases to space in both buildings
director to fill a vacancy in the board.
run to Dec. 1 1934. and
-V.122. p. 2049.
over 65% to Dec. 1 1935. All but $50.000 of these notes, therefore, will
mature before the major portion of the leases expire, and the last 550.000
Federal Mining & Smelting Co.
-Dividend Suit.
will mature before the remaining leases have expired.
An opinion was filed in Chancery Court at
Wilmington, Del., April 20
The net income available for the payment of interest and principal of
over-ruling a demurrer filed by the company in an
by H. Content & Co. of New York to prevent theinjunction suit brought these notes from the leases of space in the properties directly pledged, after
company from paying payment of all prior charges, including
a special dividend of $10 a share on the common
interest, taxes, maintenance, &c.,
stock.
is in excess of 5150,000 per annum, and over 5 times the maximum annual
H. Content & Co. sued on the ground that paymants
on the common interest requirements
would be illegal until certain provisions were made
to protect the equity annual interest and on these notes, and approximately twice the maximum
of the preferred stockholders. No decision has
principal requirements. The signed financial stateyet
whether the decision just rendered will be appealed. been reached as to ments of Mr. Hendricks show his net income to be in excess of 7 times the
maximum annual interest requirements of this issue.
Attorneys for the company in a statement said:
"The complaint charges that a deficit exists and
General Electric Co.
pany are not equal to its liabilities, including that assets of the com-To Split-Up Common Stock
Court appears to be of the opinion either that the capital stock. The Fourfor One.
-The stockholders wal vote May 11 on changing
the company cannot pay
dividends upon Its common stock until the assets
are equal to the paid-in the authorized common stock frcm
value of its common stock or that the company
1,850,000 shares, par
cannot pay dividends
on its common stock until the assets equal the
par value of its preferred stock. $100, to 7,400,000 shares of DO par value. If this plan is
"The Court holds that the question of the right
of the company to pay approved, the present common shares will
dividends now on its preferred stock is not before
be convertible
the view that the company has such a right. In it, but is inclined to into no par shares on the basis of four new
for one old. A
the Court, of course, assumes the allegations of the making this decision
complaint to be true, notice to the stockholders says:
as the matter arose on
is not now
the company will answerdemurrers. It and proceed ascertainable whether toProviding the stockholders authoiize the split-up, the directors propose
the complaint
to proof of the actual
pay on July 15 a quarterly dividend on the new common stock
facts or whether it will appeal from the decision over-ruli
ng the demurrer." share in cash and an annual dividend of $1 a share in special of 75c. a
-V. 122, p. 1924, 1603.
stock
(such stock dividend taking the place of the stock dividend paid in October
of each in the last four years).
5200 Sheridan Road Building (Corp.), Chicago.
- Net earnings available for dividends on the
for
Bonds Offered.
-S. W. Straus & Co., Inc., are offering at amounted to $20.49 per share. The average ofcommon stockyears1925
the last four
prices to yield from 6h% to 6M% according to maturity $18.75 a share and the average of the last 25 .years was $16.73 a share. was
Under
plan the old common
will receive $12 a
$1,650,000 1st mtge. 63% serial gold bonds (safeguarded dividendsthis annum,compared withstockcurrent annual rate share in cash
per
the
of 18 in cash.
under the Straus plan).
Large Turbine Ordered.
Dated April 1 1926; due serially April 1929-1941. Interest
-compound turbine half again as large as any now in commercial
A cross
payable
A. & 0. Bonds and coupons payable at offices of S. W. Straus
& Co. service, and larger than any under construction. is to be added to the
Denom. $1,000. $500 and $100 c*. Callable on any hit,
statpna
ne,Crawford= will• 6e ra
ol2e inim
0t
wonwzitalen t1 Co.
v h Edisone
and Mt. on or before April 1 1931 and at 102 and int. after date. at 103 equipment.of
of
The
2% Federal income tax paid by borrower; State taxes, not April 1 1931; 000
exceeding in
h.p. It will be furnished by the General Electric Co., which has practhe aggregate 5 mills per annum of the principal amount of this bond
-kilowatt service unit for the same station.
issue tically completed a 77.000
and not exceeding in the aggregate 5% of the annual interest or
The addition of the 90,000 k.w. turbine will bring the installed
income
thereon (other than succession or inheritance taxes), and
paid by the of the Crawford Ave. station to 327,000 k.w. It is expected that capacity
bondholders, will be refunded.
the ultimate capacity of the station will reach 750.000 or even 1.000,000 k.w.The bonds are secured by a direct closed first mortgage on an 8
-story V. 122. p. 2199.
and basement apartment building with stores, now under construction,
containing 12 stores and 532 rentable rooms divided into 126
General Baking Corp.
-Directors Approve Report on
apartments
of three rooms, 56 of two rooms and 42 of one room, and land owned in fee. Stock
Transactions
-New President
and
Directors.
-The
2338
THE CHRONICLE
[VOL. 122.
5 mills per annum. Maryland securities tax not exceeding 4M mills per
annum,and Mass,income tax not exceeding 6% per annum on the interest.
Redeemable, all or part by lot, at any time, after 30 days' notice, to and incl.
April 1 1927 at 103 and int. thereafter to and incl. April 1 1928 at 102 and
int,and thereafter until maturity at 101 and int. Denom.$1.000 & $500e.
Data from Letter of William S. Gould, President of the Company.
Authorized, Outstanding.
CapitalizationThree-year 6% gold notes
31.000,000 31.000,000
10,000 shs. 10.000 shs.
Common stock (without par value)
-Has been organized in Maryland to acquire from Gould
Company.
Coupler Co. all of the assets of its train lighting department (consisting of
machinery, electrical equipment, factory equipment, finished and process
stock, raw materials, supplies, jigs, dies, patents, &c.), and to acquire the
fixed assets, net quick assets and business of Lexington Machine Corp. of
New York as a going concern.
-Company's officials have estimated that the net earnings of
Earnings.
the company for the nine months ending Dec. 31 1926, after maintenance
and depreciation, but before Federal taxes, will be at the annual rate of
approximately 3128.300. This estimate Is based on actual new equipment
orders in hand as of March 15 1926, and on an average of the yearly repair
orders of the train lighting department of Gould Coupler Co. for the past
six years.
Properts.-Company's pro forma balance sheet as of April 1 1926, after
Paul IT. Helms resigned as President and director at Monday's (April 19) giving effect to the issue of these notes and to the acquisition of the above
meeting of the board. C. Leslie Lowes was elected President and George N. mentioned assets, shows the value of fixed assets (based on a preliminary
Meissner, of St. Louis, Mo., was elected a director to fill the vacancy. appraisal made by American Appraisal Co.. as of March 27 1926, of the
assets of Lexington Machine Corp., and an appraisal made by Ford, Bacon
Fred H. Frazier is Chairman of the Board.
The report of the directors recites in detail the results of their investiga- & Davis, Inc. as of Feb. 211924. of the assets of the train lighting departtion that led up to the ratification of the previous purchase by the corpora- ment of the Gould Coupler Co., all after depreciation) plus net quick
tion of 119,900 shares of its own A stock, and of the arrangement by which assets, to be approximately 31,000.000.
Purpose.
-Proceeds will be used in financing the acquisition of the assets
the corporation traded non-voting class A stock in the corporation for all
all of the voting class B stock formerly controlled by William B. Ward or his of the train lighting department of Gould Coupler Co.. the above-mentioned
assets of Lexington Machine Corp. and for additional working capital.
company, Ward Securities Corporation.
The statement emphasizes the fact that the General Baking Co. is the
-Guaranty, &c.
Gould Coupler Co.
operating company and that it had at the time plenty of cash for its needs.
-V. 122. p. 1462.
See Gould Car Lighting Corp. above.
It states that the General Baking Corp. Is the holding company and that it
had more than 39.000.000 in cash remaining after it had acquired over 98%
-Annual Report.Graton & Knight Mfg. Co.
of the stock of the operating company. According to the directors, the corporation had no need for this large amount of money, nor any way of earning
38,544,808 37,391..474 $8,980..389 38.744,148
dividends on it, because it Is not an operating company. They say that Sales
Gross profit before interest and Federal taxes for 1925 was 4590,490
Mr. Ward's company had been accumulating stock for some time on the
open market and that the opportunity came to the General Baking Corp. to and for 1924 $229,059; the net profit for the year 1925 after Interest charges
and Federal taxes was $341.562, compared with $1,110 for 1924. Manufacbuy all of his holdings at exact cost and without profit to him.
The report goes on to say that the legality of thus retiring unnecessary turing costs were reduced during the year.
capital by purchase of its own shares of stock was established by the then
Consolidated Balance Sheet.
board of directors who, with Mr. Deininger as Chairman, all consented to
Jan. 2'26. Jan. 3'25.
Jan.2'28. Jan.3'25.
the purchase. The Ward Securities Corporation's holdings of A stock were
$
Assets
thereupon purchased at prices below the then market quotations and without Plant, machinery,
Preferred stock_ __ 6,830.400 6,830,400
any profit to the Securities Co. or Mr. Ward.
184,379
Common stock s__ 184,379
equipment,
controlled by Inv. In other &c.... 3,675,545 3,702,163 Stock of sub. cos__
The report also says that this 1.000.000 shares of B stock
825
825
cos__ 564,244
501,900
Mr. Ward were acquired under the same authority by trading them in for
& accounts
non-voting stock in order to eliminate the possibility of criticism by the Inventories & sus- 5,366,327 5,831,023 Notes
Payable. &c_.__ 3,599,054 4,294,339
Other assets
Government In its suit under the anti-trust acts.
110,513
pense
264,848
Deferred liabilities 271.598
The net results are, the board declares, beneficial to the corporation and Acets & Items.. _ _
270,788
612,349
its stockholders as well as being fully authorized under its charter and the law Cash on notes rec. 1.089,868 1,086,485 Surplus
388,698
hand_ ___ 506,878
The report'reviews the large increase in the sales since last October and
says that current earnings are ample to continue the 5% dividend rate on Prepaid Insur.,1nt., 130,894
180,973
taxes, &c
Its A stock and to provide necessary surplus for expansion.
The corporation, according to the statement, had as of March 20 1926.
11.498,604,11.691.242
Total
Total
11,498,604 11,691.242
$5,500,000 in cash and current assets totaling 38,751.234, against current
-V.121,p.1107.
x Represented by 76.127 27-60 shares of no par value.
liabilities of $2,437,561; that the corporation is free from debts and bonds
•
except current accounts payable and a mortgage of 3160.000 on recently
-Receiver.
Great Lakes Finance Corp.
acquired property.
Circuit Judge Leland W.Carrot Detroit has appointed M..1. Kavanaugh
The new board of directors and officers of the corporation are: Frederic
H. Frazier, Chairman of the Board of the General Baking Corp. and of the of Ann Arbor receiver. The appointment followed action by the state
General Baking Co.; C. Leslie Lowes. Pres, of the corporation and company; banking department in Circuit Court charging that affairs of the corporaGeorge N. Meissner. of St. Louis, formerly director of the General Baking tion were not in accordance with law.
.Co.; J. W. Rumbough. V.-Pres. of the General Baking Corp.: George F.
-Trustee.
Guild Theatre Co., Inc.
Rand, Pres, of the Marine Trust Co.. Buffalo, N. Y.; Bryce B. Smith,
The Central Union Trust Co. has been appointed trustee of an issue of
Kansas City. Mo., formerly operating head of the Smith Great Western
Baking Corp.. the nine bakeries of which in the Southwest were purchased 3675.000 6% real estate cumulative income bonds, due May 1 1948.
by the General Baking Corp. in Dec. 1925. V.-Pres. of the General Baking
-To Curtail Operations.
Hamilton Woolen Co.
Co. in charge of the Southwestern division; Neal Weathers, partner in the
The company has issued the following statement: "The curtailment of
law firm of Simpson, Thatcher St Bartlett, 12 years general counsel of the
General Baking Co., and now general counsel for the General Baking Corp. production by the Hamilton Woolen Co. will amount to a complete shut
The statement concludes with the opinion of the board of directors that down every other week beginning with the week of Apr 1 26 and continuing
worsted,
there is no need of any proxies for a stockholders' meeting, and none will until further notice. This concern manufactures dress goods ofthe manbe necessary until the next annual meeting of the corporation, which will be cotton and rayon. A curtailment Is deemed necessary because to how
agement is unwilling to stock goods. There is no certainty as
in Feb. 1927.
long this situation will continue, but it can only be changed for the bettor
Stockholders Sue To Get Records-Suit Filed.
-V. 122, p. 891.
by greater activity on the part of the trade."
Stockholders have filed suit in the Baltimore courts for mandamus to
-Estimated Earns.
Harbison-Walker Refractories Co.
examine books and records of the company with a view to obtaining full
1925.
1928.
Quarter Ended March 31information as to the alleged payment of $8,547,935 out of the funds of the
3731,000
to William B. Ward. The petitioners, constituting a committee Net income after deprec., depl. & Federal taxes__ $954,000
concern
of the stockholders, are William Delninger, Louis J. Kolb, John U. Weber, -V. 122. p. 1462. 1178.
Nicholas Weber and Henry Deininger. The defendants, besides the Gener-Balance Sheet Dec. 31.Hartman Corporation.
al Baking Corp. are Paul H. Helms, its Pres.; J. W. Rumbough, V.-Pres.,
1924.
and R. E. Peterson, Sec. & Treas. The Court signed an order requiring
1925.
1924.
1925.
that cause be shown by April 29 why the writ should not be granted.
MediumsAssets
A suit has been filed in the Supreme Court in Westchester County, *Real est.. plant,
xCapital stock._ _17,432,020 17,432,020
529,000
New York, by the stockholders' committee to recover 38,547.935 which
equipment, &c_ 1,566,657 1,778,895 Pur, money oblIg's 447,125
had previously been demanded from William B. Ward, the Ward Securities
Notes payable_ ___ 8,860.000 2,399,424
marks,Tde
good
300.000
Corp., Paul H. Helms, Ralph E. Peterson and the General Baking Corp.
4,992,992 4,992,992 Sales contract
will. &c
Attorneys for the plaintiff request the Court to issue such injunctions as Leaseholds
79,623 Accounts payable_ 1,104.027 1,582,052
853,984
67,875
may be necessary for the protection of the rights of the protesting stock- Inv. in other cos._
93,660 Other Cur. Assets70,492
-V.122, p. 2199.
holders.
Tax and other acNotes rec'le.-def.
296,471
585,274
cruals
159,800
maturities
-Earnings.
Fireproofing Co.
General
70,250
3,667,100 3,477,838 Suspense
of Inventories
The company reports for the quarter ended Mar. 31 1926, a surplus- Notes & acc'ts rec_14,893,416 15,518,538 Res. for conting_ 2,250.000
730,232 Surplus
2,102,032 4,463,792
$199,887 after charges and preferred dividends but before Federal taxes.
760,776
Cash
V. 122, P. 1771, 618.
218.485
Govern't securities
437,004
- Sundry debtors..
-Earnings.
General Outdoor Advertising Co., Inc.
171,549
457.329
Deferred charges
Income Account for Quarter Ended March 31 1926.
Total
27,859,550 27,061,812
27,859,550 27,061,812
$6,668,010
Total
Operating revenues
6,143.071
• After depreciation. x Represented by 393,615 on par shares.
Operating expenses, including depreciation
A comparative income account was published In V. 122, p. 2200.
$524,939
Earnings from operations
-Tenders.
Havana Docks Corp.
66,480
Miscellaneous income
The Old Colony Trust Co., trustee, Boston, Mass., will until April 29
3591.419 receive bids for the sale to it of 1st collat. lien 7% bonds series A to an
Gross earnings
Interest, $10,178: provision for Federal taxes, $79.355; total......89,533 amount sufficient to exhaust $82,910. at a price not exceeding par and int.
-V,121. P. 2758.
$501.886
Net profit
-Earnings.
Hayes Wheel Co.
due to the fact that the company did not commence business
While
1925.
1926.
Quarter Ended March 31
till March 2 1925, there is no quarter of last year with which the above Net after interest, &c
3254,085
$171,987
amount may be compared, consolidated net profit for the month of March Federal taxes
32,050
23,000
shows a marked improvement over
this year amounting to 3247,567,
34.467
29.721
Preferred dividends
March 1925, when net profits were $97,272.
dividends
($1)197.044(75c)147,783
consolidated net profit for the quarter after providing for dividends Common
The
per share on the
on the preferred stock, is at the annual rate of $14 70
$39.785
Balance, surplus
def$77.778
class A stock, or approximately 3.7 times the annual cumulative dividend -V. 122, p. 1755, 1178.
-V.122, p. 891,757.
requirements of that stock of $4 per share.
board of directors at a meeting April 19 approved a detailed
report to the stockholders in answer to a letter sent out last
week by a committee of three, headed by William Deininger.
Only one of the seven directors authorizing the report was a
director of the corporation when the stock transactions
complained of by Mr. Deininger's committee took place.
The report shows that Mr. Deininger was Chairman of the
Board of Directors and consented to those transactions.
The report of the directors recites in detail the results of
their investigation that led up to the ratification of the previous purchase by the corporation of 119,900 shares of its
own A stock, and of the arrangement by which the corporation traded non-voting class A stock in the corporation for
all of the voting class A stock formerly controlled by William
B.Ward or his company, Ward Securities Corp. The statement given out by the directors follows:
-Sale.
Haynes Automobile Co., Kokomo, Ind.
-Retires Preferred Stock.
(B. F.) Goodrich Co.
The sale of the main assembly building of the company at Kokomo.
At the annual meeting held April 21, the stockholders voted to retire Ind., to the Davis Industries Co. (radio manufacturers) of Chicago, has
11.880 shares of preferred stock in accordance with the charter provisions. been announced by the Fletcher Savings & Trust Co., Indianapolis. as
C. E. Cook has been elected a director, succeeding E. C. Shaw of Akron, trustee for the bondholders, committee. The sale price was $150,000.• Ohio.
V. 121, p. 1353.
The regular quarterly dividend of $1 per share on the common stock was
Hotel Wolford (Danville Hotel Co.), Danville, Ill.
declared payable June 1 to holders of record May 15.-V. 122, p. 2200.
-Caldwell & Co., St. Louis, are offering at
-Notes Offered.-Hambleton Bonds Offered.
Gould Car Lighting Corp.
63'% serial
3
& Co. are offering at 99% and interest, to yield 6.10%, 99 and interest, $700,000 first mtge. (closed)
gold bonds.
$1,000,000 3-year 6% gold notes. Guaranteed uncondi- coupon March 1 1926 due serially March 1 1928-1941. Principal and
Dated
tionally as to principal and interest by Gould Coupler Co. interest(M.& S.) payable at Liberty Central Trust Co., St. Louis, trustee.
or at Chemical National Bank, New York. Redeemable at 103 and interest
by endorsement.
payable A. & 0. at on any interest date on 90 days' notice, in inverse of their numerical order.
Dated April 1 1926 due April 1 1929. Interest
Chase National Bank, New York, trustee, without deduction for any
Federal income tax not in excess of 2% per annum. Company will agree
not exceeding
to refund Calif.. Penna. and Conn, personal property taxes not exceeding
4 mills per annum each. Dist. of Col. personal property tax
2% normal Federal income tax paid by borrower. Company will refund
Maryland 434 mills tax, Conn. and Penn. 4 mills taxes, Dist. of Col. and
Ky. 5 mills taxes, and Mass. income tax not to exceed 133i% Per annum.
Denom. $1,000. 3500 and $100 c*.
A.24 1926.]
THE CHRONICLE
2339
Building.
-The Hotel Wolford will be nine stories high and will contain
218 guest rooms. The first floor, in addition to a spacious lobby and hotel
services, will include eight store spaces. The 7th and 8th floors will be divided into apartments, ranging in size from one to five rooms each, practically all of which have already been leased. The 9th floor will consist of a
large banquet hall. ballroom and lounging rooms. The hotel, thoroughly
modern in every detail, Is to be completed and opened to the public by
Nov. 1 1926.
Sectirity.-These bonds will be secured by a direct first closed mortgage
on the land, conservatively appraised by independent Danville reaitors at
3150.000, and on the nine-story hote. building now being erected thereon
at a cost of $925.787 and by a chattel (first) mortgage on all of the hotel
furniture and equipment, to cost $170.000; making the total value of the
security $1,245.787. The bonds are further secured by a first claim on the
,
net earnings of the property .
Earnings.
-Annual net earnings of the Hotel Wolford, as estimated by
the Danvilie Hotel Co. and approved by experienced hotel operators, are
placed at $124,693, or approximately 2. times the greatest annual bond
1
4
Interest requirements.
representing about 14,000 shares of a total of about 119.000 shares outstanding. The decision is of considerable importance to the investment
bankers of the country, as well as to holders of securities in corporations
organized under the laws of the State of Virginia, according to counsel for
the minority group.
The corporation recently submitted a plan of refunding or adjusting
the back dividends, amounting to 3734% on an outstanding issue of 6%
preferred stock, a total of approximately 83.200.000.
"Under this plan it was proposed to issue a new 7% preferred stock, to
be given to the outstanding 6% preferred stockholders in exchange for their
shares, to the extent of a par value of 130% of the new 7% preferred stock
for one share of the old 6% preferred stock, thus adjusting the accrued
dividends of 373% in this way.
"Under the terms of this new 77, preferred stock, the rights of the old
7
preferred stockholders would have been materially changed, in that they
would have lost voting power, and that stock now non-callable would have
been made callable at 102, to the disadvantage of the common stockholders
and the 6% preferred stockholders. The minority stockhollers maintain
that contract rights would have been changed. The outstanding s%
preferred stock was non-redeemable and non-callable. Under the plan new
Houston Oil Co. of Texas.
-Earnings.
this stock would have been callable.
Quarter Ended March 311926.
"Furthermore, the directors have been elected half by the common stock1925.
1924.
Gross earningsfrom oil and operation_ 81,295,583
$908.612 $1.918,880 holders and half by the preferred stockholders. Under the new plan this
°var.& gen.exp.,incl. taxes for period 723.903
323.810
745.578 voting power would have been taken away from the preferred stockholders.
except in the case of default of dividends. It was also maintained by the
Net earns,before deduc. depr.&depl $571,680
8584,802 21.173,302 minority stockholders that if this plan went through certain features of it
-V. 122, p. 1462. 1319.
would be in conflict and inconsistent with a now existing sinking fund
arrangement on a prior issue of debenture stock."
Hupp Motor Car Corp.
-Quarterly Report.
One of the main objections made by the minority stockholders was
Quarters Ended March 311928.
1925.
to the method under which this plan was voted at the annual meeting of
1924.
Net sales
514,437,693 810,592.746
the corporation, held in Norfolk on March 19 1928. Some years ago the
Costs and depreciation
12.400.468 8,979,642
management of the corporation arranged a voting trust, under which a
Rxpenses and Federal taxes
914,918
760,141
very substantial amount of both the common and preferred stock was
put into one trust, with the same voting trustees acting in an alleged dual
Net profit
$1.122,307
$852,963
$392,121 capacity. Minority stockholders maintain that this was unfair, that it
Preferred dividends
5,945 clearly showed that the rpoposed amendment to the charter was very
Common dividends
228,452
228,452
much in favor of the preferred stockholders, since the new plan would
have increased the present outstanding 6% stock to a return of 9.10%.
Surplus
$893,855
$624,511
$386,176 During the meeting the minority stockholders very strongly protested
Profit and loss, surplus
x8.841,808 10.428,253 9,780,115
this
x Adjusted at the end of 1925 to give effect to reduction of good-will and against clear voting trust taking action in a matter of this kind, where it
that the interests of the preferred stockholders and common
was so
intangibles.
stockholders differed. It was a case where five men are practically able
Consolidated Balance Sheet March 31.
to delegate their authority to the l'resident of the corporation in a way
1926.
that could very materially control the situation.
1925.
1926.
1925.
Assets
The effect of the Commission's decision is to deny the amendment, and
Liabilities$
Property account
Common stock___ 9,138,090 9,138,090 thus uphold the contentions of the minority stockholders.
-V. 122. P•
(lees deprec.)___ 7.933,387 8,390,022 Accounts payable_ 3,417,475 2,431,900 758, 892, 1035.
Amts. receivable__ 2.986.611 1.972,229 Accrued accounts_ 214,702
272,360
International Agricultural Corp.
Inventories
8.003.716 7,554,479 Fed, tax reserve__ 610,531
-Dividend No. 2.
249,351
Cash & Govt. sec_ 4.044.366 1,508,923 Reserve for int.,
The directors have declared the regular quarterly dividend of I 3j%
Investments
1,383,017
138,651
conting., &c_ ___ 2,129,655
969,312 on the prior preference stock, payable June 1 to holders of record May 15.
Good-will, &c
1 3,858.920 Dealers' deposits__ 129,470
114,903 An initial dividend of like amount was paid on March I. Accumulations
Deferred charges._ 150,832
180.948 Surplus
x8,841,808 10,428.253 due on this issue total 14%.-V. 122. p. 758.
Total
International Business Machines Corp.
24,481.731 23,604,172
Total
-Balance Sheet
24,481,731 23,604,172
a Adjusted at the end of 1925 to give effect to reduction of good-will
and Dec.31.Intangibles.
-V. 122, p. 2050, 1463.
1925.
1024.
1925.
1924.
Assets$
Hurley Playing Card Co.
-Stock 'Offered.-Tormey, Plant, goodwill, $
Capital & surplusb24.071,172 21,647,086
Civic & Co., New York, are making a limited offering of
&c
019,818,726 19,644,972 Sub. cos.' stocks__ 162,539
263,438
Cash
5,481.500 5.603.500
1 share of 7% cum. pref. (a. & d.) stock and 1 share of Callloans(secur'd) 1,444,056 1,124,476 Funded debt
1,000,000
Acc'ts pay., &e
793,498
931,203
common stock at $105 per unit.
Notes & acets rec. 4,050,898 3,799,438 Contingency res've 458,256
446,100
sinking fund
1,470
2,827 Federal tax (est.). 375,000
Preferred stock is fully paid and non-assessable. Divs. payable
275.000
quarterly Inventories
3,481,134 3,562,962 Divs. payable
as declared. Red. all or part on 30 days' notice at 105 and diva.
385.364
301,354
Investments
1,832,808 1,071,509 Accrued interest
165,255
168,030
Capitalization.
Deferred assets
263,744
429,529
7% cumulative preferred stock ($100 par)
$250,000
Common stock ($100 par)
Total
31,892,634 29,635,711
Total
31,892,634 29,635,711
500,000
Data from Letter of L. W. Myers, President of the Company.
a Plant, property, equip., mach., patents and good-will, per
Company.
-Organized In 1924 for the purpose of manufacturing and deducting surplus of subsidiaries acquired at organization, books, after
828.019.035:
selling the standard playing card under a special process.
Plant located less reserves for depreciation and amortization, $8,200,309.
at Carlstadt, N. J.
b Represented by 192.881 no-par shares.
Earnings.
-Based on conservative estimates of business already in
The income account was given in V. 122. v. 1773.-V. 122, P. 2050.
hand, and the capacity of 4,000,000 decks of cards per year, and
allowing
a conservative net profit per deck, the company should
International Button-Hole Sewing Machine Co.
show earnings of
about $200.000 the first year of operation.
Earnings Cal. Years1925.
1924.
1923.
1922.
Purpose.
-Proceeds will be used to provide additional working capital Earnings
$306,612
$204.222
$50,260
$39,161
and for the installation of additional machinery needed to bring
Expenses
239,189
150.932
18.972
the com16,680
pany's production rate to above 5,000,000 decks per year.
Dividends
27,500
20,000
20.000
20.000
India Tire & Rubber Co.-Pref. Stock Offered.-Borton
Balance, surplus
$39,923
$33,290
$11,288
$2,481
& Borton, Cleveland,are offering at 98 per share (and accrued -V. 120, p. 3073.
div. from April 1) to yield 7.14%, $400,000 7% cum. pref.
Island Creek Coal Co.
-To Receive $1,500,000 Cash for
a. & d.) stock.
Stock of Island Creek RR.
Exempt from Ohio State and local taxes. Dividends exempt from
See Chesapeake & Ohio RR. under "Railroads" above-v.122. v. 1619.
normal -Federal income tax. Dividends payable
-J. Transfer agent
and Registrar, Guardian Trust Co., Cleveland. Q.
Jewel Tea Co., Inc.
-Sales.
Application will be
made
to list these shares on the Cleveland Stock Exchange.
First 12 Weeks of1926.
1925.
Increase.
CapitalizationAuthorized.
$3,394,273 $3,259.710
Outstanding. Sales
$134.563
7% cumul. pref. stock (par $100)
Average number of sales routes
82,500,000
1,064
1.028
5656,494
36
Common stock (without par value)
x125,000
63.659% shs. -V. 122, p. 2201, 1774.
x Stockholders on March 18 approved a change in abs. common stock
the
from 25,000 shares, par $100, to 125,000 shares, no par value, and
Jordan Motor Car Co.. Inc.
-Earnings.
-the
Issuance of five now shares for one old share.
For the year ended Dec.31 1925 the company reports sales of 813.511,488:
Company.
-Is one of the most successful of the smaller rubber companies. gross profits, $1,751,731; expenses, $1,318,492: profit exclusive of tax,
Was incorporated in Ohio in 1916. Plant located at Mogadore,
Ohio, con- $433.239.
tains over 100.300 sq. ft. of floor space. Company owns
Calendar
1924.
over
1925.
1923.
1922.
land, with very valuable water rights. The manufacturing 32 acres of Gross sales Years513.511.488 812.009.596 513.253.829 511.535,863
equipment
Is up to date in every particular.
Earnings
x $790,475 x$858.469 y$668.959
$501,032
Net Sales.
-Company's sales and distributing facilities are very efficient
x Refer° taxes and adjustments. y After taxes and adjustments.
as indicated by the growth as shown below:
Balance Sheet Dec. 311925.
1922.
1923.
1924.
1925.
21,771,253
Assets.
Liabilities.
$1,910,172
$4.600,121 Real estate, plant, equipOver 60% of the company's production $2.996.333 bus
Preferred 7% stock
is taken by
5943.700
and commercial
car operators who purchase on performance records.
ment, &c
x$1,235,434 Capital surplus
y1,868,478
Earnings.
Contracts, plans, specIfi-Net earnings after liberal depreciation and
Reserve for contingencies_
15,000
reserves for
Federal taxes applicable to preferred dividends:
cations, &c
300,000 Accts. payable, taxes and
Calendar
Cash and U. S. Govt.
Preferred
payrolls,
Net Earnings
1,288,131
Pref. Div.
Times Accounts receivable secs 628,510 Profit and &o
Year. Outstanding.
185,116
after Taxes.
loss surplus_ _ _
289,058
Requirement.
Earned. Merchandise inventory_ _ _ 1,640,599
1922
2307,379
$198,026
$21,516
9
1923
Investment & other
290,191
17,420
174,416
20,313
8% Deferred expenses_ assets_
1924
285,321
_
Total (each side)
9,
303,933
24,404,366
19,927
15
1925
256,494
471,476
x After deducting $722,201 reserve for depreciation. y Represented
17.955
26
Net earnings as shown above applied to the dividend
-V. 122, p. 2201.
requirements of by 126,000 no par common shares.
the preferred stock to be outstanding: 1922. 530 15 per
share
4 times; 1923, $26 56 per share, or over 31 times; 1924, $46 29 or over
Kelsey Wheel Co., Inc. (& Subs.).
-Balance Sheet
or over 61 times; 1925, $71 80 per share, or over 103( times. per share,
Dec. 31 1925.Purpose.
-Proceeds will be used for additional working capital
to meet
Assets
the needs of the company's steadily growing business.
Liabilities
Property account
*1514,757,261 7% preferred stock
$2,210,300
Balance Sheet Dec. 31 1925 [Adjusted to Give Effect to this
Financing and Investments & advances.. 1,178,727 Common stock
10,000,000
Change in Capitalization.]
Inventories
2,631,611 Accounts payable trade. _ _ _
86,594
Assets.
Liabilities.
Notes and accounts receivable 1,056,481 Accr'd payrolls, wages, &c
126,116
Cash
2322,661 Trade acceptances
$256,670 Life insurance
30.564 Prov.for Fed.& Can.taxes
287.316
Accounts receivable
947.148 Accounts payable
U. S. dr Can. Govt. bonds
1,231,472 Reserve for contingencies_ _ _ _
494,188
Inventories
888,833
1,230,757 Accrued
1,404,876 Surplus
81,915 Cash
8,915,128
Land, bldgs., mach'y and
Reserves
Deferred charges_
221,295
72034,
equipment
673,804 Preferred stock
656,494
Prepaid and other assets__
100,643 Common stock & surplus_a1,713.711
Total
$22,512,288
Total
522,512,288
a Land, bldgs., mach'K and equip., and standing timber, comprising
Total
$3,275,012
Total
$33.275.012 manufacturing plants at Detroit, Mich., Memphis, Tenn., and
a Represented by 63,659% shares common stock without
Windsor,
Out. (less reserve for depreciation and depletion aggregating $4,445,444),
par value.
Industrial Finance Co,rp.-Opposition to Refinancing.- 25.214.024; trade name, good-will and patent rights, 39.543,236.
The income account was given mV.122, v. 1774.
The rights of the minority stockholders have been upheld in
certain financing contemplated by the company according to a opposing
(S. S.) Kresge Co.
-Earnings.--.
issued by Wellington E. Bull,leader of the minority group. The statement
Quar. End. Mar, 31- 1926.
company,
1925.
according to Mr. Bull, recently submitted a plan to refund and adjust
1924.
1923.
back Profit
82,991.521 82,479.890 $2,303,036 $2,248,719
dividends, amounting to 37%. on a $3,200,000 issue of 6%
preferred Federal taxes
403,855
309,986
stock. The decision Mr. Bull cites was handed down by the Virginia
287.879
281,090
State Prefored dividends__ 35,000
35,000
Corporation Commission. Mr. Bull says:
35,000
35.000
The Virginia State Corporation Commission in a decision just rendered
Surplus
$2,552,666 82.134,904 81.980.157 $1,932,629
upholds the rights of minority common stockholders of the corporation. -V.
122. v. 2052. 1320.
--Annual Report.
Keystone Tire & Rubber Co.
Calendar YearsGross profits on sales__
Operating, &c., expenses
Operating loss
Miscellaneous income__
[voL.I.
THE CHRONICLE
2340
1922.
1923.
1924.
1925.
$12.155 1os4141,586 1033E59,664 loss$110,131
364.785
260,509
103,459
84,859
$72.705
$245.045
12.572
$320.173
18.572
$474.916
32.322
$442.594
$301.601
$232.473
Loss
$72.705
456.712
106.146
45.380
14.326
Interest, taxes, &c
1.468,128
2.538.578
3.036.067
Previous deficit
3,356,599
Cr.8.489'
Refund of Fed.taxes,&c.
Adjust. Gryphon Rubber
& Tire Corp
19,159
Reserve for doubtful ac171,144
89.742
51.168
counts. &c
Profit & loss Dec.31-- $3,462.789 $3,356.599 $3,036.067 $2.538,578
-V..121. p. 847.
-To Reclossifu Stock.
Lago Oil & Transport Corp.
The company has called a special meeting of stockholders for May 1
to vote on proposed amendments to the certificate of Incorporation. Amendment to Article 4 In effect provides for elimination of the present classification of shares into class A and class B and for making the stock all of
to
one class, each share to be "equal. every other such share in voting
rights as well as in all other respects.' The total number of shares authorized to be issued is 4.000.000 shares, all of which shall be common stock
Without par value.
-V. 122, p. 620. 489.
-Earnings.
Lambert Pharmacal Co.
1925.
1926.
Quarter Ended Mar. 31$603.333
$852.117
Net profit after all charges and taxes
The proportion of profits for the first quarter of 1926. which Is appilcable
to the company amounts to $479.316. or 41.3% ahead of last year.
It is expected that the initial quarterly dividend of 873ic. a share will
shortly be declared, payable July 1 1926. placing the stock on a 33 50 basis.
-V.122. p. 1619. 1463.
-Balance Sheet Jan. 1.Landers, Frary & Clark.
1925.
1926.
1925.
1026.
S
Is
LiabilitiesAssets
10.500,000 10,500.000
Plant, mach.& eq. 5,165,349 5,177.344 Capital stork
Inventories
4,00.144 4.055,084 AWN pay., accr.
927.606
exp. & Inc. taxes 1,139.318
Cash. accounts &
719.694
Res for coming's. 605,000
notes rec., treas7,119,041 6,412,383 Dividends payable 420.000
ury notes, &c
4,418,643 4,182,562
561.170 Surplus
Irwin sub cos.,&c. 627.919
123,862
120,506
Prepaid charges
17.082,962 16,329,862
Total
17.082.962 16.329,862
Total
A comparative income account was published in V. 122, p. 2201.
-Report.
La Salle Extension University.
Income Account Year
Total enrollment fees, less
$8,280,621
refunds
Reserve for cancellations &
losses 35% of gross enroll2,914,104
ment fees
Netincome
Sales of books, &o
$5,366.517
67,474
Total
Expenses
Interest & exchange Bo
$5,433,992
5,026.721
11,890
Net profit
Balance,Jan. 1 1925
$395,381
5.668.808
Total
-V. 121. D. 1575
.
86,064,189
Ending Dec. 311925.
Stock dividends on common
$1,200,000
stock
Commission & expenses on
129,422
sale of preferred stock
30.799
Federal tax for year 1924_
1,944
Sundry adjustments
Additional reserve for can- .
750,000
cellations & losses
Dividends paid or declared in
1925, preferred stock. $47,151.941
691; corn, stock, $104,250_
Surplus Dec. 31 1925
83,800.082
Leverich Realty Corp., Brooklyn, N. Y.-Pref. Stock
Offered.-Macauley & Co., New York, are offering at 100
stock.
and div. $493,000 7%. cumulative nref. (a. & d.)National City
1
Loew's Ottawa Theaties.-Sale.-
The Keith Corp., according to a recent press dispatch from Ottawa,
has purchased the theatre at the corner of Bank and Queen Sts., Ottawa,
which it is now operating under lease arrangement. for $537,000. This
price represents a return of about $20 per share to the preferred shareholders.
By the terms of the purchase, the 'Keith Corp. assumes two mortgages
amounting to $400,000, paying the balance in cash to the holding company.
It is understood that this cash balance and certain profits now on hand will
be distributed to the preferred shareholders.
One of the two mortgages to be assumed by the purchasers represents
$250.000 bond issue made when the company was formed, and, as these
bonds became due on April 1. they will be paid off in full as to principal and
-Y. 122, p. 1463
interest on that date.
Marbro Theatre & Commercial Building (Paradise
-American Bond
-Bonds Offered.
Theatre, Inc.), Chicago.
& Mortgage Co. are offering $1,675,000 1st mtge. 63/2%
/
serial coupon bonds at prices to yield from 6% to 632%,
according to maturity.
Dated Jan. 20 1926; due 2% to 12 years. Callable at 102 and Int.
Normal Federal income tax up to 2% on the annual int., and Mass., New
Hampshire, Conn. and Penn. taxes up to an amount (including Federal
Income tax) not exceeding 3i of 1% of the principal in any one year, refundable. Int. payable J. & J. American Trust & Safe Deposit Co. Chicago,
trustee. Commencing Feb. 10 1927 on the int. and Feb. 10 1428 on the
principal. the Paradise Theatre, Inc.. agrees to pay monthly to the trustee,
for account of bondholders, one-sixth of the interest and principal payments
due during each succeeding 6 months, except that during the 6 months ending Jan. 20 1938 the monthly Installments of principal will be the same as
those during the preceding 6 months.
Security.-Boncts will be secured by a direct closed first mortgage on land
-story
owned in fee at 4106-4122 West Madison Street, Chicago, and the 3
store and office building and fireproof theatre being erected thereon. The
security, including land, building and equipment used for its operation, has
been appraised at $2,650.000.
The building will be In the Spanish Renaissance style of architecture,
3 stories in height, of steel and reinforced concrete construction. The
theatre portion will be fireproof and will contain approximately 4.500
seats, making it the largest motion picture house on the West Side and one
of the largest theatres in the city. The entire front will be of terra cotta.
with diamond-patterned brick, which will add considerably to the attractiveness of the exterior.
-After allowing for operating expenses, including
Estimated Earnings.
taxes and insurance, the net annual Income to be derived from the theatre,
storm and offices is estimated at $278,800, or over 2)4 times the heaviest
yearly interest charge.
-Quarterly Report.
Marland Oil Co.
1923.
1924 .
1925.
3 Mos, End, Mar, 31- 1926.
516.096.643 516.039.305 59.568.259 55.787.698
Gross earnings
2.581.352
5.710.534
Oper. & admin. exps. &c. 12,837.168 12.799.970
Net earnings
Miscellaneous income_
53.259.475 53,259.315 53,857.855 $3,206,346
23,385
46.284
1.816.508
1.934,188
Gross income
$5,193,663 $5.055.843 $3,904.119 (3,229.731
264,947
274,045
352.778
Int. & amortiz. disc___ 7.682
737,237
1.080.995
Deprec.. depl.. &c
1.555.915
Dividends
1,887.705
Net income
$1.742,361 53.622.070 52.892,837 $2.964,784
It is estimated that Federal taxes for the first 3 months of 1926 will
amount to $235,000.
Consolidated Balance Sheet.
Mar,31'26. Dec. 3125.
Mar.3126. Dec. 3125
8
$
Liabilities$
Assets$
Cap. stk. & sur--x90,601,483 88.897,186
Fixed assets (less
120,306
26,951
depr. & depl.)..61,071.282 57.818,595 Minority Interests
875,000
875,000
Invest.dt advs____12,559,589 12,439,619 Federal taxes
.
Deferred charges._ 1,380,099 1,432,958 acc'ts payable_ _ _ 3,214,677 2,634,886
275,051
Cash
3,021,389 3.999.108 Accrued items,,__ 350,294
U.S.Treas. ctfs_
1,000 00C
Bills dr acc'ts rec.. 5,900,237 5,588,623
Crude oil
3.917,887 4,573,818
Refined products_ 4,920,245 3,970.655
Mater.& supplies_ 2,238.738 1,764,672
Total (ea. side).95,088,405 92,802,429
214,381
52,939
Accrued items
-V. 122, p. 1305, 893.
x Represented by 1,896.245 no par shares.
Transfer agents, Mechanics Bank. Brooklyn. Registrar,
Bank, New York. Dividends payable M.& S.
Authorized. Outstanding.
Capitalization5900.000
$900,000
Mathieson Alkali Works (Inc.).-Quarterlo Earninos.-7% Cumulative preferred stock (par $100)
100,000
100,000
1926.
3 Months Ended March 31stock (par $100)
Common
$236.65
5586.i88
$628.956
Data from Letter of A. Lyle Leverich, President of the Corporation. Total earnings from operations
138,213
164,290
181.427
of engaging in the Provision for deprec. and depletion
-Formed on Mar. 21 1921 for the purpose
Company.
$98.421
$422.498
5447.529
Net earnings from operations
purchase, operation and development of high grade income producing prop- Income charges (net)
5.163
1.987
8.376
Heights and financial districts for per11.141
erties located especially in Brooklyn
44,859
54.872
Provision for Federal income tax
manent investment. Each year since the company's incorporation a sub$82,118
stantial profit has been made.
$375,652
$384,282
Net income transferred to surplus__
Corporation owns and operates the following buildings: Leverich Office -V. 122, p. 1321, 1036.
Building. Leverich Court.-Leverich Building, Leverich Gardens. Leverich
construction).
Towers (under
Merventhaler Linotype Co.-Listina.-Gross income from operation of properties, brokerage, InEarnings.
The Boston Stock Exchange has authorized the listing of 128,000 shares
has been apsurance and other sources since the company's incorporation
par value, in exchange for present stock, par $100.
requirements. This income will be consid- capital stock withoutthereto 128.000 additional shares without par value.
proximately 2)4 times dividend
with authority to add
Hotel.
erably increased upon the completion of the Leverich Towers
Balance Sheet.
stock
The corporation has paid dividends on its common and preferred $10
and
Mar.31'26. Sept. 3025.
Mar.31'26. Sept. 3025
since its inception. 7% per annum on the cumulative preferred
of the
$
$
Liabilities$
$
Assetsper annum on the common, the majority of which is in the hands
12,800.000 12,800,000
company.
pat'ts, &a_ 3,644.014 3,644.014 Capital stock
Rights.
officers and directors of the
stock
22,070
108.739
2,578,977 2,604.768 Acc'ts payable
Purpose.
-Proceeds of the sale of the balance of our 7% preferredrecent *Real estate
of
500,000 1,500,000
*Plant, equip.,&o. 1.630,384 1,541.766 Bills payable
Will be utilized in connection with the purchase and construction
920.623
1,474,605
1,785,300 1.837.076 Reserves
undertaking, the $4,000,000 Leverich Towers Apartment Hotel (V. 121, Investments
average in- Inventory
581,604
6,0:32,223 6,346,425 Res. for taxes...... 232,196
p. 2760), which will net the corporation, when completed. an
-year lease. This present sale of Cash
671,841 Rea.for Intangibles 3,644,014 3,644,014
655,827
annum net, on a 42
come of $300.000 per
program.
11,320,935 10,616,042
9.871,005 9,511,179 Surplus
Bills receivable
the balance of our preferred stock concludes present financing
Acc'ts receivable 3.882,669 3,907.284
-Balance Sheet.
Long Bell Lumber Corp.(& Subs.).
Consolidated Balance Sheet, Dec. 31 1925.
$
Liabilities5
Assetse56,244,2113
$2,677,004 Capital stock & surplus
Cash
16,827,100
a4,021,578 1st mtge. 65
Notes & acc'ts less res
9,245,815 Superior Oak Flooring Co.
Inventories
200,000
bonds, assumed
313,123
Life insurance
Timber,land & plant purchase
Land & real estate sales contr14,582,588
obligations
1,692.332
& notes
2,641,457
Sundry ace ts, notes, BCO.,&C. 1,464,230 Other notes payable
Stumpage (standing timber)_ 30,356,130 Notes payable to banks for 1,925,000
borrowed
money
4,732,302
Land-at book value
1,174,188
do sundry & Individual
Plant, buildings & equipment b8,136,634
Accounts pay, for purchases,
Northwestern development
1,429,493
pay rolls, expenses, &c
c34,955,011
at cost
do officers, employees &
100,812
Treasury stock-at cost
633,002
sundry
Diking district & improve4,598,422 Accrued interest & gen. taxes 1,690,873
ment district bonds
684,869
Income taxes for 1925
Deferred expenses, unamort.
d1,236,916
2,169,609 Reserves
discount,&c
Diking district&improvement
4,598,422
district bonds
Minority shareholders interest
594,875
In subs. companies
104,463,002
Total
104,463,002
Total
a After allowance for losses &c., amounting to $129,773. Is After depreciation of $8,701,878. c Longview, Wash. Development, Including mill
properties, townsite and suburban real estate and improvements, contruodon, railroads, &e., exclusive of stumpage. d To provide for accruals in
accordance with terms of officers' contracts referred to in certificate.
$677.028. for land and real estate sales, contracts and notes $196,114 for
improvements on real estate sold and other purposes. $363,773. e Represented by 593,921 shares of class A common stock and 542.569 shares of
class B common stock of no par value.
The income account was published in V. 122. P. 1775.
30,080.489 30.084.353
Total
•After depreclation.-V. 122. p. 1620.
Total
30,080,489 30,084,353
-Sale.
Mecklenburg Mills Co., Greensboro, N. C.
,
Four cotton mills, property of the company, were sold April 1 at auction
In Newton, N. C.. by S. S. Alderman,for $253,500. The mills were sold
under bankruptcy proceedings, foreclosure having been ordered by Judge
E. Yates Webb. of the United States Court. The sale was made to setts
bondholders, for which the Coal dz Iron Nations Bank, New York City,
trustee. Bbnds in default of principal and interest amount to more than
5600.000. The bid for the property was made by Clarence E. Hale.
-V. 117, P. 788.
New York.
-Balance Sheet Dec. 31.Moon Motor Car Co.
1924.
1925.
AssetsReal est.,equip.,&c $733,522 $522.119
475,000
475,000
Good-will
Adv.& by.in 0th.
8,500
21,500
companies
320,061
337,576
Cash
231,596
Notes 4, accts. rec_ 599,059
3,293
4,468
Due from employs
1,457,890 1.309,570
Inventories
21,892
34,869
Prepaid expenses_
1924.
Liabilities1925.
Capital stock _ _42,917,051 $2,387,871
234,509
Accts. payable.-- 352,900
Dep. from dealers,
17,792
24,301
&c
3
11,i1 1
Accrued wages, &c
87,430
170,888
Res. for taxes
153,199
196.355
Res.for deprec'n
$3,663,887 $2,892,03
$3,663,887 $2,892,034
Total
Total
:Authorized and outstanding 180,000 shares of no par value.
A comparative income account was published in V. 122, p. 1926.-V. 122,
p. 2203.
-To Increase Stock.
(Philip) Morris & Co., Ltd., Inc.
The stockholders will vote May 17 (a) on increasing the authorized
capital stock from 53,000.000 to $100,000,000, par $10; and (b) on authorizing the directors to issue up to but not exceeding 100,000 shares out of the
additional capital stock so to be authorized, to selected tobacco distributors
APR. 241926.]
THE CHRONICLE
purchasing the goods sold by the corporaticIn and to employees, officers and
directors of the corporation, either at the same time or subsequent to the
date on which a portion of such increased capital stock is offered for sale to
the stockholders, at the same price per share at which such additional
capital stock is offered for sale to the stockholders, and upon such other
-V.120,P.2690.
terms and conditions as the directors may deem advisable.
National Cloak & Suit Co.
-To Reduce Stock.
The stockholders will vote May 4 on decreasing the authorized preferred
stock from $7.054,700 to 86,924,700.-V. 122. p. 2203.
•
2341.
Exempt under present laws from State and local taxes (except inheritance taxes) in Indiana and from normal Federal Incline taxes. Fletcher
American Company, registrar and transfer agent.
Data From Letter of Roy C. Shaneberger, President of the Company.
Company.
-Is an outgrowth of a business founded in 1896. Business
incorp. In 1905 with a capitalization of 925.000 and has been built up
practically entirely out of earnings to present capacity and earning power.
Company operates throughout a 20 mile radius from its plant in Indianapolis.
.-Net earnings for 1925. after all deductions including liberal
Earnings
maintenance and replacement charges and after the adjustment of executive
salaries to present rate, but before depreciation and Federal taxes. were
$99.040, equivalent to $2 48 per share on the 40,000 shares of common
stock presently to be outstanding. For the 3 years ending Dec. 31 1925
such earnings averaged $102.473 per year.
Dividends.
-Directors have signified their intention of placing the stock
on an initial annual dividend basis of $1 40 per share. payable quarterly,
the first dividend to be payable July 1 1926 for the quarter beginning
April 1 1926.
Capitalization.
-Authorized 60.000 shares (no par value); outstanding
40,000 shares (no par value). No preferred stock or bonds.
-Application will be made to list this stock on the Indianapolis
Listing.
Stock Exchange.
-Bonds Offered.
New Egyptian Portland Cement Co.
Baker, Simonds & Co., Inc., are offering at prices to yield
from 6% to 6.40%, according to maturity, $475,000 534%
general and refunding (now first) mortgage bonds. Dated
May 10 1923; due serially Nov. 10 1927-33. This issue
does not represent new financing. Compare also V. 122, p.
1464.
New York Title & Mortgage Co.
-Capital Stock Increased
-Merger Approved.
-The stockholders voted April 22 to
-Merger Approved.- The
Railway Steel Spring Co.
increase the authorized capital stock from $10,000,000 to
$12,000,000, par, $100, and approved the merger of this stockholders on April 21 approved the plan to merge with the
eompany and the U. S. Title Guaranty Co. The stock- company with the American Locomotive Co., as outlined
•
in V. 122, p. 1777.
holders of the latter company also proved the merger.
The New York Title & Mortgage Co. on March 31 announced plans for
-Annual Report.
Reece Button-Hole Machine Co.
merging with that Institution, the United States Title Guaranty Co. The
Years Ended Jan. 11924.
1926.
1923.
1925.
New York Title & Mortgage Co. will then have capital funds of about
$30.000,000. The merger has been approved by the directors of both Earnings
8742.317
6765.063
8828.142
$809,889
coninanieq.
588.173
624.021
Expenses
622.918
553.695
The United States company has an extensive organization on Long Dividends paid
(1334%)135.000 (14)140.000 (14)110.000 (12)120.000
Island. and the proposed merger will enable the New York Title & Mortgage Co. to play a greater part in ithe active development which is now
Balance. surplus
$14.144
865,204
86.040
$136,194
taking place on the Is'and.
V. 120. p. 3325.
The New York Title & Mortgage Co. has offices in Manhattan. the
-Semi-Annual Report.
Reo Motor Car Co.
Bronx. White Plains, New Rochelle. St. George. S. I.• Brooklyn and
Jamaica. and capital funds of over 825.000.000. The United States Title
The company reports net earnings or the 6 months ended Feb. 28 1926
Guaranty Co. has offices in Brooklyn. Jamaica and Mineola. and a title of $1,859,408 after taxes and charges.
plant for Suffolk County. It has a capital of $2,000.000 and surplus and
Consolidated Balance Sheet.
undivided profits of over $2,000.000.
Feb.28'26. Aug.31 '25.
Feb. 28'26. Aug.31'25.
The basis of the merger will be an exchange of three shares of stock of the
AssetsMobil Mrs
United States Title Guaranty Co. for two shares of New York Title &
Capital stock
20.00(1.000. .
Mortgage Co. stock. To provide for this exchange, the capital stock of
are.,
Accounts payable_
the latter company is increased by 20.000 shares, par $100. Of these, Inv. In less dorm. 7,271,689 7,189,3713 Accrued pay roll 2.236.487 2,300.610
other
77,401
240.540
134,573
13.333 1-3 shares will go to stockholders of the United States Title Guaranty Reo Motor ofcos.. 180,770
CanReserve for taKes. 1,130.247 1,210,500
Co. From the balanee, it is proposed to declare a 5% stock dividend to
47,000
47.000 M Neel!. pavablw_
ada, Ltd
71.581
96.705
Title & Mortgage Co. stock, which will include those
holders of New York
4,590,288 7,906.386 Deferred profits
120.010
111,584
who have exchanged their stock of the United States Title for stock of the Cash
772.822
6,772,815 6,935,603
New York Title. The effect of the change in capital structure of the New Sight drafts°titan; 499.550 5.079,935 Surplus
7,481.920
York Title will be to give that company a capital of $12,000,000 and surplus Receivables
Inventories
10.351.137 9.571.503
and undivided profits of about $18.000.000.
149,324
205.052
The activities of the New York Title are diversified, it owns all the Deferred charges_
stock of the American Trust Co. which has offices In Manhattan, Brooklyn,
30,571,659 30,849,478 Total
Total
30,571,659 30,849,478
Jamaica and Long Island City. Another is about to be opened in St.
George, S. I. It has deposits of $47.000.000. The New York Title also __Ar, 122. p. 1323.
has a controlling ownership of The County Trust Co. at White Plains, the
Republic Iron & Steel Co.
-Earnings.
-largest bank in that city, with deposits of $9.060.000. Beside the title and
mortgage business in New York City, through its National Title depart3 Mos. End. Mar. 31- 1926.
1924.
1925.
1923.
82.172.091 81,527.764 82,080.809 82,234,988
ment, the New York Title insures titles anywhere In the United States. aNet earnings
459,216
Recently it has formed a subsidiary. the National Mortgage Corp., for the Depreciation & revewals
305.214
331.311
350.625
Exhaustion of minerals_
purpose of lending on first mortgage in cities outside of New York.
94,302
81,026
102.336
102.961
296.727
325.964
The United States Title on Dec. 31 1925 had a capital of $2.000.000 and Interest charges
290.503
247,559
dividends_ (I% %)437.500(13()437.500(2%)687.500(1 5)437.500
surplus of $2.074,000, all but $500.000 of the present surplus having been Preferred
accumulated from earnhags.-V. 122. p. 1926.
Balance. surplus
' $884.346
8375.060
8688.657 f1.096.343
North Butte Mining Co.
a After reserves for maintenance and repairs.
-Merger Approved.
Unfilled orders as of Mar.31 1926. amounted to 151.827 tons, as compared
The stockholders on April 20 approved the plan for merging with this
with 223.973 tons Dec. 31 1925 and 140.055 tons Mar. 31 1925.-V. 122.
company the Tuolumne Copper Co. See V. 122, v. 622, 101.
v. 2054, 1927.
Onyx Hosiery, Inc.
-Earnings.
-
Quarter Ended Mar. 31Net profit after deprec., dm., but before Fed. taxes
-V. 122. p. 225. 101.
1926.
$211,334
1925.
$178,339
Owens Bottle Co.-Earnings.-
Quer. End. Mar. 311926.
1925.
1924.
1923.
Net profit after expenses
and Federal taxes_ ___ $1,214,412
$941.690
$802.454
$907.361
Francis H. McAdoo (member of law firm of Miller & Otis). New York,
has been elected an additional director.
-V. 122, v. 2054. 102.
Park Central Apartment Hotel, N. Y. City.
-Bonds.
Permanent 63
,
6% 1st mtge. bonds, dated Dec. 1 1925 are now ready
for delivery at the office of the American Bond & Mortgage Co., 345
Madison Ave., N. Y. City. For offering, see V. 121. p. 3015.
Park & Tilford, Inc.
-Earnings.
-
The company reports for quarter ended March 31 1926, net profit of
$96,600 after taxes and charges.
-V.122, p. 1927.
Peerless Motor Car Corporation.
-Earnings.
-
Quarters Ended March 311926.
1925.
Grosssales
$4,460,878 $3,349.816
Net profit after depreciation and taxes
205,802 loss 280.514
Pres. Edward Verlinden states that sales for the first
ceeded the first half of March,the best month in the historyhalf of April exof the company.
-V. 122. P. 1777.
Peoples Drug Stores, Inc.
-Acquires Two New
Stores.
The corporation announces that acquisition of two
Md., bringing the total now operated to 22.-V. 122.stores in Frederick.
p. 2054.
Piggly Wiggly Western States Co.
-Sales.
-
Period Ended Mar. 31 1926
-Month-1925.
1926-3 Mos.-1925.
Sales
$609.579
$510,483 $1,784.034 $1,556,433
The company now operates 70 retail grocery stores.
-V. 122. p. 1622,
1323.
Phillips Petroleum Co.
-Earnings.
-
Three Months Ended March 311926.
1925.
1924.
Net earnings after expenses, taxes. &c.
but before depreciation & depletion $6,121264 $4,366,401
46,098.977
Includes $2,426,331 inventory appreciation written off later in
x
year.
President l'hillips at the annual
both on and gasoline is at its highestmeeting stated that the production of
point and that the company's reserves
are greater than at any time in its hhtory.-V. 122, p. 2054, 1445.
Prairie Oil & Gas Co.(Kan.).
-Balance Sheet Dec. 31,-
Assets
Personal property
Real estate
Bills receivable
Investments
Cash
Accounts receivable
Inventories
Total
Liabilities
Capital stock
Capital sold to employees
Accounts payable
Profit and loss. surplus
Total
-Ir. 122. v. 2054, 1622.
834.344.478
.
608.533
260.000
23.500,754
4,517.710
19,102.068
72.090.553
1924.
$29.501.935
623.386
1.535.000
18.748,802
3,584.619
22.491.128
66,321.255
1923.
$18,963,013
623,991
11.550.000
17.246,055
4,136.053
24.660.284
54.711.569
154,424.096 142.806.127 1131890.969
60.000.000 60,000.000 60.000,000
40,125
14.948.709 16,772.503 11.387.760
79.435,263 66,033,624 60.502.308
154.424,096 142,806.127 1131890.969
Progress Laundry Co., Indianapolis.
-Stock Offered.Fletcher-American Co., Indianapolis, are offering at $20 per
hare 12,500 shares common stock.
8
St. Regis Paper Co.
-Debentures Sold.
-F. L. Carlisle
& Co., Inc.; E. H. Rollins & Sons; Hornblower & Weeks,
Stone & Webster,Inc. and Schoellkopf, Hutton & Pome99% and int., to yield over 6.10%,
roy, Inc., have sold
$5 000,000 5-year 6% gold debentures (closed issue).
Dated April 1 1926 due April 1 1931. Int. payable A. & 0. in New
York without deduction for any normal Federal Income tax up to 2%.
Red. all or part on 30 days' notice at 102.4 and int., to and incl. April 1
of 1% less each year. Denom.
1927 thereafter at a premium becoming
.
$500 and $1.000c5 Equitable Trust Co., New York. trustee. Penn.
4-mill tax, Conn. 4-mill tax. Maryland 4 1.4-mill tax, District of Columbia
-mill tax. Vermont 4-mill tax. New Hampshire income tax up to 4% and
5
Mass.6% income tax refunded
Data from Letter of Vice-Pres. R. B. Maltby dated April 19.
Company-Organized in New York in 1899. Company is one of the
largest producers of paper in the eastern United States, having an annual
output of over 140.000 tons of various grades. consistng of directory,
catalogue, newsprint, manila wrapping, packers' wax and grease-proof
paper. Properties located in northern New York State. Manufacturing
plants situated at Deferiet. Black River. Norfolk. East Norfolk. Norwood
and Raymondville Company is assured of ample supplies of electric
and hydro-mechanical power by reason of long-term contracts which it
has with Power Corp. of New York.
Company controls large resources of pulp wood. In Canada, a subsidiary, St. Regis Paper Co. of Can., Ltd.. owns in fee or has a contract
to purchase in the Province of Quebec. 168.934 acres of freehold timber
limits, which, according to the report of independent engineers made in
1920, are estimated to contain over 2.000,000 cords of pulp wood. This
company owns and operates plants which are adequately equipped for
the efficient handling, preparing and loading of pulp wood. In addition,
domestic timberland holdings of St. Regis Paper Co. consist of over 112,000
acres located in the Adirondack Mountains. During the past year the
company added materially to its pulpwood reserves by contracting with
Pond, Inc. (formerly the William Rockefeller Adirondack th n dings
oua aoIding.
)
for the entire stumpage of pulpwood on approximately 52.000 acres.
CapitalizationAuthorized.
5
-year 6% gold debentures (this issue)-$5.000.000
65.000.000
Preferred stock, 7% cum.(par 6100)
5.000.000
2,000.000
Common stock (without par value)
400.000 shs
347.600 shs.
Investments-Company owns 727,660 shares of the common stock of
of Northeastern Power Corp., which in turn owns over 99% of the common
stock of Power Corp. of New York, all of the capital stock of the Oswego
River Power Corp., and 234,289 common shares of the New England
Power Association.
The properties controlled by Power Corp. of New York and the New
England Power Association are inter-connected by high-tension transmissions lines with the properties of the Mohawk Hudson Power Corp.
and the Buffalo, Niagara & Eastern Power Corp. thereby creating a
super-power transmission system extending from Buffalo to Boston.
The Power Corp. of New York and the Oswego River Power Corp. control the following companies:
Power & Electric Securities Corp.
Northern New York Utilities, Inc.
Ft. Covington Light, Heat &
Malone Light & Power Company.
Power Co.
Milling & Lighting Co., Inc., of
Peoples' Gas & Elec. Co.of Oswego.
Brasher Falls.
The Gen. Development Corp.
Oswego Canal Company.
The above properties include developed and undeveloped powers
on the Black, Beaver, Raquette, Oswegatchle, Grass, Salmon. St. Regis
and Oswego Rivers, in Northern New York. rated at 510.000 h.p., of which
204.000 h.p. Is now developed The electric output during 1925 amounted
to over 275.000.000 k.w. h These undeveloped powers are susceptible of
economical development as required by the systems which serve
industrial sections The Power Corp. of New York owns also athe large
terest In the common stock of the Mohawk Hudson Power Corp. 15% inThe New England Power Association owns substantially all the Common
Stock of the following companies:
New England Power Co.
Bellows Falls Power Co.
Connecticut River Power Co.
Rhode Island Transmission Co.
Z342
THE CHRONICLE
The combined companies own developed and undeveloped powers rated
at 258,000 h.p., of which 160.000 h.p. is now developed. The output during 1925 exceeded 600.000,000 k.w.h.
The holdings of the St. Regis Paper Co. in the common stock of the
Northeastern Power Corp. while carried on the books at only $6,230,225
have a market value at current quotations of over $14,553,000
In addition to owning over 95% of the common shares of the St. Regis
Paper Co. of Can., Ltd. (this investment being carried on the books at
111). the company controls the entire outstanding common stock of the
Nowood & St. Lawrence RR. This railroad, classified as a trunk line
carrier by the I.
-S. C. Commission, conducts a general passenger, freight
and express business. It connects the company's pulp wood terminal at
Waddington, on the St. Lawrence River, at which point shipments of wood
from Canada are received by steamships, with the New York Central Railroad and Rutland Railroad at Norwood
Gross Revenue and Net Income Available for Interest after Degree. but before Fed. Tax.
Cat. YearsGross Rev. Net Income Cal. YearsGross Rev. Net Income
1920
55.781,583 $809.942
$9.416.778 $2,059,489 1923
1921
9,967,276 1.203,700
5.039,905
490.687 *1924
1922
9,175,651 1,209,882
5,487.816
849,071 *1925
* Includes earnings from properties of Hanna Paper Corp. merged with
St. Regis Paper Co. in 1924
Purpose.
-Proceeds will be used to retire current indebtedness, to acquire
additional pulp wood reserves, to increase holdings in affiliated companies
and for general corporate puposes.
Sinking Fund-Trust indenture provides for an annual sinking fund beginning April 1, 1927, of $250,000 for the redemption of the debentures by
purchase in the maket or by call.
Balance Sheet-Dec.31 1925(adj. to give effect to this financing.)
Liabilities.
Assets.
$5.000,000
Plant property
$9.104.116 6% debentures
2.000,000
Investments
a6.570.303 Preferred stock
Cash
4,287.999 Common (347.600 sh. no par)13,596,078
764.995
Notes. trade accep..f. lit. res.
57.656 Accounts payable
208,800
Accounts receivable
932,476 Dividends payable Jan. 1
1,125
Inventories
2,618.291 Accrued accounts
2,930.890
Adv. on pulpwood operations_ 1,395.660 Reserves-Depreciation
788,627
Contingencies
Prepaid Ins., taxes, int.,
__
42,459
119.998
Federal Income tax
Deferred charges
411,986
10,434
Other
[VoL. 122.
Company owns oil leases covering 75,800 acres of oil lands in Oklahoma.
Kansas, Arkansas, Colorado. Texas and Louisiana, 10,600 acres of which are
developed and on which are located 525 producing wells. Present daily
production is approximately 10,000 barrels. Company has its own pipe
lines and gathering pipe-line system. totaling 322 miles, and gathers and
pipes all of the crude oil which it refines. It also owns 631 tank cars and
has under a favorable 5
-year lease 250 additional tank cars, practically all
of 8 to 10,000 gallon capacity.
Through subsidiaries, the company has retail distributing facilities
through which are marketed annually approximately 50.000,000 gallons of
gasoline, 8,000,000 gallons of kerosene, 4,000,000 gallons of domestic
heating oil. 2.000.000 gallons of lubricating oils-largely high grade motor
oils-and 1,000.000 gallons of fuel and miscellaneous oils. This retail
distributing business is increasing at the rate of over 10% annually. The
principal distributing territory includes Illinois, Indiana, Minnesota,
Wisconsin, Iowa, Nebraska, Oklahoma, Arkansas and North and South
Dakota. in which are located 248 bulk stations and 180 service stations.
Capitalization Outstanding With the Public (After This Financing).
2
-year 6% gold notes, due April 15 1928 (this issue)
$7.500,000
1st mtge. 6% sinking fund gold bonds, due 1929 (closed issue) a5.142.200
Subsidiary distributing companies' bonds and notes
b1,701.084
Participating cumulative 7% preferred stock
14,000,000
Common stock (without par value)
160,000 shs.
a Original issue $15,000,000, of which $9,857,800 have been retired by
sinking fund operations, leaving outstanding $5,142.200 to be retired, by
maturity, through further sinking fund operations. The June 1 1926
sinking fund will retire approximately $806,000 bonds.
la Principally participating certificates, to be liquidated on percentage
of sales of products.
Earnings (of Shaffer Oil and Refining Co. and Subs.)
Earnings for 12 Months Ended Feb. 28 1926
Gross earnings
$16,266,733
Operating expenses, maintenance and all taxes
11.426,874
Net operating earnings avail, for int. depletion & deprec.. &c- $4,839,859
Annual interest requirements on total funded debt,including the
873,077
present issue of $7.500.000 2
-year 69 gold notes, due 1928-The above net operating earnings a $4,839.859 were over 5.5 times the
annual interest requirements on the total outstanding funded debt including
this issue of 2
-year 6% gold notes, and such earnings, after deduction for
depletion and depreciation, were over 4 times such annual interest require$25,420,947 ments.
Total
Total
525.420,948
Purpose.
for expendi-Proceeds will be used
Contingent Liability-Company guarantees $1.425,000 St. Regis Paper tures heretofore made for additions to reimburse the company
and extensions to the properties and for
Co.of Can., Ltd.614% gold debentures, due $75,000 annually June 1, 1928 the retirement of funded debt and also to
redeem $207,900 8% convertible
to 1933 incl., and $825,000 June 1 1934, and It also guarantees the dividends gold notes, due May 1 1941, of the
company, at present outstanding.
on $841,400 8% cumulative pref. stock of the same company St. Regis
Control.
-Standard Gas
Co. controls Shaffer Oil & Refining
Paper Co., under a long term contract, agrees to purchase pulp wood from Co. through ownership of & Electricand common stock and will own, on
preferred
St. Regis Paper Co. of Can., Ltd., for an amount more than sufficient to
preferred stock
pay the principal of the bonds as they mature, the interest thereon and the completion of the present financing, 65% of the company's
and 98% of its common stock. The operations of the company are under
preferred dividends as above mentioned.
the direction of men of long experience in the oil industry.
a Holdings of securities in Northeastern Power Corp., Norwood & St.
General Balance Sheet Feb. 28 1926 (Giving Effect to Present Financing).
Lawrence RR., Taggart Brothers Co., Inc., etc.
Assets
-V.122, p. 1323.
Liabilities
55,142,200
Real estate,oll&gasleases,&c.532.727,736 1st mtge. cony.65
Scotten-Dillon Co.
-No Extra Dividend.
7,500,000
Unamer. debt disc & exp_ _ 2,178,501 2
-year 6% gold notes
1,701,084
491,470 Subsidiary bonds & notes
The directors have declared the regular quarterly dividend of 37,on the Inv. In and adv. to all. int__
14,000,000
capital stock, payable May 15 to holders of record May 7. On Feb. 17 Other investments
293,337 Partial). 7% prof. stock
1,201,499
last the company paid an extra dividend of 7% and on Nov. 13 1925 an Prepaid acc'ts ex def.charges_
131,159 Notes payable
1,716,376
extra of 5%,in addition to the usual quarterly dividend of3%.-V. 122.13• Cash
697,743 Accounts payable
197,117
Cash on deposit for int., &c_ ' 145,434 Accr. for Int. & taxes
624.
Accounts & notes rec.(net)_
1.587,350 Deprec. & depl. reserves_ _ _ _ 3,314,084
Sears, Roebuck & Co.
-Suit.
Inventories
4,758,929 Special res. for red. of Pron.
5,040,000
A suit for $4,927,161 was filed April 9 in the United States District Court
purch.for stock
a3,199,297
at Trenton, N. J., by the Murray Rubber Co. against Sears, Roebuck
Surplus
& Co. for profits claimed to have been lost by the alleged breaking of a
$43,011,658
Total
contract by.Sears-Roebuck.
543,011,658
Total
The Murray company has been dealing with Sears
-Roebuck, according
a 160,000 shares of common capital stock without par value or of nomina
to the complaint, for more than 13 years. For the last few years, it is par value.
alleged, the company has been using practically half of its facilities in the
-Tenders. The
Resumes Dividends on Preferred Stock.
manufacture of casings and tubes for the mail-order house.
According to the papers, during the first 5 months of 1925 the plaintiff directors on April 17 declared a regular quarterly dividend of
sold a monthly average of 26,500 casings and 34.500 tubes to the Chicago
4
firm. Early last June, the suit sets forth, the defendant asked the Murray 13 % on the 7% cum. pref. stock, payable July 25 to holders
people to ship them 50,000 tubes and 50,000 casings a month. This of record June 30. From Oct. 25 1919 to July 25 1923 incl.
Involved taking on more help and increasing equipment at an expense of
quarterly dividends at this rate were paid on the pref. stock;
$200,000, which the Murray company says it did.
The contract was adhered to until March, when, the complaint says, the none since.
defendant refused to send specifications for the manufacture of its tires
The Continental & Commercial Trust &
for April, May and June of this year. The explanation was that Sears- Ill., will until April 27 receive bids for the Savings Bank, trustee, Chicago.
sale to
Roebuck was revising its prices, and after some negotiating, the entire sinking fund gold bonds, dated June 1 1919, to it of 1st mtge. cony.6%
an amount sufficient to
contract was broken, it is charged.
exhaust $826,666.-41 121, p. 3142.
7.
The Murray company contends that the contract was for three years, and
arrives at the amount involved in the suit by computing the average monthly
(C. G.) Spring & Bumper Co.
-Extra Dividend.
profit for the first three months of this year -V.122, p. 1927.
The directors have declared an extra dividend of 5c. per share,in addition
to the regular quarterly dividend of 10c. per share, both payable May 15
-Registrar.
Servel Corporation (Del.).
1925 and
to holders of
The Chase National Bank has been appointed registrar for an authorized in Feb. last. record May 8. Like amounts were paid in Nov.
-V.122, p. 1467.
-V. 122, p. 1927, 1778.
issue of 900,000 shares of common stock.
Serv-el Corp. (Va.).-Recapitalization Plan Approved.
The stockholders have approved the plan of recapitalization as outlined
1623.-V. 122, p. 1(.32.
in V. 122. p.
-Expansion Program-Earn.
(Frank G.) Shattuck Co.
A recent announcement says that this company plans an extensive
expansion program for 1926. Last year it expended 1%1,686,000 on new
properties and $502,500 for the purchase of leaseholds, a total of $2,188,500,
all out of earnings. This year, it is expected that substantially more money
will be expended in furthering this program. With the opening of four
-story
new stores in New York and the operation in June of the new 13
factory at 43 West 22nd St., N. Y. City, the company will operate in all
in New York, Brooklyn, Boston and Syracuse. With the addi31 stores
tions to the present chain of stores in full operation, the company anticipates an increase in sales at an annual rate of over $6,000,000. Sales last
year exceeded $11,490,000 and, based on the year to date, the management
anticipates for 1926 annual sales of $14,000,000. See also V. 122, p. 2205.
Mar. 27 26 Mar. 2825.
Quarter Ended$1.110,974 $1,002,623
Gross trading profit
670,689
627,883
Expenses
79,678
82,579
Depreciation & interest
36,883
41,110
Federal taxes
Standard Plate Glass Co.
-Earnings.
-Quarters Ended March 31Net after depreciation
Expenses
1925.
1926.
$390,183 $419.330
264,393
358,537
Operating profit
Other income
$31,646 $154,937
61,128
51.943
Total income
Interest and discount
$83,589 $216.065
34,020
55,988
Net profit
$27,601 $182,045
Joseph Heidenkamp has been elected Chairman and Frank E. Troutman,
President, S. B. Congden and R. B. Tucker have been elected directors.
succeeding Howard Hansell and Warren Hires Turner.
-V. 122, p. 2056.
State-Lake Building Corporation.
-Law-Bonds Sold.
rence Stern & Co. and Union Trust Co., Chicago, have also
at prices ranging from 99M and interest to 101.09 andinterest, to .ield from 532% to 6.05%, according to maturity,
$1,800,000 first (closed) mtge.leasehold 6% serial gold bonds.
Dated April 1 1926; due serially. 1928-1943. Principal and interest
$258,179 (A.& 0.) payable at Union Trust Co., Chicago, trustee, without deduction
for normal Federal income tax not in excess a 2%. Certain State taxes
refunded.
Redeemable, all or part, on
-H. M. any interestDenom.$1,000 and $500 bonds
-Notes Sold.
Shaffer Oil & Refining Co.
date on or before April 1 1932 at 103 and interest; on or before
c*.
Byllesby & Co., Inc., Janney & Co. and Federal Securities April 1 1937 at 102 and interest; and at 101 and interest thereafter. and
Security.
-Secured by a closed first mortgage on the leasehold estate
Corp. have sold at 993/i and int., to yield over 63t%$7,500,- the 12-story completed building of standard fireproof construction, situated
at the southwest corner of State and Lake streets, Chicago. The land was
000 2-year 6% gold notes (closed issue).
Dated April 15 1926,• due April 15 1928. Interest payable A. & 0. in leased for 99 years from Aug. 1 1917 to July 31 2016, at an average rental
Chicago and New York. Principal payable at the office of the trustee. of $111,961 per annum during the term of the lease, and $95,196 during
Denom. $1,000 and $500 c*. Red. all or part at any time upon 60 days' the term of this bond issue. The leasehold and building have been apnotice, at 101 and int, on or before Oct. 15 1926, the premium thereafter praised at over $3,181.000.
Earnings.
-Net earnings, after deductions for operating expenses, taxes
decreasing 14% for each 6 months or fraction thereafter elapsed to date of
redemption. Interest payable without deduction for normal Federal income and ground rent, available for the payment of interest, were $198,531 in
provide for the refunding of 1923, $201,931 in 1924 and $225,576 In 1925. With new leases being
tax not exceeding 2%. Trust Agreement will
Penn. personal property tax, not in excess of 4 mills, and Mass, income negotiated for May 1 1926, the management estimates net annual earnings
'annual interest. Union Trust Co., Chicago, for the year following that date at approximately $250,000, or nearly 21'i
tax not in excess of 6% of
times the greatest annual interest charge. The income Is derived from kages
trustee.
Company.-Ineorp. in Delaware May 31 1919. Is a balanced, self- to tenants in diversified lines of business, including a lease on the theatro
embracing fully within its own of $150,000 per annum for 20 years to the State-Lake Theatre & RqritY
contained unit of the petroleum industry,
organization, complete properties and facilities for the production, refining, Co,. payment of the rental being guaranteed by the Orpheum Circuit,Inc.
transportation and marketing of its products, which are distributed under
Stewart-Warner Speedometer Corp.-Earning8.its widely known "deep rock" trade mark. The refinery, with daily capa1923.
3 Mos.End. Mar.31city of 10,000 barrels, is located at Cushing, in the heart of the Mid1924.
1926.
1925.
Continent field. It is a completely equipped plant, covering 391 acres, Net after depr.& Fed.tax $1,353,102 $1,303,972 $1,496,700 $1,827,974
and includes a cracking plant, paraffin wax and lubricating oil equipment, -V. 122, p. 1163, 625.
and tank storage capacity of 2,090,000 barrels. Fuel requirements of the
Swan-Finch Oil Corp.
-7% Back Dividend.
refinery are supplied by gas from the company's own sources. The cracking
process used is one of the most efficient known today. In addition there are
The directors have declared a dividend of7% on account of accumulations
4 casinghead gasoline plants with total daily capacity of 20,000 gallons. on the preferred stock, payable May 15 to holders of record April 30.
.-V. 121.
Company and its subsidiaries produce 75,000,000 gallons of gasoline Accruals on the preferred issue to March 1 1926 total 1214%
products annually.
p. 2766.
Net income
-V.12 2, p. 2205.
$316,596
THE CITIZONTeLF.
APR. 24 1926.]
2343
Purpose.
-To supply funds from time to time to acquire and cancel the
of the company.
1924. outstanding 8% gold notes balance sheet after giving effect to this financing
1925.
Assets & Earnings.
-The
$27,600 prof.$32,278 shows that for each $100 par value of outstanding preferred stock, the net
Net loss after deprec. reserves. &c.. _ _
$5,584
-V. 122, p. 1779.
assets amount to 8240 and net quick assets to $198. Net earnings after
liberal depreciation charges and provision for Federal tax, and after elimina-Earnings.
Texas Gulf Sulphur Co., Inc.
tion of interest on the issue of 8% gold notes, available for preferred stock
1924.
1923..
Quar. End. Mar. 311926.
1925.
Net earnings
$1,930,624 $1,413,093 $1,155.868 $1.102,066 dividends, have been as follows:
Pref. Dirs.
Dividends paid
1,587,500
1,111,250
1,111,250
793.750
Net Earnings. Times Earned.
Period2.27
$57.944
Year ended Dec. 31 1925
Balance, surplus
$343,124
8301,843
$44,618
$308,316 3
2.30
59,666
Sur. & res've for depl'n- $7.583,399 $7,409,127 $7,100,386 $6,595.812 8 years ended Dec.31 1925
2.59
66,081
years ended Dec.31 1925
During the first quarter of 1926 the company increased its reserve,includSinking Fund.
-On Nov. 1 annually company is required, out of net
ing reserve for depreciation and accrued Federal taxes, by $122,741, making earnings, to
the purchase and redemption of its preferred
apply
the total of these reserves $6,406,051 on March 31 1926.-V. 122. p. 1040. stock at a price not$10,000 to107% and accrued dividends. All obligations
exceeding
603.
of the sinking fund have been promptly met to date and a total of $111,300
of preferred stock retired. Company also agrees to pay into the sinking
Texas Pipe Line Co.
-Increases Capitalization.
may be declared
The Secretary of State at Houston, Texas, has granted permission to fund an additional amount equal to such dividends as
the company, a Texas Co. subsidiary, to increase its capital stock to and paid on the common stock.
Authorized. Outstanding.
*Capitalization$20,000,000 from $14,000.000. The increase will allow paying off of
$363,700
$550,000
outstanding obligations. The company was organized in 1917 and ex- 7% cumulative preferred stock
325.000
325,000
pended considerable money for extensions in Texas and Arkansas but never Common stock
•After giving effect to issuance of $200,000 preferred stock and applicaincreased capital stock. This investment is now being funded by the
tion of proceeds thereof to retirement of $200,000 of 8% gold notes.
issuance of new stock.
-V. 105. p. 78.
V. 111, p. 1480.
Sweets Co. of )tmerica.---Earnings.--QUor. Ended Mar. 31-1926.
Thermiodyn Radio Corp.
-Bankruptcy Petition.
-
A petition in bankruptcy has filed April 20, in the U. S. District Court,
Southern District of New York, against the company for the purpose of
rehabilitating it, according to T. Harvey Ferris, V.-Pres. Mr. Ferris,
who is also chairman of the reorganization, issued the following statement:
"Affairs of the corporation have been administered several months under
the direction of a creditors' committee, assisted by a reorganization committee of the directors and large stockholders. This committee was able
to accomplish a great deal in the matter of reduction of corporation debts
to the extent of more than $600,000,apportioned equitably among all classes
of creditors.
"At the same time the committee has in formulated state definite plans
looking to the protection of the corporation's valuable trade marks, patents,
good will and tangible assets, and also has in mind the safeguarding of the
Interests of stockholders in the corporation."
"The orderly working out of the plan was seriously complicated at the
eleventh hour by the failure of two interests in the general porposition to
cooperate with the great majority of those interested, from both the standpoint of creditor and stockholder, and in order to conserve to better advantage the interests of all concerned, the board of directors, the officers and
representatives of the largest stockholders and creditors, after an all-day
conference, decided it would be best to place the property of the corporation
under the protection of the United States Court, pending the consummation
of definite plans for recasting and rehabilitating the financial structure of
the corporation, to permit it again taking its proper place as one of the
very important units in radio manufacturing.
"It is expected that a reorganization plan will be submitted by the com-V.122, p. 763.
mittee within 10 days."
-New Director, &c.
Union Bag & Paper Corp.
Robert Jackson succeeds R. T. Spencer as a director.
Consolidated Balance Sheet Dec. 31.
1924.
1925.
1924.
1925.
Assetss
5
$
$
Plant, equip., &e_11.852,407 11,845,177 Liabi/Wes14.604,350 14,604,250
Capital stock
.stk.of Newsp.
Cap
1st mtge.bonds__ _ 4,774,000 5,980,000
Investment Co. 268,356
Allen Bros.6% Isls•
Cap. stk. of St.
00,000
100.
000
80,000
45,000
6,098,900 Purch.money oblig
Maurice Pap.Co
1,000,000
25,519 Bills payable
Other investments
331,548
Accts. payable_ _ _ 547.912
Cash with trustees.x5,116,813
59,800
49,990
Acc'd int,on bonds
Mtge. rec. held by
125,000
Prey,for '25 tax_
225,000
trustee
3,412,411 2,962,372 Res. for Fed. taxes
Inventories
230,378
564.418 and coining_ _ _ 225,000
Accts.receivable_ _ 646.476
1,280,010 1,164.041
327,924 Surplus
490,636
Cash
725,807
Deferred charges__ 729,163
22,741,2f2 22,550,117
Total
22,741,262 22,550,117 Total
x Cash held by trustees for redemption on May 1 1928 at 105 and int.
The usual comparative income
of outstanding 1st mtge. 6% gold bonds.
account was given in V. 122, p. 1780.
-Brea Plant Requmes.Union Oil Co. of Calif.
Telegraph advices received in Wall Street banking quarters this week
from San -Luis Obispo stated that the company has restored to service its
Stewart pumping station which was destroyed in the recent Brea fire. The
Tide Water Associated Oil Co.
-Merger Legal.
refinery are again in operaThe Department of Justice announced April 22 that its investigation pipe lines running from Brea to the Wilmington12.000
a day.
relating to the formation of the Tidewater-Associated Oil Co. and its ac- tion. The flow of oil is reported at 10,000 to stated, barrels going ahead
Is also
Further work of restoration, the advices
quisition of the greater part of' the voting stocks of the Associated Oil Co.
worrtilp e
is
: in restoring the
i tegnan
rapidly,
minimum
ucmostoof
and the Tidewater Oil Co. brings cut that upon the facts disclosed the
ce
t g insurance.
nof
of
Government would not be warranted in instituting proceedings under the oiit
Luis Obispo
Anti-Trust laws based on this particular transaction. The conclusion now totaling in all $7,000,000. which covered the company's San
-V. 122. p. 2206.
expressed, it was said, however, would not preclude the Government from tank farm.
reconsidering the transaction should it later appear that it is in any degree
-New Directors.
United Alloy Steel Corp.
coupled with any other merger or series of mergers.
C.S.Eaton and J.0.Eaton of Cleveland and Philip Wick of Youngstown,
Paul Shoup, Vice-President of the Tide Water Associated Ohio, have been elected directors, succeeding Edward A. Langenbach and
-V.
David B. Day of Canton, Ohio, and Percey Brown of Cleveland.
Oil Co., says:
"The announcement of the Department of Justice to the effect that the 122, p. 2206.
Tide Water Associated Oil Co., on the basis of facts disclosed, no longer
-Dividend No. 2-Earninas.United Biscuit Co.
carries the burden of proceedings against it by the Government, is indeed
directors have declared the regular quarterly dividend of $1 per share
gratifying to all concerned in the organization of this new company through onThe class A participating preferred stock, no par value, payable June 1 to
the
the affiliation of two long established and well known oil companies
-the holders of record May 10. An initial dividend of like amount was paid on
Tide Water and the Associated.
on March 1 last.
"The announcement justifies the views of the organizers of the new this issuefor Three Months Ended March 311925.
1926.
Results
company that nothing was being done in that connection which in any Net profits, after depreciation but available for
way, shape or form was contrary to the laws and traditions of the United
$83.587
$107.923
interest and taxes
States or to the interests of the public welfare.
"All who have studied this important consolidation must be convinced -V. 122, p. 625.
that it will serve the public beneficially; for it promotes economies in
-Balance Sheet Dec. 31.United Oil Co. (& Subs.).
operation, helps place oil and its products in markets most needed with
1924.
1925.
1924.
1925.
least cost in money and time,reduces the amount of oil unavailable through
Liabilities
S
Assets$
transit and storage conditions, gives increased facilities for resolving crude
7,936,650 4.500,000
x19,202,249 12.145.791 Capital stock
Fixed assets
petroleum into products according to the nation's needs
-in short provides
330.095 let M.cony. bonds 4,809.400 2,617,000
1,069,774
Cash
conservation in the best possible way.
738,026
42,039 Notes payable_ _ _ _ 1,907,437
113,962
"The Associated Oil Co. with its production and refineries on the Pacific Notes receivable.. _ 2,279,880 1,225,075 Accounts payable_ 2,897.491 1,401,752
Acc'ts receivable
Coast, the Tide Water with its refineries on the Atlantic and in the Mid- Exchange accounts
Bond subscriptions 190.600
Continent and its production from Pennsylvania westward to Texas, the
Due officershempl. 151.375
re?elvable (o11)_ 498,449
two with modern fleets of tankers, and marketing facilities in different
108,333
76,563
2,567,325 1,073,408 Accrued interest
sections of the United States and the world, will, united,afford strengthened Inventories
Accrued State gascompetition in its best form in the oil market; service when and where Due officers and
525,678
314.994
oline tax
38,332
employees
needed throughout a large part of the world and minimum cost through
Deferred purchase
stock and
efficiency in operation. The activities of the companies are complimentary Due onsubscrip'ns 440.448
380,493
money obliiens_ 1,848.687
bond
each to those of the other. The experienced organizations are now dealing
85,001 Res.for income tax 130,000
498,005
Investments
with well balanced facilities as to production, refining, transportation and
53.795
162,265 Res. for coming's.
Deferred charges... 828,446
marketing.
6,977.425 5,034,845
Surplus
"The doubt removed reacts necessarily to the great benefit of the thousands of security holders of the new company, just as it makes for an
27,536,871 15,063,674
Total
27,536.871 15,063,674
Total
efficient and nationwide oil organization to serve the public.
x After deducting $5,675,151 reserve for depletion and depreciation.
"It is proper to say this merger is not in any way or any degree coupled
A comparative income account was published in V. 122. p. 2208.
with any other merger or series of mergers."
-V. 122, p. 1779. 1625.
-New Director.
United States Rubber Co.
Tonopah Mining Co.
-Earnings.
-
six Months EndedGross value ore milled
Metal losses in mill and refining
Dec. 31 '25. June 30'25. Dec. 31 '24.
$637,565
$583,611
$570,434
47,050
44,710
39.696
Gross value of mill products
Mining, milling, market & gen. exp....
Net profit
Misce.11aneousincome
$536,560
478.091
$525,723
481,194
$597,868
547.780
$58.469
85,695
$44,529
139,448
$50,087
126.276
Net income
81.44,166
$183.978
$176,364
Quick assets and invested funds on Dec. 31 1925 were as follows: Cash
on hand Dec. 31 1925. $70,038; railroad and public utilities bonds and
stock at purchasing price, $1.113,498, and due from smelter, $98,604:
total, 111,282,139.-V. 121, p. 2287.
Transue & Williams Steel Forging Corp.-Earninos.-
Quarter Ended March 31Gross sales
Net sales
Cost of sales
Office and administrative expenses_
Other income
Net income
-V. 122, p. 763. 625.
1924.
$1,698,697
1925.
1926.
$954,242 $1,281.248
1,222,230
1,170.848
46.432
Cr.3,380
$62,628 loss$22,062
$8,329
(George) Tritch Hardware Co. (Colo.).-Pref. Stock
Offered.-Sidlo, Simons, Day & Co., and James H. Causey
& Co., Denver, are offering at par and div. $200,000 7%
cumulative preferred (a. & d.) stock.
The directorate has been increased to 17 members by the election of Lewis
B. Gawtry.-V. 122, p. 1448.
-Judge Gary's ReUnited States Steel Corporation.
marks at Annual Meeting-Puts Off a Rise in Dividend-Not
-The remarks of
Justified Now-Hints at His Retirement.
Judge Gary at the annual stockholders' meeting at Hoboken,
N. J., April 19, are given fully under "Current Events and
-V. 122, p. 2206, 1755.
Discussions" on preceding pages.
-Gross Sales.
United States Stores Corp.
Increase.
1925.
1926.
Quarter Ending March 31$366.831
$8.217.687 $7.850.858
Grass sales
The company now operates 1,147 retail grocery stores through outthe
United States.
-V. 122, p. 1469. 1325.
-Merger.
United States Title Guaranty Co.
-V. 122. p. 1929.
See New York Title & Mortgage Co. above.
-Earnings.
Universal Pictures Co., Inc.
The company reports for quarter ended Feb. 6 1928, gross income of
-V. 122.
$7.568.733 and net profit of $451,015 after taxes and charges.
P. 1626.
-Notes Offered.
Upper Mississippi Barge Line Co.
Lane, Pipe & Jaffray, Inc., Minneapolis Trust Co., Minnesota Loan & Trust Co., and Wells-Dickey Co., Minneapolis,
are offering at 100 and interest $500,000 first mtge. 53.%
equipment gold notes.
Callable all or part upon 30 days' notice at 107% and divs. Divs. payable
Dated Feb. 1 1926: due Aug. 1 1930. Principal and interest (F. & A.)
J.& J. Exempt from present normal Federal income tax and from personal
Co.,
coin at the office
property'taxes in Colorado. Registrar and transfer agent, Denver National payable in U. S. gold Denom. $1,000 and of the Minneapolis Trust Part,
$500. Redeemable, all or
Minneapolis, trustee.
Bank of Denver.
-Business established in 1859 by George Tritch and incorp. on any interest date after 60 days' notice at par and interest, plus a premium
Company.
between date of redemption and date of maIn 1834. Company has grown to be the largest combined wholesale, retail of %% for each six months
without deduction for normal Federal income
the Missouri
and Jobbing hardware concern betweenmillion dollars River and the Pacific turity. Interest payable
per year. The trade tax up to 2%.
States. Sales approximate two
Coast
Company.
-A Delaware corporation. Has contracted to construct, under
territory of the company consists primarily of the States of Colorado, WyomGovernment supervision and specifications, towboats and barges which it
ing and New Mexico.
2344
THE CHRONICLE
will own, and which it has contracted to lease to the Inland Waterways
Corp. for use in the operation of a barge line on the upper Mississippi
River between Minneapolis and St. Paul, and St. Louis. The Inland
Waterways Corp., now successfully operating barge lines in the lower
Mississippi-Warrior River services, was established by Act of Congress and
its entire outstanding capitalization is owned by the U. S. Government.
The property to be acquired by the Upper Mississippi Barge Line Co.
will be constructed at a cost of $600.000. This property. in accordance
with the contract now in effect, is to be leased to the inland Waterways
Corp. for a period of five years from Jan. 20 1926. at an annual rental equal
to 5% of the cost of the property, with the further requirement upon the
lessee to maintain the property, pay all taxes thereon and provide adequate
insurance. The cash rentals to be provided for will be annually in excess
of the interest requirements of these notes.
Under the terms of the lease as agreed upon. the Inland Waterways Corp.
will at any time after two years and not later than five years, upon request
of the lessor, purchase the mortgaged property for a sum equal to the cost
thereof less an allowance for depreciation at the rate of 3% per annum.
The price thus determined will at all times be in excess of the amount
required for the retirement of these notes at or before maturity.
The contract between the Inland Waterways Corp. and the Upper
Mississippi Barge Line Co.. providing for construction and lease of the
property, has been approved by the Secretary of War.
Securily.-The property covered by the lease will be pledged as security
for this issue of notes. which will be secured by a first mortgage thereon.
The lease of the mortgaged property, to be executed upon completion of
specifications, will also be assigned to the trustee and will be held as additional security. Funds to cover the cost of construction will be placrd in
escrow wih the trustee and no payments will be made therefrom until the
lease referred to has been executed and assigned to the trustee. A bond
will be furnished Insuring completion of the property free from all liens.
other than the lien of these notes.
Operation.
-The operation of a barge line on the upper Mississippi River
is. In the opinion of engineers of the War Department, feasible and is expected to be profitable. Assurances satisfactory to the Inland Waterways
Corp. have been received that adequate terminal facilities will be provided
at Minneapolis and St. Paul and a sufficient tonnaee for operation is believed
to be assured. Through the establishment of freight rates more favorable
than those now in effect, it is expected that the territory to be served will
benefit to an important extent by the operation of this service.
Vanadium Corp. of America.
-Dividend Rate Increased.
-The directors on April 21 declared a quarterly dividend of
75 cents per share on the capital stock, no par value, payable
May 15 to holders of record May 1. This compares with
50 cents per share paid quarterly since Aug. 1 1925, when
dividends were resumed.
Net earnings for the first quarter of 1926 amounted to $549,838.-V.
122, p. 1626.
Victor Page Motors Corp.
-Sale of Stock Prohibited.
-
[Vora. 12S.
(Including Acadia Mills. Monomac Spinning Co., Katama Mills, Mary
Louise Mills, Textile Specialty Co.. Tallapoosa Mills. Whitman Building
Trust.)
Asses
Liabilities
Plant and machinery
511,313,941 Preferred stock
26,000.000
Real estate and equipment
375.459 Common stock
12,500.000
Cash
1,160.301 Stock of subsidiaries
1,078,800
Loans to banks on call
1,250.000 Sundry cred. for mdse. purch.
440,952
Accounts Sr notes receivable_
Monthly bal due eonsignors_
843,863
less reserve
5,539,940 Notes payable of affli'd cos
624,745
Inventories
3,292,424 Income and profits taxes_ _ _ 125.217
Investments in stocks of assoAccrued expenses
29,624
ciated companies
8,335.873 Res've for disc., commlis,dec.
61,438
Miscellaneous storks de bonds
171,835 Capital surplus (Wm. Whit
Miscellaneous advances, dic
54,416
man Co.)
3,060,064
Deferred charges
150,530
do Stork of subsidiaries
642,506
Treasury stock
126,537 Profit and loss (Wm. Whitman Co.)
4,309,590
do Stock of subsidiaries
74,455
Total
Total
229.791,255
829.791,255
Contingent liabilities on endorsements for Arlington Mills: Notes payable
$6.655,000; customers' notes and trade acceptances, $141,606.-V. 122, p.
1191.
(William) Wrigley, Jr., Co.
-Earnings.
Quarter Ended March 31Net profits
Expenses
Depreciation
Federal taxes (estimated)
1926.
1924.
1925.
54.530.888 $4.442.489 53,915.989
1,608.370
1,507.565
1,571.230
140,9111
375.5171
382.861
471.126
Net profit
-V. 122. p. 1326. 1041.
$2,406.091
$2,400,133 $2,025.563
Youngstown Sheet & Tube Co.-Earnings.Quer. End. Mar. 31- 1926.
1925.
1923.
1924.
x Net earnings
57.448.416 $7,423.540 $7.322.138 $44,383,418
Other income
729,112
452.350
330.841
519,429
Total Income
38.177.528 57,875.890 57,841.567 54,714,259
Miscellaneous charges
409.250
340.060
422.482
Depreciation
2.050.424
905,352
2,008.666
2.006,5251
Depletion
258.842
259.446
19.038!
Interest and disc
1,064,175
54.183
1.102.888
1,077.093
Federal tax, estimated
454.000
590.000
495.000
530.000
Preferred dividends__ -174.552
249.219
249.219
249.219
Common dividends
987.606
987.606
1.234.508
987.606
Surplus
52.568.012 52,458,801 52,276.907 52.048,566
x From operations after deducting all expenses, including charges for
repairs and maintenance.
-V. 122. p. 1304. 227.
Supreme Court Justice William B. Carswell, in Brooklyn, N. Y.. has
granted the motion made by Deputy State Attorney-General William H.
CURRENT NOTICES.
MI!holland temporarily to enjoin the Victor Page Motors Corp.of Stamford.
Conn., from further sales of its stock, or other activities. The injunction
-Thompson Ross & Co. of Chicago announce the association with their
will remain in effect until the trial of the action, date for which has not been
set.
firm of R. L. Parkinson as Vice-President in general charge of wholesale
The corporation has been under investigation both in Connecticut and and retail distribution. Mr. Parkinson, except during the period of the
New York.
war, has been closely identified with LaSalle Street affairs for fifteen years.
After serving four years with the firm of William A. Read & Co. (now
Virginia Iron, Coal & Coke Co.
-Earnings.
-Quarter Ended March 31Dillon. Read & Co.) he was associated with the Chicago office of the
1924.
1926.
1925.
Gross operating revenue
5920.607
$839.252 51.420.745 Guaranty Co. of New York for four years, as manager of wholesale and
Operating expenses
1,355.736 retail distribution. Following this he was
868.677
759,007
treasurer of the Booth Fisheries
Net operating revenue
$65,009 Co.. and for the past two years has been manager of the Bond Department
$51.930
$80.245
Revenue from other sources
22,558
33.991 of the Central Trust Co. of Illinois. Mr. Parkinson brings to his new
229.826
connection a thorough knowledge of the bond business and a wide acquaintTotal net revenue
$74.489
598.999 ance among
$310.071
investment dealers throughout the West.
Bond interest, &c
93.207
84.506
92.765
Dudley Slidell, advertising manager of Loring R. Hoover & Co.,Inc.,
Net earnings
$5,792 has been appointed to succeed the late Woodman Morrison as manager of
$217,306
loss$10,017
-V.122, p. 1304, 495.
the Eastern office of George Harrison Phelps. Inc., Detroit advertising
Waldorf System, Inc.-Earninos.agency, with a branch office at 60 Broadway. New York. In this capacity
3 Mos. Ended Mar.31- 1926.
1923.
1925.
1924.
Mr. Siddall will continue to handle the advertising for Loring R. Hoove
Sales
$3,320.634 $3,173,153 $3,426,948 53.334,600 & Co., Inc.
Net profits
282.661
250,579
332,697
314.735
Preferred dividends_
24.959
32.592
28.670
-Charles E. McSweeney, sometime associated with the National city
26,827
Common dividends
138.003
100.402 co., W.A. Harriman & Co. and H. M. Bylimby & Co., is now a member of
138.003
138.003
the First Illinois Co., underwriters and participating distributors of invest.
Surplus for period-5119,699
$148,062
585,749
$199,703
-V. 122. p. 1326, 1185.
ment securities with officers in Chicago. Aurora and Springfield, Illinois,
St. Louis, Missouri and Milwaukee, Wisconsin.
Ward Baking Corp.
-Earnings.
-Harrison, Smith & Co., investment bankers of Philadelphia and New
12 Weeks Ended March 201926.
1925.
Totalincome
51.418.055 York, announce the removal of their New York offices to 27 Pine Street.
$1,436,097
Depreciation and bond interest
474.193 The firm, for the past few years, has been located at 50 Broadway and in
485.863
Federal taxes
111.560 moving to the Pine Street address will occupy larger quarters. J. Horton
113,381
Net profit
$832,302 Llama is resident partner.
$836.853
-V. 122. p. 2070. 1040.
-The Seaboard National Bank of the City of New York has been
appointed Depositary under agreement dated April 7 1926 for Ferrer
Welch Grape Juice Co.
-Bonds Called.
-year 734% sinking fund gold bonds, due
Certain closed ist mtge. 10
-year 8% cony, gold bonds, due Aug. 1 Sugar Co. first mortgage 15
1931, aggregating $200,000, have been called for redemption May 1 at 105 April 11939.
and int. at the Manufacturers & Traders Trust Co. of Buffalo, trustee,
Raymond Struble. formerly with Eastman, Dillon & Co.: James L.
284 Main St., Buffalo, N. Y.
-V. 122. p. 764.
Richmond. formerly with H. D. Williams & Co.. and Jerome Huber.
Western Electric Co.
-Billings-Bookings.
Sales billed for the three months ended March 31 totaled $57,893,000. formerly with Hayden, Stone & Co., have become associated with W. W.
against $57.338.000 in the cerrseponding period in 1925. Orders received Townsend & Co., Inc., 7 Wall Street, N. Y.
aggregated 561.057,000. against $57.881.000. Orders on hand March 31
-W. Arthur Stickney, Stuart G. Stickney and Raymond J. Denyven,
1926 amounted to 93,983,000, against $87,079,000 at March 31 1925.announce the opening of their offices to conduct a general brokerage busiV. 122, p. 1755.
ness in stocks and bonds under the firm name of Stickney, Denyven &
Westinghouse Machine Co.
-Bonds Called.
The company has called for redemption on May 1 next, 5112,000 of 1st Company, Security Building, St. Louis.
& ref. mtge. 6% gold bonds, dated Nov. 11910. at 102Si_and Int. Payment
Irving Bank-Columbia Trust Company has been appointed Transfe
will be made at the Colonial Trust Co., trustee. 317 Fourth Ave., Pittacommon and class B common stock, and Registrar
burgh, Pa. Numbers of bonds called range between 172 and 6,811.- Agent of the class A
of the voting trust certificates for class A common stock of the Prosperity
V. 122. p. 764.
Company, Inc.
White Eagle Oil & Refining Co.
-Earnings.
Southack & Alwyn Ball Jr., Inc. of New York, have brought
Quer. End. Mar.311923.
1924.
1926.
1925.
Sales (net)
P.220.628 12.912,726 52,588.989 $3.536,273 out V- olume I, No. 1, of their new "Real Estate Bulletin," which will be
Cost of sales
2,193.556 published regularly hereafter. The Bulletin covers the whole field of
990.410
1,514.215
Gen.adm.& selling exp..) 2,783.105
511,416 activities of Southack & Ball and is of
534.856
564.141
particular interest to investors.
Profit from operations $437.523
$831,302
-J. H. B. Rebhann and C. Milton Osborne, announce the change of the
$834,369 $1,e63,723
Misc.Income credits_
52,719 firm name from J. H.B. Rebhann & Co.. to Rebhann
65.837
57.001
80.490
& Osborne to continue
Total income
$503,360
$884.020 as municipal bond brokers at the same address, 27 William Street, New
8914,859 51,120.724
York.
Misc,income chargee__ 86.445
93,950
113.135
102,006
The Seaboard National Bank of the City of New York has been
Net income
$790,070
$416,915
5812.853 $1,007,589
The above represents net income before deducting reserve for deprecia- appointed trustee under mortgage indenture dated April 1 1926 securing
tion, depletion and Federal income tax.
7% general mortgage sinking fund gold bonds of the 100 William Street
-V.122, p. 1491, 1041.
Corporation.
Winchester (Va.) Lumber Corp.
-Sale.
-American Founders Trust of New York and Boston announce that
The Maryland & West Virginia Lumber Co. headed by Joseph Natwick,
President, of Baltimore, has purchased all the property of this bankrupt Dean J. Almy,formerly Assistant Secretary of State Street Trust Company,
company offered April 17 at auction by Robert M. Ward, trustee, for Boston, has become actively
associated with them as Assistant Sales
$411.200. The sale, it is said, includes 34,000 acres of timberland and
rights in Hampshire and Hardy counties. W. Va., on which are approxi- Manager.
mately 60,000.000 ft. of standing virgin timber. A narrow-gauge railroad
- H. Silberberg & Co., members New York Stock Exchange, announce
D.
from Wardensville about 15 miles in the direction of Bakers Run, W. Va.:
2 narrow-gauge locomotives, 32 gondolas, 1 dinkey engine and 22 dinkeV the removal of their offices to 40 Exchange Place, New York and the
cars. are part of the
The concern also bought the C. B. Welton change in their telephone number to Whitehall 3780.
Tract of 2.145 acres property. and the Henry Baughman 300
in Hardy
-acre tract in
-Bramson Bond and Mortgage Corporation, Stock Exchange Building.
Hampshire County.
Philadelphia, announces
Branson &
(William) Whitman Co., Inc., Boston.-Bal. Sheet Company, Incorporated,the change of its corporate name toand sale of
which will continue the purchase
Dec. 31 1925.
investment securities.
APR. 24 1926.]
T H 111 CHRONICLE
2345
nuxcuts.
geports and
PIIIRMINIS AO ADVIRMENEMTS
ILLINOIS CENTRAL RAILROADICOMPANY
SEVENTY-SIXTH ANNUAL REPORT—FOR THE YEAR ENDED DECEMBER 31 1925.
To the Stockholders of the
Illinois Central Railroad Company:
The Board of Directors submits the following report of
the operations and affairs of the Illinois Central Railroad
Company for the rear ended December 31 1925, 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 the
two companies are designated by the term "Illinois Central
System."
The number of miles of road operated as of Dec. 31 1924 was
Less—Various changes due to remeasurements, &c
6.243.21
.43
6.242.78
The number of miles operated as of Dec. 31 1925 was
The average number of miles of road operated during the year was-6,243.25
INCOME.
A summary of the income for the year ended December
31 1925, as compared with the previous year is stated below:
1924.
1925.
Average miles operated dur6.243 25
6,218 06
ing year
S
S
Railway operating revenues
178.169.625 41 173.838,131 99
(Table 2)
Railway operating expenses
135.382.526 64 134.024.920 62
(Table 10)
Net revenue from railway
42,787.098 77 39.813.211 37
operations
12,729.951 31 12,722.492 69
Railway tax accruals
Uncollectible railway rev56.902 49
38.344 56
enues
Railway operating income 30.018.802 90 27.043.816 19
618.891 32 Cr.613,235 64
Equipment rents—net debit
455.021 62
527.031 61
Joint facility rent—net credit
Net railway operating in29.926.943 19 28.102.073 45
come
3,623.813 37 3.577.826 06
Non-operating income
33.550.756 56 31.679,899 51
Gross income
Deductions from gross in15.999.011 90 15.431.341 96
come
17,551.742 66 16,248,557 55
Net income
Disposition of net Income:
Income appropriated for
investment in physical
36,390 10
property
Total appropriations of in36.390 10
come
Income balance transferred
16.212.167 45
to credit of profit & loss... 17,551,742 66
Increase (-I-)
Decrease (—)
+25.19
+4,331.493 42
+1.357.60602
+2,973.887 40
+7,458 62
—18.557 93
+2.984.986 71
+1.232.126 96
+72,009 99
+1.824.869 74
+45.987 31
+1.870.857 05
+567.671 94
+1.303,185 11
—36.390 10
—36.390 10
+1.339,575 21
RAILWAY OPERATING REVENUES.
"Railway Operating Revenues" amounted to $178,169,62541 this year, as compared with $173,838,131 99 last year,
an increase of $4,331,493 42, or 2.49%. For details of "Railway Operating Revenues" see Table 2.
"Freight Revenue" increased $4,998,799 38, or 3.78%.
There was a substantial increase in the volume of business
transported, as shown in Table 13 [pamphlet report]. No
changes of major importance were made in freight rates
during the year. Tons of revenue freight carried one mile
were 14,891,944,844, an increase of 607,232,374 ton miles, or
4.25%, over the previous year. The average rate per ton
per mile was .921 cent, a decrease of .004 cent, or 0.43%,
compared with the previous year.
"Passenger Revenue" decreased $921,651 18, or 3.16%.
The number of passengers carried one mile was 968,056,893,
a decrease of 4,010,187, or 0.41%, compared with last year.
The average revenue per passenger per mile decreased .083
cent, or 2.77%. There were increases in long-distance and
commutation passnger travel which were more than offset
by the decrease in local travel, due largely to increased use
of private passenger automobiles.
"Mail Revenue" increased $62,031 17, or 2.48%, due to
increased service rendered this year, as compared with the
previous year.
"Express Revenue" decreased $145,417 25, or 3.47%, due
in part to a decrease in express traffic this year, as compared with last year, and in part to the inclusion in last
year's revenue of amounts received from the American
Railway Express Company covering adjustments of prior
years.
The increase of $23,455 47, or 1.74%, in other passenger
revenues, consisting of "Excess Baggage," "Parlor and Chair
Car," "Milk" and "Other Passenger Train Revenue," was
accounted for by increase in revenues from operations of
parlor and chair cars, increase in the amount received from
The Pullman Company for operating sleeping cars over system lines, and increase in the volume of newspapers handled
on passenger trains; these increases were partly offset by
decreased revenues from excess baggage and the transportation of milk. The falling off in milk transportation was due
to motor truck competition.
The increase of $39,715 33, or 1.89%, in "Switching" and
"Special Service Train Revenue," was due to increased business.
"Incidental" and "Joint Facility Revenues" increased
$274,560 50, or 11.39%, due in part to an increase in dining
ear service this year over the previous year and in part to
the general improvement in business.
RAILWAY OPERATING EXPENSES.
"Railway Operating Expenses" amounted to $135,382,52664, as compared with $134,024,92062 in the previous
year, an increase of $1,357,606 02, or 1.01%. For details of
"Railway Operating Expenses" see Table 10 [pamphlet
report].
There was an increase of $2,434,888 02, or 10.18%, in
"Maintenance of Way and Structures Expenses," due to
Increased outlays for track repairs and upkeep of station
and other buildings, Interlocking plants and block signals,
also to the inclusion in the previous year's figures of a credit
adjustment in connection with maintenance reserves.
The decrease of $701,952 89, or 1.78%, in "Maintenance
of Equipment Expenses" was by reason of decreased expenditures for repairs to locomotives and freight train cars,
offset in part by increases in charges for equipment retired
and additional charges for depreciation, the latter due to
additional equipment placed in service.
The increase in "Traffic Expenses" of $26887490 was due
to increased outlays for superintendence, outside soliciting
agencies, advertising and printing of tariffs.
There was a decrease of $927,932 76, or 1.46%, in "Transportation Expenses," due largely to a decrease in tile cost
and consumption of fuel. This saving in fuel expenses was
offset in part by a moderate increase in other transportation expenses by reason of the increased volume of traffic
handled this year, as compared with the previous year.
The increase of $127,844 20, or 10.75%, in "Miscellaneous
Operations" was on account of additional dining car service
in operation during the year.
"General Expenses" increased $122.520 42, or 2.83%.
The increase in expenses by reason of the decrease of
$33,364 13 in "Transportation for Investment—Credit" was
due to a decrease in service rendered in connection with the
construction work carried on during the year.
RAILWAY TAX ACCRUALS.
"Railway Tax Accruals" were $12,729,951 31 this year,
as compared with $12,722,492 69 last year, an increase of
$7,458 62, or 0.06%.
UNCOLLECTIBLE RAILWAY REVENUES.
"Uncollectible Railway Revenues" were $38.344 56 this
year and $56,902 49 last year, a decrease of $18,557 93.
EQVIPMENT RENTS—NET DEBIT.
"Equipment Rents—Net Debit" amounted to $618,891 32
this year, compared with a credit of $613,235 64 in the previous year, an increase of $1,232,126 96, substantially all of
which covered increased payments for the use of foreign
equipment, especially private tank cars, due to an increase
In traffic received from connecting lines.
JOINT FACILITY RENT—NET CREDIT.
"Joint Facility Rent—Net Credit" amounted to $527,031 61
this year, as against $55,021 62 last year, an increase of
$72,009 99.
NON-OPERATING INCOME.
"Non-operating Income" this year amounted to $3,623,813 37, as compared with $3,577,826 06 last year, an increase
of $45,987 31. There was an increase in "Income from
Funded Securities" of $153,580 81, substantially all of which
was for interest from Government securities, representing
the temporary investment of funds derived from the sale of
securities during the war. Other items contributing to the
Increase were an increase in "Miscellaneous Non-operating
Physical Property" of $22,286 17 and an increase in "Income
from Capital Advances to Affiliated Companies" of $42,857 80. Offsetting these increases in part were decreases in
"Income from Lease of Road" of $81840; in "Miscellaneous
Rent Income" of $110,921 73, largely due to a readjustment
of the rentals of elevators at New Orleans heretofore in
"Deductions from Gross Income" as "Separately Operated
Properties—Loss"; in "Income from Unfunded Securities
and Accounts" of $36,665 77, made up largely of decreased
interest on deposits with banks; and in "Miscellaneous Income" of $24,331 57, practically all of which was due to a
falling off in profits on sterling exchange, as a result of the
rise in sterling exchange substantially to par.
DEDUCTIONS FROM GROSS INCOME.
"Deductions from Gross Income" amounted to $15999 013 90 this year, as against $15,431,341 96 last year, an in'
crease of $567,671 94. There was an increase in "Interest
•
2346
THE CHRONICLE
on Funded Debt" of $686,827 93, 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 in the [pamphlet] report this year, and the corresponding table for the
previous year; an increase of $32,57461 in "Amortization
of Discount on Funded Debt," due to the inclusion of the
pro rata of discount and expenses on securities issued during the year; an increase of $11,67083 in "Rent for Leased
Roads" due to increased rental payments to the Dubuque &
Sioux City Railroad Company; and other minor increases
aggregating $2,186 61. These increases were offset in part
by decreases in "Separately Operated Properties
-Loss" of
$97,571 75, largely due to a reduction in the loss from operating elevators at New Orleans; in "Interest on Unfunded
Debt" of $66,633 38 due to decreases in interest on loans and
on deposits account of subscriptions for Preferred Stock
issued in the previous year; and in other minor decreases
aggregating $1,382 91.
FINANCIAL.
The General Balance Sheet, Table 4, reflects the financial
condition of the Illinois Central System Companies on December 31 1925, as compared with the previous year.
CAPITAL STOCK AND FUNDED DEBT.
The Board of Directors of the Illinois Central Railroad
Company, at a meeting held September 29 1925, passed a
resolution extending to common stockholders of record October 22 1925 the right to subscribe at par to an additional
issue of Six Per Cent Convertible Preferred Stock, Series
"A," to the extent of 10% of their holdings of common
shares, payments to be made on or before December 10 1925.
The amount so authorized was $12,263,100 00, of which $11,933,70000 par value of preferred stock was issued and sold,
leaving $329,400 00 par value available for future sale. Preferred stock of the par value of $3,736,70000 was converted
into common stock during the year. There were issued and
sold during the year $357,000 00 of common
stock, representing the balance of the shares not subscribed for
by stockholders under the authorization of October 7 1924. There
were also issued and sold fourteen shares of
preferred stock
against Illinois Central Scrip Receipts of 1924 remaining
unconverted at February 1 1925, the date fixed as the expiration of the privilege to convert Fractional
Scrip as
thorized by the Board Resolution of October 10 1923. auThe
full paid Scrip amounting to $1,48000 against
which these
shares have been issued has been eliminated from Capital
Stock account and is being retired at par as presented
by
holders. Receipts to the amount of $3,300 00 par value the
were
converted into Preferred Stock, Series "A," during the year.
Illinois Central Equipment Trust Certificates, Series "L,"
in the amount of $9,240,00000 were issued and sold in December 1925.
Under the terms of the Illinois Central Railroad Company
and Chicago, St. Louis & New Orleans Railroad
Company
Joint First Refunding Mortgage, there were issued in June
1925 $7,094,00000 Five Per Cent Bonds, Series "A," in reimbursement for improvements made to the mortgaged property. These bonds were sold in June 1925. Tinder the terms
of the Mortgage $32,000 00 par value of Series "A," or
Dollar Bonds, were issued in exchange for £6,400 Sterling
Bonds, the equivalent of $31,04000 of Series "B," or Sterling Bonds, upon payment of the difference of $96000 in
cash.
There were retired and canceled under the terms of the
respective trust agreements Illinois Central Equipment
Trust Certificates, Series "C," $99,000 00; Series "D," $190,000 00; Series "E," $550,00000; Series "F," $737,000 00; Series "H," $217,00000; Series "I," $443,000 00; Series "K,"
$863,00000; Government Equipment Trust No. 33, $647,10000, and under the equipment contract with The Pullman
Company, $155,771 68, a total of $3,901,871 68.
SECURITIES OWNED.
During the year there was purchased for temporary investment $5,000 00 par value United States Second Liberty
Loan Four and One-quarter Per Cent Bonds of 1927-1942.
The Peoria and Pekin Union Railway Company redeemed
$15,000 00 par value of its Five Per Cent Debenture Bonds
maturing November 1 1925.
NEW LINE-EDGEWOOD, ILLINOIS, TO FULTON,
KENTUCKY.
The construction of a new line of railroad from Edgewood,
Illinois, to Fulton, Kentucky, a distance of one hundred
sixty-three miles, together with a branch line from West
Frankfort Junction, Illinois, to Akin Junction, Illinois, a
distance of seven miles, was actively undertaken during the
year. The line south of the Ohio River is being constructed
by the Chicago, St. Louis & New Orleans Railroad Company
and the line north of the Ohio River is under construction
by the Southern Illinois & Kentucky Railroad Company, the
capital stock of which companies is owned by your company.
The primary object is to provide a low-grade line that will
more economically handle the north and south-bound traffic,
thereby relieving the growing congestion over the Cairo
V()L. 122
Bridge and the lines immediately north and south thereof.
The maximum grade on the new line, as a whole, will be
three-tenths of one per cent. During the year 69% of the
grading of the line north of the Ohio River was completed,
and south of the river approximately 81% of the grading
was completed.
ADDITIONS AND BETTERMENTS
-EXPENDITURES.
There was expended during the year for "Additions and
Betterments" (including improvements on subsidiary properties) $39,300,379 32. The following is a classified statement of these expenditures:
RoadEngineering
Land for transportation purposes
Grading
Tunnels and subways
Bridges, trestles and culverts
Ties
Rails
Other track material
Ballast
Track laying and surfacing
Right-of-way fences
Snow and sand fences and snowsheds
Crossings and signs
Station and office buildings
Roadway buildings
Water stations
Fuel stations
Shops and enginehouses
Grain elevators
Wharves and docks
Telegraph and telephone lines
Signals and interlockers
Power plant buildings
Power substation buildings
Power transmission systems
Power distribution systems
Power line poles and fixtures
Underground conduits
Miscellaneous structures
Paving
Road machines
Roadway small tools
Assessments for public improvements
Revenues and operating expenses during construction
Other expenditures
-Road
Shop machinery
Power plant machinery
Power substation apparatus
Unapplied construction material and supplies
Total
Total Expended
31,461;750 01
1.782,390 13
8.295,723 49
455,778 29
3,912,781 71
392,935 92
679,843 59
1,347.774 50
948.435 31
759,299 02
9.724 73
Cr250 02
1.008,663 92
1,339.315 58
69.444 71
313,780 32
338,884 90
3,092.167 39
Cr7,492 01
Cr54,294 68
377,468 59
952.439 52
7.872 14
Cr249 83
20,568 36
262,285 47
373,597 07
8,10537
88,652 98
Cr1,823 71
95,894 61
Cr170 75
218.655 41
Cr25,377 33
903 58
975,190 76
21,682 61
776 31
291,546 59
$29,814,674 56
Equipment
Steam locomotives
Other locomotives
Freight train cars
Passenger train cars
Motor equipment of cars
Floating equipment
Work equipment
Miscellaneous equipment
Total
$1.780,631 26
2,034 04
4,619,597 00
2.522,29861
279 17
361 54
123,466 98
23,713 63
$9,072,382 23
General
Organization expenses
General officers and clerks
Law
Stationery and printing
Interest during construction
Total
$46420
27,041 62
1.122 30
551 45
384.142 96
3413,32253
Grand total
339,300.379 32
The above statement includes $15,017,005 38 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 and Nashville RR. Co
Chicago St. Louis & New Orleans RR.Co
Chicago Memphis & Gulf RR.Co
Dubuque and Sioux City RR. Co
Golconda Northern Ry
Kensington and Eastern RR. Co
Memphis Railroad Terminal Co
South Chicago RR.Co
Southern Illinois and Kentucky RR. Co
Total
Cr22,919 63
58.230 05
141,641 82
73,795 69
71,72690
6.222,12871
9,041 17
1,125,820 29
Cr1,388 51
1,567 50
Cr11,000 00
193,534 93
7.156,826 46
215.047,00531
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
Progress was made on Chicago terminal improvement
work. Subway under Michigan Avenue at Van Buren
Street, bridge over Calumet River and freight house at
Harvey, Ill., were completed. Freight yard of 300 cars
capacity was constructed near 31st Street. Six suburban
stations on the main line and four on the South Chicago
branch were rearranged and improved. Markham Yard,
near Homewood, Ill., was nearly completed. Two additional
tracks were constructed between 8th and 31st Streets and
their extension to 51st Street begun. Underground conduit
system for telegraph and telephone lines was completed
between 26th and 44th Streets and its extension is in progress. Separation of grades with the Pennsylvania Railroad
and the Baltimore & Ohio Chicago Terminal Railroad at
Riverdale, Ill., track elevation through Harvey, Ill., and
filling of submerged lands were continued. Separation of
grades with the South Chitago branch, near 67th Street,
and with the Chicago & Western Indiana Railroad and Chicago, Rock Island and Pacific Railway, at 94th Street, was
commenced. Work on overhead catenary system for suburban electrification was continued; on the main line 87%
of foundations has been laid, 57% of the steel structures
APR. 24 1926.)
2347
THE CHRONICLE
erected and 23% of the catenary system installed. On the
South Chicago branch. all foundations were completed and
80% of the steel structures erected. On the Blue Island
branch all foundations were completed and 95% of the steel
structures erected.
Three hundred sixty-one Company sidings, covering 39.28
miles of track, and 184 industrial sidings were built or extended.
The construction of second track, Wilderman Junction,
Ill., to Layfield, Ill., a distance of 39.47 miles, referred to
in the previous report, was completed.
Elevation of tracks at Jackson, Miss., is now in progress,
and permanent subways are being constructed at Gallatin,
Monument, Capitol and Pearl Streets, and over the Alabama
and Vicksburg Railway.
Extensive alterations and imprtivements were made to
yard facilities at East St. Louis, Ill., including the installa-
tion of a three-section mechanical hump and a seventy-twofoot 150-ton plate fulcrum scale. The work of equipping
the hump with electrically controlled car retarders was
started and practically completed during the year.
Extensive improvements were made to the freight station
at Springfield, Ill. A new freight house was constructed at
Madisonville, Ky., and the construction of new freight house
at Indianapolis, Ind., referred to in the previous report, was
completed.
New passenger and freight stations were constructed at
Griffin, Ind., New Athens, Ill., Peosta, Iowa, and Onward,
Miss., and extensive alterations were made at Grenada,
Miss. The work of constructing new passenger station facilities at Berwyn, Ill., DeSoto, El., and Hazlehurst, Miss.,
is in progress. Improvements were made to passenger station facilities at Central City, Ky., including the installation
of a baggage elevator.
CONDENSED GENERAL BALANCE SHEET—DEC. 31 1925 AND COMPARISON WITH DEC. 31 1924.
Table 4—
ASSETS,
Investments-Read and equipment to June 30, 1907
Road and equipment since June 30. 1907
Total road and equipment
Miscellaneous physical Property
Investment in affiliated companies:
Stocks
Bonds
Notes
Advances (table 6, pamphlet report)
Other investments:
Stocks
Bonds
Notes, advances. etc
Total investments
Current Assets—
Gash
Special deposits
Leans and bills receivable
Traffic and car-service balances receivable
Net balance receivable from agents and conductors
Miscellaneous accounts
Material and supplies receivable
Interest and dividends receivable
Total current assets
Deferred Assets:—
Working fund advances
Other deferred assets
Total deferred assets
Unadjusted Debits—
Discount on funded debt
Other unadjusted debits
Total unadjusted debits
Grand Total
December 31
1925.
$169,510.131 34
243,737,546 44
$413,247.677 78
$2,018,962 53
240,000 00
$37,697.477 08 $37,657,477 08
18.709.674 76 18,724,674 76
1,000.000 00
1,000.000 00
144.258.847 30 122.950,665 70 21.308.181 60
2201.665,999 14 8180,332,81754 821.333,18160
851,052 00 --------$51,051 00
5,003.263 99 $5,039,375 00
10,042,638 99
690 69
132,562 39
133.253 08
$10.226.943 07 $5,186,878 38 25.040,064 69
2627.159.582 52 $576,444,118 43 850.715,464 09
$9,508,352 46 817.886.34840
9,719.501 48 15,089.880 48
30,434 47
130.307 05
2,950.219 09
2.179,145 75
4.252.436 63
4.114,332 81
7,078.277 41
6,706.251 17
13,970.706 84 13,085,509 52
177,168 55
154,641 92
$47,687,096 93 259,346,417 10
886.081 38
130,929 55
$217.010 93
843,307 69
128,091 87
$ 171.399 56
$771,073 34
138,103 82
372,026 24
885,197 32
22,526 63
Decrease,
815,00000
$100
28.377,995 94
5,370.379 00
99,872 58
611.659.320 17
242,77369
2.83768
245,611 37
84.518,089 18 84.400,862 75
$117.22643
4,007.429 11
3,502.023 29
88.020,11247 88,408.291 86
$683.083,802 85 2644,370,226 95 838.713.575 90
LIABILITIES.
Stock—
Gammon stock
$124,921,600 00
Less: Held in treasury
208 33
Total common stock outstanding
8124.921.391 67
Preferred stock, series"A"
29,194.400 00
Premium on preferred capital stock, series"A"
75,360 03
Total stock outstanding
$154.191,151 70
Governmental Grants—
rants in aid of construction
$42.798 08
Long-Term Debt—
Funded debt
8402.732,35760
Less: Owned within the System (Table 7, pamphlet report)
75,645,000 00
Total long-term debt outstanding (Table 7, pamphlet report)
$327,087,357 60
Current Liabilities—
Traffic and car-service balances payable
$4,409.593 95
Audited accounts and wages payable
23,409.049 14
Miscellaneous accounts
899.606 61
Interest matured unpaidpayable
1,931,368 38
Dividends matured unpaid
48,937 25
Funded debt matured unpaid
105,331 16
Munatured dividends declared
3,060,171 00
Unmatured interest accrued
2,153.086 32
iJnmatured rents accrued
39.00062
Other current liabilities
245.507 00
Total current liabilities
836.301,65143
Deferred Liabilities—
Other deferred liabilities
$300,240 95
Total deferred liabilities
2300,240 95
Unadjusted Credits—.
Tax liability
$9,288,146 50
Insurance reserve
3.344.247 71
Accrued depreciation—Bquipment
51.431,822 81
unadjusted credits
Other
6,467,360 60
Total unadjusted credits
870,531,577 62
Corporate Surplus—
Additional to property through income and surplus
$10,122,170 25
Profit and loss (Table 3, pamphlet report)
71,153 447 73
corporate surplus
Total
$81,275,617 98
As this consolidated balance sheet excludes all intercompany items,securities of The
Yazoo & Mississippi Valley Railroad Company
Railroad Company and its subsidiaries are not owned by the Illinois Central
tween the par value of such securities as carried included. The difference beon the books of
Yazoo &
Mississippi Valley Railroad Company and the amount at which Thesecurities
the
are carried on the books of the Illinois Central Railroad Company is entered
here to balance
$13,353,407 49
Grand Total
$683,083,802 85
• December 31
Increase.
1924.
$169.510,131 34
219.484.172 50 824.253.373 9°
$388,994,303 84 224.253.373 94
$88,843 86
$1,930,118 67
$505.405 82
$388.179 39
2120,827.000 00 $4,094,600 00
208 33
2120.826,791 67 24,094.600 00
8,196,920 00
20,997.480 00
53.451 79
21,908 24
$141.846.179 91 $12.344,971 79
$42,798 08
$386,806.269 28 215,926,088 32
3,493,000 00
72.152,000 00
2314,654.269 28 212,433,088 32
$4,182,720 51
20,759.240 50
949.525 70
1,941.890 50
47.898 10
99.031 16
2,743.591 25
2,084.438 32
39.000 62
266,388 87
233,113.72553
2226.873 44
$2,649,808 64
3208,113 47
2208,113 47
292.127 48
$92.127 48
$7,655,572 89
3.339.943 75
46,772.36663
8,062.114 46
$65,829.997 73
21,632.573 61
4.30396
4.659.456 18
24.701.579 89
$10,070,588 41
65.251,147 05
275,321.735 46
$51.581 84
5,902,30068
$5,953,88252
1.03915
6,30000
316.579 75
68,648 00
249,919 09
10.522 12
20.881 87
23,187.925 90
213.353,407 49
$644,370,226 95 838,713,575 90
81.594,75386
.[Vol.. 122.
THE CHRONICLE
2348
New mechanical facilities were Constructed at Sioux City,
Iowa, and the construction of new shop facilities at Paducah, Ky., is in progress. Improvements were made to
mechanical facilities at Natchez, Miss.
The construction of a coal chute at Dawson Springs, Ky.,
referred to in the previous report, was completed.
Creosoted water tanks of 100,000-gallon capacity were
erected at DuQoin, Ill., Fort Dodge, Iowa, Sioux City, Iowa,
Cecilia, Ky., and Blackford, Ky., and the work of erecting
a similar tank at Anna, Ill., is in progress. A water treating plant of 20,000-gallon capacity per hour was constructed
at Sioux City, Iowa, together with a 100,000-gallon steel
water tank.
The installation of automatic train control between Champaign, Ill., and Branch Junction, Ill., referred to in the
previous report, was completed, and a similar installation is
in progress between Waterloo, Iowa, and Fort Dodge, Iowa,
a distance of 96.1 miles.
One thousand eight hundred ninety-seven lineal feet of
permanent bridges and trestles were constructed, replacing
pile and timber bridges and trestles; 1,983 lineal feet of
permanent bridges and trestles and 18,619 lineal feet of pile
and timber bridges and trestles were rebuilt.
-EQUIPMENT.
ADDITIONS AND BETTERMENTS
Twenty-five Mountain type passenger locomotives were
added. One Consolidation type freight, five Mogul type
-wheel type passenfreight, three 10
-wheel type freight, two 8
ger and eight 6
-wheel type switch locomotives were retired.
Twenty-five locomotives of various types were superheated.
The increase in tractive power of locomotives for the year
was 910,801 pounds.
INCOME STATEMENT FOR THE YEARS ENDED DECEMBER 31 1925 AND 1924.
Table 2Average miles operated
Railway Operating Revenues
Ran-Line Transportation:
Freight
Bridge tolls and miscellaneous freight
Passenger
Bridge tolls and miscellaneous passenger
Excess baggage
Parlor and chair car
Mall
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
TraMc
Transportation-rail line
Miscellaneous operations
General
Transportation for investment-Cr
Total railway operating expenses
Net revenue from railway operations
1925.
6,243.25
Per Cent
of Total
Operating
Revenues.
1924.
6.218.06
Per Cent
of Total
Operating
Revenues.
Increase.
25.19
8131.613.651 79
5,554.479 17
27,777.205 56
421.785 80
183.137 10
80,284 84
2,558,406 08
4.044,107 16
582.219 99
525,334 31
2,072,123 70
71.662 63
73.87 8126,785,948 15
3.12
5,383.383 43
15.59
28,698.324 31
0.24
422.318 23
0.10
200.090 81
66,317 21
0.04
1.44
2.496,374 91
2.27
4,189,524 41
647.202 94
0.33
0.29
433.909 81
1.16
2,029.009 47
0.04
75.061 53
72.93
3.10
16.51
0.24
0.11
0.04
1.44
2.41
0.37
0.25
1.17
0.04
$4,827.703 64
171,095 74
$175.484,398 13
98.49 $171.427.46521
98.61
Decrease.
54.056,93292
13.96763
62.031 17
91,42450
43,114 23
8816,419 97
258.089 51
261.680 44
46,227 70
155.439 24
17.310 08
601.592 07,
86,793 41
414.213 71
0.46
0.14
0.15
0.02
0.09
0.01
0.34
0.05
0.23
8703,309 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
$113,110 81
$2,657,766 13
1.49
$2,377,262 81
1.37
$13,149 27
145.41725
64,982 95
3,398 90
$280.503 32
$102,449 30
0.06
Dr.68,04533 Dr.0.04
$921,11875
532 43
16,95371
$115,598 57
0.07
Dr.88,137 42 Dr.0.05
$27,461 15
$178,169.625 41
0.02
842.787.098 77
$23,921,030 41
13.76
39,359.635 57 22.64
2,792,407 27
1.61
63,404,919 42 36.47
1,189,397 81
0.69
2.49
4.328,427 58
Cr.970,897 44 Cr.0.56
527,534 90
1,170 17
2.38974
96.330 03
16,997 69
74,173 24
$19.092 09
$5,942 82
0.02
100.00 $173,838.131 99 100.00
826,355,918 43 14.79
38.657.682 68 21.70
3,061,282 17
1.72
62,476,986 66 35.07
1,317,242 01
0.74
4,450,948 00
2.50
Cr.937,533 31 Cr.0.53
8135.382.52664
$33,403 97
644 30
10,342 06
84.331.49342
$2,434.888 02
268,874 90
$701,952 89
927,93276
127,844 20
122,520 42
33,364 13
75.99 $134,024,920 62
77.10
$1.357,606 02
$39.813.211 37
22.90
22.973,887 40
24.01
Railway tax accruals
Uncollectlble railway revenues
112,729.951 31
38.344 56
512.722,49269
56.90249
$7,45862
Railway operating income
830.018.802 90
827.033.816 19
22.984,986 71
$334,228 30
725.228 41
6.200 00
158,260 30
2,265,837 38
$233.429 70
658.888 59
3,500 00
114,998 74
2.169,618 26
3100,796 60
66.339 82
2.70000
43,261 56
96,219 12
Total additions to railway operating income
$3,489,752 39
23,180.435 29
Deductionsfrom Railway Operating Income
Hire of freight cars-debit balance
-Rent for locomotives
Rent for passenger-train cars
Rent for floating equipment
Rent for work equipment
Joint facility rent deductions
$1,168,392 35
36,318 63
608,180 41
8,97190
20,943 04
1.738,80577
Cr.$295,680 11
31,428 41
635,005 47
4.11704
22.610 58
1,714,596 64
21,463,972 46
4.890 22
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
Total non-operating income
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
Total deductions from gross income
Net income
$1,770,245 60
7.93049
2,034 66
51.974 51
13.609,364 30
156,568 40
364.083 37
660 00
36,152 57
$1,469,434 07
81.824,869 74
22,286 17
8818 40
110,921 73
153.58081
349.745 94
461.455 99
48.810 12
42,857 80
83.577.82606
$31,679,899 51
36.66577
24.331 57
$45,98731
_--
81.758,574 77
8.61025
1.90314
149,546 26
12.922,536 37
223.201 78
331.508 76
1,36315
34.097 48
$1,870,857 05
511,67083
131 32
686.82793
32,57461
2679 76
97,571 75
66,633 38
703 15
2.055 09
515.431,341 96
$567,671 94
217,551.742 66
516.248,557 55
$1,303,18511
836,390 10
217.551,742 86
338.390 10
836,390 10
Total appropriations of income
1,667 54
60.891 44
632,757 49
129,781 72
1.214,72200
679,661 36
---
828,825 08
24.209 13
215,999,013 90
Disposition of Net Income
Income appropriated for investment-in physical property
Income balance transferred to credit of Profit and Loss
4,85486
$2,112,178 03
$3,623,813 37
$33,550.756 56
5309.317 10
228,102,073 45
$3.581,612 10
Total deductions from railway operating imnome
Net railway operating income129,926.943 19
Non-Operating Income
60,073 04
Income from lease of road
521,835 76
Miscellaneous rent income
152.067 89
Miscellaneous non-operating physical property
1,214,722 00
Dividend income (Table 5, pamphlet report)
833,242 17
Income from funded securities (Table 5. pamphlet report)
Income from capital advances to affiliated companies (Table 6,
392,603 74
pamphlet report)
424.790 22
Income from unfunded securities and accounts
24,478 55
Miscellaneous income
$18,55793
838.390 10
$16,212,167 45
---
81.339.575 21
THE CHRONICLE
APR. 24 1926.]
Two hundred sixty-six passenger cars were added and
twenty-five passenger cars were retired or transferred to
other classes, resulting in a net increase of 241 cars.
Six thousand two hundred seventy-one freight cars were
added and 9,267 cars were retired or transferred to other
classes, resulting in a net decrease of 2,996 cars.
GENERAL REMARKS.
There was a substantial improvement in business conditions in the territory served by your lines of railroad during
the year, particularly in the South. The immediate factors
contributing to the increased volume of business in the
South were a large cotton crop disposed of at advantageous
prices and a heavy increase in the volume of crude petroleum shipments. However, another and more lasting factor, has been the growing appreciation in recent years of the
latent possibilities and resources of the Southern States that
has resulted in a steadily increasing flow of outside capital
Into the industrial and agricultural development of this
section of the country. The growth of the South in this
respect in the last several years augurs well for the future.
both for the communities distributed throughout this terriTable 3
Dividend appropriations of surplus:
Preferred:
Payable Sept. 1 1925 (3%)
" Mar. 1 1926 (3%)
Common:
Payable June 1 1925(14%)
Sept. 1 1925
%)
Dec. 1 1925 (1 4.7.)
" Mar. 1 1926(14%)
2349
tory and for your company, whose interests are inseparably
linked therewith.
The Interstate Commerce Commission in an order dated
June 1 1925 formally approved the acquisition of the capital stock of the Gulf and Ship Island Railroad Company.
The purchase of the capital stock was effected July 2 1925
and your company assumed active control of the property
on that date. The railroad is being separately operated.
The application to the Interstate Commerce Commission
for approval to lease the Alabama and Vicksburg, and Vicksburg, Shreveport & Pacific railways was under advisement
by the Interstate Commerce Commission at the close of the
year.
The number of stockholders of record at the close of the
year was 24,352, of whom 15,731 were holders of common
shares and 8,621 were holders of preferred shares. There
were 21,804 stockholders at the close of the previous 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.
PROFIT AND LOSS.
$614,928 00
871,404 00
$1.486,332 00
$2,123,283 75
2.129,48225
2.146.427 50
2.188.76700
Balance December 31 1924
Balance transferred from income
Profit on road and equipment sold
Donations
Miscellaneous credits
$65.251,147 05
17,551,742 66
119,913 50
51.581 84
24.537 29
8,587,960 50
51.581.84
Surplus appropriated for investment in physical property__
Unaccrued depreciation prior to July 1 1907 on equipment
retired
Difference between cost of property retired and not replaced and net value of salvage recovered
Final settlement with United States Railroad
Administration for claims growing out of
Federal Control Period
$225,000 00
Other miscellaneous items
133,674 18
1.264,939 54
95,986 55
358.674 18
71.153,44773
Balance December 31 1925
$82.998,922 34
$82.998,922 34
ATLANTIC COAST LINE RAILROAD COMPANY
ABSTRACTS OF ANNUAL REPORT
-FOR THE YEAR ENDED DECEMBER 31 1925.
Richmond, Va., April 20 1926.
To the Stockholders of the
Atlantic Coast Line Railroad Company:
The Board of Directors of the Atlantic Coast Line Railroad Company respectfully submits the following report for
the year ended December 31 1925:
INCOME ACCOUNT.
Operating revenues
Operating expenses
Increase(+)
1925.
1924.
Decrease($9399769779 $81,785,921 31 +812,211,776 48
64.966.121 44 60,335.125 77 +4.630.99567
Net operating revenues_ ---$29,031.576 35 $21,450.795 54 +17.580.780 81
Railway tax accruals
6.600.000 00 5,625,000 00
+975.000 00
Net operating revenues,less
taxes
$22.431,575 35 $15,825,795 54 +86.605.780 81
Uncollectible railway revenue
20.033 11
59,234 08
-39.200 97
Total operating income_ 322,411,543 24 $15,766,561 46 +56,644,981 78
Non-operating income-- 5.958,151 18 5.702.499 68
+255,651 50
Gross income
$28,369,694 42 $21,469,061 14 +36,900,633 28
Dividends declared from
non-operating income_ -- 1,371.724 00
685,862 00
+685.862 00
$26,997,970 42 820.783,199 14 +86,214.771 28
Interest and rentals
6,975,979 14 7,020,048 25
-44,06911
$20,021,991 28 $13,763,150 89 +88.258,84039
Miscellaneous deductions
from income
'.9l0,57281
1,173.168 26 +1.737,40455
Netincome
317,111,418 47 812.589,98263 +34.521,435 84
INTEREST AND RENTALS.
1925.
1924.
Interest on funded debt
36,031,280 89 86.031.282 00
Interest on certificates of indebtedness
5,404 00
5,404 00
Interest on ten-year secured notes of May 15
1920
420.000 00
420,000 00
Interest on equipment trust notes of Jan. 15
1920
256,243 25
281,761 25
Dividend on equipment trust certificates of
Feb. 1 1921
216.125 00
235,625 00
Interest on Brunswick & Western income bonds
650 00
700 00
Rentals46.276 00
45,276 00
86,975,979 14 87.020,04825
DIVIDENDS.
Dividends were declared as follows during the year:
To Preferred Stockholders. 5 per cent
$4,801.034 00
To Common Stockholders.7 per cent
To Common Stockholders,2 per cent extra from
1,371,724 00
non-operating income
Total amount of dividends to Common Stockholders
$9.835 00
35.172.758 00
The amount of taxes accrued during the year was greater
than the amount paid to Stockholders in dividends.
OPERATING REVENUES.
Per
Cent,
Increase.
1924.
1925.
864,657.121 06 $57,288,726 36 87,368.394 70 12.88
Freight
22,042.717 53 17,755.927 08 4,286.790 45 21.14
Passenger
162.453 56
Excess baggage
18.397 97 12.77
144.055 59
Mall
85.48380 5.11
1,347.207 88 1,281.724 08
Express
2,835,343 71 3.026,193 07
*190.849 36 *6.31
All other transportation
636,493 12
701,778 36
65.285 24 10.26
Incidental and joint
598,273 68 36.20
2,251,075 69 1.652,802 01
facility
Total
* Decrease.
893,997,697 79 $81,785.921 31 812,211.776 48 14.93
OPERATING EXPENSES AND TAXES.
1924.
1925.
Maintenance of way
and structures_ _-.110,820,231 22 810,660,589 98
Maintenance of equip17.544.833 96 16.833.082 10
ment
1.5.31.249 23
1,724.862 71
Traffic
Transportation
32,310.002 17 29.063.108 53
Miscellaneous opera465.338 27
804.997 35
tions
General expenses.. _ _ 1,875,395 88 1.837.37379
Transportation for in55,616 13
114,20185
-Credit.
vestment
Increase.
8159.641 24
Per
Cent.
1.50
711.751 86 4.23
193.613 48 12.84
3,246,893 64 11.17
339.659 08 72.99
38,022 09 2.07
58,585 72 105.34
$64.966.121 44 $60,335.125 77 $4.630.995 67 7.68
Railway tax accruals 6.600.000 00 5,625,000 00
975.000 00 17.33
Total
571.566.121 44 565,960.125 77 85.605.995 67
8.50
GENERAL REMARKS.
The Bureau of Valuation of the Interstate Commerce
Commission and the officers of your Company have during
the year proceeded with the work in connection with the
valuation of your Company's property as required by Act
of Congress. The final reports have not yet been served on
your Company by the Bureau of Valuation.
The Interstate Commerce Commission has inspected the
automatic train control installed by your Company for test
purposes. Extension of the installation to cover two divisions of your lines between Richmond, Va., and Florence,
S. C., has been authorized as ordered by the Commission.
The work has been completed from the James River Bridge,
near Richmond, Va., to Rocky Mount, N. C., and will be
completed to Florence, S. C., prior to the close of 1926.
Authority having been given by the Interstate Commerce
Commission, your Company has acquired the entire issue,
$50,000, of the capital stock of the Moore Haven & Clewiston Railway Company, and has by indenture dated June 24
2350
THE CHRONICLE
1925, leased the railway line of that Company extending
from a connection with your Company's line at Moore
Haven, Fla., to Clewiston, Fla., 13.87 miles, for the term of
ninety-nine years from July 1 1925, at an annual rental of
not exceeding $500 for corporate expenses, and interest on
$50,000 of 6% Bonds of said Company.
Construction of second track on your Company's lines was
completed and the tracks placed in service during the year,
as follows:
Rocky Mount to Fair Grounds, N.0
At Florence, S. C.(track rearrangement)
Java to Lanes, 5.0
Drayton Hall to Yemaasee, S.0
Burroughs to Altamaha.Ga
Darrow to Albany Junction, Ga
Albany to East Albany, Ga
Total
Miles.
1.75
0.31
40.87
49.11
37.71
1.23
0.91
131.89
As stated in the previous report, the construction in 1925
of the second track between Java and Lanes, S. C., and
between Drayton Hall and Yemassee, S. C., completes the
work laid out in 1923 originally planned to be finished in
1927, and practically provides a double track of your main
line between Richmond, Va., and Jacksonville, Fla.
During the year there was authorized the construction of
a second track on your line between Jacksonville and Sanford, Fla., from:
Moncrief to Yukon. Fla
Orange City Junction to Rands. Fla
Total
Miles.
9.09
10.64
19.73
The work was in progress at the close of the year and
will, it is expected, be finished in the near future.
On January 9 1925 your Company purchased from the
Montgomery Lumber Company the line of railroad extending from Spring Hope, N. C., on your Company's Nashville
Branch, to Rolesville, N. C., 21.43 miles.
During the year construction was commenced of an extension of your Company's line from Immokalee, to Deep Lake.
Fla., about 27 miles, and will be completed during 1927.
Work was also commenced on the construction of an extension of the line of the Tampa Southern Railroad Company
from Sarasota, Fla., to connect with your Company's line
near Fort Ogden, Fla., about 40.30 miles, and is expected to
be completed this year.
The line of the Fort Myers Southern Railroad Company
from Port Myers to Bonita Springs, Fla., 23.51 miles, was
completed and placed in operation during the year. An
extension from Bonita Springs to Marco, Fla., a distance of
29.0 miles, was under construction at the close of the year
and is expected to be completed prior to December 31 1926.
In order to provide additional facilities for movement of
traffic to and from points on your Company's lines on the
West Coast of Florida and also to provide short lines to the
West via Perry, Fla., Thomasville and Albany, Ga., contracts have been awarded since the close of the year for the
construction of a line about 40.17 miles in length between
Perry, Fla., and Monticello, Fla., and application has been
filed with the Interstate Commerce Commission for authority to construct a line to connect the Thonotosassa Branch
at Thonotosassa, Fla., with the West Coast main line at
Dade City, Fla., approximately 21 miles. Work of reconstructing and laying heavier rail has been commenced on
parts of the existing lines which will form part of the proposed short line; also that portion of the existing line between Dade City and Chatmar, Fla., a distance of 55.70
miles, will be double tracked. The above work is expected
to be completed during 1926.
An agreement and lease, on the Philadelphia plan, dated
February 1 1926, has been executed under which your Company agrees to lease and purchase from the Safe Deposit
& Trust Company of Baltimore, Trustee, the following
equipment:
5 Santa Fe locomotives,
30 Pacific locomotives,
10 Switch locomotives,
2 steel mail cars,
ao steel express cars,
5 steel mail and baggage cars,
10 steel passenger and baggage cars.
26 steel passenger coaches,
500 steel underframe box cars.
500 steel gondola cars,
300 steel coal cars,
100 steel ballast cars.
Part of this equipment has been delivered and placed in
service and the balance is under contract for early delivery.
The estimated cost of the equipment is $6,374,864 56, and the
agreement provides for the issuance by the Trustee of
$5,085,000 of four and one-half per cent share certificates,
of which $339,000 mature February 1 1927, and similar
amount on each February 1 thereafter to and including Feb-
Pfau 122.
ruary 1 1941. Under the lease your Company will pay as
rental for use of the equipment the cost thereof in excess
of the amount of certificates issued, together with the dividends on and principal of the certificates as the same mature, and upon full payment your Company will acquire title
to the equipment.
Since the close of the year your Company has entered into
an agreement with the Committees representing the Bondholders of the Atlanta, Birmingham & Atlantic Railway
Company, the lines of which Company are now being operated by a Receiver in Bankruptcy, under which agreement
it Is proposed that the present bondholders will form a new
Company to acquire at foreclosure sale the railway lines
and other properties of the Atlanta, Birmingham & Atlantic Railway, extending from Brunswick, Ga., to Birmingham, Ala., with branches from Manchester to Atlanta, Ga.,
Fitzgerald to Thomasville, Ga., and Sessons to Waycross,
Ga., aggregating about 637 miles, and connecting with your
Company's lines at Thomasville, Tifton, Waycross and Offerman, Ga., with the Louisville & Nashville Railroad at
Atlanta, Ga., and Birmingham, Ala., and with the Georgia
Railroad at Atlanta, Ga. The new Company will be authorized to issue two classes of stock, 150,000 shares of no par
value Common Stock and about 52,000 shares, $100 each, of
limited voting Preferred Stock. Under the agreement, and
subject to the approval of the Interstate Commerce Commission, your Company will purchase all of the Common Stock
for approximately $3,650,000 cash, being the amount required to pay all Receiver's obligations having liens prior
to the bonds, and also the cost of the reorganization, and
will guarantee both principal and 5% dividends upon said
Preferred Stock, the first dividend, however, not to begin
accruing until one year after the date on which possession
of the properties shall be vested in the new Company.
Your Company has watched the rapid growth of Florida
and, as far as possible, has anticipated the transportation
needs of the State by large and substantial improvement
and development of your property. No one, however, could
have foreseen the phenomenal growth and development that
has taken place there in less than a year's time, thrusting
suddenly upon the railroads such a volume of business that
they were unable to give normal service and resulting in a
congestion of traffic which could only be overcome by
drastic measures. On October 31 an embargo against carload shipments, except certain necessities, was made effective by all of the more important roads in Florida.
Your Company at no time issued an embargo upon less
than carload shipments.
The situation at this time is steadily improving and everything possible is being done to bring about normal conditions, but it will take time and the whole-hearted co-operation of shippers and receivers of freight to accomplish this
result. The Florida Division of the South-Eastern Regional
Shippers Advisory Board has been organized to assist in
securing such co-operation and is doing effective work.
During the past year the work of the Department of Public Relations has been continued along the same general
lines reported for 1924.
The distribution of the pamphlet "Timely Railroad Topics," issued weekly by the Department, was materially increased with gratifying results. Letters written by persons
who received copies of the pamphlet indicate decided interest in the matters treated in the various issues and an
appreciation of the frank presentation of the facts affecting
the operation of railroads.
During the year it became increasingly apparent that
public sentiment towards the railroads was more friendly
and sympathetic. That this is true is due, largely, to the
efforts that the railroads have made to give their patrons
the information necessary to a complete understanding of
the factors affecting the operation of railroads. The business men and better informed residents of the territory
served by your lines know more to-day than ever before of
the handicaps that confront the railroads in their effort to
give good service, and are willing to do more than ever to
help the roads overcome these handicaps. This fact is
brought out in some of the letters recetved from patrons of
the road, which reflect the attitude of the conservative business men of the Southeast in a most gratifying manner.
During the traffic congestion In Florida the Department
of Public Relations prepared a series of statements setting.
forth what your Company had done to anticipate the unprecedented development in Florida, how your Company was
acting to meet the emergency, and pointing out the need for
close co-operation with the railroads by consignees and shippers of freight. These statements were published as paid
advertisements in the Florida press and from numerous reports that have been received did much to bring about a
better understanding of what was being done to meet the
situation and to direct criticisms from the railroads to the
speculative element whose practice in using freight cars as
warehouses contributed so largely to the congestion.
J. R. KENLY, President.
H. WALTERS, Chairman.
For Comparative General Balance Sheet, Income Account, &c.,
See Annual Reports in Investment News columns.•
APR. 24 1926.]
THE CHRONICLE
CHICAGO AND
NORTH WESTERN
2351
RAILWAY COMPANY
SIXTY-SIXTH ANNUAL REPORT—FOR THE YEAR ENDING DECEMBER 31 1925.
To the Stockholder., of the
Chicago and North Western Railway Company:
The Board of Directors submits herewith its report of
the operations and affairs of the Company for the year
ending December 31 1925.
Average mileage of road operated
•Operating Revenues:
Freight
Passeneer
Other Transportation
Incidental
Careful analysis of the cause for the passenger decrease has
been made, and it is interesting to know that the percentage
of decrease is all in the short haul business in substantially
the same ratio as the increase in registered motor vehicles
in the States served by the Chicago and North Western
8,467.56 Railway Company's lines.
OPERATING EXPENSES.
$104.888,463 38
26.769.125 98
13.872.945 75
3.007.734 02
$148,538,269 13
Operating Expenses:
Maintenance of Way and Structures__ $20.988,336 60
Per Cent of Operating Revenues
14.13
Maintenance of Equipment
30,613,191 90
Per Cent of Operating Revenues
20.61
Traffic
2.143,148 71
Per Cent of Operating Revenues
1.44
Transportation
56,955,609 91
Per Cent of Operating Revenues
38.34
Miscellaneous Operations
1.067,958 57
Per Cent of Operating Revenues
.72
General
4,095,019 55
Per Cent of Operating Revenues
2.76
Transportation for Investment--Cr
Cr.237,209 66
Per Cent of Operating Revenues
.16
115.626,055 58
Per Cent of Operating Revenues
77.84
Net Revenue from Railway Operations
$32,912,213 55
Railway Tax Accruals
$10,004,224 15
Per Cent of Operating Revenues
6.74
Uncollectible Railway Revenues
46.872 M
10.051.096 69
Railway Operating Income
$22,861.116 86
Equipment and Joint Facility Rents—Net Debit
1.752.367 24
Net Railway Operating Income
$21,108.749 62
Non-operating Income:
Rental Income
$694,685 21
Dividend Income
1,050.047 00
Income from Funded Securities
15,627 38
Income from Unfunded Securities and
Accounts, and Other Items
555,886 90
2.316.24649
Gross Income
$23,424,996 11
Deductions from-Gross Income:
Rental Payments
$41,681 04
Interest otiFunded Debt
12,425.298 31
Other Deductions
173,438 74
12,640,418 09
Net Income
$10,784,578 02
•
Dividends:
7% on Preferred Stock
21,567,650 00
4% on Common Stock
5.806,100 00
7.373,750 00
Balance Income for the Year
$3,410.828 02
GENERAL REMARKS.
During the year the Company added to its equipment 3,200
new steel underframe freight cars and 51 all steel passenger
cars, as follows:
FREIGHT CARS.
1.000 40
-ton box cars.
1,000 40
-ton automobile cars.
500 50
-ton flat cars.
500 40
-ton stock cars.
200 40
-ton refrigerator cars.
3,200
PASSENGER CARS.
1 Gasoline-electric motor car.
24 Coaches.
23 Baggage cars.
3 Baggage and mail cars.
51
It is gratifying to he able to report that transportation
expenses decreased $3,545,875 89 and that the ratio of those
expenses to operating revenues has been reduced from
40.48% to 38.34%. Credit for this result is due to the operating officials and employees, alL of whom have rendered
most enthusiastic and loyal service throughout the year.
These efforts will be continued in an intensive way, and it
is hoped and believed that even better results will be produced during the year 1926.
TAXES.
Special attention of stockholders Is called to the growing
burden of taxation. It will be observed that the tax accruals amounted to $10,004,224 15, or 6.74% of operating revenues. In 1924 tax accruals were $9,348.841 71, or 6.26%
of operating revenues. It is hoped that the peak in taxation has been reached, and public authorities will from this
time on co-operate with the railway managements to the
end that this enormous burden upon the carriers, and therefore upon the rate structure, may be lessened.
CAPITAL STOCK.
The Capital Stock authorized by the Company is Two
Hundred Million Dollars ($200,000.000 00), of which the
following has been issued to December 31 1925:
Held by the Public:
Common Stock and Scrip
Preferred Stock and Scrip
$145,156.193 82
22,395.120 00
Total Stock and Scrip held by the Public
$147.661.313 82
Held in Treasury:
Common Stock and Scrip
$2,343,44715
Preferred Stock and Scrip
3.83456
Total Stock and Scrip held in Treasury
Total Capital Stock and Scrip, December 31 1925
2.347.281 71
$169.898.595 53
There was no change during the year in the Capital Stock
and Scrip of the Company other than the purchase, by the
Company, of $7000 Common Stock Scrip.
FUNDED DEBT.
At the close of the preceding year the amount of Funded
Debt held by the Public was
$2$3.586.900 00
The above amount has been increased by Equipment
Trust Certificates sold during the year ending December 31
1925 as follows:
C. & N. W. Ry. Equipment Trust Certificates of 1923,
5% (secured by Series "0" and "P" equipment of the
Equipment Trust of 1923):
Series "0"
$5,768.000 00
Series "P"
1,456,000 00
7.224.000 00
$265.810,900 00
And the above amount has been decreased during the
year ended December 31 1925 by Bonds and Equipment
Trust Certificates redeemed as follows:
M. L. S. & W. Ry. First Mortgage (Ashland
Division), 6%
$1.000,000 00
M.L.S.& W.Ry. Extension & Improvement
Sinking Fund Mortgage,5%
46.000 00
0.& N. W.Ry. Sinking Fund of 1879,5%
28,000 00
0. & N. W. Ry. Sinking Fund Debentures of
1933, 5%
112,000 00
In addition to the foregoing, the following cars were
re- C. & N. W. Ry. Equipment Gold Notes of
built at the Company's shops:
1920. 6% (including $4,500 00 unpresented
and transferred to "Current Liabilities")
664,900 00
FREIGHT CARS.
0.& N. W.Ry. Equipment Trust Certificates
930 Box cars.
of 1920, 6%:
163 40
-ft. automobile cars.
Series "J"
$186,000 00
152 50-ft. automobile cars.
Series "B"
267,000 00
365 Refrigerator cars.
453,000 00
419 Gondola cars.
C.& N. W.Ry. Equipment Trust Certificates
226 Stock cars.
of 1922,5% (including $1,000 00 Series"N"
unpresented and transferred to "Current
2,255
Liabilities"):
The above provides for the Company's service a total of
Series"M"
$345.000 00
Series "N"
317.000 00
5,455 substantially new freight cars and 51 new passenger
662.000 00
cars.
C.& N.W.Ry.Equipment Trust Certificates
of 1923. 5%:
FREIGHT AND PASSENGER TRAFFIC.
Series "0"
412.000 00
It will be observed from the data in this report that there
Total Funded Debt Redeemed
was a substantial increase in freight revenues, but a larger
3,377,900 00
decrease in passenger revenues, over the preceding year. Leaving Funded Debt held by the Public December 31 1925-$262,433.000 00
2352
THE CHRONICLE
[Vol.. 122.
BONDS IN THE TREASURY AND DUE FROM TRUSTEE.
COMPARATIVE GENERAL BALANCE SHEET.
At the close of the prececllng year the amount of the Company's unpledged Bonds and Equipment Trust Certificates
in the Treasury and Due from Trustee was
$20,546,000 00
The above amount has been increased during the year
ending December 31 1925 as follows:
C. & N. W. Ry. General Mortgage Gold Bonds of 1987.
due from Trustee, in exchange for bonds redeemed during
the year
1.003,00000
Other bonds redeemed during the year exchangeable for
C.& N. W. Ry. General Mortgage Gold Bonds of 1987, viz.:
M. L. S. & W. By. Extension and Improvement Sinking Fund Mortgage. 5%
$4600000
0.& N. W.Ry. Sinking Fund of 1879,5%-- _
28,000 00
C. & N. W. Ry. Sinking Fund Debentures of
1933, 5%
112.000 00
186.000 00
C. & N. W. Ry. General Mortgage Gold Bonds of 1987,
due from Trustee, on account of Construction Expenditures made during the year
1,000.000 00
C. & N. W. Ry. Equipment Trust Certificates of 1925,
%,Series "Q," issued
5,415.000 00
(8,395.33 Miles)
Dec. 31 1924.
ASSETS.
Dec. 31 192
Investments.
$
191,943.941 15 Investment in Road and Equipment
500,270.664 09
1.037,344 17 Miscellaneous Physical Property
986,435 92
2,585,262 02 Investment in Affiliated Companies
2,314,955 01
Other Investments:
10,337,152 29 Capital Stock of Chicago St. Paul Minneapolis and Omaha Ry. Co. (149.200
Shares)
10.337,152 29
3,910,575 93 Preferred Stock of Union Pacific Railroad Company (41,715 Shares)
3,910,575 93
368,493 43 Miscellaneous
327,761 30
And the above amount has been decreased during the
year ending December 31 1925 as follows:
C.& N. W.By. Equipment Trust Certificates
of 1913, 4%,matured and cancelled:
Series "E
'
$485,000 00
Series "F"
115,00000
C.& N. W.By.Equipment Trust Certificates
of 1917, 5%, matured and cancelled:
'
Series "G"
i
422,000 00
Series "H"
400,000 00
Series "I"
178,000 00
0.& N. W.By.Equipment Trust Certificates
of 1920, 6%%, matured and cancelled:
Series "L"
187,000 00
C.& N. W.By.Equipment Trust Certificates
of 1923, 5%, matured and cancelled:
Series "P"
104,000 00
0.& N. W.Ry'. Equipment Trust Certificates
of 1923, 5% (secured by Series "0" and
"P" equipment of the Equipment Trust
of 1923). sold during the year:
Series "0"
5.768.000 00
Series "P"
1,456,000 00
828,150.000 00
2,347,211 71
Total Bonds in the Treasury and due from Trustee,
December 31 1925, unpledged
$19,035,000 00
The following bonds owned by the Company are pledged as
security for the C. & N. W. Ry. 10
-Year Secured Gold Bonds
and C. & N. W. Ry. 15-Year Secured Gold Bonds:
0. & N. W. By. General Mortgage Gold of 1987. 5%
$20,500,000 00
• Total December 31 1925 pledged
15.000.000 00
$35,500,000 00
LANDS.
During the year ending December 31 1925, 34,371.54 acres
and 2 town lots of the Company's Land Grant lands were
sold for the total consideration of $1,083,983 65. The number of acres remaining in the several Grants December 31
1925 amounted to 169,377 12 acres, of which 3,238.30 acres
were under contract for sale, leaving unsold 166,138 82 acres.
Appended hereto may be found statements, accounts and
statistics relating to the business of the fiscal year and the
condition of the Company's affairs on December 31 1925.
The Board gratefully acknowledges its appreciation of the
loyal and efficient services rendered by officers and employees during the year.
By order of the Board of Directors.
FRED W. SARGENT,President.
Chicago, April 13 1926.
ADDITIONS AND BETTERMENTS.
Additions and Betterments to the property of the Company
for the year ending December 31 1925 were as follows:
Expenditures for Road:
Rails and Other Track Improvements
Bridges, Trestles and Culverts
Track Elevation or Depression
Crossing Improvements
Additional Main Tracks
Additional Yard Tracks and Sidings
Signals and Train Control
Station and Office Buildings
Water Stations
Shop Buildings and Enginehouses
Shop Machinery and Tools
Docks
Grain Elevators
Assessments for Public Improvements
Yard and Other Improvements, Proviso, Illinois
All Other Improvements
$799,715 36
1.002,983 17
107,065 26
327,707 63
397.225 98
538,524 17
361.944 53
253.970 28
106.264 79
113,593 39
74,619 50
1,503,378 85
50,249 71
243.553 36
43,618 02
32,861 25
Total Investments
518,147,544
Current Assets.
12,678,992 47 Cash
16.190,318 0
Loans and Bills Receivable
70.000 00
530.241 36 Traffic and Car Service Balances Receivable
773,249 4
2,362,445 98 Net Balance Receivable from Agents and
Conductors
2,724.771 4
3,772,392 59 Miscellaneous Accounts Receivable
3,921,647 24
13,941,088 29 Material and Supplies
13,530,679 16
449,502 46 Other Current Assets
316.491 39
33.734.663 15
9,115,000 00
0. & N. W. By. First and Refunding Mortgage, 6%
510,182,768 99
20,546,000 00
35.500,000 00
2,514,234 28
60,907,495 99
604.824.928 13
Total Current Assets
37.527.156 67
Unadjusted Debits.
Capital Stock and Scrip, C. & N. W. RV.
Co.. Held in Treasury
2,347,281 71
Company Bonds Held in Treasury and
Due from Trustee (see statement, page
20, pamphlet report):
Unpledged
19,035.000 00
Pledged
35,500,000 00
Other Unadjusted Debits
2.124,237 99
Total Unadjusted Debits
Total Assets
59.006.519 70
614,681,220 91
LIABILITIES.
Capital Stock.
Dec. 31 1925.
(See statement, page 8, pamphlet report.)
167,551.383 82 Held by Public
167.551,313 82
2.347.211 71 Held in Treasury
2.347,281 71
Dec. 31 1924.
Total Capital Stock
169,898,595 53
29.657 75 Premium Realized on Capital Stock
169.928.253 28
Total Capital Stock and Premium
169,898.595 53
29,657 75
169,928.253 28
Long Term Debt.
(See statement, page 20. pamphlet report.)
258,586,900 00 Funded Debt Held by the Public
262,433,000 00
Funded Debt Held in Treasury and Due
from Trustee:
Un pledged
19,035.000 00
20.546.000 00
Pledged
35,500,000 00
35.500,000 00
314.632,900 00
3,548.693 03
5,752.718 91
385.578 06
833.467 34
9.609 20
2,325.169 13
190.351 02
13,045.586 69
Total Long Term Debt
Current Liabilities.
Traffic and Car Service Balances Payable
Audited Accounts and Wages Payable_ _
Miscellaneous Accounts Payable
Interest Matured Unpaid
Dividends Matured Unpaid
Unmatured Interest Accrued
Other Current Liabilities
Total Current Liabilities
316,968.000 00
3,994,639 31
5,909.876 71
337.448 10
816,875 34
7.314 70
2,342,482 05
289,802 46
13,698,438 67
Unadjusted Credits.
6,344,590 00 Tax Liability
7,278.737 00
537,565 36 Balance Premium on C. & N. W. Ry.5%
General Mortgage Gold Bonds of 1987
525.666 45
38,150.073 59 Accrued Depreciation—Equipment
41.135.988 56
1,217.233 54 Other Unadjusted Credits
.614,985 92
Total Unadjusted Credits
46,249.462 49
49.555.377 93
Corporate Surplus.
2.389.869 16 Additions to Property Through Surplus__
58,578,856 51 Profit and Loss
60.968.725 67
Total Corporate Surplus
2,499.303 83.62,031,847 1564,531,151 03
Total Liabilities
604,824,928 13
614.681.220 91r
$5,957,275 25
Total
Expenditures for Equipment:
$30,900 00
1 Gasoline-Electric Motor Car
PROFIT AND LOSS—DECEMBER 31 1025.
Improvement of Equipment
649,738 30
Dr
.
Trust Equipment of 1925 added:
Charges for the Year Ending December 311925:
3,200 Freight-train Cars and 50 PassenDerraciation accrued prior to July 1 1907 on equipment
ger-train Cars
7,231,787 43
retired or changed from one class to another
$526,400 72
Net loss on property sold or abandoned and not replaced
525,981 107,912,425 73
Total
Debt discount incurred during he year ex inguished
through surplus
62,601 00
$13,869,700 98
Total Expenditures for Road and Equipmen
Credit Balance, December 31 1925, carried to Balance
The credits to "Investment in Road and Equipment" for
62,031.847 15
Sheet
property retired during the year ending December 31 1925
were as follows:
$63,146,829 97
$2,975,236 01
Retirements of Road
Retirements of Equipment:
Cr.
74 Locomotives
$702,411 73
08,578,856 51
Credit Balance December 31 1924
16 Passenger-train Cars
65,061 86
Credits for the Year Ending December 311925:
2.179 Freight
-train Cars
1,668,107 71
Credit Balance of current year's Income, brought for144 Work Equipment Cars....64,856 08
ward from Income Account (see statemen , page 22.
Other Items
67,304 65
3,410.828 02
pamphle report)
1,055,851 20
Net profit from sale of Land Grant lands
Total
2,567,74203
101.294 24
Net Miscellaneous Credits
Total Retirements of Road and Equipment
5,542,978 04
$63.146,829 97
Net Additions to "Investment in Road and Equipment"--58.326.749.22
2353
THE CHRONICLE
APR. 24 1926.]
FUNDED DEBT DECEMBER 31 1925
(8,395.33 MILES).
Bonds
Held by the
Public.
Bonds for which General Mortgage Gold Bonds of 1987
are Reserved
C.& N.W.Ry. Extension of 1886
M.L.S.Sr W.Ry.Ext.& Impt.Sinking Fund Mtge_
C. & N. W.Ry. Sinking Fund of 1879.6%
C. & N. W.Ry. Sinking Fund of 1879,5%
C.& N. W.Ry. Sinking Fund Debentures of 1933-
Unpledged.
$18,632,000
3,650,000
4,649.000
4,789,000
7,441,000
Total of Bonds for which General Mortgage
Gold Bonds of 1987 are reserved
D. & N.W.Ry. General Mortgage Gold of 1987,335%
Bonds Held in Treasury
and Due from Trustee.
$39,161,000
31,316.000
Pledged.
51.000
130.000
33,855,000
2,656,000
$134,886,000
$5,259,000
Total of Bonds assumed subsequent to
General Gold Mortgage of 1987
$55.247,000
-Year Secured Gold Bonds
D. & N. W.Ry. 10
$15.000.000
D.& N .W.Ry.15-Year Secured Gold Bonds
15.000.000
D. & N. W.Ry. First & Refunding Mortgage,6% _
D. & N. W. Ry. First & Refunding Mortgage, 5%__
ig, - - - .156
- 5 .1)
20
D. & N. W. Ry. Equipment Trust Certificates of 1913:
Series E
Series F
D. & N. W. Ry. Equipment Trust Certificates of 1917:
Series G
Series H
Series I
.._ _
D. & N. W.Ry. Equipment Gold Notes of 1920- - -6,649,000
D. & N. W. Ry. Equipment Trust Certificates of1920:
Series J
2,046.000
Series K
2,937,000
Series L
Ry. Equipment Trust Certificates of 1922:
D.& N. W.
Series M
4,485,000
Series N
4,121,000
3. & N. W. Ry. Equipment Trust Certificates of 1923*
Series 0
5,356.000
Series P
1.456,000
3.& N. W.Ry. Equipment Trust Certificates of 1925:
Series Q
$262.433.000
334
Feb. 1, May I
Aug. 1. Nov.I
Feb. 1, May I
Aug. 1, Nov. I
5
Feb. 1, May 1
Aug. I, Nov. I
Feb. 1. May 1
--- lAug. I, Nov. 1
820,500.000 8160.645,000
$2,100,000 Jan.
2,125,000 Mar.
7,725,000 Oct.
528,000 Jan.
3,900,000 Jan.
4,000,000 Aug.
2,500,000 Jan.
3,750,000 Jan.
1,120.000 Jan.
15,000.000 Mar.
2,500,000 Mar.
10,000,000 July
1,000
1 1926
1 1926
1 1933
1 1935
1 1935
1 1936
1 1941
1 1941
11047
1 1947
1 1947
1 1948
334
334
6
334
314
334
334
334
434
4
4%
5
Jan. 1, July 1
Mar. 1. Sept. I
Apr. 1, Oct. 1
Jan. 1, July 1
Jan. 1, July I
Feb. 1, Aug. 1
Jan. 1, July I
Jan. I, July /
Jan. I, July 1
Mar. 1, Sept. 1
Mar. 1, Sept. 1
Jan. 1. July 1
11030
1 1936
1 2037
1 2037
7
634
6
5
June 1. Dec. I
Mar. I. Sept. 1
June 1, Dec. I
June 1, Dec. 1
$55.248,000
81,000
$416.000
1,931,000
57,011,000 Nov. 1 1987
2.375,000 Nov. 11087
2,375.000
$2,100,000
2,125.000
7,724,000
528.000
3,900,000
4,000,000
2,500.000
3.750,000
1,120,000
15,000,000
2.500,000
10.000,000
Total Funded Debt
$20,500,000
,
Feb. 15,Aug. 11
Feb. 1. Aug. 1
Apr. 1, Oct. 1
Apr. 1, Oct. 1
May 1. Nov. 1
4
30,554,000 Nov. 1 1987
D. & N. W. Ry. General Mortgage Gold of 1987.5%
Payable.
4
5
6
5
5
839,389,000
31,316,000 Nov. 11087
8228,000
30,554,000
vire Mortgage Bonds on New Lines Assumed Subsequent
to General Gold Mortgage of 1987
Princeton & North Western Ry. First Mortgage
Peoria & North Western Ry. First Mortgage
Fremont,Elkhorn & Mo.Valley RR. Consolidated
Minnesota & South Dakota Ry.First Mortgage_ _ _
Iowa, Minnesota & North Western Ry.1st Mtge
Sioux City & Pacific RR. First Mortgage
Milwaukee & State Line Ry. First Mortgage
Manitowoc, Green Bay & N.W.Ry. 1st Mtge--St. Paul Eastern Grand Trunk Ry. 1st Mtge
Milwaukee, Sparta & N. W.Ry. 1st Mtge_ ___,
Des Plaines Valley Ry.1st Mtge
St. Louis, Peoria & I.W.Ry. 1st Mtge
Rate.
$18,632,000 Aug. 15 1926
3,697,000 Feb. 1 1929
4,649.000 Oct. 1 1929
1929
4,840,000 Oct.
7,571,000 May 1 1933
$47.000
D.& N. W. Ry. General Mortgage Gold of 1987,4%
D.& N. W. Ry. General Mtge. Gold of 1987, due from
Trustee
INTEREST.
Date of
Maturity.
Taal of
Bonds.
$15,000,000
$15,000,000 June
15,000.000 Mar.
15,416,000 May
17,181,000 May
434 May 1, Nov.4
414 June 1, Dec. I
970.000
230,000
970,000 May 11926-27
230,000 June 1 1926-27
844,000
1,200.000
712,000
844,000 Nov. 1 1926-27
1,200,000 Jan. 11928-28
712,000 July 1 1926-29
6,649.000 Jan. 15 1926-35
'
2.046.000 Mar. 11926-38
2,937,000 Apr. 11926-36
2,057,000 May 11026-36
5
5
5
6
4,485,000 June 11926-38
4,121,000 June 11926-38
5
5
June I, Dec. /
June 1, Dec. /
5,356,000 Dec. I 1926-38
1,456,000 Feb. 1 1926-39
5
5
June 1, Dec. 1
Feb. 1, Aug. I
5,415,000 Oct.
434 Apr. 1, Oct. 1
2,057,000
5,415,000
1 1926-40
May 1, Nov.1
Jan. 1, July 1
Jan. I. July 1
Jan. 15, July 15
634 Mar.I, Sept. 1
634 Apr. 1, Oct. I
634 May 1. Nov. 1
$19,035,000 *$35.500.000 $316.968,000
•Pledged as security for the $15,000,000 C.& N. W.Ry.10
-Year Secured Gold Bonds
-Year Secured Gold Bonds and $15 000,000 C.& N.W. Ry. 15
COMPARATIVE STATEMENT OF INCOME ACCOUNT.
Year Ending
Dec. 311924.
Average mileage of road operated
Operating Revenues:
Freight
Passenger
Other Transportation
Incidental
Total Operating Revenues
Operating Expenses:
Maintenance of Way and Structures
Maintenance of Equipment
Traffic
Transportation
Miscellaneous Operations
General
Transportation for Investment-Cr
Total Operating Expenses
Net Revenue from Railway Operations
Railway Tax Accruals
Uncollectible Railway Revenues
Total
Railway Operating Income
Equipment and Joint Facility Rents
-Net Debit
Net Railway Operating Income
Non-operating Income:
Rental Income
Dividend Income
Income from Funded Securities
Income from Unfunded Securities and Accounts, and Other Items
Total Non-operating Income
Gross Income
Deductions from Gross Income:
Rental Payments
Interest on Funded Debt
Other Deductions
Total Deductions
Net Income
Dividends:
On Preferred Stock (7%)
On Common Stock (4%)
Total Dividends
Balance Income for the Year. carried to Profit and LOSR
8,462.83
Year Ending
Dec. 311925.
8,467.56
$103,516,754 39 8104.888.463 38
28,872.654 95 26.769,125 98
14,248,012 04 13.872,945 76
3,007,734 02
2,817.162 37
Increase.
'
$1,371,708 99
$2,103,528 97
375,066 29
190,571 65
$149,454.583 75 8148,538,269 13
322,559.053 13 $20.988.336 60
30.581.465 98 30.613,191 90
2,143,148 71
2,047,150 99
60,501,485 80 56,955,609 91
1,067,958 57
975.496 41
4,095.019 55
4,142,007 70
Cr.270,014 93 Cr.237,209 66
Decrease.
4.73
$916,314 62
$1,570,716 55
$31.725 92
95,997 72
3,545,875 89
92,462 16
46.988 15
32.805 27
8120.536,645 08 $115,626,055 68
84,910.589 50
$28,917,938 67 $32,912.213 55
$3.994,274 88
$9,348,841 71 $10,004,224 15
46.872 54
63,521 45
$655,382 44
$9.412,363 16 810,051,096 69
$638,733 53
$19,505,575 51 $22,861,116 86
2,721,524 65
1,752,367 24
83,355,541 35
$16.784,050 86 $21,108,749 62
$4,324,698 76
$866,535 69
1,977.534 00
17,735 33
575,522 26
$969.157 41
$694,685 21
1,050.047 00
15.627 38
555.886 90
83,437,327 28
$16,648 91
$2,316,246 49
820,221,378 14 823,424,996 11
$19,031 49
12,333,590 57
197,431 91
$171,850 48
927,487 00
2.107 95
19.635 36
81.121,080 79
$3,203,617 97
$41,681 04
12.425,298 31
173,438 74
$22,619 55
91,707 74
$12.550,053 97 $12,640,418 09
$90,364 12
$7,671,324 17 $10,784,578 02
$3,113,253 85
$1,567,650 00
5,806,100 00
$1,567,650 00
5,806,100 00
$7.373,750 00
5007,KIA 17
$7,373,750 00
VI Ain,
4012 no
823,993 17
OS 1ln nwn ^..
,
(Vou 122.
THE CHRONICLE
2354
CHICAGO SAINT PAUL MINNEAPOLIS AND OMAHA RAILWAY COMPANY
FORTY-FOURTH ANNUAL REPORT—FOR THE YEAR ENDED DECEMBER 31 1925.
tion ratio for the year 1925 was lower than it has been for
To the Stockholders of the Chicago, Saint Paul,
Company:
any year since the year 1916.
Minneapoils and Omaha Railway
As contributing to this decrease in transportation cost
The Board of Directors submits herewith its report of
the year may be cited a further decrease in cost of fuel, increases in
the operations and affairs of the Company for
cars and gross tons per train and in number of train miles
ended December 31 1925.
1,841.76 per hour.
Mileage of road operated
Operating Revenues:
Taxes were the same burden upon the revenues of your
319.566.922 92
Freight
5,232,626 47
company that they were in the year 1924, again consuming
Passenger
1,693.684 97
Other Transportation
5.79% of the total revenue.
•
356,898 88
Incidental
Operating Expenses:
Maintenance of Way and Structures
Per Cent of Operating Revenues
Maintenance of Equipment
Per Cent of Operating Revenues
Traffic
Per Cent of Operating Revenues
Transportation
Per Cent of Operating Revenues
Miscellaneous Operations
Per Cent of Operating Revenues
General
Per Cent of Operating Revenues
Transportation for Investment—Cr
Per Cent of Operating Revenues
826.850.133 24
$3.604,526 19
13 42
4.981,283 23
18 55
409,927 28
1 53
11,472,134 79
42 73
155.019 75
58
906,317 59
3 37
Cr 48,500 43
18
Net Revenue from Railway Operations
Railway Tax Accrual
Per Cent of Operating Revenues
Uncollectible Railway Revenues
Outstanding:
Common Stock and Scrip
Preferred Stock and Scrip
21,480,708 40
80 00
Per Cent of Operating Revenues
CAPITAL STOCK.
There has been no change since the close of the preceding
year in the Capital Stock and Scrip of the Company.
The Company's authorized capital Stock is Fifty Million
Dollars ($50,000,000), of which the following has been
issued to December 31 1925.
$5,369,424 84
S1,553.004 49
5 79
18,327 96
Owned by the Company:
Common Stock and Scrip
Preferred Stock and Scrip
$18,559,088 69
11,259,859 09
829.818,9411 7$
82.844.206 64
1,386,974 20
4,231.180 84
Total Capital Stock and Scrip. December 31 1925_ _ _ _$34.050.120 011
FUNDED DEBT.
At the close of the preceding year the amount of Funded
1.571.332 45
Debt was
846.805.800 00
The above amount has been decreased during the year
$3,798,092 39
Railway Operating Income
576.473 73 ended December 31 1925. by Equipment Trust Certificates
Equipment and Joint Facility Rents—Net Debit
redeemed, as follows:
83,221.618 66 Chicago Saint Paul Minneapolis and Omaha
Operating Income
Net Railway
Railway Equipment Gold Notes, 6%, reNon-operating Income:
deemed
8156.800 00
$57,884 31
Rental Income
Chicago Saint Paul Minneapolis and Omaha
23.069 30
Dividend Income
Railway Equipment Trust Certificates of
8.325 86
Income from Funded Securities
1917. Series "A," 7%, redeemed
110.000 00
from Unfunded Securities and AcIncome
Chicago Saint Paul Minneapolis and Omaha
99,050 92
counts. and Other Items
Railway Equipment Trust Certificates of
188,330 39
1917. Series "B." 7%, redeemed
95,000 00
361.800 00
$33,409.949 05
Gross Income
Deductions from Gross Income:
Rental Payments
Interest on Funded Debt
Other Deductions
Net Income
Dividends:
5% on Preferred Stock
Leaving Funded Debt Outstanding. December 31 1925_346.444,000 00
933 49
2,554,640 33
41.20988
Your Board desires to express its appreciation to the
officers and employees of the Company for the interest they
2.596.783 70
have displayed in its affairs and their conscientious endeav$813,165 35 ors to bring about
improvement in the service.
Appended hereto may be found Statements and Accounts
relating to the business of the Company for the year, and
$250,200 35
Balance Income for the year
the condition of Its affairs on December 31 1925.
Your Company reduced its operating expenses $709,115 32,
By order of the Board of Directors.
or 3.20%, as compared with 1924.
FRED W. SARGENT, President.
Charles on account of Maintenance of Way and Structures
Chicago, April 14 1926.
decreased $113,172 57. This decrease does not indicate less
maintenance work on the property. The expenditures for
PROFIT AND LOSS ACCOUNT, DECEMBER 31 1925.
roadway and track were slightly in excess of those of 1924,
lies in Charges for Year Ended December 31 1925—
and approximately 65% of the decrease in total
Depreciation, accrued prior to July 1 1907. on equipment
retired or changed from one class to another
charges for removing snow, ice and sand, injuries to persons
$115,174 86
Net loss on property sold or abandoned and not replaced_
55,643 65
and insurance, expenditures without direct effect on the
562,965 00
Surplus appropriated for investment in physical property
Cr.2,529 51
Miscellaneous Debits
46,388 51
physical condition of the property.
Balance Credit, December 311925.carried to Balance Sheet 6,008,654 04
decreased $93,710 35,
Maintenance of Equipment charges
86.223.331 55
which likewise indicates no lesser degree of maintenance of
during the year. The decrease
your company's equipment
Balance December 31 1924
85,959,123 62
in use of the various classes of equipment, as measured in Credits for Year Ended December 311925—
Credit balance of current year's Income brought forward
miles run, was in each case greater than the decrease in
expenditure for their upkeep.
Despite an increase in wages of engineers and firemen
and the decrease in traffic, transportation expenses not only
decreased $565,376 25, but also showed a reduction in ratio
of operating revenues of .39%. As a result, the transporta-
from Income Account (see statement, page 13. pamphlet
report)
250,20035
Unrefundable Overcharges
5,08397
Donations
Dr.3,557 55
Miscellaneous Credits
12,481 16
88,828.881 55
APR. 24 1926.]
THE CHRONICLE
COMPARATIVE GENERAL BALANCE SHEET.
(1,676.71 Miles.)
ASSETS.
Dec. 31 1924.
Investments—
Dec. 31 1925.
688.111,011 86 Investment in Road and Equipment
$88,503,172 39
508,869 89 Miscellaneous Physical Property
588.670 41
410.584 34 Investment in Affiliated Companies
370,654 99
8,398 60 Other Investments
7.847 41
$89.038.864 69 Total Investments
189.470.345 20
Current Assets
11,117,58466 Cash
16
84,642 16 Traffic and Car Service Balances Receivable_ $1,102,530 25
94.649
525,469 11 Net Balance Receivable from Agents and
Conductors
478,044 79
960,828 98 Miscellaneous Accounts Receivable
838.198 08
2.239.278 05 Material and Supplies
2,256,367 96
1.00000 Other Current Assets
64,928,802 96
_
Total Current Assets
54.769,790 24
Unadjusted Debits
5110,46589 Discount on Funded Debt
$96,301 12
2,844,20664 Common Stock and Scrip, C. St. P.M.& 0.
Ry. Co., Held in Treasury
1 2,844,206 64
1,386,974 20 Preferred Stock and Scrip, C.St.P.M.& 0.
Ry. Co., Held in Treasury
634 09 Consolidated Mortgage Bond Scrip Duefrom 1.386,97420
Central Union Trust Company
634 09
679,609 26 Other Unadjusted Debits
427.467 42
$5.030,890 08 Total Unadjusted Debits
64,755,583 47
2355
COMPARATIVE STATEMENT OF INCOME ACCOUNT
.
Year Ended
Year Ended Increase(+)or
Operating Revenues—
Dec.311924. Dec.311925. Decrease (—)•
Freight
$20.019,001 88 $19,566,922 92 6-452.078 98
Passenger
5,709,095 60 5.232,62647
—476.469 13
Other Transportation
1,808,625 27 1,693,684 97
—114.94030
Incidental
379,013 65
356.898 88
—22.11477
Total Operating Revenues
$27,915,736 40 $26,850333 24 —$1,065,603 18
Operating Expenses—
Maintenance of Way and
Structures
Maintenance of Equipment
Traffic
Transportation
Miscellaneous Operations
General
Transportation for Investment—Cr
63.717.698 76 $3,604,526 19
5,074,993 58 4,981.283 23
392,245 88
409.927 28
12,037.511 04 11,472.134 79
154,358 10
155.019 75
876,754 97
906,317 59
—8113,17257
—93.71035
+817,681 40
'-565.37625
+661 65
+29.562 82
Cr.63.738 61 Cr.48.500 43
Total Operating Expenses$22,189,823 72 $21.480,708 40
—$709.115 32
+15.238 18
Net Revenue from Railway Operations
15.725.912 68 15,369,424 84 —$356,487 84
Railway Taz Accruals-- $1,615.939 66 $1,553,004 49
—162.93517
Uncollectible Railway Revenues
13,072 29
18,327 96
+15.25567
Total
$1.629,011 95 11.571,332 45
—157.679 50
$98.998,557 73 Total Assets
$98,995,718 91
Railway Operating Income
14,096,900 73 $3,798,092 39 —8298,80834
LIABILITIES.
Equipment and Joint Facil(1 676.71 Miles.)
ity Rents—Net Debit
887.911 62
576,473 73
—111.43789
Capital Stock—
Net Railway Operating
Dec. 31 1924. (See statement, page 7, pamphlet report.) Dec.
31 1925.
Income
829,818,945 78 Held by Public
13.408,98911 13,221.618 66 —1187.370 45
$29,818,945 78
4,231,180 84 Held in Treasury
4,231,180 84
Non-operating Income—
184.050,126 62 Total Capital Stock
$62.834 17
$57,884 31
134.050.126 62 Rental Income
—$4,949 86
Dividend Income
40,680 83
23,069 30
—17,611 53
.
Income from Funded SeLong Term Debt—
curities
(See statement,page 15, pamphlet report.)
8,655 70
8,325 86
--309 84
$46,805,800 00 Funded Debt Held by the Public
646,444,000 00 Income from Unfunded Se634 09 Scrip Owned by the Company
curities and Accounts_ _ _
634 09
59,055 87
28,997 65
—30.058 22
Other Items
$46.806.434 09 Total Long Term Debt
79,855 42
70,053 27
—9,802 15
146.444,634 09
Total Non-operating InCurrent Liabilities
come
$251,061 99
$188,330 39
—662,731 60
3885,622 05 Traffic and Car Service Balances Payable-__
6891,869 11
1,864,723 70 Audited Accounts and Wages Payable
Gross Income
$3,660,051 10 $3,409,949 05 —$250.10205
1,646.157 65
128,682 47 Miscellaneous Accounts Payable
137.395 96
62,363 50 Interest Matured Unpaid
56,833 50
Deductionsfrom Gross In72 50 Dividends Matured Unpaid
72 50
439,149 50 Unmatured Interest Accrued
come—
434,19583
1,500 00 Funded Debt Matured Unpaid
$1.592 16
500 00 Rental Payments
$933 49
—$658 137
Interest on Funded Debt
2,578,398 33 2.554.640 33
$3,382,113 72 Total Current Liabilities
—123.75800
$3,167,024 55 Interest on Unfunded Debt
5,482 03
3.062 15
—2,41988
Other Deductions
37,670 34
Unadjusted Credits—
38.147 73
+6477 39$629,302 54 Tax Liability
T0tal Deductions
$2,623,142 86 $2.596,783 70
$618.830 52
171.406 76 Premium on Funded Debt
—126.359 18
139.362 68
6,612.158 02 Accrued Depreciation—Equipment
Net Income
$1,036,908 24
7.073.691 02
$813,165 35 —2223,742 89
187,465 75 Other Unadjusted Credits
.
295,498 29
Disposition of Net In$7.600.333 07 Total Unadjusted Credits
68,127.382 51
come—.
Corporate Surplus—
Dividends—
$1,200,426 61 Additions to Property Through Surplus... _ _
On Preferred Stock 5% $562,965 00
$562,965 00
11.197,897 10
5,959.123 62 Profit and Loss
6,008.654 04
Total
$562,965 00
1562.96500
17.159,550 23 Total Corporate Surplus
$7,206 551 14
Balance Income for the
$98.998,557 73 Total Liabilities
Year Carried to
$98,995.718 91
Profit and Loss
$473,943 24
8250,20035 —6223.742 89,
FUNDED DEBT DECEMBER 31 1925
Bonds Held
by the
Public.
North Wisconsin Railway First Mortgage Bonds
Chicago Saint Paul Minneapolis and Omaha Railway
Consolidated Mortgage Bonds and
Chicago Saint Paul Minneapolis and Scrip, 6%
Omaha Railway
Consolidated Mortgage Bonds, 356%
Superior Short Line Railway First Mortgage Bonds
ChIcago Saint Paul Minneapolis and Omaha Railway
Debenture Gold Bonds a 1930
Chicago Saint Paul Minneapolis and Omaha Railway
Equipment Trust Certificates of 1917, Series "A".. _ _
Chicago Saint Paul Minneapolis and Omaha Railway
Equipment Trust Certificates of 1917, Series
Chicago Saint Paul M nneapolis and Omaha Railway
"B"__.
Equipment Gold Notes
Total
$505.000
24,447.000
3,734,000
1,500.000
13,900,000
220,000
570.000
1.568.000
$46.444.000
Bonds Owned by Company
and Due from Trustee.
Pledged.
Unpledged.
Total
of
Bonds.
Date
of
Maturity.
Interest.
Rate.
Payable.
$505.000 Jan. 1 1930 6 Jan. 1 July 1
24,447.634 June 1 1930 6 June 1 Dec.
$634
1
3.734.000 June I 1930 356 June 1
1,500.000 June 1 1930 5 Mar. 1 Dec. 1
Septa
13.900.000 Mar. 1 1930 5 Mar. 1 Sept.1
220,000 Dec. 1 1926-27 7 June 1 Dec. 1
570,000 Jan. 1 1926-31 7 Jan. 1
July I
1,568.000 Jan.151926-35 6 Jan. 15 July 15
6634 $46,444,634
ADDITIONS AND BETTERMENTS.
The credits to "Investment in Road and Equipment" for
Additions and Betterments to the property
of the Com- property retired during the year ended December 31 1925
were as follows:
pany for the year ended December 31 1925 were as
follows: Retirements of Road
$262.993 11
Expenditures for Road—
Retirements of Equipment
Widening Cuts and Fills
$14,072 42
3 Locomotives
Rails and Other Track Material
$28,662 86 ,
132,993 00
3 Passenger-Train Cars
Bridges, Trestles and Culverts
16.977 40
198.910 17
Additional Yard Tracks and Sidings
269 Freight
-Train Cars
167.763 79
38.413 34
40 Company Service Cars
Station and Office Buildings
13,499 32
91,517 10
Other Items
Water Stations
142,459 37,
106,038 54
Shop Buildings and Enginehouses
43,530 41
Total
Other Items
369.362 74 .
95,910 89
Total
6721,385 87
Total Retirements of Road and Equipment
Expenditures for Equipment—
632,355 85
Improvement of Equipment
303.130 51
Net Additions to "Investment in Road and EquipTotal Expenditures for Road and Equipment
$1.024,516 38
ment"
$392,160 53
THE CHRONTCLP
2356
[Vol.. 1.22.
_
ERIE RAILROAD COMPANY
-FOR THE YEAR ENDED DECEMBER 31. 1925.
THIRTY-FIRST REPORT
The bituminous tonnage was 8,334,899 tons, a decrease of
New York, April 13 1926.
8,318 tons, or .10% leas than the previous year.
To the Bond and Stock Holders of the
The o,oke tonnage was 1,016,029 tons, an increase of 365,Erie Railroad Company:
for 294 tons, or 56.14% more than the previous year.
The following report of the affairs of your Company
The revenue from haulage of coal and coke decreased
the year ended December 31 1925 is respectfully submitted
$5,739,312 59, or 19.85%.
by the Board of Directors:
The coal and coke tonnage was 39.03% of the total reveMILEAGE.
nue tonnage hauled.
Table No. 1 [pamphlet report] shows in detail the mileGeneral Freight.
age of road operated December 31 1925, as follows:
The total revenue freight traffic for the year, including
Miles.
decrease
Owned in fee or controlled by ownership of entire capital stock_ _1,747.845 merchandise, coal and coke, was 42,894,577 tons, a
157.238
Controlled by ownership of a majority of capital stock
276.046 of 210,351 tons, or .49%.
Leased
141.680
'Trackage rights
The number of tons of revenue freight hauled one mile
2322.809 was
Total
9,469,280,360, a decrease of 411,232,229 ton miles, or
128.270
Restricted trackage rights
12.370 4.16%.
Owned and leased to other companies
2.352
Leased and re-leased to other companies
Tile total revenue from haulage of freight was $94,672,142.992
Total
2.465.801 286 41, as compared with $95,465,015 56 for the previous
Grand Total
-of which 1,424.645 miles, or 57.77%, have second track, year, a decrease of $792,729 15, or .83%.
The average freight revenue per ton per mile was 1.000
36.247 miles have third track, and 35.869 miles have fourth
cent, an increase compared with last year of .034 cent, or
track.
The side track mileage, as of December 31 1925 was 2,077.5 3.52%.
The 4,398,614 tons of Company freight hauled, made the
miles, including industrial and passing sidings.
total tonnage 47,293,191 tons.
OPERATING REVENUES AND EXPENSES.
11,227,988 train miles were run, a decrease compared with
The following statement shows the operating revenues, last year of 370,700 train miles, or 3.20%.
operating expenses, and net railway operating income for
The average distance each ton of revenue freight was
the years ended December 31 1925 and 1924.
hauled was 220.76 miles, a decrease of 8.46 miles, or 3.69%.
REVENUES.
The revenue per freight train mile was $8 43, as compared
Increase (4-)or
Decrease (-). with $8 23 for 1924, an increase of $.20, or 2.44%. The
1924.
1925.
71,501,650 22 66.555,066 78 +4,948,583 44 average train load of revenue freight was 842.47 tons, a
Merchandise
23,170,636 19 28.909.948 78 -5.739,312 59
Coal
Company freight,
13,750,259 96 13,957,951 12 -207,691 16 decrease of 8.46 tons, or .99%. Including
Passenger
-9,02842
721,006 75
711,978 33
Mail
911 tons, a decrease of 8.24 tons,
94 3.386.294 33 +280.174 61 the average train load was
3,666.468
Express
+33.868 92 or .90%. The average carload of revenue freight was 22.90
2.108.217 32 2.074,34840
ilk
1,955,389 20 +187.895 08
2,143.284 28
Miscellaneous
-51,393 75 tons, a decrease of .97 ton, or 4.06%. Including Company
1,498,094 84 1,549.488 59
Incidental
+5,503 65
12,638 20
7,134 55
-net
Joint facility
freight, the average carload was 24.76 tons, a decrease of
Total operating revenues-118,543,455 53 119.096,855 75 -553,400 22 1.02 tons, or 3.96%, less than the year 1924.
EXPENSES.
Increase(+)or
Decrease (-).
1924.
1925.
$
13,442,521 87 13.730.008 36 -287.486 49
Maint. of way & structures_
Maintenance of equipment.. 27.653,902 30 29.554,255 16 -1,900,352 86
+9.03200
2,036,706 05 2,027,674 05
Traffic
45.669,834 84 46.080,879 07 -411.04423
Transportation
-12,19541
616,861 80
604,666 39
Miscellaneous operations__ _
+67.960 89
3,961,316 73 3,893.355 84
General
Transportation for invest118,25910 -12,153 75
130,412 85
ment-Cr
93,238,535 33 95,784,775 18 -2.546,239 85
Operating expenses
+228,918 14
4.750,790 85 4.521.872 71
Railway tax accruals
-46,964 26
91,658 73
44.694 47
iJncollect. railway revenues..
taxes, &o_ 98.034,020 65 100,398,306 62 -2,364.285 97
Operating exp.,
20.509.434 88 18.698.549 13 +1,810,885 75
Operating income
Net equipment & joint
2,978,815 45 1,828,371 84 -1,352.443 81
facility rents
Net ry. operating income- 17,530.619 43 17.072.177 49
Per Cent of Operating Revenues11.53
11.34
Maint. of way & structures24.82
23.33
Maintenance of equipment..
1.70
1.72
Traffic
38.69
38.52
Transportation
.52
.51
_
Miscellaneous operations- _
3.27
3.34
General
.10
.11
Transport,for investsn't--Cr
80.43
78.65
Operating expenses
3.79
4.01
Railway tax accruals
.08
.04
revenues_
Uncollect. railway
84.30
82.70
Operating expenses, taxes,&13
14.33
14.79
Net railway operating income
+458.441 94
-.19
-1.49
+0.2
-.17
-.01
+.07
.-01
-1.78
+.22
-.04
-1.60
+.46
OPERATING REVENUES.
Merchandise.
The merchandise tonnage for the year was 26,151,082 tons,
an increase of 2,066,412 tons, or 8.58% more than the previous year.
The increase in revenue from haulage of merchandise
year.
was $4,946,583 44, or 7.43% more than the previous
A detailed statement of the commodities hauled is shown
in Table No. 19 [pamphlet report].
Passenger.
The total number of passengers carried was 30,488,408, a
decrease of 149,346, or .49%.
The number of passengers carried one mile was 672,064,743, an increase of 5,925,648 passenger miles, or .89%.
The decrease in gross revenue was $207,691 16, or 1.49%.
The average fare received from each passenger was 45.10
cents, a decrease of .46 cent.
The average fare received from each passenger per mile
was 2.046 cents, as compared with 2.095 cents last year.
The average distance traveled was 22.01 miles, an increase
of .30 mile, or 1.38%.
The passenger train mileage was 8,432,518, a decrease of
.61%.
The passenger train revenue per train mile was $2 43, an
increase of 1.10%.
The average number of passengers in each train was
79.70, an increase of 1.19 passengers, or 1.52%.
The average number of passengers in each car was 19.19,
an increase of .25 passenger, or 1.32%.
Of the total number of passengers carried, 29,947,768 were
local and 540,640 were interline passengers, the local traffic
showing a decrease in the number of passengers carried and
in the average revenue received per passenger per mile.
The number of interline passengers decreased, and the average revenue received per passenger per mile was the same as
the previous year.
U. S. Mail.
Revenue from the transportation of mail was $711,978 33,
a decrease of $9,028 42, or 1.25%.
Express.
Revenue from the transportation of express amounted to
$3,666,468 94, an increase of $280,174 61, or 8.27%.
Coal and Coke.
The coal and coke tonnage for the year was 16,743,495
tons, a decrease of 2,276,763 tons, or 11.97% less than the
Milk.
previous year.
Revenue from the transportation of milk was $2,108,217 32,
was 7,392,567 tons, a decrease of
The anthracite tonnage
an increase of $33,868 92, or 1.63%.
2.633,739 tons, or 26.21% less than the previous year.
APR. 24 19261
THE CHRONICLE
2357
The increase in the account "Miscellaneous Physical PropMiscellaneous.
• Revenue from miscellaneous sources was $2,143,284 28, an erty" is principally due to the purchase of property at
Jersey City, N. J., for future use as a warehouse site.
Increase of $187,895 08, or 9.61%.
The decrease in "Investments in Affiliated Companies—
Incidental.
Bonds" is due to the sale of Chicago & Western Indiana
Under this heading are included revenues from advertis- Railroad Company Consolidated Mortgage Bads. The deing, operation of dining cars, restaurants, demurrage crease in "Notes" is due to the payment by The Long Dock
charges, storage, station and train privileges. The inci- Company of $150,000 of its notes which were held by your
dental revenues show a decrease of $51,393 75 as compared Company. There was a net increase in "Advances" during
•
with 1924, or 3.32%.
the year of $6,119 01.
Joint Facility.
The increase in "Other Investments—Stocks" is princi, The net of these accounts shows an increase in revenue pally due to a payment made during the year toward the
for the year ended December 31 1925 .of $5,503 65 as com- acquisition of stock of a building corporation operating at
one of the Company's terminal points. The decrease in
pared with 1924.
"Bonds" is due to the sale during the year of United States
OPERATING EXPENSES.
Government Second Liberty Loan Bonds. The decrease in
Maintenance of Way and Structures.
"Miscellaneous" is principally explained by payment on a
The expense of maintenance of way and structures was mortgage accepted by the Company in a previous year in
$13,442,521 87, a decrease of $287,486 49, or 2.09%. The connection with the sale of land.
The Company's outstanding Capital Stock remains undetails of this account are shown in Table No. 12 [pamphlet
report].
changed.
Authorized.
Issued.
31 bridges were reconstructed or are in the course of re- Common
$189,000,000 $112,481,900
47,904.400
Non-cumulative four per cent First Preferred- - 48,000,000
construction, 262 repaired and 145 repainted.
16.000.000
Non-cumulativefour per cent Second Preferred. 16,000.000
31,303 tons of new 100-pound steel rails were laid, with
5253,000.000 $176,386,300
the necessary frogs, switches, etc.
There was no increase during the year in the amount of
974,625 cross ties and 3,326,360 feet of switch timber were
bonds issued under the First Consolidated Mortgage Deed,
used in the track, with 1,526,885 tie plates.
General Mortgage, or Refunding and Improvement Mort48.92 miles of track were fully ballasted and 218.48 miles
gage.
of track were partially ballasted.
The total amounts of bonds issued under these mortgages
6.10 miles of passing and other sidings and 4.736 miles of
are:
industrial side tracks were constructed.
First Consolidated Mortgage Deed:
$35,000,000
Prior Lien Bonds
A new passenger station was built at Englewood, N. J.,
General Lien Bonds
55.104.000
and new freight stations were built at East 55th Street, General Mortgage:
Convertible Bonds
50,000.000
Cleveland, Ohio, and at Rittman, Ohio, during the year.
Refunding and Improvement Mortgage:
Maintenance of Equipment.
Maintenance of equipment expenses were $27,653,902 30,
a decrease of $1,900,352 86, or 6.43% less than the previous
year. The details are shown in Table No. 12 [pamphlet
report].
The total tractive paver of steam locomotives was 64,027,985 pounds, a decrease of 454,144 pounds.
The total number of steam locomotives on December 31
1925 was 1,435, a decrease of 51. Three gasoline locomotives were on hand at the end of the year.
The average age of steam locomotives was 18 years and 2
months.
The average mileage made by steam locomotives was
20,881 miles, an increase of 428 miles, or 2.09%.
Traffic.
Traffic expenses increased $9,032 00, or .45%.
Series "A" Bonds
Series "B" Bonds
15,000,000
25.000.000
Since 1895 the following amounts have been certified by
the Trustees of the various mortgages and turned over to
your Company in reimbursement for additions and betterments expenditures already made:
Erie Railroad Company Prior Lien Bonds
Erie Railroad Company General Lien Bonds
Erie Railroad Company Convertible Bonds
Erie Railroad Company Refunding & Impt. Mortgage Bonds..
Total
Par Value.
$5.000.000
16.000.000
50.000,009
40,000.000
$111,000,000
Of these securities, the following have been converted
into cash:
Erie Railroad Company Prior Lien Bonds
Erie Railroad Company General Lien Bonds
Erie Railroad Company Convertible Bonds
Total
$5,000.000
2,000,000
40,642,100
$47,642,100
leaving still owned by the Company:
Erie Railroad Company General Lien Bonds
Erie Railroad Company Convertible Bonds
Erie Railroad Company Refunding & Impt. Mtge. Bonds
$14,000.000
9,357,900
40,000.000
.357.900
$63
Total
Transportation.
The decrease in "Equipment Obligations" is explained in
Transportation expenses were $45,669,834 84, a decrease
of $411,044 23, equal to .89%. Details of this account are Table No. 6 [pamphlet report].
"Mortgage Bonds" decreased $83,000, principally due to
shown in Table No. 12 [pamphlet report].
the retirement of $39,000 Erie and Jersey Railroad Company
Miscellaneous Operations.
First Mortgage Bonds, and $32,000 Genesee River Railroad
Miscellaneous operations expenses, the principal items Company First Mortgage Bonds, under the provisions of
being dining cars and restaurants, show a decrease of $12,- their respective sinking funds.
195 41, or 1.98%, as compared with the year 1924.
There was a decrease of $1,215,000 in the amount of "Collateral Trust Bonds" in the hands of the public, because of
General.
of that amount of Erie Railroad Company
General expenses were $3,961,316 73, compared
with the redemption
$3,893,355 84 for the previous year, an increase of 1.75%, Pennsylvania Collateral Bonds during the year through the
sinking fund.
as per detail shown in Table No. 12 [pamphlet report].
The increase in "Miscellaneous Obligations" is principally
RAILWAY TAX ACCRUALS.
due to obligations to City of Youngstown in connection with
Railway Tax Accruals for the year were $4,750,790 85, elimination of grade crossings, and a mortgage issued in
compared with $4,521,872 71 for the previous year, an in- connection with the purchase of property at Jersey City,
crease of $228,918 14, or 5.06%.
N. J.
There was a net decrease in "Loans and Bills Payable"
GENERAL BALANCE SHEET.
during the year of $329,124 06.
Condensed General Balance Sheet of the Company at the
An increase of $2,045,669 83 will be noted in the account
close of business December 31 1925 is shown in Table No. 4. "Accrued Depreciation—Equipment."
The increases in the accounts "Investment in Road and
Of the increase of•$1,073,972 03 in the account "Sinking
Equipment" and "Improvements on Leased Railway Prop- Fund Reserves," $1,066,591 74 is accounted for by providing
erty" are explained in Table No. 9 [pamphlet report].
an amount of ten cents per ton on coal mined from the mines
The total amount of Erie Railroad Company Pennsylvania of the Pennsylvania Coal Company during the year, toCollateral Bonds redeemed through the Sinking Fund to gether with interest accrued on the Erie Railroad Company
December 31 1925 was $19,345,000; $1,215,000 having been Pennsylvania Collateral Bonds purchased by the Trustee
redeemed during the year.
and held in the Trust Account; the balance in this account
.2358
THE CF1110/streill
tVOL. 122.
representing atnounts payable to the Trustee under the nels gives It a very advantageous position from a shipping
terms of the sinking funds providing for the retirement of standpoint. The estimated cost of this pier is $2,700,000, of
the First Mortgage Bonds of both the Erie and Jersey and which about 28% was expended during the year.
Work was started during the year on a modern steam
Genesee River Railroad Companies.
track yard with a capacity of 275 cars, at Monmouth Street,
GENERAL REMARKS.
Jersey City, N. J., on the site of the old coach yard. This
The revenues derived from the operation of your property project is about completed. Land has been purchased at
'during the year 1925 were $118,543,455 53; $553,400 22 less Hoboken, N. J., for the replacement of the coach yard fathan the revenues for the year 1924. The revenue from cilities.
Because of the opening and widening of North Ashland
transportation of coal decreased $5,739,312 59 due to the
strike in the anthracite coal mines, which started Septem- Avenue, in the City of Chicago, it will be necessary to reber 1 1925 and ended in February 1926; 2,600,000 less tons locate the Company's Webster Avenue freight yard. The
of anthracite coal having been handled in 1925 than in 1924. necessary land has been purchased for such relocation. The
The increase of $4,946,583 44 in revenue from transporta- cost of this project will be largely met through amounts
tion of merchandise offset, in a large measure, the loss of received from City of Chicago, as compensation for the land
"Coal" revenues. The "Net Railway Operating Income" was taken for the extension of North Ashland Avenue, and con$17,530,619 43, which was 3.44% of the property invest- sequential damages.
Contract was awarded during the year for the construcment, including leased lines. The surplus transferred from
the Income Account to the Profit and Loss Account was tion of 24 steel through-line passenger coaches and 100 stet./
$5,582,391 49. The surplus for the year 1925 would have suburban coaches, at an approximate cost of $2,600,000. The
been the greatest in your Company's history, had it not been cost of this equipment is financed in part through the issufor the suspension of anthracite mining which involved the ance of Equipment Trust Certificates.
The total cost of Federal Valuation, to the end of year
loss of the anthracite coal tonnage.
The freight locomotive miles for the year 1901 were 15,- 1925, was $1,858,784 46, of which $1,460,779 62 was charged
316,290, and for the year 1925, 15,035,973, a decrease of to the Operating Expenses of your Companies; the remain280,317. For the same period, the gross ton miles (includ- ing $398,004 84 being assumed by the United States Railroad
ing weight of cars and contents) increased from 11,643,999,- Administration during the period of Federal Control. Sev000, to 24,467,169,000, and the train load (including weight eral conferences were held during the year with represenof cars and contents) increased from 875 tons to 2,189 tons. tatives of the Bureau of Valuation of the Interstate ComThe pounds of coal consumed by locomotives in freight ser- merce Commission, in an endeavor to reach conclusions with
vice decreased from 213.9 pounds per thousand gross ton respect to certain facts. The negotiations are not yet concluded, but it is expected that Tentative Valuations will be
miles to 145.9 pounds per thousand gross ton miles.
Mention was made in the report for the year 1922 of appli- served upon your Companies by the Commission during the
cation having been made to the Interstate Commerce Com- year 1926.
Mr. Julius Kruttschnitt, a Director since 1917, died on
mission for an increased division of the through freight
rates on fruits and vegetables from California and North June 15 1925.
The efficient services of the officers and employees are
Pacific territorial points. A decision of the Commission
dated April 30 1925 granted your companies an increase in hereby acknowledged.
Respectfully submitted, by order of and for the Board of
such divisions, retroactive to September 13 1922 by reason
of which approximately $500,000 was collected from the Directors.
FREDERICK D. UNDERWOOD,
Western lines handling this traffic and the Companies' revePretident and Chairman of Executive Committee.
nues will be increased approximately $175,000 per year.
Mention was also made in the Report for the year 1922
TABLE 2.—INCOME STATEMENT FOR THE YEAR ENDED
of the 15% increase In divisions granted to various New
DECEMBER 31 1925, COMPARED WITH THE YEAR 1924.
Increase (-1-) or
which resulted in
England Roads, effective April 1 1922,
Decrease (—).
1924.
' 1925.
$
$
$
Railway Oper. Revenues—
decreasing your Companies' revenue approximately $450,000
22 66,555,066 78 +4.946,58344
71,501,650
Merchandise
per year. A petition was filed on behalf of your Companies Coal
23,170.636 19 28,909,948 78 —5,739,31269
13,750,259 96 13.957,951 12 —207,691 16
In 1922, to except them from the Interstate Commerce Com- Passenger
—9.02842
721,006 75
711.978 33
Mail
3,666.468 94 3,386,294 33 +280.174 61
Order and in 1924 the New England Lines peti- Express
mission's
+33,868 92
2.108.217 32 2,074.348 40
Milk
2.143,284 28 1.955.389 20 +187.89508
tioned the Interstate Commerce Commission for a further Allsellaneous
—51.39375
1,549,488 59
1.498,09484
Incidental
+2.018 91
10.390 14
Increase in divisions. The Commission has not as yet ren- Joint facility—Cs
12.409 05
23,028 34
+3,484 74
19,543 60
Joint facility—Ds
either of these cases.
dered.its decision in
Total railway open revs 118,543.455 53 119.096.855 75 —553.40022
An offer was received from the Interstate Commerce
.
Railway Oper. Expenses—
—287.48649
13.730.008
Commission under date of February 4 1926 in final settle- Maint. of way & structures_ 13.442,521 87 29,554,255 36 —1.900.35286
16
Maintenance of equipment- 27,653,902 30
the Government, by Traffic
2,036,706 05 2,027,674 05
ment of your Companies' claims against
+9.032 00
45.669,834 84 46,080.879 07 —411,044 23
Transportation
reason of the "Guaranty" provided in Section 209 of the Miscellaneous operations_ _
616,861 80
—12,19541
604.666 39
+67,96089
3,961.316 73 3.893.355 84
Transportation Act, 1920. The settlement of these claims General
118,259 .10
130,412 85
—12.15375
Transportation for inv.—Cr_
Is receiving prompt attention.
Total ry. oper. expenses 93,238.535 33 95,784.775 18 —2.646,23985
Of the charges to your Companies' Investment in Road
Net operating revenue_ -- 25,304.920 20 23,312,080 57 +1,992,83963
+228,918 14
4,750.790 85 4,521.872 71
Railway Prop- Railway tax accruals
and Equipment and Improvements on Leased
44.694 47
—46,96426
91.658 73
Uncollectible railway revs
erty Accounts during the year, approximately $1,000,000
Operating income
20,509,434 88 18,698,549 13 +1,810,88575
Joint Fact!. & Equip.Rents—
was in connection with the elimination of highway grade
+6,64663
397,520 45
Rent from locomotives
390.873 92
crossings, principally at Jamestown, N. Y., and Paterson, Rent from pass.-train cars
+24.857 99
319.417 61
294.559 62
—12,74895
53,070 72
65,819 67
work, suspended during the war and Rent from floating equipN. J. The Jamestown
—667 54
39,287 96
Rent from work equipment_
39,955 50
+59,496 58
918,520 52
859.029 94
for a period thereafter, was substantially completed during Joint facility rent income_
+77.584 61
1.727.82326 1.650,238 65
the year. Your Company's proportion of the cost of the
work to the end of the year was approximately $800,000. Hire of freight cars (debit
balance)
3,549.745 49 1,923.059 72 +1.626,68577
The work at Paterson, N. J., was begun in 1924. It is esti- Rent for locomotives
+2.625 59
65,382 05
68.007.64
+32.57904
206.797 87
the Company of eliminating the Rent for pass:train cars_
174,218 83
mated that the total cost to
+59,614 66
123,858 65
64.243 99
$3,200,000. Rent for floating equipment_
—3,81532
Rent for work equipment
highway grade crossings at this point will be
43.812 86
39,997 54
Joint facility rents
718,231 52 1.006,89284 —287,661 32
The first section of the work begun in 1924'was about com3.276.610 29 +1.430,02842
4,706.638 71
pleted by the end of the year 1925; the cost to your ComNet equipment and joint
pany to the end of the year approximating $1,000,000.
facility rents—Debit_ -- 2,978,815 45 1,626,371 64 +1,352,443 81
Net railway oper. income- 17.530,619 43 17,072.177 49 +458,441 94
A modern steam heating and power plant at Jersey City,
Non-Operating Income—
1924, was comN. J., the work on which was started in
—16,204 28
Income from lease ofroad_ -75,783 12
59,578 84
—13,828 12
471.756 77
pleted and placed in operation during the year. This plant Miscellaneous rent income_ - 457.928 65
+12,672 55
Miscel. non-oper. phys. prop
93963
13,612 18
provides steam heat and power for all railroad facilities in Separately operated proper+50.000 00
ties—Profit
50,000 00
Jersey City.
Dividend income
3,177.537 00 7.002.537 00 —3.825.000 00
—20,90530
Inc. from funded securities185.561 93
the year on the construction of Income from unfunded se- 164,656 63
Work was started during
+4,381 9
curities and accounts__
205,964 58
210,346 48
a steamship and lightering pier at Jersey City, N. J. This
Income from sinking and
+1.86431
4,37500
pier extends from the bulkhead into the river a distance of
other reserve funds
8,23931
+6,09581
21.803 70
income
27.899 51
1,250 feet, with a width of 150 feet, and is located directly Miscellaneous
258,975 37 +258.975 3
Claim under Govt. guaranty
over the New York and New Jersey vehicular tunnels. Its
Total non-oper. income_ - 4,167,798 60 7.709,746 38 —3,541,947 7
Gross income
21.698,41803 24,781,923 85 —3,083,505
proximity to the New Jersey entrance of the vehicular tun-
THE CHRONICLE
Am. 24 1926.]
Deductions from Gross
IncomeRent for leased roads
Miscellaneous rents
Miscellaneous tax accruals
Interest on funded debt:
Bonds & collateral notes
Equipment obligations,,..
Mortgages
Construction obligations_
Interest on unfunded debt
Amortization of discount on
funded debt
Maint. of investment organ..
Miscell. income charges-
1924.
Increase(+)or
Decrease(-).
1925.
$
2,450,472 10
319,579 87
105.896 59
2,461,540 38
364,889 26
108,859 58
-11,06828
-45,309 39
-2,962 99
9,605,072 99
1,272,904 00
39.355 67
28.186 99
1.043,658 92
9.658,554 80
1,365,629 79
37.063 19
18.614 57
1,075.037 74
--53.481 81
--92,725 79
+2,29248
+9,57242
--31.378 82
62 70
5,04257
98.878 73
1,947 92
5.357 52
82,800 27
--1,885 22
--3I4 95
+16,07846
Total deductions from
14,969,111 13 15,180.295 02 -211,18389
gross income
6,729.306 90 9.601.628 83 -2,872,321 93
Netincome
to sinking and other
Applied
-91.34641
1.238,261 82
1.146,91541
reserve funds
Bal,for year transferred to
the credit of profit & loss 5,582.391 49
8,363,367 01 -2,780,975 52
2359
-COMPARATIVE GENERAL BALANCE SHEET DECEMTABLE 4.
BER 31 1925 AND DECEMBER 31 1924.
ASSET SIDE.
December 31 Increase (+)or
December 31
Decrease(-)
1924.
1925.
$
$
Investments$
Investment in road and
352,365.501 45 351.079.130 78 +1,286,37067
equipment
Improvements on leased rail36,962,697 96 33,972,972 35 +2,989.725 61
way property
Sinking funds$19.346,912 94
Less Erie
Railroad
Company
+1,12873
786 21
1,912 94
obligations. 19.345,000 00
Depositsin lieu of mortgaged
+1.50000
246,190 00
247.690 00
p ty sold
93.434 84 +526,597 13
620,031 97
rerphysical property
Miscell.
Investments in affiliated cos.:
94,461.498 18 94,461,498 18
Stocks
-60.750 00
28,782,988 59 28.843.738 59
Bonds
1.014.300 00 1.164,30000 -150,00000
Notes
+6.11901
7.858,342 72 7.852,223 71
Advances
Other investments:
+2.619 80
714,860 90
717,480 70
Stocks
198,500 00 -192.200 00
6.300 00
Bonds
+639 17
639 17
Advances
-1.426 67
16.196 17
14,769 50
Miscellaneous
-PROFIT AND LOSS STATEMENT, YEAR ENDED
TABLE 3.
DECEMBER 31 1925.
Debits
Surplus appropriated for investment in physi523,054,153 18 518.643,831 73 +4.410.321 45
Total
$221,860 19
cal property
Current Assets
47,218 60
Debt discount extinguished through surplus
8,615.665 65 9,733.282 53 -1,117,61688
456.057 31
Cash
Loss on retired road and equipment
+170 99
113,647 37
113.818 36
Special deposits
1,515,353 44
*Delayed income debits
-5.693 00
32,178 00
26.48500
591,726 80
Loans and bills receivable..
Miscellaneous debits
$2,737,779 14 Traffic and car service balances receivable:
Balance credit December 31 1925, carried to General Balance
62.724,760 12
New York Susquehanna &
Sheet
Western Railroad Co.. 2,774.506 03 2,528,847 42 +245.65861
The New Jersey & New
$65.462,539 26
+86.948 76
352,705 37
439,654 13
York Railroad Co
•For many years prior to 1925 the practice was followed of charging
1,593,191 31 2,306.997 80 -713,80649
Other companies
to "Taxes" each year the taxes paid during the year. This method of
basis during the year 1925, Net balance receivable from
accounting was changed to an "Accrual"
+38,727 82
616,227 14
654,954 96
agents and conductors_ _ _
resulting in the above charge to Profit and Loss account and the inclusion
in the General Balance Sheet of the estimated tax liability at the end of the Misc. accounts receivable:
&
New York Susquehanna
year.
Western Railroad CO- 1,197,526 79 1,350.141 92 -152,615 13
Credits
The Nrew JeileY & New
$59.185,717 72
Balance December 31 1924
792,645 43 +302.611 41
1,095,256 84
$5,582,391 49
York Railroad Co
Credit balance transferred from income
-40,88241
3,759.228 73 3,800,111 14
86,914 95
Other companies
Profit on road and equipment sold
11,327.793 07 11.658.370 63 -330.57758
10.527 45
Material and supplies
Unrefundabie overcharges
+31.16704
288.631 02
319.798 06
206.163 74
Interest and diva. receivable
Donations
-44,78334
264.899 35
220,116 01
Other current assets
Itlfsaneous credits390,823 91
6,276,821 54
32.137,994 94 33.838,685 12 -1.700,690 18
Total
$65.462,539 26
Deferred Assets
-20 00
40,583 28
40,563 28
Working fund advances_
+53.816 00
99.764 38
-NET CHARGES TO INVESTMENT ACCOUNT FOR Insurance and other funds
153,580 38
TABLE 9
352.416 08 -106.39431
ADDITIONS AND BETTERMENTS TO ROAD AND EQUIP246,021 77
assets
Other deferred
MENT DURING THE YEAR ENDED DECEMBER 31 1925.
-52,59831
492,763 74
440.165 43
Total
ROAD.
$186.090 15
Engineering
Unadjusted Debits
325.180 02 Rents and insurance premiLand for transportation purposes
+56.862 28
211,360 93
268.223 21
Grading
177.026 00
ums paid in advance
352.850 32 Other unadjusted debits__ _ _ 1.654.814 07 1.779,622 96 -124,808 89
Bridges, trestles and culverts
9.696 90 IJ, 8. Government guaranty 2.993,016 19 2.993,016 19
Elevated structures
48,779 73
Ties
-67,94661
225,552 50
4,916.053 47 4,984.000 08
Rails
Total
466,509 20
Other track material
283,857 67
560.548.367 02 557.959,280 67 4-2,589,086 35
Ballast
Track laying and surfacing
183,778 42
2,368 74
Securities of Company's Own Issue Held by It for Its AccountRight-of-way fences
Total.
Pledged.
387,784 10
Unpledged.
Crossings and signs
$82,417,900
$75,334,000
Station and office buildings
363.573 69 Bonds
$7,083.900
Roadway buildings
17,610 06
LIABILITY SIDE.
Water stations
53,075 78
Fuel stations
12,489 99
December 31 Increase (+)or
December 31
203,156 60
Shops and enginehouses
Decrease(-).
1924.
1925.
241,217 90
Wharves and docks
Capital Stock
38.474 94
Coal and ore wharves
112.481.90000 112,481.900 00
27 Common
798
Gas producing plants
47,904.400 00 47,904.400 00
12,099 43 First preferred non-cum
Telegraph and telephone lines
76,079 07 Second preferred non-cum_ 16,000.000 00 16,000.000 00
Signals and interlockers
100,051 06
Power plant buildings
176,386,300 00 176.386.300 00
Total
512 59
Power substation buildings
3,742 26
Power transmission systems
Long Term Debt-*
135.962 98
Power distribution systems
20.784,500 00 23.750.100 00 -2,965.600 00
4,142 00 Equipment obligations
Power line poles and fixtures
-83,000 00
167.040.000 00 167,123.000 00
3,438 93 Mortgage bonds
Miscellaneous structures
16,660.500 00 17.875.500 00 -1,215.00000
25,487 53 Collateral trust bonds
Roadway machines
20.299,450 00 20.299.450 00
2,946 27 Collateral notes
small tools
Roadway
98.000 00
98.000 00
23,193 24 Income bonds
Assessments for public improvements
.370
.
1.532.611 33 1.013.241 19 -4:gli----ii
24,172 88 Miscellaneous obligations
Revenues and operating expenses during construction
277 54
-Road
Other expenditures
33 230,159.291 19 -3.744.229 86
226,415,061
Total
263,727 21
Shop machinery
293,461 80
Power plant machinerY
Secured Gold Notes
3,346 60
Power substation apparatus
-Due
842,403 57 Erie Railroad Co.
Unapplied construction material and supplies
10,000,00000 10,000,000 00
July 1 1926
5,633 68
Interest during construction
Current Liabilities
$5,345,756 24 Loans and bills payable_ _ _ _ 5,173,346 40 5.502.470 46 -329.12406
Less credits account property retired
706.961 37 Traffic and car service bal3.392.508 52 4.303.366 38 -910.857 86
ances payable
Total Road
$4,638,794 87
Audited accounts and wages
10,220,693 63 11.150.761 59 -930,067 96
payable
-76.01024
EQUIPMENT.
499.531 25
423,521 01
Miscell. accounts payable
-4.001 50
Interest matured unpaid_ _ _ 2,071.289 46 2.075.290 96
5,000 box cars. Covered by Equipment Trust "GO" (Bal5.33000
00
5,330
ance)
$14,850 99 Dividends matured unpaid_
+7.00000
366,225 00
337.225 00
60 locomotives. Covered by Equipment Trust "1111"
Fund, debt matured unpaid
-50.181 56
(Balance)
4,955 91 Unmatured interest accrued 2,294,506 87 2.344,68843
+2,585 52
631,664 38
634,249 99
Unmatured rents accrued
200 produce cars, 400 gondola cars and 400 hopper cars.
+85.75683
257.432 34
343.189 17
Covered by Equipment Trust "II"(Balance)
2,25022 Other current liabilities_ _
2,000 box cars and 2,000 gondola cars. Covered by Equip24.931,85996 27.136,76079 -2.204,90083
ment Trust"JJ"(Balance)
Total
22,492 86
44 steel suburban coaches. 475 box cars and 200 refrigerDeferred Liabilities
ator cars. Covered by Equipment Trust "KK"
630.365 74 1.005,397 24 -375.031 50
(Balance)
123,007 50 Other deferred liabilities_ _ _ _
Unadjusted Credits
12 gasoline motor passenger cars (partial accounting)- _ _ _
57,662 91
43.000 00 +1.570.96064
x1,613,960 64
32 stock cars
20,800 00 Tax liability
+2,045.669 83
13
1,517 box cars rebuilt
2,258,938 12 Accrued deprec'n-Equipm't 27.193.736 94 25,148.066 30 +388.80007
2,556,852 87
2,945,652
unadjusted credits
350 automobile cars rebuilt
606,092 76 Other
155 gondolas rebuilt
282.490 18
31.753.349 71 27,747.919 17 +4.005.43054
Total
41 produce cars rebuilt
86.708 70
79 refrigerator cars rebuilt
162,594 16
Corporate Surplus90 furniture cars rebuilt
201.940 51 Add'ns to property through
1 floating pump
19.339 27
9,334.187 94 9,112,327 75 +221,860 19
Income and surplus
80.739 62
10 derrick lighters (Partial accounting)
-21,87748 Funded debt retired through
11 barges and 2 lighters rebuilt
+72.943 38
507.282 28
580,225 66
income and surplus
1 twelve ton locomotive crane
4.43703
17,792,25656 16,718,284 53 +1.073,97203
Miscellaneous additions and improvements to equipment_
263.87692 Sinking fund reserves
62.724.760 12 59.185,717 72 +3.539.042 40
Profit and loss-Balance
$4,089,040 14
90.431,43028 85.523,61/3 28 +4.907.81800
Total
Less credits account property retired:
$281,664 67
Steam locomotives
560,548,367 02 557.959.280 67 +2.589,06635
3,855.776 78
Freight-train cars
Held by or for
Total
94,616 12
Passenger-train cars
Issued.
Company.
*Long Term Debt59,335 21
Work equipment
10,810 05
Equipment obligations
Miscellaneous equipment
$70.821 900.
$237,861 900
Mortgage bonds
90
149,535
Floating equipment
21.039.000
37.699,500
4,45/.738 73 Collateral trust bonds
Collateral notes
9.902.000
10.000,000
$362,698 59 Income bonds
Total Equipment
Miscellaneous obligations
x See note above under Profit and Loss Table.
28
and Equipment64,276.096
Total Road
2360
THE CHRONICLE
[Vol_ 122.
MISSOURI PACIFIC RAILROAD COMPANY
NINTH ANNUAL REPORT—FOR THE YEAR ENDED DECEMBER 31 1925.
St. Louis, Mo., March 1 1926.
To the Stockholders:
The Board of Directors herewith submits report of the
operations and affairs of the Company as of December 31
1925.
CORPORATE INCOME STATEMENT.
FOR THE YEAR ENDED DECEMBER 31 1925, COMPARED WITH
THE PREVIOUS YEAR.
1925.
Increase.
1924.
$
Railway Operating Revenues_130,831.661 43 123,647.723 62 7,183.937 81
Railway Operating Expenses_102,276.499 59 98.466.365 51 3.810.134 08
Net Revenue Railway Oper_ 28,555.161 84 25.181,358 11 3.373.80373
Railway Taxes and Uncollectible Railway Revenue
5.301,922 61
Railway Operating Income__ _ 23,253.239 23
Other Operating Income
1,021.373 54
Total Operating Income_ __ _ 24,274.612 77
Deductions from Oper. Income 6.261,548 78
Net Railway Oper. Income- 18,013.063 99
Non-Operating Income
4.459,088 49
Gross Income
22,472,152 48
Deductions from Gross Income 14.823.943 82
Balance—Net Income transferred to Profit and Loss- 7.648,208 66
4.735.894 37
566.028 24
20,445,463 74 2.807.775 49
845,354 41 176.019 13
21.290,818 15 2,983,794 62
5,473.233 95 788,314 83
15,817,584 20 2.195.47979
3,566,861 17 892,22732
19,384.445 37 3.087.707 11
12,881,227 81 1.942,71801
6.503,217 58 1.144.991 10
by excessive rainfalls. This decrease was offset to some
extent by increases from Cotton, Cotton Seed and Products
and Fresh Vegetables.
The total Number of Tons of Revenue Freight Handled
increased 9.99%, while the Ton Miles increased 9.02%. The
Average Revenue Per Ton Mile was 10.91 mills, as compared
with 10.94 mills in the previous year.
The Passenger Revenue for the current year was $16,536,035 26, as compared with $17,525,199 70, a decrease of 5.64%.
All of this decrease is in Local System Sales. The Interline
Traffic both Forwarded and Received, showed substantial
increases. While the Number of Revenue Passengers shows
a decrease of 25.09%, the decrease in the Number of Passenger Miles was but 3.89% and there was an increase in the
Average Haul Per Passenger of 28.30%, indicating a continuing decrease in the short haul Passenger Traffic resulting from improved roads and greater use of motor vehicles..
The Average Revenue Per Passenger Per Mile was $0.0336,
as compared with $0.0342 last year.
Total Railway Operating Expenses increased but 3.87%,
notwithstanding the large increase in freight business and
the necessity for maintaining passenger train mileage, regardless of the volume of passenger traffic handled.
Hire of Equipment charges continue to show an increase,.
due to increase in Perishable Freight and Oil Traffic handled in cars belonging to Private Car Lines. The averageMiles Per Car Per Day for 1925 was 37.22, compared with
33.02 in 1924, 26.61 in 1923 and 21.76 in 1922. Per Diem
charges for 1925 show a decrease of $94,670 53 compared'
with previous year.
FEDERAL VALUATION.
Informal conferences with the Bureau of Valuation of the
Interstate Commerce Commission, having for their purpose
the adjusting of errors and omissions in the preliminary
engineering and land reports submitted to your Company in
1923, were commenced during the year and have been continued without intermission.
PENSION SYSTEM.
The Commission's tentative valuation, which will be as
One hundred five employees were retired in 1925 because
of June 30 1918, will probably be served upon your Company of permanent physical disability or having reached the ageduring the latter part of 1926.
limit. Thirty-one employees on the Pension Rolls died during the year. In the operation of the Pension System sinceINCOME.
its inauguration on July 1 1917, five hundred fifty-seven
A brief comparative statement of the Corporate Income employees have been retired on pension allowances, while
is shown above, subdivided to indicate the "Net Railway at the close of the year three hundred seventy-seven retired
Operating Income" defined in the Transportation Act of employees were receiving pensions, averaging $5588 per
1920.
month, involving a monthly expenditure of $21,069 25.
A detailed statement of Corporate Income is given on
CAPITAL STOCK.
Page 8 [pamphlet report].
No changes have been made in the Capital Stock during
,
OPERATIONS.
tile year.
(Compared with Previous Year.)
FUNDED DEBT.
The operating results continue to show substantial inLong Term Debt outstanding in the hands of the public
creases in volume of freight traffic handled and in gross increased $28,777,580, the detail of changes being
shown on
and net income.
page 13 [pamphlet report]. First and Refunding MortgageTotal Railway Operating Revenues for the year were Bonds, Series E, to the amount of.$25,000,000
were issued
$130,831,661 43, as compared with $123,647,72362 in the to retire $9,044,000 of First and Refunding Mortgage
Bonds,.
previous year, an increase of $7,183,937 81, or 5.81%.
Series C, called for redemption August 1 1925; to refund'
The increase in Freight Revenue was $8,369,885 55, or $9,485,000 First and Refunding Mortgage
Bonds, Series D,
8.72%. The principal increases being, Products of Mines, held in the Treasury and to reimburse
the Treasury for$3,227,521, Manufactures and Miscellaneous, $5,898,396. Less $6,471,000 expenditures for Additions and
Betterments; SeCar Load Traffic shows an increase of $943,089 in spite of ries D Bonds amounting to $4,485,000
included $7,669,000'
the competition brought about by the more extensive use Series D bonds nominally issued
and held in the Treasury,
of trucks.
and $1,816,000 Series D Bonds issued and reacquired by the
The increase in revenue from Bituminous Coal and Crude Company.
Petroleum included in Products of Mines, was $2,506,064
Fifteen-Year 7% Sinking Fund Notes (authorized to acand the increase in revenue from Refined Petroleum and quire Capital Stock of New
Orleans, Texas & Mexico Railits Products included in Manufactures and Miscellaneous, way Company), were issued
to the amount of $9,670,920
was $1,275,889, while the revenue from the Transportation during the year. Of this
amount $4,500,000 was for the
of Automobiles and Auto Trucks, also included in Manufac- purpose of retiring Fifteen-month
.
7% Notes and $5,170,920
tures and Miscellaneous, has shown substantial increases was in exchange for 43,091 shares of
Capital Stock of the
each year since 1922, the increase for the current year being New Orleans, Texas & Mexico Railway
Company, making a
$970,268. There has been practically no change in the vol- total of 129,857 shares owned at the
close of the year. Durume of Products of Forests and the operations of the past ing the year $2,400,940 par value
of Fifteen-year 7% Sinkseveral years would indicate that no improvement can be ing Fund Notes were acquired,
$1,036,000 have been aphoped for so far as these commodities originating on our plied to the Sinking Fund
and canceled, $1,200,000 Pledged
line are concerned. While the revenue from Products of and $164,940 in the
Treasury Unpledged. Equipment Trust
Agriculture during the current year was disappointing, there Certificates Series D, were
issued for $8,820,000 to apply
being a deerease in this revenue of $1,736,847, this decrease on purchase of 50
locomotives, 4,000 Freight Cars, 40 Cawas confined to Wheat, Corn, Other Grain, Flour, Meal and booses, and 38 Passenger
Train Cars. Equipment Trust
Other Mill Products, and was the result of the unseasonable Obligations amounting
to $1,372,400 matured and were paid
weather in Kansas and Nebraska, early droughts followed during the year.
2361
THE CHRONICLE
Amt. 24 1926.]
Payment of $80,000 Serial Note due the United States
Government resulted in the release of $106,000 First and
Refunding Mortgage Bonds, Series D.
The Funded Debt Outstanding is shown on pages 14 to
16, inclusive [pamphlet report]. Detailed description of
the Mortgages will be found on pages 19 to 25, inclusive
[pamphlet report].
NEW LINES.
Construction of a new line from Epps, La., to Delhi, La.,
connecting with the V. S. & P. Railway, approximately 10.10
miles, has been in progress during the year. The new line
will be completed and placed in operation during the year
1926. A branch line 3.3 miles in length, extending from
South Dupe, Ill., to Krause, Ill., commenced in 1925, will be
completed and placed in operation early in 1926. The net
increase in mileage owned and operated was 0.94 miles, details of which appear on pages 42 to 45 [pamphlet report].
The increase in interchange of Traffic to and from Texas
and the reduction in operating costs has justified the acquisition of the Gulf Coast Lines and the International-Great
Northern Railroad Company. The improved conditions on
the Denver & Rio Grande Western Railroad will result in
a substantial increase in the future earnings of both properties.
ROAD AND EQUIPMENT.
During the year substantial expenditures were made for
additional facilities, improved structures, and additional
equipment, the cost of which is reflected in the charges to
Road and Equipment. The principal items being, Second
Main Track between Kirkwood and Jefferson City, including improvements in the automatic block system, reconstruction and relocation of bridges, and elimination of reverse
curves; Second Main Track south of Little Rock, Ark.; Construction of a Joint Yard at Alexandria, La.; Additions to
Engine Houses at St. Louis, Mo., Osawatomie, Kans., Arkansas City, Kans., Bush, Ill.; Sheep Feeding Facilities at
Leeds, Mo., and Osawatomie, Kans.; Manual Control Block
Signal System, including the installation of automatic train
control between Kansas City, Mo., and Osawatomie, Kans.
There was delivered and put in service during the year
the following equipment:
36 Mikado Type Freight Locomotives,
11 Pacific Type Passenger Locomotives.
17 Switching -Locomotives,
6 Steel Coaches,
4 Steel Dining Cars.
2 Steel Observation Cars,
10 Steel Mail Storage Cars,
1 Steel Mail and Coach.
9 Steel Mail and Baggage Cars,
10 Steel Baggage Cars,
1 Steel Business Car,
2,800 Box Cars.
717 Automobile Cars,
750 Drop Bottom Gondola Cars,
-Clearing Hopper Cars,
250 Self
115 Cabooses,
7 Gasoline Motor Cars,
5 Trailers for Motor Cars,
1 Commissary Car,
1 Derrick Convoy Car.
1 Rail and Tie Car.
Orders have been placed for additional equipment, as follows:
10 Santa Fe Type Freight Locomotives, 15 Switching
Locomotives, 5 Steel Dining Cars, 2 Steel Cafe Club Cars,
15 Steel Baggage Cars, 1 Steel Business Car, 1250 Box Cars,
250 Automobile Cars, 250 Stock Cars, 250 Self Clearing
Hopper Cars, 2 Wrecking Derricks, 1 Ditcher, 1 Spreader,
8 Gasoline Motor Cars.
The details of charges to Road and Equipment are shown
on page 18 [pamphlet report], a summary of which follows:
New Lines Purchased
New Lines Constructed
Second Main Track
Road
Less Retirements
$7,125.296 41
178,240 40
$21.626.968 65
5.760.267 90
Equipment
Less Retirements
General Expenditures
Assets and Liabilities Not Appraised June 1 1917
Total Charges to Road and Equipment
$5,164 50
224,606 12
1.374.174 97
6,947,056 01
15.866.700 75
Cr.1.320 00
Cr.163.188 57
$24,253,193 78
By Order of the Board of Directors,
L. W. BALDWIN, President.
MISSOURI PACIFIC RAILROAD COMPANY.
GENERAL BALANCE SHEET DECEMBER 31 1925, COMPARED WITH DECEMBER 31 1924.
ASSETS.
December 31
December 31
1924.
1925.
$
$
LIABILITIES.
December 31
December 31
1924.
1925.
$
$
Increase(+)or
Decrease (-).
$
InvestmentsStockCapital Stock:
Investment in Road and
82,839,500 00 82,839,500 00
Common
Equipment
85 414,783,732 07 +24.253.193 78
439.036,925
71,800,100 00 71,800,100 00
Preferred
Improvements on Leased
Railway Property
27,673 13
34,945 38
7,272 25
154,639,600 00 154.639.600 00
Total
651 94
665 19
-13 25
Dep
SinkVts in Lieu of Mort,Long Term Debt
gaged Property Sold_ __ _
64,332 68
54,690 23
-9.64245
Miscall. Physical Property 2,387.725 73 2,485.988 00
-98,262 27 Funded Debt Unmatured-305,333,780 00 276,556,200 00 +28.777,580 00
Investments in Affiliated
305,333,780 00 276,556,200 00 +28.777,580 00
Total
Companies
-Pledged
34,700.689 65 29,529,769 65 +5.170.920 00
Investments in Affiliated
Total Capital Liabil.459,973,380 00 431,195,800 00 +28,777,580 00
Companies-Unpledged. 19,519,902 19 20,149.165 95
-629,263 76
Investment in Securities IsCurrent Liabilities
sued. Assumed or otherLoans and Bills Payable._ _ 1,234.766 67 4.560,00000 -3,265,233 33
wise carred as a Liability
Traffic and Car Service Balby the Accounting Com-82.788 88'
1,189,185 05
1,106,396 17
ances Payable
pany-Pledged
4,165.065 10 4,165,065 10
Audited Accounts & Wages
Investment in Securities Is9,862,351 34 11,556.099 37 -1,693,748 03
Payable
sued, Assumed or other-17,707 61
407,885 17
390,177 56
Miscell. Accounts Payablewise carried as a Liability
+65.06014
1,543,691 67 1,478,63153
Interest Matured Unpaid
by the Accounting Com1.650,934 90 -1.650.934 90 Funded Debt Matured Un+861.00000
4,000 00
865,000 00
paid
t
-9,895 15
' ii edfe
e-Pledged 365.674 64
375.569 79
Otreirnvesqfzien . d
+154,983 68
UnmaturedInterestAccrued 3,550,327 32 3,395,343 64
Other Investments-Un+38.44742
292,824 71
331.272 13
+58.06848 Uzunatured Rents Accrued.
1,129,842 39 1,071.775 91
pledged
-172,430 99
604.332 92
431,901 93
Liabilities
Other Current
Total
501,396,113 10 474,304,672 37 +27.091.44073
19,315,884 79 23,428,302 39 -4,112.417 60
Total
Current Assets
Cash
Deferred Liabilities
12,180,167 85 4.887,23736 +7.292.93049
+148,202 25
211,845 23
360,047 48
Special Deposits
-589.997 92 Other Deferred Liabilities2,116.957 45 2,706,955 37
Loans and Bills Receivable
744,711 51
-364 89
745,076 40
+148.20225
211,84523
360.04748
Traffic and Car Service BalTotal
ances Receivable
-590,575 17
866,296 82 1.456.871 99
Net Balance Receivable
Unadjusted Credits
+638.91635
from Agents and Conduc3,331,979 70 2,693,063 35
Tax Liability
tors
1,664,20111
1,817.466 18
-153.265 07 Insurance and Casualty Re-17,249 17
7,21427
24,463 44
Miscellaneous Accounts Reserves
ceivable
3.588,374 23 3,596,887 86
-8,513 63 Accrued Depreciation
9,051,958 65 7,967.563 72 +1,084,39493
Material and Supplies_
11,749,653 85 12,007.235 36
Equipment
-257,581 51
+69.708 65
Interest and Dividends Re1.144,353 76
Other Unad usted Credits- 1,214.062 41
ceivable
416.694 14
386,331 59
-30,362 55
Rents Receivable
36.000 00
36,000 00
13.605.215 03 11,829,444 27 +1,775,77 076
Total
204,372 34
143,487 33
Other Current Assets
-60,885 01
Corporate SurplusTotal
33,476,181 74 27,874.797 00 +5.601,384 74 Add'ns to Property through
+82,756 75
Income and surplus- _ 669.558 45
752,315 20
Deferred Assets
Profit and Loss
42,298,344 07 35,664,937 22 +6,633.40685
24.465 43
30,812 40
Working Fund Advances+6,346 97
119,334 13
88.85368
Total
+30.480 45
Other Deferred Assets_
43.050,659 27 36,334,495 67 +6,716.163 60
•
113,319 11
150,146 53
Grand Total
Total
+36,82742
536,305,186 57 502,999,887 56 +33,305,299 01
Note.
-The following Capital Liabilities not included
Unadjusted Debits
in Balance Sheet Accounts:
Rents and Insurance PreFunded Debt-Unpledged 264,940 00 3,064,500 00 -2,799,560 00
93,354 08
miums Paid in Advance_
-25.180 60
68,173 48
Funded Debt
1.214.571 72
+600.826 72
613,745 00
-Pledged- 23,305,500 00 22,211,500 00 +1.094,00000
Other Unadjusted Debits
1,282,745 20
Total
707.099 08
Increase (+) or
Decrease (-).
$
+575,646 12
536,305.186 57 502.999,887 56 +33.305.299 01
Grand Total
Note-The following Securities not included in
Balance Sheet Accounts:
Securities Issued or Assumed-Unpleoged_ _ _
264.940 00 3.064,50000 -2,799,560 00
Securities Issued or As23,305.500 00 22,211,500 00 +1,094.00000
sumed-Pledged
Total
23,570,440 00 25,276,000 00 -1.705,560 00
Total
23.570,440 00 25,276,00000 ---1,705,560 00
The Capital Liabilities shown above include the securities issued under the Reorganization Plan for bonds of various issues dealt with by the Plan.
Includinr $1,636.500 00 principal amount, not acquired on December 31 1925. which are accordingly not shown as Liabilities.
The company is guarantor jointly with other companies of the securities of certain terminal companies, none of which are in default.
2362
THE CHRONICLE
[vox.. 122.
PACIFIC GAS AND ELECTRIC COMPANY
TWENTIETH ANNUAL REPORT
-FOR THE FISCAL YEAR ENDED DECEMBER 31 1925.
San Francisco, Calif., April 1 1926.
To the Stockholders:
The year 1925 was one of satisfactory performance and
progress in all of the Company's major activities. This
makes it an added pleasure to present to you this, the
twentieth annual report of the Company's affairs including,
In consolidated form, the operations of the Mt. Shasta Power
Corporation and California Telephone and Light Company,
the only subsidiaries still retaining nominal titles to their
assets. Title to the properties formerly owned by all other
subsidiaries is vested directly in your Company. Inasmuch
as your Company owns all of the capital stock of the Mt.
Shasta Power Corporation and California Telephone and
Light Company, the formal transfer of their properties may
be effected whenever your Board deems it expedient. From
the foregoing, it may be correctly inferred that your Company is an operating company, as distinguished from a holding company, and that, notwithstanding its magnitude, it
has a corporate structure that is extremely simple and free
from complicated inter-corporate relationships.
For convenience, the items in the following income account
are numbered to correspond with the explanatory notes on
the ensuing pages.
at December 31 1925 and, for comparative purposes, the
number of consumers taking these services in preceding
periods at intervals of five years and ten years, respectively.
Number of Customers
at Dec. 31.
1925.
1920.
Net
Gain.
1915.
/n
/n
1925. 10 Yrs.
Gas Customers
Electric Customers
Water Customers
Steam Customers
387,707 286,542 227,586 22,311 160,121
405.779 266,132 166,149 27,028 239,630
19,602 16,234 9,432
738 10,170
610
378
232
451
4
Total Customers
813,698 569,359403.545 50.081 410,153
ANALYSIS OF INCOME ACCOUNT.
(I) GROSS OPERATING REVENUES.
With an increase of $3,277,493 during the year, gross
operating revenues in 1925 came to $47,729,079, and for the
twentieth successive year were the largest in the Company's
history. This unbroken record of growth, covering a long
period of intermingled good and bad years, with alternating
cycles of prosperity and adversity, and four years of war
with attendant war booms and war depressions, impressively demonstrates the stability and inherent vitality of a
business founded, as is that of your Company, on diversified
and essential services to a large and increasing population
CONSOLIDATED INCOME ACCOUNT.
in a territory of abounding and rapidly developing resources.
1925.
1924.
Increase. Decrease.
That the increase of our business has proceeded at an
(I) Gross Operating Rev..- _ 147.729.079
144.451.586 13,277.493
Deduct
accelerating pace, may be more readily grasped from the
(2) Operating and Administrative Expen. 820.289,476 820,944,947 --------8655,471 following comparison of five-year periods:
(3) Taxes
4,495,600 3,922,678
572,922
(4) Maintenance
582,666
(5) Uncolloctible Accts. 3.529.129 2,946,463
and Casualties eserves
584,507
389.008
195,499
(6) Total Deductions 828.898,712
828,203,096 $695,616
(7)Net Earnings from Operation
(8) Add-MItmeous 18,830,367 16,248,490 2,581,877
Income
337,818
483,097
(9) Total Net Income_ 819.188385 816.731,587 82,436,598
(10) Bond Interest Chargeable to Operation
7,078,183 6,261,528
816,655
Gross Operating
Revenue.
5
5
5
5
145.279
(I1) Balance
812,090.002 $10,470,059 81,619,943
(1.2) Bond Discount and
Expense
430,654
46,361
384,293
(13) Balance
111.6.59,348 $10,085,766 $1,573,582
(14) Reserve for Deprec n_ _ 3.807,991 3.057.417
750,574
(15_) Surplus
17.851.357 17,028,349 1823.008
(16) Dividends Paid on Preferred Stock (6%)
3,265,434 3,244,608
20,826
17) Balance
84.585,923 $3,783,741 $802,182
(l
Dividends Paid on
Common Stock (8%)-3,624,337 3.040.123
584,214
(19) Balance
S961.586
$743.618 $217.968
Balance Sheet and Income and Surplus Accounts certified
by Messrs. Haskins and Sells appear on pages 32 to 34 of
this [pamphlet] report.
CUSTOMERS.
The year 1925 closed with 813,698 active meters connected to the Company's distribution systems, a net gain of
50,081 within the year. None of this increase was due to
the purchase of other companies. In addition, telephone
service was being supplied to 2,283 subscribers. The year's
gain would closely approximate a single service (gas or
electric) to every dwelling reported by the 1920 census in
any one of the cities of Denver, Col., Louisville, Ky., or
Portland, Ore. This roughly illustrates what it means to
add more than 50,000 active accounts in a single year.
In the five years ending with 1920 the average annual increase in active meters was 28,398. In the five years ending
with 1925, it was 47,596. In other words, the average annual growth during the last five years exceeded that of the
preceding five years by almost 20,000 meters per year. Customers added through the purchase of other companies have
been excluded from these comparisons, which, therefore,
reflect only normal growth. The evidences of diversified
commercial and industrial expansion visible throughout
the territory served by your Company warrant the prediction that the progression of growth shown in the past two
five-year periods will be fully equaled in the next five
years.
The following summary shows the number of consumers
receiving gas, electric, water and steam service respectively
years
years
years
years
to
to
to
to
$59,273,809
80,211.779
121,444,728
207.035.236
1910
1915
1920
1925
Increases by
Five-Year PffOds.
$20,937,970
41,232,949
85,590,508
The following table shows the gross revenue derived from
each of the Company's activities in 1925 and the percentage
of the total year's gross contributed by each department.
A comparison with the preceding year is also given. It will
be noted that with the exception of a slight recession in
receipts from street railway operation, every department
shows a satisfactory increase.
1925.
1924.
Increase Per Cent of 1925
Gross Contributed
Over
1924. by Bach Depl.
Electric Department- $28,301,331 $26,684,097 $1,617,234
Gas Department_ _ _ - 17,360.878 15,757,335 1,603.543
Water Department__
42,540
750.4480
793,020
Street Railway Dept_
746.320
733.416
*12,904
Steam Sales Dept_ ....
18,582
412,688
431,270
8.498
Telephone Dept
100,666
109,164
Total
247.729.079 S44.451.586 $3.277,493
59.30
36.37
1.66
1.54
.90 0
.23%
100.00%
* Decrease.
Drought conditions in 1924 brought about extraordinary
demands upon us for power for irrigation and also from
other connecting electric utilities, whose production facilities proved to be inadequate. Water conditions in 1925 were
normal, so that these unusual demands were not repeated,
with the result that kilowatt-hour sales of electric energy
for agricultural purposes decreased 13.40% and sales to
other power companies, 17.22%. All other branches of our
electric service, however, registered such substantial increases, as shown in the following table, that the net result
was an increase of $1,617,234 in electric gross taking ,the
department as a whole.
Class of Service.
Street Lighting
Commercial and Residential Lighting
Manufacturing
Miscellaneous Power, Heating and Cooking
K. W. H. Sales. Increase %.
20,532,740
201,636,631
283,357,724
236,171,990
15.35
12.03
10.48
10.24 0
No general changes in electric rates were made in 1925.
In the gas department one increase and two reductions became effective on March 4, October 22 and November 26,
respectively. These changes in gas rates were based on
changes in prices for fuel oil and were made in conformity
with the policy, established some years ago by the State
Railroad Commission, under which gas rates are automatically adjusted to conform to fluctuations in fuel oil prices.
Since the institution of this policy in August 1921 there have
been three increases and five decreases in gas rates, with
)
APR. 24
2363
THE CHRONICLE
1926.]
net benefits to the Company's customers of 12 cents to 22
cents per thousand cubic feet, depending upon the locality
and schedule under which service is taken.
Notwithstanding that rates were lower at the close of the
year, the gas department showed a very satisfactory increase of $1,603,543. Net revenues were unaffected by the
lower rates since oil costs diminished correspondingly.
(2) OPERATING AND ADMINISTRATIVE EXPENSES.
A gratifying feature of the year's operations was the reduction in this item of $655,471, notwithstanding service to
more than fifty thousand additional customers with all that
this implies in the way of larger physical production and
distribution, meter reading, billing, accounting, etc. The
most important factor in bringing about reduction of costs
was the smaller quantity of fuel oil used in steam stations,
this, in turn, being due to the larger output of hydro-electric
energy, made possible by improved water conditions and the
completion of Pit River Plant No. 3, the most important
water power plant yet constructed by the Company. This
plant, with an installed capacity of 108,580 horsepower, was
placed in operation during the month of August and in the
last five months of the year upwards of 97% of the Company's total output of electric energy was generated by
water power. Additional hydro-electric energy also became
available in the latter part of the year through a contract
with the City and County of San Francisco for the entire
output of its Hetch-netchy installation.
(3) TAXES.
Our tax bill in 1925 was $4,495,600, equal to almost 10
cents for every dollar collected for our services during the
year. It exceeded that of 1924 by $572,922 and was equivalent to 65% of all dividends paid to approximntely 35,000
stockholders. It was large enough to pay the annual dividend on all of the $55,000,000 of Preferred Stock outstanding at the close of the year, and on $15,000,000 of Common
Stock besides. In other words, the amount contributed to
the support of national, State and local government was
equivalent to the annual return on more than $70.000,009 of
Investment in our properties. Details of our 1925 tax bill
are shown in the following table:
Amount.
State Taxes
Federal Taxes
Franchise and Ad Valorem Taxes
Total
71.0%
95.6%
3.4%
$4.495.600
(10) BOND AND OTHER INTEREST. (12) BOND DISCOUNT AND
EXPENSE.
In 1925 upwards of $24,600,000 of new property was added
to the Company's plant account. This substantial additional capital investment was partially reflected in an increase of $816,655 in interest charges, notwithstanding
which these charges were earned no less than 2.71 times,
leaving a balance, after interest payments, in excess of
twelve millions of dollars.
The Company's bonds have always been well secured by
assets and earnings, and even as far back as 1914, in which
year the Company initiated the plan of selling stock direct
to the local public, interest charges were earned more than
twice over. In the eleven years since then, the investment
position of these secured issues has been additionally fortified through the sale of approximately $61.000,000 of junior
securities. In this eleven-year period annual net income
has increased by eleven million dollars, while bond interest
increased only three millions, as indicated by the following
summary:
Net
Income.
% of Total.
$3.192,769
1,151,578
151.253
amounted to $18,830,367, an increase compared with the preceding year of $2,581,877, or approximately 15%. Miscellaneous income, representing chiefly interest received on bank
balances, discounts on purchases of materials and supplies,
and net profits from the sale of appliances, was somewhat
less than in 1924, largely on account of the smaller average
amount of cash kept on deposit in banks, and the policy, to
which reference was made last year, of seeking to promote
the sale of gas and electric appliances through dealers
rather than direct distribution by the Company.
The total net income available for bond interest, depreciation reserve and surplus was $19,168,185, which was more
than two millions of dollars in excess of the largest amount
earned in any previous year in the Company's history, and
exceeded the 1924 figure by $2,436,598. The larger interest
and dividend disbursements resulting from the investment
of many millions of dollars of new stock and bond capital
in operative properties dedicated to the service of the public absorbed the major portion of this increased net, but the
final outcome of the year's operations demonstrates that
operating costs are well under control and that the very substantial additional investment of recent years is being justified by results.
Interest
Expense.
No. of Times
Interest Earned.
100.0%
$19,168,185 $7,078,183 $12.090,002
8,186,613 4,071,432 4.151,181
1925.
1914
Tanew
Balance.
11
2.71
2.01
years_ 310.981.572 33.006.751 $7,974,821
.70
Throughout this eleven-year period interest charges were
In addition, the State of California collected $21,560 from
the Company through the tax of 2 cents per gallon levied earned an average of 2.59 times.
on the purchase of gasoline.
(15) SURPLUS. (16) AND (18) DIVIDENDS.
(4) MAINTENANCE. (14) RESERVE FOR DEPRECIATION.
There remained after the deduction of all prior charges,
These two items, because of their inter-relationship, are including depreciation, a balance of $7,851,357 available for
here considered together. They represent, respectively, the dividend payments. Of this amount, dividends aggregating
amount actually expended for the present upkeep of the $3,265,434 were disbursed to the 20,918 holders of the Comproperties and that set aside to provide for the future re- pany's 6% Preferred Stock, whose investment in the propnewal and replacement of plant which becomes worn out or erty is represented by $54,916,532 par value of stock. The
large and increasing margin by which preferred dividends
obsolete.
Combined maintenance expenditures and depreciation re- have been earned during recent years is indicated by the
serves in 1925 were $7,337,119, or $582,666 in excess of the following table, which shows that since 1920 the surplus
preceding year with respect to maintenance, and $750.574 available for the payment of these dividends has increased
with respect to depreciation. It is equally vital to the Com- by $3,929,296, while dividends paid have increased $1,487,pany's customers, who are entitled to dependable and eco- 501.
nomical service, and to the thousands of investors in its
Surplus Available
stocks and bonds, who are entitled to have the equities
Preferred
for Dividends
Stock
underlying their securities kept unimpaired, that its equipAfter Prior Charges
Year Ended
Balance.
Dividends.
and Depreciation.
December 31.
ment be maintained in the highest state of operating efficiency and that adequate reserves be set aside from current 1920
$1.777,933
$2,144,128
$3,922.061
2,132.283
2.836.947
4,969.230
revenues to provide for future retirements. The policy pur- 1921
2.574.156
4,013,003
6,587,159
1922
sued in 1925 for the attainment of these objects was merely 1923
3,103.847
3.652,447
6,756.294
3.244,608
3.783.741
7,028.349
a continuation of the practice that has prevailed for a good 1924
3,265,434
4,585.923
7,851,357
many years. as evidenced by the fact that in the rest ten 1925
WI 020 206
S1.487.501
52.441.705
years provisions for upkeep bave aggregated $53,515,716, or T.^wroxe.in kow.ftra
16% of total receipts from operations.
The surplus of $4,585,923 over preferred dividends last
(5) UNCOLLECTIBLE ACCOUNTS AND CASUALTIES
RESERVES.
year again emphasized the sound investment position of the
The Company's losses from uncollectible accounts were issue, which was additionally strengthened in 1924 and 1925
very moderate, amounting to only 38 cents per hundred dol- through the sale of $12,500,000 of common stock.
lars of gross receipts. The balance in the uncollectible
The balance available for common stock dividends was
accounts reserve at the close of the year was $60,744, suffi- $4,585,923, equivalent to 10.12% on the average amount outcient to offset any uncollectible items in the total of notes standing during the year, and $802,182 in excess of the preand accounts due from customers on that date. Adequate ceding year. Dividends at the established rate of 8% abreserves to cover claims for accidents and damages, and for sorbed $3,624,337, leaving a final balance of $961,586 to be
loss by fire and similar contingencies, were also appropri- carried to undistributed surplus.
ated out of revenues, the total provision made during the
CONSERVATION OF ASSETS.
year for bad debts and casualties of all descriptions aggreIn the twenty years since organization, the balance of
gating $584,507, or $195,499 in excess of the preceding twelve
earnings after the deduction of operating and maintenance
months.
charges, amounted to $112,955,585.
The accumulated balance in all of these reserves (exclu- costs, taxes and interest
41.7%, was paid out in cash
sive of depreciation reserve) at the close of 1925 was $768,- Of this amount, $47,099,000, or
299, an increase of $202,744 compared with the close of dividends and $42,670,000, or 37.8%, was used to retire
bonds or was re-invested in the property. In addition, $22,1924.
218,000 was expended for the renewal and replacement or
(7) NET EARNINGS FROM OPERATIONS. (8) MISCELLANEOUS
rehabilitation of inadequate, worn-out, or obsolete property,
INCOME. (9) TOTAL NET INCOME.
this expenditure being in addition to maintenance charges
Net earnings from operation, after all expenses and after aggregating $35,420,739 during the same period. Additional
making provision for uncollectible accounts and casualties, details are contained in the following tables:
2364
[Vox,. 122.
THE CHRONICLE
Gross Revenue,
Including
Miscellaneous
Income.
Year.
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
38.947,162
11,342,140
12,657,305
13,491.288
14,044.596
14,604.609
14.651,786
16,094,514
17,100.534
18.778.446
18.941.427
20,118.990
22,870,194
26,309.671
34,985.791
37,509,707
39.204.605
39,971,742
44,934,683
48.066.897
SAIL son mx7
Total
Disposition of Balance.
To Retire Bonds
Reinvested in the Property
For Replacements and Rehabilitation
Cash Dividends
Other Purposes
Maintenance,
Operating
Expenses and
Reserves.
$2,784,908
2.854,264
3,021,722
2,988.521
3,006,256
3,254,133
3,476,078
3,794,222
4,071,432
3,819.676
3,660,976
3,898,169
3,881,542
4,012,240
4.511,251
4,797,782
5.148.614
6,165,817
6,261,528
7,078,183
$1,739.185
2.261.647
2,842,864
2,971.191
3,116.999
3,136,404
2,744.147
2.969,085
4,115,181
5,753,177
5,721,568
4,616.130
5.958,322
6,048,304
7,016,900
8,432,840
10,639,115
10.312.515
10,470,059
12,090.002
2246.lill1 525
S'2 R51 fIRA
5195 442 RIM
582.487.314
$112955585
CURRENT FINANCIAL CONDITION.
Current assets at December 31 1925, including $15,392,151
advanced from working capital for construction purposes
.and not yet reimbursed through the sale of securities, aggregated $30,296,859, or more than three times the $9,300,858
of current liabilities, including, in the latter, $4,438,348
interest and taxes accrued but not due. Net working assets
amounted to $20,996,001, or $606,362 more than at the close
of the preceding year. As for many years past, the Company has had no floating debt. Its liquid position enabled
it to take advantage of all cash discounts offered for prompt
payment, and a saving of $116,108 from this source was
effected during the year.
CURRENT ASSETS AND LIABILITIES.
I'm
Increase. Decrease.
Current Assets
Materials and Supplies_ _ __ $6,222.202 34.983.996 $1.238.206
Bills and Accounts Receivable (Less Reserve for
527,002
Uncollectible Accounts)_ 5,298,989 4,771.987
342,763
436,143
$93,380
Due on Stock Subscriptions
Underlying Bonds in Treasury available for future
306.500
386.000
79,500
Sinking Fund payments_
General and Refunding 5%
1.000.000 1.000,000
Bonds in Treasury
1,538,865 11.485,168
9,946.303
Dash
Interest Accrued on Invest664
6.784
6,120
ments
194,725
275,368
80,643
Other Investments
kdvances to Construction
13,664,996 4,505,252 9,159,744
Account
kdvances to Construction
646,673
Acct.. Leased Properties_ 1,727,155 1,080.482
$30,296,859 $28,931,180 1.1.365,679
Total Assets
Current Liabilities$2.194,627 $2,041,556 $153.071
kccounts Payable
44.514
457,015
501,529
Drafts Outstanding
28,457
759.474
731,017
Meter and Line Deposits
447,757
464.516
Unpaid Coupons
38.368
Interest Accrued but not due 1,856,672 1.818,304
392.206
Faxes Accrued but not due 2,581,676 2,189.470
119,460
959,123
839,663
Dividends Declared
$9,300,858 $8,541.541 $759,317
Total Liabilities
$16.759
590 nes Pm 520 259 659 5806 362
PLANTS AND PROPERTIES.
The Plants and Properties Account, at the close of the pre$
049,178,251.62
stood at
vious fiscal year,
Gross Expenditures for additions, betterments and improvements during the year
$27.346,475.04
1925 amounted to
Of which there was charged to Depreciation
Reserve created by appropriations from
2,709.058.86
operating revenues
Aside from the important construction work in the Pit
River region, considerable attention was devoted during the
year to a general rounding out of the system on several of
the lesser water sheds, together with a large volume of related transmission and distribution extensions and improvements. Several new substations were completed in 1925,
and work on others begun, a net total of 257,945 K. V. A.
of additional transformer capacity being placed in operation.
The year was also one of activity in the gas department,
which is continuing to expand at a characteristically steady
pace. Five additional gas generators were placed in operation in 1925, with a combined total daily capacity of 21,000,000 cubic feet. There are now 53 oil gas generators in operation, with an aggregate daily capacity of 106,000,000
cubic feet, or double that of ten years ago. Total expenditures for additions and betterments in this department exceeded $5,800,000.
A new seventeen-story Class "A" steel and concrete general office building in San Francisco was completed and
occupied during the early months of the year. This building permits the concentration in a single central location
of executive and administrative officers with their staffs
which were previously housed in several widely separated
buildings, entailing the payment of rentals and hindering
the prompt despatch of business.
A large new general warehouse located at Emeryville,
near Oakland, California, was also completed in the spring
of 1925. This warehouse, with the adjoining repair shops,
testing laboratory and storage yard, occupies an area of
12% acres. It is easily accessible to water and rail transportation facilities, and is equipped with all the necessary
appliances for economically handling the large volume of
material required by the Company's constantly enlarging
construction and maintenance activities. It is anticipated
that this centralization of warehouse facilities will result
in economies that will yield a good return on the investment.
The Company's properties are in excellent physical condition, with ample plant capacity for existing business and
an adequate margin for future growth. It has large undeveloped resources of hydro-electric power, and in view of
the extended construction period necessitated by the magnitude of the developmental work undertaken, its building
program is carefully planned a number of years ahead.
Work on the diversion dam and tunnel for Pit Plant No. 4,
for example, has already begun, although it is probable that
this plant will not be ready for operation prior to 1931.
In the twenty years since its organization, at which time
it took over extensive properties with a corporate existence
dating back to 1852, the Company has increased its plant
account by $201,035,834 through construction and the acquisition of additional properties. Upwards of $134,400,000, or
67% of this total, has been added in the last seven years.
Year1906
1907
$273.815,667.80 1908
The Total of which at December 31 1925 stood at
1909
Gross construction expenditures last year aggregated 1910
1911
$27,346,475, or an average of more than $90,000 per working 1912
total investment in plants and properties at 1913
day. The
1914
December 31 1925 was $273,815,668. The undepreciated 1915
1916
physical properties 1917
reproduction value of the Comptiny's
exceeds this amount by approximately $40,000,000. The 1918
latter appraisal is exclusive of the Company's extremely 1919
1920
valuable water rights, of its large going value and of other 1921
1922
Items termed intangible but nevertheless recognized by the 1923
courts in the establishment of values.
1924
The major feature of the Company's 1925 construction 1925
program was the completion of Pit River Plant No. 3, with
Total
* Decrease.
an installed capacity of 108,580 horsepower, which was
Leaving Balance carried to Plants and Properties Account_
24,637,416.18
placed in operation in August 1925. This plant is not only
the largest yet constructed by the Company, but is also one
of the most efficient hydro-electric installations in the
United States, the efficiency of the turbines being approximately 93%. The total installed capacity of the four plants
now. in operation on the Pit River and its tributaries is
235,926 horsepower, or approximately 44% of the aggregate
capacity of all of the Company's water power plants.
Balance.
$4,524,043
5,115,911
5,864.586
5,959.712
6,123,255
6,390.537
6,220,225
6,763,307
8,186,613
9.572.853
9,382.544
8,514,299
9.839,864
10.060,544
11,528,151
13,230,622
15.787.729
16.478.332
16,731,587
19,168,185
$112.955,000
Dec. 31
1924.
Interest
$283,886
247,262
274,789
320,059
882,880
516,702
622,969
676.163
743.047
849.445
972.565
1.253.239
1,782.939
1,962.038
2,559,109
3,265.895
3,690,213
4.029.887
3,922,678
4,495,600
BALANCE SHEET ITEMS.
Dec. 31
1925.
Net Earnings
Before
Depreciation.
$4.139,233
5,978,967
6,517.930
7,211.517
7.538.461
7.697,370
7,808,592
8.655,044
8,170,874
8,356,148
8,586,318
10,351.452
11,247,391
14.287.089
20.898,531
21.013,190
19.726,663
19,463.523
24.280,418
24,403,112
$19,151,000
23,519.000
22,218.000
47,099,000
968.000
Total
,
Taxes,
Including
Federal Taxes.
Other Properties
Construction.
Acquired.
$3,860.243 84 $13.80.1250o
3,674,474 69•
47,861 17
2,099,996 91
1,746.70564
90,63246
2,879,158 45
• 593,766 29
2,248,521 31
4,768,949 31
7,495,763 69
404,285 15
7.406,415 80
389,208 36
2,733.949 35
4,181 60
2.089.447 17
120.478 44
3.658,42633
12,681 31
2.781,530 08
1,797,061 50
1,818,70432
*6.40591
3,181,909 23 11.556,29937
10.600.208 89
1,210 60
18,040.060 51.
333 00
16,422,278 07
1.132.581 99
17.044,713 40
1,724.585 09
29.937,667 89
220,407 70
24,607,647 60
29.768 58
Total.
317.680.36884
3,722,335 86
2,099,996 91
1,837,338 10
3.472,924 74
7,017,470 62
7,900,048 84
7,795,624 16
2,738,130 85
2,209,925 61
3,671,107 64
4,578.591 58
1,812,29841
14,738,208 60
10.601.419 49
18,040,393 51
17.554,860 06
18.769.29849
30,158.075 59
24,637.416 18
$164,327,823 17 $36,708,010 91 $201,035,834 08
CAPITALIZATION.
The total face value of all securities outstanding in the
hands of the public at December 31 1925 was $264,900,180,
an increase of $14,272,536 during the year. This was less
by some $13,000,000 than the amount actually expended
upon new construction, the balance being secured from
working capital, and from the investment of reserves and
surplus earnings.
APR. 24
1926.]
2365
THE CHRONICLE
Dec. 31
Dec. 31
Increase.
1924.
1925.
el
Bonds(average interest rate 5.4%)_3161.852,800 3153.357,300 $8,495,500
54.916.532 54.464,412
Preferred Stock (6%)
452,120
48,130,848 42,805,932
Common Stock (8%)
5,324,916
3264.900,180 3250,627,644 314.272,536
Total
The reproduction value of the Company's tangible properties is approximately $50,000,000 in excess of the total
par value of its outstanding securities. Indicative of the
sound and improving relationship between physical assets
and capitalization, the following table shows that in the
past ten years the actual cost of properties added to the
system, after deducting $13,965,352 for realized depreciation, was $157,751,568, while the total par value of bonds
and stocks held by the public increased only $132,105,122.
With respect to the various classes of securities, the net
increase in tangible assets exceeded by $72,071,562 the increase in funded debt; by $39,741,436 the combined increase
in bonds and preferred stock; and by $25.646,446 the increase in total capitalization.
Net Cost of Additions to Plants and Properties, after deduction of all realized depreciation. 1915-1925
3144,561,670
Increase in Net Current Assets
13.189,898
Total Increase in Net Tangible Assets
3157.751,568
Increase in par value of Funded Debt
85.680.000
Excess of Cost of Added Tangible Assets over increase in
par value of Funded Debt
$72.071.568
Increase in par value of Preferred Stock
32.330.132
ExceSs of cost of Added Tangible Assets over increase in
par value of Funded Debt and Preferred Stock
$39,741.436
Increase in par value of Common Stock
14.094.990
Excess of Cost of Added Tangible Assets over increase in
par value of Total Capitalization, created through reinvestment of Surplus and Reserves
$25,646.446
FUNDED DEBT.
An issue of $10,000,000 par value First and Refunding
Mortgage 5% Series "D" Bonds was sold in June 1925, on
terms more favorable than any heretofore obtained. The
relatively low cost of this bond money is attributable in a
substantial degree to the steady improvement in the status
of the Company's secured obligations brought about primarily by the large amount of stock financing within recent
years. The net increase in the Company's funded debt outstanding in the hands of the public during 1925 was $8,495,500, underlying bonds aggregating $1.504.500 par value having been retired through sinking funds.
SINKING FUNDS.
Bonds of underlying issues aggregating $1,680,500 were
purchased in 1925 in compliance with the sinking fund provisions of various mortgages of the Company and its subsidiaries. The net annual interest saving through the retirement of these bonds was $79,720.
The relative status of sinking funds at the close of each
of the past two years is summarized below:
of the Company's common stock the right to subscribe to an
additional issue of common, at par, in the proportion of one
share of the new stock for each ten shares already owned
or subscribed for. The Commission's authorization was
received on January 19 1926 and the offering was subsequently made to all holders of common stock of record at
the close of business on February 23. As heretofore announced, it will be the Company's policy to make similar
offerings to its common stockholders from time to time.
DISTRIBUTION OF OWNERSHIP OF SECURITIES.
At the close of 1925 there were approximately 35,000
stockholders with average holdings of 30 shares each.
In the ownership of our securities there are no barriers
of creed, class or social distinction, and the opportunity for
financial participation in the enterprise is open to all. Each
holder of preferred or common stock, respectively, receives
his dividend on the same date, is paid at the same rate per
share and has a vote for every share he owns. He is supplied, through the medium of the Company's annual report,
its house organ, "Pacific Service Magazine," and statements
published in the newspapers from time to time, with authentic information concerning his Company's affairs and,
whether he owns one share or a thousand, is accorded the
same treatment at the hands of the Company's personnel.
The wide distribution of ownership among persons in moderate financial circumstances is indicated by the fact that
upwards of two thousand stockholders own only one share
each, and 18,462, or 56.5% of the total, own ten shares or
less.
CLASSIFICATION OF STOCKHOLDERS ACCORDING TO SIZE OF
HOLDINGS.
Size of Iloldinos.
Stockholders with
share each..
1
Stockholders with
2
shares each__
Stockholders with
3
shares each__
4
Stockholders with
shares each__
5
Stockholders with
shares each.. _
6- 10 shares each__
Stockholders with
Stockholders with 11- 25 shares each__
Stockholders with 26- 50 shares each_ _
Stockholders with 51- 100 shares each
Stockholders with 101- 200 shares each__
Stockholders with 201- .500 shares each__
Stockholders with 501-1000 shares each...
Stockholders with over 1000 shares each__
Cumulative Total
No. of FerCent
Stockof
No. of
holders. Total. StockPer
Total, holders. cent.
2,079
1.943
1,098
753
3,916
8,673
7.072
3,815
1,987
787
348
84
7i
6.4
5.9
3.3
2.3
12.0
26.6
21.7
11.7
6.1
2.4
1.1
.3
.2
2,079 6.4
4.022 12.3
5,120 15.6
5.873 17.9
9,789 29.9
18.462 56.5
25.524 78.2
29.349 89.9
31,336 96.0
32.123 98.4
32,471 99.5
32.555 99.8
32,625 100.0%
*32.626 100.051
* These figures are exclusive of 2,237 employees subscribing for stock on
the installment plan, who are not yet classified as to the size of their holdings.
REPORT OF FIRST VICE-PRESIDENT AND
GENERAL MANAGER.
The year 1925 has fulfilled all promises as a year full of
Character of
activity and development for our Company and for the comDecember.31
December 31
'Additions
Stnkino Fund Assets.
1025.
1024.
Dnrinsj 1023.
(Bonds of Compay-at par. _321.483,790 00 319.931,79000 $1.552,000 00 munities which it serves.
Cash and Accrued Interest
The close of the year found general business conditions in
not yet invested
198,074 47
216.129 79
*18,055 32 the West good, and indications point to continuing improveTotal Assets
321.681.864 47 320.147.919 70 31 533 944 68 ment during the year 1926, as a tone of optimism prevails
Net Annual Interest Saving_ _ 1.061.091 50
981.371 50
79:720 00 through all our industries. Manufacturers and farmers
•Decrease.
Both city and rural business has
The $21,483,790 par value of bonds held in sinking funds have had a good year.
increased tremendously and a normal rate of increase can
at the close of 1025 were acquired by the following means:
be expected in the year 1926. We are on friendly terms with
From Revenues
$19.949,590
In Exchange for Overlying Bonds
493,00000 our patrons and there is a satisfactory understanding beFrom Proceeds of Sale of Common Stock
1,041.200 00 tween our Company and its employees.
PREFERRED STOCK.
321.483.790 00
For a period of two and one-half years dating from about
the middle of 1923, no preferred stock was offered for sale,
such portion of new capital as it was considered desirable
to obtain from junior issues being derived from the sale of
common stock. Throughout this period, however, the Stock
Sales Department was constantly in receipt of requests from
local investors for the purchase of preferred stock, and, in
order to accommodate these subscribers, placed their orders
In the open market, these purchases aggregating, In the
past two years, upwards of $1,500.000 par value.
In the latter part of December 1925 authorization was secured from the California State Railroad Commission for
the sale of $2,500,000 of First Preferred 6% Stock, and
$452,000 par value was sold to 308 purchasers in the last
week of the year. The remainder of this issue, and another
of $2,500,000, for which an additional authorization was
secured from the Commission, was disposed of before the
end of February 1926, or within less than two months from
the first announcement of the offerings, at prices of $98 and
$99 per share, merely through the Insertion of a few advertisements in local newspapers. The total selling expense in
disposing of the $5.000,000 of preferred stock 151I5 22.4 cents
per share, 3,784 individual subscriptions being received, or
an average of 13.2 shares per subscriber.
COMMON STOCK.
Total sales of common stock last year aggregated $5,324,900 par value. This entire amount was disposed of practically without advertising, at a selling cost of 12.4 cents
per share. There were 6.141 individual sales averaging
eight and two-thirds shares per purchaser. The stock was
sold at approximate market prices ranging up to $109 per
share.
An application was filed with the State Railroad Commission in December 1925 for authority to offer to the holders
ELECTRIC DEPARTMENT.
At the close of 1925 there were 28 hydro-electric plants in
operation with a total installed capacity of 534,818 horsepower, of which 235,926 horsepower, or 44% of total hydro
capacity, was represented by the four modern stream-flow
plants constructed in the Pit River region during the past
five years. The completion of Pit River Plant No. 3 in the
latter part of July added 108,580 horsepower to the capacity
of the Company's water power plants. No addition was
made to the capacity of the steam generating stations (190,349 horsepower), the Company being well supplied with
hydro-electric power and, during the last few months of the
year, merely operating its steam stations at times of peak
load, and for stand-by service.
Electric service is furnished to 289 cities and towns in
California, and to a very large and prosperous rural area,
59,000 square miles in extent, with a total population conservatively estimated at approximately two and a quarter
millions. This section of the State is endowed with natural
climatic advantages which afford ideal opportunities for
all-year employment of labor and which, combined with the
unsual fertifility of the soil in the great interior valleys of
the Sacramento and San Joaquin Rivers, permit of raising
an almost infinite variety of horticultural and agricultural
crops. The agricultural area of the State is approximately
27.500,000 acres, of which several millions of acres are irrigated, requiring a large utilization of electrical power for
the pumping of water. The great ranchos of former days
are being steadily divided into relatively small, intensively
cultivated farms, upon which electricity is put to a great
variety of uses. So general is the utilization of electricity
in this State that 96.5% of all buildings are electrified,
compared with an average of 50.5% in the'United States as
a whole.
The following summary, showing the growth of connected
load during the past decade, affords a measure of the rela-
[VOL. 122.
THE CHRONICLE
2366
tive increase in the utilization of electricity for power and
for lighting purposes. It is interesting to observe that the
former increased 242% in the last ten years, or more than
twice as rapidly as the latter, which increased 115%.
CONNECTED LOAD IN HORSEPOWER.
1925.
Commercial and Domestic
509,091
Lighting
Power
989.787
Total
1.498.878
1915.
1915.
IT. P.
Per Cent.
236,332
289.209
272,759
700,578
115.0%
242.0%
525.541
973.337
185.0%
GAS DEPARTMENT.
Gas sales during the year aggregated 16,200,951,000 cubic
feet, an increase of 6.04%.
The Company's gas distribution system was enlarged by
the laying of 275 miles of additional mains, making a total
of 4,108 miles of gas mains now operated.
The outstanding achievement in research during the year
was the improvement in liquid purification of gas. A
process for oxidizing hydrogen sulphide to free sulphur was
completed and successfully put into practical operation.
The disposal of precipitated sulphur from liquid purification is receiving attention, and experimental work conducted
by the Company in co-operation with the faculty of the University of California has resulted in disclosing many valuable uses for this product. Tests indicate the probability
that this material is more effective for dusting and fertilizer
purposes than any other form of sulphur now available.
Five additional generators were placed in operation during the year, with a total combined daily capacity of 21.000,000 cubic feet, the aggregate daily capacity of the 53 oil
gas generators now in operation being 106,148,000 cubic feet.
Approximately 94% of the Company's total output of gas
last year was manufactured in large central plants connected to high pressure transmission and distribution systems.
PUBLIC RELATIONS.
The foundation of good public relations is good service.
The Company's efforts to impress this axiomatic principle
of utility operation upon all employees, through a well.
organized educational program are meeting with marked
Success.
"Prospect and Complaint" booklets, which were first utilized about two years ago and which are furnished to all
operating employees for the purpose of reporting complaints
or prospective business with which they may come in contact, have continued to demonstrate their effectiveness,
approximately six thousand reports of prospective business
being received through this source last year. Such complaints as are reported in this manner represent chiefly
minor cases of dissatisfaction, but afford an excellent opportunity for the Company to convince consumers of its
desire to be of service even in small matters. The prompt
attention given these cases has had a very favorable reaction. All complaints are attended to within twenty-four
hours from receipt, and are then followed up either by personal or telephone call to ascertain if adjustment has been
made to the complete satisfaction of the customer.
Other features of the public relations program include
lectures before associations and clubs such as merchants'
associations, improvement clubs, women's clubs, etc.: cooperation with dealers, business and civic organizations:
institutional advertising, and educational trips to Company
properties.
Over 400,000 copies of "P. G. & E. Progress." which gives
an outline of current operations and matters of zeneral interest to the Company's customers, are distributed to consumers
every month.
In furtherance of its efforts to encourage an understanding of its business on the part of the general public.
the customary "No Admittance" signs have been removed
from all Company properties, and notices, of which the following are samples, substituted:
VISITORS WELCOME
During the Hours 8 A. M. to 4 P. M.
Kindly Apply to Attendant
THIS PROPERTY MAY BE VISITED
Between 8 A. M. and 4 P. M.
Kindly Apply for Permit
At Local Office of the Company
This Station Contains
ELECTRICAL EQUIPMENT
In the Interest of Safety
Only Authorized Persons May Enter.
Power From Pit River
VACA-DIXON SUBSTATION
P. G. and E.
Visitors Welcome.
SALES—ELECTRIC DEPARTMENT.
Electric sales plans covered activities in the following
fields: illumination, appliances, industrial heating, isolated
plants, commercial cooking and electric trucks, in each of
which a concerted sales effort was made. Largely as a result of this creative sales work, there was an increase of
131,378 horsepower, or 9.6%, in connected load.
Both gas and electricity have a wide field of application
in their use for operating refrigerating devices. The future
possibilities in this direction are great, and refrigeration
machines are rapidly being developed to a point where their
initial cost will be within the reach of the average domestic
consumer. The refrigeration load is especially desirable
from the standpoint of load factor, the greatest demand
occurring during the summer months at time of off-peak
load.
Most of the mechanical refrigerators so far on the market are operated by electricity, but it is probable that there
will be developed in the near future refrigerating devices
using gas as a fuel and having a cost of operation to compare quite favorably with the expense incident to the purchase of ice.
SALES—GAS DEPARTMENT.
This department was active throughout the year in the
promotion of industrial bakery, hotel and restaurant*installations, as well as in encouraging the use of gas for
domestic heating and cooking.
Total gas sales for the year exceeded 16,200,000:000 cubic
feet, of which industrial gas sales represented 16.3%. The
use of gas for industrial purposes is particularly desirable
on account of the high annual load factor, consumption being more or less stable throughout the year. New business
of this class contracted for in 1925 aggregated over 235,000,000 cubic feet per annum, total consumption for industrial
uses amounting to 2,625,000,000 cubic feet.
Due to the mild climate of the territory in which the Company operates, gas forms an especially satisfactory fuel for
the heating of dwellings and other buildings, there being
at the present time approximately 30,000 gas heating installations served from the Company's mains. Its value as a
heating agent in competition with other forms of fuel, is
not dependent merely upon its actual B. T. U. content, but
to a very large degree upon its convenience, cleanliness
and ready controllability. In industry, particularly, it has
the added advantages of eliminating fuel storage and handling and the expense incident to ash removal.
The success attendant upon the efforts of the Sales Department to increase the utilization of gas may be judged
from the fact that in the past ten years the average consumption of the Company's customers has increased more
than 5,200 cubic feet annually. Based on the number of
consumers taking gas service at the close of 1925, this represents an increased consumption of over 2,000,000,000 cubic
feet per year, with a corresponding increase in gross revenues from this source alone of upwards of $2,000,000.
GENERAL.
Reference was made in last year's report to litigation involving the Company's rates in the City of San Francisco
during the years 1913 to 1917, which has been pending for
many years. The judgment of the District Court of the
United States for the Northern District of California, deciding these cases in favor of the City, was reversed by the
United States Supreme Court in 1924, and the cases remanded to the Lower Court. These cases have not yet been
finally disposed of, but a compromise agreement proposed
by the Company has been recommended to the Board of
Supervisors of the City and County of San Francisco by its
Public Utility Committee and by the City Attorney, and is
now awaiting final action by the Board.
In 1922, our Automotive Department was established for
the purpose of standardizing the servicing and repairing of
motor vehicles. The results have been eminently satisfactory, as indicated by the following statement showing the
number of vehicles in operation and the cost per mile.
Year.
1922
1923
1924
1925
No. of
Vehicles.
914
1,111
1,159
1,341
Cost per
Mile.
$.1082
.0984
.0918
.0893
Decreased Cost
Rased on Motor
Vehicle Mileage.
$93.800
173,000
221,800
The foregoing costs are undoubtedly affected to some extent by variations in the price of gasoline, lubricating oil,
tires and other equipment, and also by the downward trend
of the initial cost of passenger cars and trucks, but there
is no question that the systematic supervision of motor
vehicles has proven of great advantage to the Company.
Total vehicle mileage for the year 1925 was 11,736,157, an
increase of 11.2% over the preceding year.
The average number of employees during the year was
11,288, and the average monthly salary $14551 per employee, compared with $14538 in 1924. Since the establishment of the Personnel Department four years ago, 75,995
applicants for employment have been interviewed, of whom
3,254 men and 906 women were given positions in the Company. The very large number of applications made to the
Personnel Department permits the selection of a high calibre
of employee, and the entire organization is believed to be
unusually efficient, well trained and zealous in the service
both of the Company and of the public.
Approximately 3,200 of the Company's employees are
stockholders, with aggregate holdings of $3,367,800 par
value of stock.
The Pacific Service Employees' Association, a voluntary
organization of employees, now has a paid-up membership of
approximately 7,500. The activities of this association embrace educational courses, social gatherings and entertainment of various sorts, and the rendering of financial aid in
eases of necessity. $23,720 was paid in the form of disability insurance to membe..s of the association's disability plan.
APR. 24 1926.]
THE CHRONICLE
In the past twelve and one-half years, $382,798 has been
paid to pensioned employees, of which $55,061 was paid in
1925. There were at the close of the year 76 pensioners on
the payroll receiving an average of $6337 per month. The
average age of pensioners upon retirement was 65 years
and 8 months, and the average life subsequent to retirement
5 years and 4 months.
No report of this character would be complete without an
expression of sincere appreciation of the loyal and effective
work of the Company's entire personnel.
For the Board of Directors,
W. E. CREED, President.
CERTIFICATE OF AUDIT.
We have audited the books and accounts of the Pacific
Gas and Electric Company and subsidiary companies for
the year ended December 31 1925, and
WE HEREBY CERTIFY that, in our opinion, the above
Consolidated Balance Sheet is correct.
HASKINS k SELLS.
San Francisco, March 301926.
PACIFIC GAS AND ELECTRIC COMPANY AND
SUBSIDIARY COMPANIES.
2367
PACIFIC GAS AND ELECTRIC COMPANY AND
SUBSIDIARY COMPANIES.
CONSOLIDATED BALANCE SHEET DECEMBER 31 1925.
ASSETS.
$273.815.667 80
Plants and Properties
9,001.485 45
Discount and Expenses on Capital Stocks
194.724 93
Investments
Trustees of Sinking Funds (excluding Company Bonds
in Sinking Funds):
5223,789 85
Cash
Accrued interest on bonds held in Sinking
153.274 40
Funds
Total Trustees of Sinking Funds
Cash in Hands of Trustees—For redemption of notes
matured
Advancesfor Construction—Leased properties
Current Assets:
$1,538.865 38
Cash
$420,354 01
Notes receivable
4.939,37986
Accounts receivable
377,064 25
3,292 50
1.727.154 99
$5,359,733 87
Total
Less reserve for doubtful ac60.744 39
counts and notes
5,298.989 48
Remainder
Installments receivable from subscribers to
first preferred and common capitarstocks 342,762 63
6,222,201 70
Materials and supplies
663 98
Accrued interest on investments
13.403,483 15
Total Current Assets
Deferred Charges:
Unamortlzed bond discount and expenses_ _$8,629.693 28
Prepaid taxes and undistributed suspense
201.951 30
items
CONSOLIDATED STATEMENT OF INCOME AND PROFIT AND
LOSS FOR THE YEAR ENDED DEC. 31 1925.
$47.729.079 28
Gross Operating Revenue
8.831,64458
Total Deferred Charges
Expenses:
$3.529,129 25
Maintenance
$3307,354.517 65
Total
Operating, distribution and administration
20,873,982 66
expenses
LIABILITIES.
4,495.600
Taxes
Capital Stocks of Pacific Gas and Electric Company,
3.807,99049
Depreciation
including Stocks subscribed for but not fully paid:
32,706.702 54
Total
$54,916,531 91
First Preferred Capital Stock
$15,022,376 74
Common Capital Stock_ —S79,827,715 00
Net Operating Revenue
Miscellaneous Income
337,817 79
Less—Owned by Subsidiary
31.696,86666
Company
$15,360,194.53
Gross Income
48.130.848 34
Deduct:
Bonds
$8,518,591 15
Interest on
Total Capital Stocks of Pacific Gas & Electric Company3103,047,380 25
89,368 00
Miscellaneous Interest
Capital Stocks of Subsidiary Companies not held by the
Total
$8,607,959 15
Pacific Gas & Electric Company and Unpaid Dividends
1.529.775 91
Less Interest charged to Construction
16.303 51
thereon
Remainder
Funded Debt:
$7,078,183 24
Pacific Gas & Electric Company Bonds.._$121,517,000 00
Amortization of Bond Discount and Expenses 430,654 27
40.335,800 00
Bonds of Subsidiary Companies
Total
$7,608,837.51
Net Income
$7,851.357 02
161.852.800 00
Total Funded Debt
Surplus, January 1 1925
9.760.96043 Current Liabilities:
52,194,626 93
Accounts Payable
Surplus
Gross
$17.612.317 45
501,529 27
Drafts Outstanding
Less Net Profit and Loss Charges
142.265 24
759,474 21
Meter and Line Deposits
Surplus Before Deducting Dividends
$17.470,052 21
959,122 79
Dividends
Dividends:
447.757 25
Bond Interest Due
$3,265,433 55
On Preferred Capital Stock (6%)
1.856.671 77
Accrued Interest—not due
On Common Capital Stock (8%)
3,624.337 36
2.581.675 45
Accrued Taxes—not due
Total
56,889.771 01
9,300.857 67
Total Current Liabilities
510.580.281 20
Surplus December 31 1925
Reserves:
For Northern California Power Company
Consolidated Plant Adjustments and
$1,647,658 65
CERTIFICATE OF AUDIT.
Accrued Depreciation
18,387.921 38
Depreciation
We have audited the books and accounts of the Pacific
707,554 72
Insurance and Casualty
Reserve for amounts charged during 1913,
Gas and Electric Company and subsidiary companies for
1914. 1915. 1916 and 1917 to consumers
the year ended December 31 1925, and
in excess of rates allowed by city ordi1.813.760 27
nances
WE HDREBY CERTIFY that, in our opinion, the above
Consolidated Statesment of Income and Profit and Loss is
correct.
HASKINS & SELLS.
San Francisco, March 30 1926.
Total Reserves
Surplus, per Exhibit"B"
Total
22,556,895 02
10.580,281 20
5307,354.517 65
PAN AMERICAN PETROLEUM & TRANSPORT COMPANY
-1925.
ANNUAL REPORT
New York, N. Y., April 19 1926.
To the Stockholders of the
Pan American Petroleum i Transport Company:
There is presented herewith the following certified financial statements of the Pan American Petroleum & Transport
Company and its owned and controlled companies:
1. Consolidated Balance Sheet as of December 31 1925;
2. Consolidated Surplus as of December 31 1925;
3. Consolidated Profit and Loss Account for the year
ended December 31 1925.
OWNED AND CONTROLLED COMPANIES.
A list of the owned and controlled companies, whose accounts have been consolidated with those of your Company,
appears on a preceding page of this [pamphlet] report.
The stock of the Pan American Petroleum Company,
which Company operates in the State of California, was
disposed of as of January 1 1925, and consequently its
assets, liabilities and results of operations are not included
in the accompanying statements.
Your Company acquired during the year the entire capital
stocks of the Southern Crude Oil Purchasing Company and
the Souhtern Pipe Line Company, now operating in the
Southern oil fields of the United States.
The name of the Pan American Southern Petroleum Company, a marketing company operating in the Southern section of the United States, was changed to the Pan American
Petroleum Corporation.
The holdings of your Company in the stocks of its controlled companies, viz.: The Mexican Petroleum Company,
Ltd., of Delaware, and The Caloric Company, slightly increased during the year, the holdings at December 31 1925
representing interests of approximately 98% and 802-3%,
respectively. The subsidiaries of the Mexican Petroleum
Company, Ltd., of Delaware, were, with a minor exception,
owned by that Company in their entirety.
CONSOLIDATED NET PROFIT.
You will note by reference to the accompanying Consolidated Profit and Loss Account that the net profit, after
provision for interest, depreciation and taxes, amounted to
$27,335,994 75, equivalent to $995 (19.9%) per share on the
average capital stock outstanding. This compares with
$15,185,072 10, or $585 per share for the year 1924, and,
therefore, represents an increase of about $12,150,00000,
or 80%. The 1925 Profits include no California operations,
since, as previously stated, the Pan American Petroleum
Company was sold by the parent company as of January 1
1925.
2368
171 I4
J lite)
VoL. 122.
CONSOLIDATED SURPLUS.
The inventories of oil at December 31 1925 amounted to
Petroleum
$12,903,340 11. This oil is carried at cost, which is substan- Surplus of Pan American surplus of & Transport Company
and its proportion of
controlled companies.
Dec. 31 1924 (as per published accounts)
$11,832,604 83
tially less than sales prices.
Add—Net profit of the Pan American Petroleum &
Transport Company and its proportion of profit of owned and
PRODUCTION.
controlled companies for the year ending Dec. 31 1925
(as above)
27,335.994 75.
The production from your lands during the year 1925
$39,168,599 58.
aggregated 'approximately 38,600,000 barrels, or about 105,- Deduct—Adjustments resulting froMsales of stocks of owned
companies, premiums received on sale of Pan American
000 barrels per day. This represents an increase of about
Petroleum & Transport Company stock, &c
7,333,075 39
2,000,000 barrels over the production for the previous year.
$31,835,524 19.
Pan Amer-
Deduct—Dividends paid (or
accrued)to public by
DIVIDENDS AND TAXES.
ican Petroleum & Transport Company
16,477,043 63
Cash dividends for the year, paid to stockholders of the
Consolidated surplus December 31 1925
$15,358,480 56.
Pan American Petroleum & Transport Company, amounted
to $16,477,04300, equivalent to $600 (12%) per share per
PAN AMERICAN PETROLEUM & TRANSPORT
annum.
COMPANY
Company, LimDividends paid by the Mexican Petroleum
OWNED AND CONTROLLED COMPANIES.
ited, of Delaware, and of which your Company received its
CONSOLIDATED BALANCE SHEET DEC. 31 1925.
proportionate share, amounted to $6,477,432 00, equivalent
ASSETS.
to 8% on the preferred stock and 12% on the common stock. Cost of Properties:
Oil lands, leases and development, steamTaxes paid and accrued to the Governments of the United
ships, refineries, marketing stations
and facilities, &c
States and Mexico amounted to $13,651,000.
$177,530,560 55
Less—Reserve for depreciation and de-
pletion
67,349,688 59
PROPERTIES.
, .
$110 180 871 96
Cash in Hands of Trustees under Mortgages
984,813 20
,
From the attached Balance Sheet you will note that the
Investments—At Cost:
cost of Properties at December 31 1925 stood at $177,530,Stocks of affiliated companies:
I ago Oil & Transport Corporation
$6,959,938 47
56000, which, as to class of properties, may be summarized
American 011 Company
1.750.00000
Pan American Western Petroleum Comas follows:
pany
Oil lands, leases and development
Pipe Line facilities
Storage facilities
Refining facilities
Marketing facilities
Marine equipment
Miscellaneous
$79,769,054
13,877,770
4,051,119
17,276,298
23.694,068
37.932,242
930.009
$177,530,560
Against the cost of Properties, asa bove, reserves for depreciation and depletion have been provided in the amount
of $67,349,688 00, leaving net $110,180,871 00.
The decrease in the Cost of Properties, as compared with
the previous year, is due to the sale of the California properties.
LAGO OIL & TRANSPORT CORPORATION.
The Balance Sheet shows an investment in this Company
at December 31 1925 of $6,959,938, representing the cost of
497,869 Class "A" shares and 1,000,000 Class "B" shares of
the capital stocks of the Company. The present market
value of these stocks, based on exchange market quotations
of the Class "A" stock, is approximately $25,000,000.
As the result of options exercised early in 1926, your
Company has acquired a majority of the capital stocks of
the Lago Oil & Transport Corporation, and has assumed the
Management of the Company, as well as of its operating
subsidiaries.
QUICK ASSET POSITION.
The Current Assets aggregated $53,497,700, as compared
with Current Liabilities of $16,607,700, a ratio in excess of
3 to 1. Current Assets include cash $21,953,600 and oil inventories, priced at cost, $12,903,300. The Current Assets
are $20,107,000 in excess of the Combined Current Liabilities and Bonded and Mortgage Debt.
15
-year 6% sinking fund notes__ _
Miscellaneous stocks
11,250,000 00
162,562 16
Current Assets:
Inventories (at cost):
Crude and fuel oil and refined products $12,903,340 11
Materials and supplies
7,337,394 43
$20,240,734 54
11,303.374 47
21,953,685 18
Accounts receivable
Cash
United States Government (Amount Payable in Oil)
Mexican Government:
MDeposit to protect minority interest in certain land under
development (3,000,000 Pesos)
Deferred Charges:
Prepaid insurance, taxes and rentals_ _ _
$632,725 94
TJnamortized bond discount
1,102,785 34
Prepaid steamship transportation expense
170,120 90
Miscellaneous
328.614 34
20,122.50063
53,497,794 19
599,208 54
/,500.000 00
2,234,246 52
$189,119,435 04
LIABILITIES.
Capital Stock Outstanding (in hands of public):
Pan American Petroleum & Transport Co.:
Par Value
per share.
Common
$5000 $5007795000
Common, Class B
50 00
87,738,100 00
Controlled companies:
Mexican Petroleum Co., Ltd., of Delaware:
Preferred, 8% non-cumulative
Common
The Caloric Company:
Preferred 8% cumulative
Common
Mexican Petroleum Co. (Cal.)
$137,816,050 00
100 00
100 00
159,600 00
888,800 00
100 00
100 00
1 00
57,514 00
186,086 00
40,369 00
$139,148,419 00
Bonded and Mortgage Debt:
Pan American Petroleum & Transport
Co. first lien marine equipment 7%
convertible gold bonds
$4,726,500 00
Pan American Petroleum St Transport
Co. 10
-year 6% convertible sinking
fund gold bonds
11,076.900 00
Iluasteca Petroleum Co. and Mexican
Petroleum Co., Ltd., of Delaware joint
6% gold bonds
CONCLUSION.
259,500 00
Huasteca.Petroleum Co. Coast Pipe Line
first mortgage 6% gold bonds
The Management feels that the results for the year and
601,800 00
Mexican Petroleum Co. (Cal.) sinking
the present financial condition of the Company are highly
fund 6% gold bonds
75,300 00
Mortgages secured by lands
43,000 00
satisfactory. It further believes that through the acquisi16.783,00000
tion of control of the Lago Oil & Transport Corporation, Current Liabilities:
Accounts payable
$4,876,352 86
Notes payable
previously mentioned, the already strong and satisfactory
857,299 92
Dividends accrued, payable in Jan. 1926_
4.163,76000
crude oil position has been materially strengthened, and it
Provision for taxes and contingencies_
6,710,319 09
16,607,731 87
looks forward with confidence to the continued prosperity Surplus:
Applicable to Pan American Petroleum &
of your Company.
Transport Co.(per attached statement)
Applicable to minority stockholders of $15,358,480 56
Respectfully submitted,
controlled companies
1,221,803 61
F. H. WICKETT, Chairman.
16,580.284117
$189,119,43504
PAN AMERICAN PETROLEUM & TRANSPORT
COMPANY
OWNED AND CONTROLLED COMPANIES.
CONSOLIDATED PROFIT AND LOSS ACCOUNT, YEAR ENDING
DECEMBER 31 1925.
$41,973.195 76
Profit from operations
79,220 76
Deduct—Interest and amortization charges (net)
Deduct—Provision for depreciation and depletion
$41,893,975 00
10,053,518 67
Deduct—Provision for Federal taxes
$31,840,456 33
4,000,000 00
Net profit before deducting minority interest
$27,840,456 33
Deduct—Proportion thereof applicable to minority interest
504,461 58
Net profit for year ending Dec. 31 1925
$27,335,994 75
We have examined the books and accounts of the Pan
American Petroleum & Transport Company and of the companies owned and controlled by it for the year ending December 31 1925 and find that the above balance sheet and
relative profit and loss account have been correctly prepared therefrom. No attempt has been made in these
accounts to reflect the claims involved in the pending litigation between the company and the United States; on this
basis we certify that, in our opinion, the above balance
sheet and relative profit and loss account fairly set forth
the financial position of the combined companies at December 31 1925 and the result of their operations for the year.
PRICE, WATERHOTJSE & CO.
36 Pine Street, New York, April 15 1926.
2369
THE CHRONICLE
APR. 24 19261
SOUTHERN CALIFORNIA EDISON COMPANY
ANNUAL REPORT TO THE STOCKHOLDERS—FOR THE YEAR 1925.
Los Angeles, March 19 1926.
To the Stockholders of
Southern California Edison Company:
Herewith is submitted the thirtieth annual report of this
Company and its predecessor companies, this being my
twenty-fifth annual report.
The Auditors' Certificate of Arthur Andersen and Company, Certified Public Accountants, appears on page 28
[pamphlet report] and serves to verify the general balance
sheet, statement of income and surplus accounts.
FINANCIAL.
The results of the Company's operations during the year
1925 stand pre-eminent in two respects. The gross earnings
for the year were the largest in the history of the Company.
Inversely, the costs of operation show a record of economy
and frugal management unparalleled in our history, enabling us in this one year to retrieve a substantial part of
the excessive costs of operation which we were called upon
to meet out of our contingency reserves by reason of the
untoward conditions and water shortage of the 3
-ear 1924,
as detailed in my last annual report.
The gross earnings as set forth in the ensuing comparative income statement amounted to $24,832,402 22, representing an increase of 16% over the year preceding. A
record total of 163,484 horsepower new business (exclusive
of resale power) was contracted, representing estimated
annual gross revenue of $3,490,000. The connected load at
the end of 1925 was 1,237,598 horsepower, an increase of
23%. The Company sold at consumers' meters in 1925 a
total of 1,558,260,579 kilowatt hours of electricity, an increase of 15%. The increase in gross earnings was a most
substantial one, but it is evident from the amount of new
business connected that the consumption per horsepower did
not fully recover from the curtailment brought about by
conditions in the year 1924. This affords a margin in the
coining year for augmented earnings from the business already connected.
26.000.000
24000.000
22.000.000
20.000,000
18.000.000
16000.000 in
14.000.000 cc
,
_3
12000,000 —1
10.000.000
8.000.000
24,832.000
.
A — .i.$s f
TN; S
-.....„4,„„iiS
0
...i....ssolaisM
Imir- • AL
6.000.000
4000.000
18,581,000
Nri_ ims. s-
„........
......-
9220,568
8271,704
5 7,3 0,000
4
-.7....N.
I.. .:
/
.......a9:1112.• WV ,. DS
•
2.000.000
YEAR 1915 1918 1917 1918 1919 19201921 1922 192311924 1925
CHART A.
Earnings and Expenses, 1915 to 1925, Inclusive.
The same rigid operating regime with which we met the
exigencies of the previous year was carried on throughout
1925. Notwithstanding the larger volume of business transacted, the ratio of operating expenses to gross earnings was
33% after including taxes of $1,969,437 58 (Increased 17%),
which is an arbitrary charge paid by the Company to Federal, State and local sources. The reduction in operating
expenses, including taxes, amounted to $4,722,075 27, or
36%. This readjustment was brought about primarily by
the return of average conditions of water supply supplemented by the splendid efficiencies attained at our new
Long Beach steam plant, an account of which appears in
this report, and to no small degree by the general resourcefulness of our operating organization.
As a result the net earnings showed a recovery from last
year's reduced basis and a very satisfactory margin of increase, being 2.85 times the year's total Interest requirements chargeable to operation. After setting aside adequate depreciation, including an additional sum of $457,482 61 to supplement the amount charged off in 1924, a balance of $7,340,12902 remained for dividends and surplus.
At the time of this issue the recorded precipitation is such
as to reasonably insure seasonal conditions throughout the
territory in the year 1926. With a formidable campaign of
new business and expansion well under way, the earnings
outlook is most optimistic.
FINANCING.
On January 15 1926 your Board of Directors voted unani.
mously to amend the Company's articles of incorporation so
as to change the par value of all classes of stock from
$10000 per share as at present to $2500 per share, and to
reclassify the authorized capital stock. Notice of this action
and of the fact that it is to be voted on at the Annual Stockholders' Meeting has already been given in my letter to you
under date of February 1 1926. However, as a matter of
record, it seems appropriate to summarize the changed
classification in this report and to comment briefly on the
matter. The proposed plan preserves the status of each individual stockholder in every particular, with respect to
equity, voting rights and privileges, and involves only the
exchange of stock certificates, each stockholder to receive
four shares of the same class of stock for each share now
held. This change is equally beneficial to all stockholders,
the small as well as the large holder, and will strengthen
the position of present stockholders as it places the Company in a more advantageous position to continue the distribution of its capital stock to consumers and the public,
at a relatively higher price, and consequently lower cost
of money. It will be noted that the present total capitalization will not be disturbed, provision being made for a new
authorized issue of Series "C" 52 Preferred stock for
/
1
%
future sale, by revisions in other authorized classes provided for in the present capital structure. Every share of
stock owned by our partners in the business is vested with
full voting rights in the Company.
The present classification of the Company's authorized
capital stock of par value $10000 per share is as follows:
Original Preferred
Preferred Series A 7%
Preferred Series B 6V
Preferred Series C 5%
Common
84,000,000 00
60,000,000 00
40,000,000 00
21,000,000 00
125,000,000 00
Total
8250,000,000 00
The proposed classification changing the par value to
$25 00 per share is as follows:
Original Preferred
Preferred Series A 7%
Preferred Series D 6%
Preferred Series C 5%%
Preferred Series D 5%
Common
84,000.000 00
30,000,000 00
50,000.000 00
20.000,00090
21,000,000 00
125,000.000 00
Total
8250,000,000 00
During the year debentures and underlying bonds to the
amount of $1,641,100 were taken up, making a retirement
of this amount in tnese capital liabilities for that period...
The total assets of the Company increased $19,302,000 during the year, amounting to $240,394,000 at December 31 1925.
Chart B shows the growth in total assets during the past ten
years, indicating an increase of 540%. Your Directors have
adopted a budget of $32,558,000 for capital expenditures
during the year 1926, as detailed later in this report.
YEAR
1915
-'l
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925 -
,,-
TOTAL ASSETS
$37033000
37.632.000
88528.000
88499.000
100457.000
122051.000
142065.000
159.619.000
188.975.000
221.092000
240.394000
.-
CHART B.
Growth in Total Assets, 1915 to 1925, Inclusive.
DIVIDENDS.
The company continued its long uninterrupted dividend
record during the year. Regular dividends amounting to
$6,409,646 35 were paid in cash on all classes of capital stock
outstanding, segregated as follows:
Original Preferred
Second Preferred (retired)
Series A Preferred
Series 11 Preferred
Common
Total
Numbet.
65
20
13
7
63
Amount
Year 1925.
8320,000 00
1,545,632 51
782,641 94
3.761.371 90
86.409,646 35
SECURITY SALES.
Total
Amount.
$4,280,000 00
3.003.134 75
2,941.838 49
1,082.269 04
23.398,538 18
834,705.780 46
Sustained interest in the Company's "Customer-Ownership" plan and general recognition of the intrinsic worth of
its capital stock as a prime investment made available sufficient funds at favorable interest rates for financing new
capital requirements from the sale of stock throughout the
year. With unquestioned earning power and an established
record of dividends, the Company has so well demonstrated
the soundness of its junior securities to the investors in this
THE CHRONICLE
2370
(Vol.. 122.
territory, that an extensive and permanent market has been
developed from which capital requisite for plant expansion
may be drawn in due proportion at reasonable cost. Through
the sale of its stock it enjoys the advantage in its financial
structure of an increasing equity in the property so that if
later it is necessary to finance through senior securities the
probabilities are enhanced for obtaining funds in the open
market on a more favorable basis. Early in the year 105,304 shares of Series "A" 7% Cumulative Preferred stock,
par value $10,530,400, were sold on the "Customer-Ownership" plan at a yield of 6.73%. Later in the year, to take
advantage of lowering money rates, an issue of 134,805
shares of Series "B" 6% Cumulative Preferred stock, par
value of $13,480,500, was sold as authorized under the readjustment of the Company's capital structure a few years
ago. This was marketed on a 6.32% yield and attested to
the Company's credit ability and favorable financial position.
Cash proceeds from these two issues and from maturing
installment payments on previous sales amounted to the remarkable total of $23,730,08039 for the year 1925, which,
as stated above, were sufficient to finance new capital requirements without increasing the bonded debt.
During the year 10,166 stockholders were added to the
growing list of partners in this enterprise, an increase of
14.5% for the twelve-month period. Ownership of the Company is now distributed among 80,269 stockholders, with an
average holding of 12% shares each. This compares with
1,864 stockholders, with average holdings of 77.4 shares
each in 1917, when distribution of the Company's stock
among its customers and the local public was started. At
the close of the year the equivalent of one customer in every
four owned stock in the Company. They who have thus
invested part of their savings recognize the advantage of
becoming part owners of an expanding electric utility in a
growing territory. As a contributing factor in the economic
development of Central and Southern California, the easy
savings plan under which the Company's stock may be purchased is a stimulus to thrift and an incentive to the investment of small, regular savings into channels offering a
high margin of stability and safety.
The Shaver Lake project is the next logical step in the
Big Creek development and includes the diversion of the
waters of Mono and Bear Creeks into the Florence Lake
tunnel; construction of a conduit between Huntington Lake
and Shaver Lake; the erection of a large dam at Shaver
Lake for the creation of a reservoir impounding 138,000
acre feet of water and, finally, the construction of another
power house adjacent to Big Creek Power House No. 2 to be
known as Power House No. 2A. Work is progressing on the
Huntington Lake-Shaver Lake conduit which involves 4.8
miles of tunnel work and the plans contemplate completion
of this entire project with Power House No. 2A ready for
operation by mid-summer of 1928.
The map on pages 16 and 17 [pamphlet report] illustrates
pictorially progress to date and contemplated developments
to 1930 on the East Side Development of the Big Creek-San
Joaquin River Project. Located in the Sierra Nevada Mountains, approximately 70 miles northeast of Fresno, Calif.,
this entire project embraces a drainage area of 1,200 square
miles and includes five artificial lakes or reservoirs, the
largest of which are Huntington Lake, with storage capacity of 88,000 acre feet, and Shaver Lake, which upon completion in 1928 will impound 138,000 acre feet of water.
Elevation at Huntington Lake is 6,950 feet and at Shaver
Lake 5,370 feet. Power Houses No. 1 and No. 2 operate
under heads of 2,131 feet and 1,858 feet, respectively. Total
drop from Huntington Lake to Power House No. 3 is 5,550
feet. Present generating capacities in the plants shown on
the map aggregate 345,700 horsepower.
In view of the Company's particular interest in the technique of arch dam construction and possible economies to
be effected in such work, it has been largely instrumental
under the auspices of the Engineering Foundation in enlisting the interest and co-operation of other utility companies
and organizations in the construction of an experimental
arch dam in the Big Creek territory. This experiment aims
to develop the principles of arch dam design, with the expectation that structures very much lighter than those demanded by present practice may be adequate to function
safely. The successful outcome of this experiment will be
very far reaching.
CAPITAL EXPENDITURES.
LONG BEACH STEAM POWER PLANT.
The principal items of capital expenditures were as folWater power has been so much in prominence within the
lows:
last few years that necessity for steam plants to make the
$5,936,766 17
Big Creek Water Power Plants under Construction
2,692,138 23 effective operation with any water power system possible
Additions to Long Beach Steam Plant
1.212.554 44 has been a secondary consideration.
While steam
Additioneito 220,000 volt Transmission System
349.230 42
Transmission and Telephone Linea
1.878,727 93 power from modern plants is to-day, taken by itself,
Sub-stations
4,754.909 66 at least as cheap as water power, the cheapest power of all
Electric Distribution System
General Store, Shop and Test Depts., Buildings, Equipment.
69.564 41 comes from the scientific combination of these two sources;
and Miscellaneous
DistrictiStores
the combination is cheaper than either one singly. Not only
$16,893.891 28 have the California companies, including your Company, the
Total
A description of the important items of construction is longest transmission lines operating at the greatest pressure
and the highest head water power drops, but recently they
given under Water Power and System Development.
have come to the front with world's record steam plant inWATER POWER AND SYSTEM DEVELOPMENT.
stallations. It is gratifying to know that your Company, as
recommendation of the Company's Engineering Com- usual, has been progressive in this respect.
Upon
mittee, your Board of Directors approved an appropriation
As an example of the increase in steam plant efficiency,
of $32,558,000 for new construction expenditures during the results being obtained from the new Long Beach Steam
principal items of this budget, the largest ever Plant show an increase of 75% of electricity generated for
1926. The
authorized in the history of the Company, are as follows:
each barrel of oil consumed or gas equivalent as compared
$6,970,000 00 with the first Long Beach plant placed in operation eleven
Water Power Development
6,033,000 00
Steam Power Development
220,000 Volt Transmission Lines. Sub-stations and Rights- 7.582,000 00 years ago. The item appearing in the statement of capital
-way
of
expenditures represents the final completion of expenditures
1,623,000
Transmission Lines and Sub-stations (60.000 volts and under) 9.108.000 00 on the enlargement of this plant which was finished and
00
Distribution Linea and Sub-stations
System Betterin 1924.
Miscellaneous Buildings and Equipment,
1,242,000 00 put into operation late
ments, Subsidiary Companies. drc
From an economic study of the Company's power devel$32,558.000 00 opment program, taking into consideration the rapidly inTotal
creasing load, it has been found necessary to further enlarge
BIG ORBEK-SAN JOAQUIN RIVER DEVELOPMENT.
The sum of $5,936,766 17 appearing in the statement of the Long Beach Steam Plant and increase its generating
capital expenditures represents new construction work on capacity. The extension was started early last September
this project during 1925. With the completion of the Flor- and is now well advanced, the concrete foundations supence Lake tunnel described in my last report, construction ported on 5,500 wooden piles being completed and the steel
work was begun on the Florence Lake dam, a multiple arch superstructure proceeding rapidly. The new unit will be
concrete structure designed to impound the upper waters of the same type as those installed during 1924 but of a larger
the South fork of the San Joaquin River, creating a reser- capacity. This unit of 80,000 horsepower, one of the largest
voir from which the waters are conveyed through the 13%- single-cylinder turbines ever built, is scheduled to be in
mile Florence Lake tunnel to Huntington Lake reservoir and operation by July 1 1926, and will increase the capacity at
thence passed in series through the chain of power houses the Long Beach Plant to 287,600 horsepower, making it the
below. This dam has been built to a height sufficient to largest steam plant in the West. In addition to the estiimpound 30,000 acre feet of water, about one-half of the mated expenditure of $5,500,000 on this new installation, the
1926 budget includes certain anticipated expenditures for
ultimate capacity.
Installation of additional generating units totaling 55,000 further steam power development as warranted by investihorsepower rated capacity in Big Creek No. 1 and No. 2 gations now in progress.
power houses to utilize the additional water available
TRANSMISSION.
through the Florence Lake tunnel was completed this year.
The recent large increments to power supply in the Big
The Company now has generating capacities in the plants
located on the Big Creek-San Joaquin River project alone Creek plants have taxed the two existing 220,000 volt transaggregating 345,700 horsepower. While no additional water mission lines to maximum capacity. Additional transmispower plants are scheduled for completion in 1926, the Com- sion facilities, therefore, are necessary to take care of future
pany is actively proceeding with its program of water power generating stations contemplated in that territory. A third
development on this project. Reference has been made to steel tower transmission line, 230 miles in length, from Big
the Florence Lake dam. This is the final step in the Flor- Creek to the environs of Los Angeles, has been under conence Lake project and will make available the run-off from struction since September 1. This is to be known as the
a water shed of 170 square miles as compared with ap- Vincent Transmission Line. It is to be operated at 220.000
proximately 80 square miles draining into Huntington Lake. volts and will have an electrical carrying capacity of 200,This darn, 3,200 feet in length, will be completed to its maxi- 000 horsepower. The cost of this construction, including
mum height of 147 feet during the year 1926, increasing the additions to substations, is estimated at $11,000,000. Completion of the southern segment between Los Angeles and
impounded storage to over 60,000 acre feet.
APR. 24 1926.]
THE CHRONICLE
Magunden Switching Station is scheduled for the early part
of 1927 and final completion in the spring of 1928. This
will involve additional facilities at Eagle Rock and the
Laguna Bell stations, the southern termini of the 220,000
volt lines.
OPERATION.
Comprising a total operating capacity of 735,700 horsepower located in twenty water power plants and four steam
plants, all inter-connected by an extensive network of transmission lines, the Company's system is one of the largest
and most modern electric systems in the world. The economic advantage of such an extensive unified system, serving the diversified demands of both urban and rural loads,
is the basis of the Company's consistent growth.
Water from the Florence Lake tunnel made available
335,780,000 kilowatt hours, which exceeded our estimates
of production from this source for the year. This output
was equivalent to 20% of the total energy produced at our
twenty water power plants during 1925.
In the operation of our steam plants, which are designed
for both oil and gas fuels, the consumption of 4,344,259 M.
cubic feet of natural gas was recorded, which gas would
otherwise have gone to waste. The operations of the Company's generating plants, both hydro and steam, are therefore an important factor in the conservation of our natural
resources.
Many economies were likewise effected during the year
by a strict enforcement of an operating budget system.
TERRITORY SERVED.
A reliable survey recently completed shows a population
in excess of 2,500,000 in the ten counties of Southern and
Central California, including 360 cities and towns served
by your Company at the close of 1925. This is an increase of
80% in five years. The density of this population over an
area of 55,000 square miles is 46 per square mile, a very low
figure, which indicates the great possibilities of the territory for further development as the population increases.
Over 98% of all the families in this region use electricity
and a steadily increasing demand for the Company's product was recorded this year. The multiplicity of uses to
which electricity may be applied in the home is noted in the
Increased residential load. The augmented demand for electric power from the many growing industrial centres showed
a significant expansion and the requirements of agriculturalists and rural consumers indicated a more extensive development of this important field. Within the ten comities
served there are in excess of 30.000,000 acres, of
8,000,000 acres are farm lands. Over 14,000 farms, which
gating 1,100,000 acres and representing 26% of theaggretotal
farms in the territory served by the Company, use
electricity for irrigation and the reclaiming of semi-arid
lands.
Street lighting, street railway systems and many
interurban railway systems are supplied large miles of
blocks of
power by the Company and electric power is
wholesaled to
a number of municipalities for local distribution
.
end of 1925 there were 327,070 consumers on the At the
lines, of
whom 298,813 were lighting, 17,500 industrial and
10,757
agricultural consumers. An additional 250,000
are served by the Company indirectly in certain consumers
municipalities where energy is delivered on a wholesale basis.
For the convenience of our customers and the
cient operation of the business, the territory is more effithirty-two geographical districts, each being a divided into
complete organization unit. A new district, known as Big
Creek, was
formed during the year.
Your Company's properties have been
maintained in excellent condition during the year,
ing been made for depreciation substantial provision havquate insurance covering fire, and.replacements, and adeearthquake, casualty and
other contingencies continued in force.
The
an excellent financial position, enjoys the Company is in
confidence and
support of the public in its territory,
and anticipates prosperous conditions and active business
during the year 1926.
The splendid spirit of loyalty pervading
zation and the high degree of efficiency the entire organimaintained by it
have been contributing factors in the
accomplishments of
the year.
By order of the Board of Directors,
JOHN B. MILLER, President.
AUDITORS' CERTIFICATE.
ARTHUR ANDERSEN
Certified Public Accountants& 00.
(Illinois)
Harris Trust Building, Chicago.
We have audited the books and records of
the SOUTHERN CALIFORNIA EDISON COMPANY for the year
ing December 81 1925. We did not audit the books endrecords of its owned and controlled companies but and
furnished with balance sheets and income accounts were
covering the audit period.
On the foregoing basis we CERTIFY that, in our opinion,
the attached Balance Sheet, and Income and Surplus Accounts correctly reflect the financial condition of the
company at December 31 1925 and the results from operations
for the year ended that date.
ARTHUR ANDERSEN WO.
February 17 1926.
2371
SOUTHERN CALIFORNIA EDISON COMPANY.
INCOME ACCOUNT AND SUMMARY OF SURPLUS
ACCOUNT FOR THE YEAR ENDED
DECEMBER 31 1925.
Gross Earnings:
Operating Revenues—
Lighting
Power
Miscellaneous
INCOME ACCOUNT.
*8.573.359.67
15.710.264.37
39.056 32
Total Operating Revenues
Non-Operating Revenues (net)
Total Gross Earnings
Operating Expenses and Taxes:
Operation
aintenance
Taxes
*24.322.68036
509.721 86
*24.832,40222
$5,093.130 64
1.207.970 64
1.970,603 01
8.271.704 20
Net Earnings before Depreciation
*16.560,697 93
Interest Deductions:
Interest on Funded Debt
*6,422.50923
General Interest
321.242 53
Amortization of Bond Discount and Expense 381,745 98
*7,125.497 76
Less—Amount Charged to Construction---- 1.305.685 13
5.819.812 63
Surplus Net Income before Depreciation
*10.740.88530
Providon for Depreciation (including *457,482 61
Additional Reserve for year 1924)
3,400.756 28
Balance Carried to Surplus
*7.340.129 02
SUMMARY Or SURPLUS ACCOUNT.
Balance Dec. 31 1924
*1,465,91313
Balance of Net Income Carried to Surplus
Year Ended Dec.31 1925, as above
*7.340.12902
Less—Sundry Surplus Items (net)
24.794 51
7.315.334 51
*8.781.24764
Deduct—Dividends-On Preferred Stock
On Common Stock
S2.648.274 45
3.761.371 90
6.409.646 35
Balance Dec. 31 1925, per Balance Sheet
$...371.601 29
BALANCE SHEET.
ASSETS'S].
Capital Assets:
Plant and Properties
$208,727.518 73
Investments in and Advances to Owned
and Controlled Companies
3.301.642 41
Sundry Investments
14.461 42
*212,043.622 56
Special Deposits in Hands of Trustees
259,227 30
Unamortized Discount, Premium and Expense:
Bond Discount and Expense in Process
of Amortization
*6,439.963 89
Stock Discount and Premium (net)
993,885 97
7.433.849 86
Deferred Charges and Prepaid Accounts:
Prepaid Accounts
*263.887 73
Undistributed Clearing Accounts
749.425 25
Sundry Unadjusted Items
615,061 71
1,628,374 69
Due on Subscriptions to Capital Stock:
Officials and Employees
*3.367.10242
Public
2.101.17841
5.468.280 83
Current Assets:
Cash in Banks
*3.237.969 54
Cash Securities
2,250.000 00
Working Funds
121,380 00
Accounts and Notes Receivable
*2,619.542 56
Less—Reserve for Uncollectible Accounts
67,651 59
2.551,89097
Materials and Supplies
5,400,253 48
13,561,493 99
8240.394.849 23
LIABILITIES.
Capital Stock:
Issued and Outstanding—
Original Preferred-40.000 shares of $10000 each. _ _ _ $4,000.000 00
Preferred A=
249,629 shares of $100 each
24.962,900 00
Preferred B-6%. 205,203 shares of $100 each
20,520.300 00
Common-541.077 shares of $100 eacti454,107.700 00
Less—Controlled through ownership of
Stock of Pacific Light and Power
Corporation
10,836,628 00
43.271,072 00
Subscribed for but Unissued—
Preferred—Public
$3.007,800 00
Preferred—Officials and Employees— _ _
692,400 00
Common—Officials and Employees_ -_ _ 4,458,100 00
Common—Public
7.000 00
*92.754.272 00
8,165.300 00
$100.919,572 00
Funded Debt:
Southern California Edison Company—
Refunding Mortgage 6% due (October 1
1913
$26,500,000 00
Seven Per Cent Gold Debenture Bonds
due serially to Jan. 15 1928
2,937.300 00
General and Refunding Mortgage:
5% due Feb. 1 1944
10,000.00000
5Ji% due Feb. 1 1944
10,223,00000
6% due Feb. 1 1944
33.919.000 00
General Mortgage 5% due Nov. 1 1939- 13,360.000 00
Underlying Bonds
16,138,700 00
113,080.000 00
Deferred Liabilities:
•
Consumers' Advances for Construction__ 31,346.725 46
Consumers' Deposits
286,662 01
1.633,38747
Current Liabilities:
Notes Payable
*5,000.00000
Accounts Payable
2,424.026 24
Dividends Payable
80.000 00
7,504,026 24
Accrued Liabilities:
Accrued Interest
$1,984,231 24
Accrued Taxes
1.357.565 58
3.341.79682
Reserves:
Depreciation
$10,789.309 27
Sundry
755,156 14 11,544,46541
Surplus
2,371.601 29
$240,394,849 23
2372
THE CHRONICLE
[Vol,. 122.
CITIES SERVICE COMPANY
SIXTEENTH ANNUAL REPORT—FOR THE YEAR ENDED DECEMBER 31 1925.
The Sixteenth Annual Report of your Board of Directors,
together with the Consolidated Balance Sheet, and other
financial statements of the Company and its Subsidiaries,
for the year 1925, is herewith submitted.
The net earnings of Cities Service Company for the calendar year 1925 available for dividends and reserves, after
deducting interest charges on funded debt, were $16,736,930.
This amount was equal to 3.19 times the Preferred stock
dividend requirement, and after provision therefor left a
balance of $11,496,900, which was 15.24% on the amount of
Common stock outstanding at the end of the year. This
compares with 13.79% for the twelve months ending February 28 1925, when the Common stock was increased to $72,102,174 par value as the result of the redemption at par, on
March 1 of $25,341,182 stock scrip.
The combined gross earnings of the Company and subsidiaries increased from $117,207,691 84 during 1924 to $127,107,86392 during 1925, with a relatively larger increase in
net earnings from $34,755,053 96 to $40,248,61469 during
1925.
This improvement in earnings was due in part to work
accomplished in previous years and continued during the
past year, of rounding out the various operating units in the
different lines of activity, through the acquisition of additional properties and the extension of existing facilities.
Isolated properties have been disposed of on a favorable
basis and new properties have been purchased in contiguous
territory to major operations of your subsidiaries.
The expenditures which have been made on new construction during recent years have borne results the past year
and a study of the operating expenses of your subsidiary
companies indicates a considerable reduction in the unit
cost of manufacture. Also, through the activities of the new
business departments and through the acquisition of additional retail markets in the territories already supplied,
their
your companies have been able to materially increase
sales of gas and electric service.
the
The new capital for improvements and extensions in
subsidiary companies was obtained for the most part
heretofore
through the medium of the financial structures
requirements.
created for the purpose of providing for such
on a more satisAs a result, the new capital was obtained
factory basis.
year was the sale
An important financial operation of the
Bonds by
$10,000,000 par value Six Per Cent Debenture
of
were
Company. The funds realized from this sale
your
Company
to retire convertible debentures of the
used either
Since the close of the
or underlying securities of subsidiaries. Per Cent Debenture
additional amounts of the Six
year,
be applied to the
Bonds have been sold and the funds will
bearing higher
retirement of equal amounts of other series $100,000 par
about
rates of interest. With the exception of subsidiaries conor
value, all securities of the Company
have been called
vertible into Cities Service Preferred Stock
year.
for redemption since the close of the
throughout the country
Business conditions in general
preceding year, and
showed marked improvement over the activities in the probecause of your Company's diversified
industrial operaduction of commodities so essential for all general improvetions and domestic comfort, it shared this
ment.
States
The petroleum industry throughout the United of the
was in better condition during the year than in any averpreceding four years. In the Mid-Continent field, the
higher
age price paid for crude oil during the year was from
than in any of the preceding four years. The prices
variation,
February to the end of the year showed little
unsatIndicating that the industry was recovering from the
isfactory conditions which had theretofore prevailed.
763,The production of crude oil in the United States was year,
000,000 barrels, an increase of 7% over the previous
stocks of
but notwithstanding this increase in production,
showed a decrease of 17,000,000 barrels.
crude oil
The consumption of crude and refined products increased
con6.04%, reaching a total of 822,500,000 barrels. Gasoline
gallons
sumption and exports increased to 11,043,000,000
and
from 8,976,000,000 gallons, or 23%. The stocks of crude
petroleum products in the United States totaled 539,000,000
barrels at the end of the year, an increase of 28,000,000 for
the period, but a decrease of 9,500,000 barrels from the peak
of the storage that existed during the middle of the year.
The outlook for the oil industry for the year 1926 is satisfactory, and it is reasonable to assume that prices, on the
average, will be more favorable than during the year 1925.
The crued oil production in the United States of the Cities
Service subsidiaries was 10,912,211 barrels, as compared
with 9,308,239 barrels for 1924, an increase of 16%. The
prospects for your Company's oil subsidiaries are most encouraging. Plans are being made for the development of
several large blocks of acreage in Louisiana, Texas, Oklahoma and Montana where production has heretofore been
obtained.
The refineries of Cities Service subsidiaries, including the
Empire Refining Company, Cities Surface Refining Company and the Crew Levick Company, ran a total of 9,334,468
barrels of crude oil, an increase of 6.1% over 1924. There
was manufactured from this crude oil 176,425,123 gallons
of gasoline, an increase of 34.5% over the production of
1924, due in part to expenditures previously made in improved refining equipment.
The marketing companies sold 311,864,979 gallons of gasoline during the year, an increase of 15% over the preceding
year. They marketed 690,068,907 gallons of all products, an
increase of 16% over the year 1924.
The business of the export department increased materially during the past year, a total of 129,000,000 gallons of
products being marketed. This represents an increase of
over 30%, which is much larger than the percentage increase
in exports of petroleum products from the United States by
all companies.
The operations of the marine department subsidiaries
were greatly increased during the year. In order to take
care of increased demands for transportation facilities it
was necessary to charter several tank steamers in addition
to those owned or acquired since the last report. At one
time your subsidiaries had under charter nine tank steamers. In view of the increased business, plans are contemplated for the purchase of additional tank steamer tonnage.
In this department, a total of 2,300,000 barrels of oil was
delivered by tankers owned by your subsidiaries to refineries
and storage at Boston,' Philadelphia and New Orleans. In
addition, 1,900,000 barrels were delivered to these points by
tank steamers under charter. In all, 5,500,000 barrels of oil
were transported by water.
In the public utility division of your subsidiaries a new
record of accomplishment was made, both gross and net
earnings exceeding any previous year. Business conditions
in all communities in which your companies operate were
most satisfactory.
In the natural gas subsidiaries, earnings showed a gratifying increase over those of the preceding year, and additional reserves for future supplies of gas were opened. The
gasoline extraction from natural gas totaled over 18,000,000
gallons, which was an Increase of more than 80% over the
preceding year. Continued study is being made looking toward the expansion of this profitable activity of your company.
NEW PROPERTIES AND ADDITIONS.
The trend in the public utility field for several years has
been toward centralization in management and the creation
of large operating units, thus securing improved efficiencies
and better service. This is particularly true in the electrical field where research and development work have resulted in the perfection of single units of large generating
capacity, and in improvement in the practices of transmission and distribution of electrical energy which now make it
possible to carry current great distances economically.
Your Company continued its policy of rounding out its
major operating units through the acquisition of companies
or properties serving adjacent territories, and the sale on
favorable bases of isolated properties which were not integral parts of those activities.
Among the more important acquisitions were:
Natural Gas & Fuel Corporation,Ark. Hutchinson Gas Co. Kansas,
Marblehead Power Co., Ohio.
Newton Gas Co., Kansas.
Brighton Ice. Light & Power Corn- Pittsburgh Gas Company. Kansas.
pany, Colorado.
Wichita Gas Company, leansas.
Suburban Light & Power Co., Colo. Federal Gas Company, Colorado.
Lawrence County Water. Light & Poudre Valley Gas Co., Colorado.
Cold Storage Company. Mo.
The Enterprise Oil Co., Wisconsin.
Pennsylvania Oil Company, Ohio.
Petroleum Service Company, Mass.
Among the properties sold were: The Meridian Light &
Ry. Co., Miss.; Hattiesburg Traction Co., Miss.; City Light
and Water Company, Texas; Lebanon Gas and Fuel Company, Pa.
In your Company's public utility subsidiaries, a number
of important additions were made to existing plants.
A new 20,000 K.W. turbine was placed in service in the
Riverton station of the Empire District Electric Company.
This has provided additional capacity for the load of the
company, which has shown a remarkable growth during the
year. A material reduction in the operating costs has resuited from this installation. Plans have been authorized
for the installation of 3,600 H.P. additional boiler capacity
in that station.
In Toledo the new transmission belt line around the city
is practically completed, which will provide Toledo Indus-
APR. 24 1926.]
THE CHRONICLE
2373
tries in all sections of the city with an adequate power sup- and Oklahoma important gas pipe line extensions were
ply. It was also necessary to add new boiler capacity of made through the construction of more than 150 miles of
7,200 H.P. to the Acme station and work was practically main lines. All new pipe lines constructed traverse rich
natural gas areas and greatly augment the supply of gas
completed during the year.
The Ohio Public Service Company has acquired the elec- available to the market served by your subsidiaries. The
tric lighting system supplying the towns of Marblehead, natural gas-gasoline operations were further extended durDanbury and Lakeside, Ohio, which further increases the ing the year. Four plants were added during the year, two
territory served by that company. It has been necessary for of which were acquired through the purchase by your comthe company to also provide additional transmission facili- pany of the Natural Gas & Fuel Corporation.
In the refining subsidiaries, the Cities Service Refining
ties to take care of its growing demands for power. A new
132,000-volt line is practically completed, connecting the Company of Boston, Massachusetts, made important addiplant at Lorain with Sandusky. Additional transmission tions to its plant and built four new service stations in the
lines were also built across Sandusky Bay at Port Clinton, immediate vicinity. It also enlarged its distributing faciliwhich will provide an adequate supply of power for the in- ties by the purchase of the Petroleum Service Company.
The Crew Levick Company added storage capacity on
dustries in the peninsula opposite Sandusky. It is planned
to eventually extend these lines to Toledo, where they will Petty Island, for 100,000 barrels of gasoline, 40,000 barrels
connect with the system of the Toledo Edison Company. of lubricating oils and 240,000 barrels of crude and fuel oil.
Further inter-connection with the Cleveland Electric Illu- The company has also done considerable work in rounding
minating Company, at Lorain, and the Pennsylvania-Ohio out its Petty Island plant into a complete refinery, which
Electric Company at Warren, through the 132,000-volt trans- should be finished by June of this year. It also added filling
mission system has made this company a more important stations on Long Island, in Brooklyn and New York, and in
some instances acquired real estate in connection with them.
link in the Ohio super-power system.
The Mid-Continent refining companies installed a cracking
Plans were completed during the past year for the construction of a new and modern coke oven gas plant having unit at Gainesville, a new filter house at Okmulgee and
a capacity of 5,000,000 cubic feet per day in Denver for the began the installation of additional cracking units at OkPublic Service Company of Colorado. In this plant there mulgee and Ponca City which will be completed in April.
Your retail marketing companies have materially inwill also be installed 6,000,000 cubic feet daily capacity of
blue gas equipment. When completed this will be one of the creased their facilities in gasoline pumps, lubricating dislargest modern gas plants in the West. To further round pensers, trucks and service stations, and there has been
out holdings in Colorado, the distribution systems in the added by purchase the Pennsylvania Oil Company of Galion,
cities of Brighton and Aurora were purchased. These two Ohio, the Enterprise 011 Company, Eau Claire, Wisconsin,
cities had for some time been served wholesale by the Pub- and, by lease, fuel oil tankage in Chicago.
The development of facilities and marketing of distillates
lic Service Company of Colorado. The Federal Gas Company operating in Boulder, Colorado, and the Poudre Valley for house heating has been aggressively pushed, and our
Gas Company operating in Fort Collins, Colorado, were also business has been materially increased thereby. It is estipurchased during the past year, and arrangements were mated that oil burner installations have increased 35% over
completeed whereby natural gas from the Colorado field will previous years.
In the oil production subsidiaries 198 producing wells
be supplied in Fort Collins and also in Cheyenne, Wyoming.
A new 25,000 K.W. turbine was purchased for the Valmont were completed and but 30 dry holes were drilled. Your
plant and work is now under way on the installation of this subsidiaries now have 4,003 producing oil wells. In this
unit. This will not only provide additional capacity, but development 35 new leases were proven to be productive,
will also make possible additional economies in power pro- embracing approximately 5,000 acres. Early in the year
your Company acquired the Natural Gas and Fuel Corporaduction for the Colorado territory.
engaged in the oil, natural gas, and gasoline extraction
There was also constructed 16 miles of 66,000-volt trans- tion,
mission line from South St. Joseph, Missouri, to East Atchi- business in Union and Ouachita Counties, Arkansas. When
acquired it had only a small oil production, but by the purson, Missouri, and a 9,000 K.V.A. sub-station for the purchase of additional acreage and the development of the
pose of interconnecting the St. Joseph system with that of deeper sands
in the Smackover field, it has now become an
the Kansas Public Service Company.
During the year the Lawrence County Water, Light & Cold Important oil subsidiary of your Company.
Storage Company, which supplies electric service at retail
FOREIGN OPERATIONS.
to the towns at Verona, Aurora, Billings, Marionville, ReThe scope of your foreign oil activities was broadened
public and Crane, Missouri, was acquired. This property is
located adjacent to the transmission line of the Ozark Power during the year through the acquisition of important and
and Water Company and through its purchase your sub- extensive oil rights in Canada and Panama. In the former
sidiaries have materially enlarged their retail market in country rights for the entire Province of Prince Edward
Island were secured and drilling operations were begun and
southwest Missouri.
A new coke oven plant, having a daily capacity of 500,000 are being carried on at a satisfactory rate. In the Republic
cubic feet was completed and placed in operation in Dan- of Panama important prospective regions are being tested
bury, Connecticut. This modern and highly efficient plant and drilling operations are now making good progress.
These activities are directly in keeping with the policy
has brought about a material reduction in the production
cost of gas by the Danbury company. An excellent domestic of your Company to maintain at all times an adequate recoke market exists at Danbury, which will easily absorb serve of potential petroleum acreage.
In the marine subsidiaries, the Cities Service Transportathe entire output of this plant. It was also necessary to
construct a 300.000 cubic foot holder to assist in taking care tion Company purchased in August 1925 the modern steel
tank steamer Hadnot, having a capacity of 75,000 barrels
of the growth in the gas business in that city.
A 500,000 cubic foot holder was purchased for the Tona- of oil. Since the close of the year an additional tanker with
wanda plant of the Republic Light, Heat & Power Company a capacity of 100,000 barrels has been purchased. This
company now has six first-class sea-going tank steamers,
at Tonawanda, N. Y.
During the year the Tallassee plant of the Athens Rail- with a total capacity in excess of 475,000 barrels.
way & Electric Company was destroyed by fire. Plans were
immediately made for the reconstruction of this plant, inGENERAL.
stalling more modern machinery and increasing the capacCustomer ownership activities during the year were carity of the plant by approximately 50%. Construction work ried on in practically all of your
subsidiaries and resulted
Is now under way.
in a widened distribution of securities through their sale
The reconstruction of the transmission line of the Wa- to more than 41,000 individuals
and to more than 5,200 emtauga Power Company which connects its hydro plant with ployees. The total number
of security holders of your comthe system of the Bristol Gas and Electric Company was pany and its subsidiaries is now in
excess of 235,000.
completed and this line is now in operation. Work was
During 1925 the new business departments of your public
also commenced on the installation of an additional unit utility subsidiaries reported
In the hydro plant of the Watauga Power Company. This of $7,731,842, as compared appliance and installation sales
with $5,636,763 in the preceding
will increase the capacity of the plant by about 50% and year and $4,800,000 in
1923.
enable the company to utilize a large amount of water
will
During the past year the bond and stockholders of your
which now goes over the dam. To provide for the growth in Company made
increased use of the facilities afforded by
the gas business of the Bristol Gas and Electric Company the Security Holders Service
Bureau,
It was necessary to add a new holder of 150,000 cubic feet quiries regarding the securities of the which welcomes inCompany or its subcapacity during the summer of 1925.
sidiaries, or your holdings in them.
The Spokane Gas & Fuel Company obtained an order
Your Company continued in 1925 its policy of encouragfrom the Public Utility Commission of the State of Wash- ing the development of a greater and more
ington permitting a change in the B.T.U. value of gas sup- tion of gas and oil through the installationefficient utilizaof several hunplied in Spokane from the old fixed B.T.U. standard. This dred combination gas and oil house heating
is considered to be a most important step forward, enabling burner removes the chief obstacle the gas burners. Such a
industry has met
the company to manufacture and supply the gas which it in securing this good revenue-producing
business, as it autocan supply most economically with the materials available matically prevents the use of more than a
predetermined
in the territory.
volume of gas even during the coldest weather
and uses oil
The activities of the natural gas subsidiaries were en- to meet the big heat demand above a
predetermined gas
larged through the acquisition of the natural gas distribut- volume.
ing systems in Wichita, Hutchinson, Newton and Pittsburgh,
Your Company, as the pioneer in developing
and urging
Kansas, which serve about 29,000 customers. In Kansas the adoption of the Readiness-to
-Serve or Three-Part
-Rate
2374
For,. 122.
THE CHRONICLE
method of charging for public utility service, as the most and with manufacturers reporting orders on hand which
fair to customer and company, enjoyed in 1925 further bene- will carry them well into the year. We are looking forward
fits of those efforts in connection with the operation of your to another year of good industrial conditions.
Respectfully submitted,
Kansas properties, where this rate Is in force.
BOARD OF DIRECTORS,
The year 1926 opens with business conditions on a high
Ity HENRY L. DOHERTY, President.
plane in all the communities served by your subsidiaries,
EARNINGS STATEMENT.
Cross
Earnings.
Year Ending
December 31.
Expenses.
5965.876 11
1,190.766 80
2.172.411 11
3.934.453 37
4.479.800 44
10.110.342 90
19,252,492 84
22,280,067 17
19.977.550 77
24.698.039 43
13.461.770 13
14.658.970 81
16.602.561 94
17,463.217 71
19.764.976 04
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
543,843 52
77,034 19
85.347 95
116.908 29
172.856 15
239,389 70
357.229 09
521.485 59
703.835 08
700,472 70
517.054 25
453.296 38
508.945 50
659.473 36
775.904 58
Net
Earnings.
Interest.
Net to Stock
and Reserves.
5922.032 59
5922,032 59
----------1,113.73261
1.113,732 61
123.062 27 1.964.000 89
2.087,06316
420.000 00 3.397.545 08
3.817.545 08
490.000 00 3.816.944 29
9.306.944 29
258,960 44 9.611.992 76
9.870.953 20
2,861 74 18.892,402 01
18.895.263 75
272,579 52 21.486.002 06
21.758.581 58
19.273.715 69 1.922.861 17 17,35j,85452
23.997,56673 1.941.628 22 2k.M55.938 51
12.944.715 88 '2,098.130 67 10.84(1.58521
14,205.674 43 2.358.555 34 11.847.119 09
16.093.616 44 2.624.856 43 13.468.760 01
16.773,74435 1.927.970 61 14.845.773 74
18.989.071 46 2.252.141 54 16.736.929 92
Dividends
Preferred
Stock.
$521.387 09
605.875 79
908.777 60
1.635.993 50
1.570.005 00
2.409.690 92
3.712.695 15
4.034.274 50
4.215,26440
4.685,474 90
4.856,631 50
4.917.517 30
4,987.976 60
5.109.697 10
5.240.029 50
Number of
Per Cent
Times the
on Average
Net to
Preferred Common Stock Common Stock
Dividend. and Reserves. Ontstanding.4
1.77
1.84
2.16
2.07
2.43
3.99
5.09
5.32
4.12
4.71
2.23
2.41
2.70
2.90
3.19
5400.645 50
507.856 82
1.055.223 29
1.761.551 58
2,246.939 29
7.202.301 84
15.170.706 86
17.451.727 56
13.135.090 12
17.370.463 61
5.989.953 71
6.929,60179
8.480.782 41
9.736 076 64
11.406.000 42
8.23
9.29
10.71
11.28
15.27
36.74
60.73
61.67
39 09
43.09
13.04
14.88
18.28
21.14
15.24*
DIVISION OF GROSS EARNINGS OF CITIES SERVICE COMPANY PUBLIC UTILITY AND OIL OPERATIONS.
FromPublic Utilities
Oil Operations
1925.
1923.
1924.
1922.
1921.
1920.
1919.
1918.
$12.255,184 18 411.559.318 01 511.278.508 39 58.347,54620 36.918,74077 54.609.911 85 $4.655,015 26 $4.229.563 15
7,509,791 86 5.903.899 70 5.324.053 55 6,311.424 61
6,543.029 36 20.088.12758 lo.321.605 5 1 18.050,504 02
$19.764.976 04 317.463,217 71 816.602.561 94 814.658 970 81 513.461.770 13 824 698.030 4'1 819 077.5cn 77 822.280 067 17
* Represents percentage on the increased amount of common stock which became outstanding as the result of the redemption at par of $25.
341,182 stock scrip.
CONSOLIDATED BALANCE SHEET CITIES SERVICE COMPANY
AND SUBSIDIARIES, DECEMBER 31 1925. INTERCOMPANY ITEMS ELIMINATED.
ASSETS.
Capital Assets
Plant and Investment
$512.853.008.57
Sinking Fund
6.874,975.29
Total Capita Assets
Current Assets
Clash
Securities Owned
Bills Receivable
Accounts Receivable
Oil in Stock
Materials and Supplies
Total Current Assets
Other Assets
Payments Made in Advance
Discount on Bonds, Debentures, &c
Special Deposits
$519.727,980.86
$19,040.513.24
499.725.82
2.301,129.84
20.437,769.24
15.632,721.39
9,455,261.16
67,367,120.69
$3.653.730.93
17.986.663.96
646,197.42
522,286,592.31
Total Other Assets
Total Assets
5609.381 .696.86
The above statement shows the financial position of the Company and
its subsidiaries, all inter-company items having been eliminated.
SUMMARY CAPITAL STOCKS AND FUNDED DEBTS OF
SUBSIDIARY COMPANIES.
Common Stocks
Owned directly by Cities Service Company
5180.324.067.00
*Inter-company, being securities owned by sub-holding
companies
154,364.293.00
Outstanding in hands of the Public
7,409.042.98
$342,097,402.98
Preferred Stocks
Owned directly by Cities Service Company
$26,627,721.00
*Inter-company, being securities owned by sub-holding
companies
11.333,375.00
Outstanding in hands of Public
57,815.687.44
$95,776,783.44
Bonds and Funded Notes
Owned directly by Cities Service Company
$19,570,650.95
*Inter-company, being securities owned by sub-holding
companies
8.207.500.00
Bonds in Sinking Fund
5.507.666.00
Outstanding in hands of the Public
223.559,737.58
$256,845.554.53
*The securities of operating companies which are owned by sub-holding
companies are referred to above as inter-company securities. Such subholding companies are Cities Service Power & Light Company, Empire
Gas and Fuel Company (Del.), etc.
GENERAL STATISTICS FOR THE YEAR 1925.
Oil and Refineries.
Barrels of Oil Produced
10,912,211
Number of Oil Wells Owned
4.003
Daily Refining Capacity (Barrels of Crude Oil)
31,500
Oil Storage Capacity in Barrels
7,719.579
Number of Tank Cars Owned and Leased
3,083
Communities Served by Distributing Stations
2,580
Marine Equipment Capacity (Barrels)
634,000
Natural Gas.
Sales in Cubic Feet
64,389,149,000
$233,327,444.69 Number of Gas Wells Owned
Total Capital Stocks
1,933
Miles of Gas Mains Owned
7.691
Bends and Funded Notes OutstandingCasinghead Gasoline Produced (Gallons)
17,526,263
Qities Service Co. Convertible Debentures_ $22,674,775.50
Population Served
1,700,000
Cities Service Co. Refunding 6% Gold De10,000.000.00
benture Bonds
Manufactured Gas.
223,559,737.58
Subsidiary Bonds and Funded Notes
Sales in Cubic Feet
8,067,240,600
5,507,666.00
Subsidiary Securities in Sinking Fund
Twenty-four Hour Capacity in Cubic Feet
32,462,000
128,223
261,742,179.08 Number of Customers
Total Bonds and Funded Notes
Mlles of Mains on 3
-inch Basis
1,920
Current Liabilities
Population Served
1,100,000
318,579.826.11
Bills Payable
Electric Properties.
8.624,194.26
Accounts Payable
Kilowatt-hours Sold
2,686,462.32
1,212,541,098
Taxes Accrued
Kilowatts Installed Capacity
3,248,305.75
508.277
Interest Accrued
Kilowatts Connected Load
14,664.94
933.814
Cash Scrip (not presented)
Number of Customers
61,477.81
344,099
Miscellaneous Unclassified Items
Population Served
1,450,000
33,214,931.19
Total Current Liabilities
Electric Railways.
Number of Passengers Carried
Other Liabilities
76,165,319
Miles of Track
Cities Service Co. Stock Scrip (not pre320
35,005.83
Number of Cars Owned
sented)
606
2,714,213.86
Population Served
Customers' Deposits
550,402
2,749,219.69
Total Other Liabilities
CITIES SERVICE COMPANY.
Surplus and Reserves
CAPITAL STATEMENT DECEMBER 31 1925.
$48,162,174.92
Depreciation and Other Reserves
Preferred Stock:
Par Value. Authorized,
30,185,747.29
Outstanding.
Surplus
6% Cumulative
$100
$150,000,000
$85,900,796.36
78,347.922.21 Preference B Stock:
Total Surplus and Reserves
6% Cumulative
10
4,174,078.50
40,000,000
$609,381,696.86 Preference BB Stock:
Total Liabilities
6% Cumulative
100
2,610,419.50
60,000.000
Common Stock
20
75.417,419.91
400,000,000
Contingent Liability: Guarantee by Cities Service Company of $2,900.- Convertible Debentures:
Service Tank Line Co. 5% Equipment Trust Certificates, due
000 Cities
Series A 55
21.985.50
serially to 1935.
Series B 7
725,730.00
The above statement shows the financial position of the Company and
Series C 7%
4,938,760.00
.0
items having been eliminated.
its subsidiaries, all inter-company
Series D 7%
14,980,380.00
*Stocks of subsidiary companies not owned.
Series E 85'
2,007.920.00
Refunding 6% Gold Debenture Bonds
10,000,000.00
CONSOLIDATED STATEMENT OF EARNINGS CITIES SERVICE
TRANSFER AGENTS.
COMPANY AND SUBSIDIARIES, INTER-COMPANY EARNHENRY L. DOHERTY & COMPANY
New York, N. Y.
INGS ELIMINATED, YEAR ENDING DECEMBER 31 1925.
THE HUNTINGTON NATIONAL BANK
Columbus, Ohio
$127,107,863.92 INTERNATIONAL TRUST COMPANY
Denver, Colo.
Gross Earning
86.859,249.23 OLD COLONY TRUST COMPANY
Boston, Mass.
Operating Expenses, Maintenance and Taxes
COMMERCE TRUST COMPANY
Kansas City, Mo.
$40,248,614.69
Net Earnings
REGISTRARS.
18,557,850.32
Interest Charges
GUARANTY TRUST COMPANY OF NEW YORK__New York, N. Y.
$21,690,764.37 THE COMMERCIAL NATIONAL BANK
Columbus, Ohio
to Stock and Reserves
Net
8,070,201.73 FIRST NATIONAL BANK
Denver, Colo.
Preferred Stock Dividends
STATE STREET TRUST COMPANY
Boston, Mass.
$13,620,562.64 NEW ENGLAND NATIONAL BANK
Kansas City, MO
Net to Common Stocks and Reserves
LIABILITIES.
Capital Stocks Outstanding
585,900,796.36
ties Service Co. Preferred Stock
6.784,498.00
ties Service Co. Preference Stocks
75,417,419.91
ties Service Co. Common Stock
*Subsidiary Stocks Outstanding
57,815,687.44
Preferred Stocks
7.409,042.98
Common Stocks
APR. 21 1926.1
THE CHRONICLE
2375
ILLINOIS POWER AND LIGHT CORPORATION
ANNUAL REPORT
-1925.
Chicago, Illinois, March 17 1926.
served was continued with marked success. In that year,
To the Stockholders:.
through the Investment Department and employees of the
The Board of Directors herewith submits its report of the Companies, $7,561,700 of the seven per cent preferred
stocks
operations and business for the year ending December 31 were sold and 17,742 individuals were
added to the list of
1925.
stockholders and subscribers. Including only those whose
The policy of extension and development has continued subscriptions had been fully paid and stock
issued, the total
so that the Company and its subsidiary companies now serve number of shareholders in the business was more
than
In a territory of 15,000 square miles. In this area in addi- 25,000 at the end of the year. The partial payment
plan,
tion to its other utilities, the electric light and power com- under which prospective stockholders are
buying their
panies serve over 232,000 customers in a business field of shares on a monthly payment basis, has continued
in sucmore than 800,000 people and the gas properties over 83,750 cessful operation with the good result of largely increasing
customers in a business field of more than 390,000 popula- the number of stockholders owning a few shares
each.
tion. The Company has also been sYstematically developing
The advantage of customer ownership has been discussed
its 550 miles main line electric railroad known as the Illi- too often to need further explanation here. It is
sufficient
nois Traction System. In 1925 it carried more than 6,300,- to say that our continuation of this policy is justified
by the
000 through passengers and 9,500,000 suburban passengers results achieved in helping to preserve the good
public relaand hauled more than 2,500,000 tons of freight and express, tions that exist. In the financing of extensions
and iman increase of 28.3% in this item over the preceding year. provements in the properties these investors
can readily
It extends throughout central Illinois, intersecting and ex- see that their money is helping to develop the
communities
changing traffic with practically all of the steam trunk in which they live and that they are
to receive the added
lines in the State, and continues over the Company's own benefit of the greater service along with the
financial rebridge across the Mississippi River at St. Louis to its ter- turn on their shares.
heart of that city. The new subsidiary steam
minal in the
Capital expenditures were made during 1925 in an amount
railroad, the St. Louis Troy & Eastern Railroad Company, in excess of $22,000,000, bringing the total fixed
capital inforty-five (45) miles in length, and having its terminal at vested up to more than $162,000,000.
Outside of the funds
East St. Louis, Illinois, has been brought into operating secured from the sale of preferred
stock and earnings, the
relations with the Company's electric railroad and ex- amount required
for capital investment and the retirement
changes traffic with the St. Louis Belt System. During the of maturing underlying issues
was again secured from the
year 1926 it will be physically connected with the bridge of sale of First and Refunding
Mortgage Bonds. These conthe Company at Venice, making it possible to route freight tinued to find a ready market and were
sold during the year
around Venice, Madison and Granite City and the congested
on favorable terms in the amount of $5,000,000, all bearing
areas on the east side of the river. The electric railroad interest at 5 %. And $6,000,000
/
1
2
more of these bonds were
with its modern power houses and transmission lines prosold in December 1925 for January delivery to refund cervides a large source of supply for electric current in the tain underlying issues and apply
on the extension and imadjacent territory.
provement program of the coming year. In addition, bonds
During the past year the Company's gross earnings from
of subsidiary companies were sold as follows—by the Iowa
operation, after eliminating inter-company items, increased
Power and Light Company, $2,000m0 of its First Mortgage
about nine per cent and the net earnings on the same basis,
Bonds in connection with the erection of its power plant
after maintenance and taxes, increased approximately
at Balls Ford near Des Moines and by The Kansas Power
161 over the previous year. At the same time the ratio and Light Company, $2,100,000 of its First Mortgage
/
2
%
Bonds
of operating expenses to gross income was bettered by toward
the building of its new power station at Tecumseh
2.36%. The ratios of earnings available for bond interest
near Topeka and the transmission line to Atchison, Kansas.
and preferred stock dividends were well maintained and Both of these issues bear interest at 6%
and further amounts
the Company's securities continued to enjoy a good market
of the same or other series will be issued later in connection
and a steady demand.
with the extension of these plants.
The policy of consolidation and inter-connection for the
The usual Consolidated Statement of Income for the year
purpose of insuring the greatest flexibility and continuity ending December 31 1925 and Consolidated
Balance Sheet
of service was continued with good results. This was paras of that date as certified by Frazer and Torbet, Certified
ticularly true in the case of new and enlarged power houses,
Public Accountants, are included in this report.
such as those near Des Moines, Iowa, and Topeka, Kansas,
PROPERTY ADDITIONS.
where the older and less efficient power plants are being
supplanted and where the additional capacity permits of
The Company and its subsidiaries extended their operawider fields of service. In Illinois particularly, the join- tions in the communities already served and acquired proping of electric 'systems through high power transmission erties in certain adjacent territory. It secured the electric
lines is being carried out very effectively and at present utilities at Spring Valley and forty-two other communities
these circuits radiate from one hundred to one hundred and In that part of Illinois, all connected by transmission lines.
fifty miles in various directions over the State, tapping and Also several other cities in Illinois, including Livingston,
distributing electricity from central sources of power.
The Marissa, Odin, Sorento, the ice and electric plants at Vantotal mileage of transmission lines outside of city distribu- della and the gas plants at Granite City and Spring Valley,
tion systems is more than 2,100 miles. Gas transmission all in Illinois. It also purchased all of the capital stocks
of
lines are also being developed where feasible in the terri- the St. Louis, Troy & Eastern Railroad Company and
the
tory to keep pace with the growing demand for various uses, St. Louis and Illinois Belt Railway, coal carrying roads
Including house heating.
operating in the highly developed industrial district adjaThe demand for the different kinds of. service the Com- cent to the McKinley Bridge and St. Louis. Through the
pany renders has continued to grow. At the close of 1925 Iowa Company were acquired the electric properties in that
the number of electric meters was 233,281, as compared with State at Adel, Altoona, Dallas Center, Boonville, Commerce,
210,010 on December 31 1924. The number of gas meters Mitchelville and Panther and through the Kansas ComIncreased from 74,368 to 83,760 during the same period. panies the electric properties at Beattie, Bremen, Hiawatha,
During 1925 the output of electricity increased from 513,- Herkimer, Home City, Harveyville, Hanover and Oketa
873,000kw. to 577,200,000 kw., of which about one-third was and the ice plant in Olathe, all in the State of Kansas.
used by the Companies as incidents to other service. The
EXTENSIONS AND IMPROVEMENTS.
total amount of gas sent out on the properties in 1925
In order to anticipate the demands of the differenct comamounted to 2,910,677,000 cubic feet, compared with 2,390.munities served and to provide, as needed, the various kinds
394,000 cubic feet during the preceding year.
of service required, the Company continued throughout the
FINANCIAL OPERATIONS.
year its program of installing new equipment of the most
During 1925 the plan for increasing the ownership of the modern type and enlarging and extending much of that
Company's securities by sales to customers in the territory already in use.
2376
THE CHRONICL-1
The Des Moines Power Station located on the Des Moines
River was placed in service in September 1925. Dignified
and impressive recognition was given by the citizens and
officials of the State and community at the time the new
plant was opened to the public. The first electric generating unit of 25,000 kva. capacity is in operation and a second
unit of 35,300 kva. capacity is being installed and will be
ready for service during the summer of 1926. The ultimate
capacity proposed here is 166,200 kva.
The Tecumseh Power Station on the Kansas River near
Topeka was put into operation on January 1 1926 and a
short time afterward there was a formal opening which
was participated in largely by State and city officials and
business men of the community, who recognized the value
of this large source of electric power to the State of Kansas. The first unit of 15,000 kva. capacity is now running
and an additional 25,000 kva. unit will be installed as required. The ultimate capacity planned for is 100,000 kva.
At Venice, Illinois, on the Mississippi River at the McKinley Bridge opposite St. Louis, the present electric plant
is being greatly enlarged. The present structures are being
extended to house an additional turbo-generator of 35,000
kva. capacity. When this is completed during 1926 the
present plant will have a total of 80,000 kva. installed. The
ultimate capacity of the present plant will be 176,500 kva.
and provision in the property layout is made for an ultimate capacity at this point of more than 500,000 kva. to insure which the Company has acquired about 95 acres of
land immediately adjacent to the present plant. The new
intake caisson of reinforced concrete, located on the river
bank, is sixty-two feet in diameter and 105 feet in height.
It extends 30 feet below the normal river stage and will
contain five 45,000-gallon-per-minute pumps, capable of furnishing w ater sufficient for a generating capacity of
125,000 kw.
The La Salle Power Station located on the Illinois-Michigan Canal adjacent to the Illinois River at La Salle, is being
enlarged by the addition of an 18,750 kva. turbo-generator,
together with auxiliaries and new intake and screen house.
This will increase the present capacity to 33,750 kva., with
arrangements for an ultimate capacity of 67,500 kva. This
plant is tied into two hydro-electric plants on the Illinois
and Fox Rivers, respectively, and will ultimately be connected into the plant at Galesburg.
At Bloomington the capacity has been increased by the
addition of a 1,765 kva. turbine. Three 1,500 kw. rotary
converters have been installed at Peoria, enabling the Company to purchase power from a nearby source, at the same
time holding the old plant in reserve to insure continuity
of service. At Champaign, the gas system has been changed
to one of high pressure and a 200,000 cubic foot booster has
been installed. At Decatur, a new 2,000,000 cubic foot gas
holder and new mains have been installed. An additional
500,000 cubic foot per hour gas compressor and a 900,000
cubic foot per day purifier have been added at East St.
Louis. At Centralia an entirely new water gas plant has
just been completed with a capacity of 1,200,000 cubic feet
per day.
In the railway division similar improvements and extensions of service have been made. One hundred freight cars
have been added to the rolling equipment, a new store house
has been built at Decatur and a new passenger and freight
terminal completed at Joliet. Throughout the Illinois Traction System new ballasting has been steadily going on and
much new heavy rail laid, with the result that the roadbed
is in good condition. Seven new automatic sub-stations
have been placed in operation, six new 1.000 horsepower
electric locomotives have been put into service and connection made with the St. Louis, Troy & Eastern Railroad,
tying the two together as an operating unit. The first group
of twenty-two 1-ton trucks, for use in extending the growing
express business to include a daily pick-up and delivery at
terminals, has been installed with marked success.
TRANSMISSION LINES.
The policy of inter-connection of power plants and distribution areas with transmission lines has been carried
along progressively and will be further amplified by the
projects that are now being developed. At the present time
inter-connections exist between the groups described:
From Keokuk to Monmouth, Galesburg, Galva and the
surrounding territory in Illinois, approximately one hundred and fifty miles, of which one hundred miles is 66,000volt steel tower construction.
Between Marseilles, La Salle Dayton and adjacent territory in Illinois, approximately one hundred miles of 33,000volt lines.
Between Peoria, Decatur, Riverton, Champaign, Danville,
Venice, Hillsboro, Du Quoin, Centralia, Collinsville. and the
surrounding territory and the smaller stations within these
districts, more than six hundred and twenty-five miles of
33,000-volt lines and thirty miles already constructed of
66,000-volt lines. It is planned to construct in this territory
about one hundred and fifty miles of 66,000-volt steel tower
construction in addition to approximately one hundred
miles of 132.000-volt lines. This group is also inter-connected with the new power station of another company at
Peoria by means of its 132,000-volt line extending from
Peoria to Springfield.
[VoL. 122.
In Iowa, transmission lines connect Des Moines, Adel,
Newton and Oskaloosa, a distance of one hundred and ten
miles, much of which is of 44,000-volt construction.
From Topeka through Atchison, Kansas, toward St. Joseph, Missouri, for which point we have contracted to deliver electricity to another utility, our 66,000-volt steel tower
line extends for a distance of fifty-five miles.
Our affiliated Company in Missouri has also inter-connecting 33,000-volt lines of approximately two hundred and
•
seventy-five miles in that State.
SALES OF SERVICE.
The sales both of service and merchandise were materially increased in 1925 over the preceding year. The sale of
load building merchandise, consisting of gas and electric
appliances, amounted to $1,479,879 14 in 1925, a substantial
increase over the previous year. Three new stores were
opened at Decatur and Galesburg, Illinois, and Des Moines,
Iowa. The demand for electric power was also increased
by the larger loads of consumers already connected and the
added amount necessary to supply approximately 25,000 kw.
capacity required by new industries located in the territory.
Total sales of electric service amounted to 370,601,277
kw. in 1925, as compared with 325,669,419 kw. in 1924. Of
this 95,575,888 kw. was used in residential and commercial
lighting, as compared with 86,850,085 kw. during the preceding year. A similar increase was noted in the total sale
of gas, which amounted to 2,206,616,000 cubic feet in 1925,
as compared with 2,035,493,000 cubic feet in 1924. The heating of houses by gas is becoming more popular and installations are increasing in number as its advantages are appreciated by users.
The Commercial Engineering Department has continued
to co-operate with commercial and business organizations
throughout the territory in developing the uses of power and
analyzing other problems connected with the industrial
development of the different communities. In co-operation
with Chambers of Commerce and other agencies, the Company has assisted in the preparation of surveys of cities as
a means of securing new industries and the further development of those already established. This activity has been
reflected in the increased demand for the services our Companies have to offer.
EMPLOYEE RELATIONS.
At the end of the year there were more than 7,200 employees on the payrolls of the various companies, many of
whom have been enrolled for a long period of years: Seventy per cent of the total are stockholders and a much
higher figure would result if we considered only those
occupying more permanent positions.
From an insurance and protection standpoint the showing
has again been very creditable. Every employee is covered
by the $500 policy of group insurance provided by the Company and on December 31 1925 3,826 were members of the
death benefit division of the Hospital Association in addition to those enrolled in certain local benefit associations
that were in existence when the properties were consolidated. During the year there were 11,676 treatments by
physicians and 20,331 prescriptions filled.. Forty-seven
deaths occurred among the employees during the year and
more than $50,000 was received by their beneficiaries in
addition to the current protection and help furnished by
various funds.
Local employee clubs were generally active and considerable attention was paid to the educational work and meetings for the purpose of maintaining good relations with customers in the different communities. Safety and accident
prevention work, which has always been stressed, was carried on throughout the properties with enthusiasm, especially in the operating departments.
The general plans for consolidating the operations of the
various properties which have obtained since the organization of the Company are being continually worked upon
with a view to improving the service each year in every
community in which the constituent companies are located.
The policy of maintaining the equipment at a high standard
has been carried on and as a result the production plants,
distribution and transportation systems and other physical
property are in very good condition and the service rendered
and the costs of operation are well in line with those of
other high grade public utility companies.
By Order of the Board of Directors.
CLEMENT STUDEBAKER JR., President.
CERTIFICATE OF AUDIT.
March 9 1926.
The President and Board of Directors,
Illinois Power and Light Corporation, Chicago, Ill.
Gentlemen:
We certify that we have audited the books of your Corporation and of its subsidiary companies for the year ending December 31 1925 and that, in our opinion, the following Statement of Income and Expenditure and Balance
Sheet are correctly drawn up to present the results of the
operations for the year and the condition of the Company
as at December 31 1925.
Faithfully yours,
FRAZER AND TORBET,
Certified Public Accountants.
1
APR. 24 1926.]
THE CHRONICLE
2377
CONSOLIDATED STATEMENT OF INCOME AND EXPENDITURES YEAR ENDING DEC. 31 1925.
Gross Earnings from Operation—
Electric light and power
$15.817,324 03
Electric and steam railroads
6.763.656 79
City railway and bus lines
4,248,821 16
Gas
3,191.720 56
Heat
672,394 65
Bridge
589,691 03
Ice
254,670 47
Water
88.303 30
Miscellaneous
21 816 59
Combined gross earnings
$31,648,398 58
Less inter-company
2,566.845 02
Gross earnings from operation
$29,081,553 56
(Receipts from electricity, gas, heat, water, ice, trunk
line railroad, city railway and bus service.)
Expenses and Taxes—
Operating expenses (less inter-company
$2,566,845 02)
$13,740,832 30
Maintenance
3,605.980 24
Taxes local
1,120.504 96
Taxes Federal
4.896 59
Total expenses, maintenance and taxes
18,472,214 09
(Labor,fuel and other costs of producing and distributing utility service. Expenditures for repairs to keep the
otert r a e excglie giogeres g condition. Estimated
d taiy tatn an e
x atTi
K
Net earnings from operation
$10.609,33947
Other income
203,445 31
Total net earnings
810,812,784 78
(Balance remaining to pay interest on bonds and other
current borrowings, dividends and to provide for depreciation.)
Less fixed charges:
Interest charges, Stc
$5.352,716 72
Bond discount amortized
257.699 39
5,610,416 11
Surplus available for dividends and depreciation
$5,202,368 67
Dividend on preferred stocks, Illinois Power & Light Corp.
and subsidiary companies
2,012,688 13
Appropriated for depreciation,retirements,replacements,&c
*3.189.68054
2,133,779 31
(Amount appropriated from current earnings to provide for renewing or replacing physical property.)
Balance
81.055,901 23
Surplus Jan. 1 1925
1,252.139 25
S2.308,040 48
Dividends paid on common stock 1925
800,000 00
Surplus per balance sheet
$1,508,010 48
(Surplus earnings reinvested in physical property or
reflected in current assets.)
CONSOLIDATED BALANCE SHEET, DEC. 31 1925.
ASSETS.
LIABILITIES.
Fixed Capital—
Capital Liabilities—
Property account
$112,334,368 50
Underlying bonds
U4.568,600 00
(This account represents the combined
(Aggregate of the underlying bonds of
cost of all the real estate, buildings, mapredecessor and subsidiary companies
chinery, equipment, and other property
outstanding in the hands of the public at
(except the following 1925 additions)
Dec. 31 1925. These bonds are refundused in the production and distribution
able under the terms of the trust indenof electricity. gas, heat, ice, water and in
ture securing the "First and Refunding
trunk line railroad, street railway and
Mortgage Bonds" of the Illinois Power
bus service.)
& Light Corp.)
Additions. 1925
18,819,261 16
First and refunding mortgage bonds:
(Actual cost of new properties, extenSeries A,due 1953-6
40.200,000 QO
sions, improvements and betterments
Series B,due 1954-554%
10,000,000 00
made during the calendar year 1925.)
(This total of bonds outstanding inAdditions, 1925—Undistributed
1.339,71468
eludes $5,000,000 principal amount sold
(Construction, expenditures made durto provide funds in part for extensions and
ing December 1925 and proper classificaimprovements during 1925 and for purtion not received.)
$162,493,344 34
chase or retirement of underlying bonds.)
Cash held by trustee
322,043 74 Bonds and preferred stock:
(Proceeds of bonds sold, to be withIowa Power & Light Co
4,150,090
-00
currently for future property addidrawn
The Kansas Power & Light Co
3,527.700_00
tions and retirement of underlying bonds.)
(Indebtedness of above subsidiaries
4
Which has priority over Illinois Power.&
Current Assets—
iss•--mst
•
Light Corp. equity.)
Cash and due from banks
Debenture bonds 7% due 1953
9,731.800_00
(Cash on hand and in various banks $2,423,271 08
This amount will decrease from year to
and depositaries.)
year under operation of the sinking fund.)
Notes and accounts receivable
3.253,126 15
7% cumulative preferred stock
130.000,00000
(Charges for various utility serviees
(300,000 shares of the par value of$100
rendered and for merhcandise sold, which
each. Included in this amount which is
accounts in the regular course of the
the total issued and outstanding at the
utility business are payable subsequent to
close of the year, is the $2,238,950 00 par
the month in which incurred also miscelvalue shown as treasury stock under
laneous advances currently repayable.)
Assets in this balance sheet. Additional
Materials and supplies
2,619.095 85
stock has been duly authorized by the
(Inventory at cost of the necessary
Illinois Commerce Commission to cover
stocks of materials to be used for repairs,
extensions and improvements and workmaintenance, operations and extensions,
ing capital. This additional stock, howalso all salable merchandise.)
ever, has not been actually issued by the
Prepayments
187,51691
company but is available for our newts in
(Invoices prepaid in order that the
customer ownership sales.)
company might enjoy cash discounts.
6% participating preferred stock
1,875.300 00
Prepaid insurance and interest.)
8,483.009 99
(This consists of 37,506 shares of the
par value of $50 each, being the total
Miscellaneous Assets—
held
amount authorized less 1,007 shares
Investment account
in Treasury and shown as such under
$1.057,181 75
(Includes the cost of securities of comassets in this balance sheet.)
panies not directly controlled by the comCommon stock, 400,000 shares no par value 21,011.853 63
pany and sundry investments.)
(This and the surplus account repreSinking funds
sents the equity remaining for the com62.966 81
(Cash on deposit under mortgage remon stock after deducting the full
quirements.)
amounts of all liabilities, reserves and
Undistributed accounts
preferred stock at par.)
4,19625
$155,095,253 63
Cur/ent Liabilities—
1,124,644 81
Deferred Debits—
Notes payable
$4,083.190 00
Unamortized bond discount
(Short term notes outstanding Dec. 31
*4.259,746 00
(The unamortized discount on the
1925. These loans are necessary in order
Illinois Power & Light Corp. bonds and
to temporarily finance extensions and
on the underlying bonds. Proportionate
Improvements until such time as the
amounts are charged off monthly against
company is reimbursed by the sale of its
income.)
preferred stock or bonds.)
Miscellaneous deferred debits
Accounts payable
2'.065,578 11
29,876 39
(Miscellaneous accounts necessary in the
(Current accounts payable cover the
conduct of the property.)
purchase of construction, maintenance
4,289.622 39
ann operating material and supplies, &c.)
Treasury Stock
Consumers' deposits
530,811 59
7% cumulative preferred
(Amounts on deposit with the various
$2,238.950 00
(Treasury stock which is a portion of
offices as a guarantee for meter installathat being sold by our investment departtions and line extensions.)
6,679,609 70
ment to our customers.)
Accrued Liabilities—
6% preferred
50.350 00
Accrued taxes
$1.334,881 29
(Accrual of all local and Federal taxes
2,289,30000
not due at the end of the year, but payable during 1926.)
Accrued Interest
1,205,767 14
(All accrued interest as of Dec.31 1925
due and payable in 1926.)
2,540,648 43
Deferred Liabilities—
Deferred accounts
$556.254 56
(This consists of various special assessments for paving levied but not due, together with certain miscellaneous credits
that are not considered current.)
Advances on preferred stock sales
612,949 30
(This amount represents partial payments on 7% preferred stock bought on
our payment plan.)
Unadjusted credits
263,513 50
(Miscellaneous accounts necessary in
the conduct of the property.)
1,432,717 36
Reserves—
Retirement reserve
$11,659,148 47
(This account represents the total
amounts set up to provide for retirements
and depreciation of property. All current expenditures made for renewal of
equipment are chargea to this reserve.)
Miscellaneous reserve
86,547 20
(Reserves for uncoliectible bills and to
anticipate major maintenance require'ts.)
11,745,695 67
Surplus at Dec.31 1925
1,508,040A8
(Surplus at Dec.31 1924 and remaining
earnings for year 1925 after making deductions for operating expenses, maintenance, interest, bond discount, depreciation and dividends on all classes of stock.)
Total assets
$179,001.965 27
Total liabilities
$179,001.965;27
g
.
[VoL. 122.
THE CHRONICLE
2378
AMERADA CORPORATION
FIFTH ANNUAL REPORT OF BOARD OF DIRECTORS AND BALANCE SHEET—DECEMBER 31 1925.
New York, N. Y., April 12 1926.
To the Stockholders of Amerada Corporatoin:
Your directors are pleased to submit the following report
and consolidated statement of accounts of Amerada Corporation and its subsidiary companies—Amerada Petroleum
Corporation, Amerada Refining Corporation, and Alabama
Exploration Company—for the calendar year 1925, as certified by Messrs. Deloitte, Plender, Griffiths & Co.
Operations of your Corporation for the year 1925 were
more satisfactory than for any previous year. Production
of both crude oil and natural gasoline increased substantially, and the average prices received were appreciably
higher than in 1924. Net earnings reached a new high mark.
CAPITAL CHANGES.
Amerada Corporation continued to hold the entire issued
stock of the Amerada Petroleum Corporation, Amerada Refining Corporation, and Alabama Exploration Company.
'Since the beginning of 1926 the authorized capital of Amerada Corporation has been increased from 600,000 shares of
$10 each to 1,000,000 shares on no par value, and the old
stock exchanged for the new, share for share. At the same
time 125,000 new shares were sold by the Corporation, and
an option given on 200,000 additional shares at $25 per share
to Dillon, Read & Co. The exchange and issue of new stock
was effected in connection with a financing arrangement
made between Dillon, Read & Co., the Corporation, and the
former stockholders, by which control of the Corporation
passed to American interests. Of the 1,000,000 shares authorized, 713,300 are issued and outstanding.
Amerada Petroleum Corporation purchased 423 shares,
par value $100 each, of the capital stock of the Geophysical
Research Corporation, representing 42.3% of the outstanding stock of that corporation. The Geophysical Research
Corporation is developing instruments and methods to be
used as aids in prospecting for oil. '
EARNINGS.
Earnings during 1925, after all charges, including maximum allowable deductions for depreciation and depletion,
aggregated $2,498,428 72, equivalent to $424 per share on the
588,300 shares outstanding at December 31 1925. The increase in earnings for 1925 over 1924 was due to increased
production of crude oil and natural gasoline, improved conditions within the industry, and, to a small extent, to the
sale of storage oil at a profit.
The Corporation's record of earnings for the past three
years follows:
1923.
1924.
1925.
$8,172.685 49 35,690,387 96 $5,323,063 01
Gross Operating Income
Purchases. Operating and Administrative Expenses, Leases
3,664,230 44 2,498.618 16 2.218,547 83
Abandoned, Ste
Operating Income
Other Income
Total Income
Depreciation. Depletion
Federal Taxes
Net Income
$4,508.455 05 33.191.76980 $3,104,515 18
414,380 26
103,329 79
192.914 41
34,701.369 46 $3,295,099 59 33,518,895 44
and
2.202,94074 2,095,560 17 1.849,054 72
$2.498.428 72 $1,199,539 42 31,669.840 72
Earnings per share:
Before Depreciation. Depletion and Federal Taxes____
After all charges
37.99
4.24
$5.62
2.04
$6.58
3.11
CRUDE OIL PRODUCTION.
Production of crude oil in 1925 totaled 3,919,158 barrels
net, or an average of 10,738 barrels a day. Comparison with
previous years is as follows:
(First well completed
in July 1920.)
Year.
1920
1921
1922
1923
1924
1925
Total Net Production. Daily Average.
1,454
267,445 bbis.
4,730
1,726.353
6.019
2,196.839 "
7,851
2,865.480 "
9.027
3,303.826 "
10,738
3,919,158 "
The Corporation developed new oil production lt1 the
Davenport, Mehani Masham and Hubbard fields of Oklahoma and the Keighley pool of Kansas. In the North Baltimore pool flush production was developed from a deeper
sand on a lease already producing from higher sands.
NATURAL GASOLINE PRODUCTION.
Production of casinghead gasoline for the year totaled
6,145,529 gallons, a daily average of 16,837 gallons. This
figure is being materially exceeded la 1926 due to the completion and operation of new plants. Production for the
year shows an increase of 2,406,839 gallons over the year
1924.
A plant in the Papoose field was sold in September 1925
at a profit, owing to the insufficient volume of casinghead
gas produced on leasehold operated by the Corporation.
The production from all plants was sold under contracts.
the average production cost having been approximately 6
cents a gallon, and the average sale price 11.7 cents a gallon.
Investigations being made for the purpose of deciding on
the erection and purchase of plants in other fields have resulted in starting erection of three new plants—a large
absorption-compression plant in the Graham field (Oklahoma) and two portable absorption plants in the Keighley
field (Kansas) and Davenport field (Oklahoma). A 3,000gallon plant has recently been purchased in the North Baltimore pool (Oklahoma), where the Corporation has production.
DRILLING OPERATIONS AND WELL DATA.
In 1925 the Corporation completed 136 wells, of which 92
were oil wells, 6 gas wells and 38 dry holes. Three holes
were lost through drilling difficulties. Twenty-two oil wells
and two gas wells previously productive were abandoned
owing to their exhaustion. At the end of 1925 production
was being secured from 291 oil wells and 12 gas wells, as
compared with 222 oil wells and 7 gas wells at the end of
1924.
LEASING OPERATIONS.
Leasehold, mineral rights and fee interests owned in full
or in part, aggregated 274,487 83 acres, representing an increase of 90,598.63 acres for the year 1925. Of this total
5,239.54 acres were producing oil or gas, an increase of
1,510 acres, and 3,595.28 acres were in process of development.
The following tabulation shows a comparison with previous years:
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
1921
1922
1923
1924
1925
Total
Acreage.
53,082
64,357
85.879
183.889
274.488
Acreage
Producing.
1,155
2.400
3.085
3,730
5,240
Acreage Under
Development.
3,289
1.900
2,388
3,168
3,595
Most of the leasehold has been acquired on recommendations of the Geological Department, based upon investigation by ordinary geological methods, and by the aid of surveys made with geophysical instruments and core drills. A
part of the acreage is held in blocks, on structures recommended by the Geological Department, some of which are
now being drilled. Your Corporation also controlled oil
and gas leasehold in the State of Alabama, to the extent of
5,440.75 acres, all of which, however, is being allowed to
lapse, as its value is not now considered worth the rental
expense.
OIL IN STORAGE.
Oil in storage on December 31 1925 amounted to 500,826
barrels, as compared with 1,067,233 barrels at the beginning
of the year, a decrease of 566,407 barrels, which, except for
small evaporation losses, represents oil that was sold at a
profit. Oil in storage is carried in the inventories at an
average price of $1 22 a barrel. Since the beginning of 1926
most of the storage oil has been sold at a price higher than
the posted market price on December 31 1925, and considerably higher than the inventory ot balance sheet value.
BALANCE SHEET.
Current Assets.
Current Assets of the Corporation aggregated $2,571,386 40 at December 31 1925 and exceeded all liabilities by
$1,349,393 64. Current Assets total more than twice the
amount of all liabilities.
Stocks of 011 are included in Current Assets at a value of
$611,744 82, whereas their market value at December 31
1925 was $984,524 39. Warehouse materials and supplies
aggregating a value of $397,665 09 are not included in Current Assets.
Surplus.
In previous years appropriations were made from Surplus
aggregating $1,500,000 to cover contingencies which it was
considered conservative to provide against during the early
years of the Corporation's existence. As it was considered
that the necessity for the continuance no longer existed,
these appropriations were restored to surplus available for
dividends by resolutions of the Board of Directors dated
January 28 1926. Surplus available for dividends at December 31 1925, after giving effect to this transfer, amounted
to $4,105,416 74, equivalent to $698 per share on stock then
outstanding. A dividend of $100 a share was paid on
January 15 1926.
Depletion and Depreciation.
It is the practice of your Corporation to capitalize drilling expenses and add to cost of leasehold, depleting on a
barrel basis for productive properties, or writing off altogether, upon abandonment, for non-productive properties.
Depreciation on plant and equipment is taken at the maximum allowable rates on a straight line basis. Depletion is
actually written off and depreciation is set up as a reserve,
but only plant and equipment less the reserve is Shown on
the balance sheet.
Since policy as to depletion and depreciation is of such
vital importance to soundness in oil company accounting,
you will doubtless be interested in having more information
as to the results of the application of this policy to the Corporation's business.
Producing properties, held at the end of 1925, have cost
the company in capital expenditures $6,920,044 52, including
APR. 24 1926.]
THE CHRONICLE
drilling expenses, against which $5,286,544 13 has been written off for depletion, leaving a net book value of $1,633,500 39. Plant and equipment have cost $5,744,430 90, against
which a reserve for depreciation of $2,209,388 75 has been
set up. If the entire matter of amortization of properties
had been handled on a reserve basis, the Properties, Plant
and Equipment account would amount to $16,092,655 98, and
the Reserve for Depreciation and Depletion would be $7,495,932 88. The soundness of the Corporation's practice in this
matter is amply proved by the fact that its properties, both
productive and non-proved, on any rational basis of appraisement, have a value far in excess of their book value.
OUTLOOK.
Basic conditions in the oil industry are sounder to-day
than they have been at any time since 1920, and your directors feel that prospects for 1926 are for continued prosperity.
The Corporation's position has improved considerably
since the first of the year. Production of crude oil, particularly of the higher gravity and more valuable grades, has
Increased substantially, and the natural gasoline department has been expanded by the building and acquisition of
new plants. The most notable development has been the
completion of two wells on the Frederick 90
-acre lease in the
Wewoka, Oklahoma pool, with initial production in excess
of 6,000 bbls. each, of high gravity oil. Crude oil production at the present time is in excess of 18,000 barrels net
daily, and the gasoline production is in excess of 25,000
gallons net daily.
The Corporation's business has been extended into Texas
by the acquisition of attractive leasehold, part of which is
now being drilled, and the policy of aggressive search
for
new prospects in Oklahoma and Kansas has been continued
with success. Prospects for future production are
better
to-day than they have been at any time in the past. In
broad spread of inactive leasehold, the Corporation its
has
holdings in most of the known attractive areas in
Oklahoma
and Kansas.
Preliminary estimates indicate earnings for the
first quarter of the present year, after all charges, of $1 15
a
and prospects for the second quarter are for much share,
higher
2379
earnings than in the first quarter. It is particularly gratifying that the Corporation has been able to increase its rate
of earnings in the face of an increase in the number of
shares and the bringing in of new capital, all of which has
not yet been productively employed.
By order of the Board of Directors,
E. L. DEGOLYER, President.
We have examined the books and vouchers of the Amerada
Corporation and its Subsidiary Companies, the Amerada
Petroleum Corporation, Amerada Refining Corporation and
Alabama Exploration Company, for the calendar year 1925
at their New York offices. In our opinion, the above Balance Sheet correctly sets forth the combined financial position as at December 31 1925, and the attached Consolidated
Income and Profit and Loss Account shows the results of
the operations for the calendar year 1925.
DELOITTE, PLENDER, GRIFFITHS & CO.,
Auditors.
49 Wall Street, New York City, March 12 1926.
AMERADA CORPORATION AND SUBSIDIARIES.
CONSOLIDATED INCOME AND PROFIT AND LOSS ACCOUNT
FOR THE CALENDAR YEAR 1925.
Operating Income—
Oil, Gas and Gasoline:
$8,821,198 58
Sold and Consumed
Deduct—Decrease in Stock on hand
648.513 09
$8,172.685 49
Deduct—Purchases, Operating and Administrative Expenses
(excluding Federal Income Taxes)
2,724.239 46
$544844600
Deduct—Leases abandoned. lite
939,990 98
$4.608.455 05
192,914 41
Other Income
Net Profit Before Providing for Depreciation. Depletion
and Federal Income Taxes
$4.701.369 46
Depreciation
$937,938 25
Depletion on Cost
1,153,617 58
Federal Income Taxes
111.384 91
2.202.940 74
Net Profit Transferred to Surplus
$2,498,428 72
AMERADA CORPORATION AND SUBSIDIARIES.
(
'ONSOLIDATED BALANCE SHEET DECEMBER
31 1925 (AFTER ELIMINATION OF INTER-COMPANY
ACCOUNTS).
ASSETS.
Current Assets—
Cash _______________________________________________________
______________________$1,433,974 48
Accounts ReceiVable ____________________________________________________________
______
487,417 44
Notes Receivable _ ___________________________
______________________
4,931 45
Suspense Accounts, Deferred Charges, &c
28,379 61
Stocks of Oil and Gasoline:
Oil, at or below Market________________________________________________ $611,774
82
Gasoline, at Cost
4,908 60
616,683 42
$2,571,386 40
Investment—
Geophysical Research Corporation
42,300 00
Properties, Plant and Equipment—
Active Leases, at Cost, plus Drilling Expenses, less Depletion
' $2,202,441 88
Inactive Leases, Real Estate, Rights of Way, &c., at Cost
2,859,239 07
$5,061,680 95
Lease Equipment, less Depreciation
$2,361,790 73
Gasoline Plants,less Depreciation
339,334 15
Storage Tanks, &c., less Depreciation
250,643 98
Miscellaneous Equipment, less Depreciation
185,608 20
Equipment and Supplies on Hand, in Warehouses
or in Transit, at Cost, less
Depreciation
397,665 09
3,535,042 15
8,596,723 10
$11,210,409 50
Current Liabilities—
Accounts Payable
Reserve for Federal Income Tax
Capital Stock—
Authorized-600,000 Shares of $10 00 each
LIABILITIES.
$1,110,607 85
111,384 91
$1,221,992 76
_$6,000,000 00
Issued-588,300 Shares of $10 00 each ________________________
______________________________________ 5,RA3,00000
Surplus—
Balance January 1 1925_____
____ 3986,738 02
Add—Profit for year ended,beeeniber_ __________ _it;
- n- -o- ace
2,498,428 72
_____
$3,485,166 74
Deduct—Dividends paid during year ________________________
___________________________
879,750 00
$2,605,416 74
Add—General and SpecialiReserves transferred to
Surplus, according to resolution of Board
of Directors adopted Jan.k28 1926________________
___________________ 1,500,000 00
4,105,41674
$11,210,409 50
[VOL. 122.
THE CHRONICLE
2380
NEW YORK CANNERS, Inc.
SEVENTH ANNUAL REPORT—FOR THE YEAR ENDING DECEMBER 31 1925.
LIABILITIES AND CAPITAL.
April 6 1926.
Current Liabilities—
To the Stockholders of the New York Canners, Inc.:
$3,130,600.00
Notes Payable
407,606.26
Accounts Payable
In submitting herewith a consolidated balance sheet of
$3,538,206.26
December 31 1925, together with consolidated earnings Total Current Liabilities
183,288.62
Reserve
statement and analysis of surplus account, we.call your atten- Minorityfor Federal Income Taxes, Etc
Interests—
tion particularly to the simplification of our capital structure.
Capital and Surplus of the New York Pea
In the
334,920.47
Packers, Inc
At the close of the preceding year there were outstanding
.
$600,000.00 par value of 73.% bonds and $400,000.00 par Capital—
Preferred (no par
Cumulative Convertible
value of 8% preferred stock of our subsidiary, The T. A.
value) at a stated value of $85 per share
60,000 shares authorized, issued and outSnider Preserve Company, also $1,553,200.00 par value of
$5,100,000.00
standing
7% first preferred stock and $850,000.00 par value of 8%
Common Stock (no par value) at a stated
of $5 per share
value
second preferred stock of this Company. Sinking fund pro250,000 Shares authorized $1,250,000
visionsfor these securities necessitated a progressively increas129,761.55 Shares issued and outstand648,807.75
ing
ing cash expenditure, which in 1925 aggregated $76,500.00.
5,748.807.75
3,910,982.60
All these securities have been redeemed. A new issue of Surplus
60,000 shares of $6.00 convertible cumulative preferred stock
$13,716,205.70
Total Liabilities
without par value was authorized by a special stockholders'
meeting, and has been issued, providing the cash necessary
Note.—A lease purchase contract covering equipment may occasion
1 1926 of
for redemption purposes and also additional working capital. payment on Octoberadditions $48,575 and a like amount on October 1 1927,
with corresponding
to fixed asset accounts.
The new issue has no sinking fund requirement. Obviously,
the aggregate annual charges against working capital, inN. Y.
cluding dividends on preferred stocks, interest on bonds NEW YORK CANNERS, INC., ROCHESTER,
and sinking fund expenditures, which were cancelled by the
CONSOLIDATED EARNING STATEMENT YEAR ENDED
DECEMBER 31 1925.
refinancing, were approximately twelve thousand dollars less
New York Canners, Inc., New York Pea Packers, Inc.,
than the dividend requirements of the new preferred stock.
The T. A. Snider Preserve Co.
This however, makes no allowance for the value of the addi- Sales—Gross
$10,931,159.96
tional million dollars of working capital.
737,142.36
Less Discounts and Allowances
110,194,017.60
To better meet trade conditions, we decided to change the
6,720,837.49
Manufacturing Cost
date of our fiscal year closing from December 31st to Janu$3,473,180.11
ary 31st, with a resulting later date for the annual meeting
219.608.69
Other Income
of stockholders.
$3,692,788.80
You will note in our consolidated earnings statement the
substantial increase in advertising expense. This was in- Deductions— Administration Expense
$1,782,847.02
Selling and
408,523.66
curred in the latter half of the year, and was occasioned by
Advertising Expense*
200,152.47
Interest
the development of the national advertising campaign on
•
387,751.98
Depreciation
Snider products. Together with additional sales effort to
65,703.37
Miscellaneous
2,844,978.50
properly support the advertising, this entailed extraordinary
$847.810.30
expense, aggregating approximately two hundred thousand Net Earnings before Federal Taxes
88,829.50
dollars, or more than a dollar and a half per share on our Reserve for Federal Income Tax on 1925 Profits
outstanding common stock. A large proportion of this
$758,980.80
expenditure could have been properly carried as a deferred
for 1924,
asset. We decided, however, to treat the entire amount to *Corresponding Expense herewith.)$275.163.10. (Comments in Report
Stockholders submitted
as current expense, although the benefits will necessarily
After deducting a full year's dividends on all preferred stocks ($227,624).
the balance of the year's earnings remaining for the common stock was
be realized only in subsequent years.
$531,356. On stock outstanding prior to December 31st there was earned
.With unusually heavy packs in 1925 of the principal per share $4.30.
canned vegetables, considerable resistance developed to the
ANALYSIS SURPLUS ACCOUNT.
acceptance by distributors of the customary heavy volume
New York Canners, Inc., New York Pea Packers, Inc.,
The T. A. Snider Preserve Co.
of goods during the closing months of the year, following the
$3,111,384.74
packing season. In consequence our billings for November Balance, January 1 1924
Deductions—
and December showed a substantial decrease over the bill$43.485.95
Amortization of Good-will
662,385.74
Capital Expenses of Refinancing
ings for the like period of 1924, and our sales for the entire
Appropriated for Special Depreciation and
year were reduced accordingly. An offsetting increase in
200,000.00
Obsolescence
billings for the first three months of 1926 is shown by the
Dividends paid in 1925:
$236,763.50
On Common Shares
comparative figures:
156,069.25
On Preferred Shares
392,832.75
JANUARY-MARCH BILLINGS.
Shares at Decem1926.
U.611.057.16
1925.
U.002,015.12
Increase.
$609,042.04, or 60%
The increase in billings is reflected by decrease in borrowings as follows:
1924-5
1925-6
NOTES PAYABLE.
March 31st.
December 31st.
$1.859,000.00
$1.924,300.00
1.838,600.00
3,130,600.00
Reduction for Period.
$65,300.00
1,292,000.00
A continuance of the present satisfactory movement of
spot goods to the trade will reduce our merchandise inventories to normal by the time fresh packs are available, with
a resulting steady improvement in our cash position. Our
balance sheet shows a record working capital in excess of
five million dollars. The consumption of canned foods is
steadily increasing. With favorable general business conditions and our strong trade and financial position, we may
reasonably anticipate a satisfactory outcome of the curRespectfully submitted,
rent year.
NEW YORK CANNERS,INC.,
JOHN M. PROPHET, President.
(Reserved for Preferred
ber 31 1924, 1140.680.00.)
Organization Expense of New York .Pea
Packers, Inc
10,654.23
1,309,358.67
$1,802,026.07
Viditions—
Appreciation of The T. A. Snider Preserve
$203.456.65
Co. Fixed Assets on Appraisal
Reinstatement of valuation on unissued shares
704,112.25
of no par value
Excess of cash received over stated value on
411,632.00
common stock issued during 1925
761.95
Miscellaneous Adjustments
Reserve against Equity in Surplus of New
30,012.88
York Pea Packers, Inc., eliminated
Net Profit of Combined Companies year
758,980.80
ended December 31 1925
Surplus, December 31 1925, as per Balance Sheet
New York
Chicago
Pittsburgh
Kansas City
Milwaukee
2,108,956.53
$3.910,982.60
Los Angeles
ARTHUR YOUNG & COMPANY,
Members American Institute of Accountants, Dallas
and at
82 Beaver Street, New York
London, Eng.
Cable Address "Arthyoung."
Paris, France.
March 31 1926.
NEW YORK CANNERS, INC., AND SUBSIDIARIES.
To the Directors of the New York Canners, Inc.:
CONSOLIDATED BALANCE SHEET DEC. 31 1925.
Stocks
We have examined the accounting records of New York
(After giving effect to Redemption of First and Second Preferred New
the
and issuance of Cumulative Convertible Preferred Stock ofand Con- Canners, Inc., and its subsidiaries at December 31 1925,
Preferred Stock
York Canners, Inc., and Redemption of
and have prepared therefrom the foregoing Balance Sheet
vertible Gold Bonds of The T. A. Snider Preserve Co.)
and the accompanying Consolidated Statements of Earnings
ASSETS.
and Surplus. The cash records of the Company as at DeCurrent Assets—Cash in Banks and on Hand-- $480,181.57
18,775.43
Notes Receivable
cember 31 1925 were kept open for approximately twelve
1,521,889.82
Accounts Receivable
days in the month of January 1926. Subject to the foregoing,
Inventories (supplies at cost, merchandise
6,518,589.87
lower than market)
We hereby certify that, in our opinion, the foregoing
$8,539,436.69 Balance Sheet and.
accompanying Statements of Earnings
Total Current Assets
98,634.35
Investments (at cost) in Stocks Other Companies
and Surplus respectively reflect the true financial condition
Fixed Assets—.
$7,898,416.72
of the Consolidated Companies at the date stated and the
Real Estate, Plants and Equipment
2,877.826.65
Less: Reserve for Depreciation
5,020,590.07 results of their operations for the year then ended and to
57,544.59 that date.
Deferred Charges
Total Assets
$13,716.205.70
ARTHUR YOUNG & CO.,
Members American Institute of Accountants.
APR. 24 1926.]
THE CHRONICLE
2381
The Commercial Markets and the Crops
-GRAIN-PROVISIONS
COTTON-SUGAR-COFFEE
-ETC.
-WOOL
-DRY GOODS
-METALS
PETROLEUM-RUBBER-HIDES
COMMERCIAL EPITOME.
(The Introductory remarks formerly appearing here will now be
found in an earlier part of th.. paper immediately following the
editorial matter in a department headed "INDICATIONS OF
BUSINESS ACTIVITY.'I
Friday Night, April 23 1926.
COFFEE on the spot has been steady with a moderate
demand. Santos 4s held at 21% to 220. and Rio 7s at 183i
to 183/20.; Maracaibo Trujillo, 23 to 233/20.; fair to good
Cucuta, 23% to 243c.; Colombian Ocana, 23 to 235/ic.;
Bucaramanga washed, 2734 to 28c.; Honda, 27% to 28c.•
Tolima, 27% to 280.; Giradot, 28 to 283c.; Medellin, 293
%
to 300.; Manizales, 28 to 283c. Firm offers were in good
supply on the 20th inst. at some advance. Prompt ship3
ment Bourbon Santos 2s-3s, 213/0.; 3s at 20.70 to 21.10c.•
3s-4s at 20.50 to 21.55c.; 3s-5s at 20.15 to 21c.; 48-5s at 2034
to 203/2c.; 5s at 19.60 to 20.65c.; 5s-6s at 20 to 20.100.; grinders, 7s-8s, at 18.90 to 19.60c.; part Bourbon or flat bean 2s-3s
at 213'c.; 3s at 20.90 to 21.6004 3s-4s at 20M to 20.85c.;
3s-5s at 20.35 to 20.85c.; 4s-5s at 2034 to 203/ic.; 5s at 19.80
to 20.10c.• 5s-6s at 19.95c.; 6s at 20.150.; Santos peaberry
20.45
3s-4s, at ' to 20.60c.• 3s-5s at 20.25 to 20.850.; 4s-5s at
20.10 to 20.500.; 6s-7s at 719.30c.; Rio 7s at 17.60 to 18.10c.;
78-8s at 17.35c.; future shipment Santos, July-Oct., Bourbon 7s, 1934c.; July-Dec., 9s, 20.10c.; Aug.
-Sept. Bourbon
4s-5s, 1934c.
Owing to the holiday in Brazil on the 21st inst. only a
few offers were received but these showed a decline of 10 to
25 points from the previous day. Part bourbon 3-5s were
20.30 to 20.650.; part bourbon 3-4s 20.55c.; part bourbon
and peaberry 3-4- 5s 20.85c. Bourbon 5-6s, 19% to 20c.;
bourbon 4-5s- at 20;i;c. bourbon separation 7-8s, 18.35c.
to 19.10c.; genuine bourbon 2-3s at 21.40 and bourbon 3-5s
at 20.45c. Maracaibo advices say: "The drought appears
to have been quite general in Colombia as well as in Venezuela
Some rain has fallen, but the amount is by no means sufficient
In the lower, i.e., the hotter regions, the drought damage
has been such as to point toward a partial crop failure, and
even in the higher cooler regions the yield promises to be
severely affected. Substantial rains between now and the
middle of April could, of course, bring about a considerable
improvement; all the same we believe that even then next
year's yield, due to the unfavorable weather conditions, will
prove to be 15 to 20% less than last season's, in other words,
30 to 40% less than a normal crop. Due to last season's
unsatisfactory yield and poor prospects for next season, sellers
are not inclined to accept present values being more or less
under the impression that other producing countries have
had to contend with similar handicaps and look therefore
for an early rally."
As to the reported slowness of the spot and cost and freight
trade some call attention to the largeness of the consumption.
It was noted by these critics that Germany took 155,360
bags duty paid during February, against 114,730 bags a
year ago. The total world's deliveries for nine months ended
April 1st were some 600,000 bags larger than in the same
time last season. There is ample justification for expecting
fully 21,500,000 to 21,750,000 bags for the season. To-day
spot was in fair demand; Rio 7s, 183c.; Santos 4s, 22 to
%
22Uc. Futures on the 20th inst. were 1 to 8 points lower.
There seems to be no foundation for recent rumors, that the
Defense Committee was going to buy big blocks of coffee
and store them. It appears to give a certain amount of
support, though only about enough to steady prices for the
time being. But firm offers were higher and cables were up.
This tended to check any aggressive selling here. Santos
on the 20th inst. rose 25 to 125 reis with Exchange 3-64d.
higher at 7d. and the dollar rate off 50 reis. Rio was 50 to
175 reis higher, with dollar 50 reis off and exchange up
-32d. at 7d.
I
It was contended that the increasing volume of offers for
future shipment from Rio and Santos for the time being may
serve to keep the market in cheek, but forward sales should
prove a good support to primary markets later on, especially
considering that Santos will then be under the control of the
Defense Committee and consuming markets generally much
more dependent upon Brazil than they are now. Later on
unsold stocks of muds in countries of production should be
reduced to a minimum.
Some say that the apparent inability of the Defense Committee really to control their market makes it difficult to
form an opinion for the near future, although they do not
expect any material change in prices just now. They expect a sharp demand and advancing prices during July,
August and September. Rio and Victoria coffees on the
spot are scarce. There is no Victoria and only 1,200 bags of
Rio afloat for New York and they are the basis for the May
delivery price. A good advance in spot coffee would not
surprisef peopleimuch as delivery date approaches. The
cheapest coffee deliverable on the Exchange cannot be bought
except at a premium over May.
Commerce reports said: "The success of the Sao Paulo
coffee defense loan floated in London early in 1926 helped
considerably in renewing confidence but thus far little actual
benefit has been derived from the proceeds which have not
yet been distributed. The plan announced by the Institute
involves 6 months loans to planters through local banks at
the rate of 9%, advances to be made up to 75% of the
value of the coffee warehoused. The coffee-producing
industry is in a prosperous state, in spite of complaints to
the contrary, a relatively small crop being compensated by
good prices. The system of Government control of the
coffee trade, originated by Sao Paulo, has recently been
adopted by the other coffee producing States, though with
variations of method." To-day futures closed 16 to 22
points higher with sales of 84,000 bags. Rio coffee was in
small supply. Europe was buying. The spot demand was
fair. Brazilian cables were up. Rio advanced 100 to 300
reis, with exchange 1-16d. higher at 7 1-16d. and the dollar
rate off 50 reis to 73010. Santos advanced 75 to 225 reis;
exchange 7 1-32d. and the dollar rate off 10 reis to 73020.
Last prices show an advance for the week of 27 to 69 points,
the latter on July. This is believed to have been the result
of an oversold market more than anything else, although
latterly Brazilian prices have been rising.
15.50a bid
16.58 a trad Dec
spot unofficial_ _1834-K I July
16.01 a tradi,March
15.00a15.01
May
16.82 a trad I Sept
4
-Prompt Cuban raws were firmer at 23 to
SUGAR.
2 13-32c., with a moderate business. Refined was 5.15 to
5.60c., more generally 5.40c. Some 45,000 bags sold at
2 13-32c. c.&f. or 4.18c. April duty paid for Cuban; 23%e.
for May, 4.14C3. c.i.f. for Porto Rico, and 2,500 tons of
Philippine centrifugal due next week at Baltimore at 4.14c.
Real spring weather here with the thermometer up to 73 degrees on the 21st inst. and 78 on the 22d, brightened the outlook for the refined trade and also tended to brace raw
prices. Crop curtailment in Cuba, too, is not regarded as
an idle gesture. Cuba means business. Besides, two
cargoes of Santo Domingo raw sugars reported sold to the
United Kingdom on the 20th inst. at us. 41id. c.i.f. Some
2,500 tons of Cubas or Santo Domingo sold to the United
Kingdom for June shipment on the 21st inst., it seems, at
2
us. 73/d., or 2.35c. f.o.b. Cuba. London terminal closed
%(I. lower to %d. higher on the 21st inst. Havana cabled
that President Machado has asked Congress to pass legislation providing legal machinery to control production of
sugar and set the date for commencement of cutting each
year. Control of the next two crops, he believes, will be
necessary to bring sugar production back to a normal crop.
"Foreign Crops and Markets" estimate the world total beet
sugar crop of 1924-25 at 8,920,435 short tons, against
9,041,647 short tons for 1925-26. Estimated world total
cane sugar 17,566,000 short tons for 1924-25 and 18,651,000
short tons for 1925-26. Guma-Mejer cabled their weekly
Cuban figures as follows: Arrivals, 184,810 tons; exports,
112,030 tons; stock, 1,306,646 tons; exports north of Hatteras, 46,108 tons; Europe, 34,489; New Orleans, 23,929;
Savannah, 2,857; Canada, 4,647.
According to one computation Cuban figures for the week
ending April 17th were: Arrivals 190,019 tons; exports 137,558 tons; and stock 1,292,579 tons; centrals grinding 169.
Of the exports, New York 53,421 tons; Philadelphia 11,786
tons; Boston 7,785; Baltimore 1,429; New Orleans 21,179;
Savannah 5,714; Interior U. S. 603; Canada 4,647; United
Kingdom 30,916; Uruguay 78. Havana cabled: "Mauritius
crop owing to severe cyclone which considerably damaged
cane, reduces estimate from 240,000 to 200,000 tons. Possibly this reduced figure may not be reached. European
cables reported Cubas freely offered at 11s 6d refined demand
nil, and said the firmness there was due to covering of
20,000 tons in terminal market against hedged Mauritius
sugar. President Machado of Cuba recommends that the
sugar output be kept down to 4,714,253 tons and has sent a
letter giving each planter the quantity of his allotted shipment. President Machado on the 19th inst. signed two
decrees designed to limit the new plantings of sugar cane
until Jan. 1 1927. They prohibit the clearing of ground for
sugar planting, but permit the preparation of fields for growing rubber, tobacco, vegetables and hemlock. Another decree
forbids the destruction of forests for the planting of sugar.
This decree will be in effect until June 1927. Up to April 15
production was 3,910,000 tons according to the Sugar Club,
against 3,762,000 tons last year up to that time, showing an
increase of 147,000 tons. There are 168 mills grinding
against 182 mills last year.
To-day futures closed 1 to 2 points lower with sales of
68,700 tons. Latterly Cuba for June shipment has sold to
the amount of 10,000 bags at 25e. In general the quotation
THE CHRONICLE
2382
has been 2 7-16c. The market is braced by the Cuba Act
restricting the crop to 90% of the average estimate. The big
trading in futures here attracts attention. On the 22d inst.
it amounted to 116,000 tons, largely for March 1927. It
was supposed to be to a considerable extent hedges, against
sales by the Java Producers Association. It has sold lately
40,000 tons, including whites of 1927 crop at 3.35c. c.i.f.
United Kingdom for April and May shipment and browns
April and May shipment at 3.05c. c.i.f. United Kingdom.
London terminal on the 22d inst. ended 13/2 to 2%d. higher
This afternoon a cargo of Cuba in port is said to have been
%
offered at 23 c. and another afloat at 2 13-32c., though
Cuban holders were generally asking 2 7-I6c. for aflots.
Refined was quiet at 5.40c. awaiting action by the Cuban
Congress on the question of restricting the year's production.
Withdrawals are said to have been rather large. For the
week there is no change in September while May and July
are 2 points lower. Calling prompt raws 23/sc., they are
the same as a week ago. Prices closed as follows:
2.76a -- Dec
2.53a
2% July
unofficial
2.78a
.
2.66anom. March
Ma
2.40a 2.41 Se t
- n London on the 21st inst. Indian teas declined;
TEA.
only 14,000 packages out of 21,400 offered sold. Prices:
Medium pekoe, is. 7d. to is. 834d.; fine pekoe, Is. 9d. to
2s. 6d.; medium orange pekoe ,ls. 7d. to Is. Md.; fine
orange pekoe, Is. 93.d. to 2s. 63d. In London on April 20
offerings 24,400 packages of Ceylon teas and some 22,000 sold
at barely steady prices, as follows: Medium pekoe, is. 83/2d.
to is. 103/2d.; fine pekoe, Is. 11d. to 2s. 5d.; medium orange
pekoe, is. 9d, to is. 10%d.; fine orange pekoe, Is. 1130.
to 2s. 53/2d.
LARD on the spot was lower on the 20th inst.; prime
Western 14.50 to 14.60c.; City in tierces, 14%c.; City in
'
tubs, 14% to 143/2c. Compound carlots in tierces, 14 to
14%c.; refined Continent, 14% to 15c.; South America,
16c.; Brazil in kegs, 17c. Latterly the demand.has increased
though to-day there was some falling off in it. Prime Western, 14.90c.; refined Continent, 1534c.; South America, 16c.;
Brazil, 17c. Futures in the main advanced during the week,
with Western receipts smaller than expected. Hogs were
advancing. The cash demand for meats from the South
was said to be larger. It affected the whole market. Besides, lard acted oversold. Advances were only restrained
by reactions in grain. On the 22d inst. lard futures advanced, for all that, 17 to 22 points, and meats 22 to 40
points. Stocks of lard in warehouse are small. The firmness of cottonseed oil naturally counted in favor of lard.
To-day prices for lard futures advanced 16 to 19 points after
some irregularity, and a certain falling off in the cash demand. Hogs were very firm, however, and in some cases
10o. higher. The top was $14 10. Western hogs receipts
were 82,000 against 87,000 a year ago. Chicago expects
5,000 on Saturday. Last prices show a rise for the week of
85 to 37 points.
DAILY CLOSING PRICES
Sat.
cts_13.90
May delivery
July delivery
14.15
September delivery
14.37
OP' LARD FUTURES
Wed.
Mon. Tues.
13.95
13.82
13.90
14.20
14.07
14.15
14.32 14.45
14.37
IN CHICAGO.
Frt.
Thurs.
14.17
14.17
14.42
14.40
14.65
14.62
PORK steady but quiet; mess, $34 50; family, $38 to $40;
fat back pork, $27 50 to $31; ribs, cash, 14.75c.; basis 40
to 60 lbs. average. Beef quiet; mess, $24 to $27; packet,
$21 to $23; family, $24 to $26; extra India mess, $40 to $42;
25; 6 lbs., $18 50;
No. I canned corned beef, $3; No. 2,
pickled tongues, $55 to $60, nominal. Meats steady;
pickled hams, 10 to 20 lbs., 22% to 26%c.• pickled bellies,
to
clear f.o.b. New York, 6 to 12 lbs., 23 ' 24e. Bellies,
clear, dry salted, boxed 18 to 20 lbs., 17%c.; 14 to 16 lbs.,
1834e. Butter, lower to high scoring, 34 to 393/2e. Cheese,
flats, 19 to 28c. Eggs, medium to extra, 29 to 34e.
-Linseed has been in better demand and higher
OILS.
with spot
-April 10.9c., July-August llo., in carlots, cooperage basis. Boiled oil has been moving more freely. Flaxseed was firmer recently. Cocoanut oil, Ceylon, f. o. b.
Coast tanks, 9%43.• Manila, tanks, coast, spot, 9%o.; spot,
barrels, 11 to 114o. China wood, N. Y. spot, barrels,
113/2 to 11 Mc.; Coast tanks, futures, 9% to 93/20. Corn,
crude, tanks, plant, 10%c.; barrels, spot, 113/20. Olive,
Den., $1 20 to $1 25; soya bean, Coast tanks, 10c.• blown,
barrels, 14 to 14%e. Lard, prime, 16%c.• extra Arained,
winter, N. Y. 13e. Cod, domestic, 58 to 60c.; Newfound65
land, 60 to 66c. Turpentine, 923/2 to 970. Rosin,
-day, including switches,
to $15 50. Cottonseed oil sales to
Prices
26,400 barrels P. crude, S. E., 113/2 to 12c. bid.
closed as follows:
12.85a13.251June
Spot
12.85(312.99 July
April
May
12.85a12.89 August
12.70012.85 September _12.49a -_-12.49a12.50 October_ _-_11.78a _ ---12.50012.57 November_ _11.00a11.02
-as
PETRMYITM.-Demand for balk gasoline w - better.
There were rumors, however, that business could be done
at 123/2c. on a firm bid at refineries. In tank cars delivered
to trade 14e. was asked, but this price too was said to be
shaded in a few instances. A more active jobbing inquiry
was reported. Export buyers are showing more interest.
At the Gulf U. S. Motor was firm at 113/20., while 64-66 was
quoted at 143/2o. Kerosene has been in small demand both
for domestic and foreign account. Water white at local
refineries, 9%c.; prime white,83%c. In the Gulf prime white,
73/2c.; water white, 83/2c. Cased, kerosene quiet. Gas
oil dull; 36-40 at local refineries, 6c.; 28-34, 53/2c.; in the
[VoL. 122.
Gulf section 26-28 gravity, 5%c. to 53/20.; 32 plus dark, 50.
Bunker oil quiet; grade C, $1 75. Diesel oil inactive at
$2 30 refinery. New York refined export prices: Gasoline,
cases, cargo lots, U. S. Motor specifications, deodorized,
28.40c.; U. S. Motor bulk, refinery, 13c.; kerosene, cargo
lots, cases, 18.15c.; bulk, 9c.; W. W., 150 degrees, 19.400.;
bulk, 93/2c.; petroleum, refined, tanks, wagon to store, 16o.;
kerosene, bulk, 45-46-150 W.W. delivered, New York, tank
cars, 103/2c.; motor gasoline, garages (steel bbls.), 19o.;
up-State, 19c. Gasoline has latterly been in better demand
for export. Bunker oil was in rather better demand.
Kerosene was quiet and apparently tending downward.
$2.15
Elk Basin
2.00
Big Muddy
2.15
Lance Creek
1.95
Homer 35 and above
Caddo
Below 32 deg
2.00
1.852-34
9
3
2.20
38 and above
3 50
$3.30 Eureka
Pennsylvania$.
BradfordBuckeye
2.12
3.65 Illinois
:2
2 65
"5
Corning
1.86
2.23 Crichton
2.20 Lima
Cabell
1.65
2.00 Plymouth
Somerset.light____ 2.45 Indiana
1.85
2 12 ilayntsville
2.00 Princeton
Rock Creek
5
.
1. 0
Gulf Coastal A"-- 2 05
Smackover,27 deg. 1.40 Canadian
Corsicana heavy.... 1.15 De Soto
RUBBER was lower and fairly active at the decline on
the 17th inst. London dropped rather sharply at the
Rubber Exchange here. May was 46 to 47.200. closing
at 46.90 to 47c.; July was 45 to 45.500. closing at 45.100.
A reduction in the prices of automobile tires of 10% was
announced for Great Britain. On the 19th inst. New York
was dull and weak. At the Exchange May was 46.10 to
48.30c. closing at 47.60c.; July,44.20 to 46.30,closing at45.80
to 46c. Outside, first latex crepe spot, April, 48 to 483/2e.;
May-June, 47 to 473/2e. Ribbed smoked sheets spot and
April 47 to 473/2c. The London stock increased last week
1,653 tons and prices then fell %d. to 22% to 23d.; spot
-O
/
April and May and 22% to 223 0. for July-Sept. ct. Deo.
The stock is 17,064 tons, the largest since May 28 1925, and
compares with 15,411 in the previous week, 11,127 last
month and 14,571 a year ago. On the 20th inst. New York
was quiet and irregular. May was 47.30 to 4843., closing at
47.50 to 47.70c.; July was 45.10 to 46c. closing at 450.
London was firmer but quiet at a rise of 4, to Md. on the
20th inst. Spot, April and May,223/2d. to 23d.; July-Sept.,
%
223/2 to 223 d.; Oct.-Dee. 22% to 23%d. Singapore was
-June, 21%d;
.
'
up % to %d. Spot and April, 21 %d; May
July-Sept., 21%d. New York prices on the 21st inst.
opened higher but reacted sharply later. At the Exchange
May was 47.40 to 48.10c., closing at 47.45 to 47.50c.; July
was 45 to 46.10o., closing at 45 to 45.10o. London advanced
%
%d., closing at 223 to 233/2d.; spot, April and May Singapore fell %d.; spot and April, 21%d.; later months, 21d.
Here on the 22nd inst. trading was large and prices higher.
The Exchange sold 466 lots a new high record. Factories
were not buying. London advanced %d. At the Exchange
May was 47.70 to 48.60, closing at 48.60c.; July was 45.40
to 46.9 c., closing at 46.80 to 46.90c. Outside prices were:
First latex crepe, spot, April, 49 to 50c.; May-June, 48 to
-Dec., 46c. Ribbed smoked
49c.,• July-Sept. 47%c.; Oct.
-June,
'
sheets, spot, 48 to 49c.; April, 48 to 483/20.; May
-Dec. 45c.; brown
47 to 48c.; July-Sept., 453/2 to 46540.; Oct.
crepe, thin clean, 45c.; Amber No. 2, 46c.; Caucho ball,
Upper, 31e.; Para-Upiiver, fine spot, 410.• Centrals, Corinto
London closed on
scrap, 3: o.; Balata block cludad, 63e. '
the 22nd inst. with spot, April and May, 23% to 24d.,
-Dec., 23% to 23%d. Singapore spot
July-Sept. and Oct.
3
and April, 21 /sd.; May,21 yid.; July-Sept. 21 3/2d. Rubber
Exchange prices were reported 120 to 140 points lower on
heavy offerings and depression in London. May ended at
47.70e., July at 45.50o.
Oklahoma. Kansas and Texas
$1.40
28-28.9
1.72
32-32.9
3.32
52 and above
1.70
Louisiana and Ark
1.85
35-37.9
2.00
38 and above
HIDES have been dull as a rule at 11 to 113/2c. for native
steers, with Colorados quoted at anywhere from 10 to lb.
and butt brands 11c. It is not reported that any advance
on recent prices has been paid. Common dry hides have
been dull and weak, Orinoco nominally 20c. and Savanilla
21c. River Plate frigorifico hides sold more freely recently
but at lower prices. Some 16,000 steers sold at $34 25, or
15 3-16c. Stocks of these hides are now estimated at 41,000.
European buyers took hold. City calfskins, $1 55 for
5-7s, $1 90 to 7s-9s and $2 65 for 9s-12s, with a fair business
in heavyweights. Later of River Plate frigorificos 1,000
Uruguayan steers sold at $37. Some 3,000 cows are reported
to have been sold at $29 50, or 13 3-16e. c. & f. City packer
hides were steady with most packers asking 11%c. for native
steers and butt brands and 11c. for Colorados. Sales later
were of some 5,000 Artiga steers at $35 623/2, or 15%o.
-Full cargo steamers were in deOCEAN FREIGHTS.
mand. Tank tonnage has recently been in demand at 30c.
flat. Grain tonnage was less active.
CHARTERS included grain from Montreal to Mediterranean, 16c..
1133fc. and 17c. May;from Atlantic range to Antwerp or Rotterdam., _8c..
9c. and 10c. May; from Montreal to Antwerp or Rotterdam, 12,4c. Mar
from Montreal to Continent, 1234c. May;from Vancouver to United Kingdom-Continent. 308. April; sugar from Santo Domingo to United KingdomContinent, 150. 3d. prompt; coal from New York to Halifax, $1 early May;
from Philadelphia to St. John, $1 25 prompt; tankers, 3.900 tons, west
Indies to Gulf, Dic. April: 6.000 tons creosote, part cargo, United Kingdom to Port Chalmette, 13s. 6d. Aprilj lumber, 950 standards St. JohnMiramichl to Dublin and Glasgow,60s. May;coal from Wales to Montreal,
8s. 6d. f.d., prompt; time charter, 1,202, net, round trip In West Indies
trade, Si prompt;3,510 net, North Pacific to north of Hatteras, $1 60 May;
sugar from Santo Domingo to United Kingdom-Continent, 15s. 9d. April;
grain from Rosario to Canada,18s. 3d. one port, 150. 28. two ports May;
from New York to Antwerp-Hamburg range, 8c. April 19-26; sugar from
‘
Santo Domingo to Halifax or St. John. 15e.; option Montreal. 17c., late
APR.
24 1926.]
THE CHRONICLE
April; from Santo Domingo to Halifax or St. John,I14c.; option Montreal,
16c., April; from north side Cuba to north of Hatteras, 13c. prompt; from
north side of Cuba to north of Hatteras, 12c. prompt; from south side of
Cuba to north of Hatteras, 14c. prompt; coal from hampton Roasd to the
St. Lawrence,80c.,second half May;from Hampton Roads to Pernambuco,
$3 45, April; from Hampton Roads to Rio de Janeiro, $3 45 April: tankers,
4,044 net, clean, two trips Gulf to north of Hatteras, 32c.; balance of year
at 30c., option of substituting dirty steamer. 30c. May; 8,155 net, balance
of year. 29Xc.; beginning July, from Gulf to north of Hatteras; 4,349 net
6 months, Gulf to north of Hatteras, 30c., beginning June; 2,797 net,Tampico to north of Hatteras, 34c., end April; 4.463 net, north Atlantic to one
port west Italy, 265.; option Gulf loading, 29s., end of June; case oil from
Minatitlan to Rio Grande do Sul 26c., prompt; North Atlantic to French
-June: linseed from Rosario to New York,
Atlantic, lubricating, 25s.. May
• $4, June 15 cancelling; from Rosario to St. John, Halifax, Montreal and (or)
Quebec. 18s. 3d. one port, 18s. 9d. two ports, early May; ore from Bona
to Boston, 10s., April; from Bougie to New York, Philadelphia and (or)
Baltimore, 10$. 3d. prompt; nitrate from Chile to Continent, 18s. MayJune; grain from Montreal to Antwerp or Rotterdam, 12Xc. May; sugar
from Santo Domingo to United Kingdom-Continent. 16s. April;from Cuba
to Far East, $6 50 May;time charters, 1,547 net round trip in West Indies
trade, 9.58.: 748 net round trip in West Indies trade. $1 35 delivery New
York; redelivery north of Hatteras prompt; 1.122 net 12 months in West
Indies trade. $1 35 prompt.
COAL declined for a time with tidewater stocks much
larger. A total of 7,245 standing cars of hard and soft coal
and of coke was reached at New York tidewater on the 19th
inst. after unloading previously of 1,663 cars. These totals
were made up of 4,928 cars of hard coal standing and 1,455
unloaded; 2,223 cars of soft coal standing and 201 unloaded.
The coke movement is the smallest of the year. Furnace
coke is about $3 to $3 15 and of foundry close to $4 50.
Hard coal unloadings reached the heaviest tonnage since the
resumption of hard coal mining. Later prices were rather
steadier.
TOBACCO has remained quiet and without features of
special interest. Only the ordinary routine trade is being
clone and to all appearance none too much of that. Manufacturers are not disposed to buy freely when they do buy.
There are repeated predictions of a better trade before long
but business actually drags along in the old way with only
moderate transactions at best, and as a rule they are small.
Firm prices are reported for new crop Sumatra. American
quotations show no change. As to the new crop of Havana
the reports are optimistic.
COPPER was quoted at 14c. by leading producers but
some shading was reported by second hands. Demand was
only fair at best. Some easing of prices is looked for owing
to the closeness of the month when distress copper is usually
thrown on the market. The price is not expected to go
below 13 Mc. however. London on the 21st inst. declined
2s. 6d. on standard copper to £56 15s. for spot and £57 12s.
6d. for futures; electrolytic unchanged at £64 10s. for spot
and £65 for futures. Latterly the tone has been steadier
at 14c. Germany has been buying more freely. It has
paid it is said 14.15c. c.i.f. German ports. On the 22nd inst.
London advanced 5s. on standard copper; spot, £57; futures,
£57 17s. 6d.; electrolytic, £64 10s. spot and £65 futures.
To-day standard was £57 2s. 6d. spot and £57 17s. 6d.
futures; electrolytic spot, £64 10s. still with'
futures also
unchanged.
TIN of late has advanced. On the 21st inst. the market
was easy early, but rallied later and wound up Mc. higher
for the day. Transactions at New York on that day were
200 tons. Of this 50 tons sold on the New York Metal
Exchange, 25 tons of which was for May Straits deliveries
5
at 62%c. and the balance July at 59%c. Spot Straits were
quoted at 63c.• April, 62%c.; May, 623'c.; June, 61'.o.;;
July, 60Mc. ' London on the 21st inst. spot standard tin
In
advanced £2 to £281 and futures rose £2 10s. to £269 15s.;
spot Straits were up £1 to £288; Eastern c.i.f. London fell
£3 10s. to £273 5s. on sales of 225 tons. Sales at London
on that day were 300 tons of spot and 600 tons of futures.
New York sold some 300 tons, it is said, on the 22d inst.,
London 600 and Singapore 275. London was about unchanged. New York moved up Mc. on the distant months,
but lost half this later on. Spot tin is in small supply.
London says that American tin plate makers are getting
business that would usually go to Wales. This is because
of coal troubles in England. Naturally it increases the consumption in this country. Spot Straits sold at 630. of late,
May at 625 c. and June at 61c. up to 62%c. To-day Lon%
don spot £279 7s. 6d.; futures, £269 15s.
LEAD was quoted at 7.85e. New York by the leading
producer. Demand was small. Consumers are said to be
pretty well covered. The East St. Louis price was 7.60c.
Spot lead in London on the 21st inst. declined is. 3d. to
£27 17s. 6d. and futures were unchanged at £28 8s. 9d.
Prices of late have been stronger here and higher in London.
New York, 7.850., and East St. Louis, 7.60c. London on
the 22d inst. was £28 5s. spot and £28 15s. future. To-day
spot was £28 75. 6d.; futures, £28 17s. 6d..
ZINC declined to the lowest level of the year on the 21st
inst. when the price reached 6.90c. East St. Louis. At
London the price is the lowest since 1923. Spot there on
that day declined is. 3d. to £31 18s. 9d. and futures were
unchanged at £32 5s. Of late prices have been rising 5s. in
London but New York has lagged behind. Buyers hold off
indifferent to the cables. New York was quoted at 6.95c.
There are intimations that this might be shaded. High
grade 83 to 8%c. To-day London spot, £32 2s. 6d., showing a decline of is. 3d.; futures, £32 10s. the same as on the
22nd inst.
STEEL has been dull and depressed largely owing to
a cold, wet, late spring, though the weather is more season-
2383
able now. Among importers competition is keen. There
is not enough business to go round. Stocks of rolled sheets
in consumers' hands may be small, but manufacturers have
had a poor trade themselves. The demand for railroad
equipment is small. Unfilled orders are expected to show a
marked falling off for April than they did in February and
March. Sheet prices show the most weakness with production large and trade small. It is said that the official price
is very frequently cut $2. The steel trade is in a period of
recession. That seems plain.
PIG IRON has been so dull that the outcry against the
tariff has grown louder. "Increase it 50%" is the demand of
the iron producers. They have been to Washington and had
a hearing. They think they will get their increase or at any
rate some increase. With the agitation for a higher duty it
appears that most importers now insert a clause in their
contracts involving foreign iron. "Present duty applying."
Importers pay the duty but if a change is between the date of
sale and date of shipment they will pay only the old duty.
German iron has been selling it is stated at $20 50 to $21.
Stocks of foreign iron at Providence it is stated are all sold.
In American iron the trading is confined to small lots. At
St. Louis prices declined $1 following the $1 reduction
recently at Chicago. St. Louis was slow about cutting the
price. It woke up when Chicago began to undersell it in
St. Louis' own field and St. Louis' stocks began to accumulate. For Eastern Penn. $22 to $22 50 and for Buffalo $21
and for Valleys $19 are merely nominal quotations. The same
applies to Chicago at $22 to $22 50, Virginia at $23 to $24
and Cleveland at $21 50 to $22 as well as basis Valley at
$18 50 to $19. These seem to be untested quotations so
far as sizable tonnages are concerned.
WOOL has been dull and weak. New York nominal
prices are as follows:
Ohio and Pennsylvania fine delaine. 46 to 47c.; X blood, 458.; X blood.
45c.: X blood, 44 to 45c. Territory, clean basis, fine staple. Si 15; fine,
fine medium, French combing, $1 05 to St 08; fine,fine medium clothing,
958. to $1; X blood staple. Si to $1 05: X blood, 858. to 90c.; X blood,
75c. to 80c. Texas, clean basis, fine 12 months. 51 15; fine 8 months,
$1 to 51 05; fall, 90 to 95c.; pulled, scoured basis, A super, 95c. to Si;
B super. 80 to 85c.; C super,63 to65c.; domestic mohair, 75 to 80c. Australian. clean basis in bond. 64-70s combing, $1 to $1 05; New Zealand.
clean basis in bond, 58-60s, 75 to 80c.: 56-58s. 68 to 70c. Montevideo,
grease basis, in bond. 58-60s, 44 to 46c.; I. (56s). 41 to 43c.: 11 (508). 37 to
39c.; Buenos Aires, grease basis, in bond III (46-488). 31 to 32c. V Lincoln
(408), 26 to 27c. Cape, clean basis in bond.best combing.95c. to $1;average longs, 95 to 98c.; best shorts, 90 to 93c.
In the West sales included several clips in Montana at
38c., partly for mill and partly for dealers' account. At
Mertzon, Texas, the fall clip of some 520,000 pounds were
offered besides 60,000 pounds of 12 months' wool. Wholly
fall wools sold at 25 to 300. Melbourne cabled April 19 that
wool exports for the 9 months period from July 1 1925 to
March 31 1926 were 2,201,000 bales from Australia and
479,000 from New Zealand, comparing with 11470,000 and
454,000 bales, respectively, in the same period the year
before, a gain of 756,000 bales. At Liverpool on April 20
the East India wool auctions opened. All medium white
wools and medium yellow wools were unchanged. No good
wool was offered to-day.
At Sydney, Australia, on April 21 selection largely of
spinners' fleeces. The Continent was the chief buyer.
Prices fairly steady.
For the choicer lots of64-70s combing wools about $1 was paid,equivalent
clean landed basis in bond; good combing 705. 51 03 to Si 05; good style
64-70s. about 97c.; average lots, 95c.; topmaking styles about 91c.; choice
combing 64s. 95 to 97c.: equivalent landed in bond at Boston clean basis.
At Liverpool on April 21 at the East India sales medium white and yellow
wools were steady, especially the yellow wools; other descriptions 5% lower.
Selection not suitable to American trade. Best white Jonas sold off to
204. to 21d., compared with 22d. to 23d. at the preceding series. Demand smaller for them. Ordinary styled wools are down about 5%; best
yellows fairly steady.
In Liverpool April 22, the East India wool auctions closed
quietly. Prices were lower than at the opening. Boston
comment was that the East India sales closed quietly with
best Jonas about 203d. to 21d., against a high point of
23 Md.at the last sales. Sydney closed for the week without
material change, with best 64-70s combing wools around $1,
more or less, clean basis landed in bond at Boston.
COTTON.
Friday Night, April 23 1926.
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
71,673 bales, against 104,943 bales last week and 91,081
bales the previous week, making the total receipts since the
1st of August 1925, 8,714,437 bales, against 8,703,895 bales
for the same period of 1924-25, showing an increase since
Aug. 1 1925 of 10,542 bales.
Receipts at-
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Total.
Galveston
1,834 2.367 4,448 2,201 2.182 1.888 14,920
433
Houston
2,231 5.650
875 9,189
New Orleans_.._ 2,459 2,602 7,097 2.993 3,081 1.765 19,997
379 1,117
441
249
864 2,073 5,123
Mobile
1,396 1,356 1,105 1,806 1,361 8,789
Savannah
1,765
193
667 1.082
Charleston
2,144
591
659 5.336
231
146
194
Wilmington
693
155
100 1,519
606
422 1.200
144
Norfolk
550 1,954 4776
168
New York
168
114
926
Boston
436
111
1,587
Baltimore-----------------------------------269
269
TotaLs this week_ 11,995 13.797 16,531 8,197 10.098 11.055 71.673
2384
[VOL. 122.
THE CHRONICLE
The following table shows the week's total receipts, the
total since Aug. 1 1925 and stocks to-night, compared with
last year:
1924-25.
1925-26.
Receipts SO
Apr. 23.
This Since Aug This Since Aug
Week. 11925. Week. 11924.
Stock.
1926.
1925.
On Shipboard, Not Cleared for—
Great
GerOther CoastApr. 23 at— Britain. France. many. Cominn't wise.
Galveston
New Orleans
Savannah
Charleston
Mobile
Norfolk
Other ports *
5.600
6,015
600
4,200
2,437
6,000 18,300
6,925 22.356
4.000
200
Total.
Leaving
Stock.
6,000 40,100 379,701
116 37,849 284,898
59.571
200 4,200
41.612
9
9
882 . 7.626
82
99.655
70,907
5,000
1,000 1.000 1,000 2.000
Galveston
14,920 2,886.325 10,683 3,543,249 419,801 219,800
Texas City
1,190
4,128
18,234
62.126
Total 1926._ 13,215 7,637 13.925 46,856 6,407 88.040 943.970
Houston
9,189 1,564,170 10.294 1,687,345
Total 1925_ 10.279 10,356 11,514 37,027 6.285 75.461 679.500
Port Arthur &c.
Total 1924_ 12,392 8,466 9,408 27,397 5,573 63.236 464.364
New Orleans
19,997 2,172.787 10,050 1,812,632 322,747 197,657
Gulfport
*Estimated.
2,214
Mobile
8,508
218,991
497 145,307
5,123
Speculation in cotton for future delivery has been more
Pensacola
16,264
10,212
606
Jacksonville
13,011
456
3,347
points
29,911 active and on the 21st inst. prices advanced 32 to 44
Savannah
8.789 844.468 5.057 606.118 63,771
130 on rains of 2 to 12 inches in Texas and heavy covering of
Brunswick
539
400
15,931 shorts here and in New Orleans. Wall Street bought
Charleston
41,621
5,336 302.470 8.372 247,687
Georgetown
32.273 heavily. Liverpool was a buyer. Shorts covered on a con31,701
Wilmington
1,519 118.763
260 '132,486
67,714 siderable scale. The market was caught short. And the
Norfolk
99,655
4,776 433,505 4,769 365,119
N'port News, &c_
New York
27.581 181,417 big rains came like a bolt from a clear sky. Nobody had
168
47,565
50
22.226
1,808 been expecting them. It is said that there will have to be
Boston
5,754
31.038
35.077
1,587
1,224
Baltimore
1.293
269
36.672
600
29,380
3.086 a good deal of replanting in southern, southwestern and
4,994
Philadelphia
9.774
1,045
Totals
71 £73 8,714 437 50.532 8,702 895 1.032.010
754.961
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receip s at—
1925-26. 1924-25. 1923-24. 1922-23. 1921-22. 1920-21?
Galveston_ _....
1492) 10.683
28,622
14.051
9.069
Houston, &c_
9 181
1.677
10.294
New Orleans_
22.201
19,037
19 9.17
10,050
10,435
5 123
Mobile
5,154
1,439
77
497
Savannah
11,161
8.784
5,057
10,312
7,974
Brunswick......217
Charleston..._
2.517
1.720
6,856
5.336
8.372
Wilmington
260
1.561
1,174
1.519
656
Norfolk
5,921
4,776
4.769
5,063
1,088
/c'port N.,&c.
2,044
650
1,404
8.618
All others____
3.047
Totalthis wk_
71,673
50.632
58.548
35.743
86.760
53.172
24,172
16.438
1,603
10,798
2,209
1,749
6,450
93
1.300
117,984
Since Aug.1_ _ 8.714.437 8.703.895 6.159.854 5.365.954 5.059.513 5.224,957
The exports for the week ending this evening reach a
total of 64,542 bales, of which 15,390 were to Great Britain,
5,092 to France, 13,760 to Germany, 10,245 to Italy, 2,000
to Russia, 11,135 to Japan and China, and 6,920 to other
destinations. In the corresponding week last year total
exports were 78,559 bales. For the season to date aggregate
exports have been 6,709,805 bales, against 7,238,331 bales
in the same period of the previous season.
Below are the exports for the week:
Exported to—
Week Ended
GerApr. 23 1926. Great
Exports from— Britain. France. many.
Galveston
Houston
New Orleans_ _ _.
Mobile
Savannah
Charleston
Wilmington
Norfolk
New York
Los Angeles
Total
Total 1925
Total 1924
4,994
4,952
Japamt
Italy. Russia China. Other.
875
4,591
700
2,231
2,000
____
Total.
5,835
8.756
------------3,180 17,887
2,294
i5E)
81 6.360
------------5.500
3
1
-- 300
4,629
9
934
100
664
50
----
------------ --850
272
____ 1831
------------5,500
,17
--------1,939 7.811
-------------814
2,000 11,135
15,390
5,092 13.760 10,245
17,437
21.640
___
7,134 24,984 9,904
3.328 20.704 12.176 15:356
From
Auy.1 19251,
Ger47,7.231926. Great
Exportsfrom- Britain. France. many
____
3,135
5,650___
6,920 64,542
6,804 12.296 78,559
5,700 3,915 82,819
Exported to
Japamt
Italy. Russia. China. Other.
Total.
Galveston_ _ _ 532,809 304.218 358,178 185.697 15,000 177,547 257.705 1,831,152
Houston__ __ 417,253 277,542 335,587 120.981 112,423 129,105 139,939 1,532,830
____ 267.890 172,793 1,510,439
New Orleans 472,753 167.819 245.984 183,221
1,500 8.211 134.557
____
Mobile
83,449 10.353 32,044 1,000
12.370
-----------1,924
Jacksonville.
6,046
____ 4,400
612 - 16,264
___ 4,150
449
Pensacola....
8,390
758 2,005
_--_ 127.456 53,166 688.442
8avannah_ 207,578 14.916 277,088 8,258
-------- ----- ---------400
Brunswick,.,.400
980
748
--------47.015
Charleston.. _
71,355 1:058 89.804
75.870
Wilmington,.
4,000
-------- --3,900
___ _ 28,470 39,500
--------11,550 0,395 236,694
Norfolk
100 97,918
116.731
New York
____ 44,446 47.531 242,143
58,502 20,888 48,904 22.092
9,105
------------5,705
__,_
Boston
464
2,938
------------7.039
Baltimore__
3,705
____ 3.334
2,324
----------303
848
Philadelphia..
100
____
1,275
41.099
037
Los Angeles.
____ 3732
22,291 2,900 9.975 1,184
5,375
--------------------1,500
3,875
San Diego
76,802
86
--------75,466
950
____
100
San Fran_ _ _
57,120
300
58,820
Seattle
Total
2,009,584 804,136 1531279 566.971 127.423 946.677 723,755 6.709.805
Total 1924-25 2,402.321 827.542 1718749 1109.701126.836 830,944 724,238 7,238,331
Toto1922-94 1.522.841 835.970 1071782 452.240 42.263 544.683 505.709 4.785,588
NOTE.—Exports to Canada.—It has never been our practice to include in the
above tables exports of cotton to Canada, the reason being that virtually all the
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 district,
on the Canadian border are always very slow in coming to hand. In view,however,
of the numberous inquiries we are receiving regarding the matter, we will say that
for the month of March the exports to the Dominion the present season have
been 22.280 bales. In the corresponding month of the preceding season the exports
were 20.291 bales. For the eight months ended March 31 1928, there were 190.393
bales exported, as against 148.547 bales for the corresponding seven months of 1925.
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:
central Texas. And the season is getting on. Texas is said
to be 2 to 4 weeks late. Spot markets at times have been
quite firm. Memphis in a week sold some 20,000 bales of
low grades. Liverpool spot sales on the 22d inst. increased
to 8,000 bales. They were the largest for some time past.
Liverpool at times has been stronger, although it has had
to get its lead from New York.
But the main •thing in the cotton trade has been the
weather. That has been In the main bad. The weekly Government report was a disappointment. It had been expected
to be better. Recently the weather was somewhat better.
But the report showed universally adverse conditions. That
is to say, the weather had been too cold and wet on both
sides of the Mississippi River. Of course, it did not take in
the big rains of the 20th, 21st and 22d insts. In Texas
and the Central belt. But it was bad enough as it was.
Planting was late: Germination was backward. And on
.
the same day came reports of tropical rains In Texas. At
Phelps in central Texas the rainfall was reported to be 10
to 12 inches. The reports as they appeared on the 22d inst.
showed heavy rains again in Texas running up to 6%
inches at Huntsville in the central part of the State and
many smaller but still heavy rainfalls in various parts of
that State. Moreover, there was much rain in Arkansas,
Oklahoma, Louisiana
-1 to 4 inches—and Mississippi. The
trade has been a steady buyer here. Mills have been fixing
prices at times on every point down. There was concentrated buying of October on the 22d inst. amounting to some
25,000 to 30,000 bales here. Some thought it was for Liverpool, and to cover; others that it was for long account for
New York people. May at timOs has been sold rather freely,
but not in large lots. The premium over July has been
pretty steadily maintained. If it dropped to 47 points on
the 22d inst. it rallied later to 52. At times recently it has
been up to 57. Finally the market is believed to be still
short here, and prices are some 560 to 960 points lower than
at this time in the last two years.
On the other hand, although there was a flurry of activity
on the 21st inst. speculation as a rule has been quiet. And
It is the belief of very many that spring rains in Texas and
other parts of the belt really do no harm, especially in
Texas. Recently, when the weather favored it, plowing and
seeding were pushed. At the first opportunity seeding will
be resumed on a big scale as a matter of course. Supplies
of cotton are big, especially at the interior towns. Exports
are lamentably small. Spot markets are quiet. The buying power of Europe is comparatively low. Cotton goods
are for the most part believed to be quiet. They have that
appearance. New England is said to be operating on the
average at only 60%. Carolina mills will endeavor to curtail production on and after May 1 by 25 to 33%. There
seems to be a tacit agreement to that effect. Fall River
has remained quiet. Recently its weekly sales of print
cloths have been only 50,000 to 75,000 pieces. The big break
in raw silk in New York and Yokohama is noted. It is believed that the worst of the rains is over, for the time being,
at any rate. Texas has a splendid "season" in the ground.
All it needs is clear, warm weather. On the 22d inst. It
was 102 degrees at Encinal in the Southwest. It is true
that this was entirely exceptional. Nothing like it appeared
anywhere else within 30 to 40 degrees. But now and then
of late on favorable days the maximum temperatures in
that State have been up in the 90's.
To-day prices advanced 4 to 11 points, July and December showing the most strength, but about half of this was
lost in most cases later on. Fear of cold weather in the
Southwest was the paramount factor. There was less rain,
but there is still more or less fear of floods in Texas. Moreover, the Master Spinners' Federation recommended that
yarn mills using American cotton should suspend for a
whole week in the third week of May. Renewed riots broke
out in Calcutta. There was further talk of curtailment in
the Carolinas. Exports were small. Spot markets were
quiet save for reports of a good demand for the low grades
at Memphis. The weevil emergence thus far is smaller in
Louisiana, Texas and South Carolina than it was a year
ago. But the report from Louisiana adds that the light
emergence was due to unfavorable weather. For the week
APR. 241926.]
THE CHRONICLE
prices show an advance of 2 to 6 points on the old crop and
17 to 21 on the new. Spot cotton ended at 18.90c. for middling, a decline of 25 points for the week.
The following averages of the differences between grades,
as figured from the Apr. 22 quotations of the ten markets
designated by the Secretary of Agriculture, are the differences from middling established for deliveries in the New
York market on Apr. 29:
1.10 on
Middling fair
Strict good middling
88 on
Good middling
66 on
Strict middling
44 on
Middling
Basis
Strict low middlint
1 30 off
Low middling
3.33 off
*Strict good ordinary
5.33 off
*Good ordinary
6.83 off
Strict good mid."yellow" Unged_0.16 off
Good middling "yellow" tinged__ .71 off
Strict middling "yellow" tinged_ _1.16 off
*Middling "yellow" tinged
2.73 off
*Strict low mid."yellow" tinged.4.48 off
*Low middling "yellow" tinged_6.15 off
Good middling yellow stained..2.28 off
*SW et middling-yellow" stained 2.86 off
*Middling "yellow" stained
3.65 off
*Good middling "blue" stained_2.I3 off
Strict middling "blue" stalned__3.03 off
*Middling "blue" stained
3.98 off
Good middling spotted
even oft
Strict middling spotted
.30 off
Middling spotted
1 15 off
*Strict tow middling spooted____2.83 off
*Low middling spotted
4.73 off
Good mtd, light yellow stained_1.46 off
*Strict mid,light yellow stained_1.98 off
*Middling light yellow stalned
3.10 oil
Good middling "gray"
91 off
*Strict middling "gray"
1.43 off
*Middling "gray"
2.18 off
•Not deliverable on future contracts
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
April 1710 April 23Sat. Mon. Tues. Wed. Thurs. Fri.
Middling upland
19.10 19.05 19.05 19.05 18.90 18.90
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Apr. 23 for each of the past 32 years have been as follows:
1926
18.90c. 1918
30.40c. 1910
15.15c. 1902
9.50c.
1925
1924
1923
1922
1921
1920
1919
24.40c.
29.35c.
28.00c.
18.05c.
12.254.
41.65c.
28.80c.
1917
1916
1915
1914
1913
1912
1911
20.10c.
12.10c.
10.60c.
13.25c.
12.00c.
12.00c.
15.10c.
1909
1908
1907
1906
1905
1904
1903
10.45c.
10.05c.
11.15c.
11.65c.
7.80c.
14.00c.
10.40c.
1901
1900
1899
1898
1897
1896
1895
8.44c.
9.81c
6.25c.
6.44c.
7.44c.
8.054.
6.94c.
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
.
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Futures
Market
Closed.
Spot Market
Closed.
Saturday_ __
Monday - _
Tuesday -__
Wednesday_
Thursday __
Friday
SALES.
Spot. Contect Total.
Apr. 26
Stock at Liverpool
Stock at London
Stock at Manchester
1926.
bales- 824,000
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
1925.
937.000
3,000
136,000
1924.
588.000
1,000
103,000
1923.
728,000
4,000
64.000
901,000 1,076,000
796.000
77,000
201,000
218.000
5,000
96.000
29,000
297.000
202,000
9.000
95.000
58.008
3,000
12,000
692.000
5.000
168.000
127.000
14.000
58.000
18.000
1.000
12,000
68,000
102.000
13.000
108,000
10.000
2,000
10,000
549,000
676.000
403,000
313.000
Total European stocks
1 450.000 1,752,000 1,095.000 1,109.000
India cotton afloat for Europe... 88,000 183.000 153.000 149.000
American cotton afloat for Europe 291,000 362,000 214.000 148.000
Egypt,Brazil,&c.,afloatforEurope 89,000
67.000
59.000
71.000
Stock in Alexandria. Egypt
281.000 155.000 165.000 229,000
Stock In Bombay,India
825.000 920,000 904,000 789.000
Stock in U. S.Ports
1 032.010 744.961 527.600 469,550
Stock in U. S. interior towns
1,541.773 594,768 486.199 604.340
U.S. exports to-day
7,960
Total visible supply
5,605.743 4.778,729 3,603,799 3.568,890
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
bales._ 540,000 729.000 326,000 365.000
Manchester stock
67,000 120,000
77.000
41.000
Continental stock
493.000 596,000 311,000 250.000
American afloat for Europe
291.000 362,000 214.000 148.000
1,032,011 744,961 527,600 469.550
U. S. port stocks
U. S. interior stocks
1.541 773 594.768 486,199 604,340
U. S. exports to-day
7.960
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock In Alexandria, Egypt
Stock in Bombay.India
Total East India, &c
Total American
3,972.743 3,146,729 1,941.799 1,877,890.
"84.000
10,000
56,000
88,000
89,000
281,000
825,000
208,000
3.000
16.000
80.000
183.000
67.000
155,000
920.000
262,000
1.000
26,000
92,000
153.000
59,000
165.000
904,000
363,000
4,000
23.000
63,000
149.000
71.000
229,000
789.000
1.633,000 1,632.000 1,662.000 1,691,000
3.972,743 3,146,729 1,941,799 1,877,890
Total visible supply
5,6°5 743 4,778.729 3.603.799 3,568.890
Middling uplands, Liverpool.-- 10.01d.
13.40d. 17.704. 15.464.
Middling uplands, New York
18.90c.
24.50c.
31.00c.
29.054.
Egypt. good Sakel, Liverpool_ __ - 17.65d. 34.55d. 24.554. 18.551.
Peruvian. rough good. Liverpool_ 118.004. 20.75d. 23.75d. 18.754.
Broach, fine, Liverpool
8.60-1.
11.90d.
14.804. 12.504.
Tinnevelly, good. Liverpool
9.154. 12.55d. 15.704. 13.666.
Continental imports for past week have been 93,000 bales.
The above figures for 1926 show a decrease over last
week of 106,689 bales, a gain of 827,014 over 1925, an.
Increase of 2,001,944 bales over 1924, and an increase of
2,036,853 bales over 1923.
Quiet, 5 pts. dec.__ Steady
Quiet, 5 pts. dec. Steady
Quiet. unchanged
Steady
Steady unchanged._ Steady
Quiet. 15 pts. dec... Barely steady.,
Quiet, unzhanged- Steady
Total__
2385
nil
nil
n11
AT THE INTERIOR TOWNS the movement
-that is,
FUTURES.
-The highest, lowest and closing prices at
the receipts for the week and since Aug. 1, the shipments for
New York for the past week have been as follows:
the week and the stock to-night, and the same items for the
•
Saturday, Monday, Tuesday, Wednesday. Thursday,
corresponding periods of the previous year, is set out in detail
Friday,
April 17. April 19. April 20. April 21. April 22. April 23.
below:
Apri/Range_ _ - - -- - - - - -- - -•
Closing_ - - - - -- -- - - - •
May
flange._ 15.51-18.61 18.52-18.62 18.52-18.58 18.65-18.86 18.60-18.80 8.56-18.70
Closing_ 18.60-18.61 18.53-18.54 18.54-18.55 18.81-18.82 18.62-18.64
8.66-18.67
June
Range._ - - -- --18.10-18.10 18.33-18.33- - -•
Closing. 18.3418.2618.15-18.3318.20- 8.25 ---July
Range,_ 1795-18.12 17.98-18 11 17 98-18.06 18.10-18.35 18.10-18.30 8.06-18.20
Closing_ 18.08-18.12 18.00-18.02 17.99-18.01 18.28-18.30 18.108.15-18.16
August
Range..- - - - - - - ---Closing. 17.6317.5017.5017.8017.65- 7.70 ---SeptRange_ _ 17.00-17.00 17.05-17.05 17.07-17.07- - 17.45-17.54
Closing_ 17.13- 17.07
17.1317.4917.4517.40 ---Oct.
Range._ 17.00-17.14 17.04-17.17 17.09-17.16 17.25-17.53 17.31-17.53
17.25-17.42
Closing. 17.13-17.14 17.07-17.09 17.1317.49-17.50 17.33-17.34 17.35-17.36
Nov.
Range_ _ 16.8516.85- - - - - --- Clotting_ 16.8916.8216.89- 2617
17.0717.11 ---Dec.
Range.. 16.66-16.76 16.6816.79 16.73-16.80 16.90-17.20 16.95-17.16
16.92-17.07
Closing. 16.7416.71-16.72 16.75-16.80 17.1517.17 16.9616.98 17.00Jan.
Range._ 16.60-16.6 16.62-16.70 16.65-16.70 16.79-17.09 16.86-17.06
16.80-16.95
Closing_ 16.66-16.62-16.66-16.67 17.0516.86-16.87 16.90-16.91
Feb.
Range..- - - - - - - -- - Closing_ 16.7616.6916.73-17.1416.9418.98 ---March
Range__ 16.72-16.86 16.77-16.87 16.77-16.85 16 97-17 27 17 02-17 20
16.96-17.07
la .7,
Closing_ IA OA
17.07-
Range of future prices at New York for week
Apr. 23 1926 and since trading began on each option:ending
Range for Week.
April 1926
May 1926 18.51
June 1926_ _ 18.10
July 1926_ 17.95
Aug. 1926
Sept.1926.- 17.00
Oct. 1926.. 17.00
Nov. 1926_ 16.85
Dec. 1926.. 16.66
Jan. 1927.. 16.60
Feb. 1927
Mar.1927-- 16.72
April 17 18.86 Apr1121
April 20 18.33 Apr1121
April 17 18.35 Apr1121
April 17 17.54
April 17 17.53
April 17 16.85
April 17 17.20
April 17 17.09
April 22
April 21
April 17
April 21
AprI121
Range Since Beginning of Optino.
18.60
18.27
18.10
17.65
17.33
17.00
17.00
16.85
16.66
16.60
Mar. 11 1926 19.89 Nov.12 1925
Mar. 2 1926 25.63 July 27 1925
Apr1120 1926 21.20 Sept.12 1925
Mar. 2 1926 24.72 Aug- 17 1925
Mar. 2 1926 22.00 Oct. 8 1925
April 17 1926 20.97 Oct. 14 1925
April 17 1926 19.70 Nov. 6 1925
Apr1117 1926 18.20 Feb. 5 1926
April 17 1926 18.50 Jan. 4 1926
Apr1117 1926 17.94 Feb. 5 1926
Movement to April 23 1926.
Towns.
Receipts.
Ship- Stocks
ments. Apr.
Week. Season. Week. 23.
Ala.,BirmIng'm
769 90.517
3 21.597
Eufaula
Montgomery
1,175 99.744
606 88,228
Selma
110 100.103
Ark., Helena
763 227.77
Little Rock
591 179.371
Pine Bluff
2
7,915
Ga., Albany
248 33,419
Athens
2,958 210,948
Atlanta
2,399 339.766
Augusta
890 83.798
Columbus..469 67.733
Macon
542 51.738
Rome
213 165,336
La., Shreveport
Miss.,Columbus
45 46,292
Clarksdale-- 1,166 231.361
798 221.135
Greenwood- Meridian-378 68,574
Natchez
56 57.775
95 54,301
Vicksburg-Yazoo City50 52,826
Mo.. St. Louts_ 7.021 657.090
N.C.,Greensb•ro
655 60.283
200 31.223
Raleigh
Okla., Altus._
.
468 141,024
Chickasha
958 191,275
Oklahoma
494 168.726
S.C ,Greenville 2.459 283.909
Greenwood_ _
___.
4.912
Tenn.,Memphis 16,831 1,759,406
Nashville
122
3.338
Tex., Abilene
406 85,791
Brenham
53
6,001
Austin
___
12,540
Dallas
2:517 159.610
Houston_ _ _ 26,2074.655.020
Parts
30 113.876
San Antonio_
18 25.870
Fort Worth
563 93,850
4,694
1,60
1.48: 3.405
1.82. 18.102
1.672 11,693
1,777 30,497
1,8'' 49,793
2,073 54.711
: 2.067
740 9,852
3.004 44,378
4.64 61.537
2.701
9
851 12.036
900 11.382
354 18.841
330 5.457
2.553 76.274
2,67: 66.213
390 12.597
1.102 10.438
727 15.981
305 13,247
6.97 15.809
1.0041 18.462
400, 12,300
955, 11.357
676 15.111
1,675, 24.246
4,940 53,954
___ _I 2.682
22.987265.609
29
816
2421 1.092
341 4.017
208
3001
1,772 18.437
30.718550,267
413, 2.873
1641
629
1.522 8.009
Movement to April 24 1925.
Receipts.
Week. Season.
Ship- ctnekt
men!!. Apr.
Week. 24.
62,59
341
508 1,718
I
19.540
30 1,950
44
81,97.
567 7,570
68 63.943
500 5,584
____
63,165
292 2,617
197 204,69
969 7.528
477 109.37. 1,143 8,991
--3.88
10 2,485
890 50,292 1.450 12.184
591 217.448 2,300 25.290
1.740 222,514 2,97. 35.669
371
73,772
672 3.379
343 46,85
634 8.618
288 47.01
1,400 8.013
____ 100.000 ---- 2.500
5 37.007
270 1,025
1 111.905
31: 5.256
10f 135.04:
636 9.440,
9 37.550
471 3.712
23 41,246
339
232
1
31,184
311 1.689
4 33.081
208 1.800
7,514 710,660 7.874 5.363
1484 63.773 1,594 14,358
---8.150
75
403
26 218.162
536 4.622
11 154.014
645 2,749
27 139,831 1,178 5,706
1,911 213,982 3,750 37.105
____
13,264
____ 4,416
6,4691.242,361 10,625 41,713
____
943
147
94
____
71,387
____
235
24 3.789
9 23.172
____
537
33.915
87
1,142 4,831
513
,
9,428 .664
.454 24,006306,395
___
834
93.447
1
171 1,103
23 65,666
522 3,242
260 157,823
Total, 40 towns 73,32810953.995 106.7001541773 33,2879,862,15: 68.331594,768
The above total shows that the interior stocks have decreased during the week 33,483 bales and are to-night
Apr1117 17.27 Apr1121 16.72 April 17 1926 17.40 Apr1110 1926 947,005 bales more than at the same time last
year. The
THE VISIBLE SUPPLY OF COTTON to-night, as made receipts at all the towns have been 40,041 bales more than
the same week last year.
up by cable and telegraph, is as follows. Foreign stocks, as
well as afloat, are this week's returns, and consequently
OVERLAND MOVEMENT FOR THE WEEK AND
all foreign figures are brought down to Thursday evening. SINCE AUG. 1.
-We give below a
But to make the total the complete figures for to-night overland movement for the week andstatement showing the
since
(Friday), we add the items of exports from the United States, up from telegraphic reports Friday night. Aug. 1, as made
The results for
including in it the exports of Friday only.
the week and since Aug. 1 in the last two years are as follows:
-1925-26Since
Week. Aug. 1.
6,973 638.112
3.200 276,162
38,522
385
54.998
-- 998
4,587 195,104
6,164 367,046
Apr 23
Shipped
Via St. Louis
Via Mounds, 5zc
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, arc
Total gross overland
Deduct Shipments-Overland to N. Y.,Boston, &c
Between interior towns
Inland, &c., from South
-1924-25-Since
Week. Aug. 1.
7.874 679,776
1,970 249,830
34,210
206
46.491
377
201,988
3,701
6,004 415,343
22,307 1,569,944
20,132 1,627,638
89,876
22,230
581,666
2,024
613
15.485
126,684
21.059
702,286
650
591
10,997
18,122
850,029
12,238
693,772
4,185
Total to be deducted
Leaving total net overland•
719.915
7,894
933,866
•Including movement by rail to Canada.
' The foregoing shows the week's net overland movement
this year has been 4,185 bales, against 7,894 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
of 213,951 bales.
-1925-26----Since
In Sight and Spinners'
Aug. 1.
Week.
Takings.
ports to April 23
71,673 8,714,437
Receipts at
719,915
4,185
Net overland to April 23
Southern consumption to April 23120,000 3,560,000
195,858 12,994,352
Total marketed
*33,483 1.385.638
Interior stocks in excess
Excess of Southern mill takings
663,983
over consumption to April 1
626,290
3,145
13.901.575
1.713.579
Movement into sight in previous years:
Bales. I Since Aug. 1111.753/1923-24116,58411922-23-
Bales.
4
10,503.764
10,273,501
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.
Closing Quo ations for Middling Cotton on
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
18.40
17.90
17.40
17.91
18.13
17.63
18.00
18.20
17.90
17.85
18.30
17.83
17.40
17.83
18.00
18.50
17.56
18.00
18.05
17.80
17.90
17.90
18.30
17.83
17.40
17.85
18.00
18.50
17.56
18.00
18.05
17.80
17.80
17.80
high 85
high 80
high 80
high 79
high 81
lo 45mean 63
low 33 mean 58
low 36 mean 61
low 34 mean 60
low 38 mean 57
low 48 mean 63
low 34 mean 58
low 44 mean 62
ea
low 42 mean 64
low 47 mean 65
low 44 mean 63
ea
Iv 44 mean 62
l
low 31 mean 57
low 40 mean 61
low 40 mean 61
low 41 mean 60
low 33 mean 56
low 38
low 32 mean 59
low 33 mean 59
low 32 mean 56
low 28 mead 54
low 37 mean 59
158,5,6 12,862,761
412.5,-;
*35,921
1.701.286
Galveston
New Orleans_
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock_ _ _ _
Dallas
Fort Worth
high 81
high 83
high 85
high 85
high 76
high 74
high 81
high 80
high 85
high 83
high 81
high 81
high 82
high 81
high 81
high 79
high 78
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
*Decrease.
Week-April26
1924
1923-Apr1127
Thermometer
high 81 low 36 mean 59
high 86 low 34 mean 60
high 85 low 39 mean 62
7
9
5
high 77 low 41 mean 6
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:
122,605
Nor.spinners'takings to April 23- 20,082
Rain. Rainfall.
1 day 0.24 in.
2 days 1.33 in.
1.62 in.
1 day
2 days 1.21 in.
1.20 in.
1 day
2 days 3.22 in.
4 days 0.44 in.
1 day 0.19 in.
3 days 0.53 in.
2 days 0.93 In.
2 days 0.71 In.
dry
dry
1 day 0.02 in.
dry
dry
2 days 0.11 in.
1 day 0.28 In.
1 day 0.56 in.
1 day 0.02 in.
1 day 0.85 In.
1 day 0.64 in.
1 day 0.34 in.
2 days 0.18 in.
2 days 0.37 in.
2 days 0.10 in.
1 day 0.18 in.
2 days 0.13 in.
Little Rock
Pine Bluff
Alexandria, La
Amite
New Orleans
Shreveport
Okolona, Miss
Columbus
Greenwood
Vicksburg
Mobile, Ala
Decatur
Montgomery
Selma
Gainesville. Fla
Madison
Savannah,Ga
Athens
Augusta
Columbus
Charleston,5.0
Greenwood
Columbia
Conway
Charlotte, N. C
Newborn
Weldon
Memphis
Since
Aug. 1.
Week.
50,632 8.703.895
933.866
7,894
100.000 3,225.000
Came into sight during week_ _ .162,375
15,043,973
Total in sight April 23
Week Ended
Apr. 23.
[Vol- 122.
THE CHRONICLE
2386
Holiday 18.30
18.10
17.85
17.60
17.40
18.12
17.92
18.31
18.31
18.50
18.60
17.81
17.63
18.00
18.00
Holiday 18.10
18.00
17.90
Holiday 17.95
Holiday 17.90
18.30
17.89
17.40
17.88
18.13
18.50
17.69
18.00
18.15
17.90
17.90
17.90
Above zero
Above zero
Above zero
Above zero
Above zero
Apra 23 1926. April24 1925.
Feet.
Feet.
13.5
5.4
13.8
30.9
9.9
12.1
9.7
18!5
38.9
23.0
of gauge_
of gauge_
of gauge..
of gauge..
of gauge..
-The folRECEIPTS FROM THE PLANTATIONS.
lowing table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Receipts at Ports.
Week
Ende 1926. 1925. 1924.
Stocks at Interior Towns.
1926.
1925.
Jan.
22..203,180201,602 110,351 1,979.181 1,383.626
29.- 171.188200,371 116,1s 1,986,7831,306,792
Feb.
5.-173,227 179,8 104,2261.930,287 1.248,011
11._ 148.354 204,082 101.244 1,912,997 1,199.9W
19_ 148.404 167,066 78.924 1.803,776 1.170.851
26...120.512 159.41 89.33 1.888.224 1330.368
Mar.
5- 118.766 199.633 69.37 1,835.7 1.048.699
12_ 105.264. 185.061 43,80 1.810.852 969,34e
19_ 121,458148,871 56,871 1,760.020 893,910
26_ 104,414 100,249 49,733 1,730,985 837,576
April
2__ 110,433109,150 55,370 1,879343 753,811
9_ 91,081 74,709 60,70 1.630.30 708,223
18_ 104.943 74,512 69,43 1,575.256 630,688
.
23_ 71,673 50.832 58,54 1,541,773 594,768
1924.
Receiptsfrom Plantations
1926. 1925.
1924.
977.263 182,628144,187 91.258
944,868158,778 123,537 83,709
898,190136,731121,118
884.91 131.064 156.924
056 137.968
823,836 128.
789.313 93.687118.931
57,548
87,972
17,842
34,815
736,13
696.682
662.05
623.832
86,669 117.964 16.194
79.322105.710 4.358
70.60 73.473 22.214
75.397 43,87. 11,540
586,349
555,542
517,634
486.199
58.891
41,898
49.891
38,190
25,591
29,115
10,304
14,711
17,887
29,902
31,427
28,821
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
The above statement shows: (1) That the total receipts
market for the past week have been as follows:
from the plantations since Aug. 1 1925 are 10,016,378 bales;
in 1924 were 9,116,893 bales, and in 1923 were 6,315,060
Saturday. Monday. Tuesday. Wednesday, Thursday, Friday,
bales. (2) That although the receipts at the outports the
April 17. April 19. April 20. April 21. April 22. April 23.
past week were 71,673 bales, the actual movement from
plantations was 38,190 bales, stocks at interior towns
17.85-17.88 17.89-17.92
17.88-17.89 17.82-17.83 17.81-17.83 18.08May
having decreased 33,483 bales during the week. Last year
17.36-17.38 17.65-17.67 17.47-17.48 17.52-17.54 receipts from the plantations for the week were 14,711
17.44-17.45 17.37July
bales and for 1924 they were 28,821 bales.
September
18.43-16.45 16.39-16.40 18.43-18.44 16.75-16.8118.61-16.65 16.67-16.70
October
- - - ACTIVITY IN THE COTTON SPINNING INDUSTRY
- -- - -- - - November - - 16.8318.60-16.62 16.68-16.70 FOR MARCH.
-Persons interested in this report will find
December_ 16.41-16.42 16.39-16.40 16.45January _ 16.37 bid 16.37 bid 16.40 Ind 16.80- 16.57 bid 16.66 bid it in our department headed "Indications of Business Ac- - bid - - bid 16.62 bid tivity" on earlier pages.
- 16.54
March._ 16.35 bid 16.33 bid 18.39 bid 16.77
Steady Quiet drat'y Steady
Steady
CENSUS REPORT ON COTTONSEED OIL PRODUCSteady
Steady
Spot
Steady
Steady
Steady
"
4,......4-4s., n4r4iv 4t.i, Ruled,
........_.
-Persons interested in this report
TION DURING MARCH.
-Reports to will find it in our department headed "Indications of BusiREPORT BY TELEGRAPH.
WEATHER
ness Activity" on earlier pages.
us by telegraph this evening denote that the early part of
unfavorable for planting of cotton
WORLD SUPPLY AND TAKINGS OF COTTON.
the week was generally
seed owing to the cool, wet weather. Temperatures were The following brief but comprehensive statement indicates
week and this work progressed at a glance the world's supply of cotton for the week and
higher the latter part of the
in those parts of the belt where the soil was not too wet. since Aug. 1 for the last two seasons, from all sources from
Some cotton has been planted in the western belt as far which statistics are obtainable, also the takings or amounts
gone out of sight for the like period.
north as Arkansas and southern Oklahoma.
-Progress and condition of the cotton crop conTexas.
part of this State, with
Cotton Takings.
1925-26.
1924-25.
tinued fair in the extreme southern
Week and Season.
stands very good and cultivation satisfactory. Elsewhere
Week.
Season.
Week.
Season.
stands poor.
in this State seeding is backward and
Visible
16
5.712,432
4,863.520
-The weather has been unfavorable for farm Visible supply April 1
Mobile, Ala.
supply Aug.
2.342,887
2,190.493
work. Germination has been slow in the lowlands owing to American in sight to April 23
162.375 15.043,973 122.605 13.901.573
the wet soil and cool nights. Bad stands are feared in the Bombay receipts to April 22_-- 61.000 2,795.000 100,000 2,837,000
Other India shipm'ts to April 22
6.000
392,000
481.000
7.000
Alexandria receipts to April 21....
uplands.
12.000 1,432,200
3.400 1,389,600
Thermometer
Rain. Rainfall.
1 day 0.02 in. high 80 low 60 mean 70
Galveston,Tex
2 days 1.90 in. high 86 low 50 mean 68
Abilene
3 days 5.10 in. high 84 low 46 mean 65
Brenham
high 86 low 64 mean 75
dry
Brownsville
mean 73
Corpus Christihigh 80 low 66 mean 67
.10
3 days 3.10 in. high 80 low 54
Dallas
2 days 1.00 in. high 80 low 40 mean 63
Henrietta
4 days 1.75 In. high 88 low 34 mean 61
Kerrville
2 days 2.06 in. high 82 low 36 mean 59
Lampasas
1 day 2.17 in. high 86 low 42 mean 64
Longview
4 days 3.58 in. high 88 low 50 mean 68
Luling
1 day 0.10 in. high 76 low 42 mean 59
Nacogdoches
1 day 3.22 in. high 82 low 52 mean 67
Palestine
2 days 1.44 in. high 84 low 46 mean 65
Paris
2 days 0.26 in. high 84 low 50 mean 67
San Antonio
2 days 2.20 in. high 80 low 48 mean 64
Weatherford
2 days 0.38 In. high 84 low 40 mean 62
Ardmore, Okla
1.35 in. high 84 low 43 mean 64
1 day
Altus
1 day 0.59 in. high 80 low 38 mean 59
Muskogee
City
2 days 0.04 in. high 82 low 45 mean 64
Oklahoma
2 days 0.64 in. high 84 low 32 mean 58
Brinkley, Ark
2 days 1.70 in. high 81 low 37 mean 59
Eldorado
Other supply to April 22.*_b
Total supply
Deduct
Visible supply April 23
10,000
627.000
8,000
381,000
5.963,807 22,722.060 5.104,52521.091.666
5.605,743 5.605,743 4,778.729 4.778,729
Total takings to April 23a.._..
Of which American
Of which other
358.064 17,116.317 325,796 16,312,937
228,064 12.114,117 247,396 11.753.337
130.000 5.002.200
78.400 4.559.600
*Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills. 3,560,000 bales in 1925-26 and 3,225.000 bales in 1924 -25
takings not being available-and the aggregate amounts taken by Northern
and foreign spinners. 13.556.317 bales in 1925-26 and 13,087,937 bales In
1924-25. of which 8,554,117 bales and 8,528,337 bales American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1, as cabled, for three years, have been as follows:
APR. 24 1926.]
THE CHRONICLE
1925-26.
April 22.
Receipts (U
-
1924-25.
1923-24.
Since
Since
Week. Aug. 1., Week. Aug. 1.
Bombay
Week.
Since
Aug. 1.
61,000 2.795.000 100.000 2.837.000 57,000 2.881,000
For the Week.
Exports
from-
Since January 1
Great Conti,- Japan&
Great
Britain. nen& China. Total. Britain.
Continent.
Japan &
China.
Total.
Bombay
---- 3,000 34,000 37.000 37.000 416,0001,406,0001,859,000
-26-1925
1924-25_ 4,000 5,000 23,000 32,000 51,000 443,0001,352,0001,846,000
1923-24.. 3,000 16,000 48,000 67,000 133,000 743,0001,278,0002,154,000
Other India:
1925-26_
_-__ 6,000 --__ 6,000 88.000 393.000
481,000
1924-25-- 1,000 6,000 --__ 7,000 66,000 326.000
392,000
1923-24__
____ 4,000 -__ - 4,000 110,000 395,000
505.000
Total all
-26 _ _
1925
1924-25._
1923-24_
--__ 9.000 34,000 43,000 125,000 809.0001.406.0002,340,000
5,000 11.000 23.000 39,000 117,001) 769.0001.352,0002,238,000
3,000 20,00A 48,000 71,000 243.0001,138,0001.278,0002,659,000
2387
13ales.
MOBILE
-To Liverpool-Apr. 15
-Maiden Creek, 2,021
2.021
To Manchester-Apr. 15
-Maiden Creek. 273
273
SAN PEDRO-To Havre
-Apr. 16
-La Marseillais, 50
50
To Genoa-Apr.16
-Piave,II,664
664
To Bremen-Apr. 16
-Isis, 100
100
SAVANNAH-To Genoa-Apr. 22-Quistconck, 850
850
WILMINGTON-To Genoa-Apr.23-Cripsi. 5,500
5.500
SAN FRANCISCO
-To China-Apr. 17
-President Wilson, 2,350 2.350
Total
64,562
COTTON FREIGHTS.
-Current rates for cotton from
New York, as furnished by Lambert & Burrows, Inc., are
as follows, quotations being in cents per pound:
High StandDensity. ard.
Liverpool .300. .45c.
Manchester.30c. .45o.
Antwerp
.350. 500.
Ghent
.42 Si c. .5734c.
Havre
.350.
.500.
Rotterdam .45c. .130o.
Genoa
.40e. .55c.
Oslo
Stockholm
Trieste
Flume
Lisbon
Oporto
Barcelona
High StandDensity. ard.
.50c. .600.
.50c. 650.
.50c. 650.
.50c. .650.
.400. 550.
.600. .75c.
.30e. .45o.
High
Stand.
and.
.62340. .7734et
.650. 8tic.
.45c. .60o.
.40c. .55c.
.35e. .50o.
.75e. .90o.
.750. .90c.
Density.
Japan
Shanghai
Bombay
Bremen
Hamburg
Piraeus
Salonlca
LIVERPOOL.
-By cable from Liverpool we have the folAccording to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of lowing statement ot the week's sales, stocks, &c., at that port:
April 2. April 9. April 16. April 23
39,000 bales. Exports from all India ports record an increase Sales of the week
21,000
19,000
30.000
34.000
Of which American
of 4,000 bales during the week, and since Aug. 1 show an
14.000
15.000
19.000
24.000
Actual exports
1,000
1,000
1.000
1.000
increase of 102,000 bales.
Forwarded
52,000
53.000
76,000
67.000
Total stock
836.000 866,000 836.000 824,000
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Of which American
553.000 564.000 537.000 540.000
-We
imports
58,000
81,000
51.000. 49,000
now receive weekly a cable of the movements of cotton at Total which American
Of
24,000
47,000
24,000
47,000
Alexandria, Egypt. The following are the receipts and Amount afloat
205.000 153,000 187,000 158,000
Of which American
112,000
79,000 110,000
shipments for the past week and for the corresponding week
80.000
The tone of the Liverpool market for spots and futures
of the previous two years.
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Alexandria, Egypt,
1925-26.
1924-25.
1923-24.
April 21.
Spot
Receipts (cantars)This week
Since Aug. 1
60.000
7.155.652
7,000
7,028.838
45,000
6.195.262
This Since
This Since
This Since
Week. Aug. 1. Week. Aug. 1. Week Aug. 1.
To Liverpool
159.778
178.539 5.000 190,434
To Manchester, &c
163.330 5.750 208,096
_--_
To Continent and India- 5,000 285,202 2,750 321,122 5.750 176,225
316,631
To America
131,219
50 116,314 3,750102,576
Totalexports
5,000 739.529 8,550 824,071 14.500 785,866
-A canter is 99 lbs. Egyptian bales weigh
Note.
This statement shows that the receipts for the weekabout 750 lbs.
ending April 21 were
60,000 canters and the foreign shipments 5,000 bales.
Exports (bales)-
MANCHESTER MARIcET.-Our report received
cable to-night from Manchester states that the market by
in
both cloths and yarns is steady. Demand for India is improving. We give prices to-day and leave those for previous
weeks of this and last year for comparison.
1928.
1925.
4
834 Lbs. Shirt- Cotton
32s Cop inn. Common Mtdagg 32, Cop 84 Lbs. Shirt- Cotton
tugs. Common AIiddrg
Twist.
to Finest.
Cyr& Twist.
to Finest.
°prat
173401834 14 4 ale 8
113340173( 14 4 ale 6
14 0
14 0
14 0
14 0
a14 4
014 3
014 3
014 3
10.78 2231024 18 5 017 0
10.83 22 a23% 18 5 017 0
10.80 2234023 113 5 017 0
10.52 22340243.416 7 017 2
10.57 223462433 17 2 017 4
10.33 23 02434 17 2 017 5
153401731 140
153017 013 3
153017 0 13 3
153017 0 13 3
0148
013 6
013 6
013 8
9.95
9.90
10.08
10.16
1001731
183401731
16301734
HI 61734
233162431
23302434
23 0243.4
223402431
178
17 2
17 2
17 2
a17 6
017 8
017 5
017 4
12.87
12.92
13.73
13.28
13.68
13.94
14.37
14 04
14.08
13.88
Tuesday. Wednesday. Thursday.
Friday.
Quiet.
Good
inquiry.
Good
demand.
Quiet.
9.95
4,000
9.95
9.92
9.90
10.11
6,000
6,000
5,000
8,000
Mld.IIPI'ds
Sales
Quiet.
Good
demand.
10.01
5,000
Futures. Barely st'y Quletunch
Steady
Quiet
Steady
Market l 11 to 13pts. to 4 points 1 pt. adv. 1 pt. dec.to 10 to 13pts. 5Quiet
points
opened I decline,
advance. to 1 pt.dec 1 pt. adv. advance.
decline.
Market, f Barely st'y Barely st'y Barely st'y Steady
Steady
ilt 7
.
4 1610 17pts. 4pts.dec.to unchged to 6 toll pts. to 7 pts. Q't but pta.
4
to 7
F. M. I decline 3 nts. adv. 1 nt. dee advance, 6advance. 5 decline.
Prices of futures at Liverpool for each day are given below:
•
April 17
to
April 23.
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
1231 1234 1234 44)0 1234 4:00 1234 4:00 1234 4:00 1234 44)0
P. m.P. m P. M•P. m • P. m.P. m • P. m.P. m • P. m • P. m.P. m.P. m.
d. d.
April
9.35
May
9.31
June
__ __ 9.21
July
9.17
August
9.05
September.-- __ 8.94
October
-- __ 8.86
November --------8.77
December__ __ 8.77
January...... .._ __ 8.76
February
8.74
March
_- -- 8.75
d.
9.35
9.31
9.21
9.17
9.07
8.96
8.89
8.80
8.80
8.79
8.78
8.79
oo
January
22
29
February
5
11
19
28
March!,
12
19
26
April
1
9
16
23
Monday.
.nisch,SVt-o0c6ble-co
•
Saturday.
Market, I
12:15 i
P.M. I
d.
9.32
9.27
9.18
9.14
9.04
8.94
8.87
8.78
8.78
8.78
8.76
8.77
d. d. d. d.
9.31 9.30 9.39 9.51
9.26 9.25 9.34 9.46
9.17 g.iol 9.25 9.37
9.13 9.121 9.21 9.33
9.03 9.02 9.10 9.23
8.94 8.944 9.03 9.15
8.87 8.8 8.97 9.08
8.78 8.79 8.89 9.00
8.78 8.79j 8.89 8.99
8.78 8.79 8.88 8.99
8.76 8.77 8.86 8.97
8.77 8.79 8.88. 8.98
d. d. d.
9.413 9.41 9.41
9.41 9.36 9.85
9.31 9.26 9.25
9.27 9.22 9.21
9.17 9.12 9.11
9.10 9.05 9.03
9.038.98 8.96
8.95 8.90 8.89
8.95 8.90 8.89
8.94 8.89 8.88
8.92 8.87 8.88
8.94 8.89118.83
BREAD STUFFS
Friday Night, Apr. 23 1926.
Flour was firm early in the week, with wheat firm, but
trade showed no new or interesting developments. Buyers
1534017 0 13 3 013 6
10.16 223024 17 1 017 4
13.72
153101834 133 613 8
9.99 223024 17 1 017 4
stick to their old policy of buying a little at a time, or only
13.23
15 01634 13 3 01.3 6
10.13 2234a233.( 17 1 617 4
13.39
15 a1614 13.3 a13 6
enough to last them a certain number of weeks, no matter
10.01 21335a2834 18 4 619 0
17.70
what happens in the wheat market or anywhere else. A
SHIPPING NEWS.
-As shown on a previous page,
exports of cotton from the United States the past week the fair export business has recently been done, it is stated,
have with the Continent, and there was also a certain amount of
reached 64,542 bales. The shipments in detail,
as
up from mail and telegraphic returns, are as follows: made trade with South America. Germany and Greece are supposed to have bought the most freely. The exports last
-To Liverpool-April 16
NEW YORK
-Adriatic, 2,147; Samaria, Bales.
week were 223,221 sacks, as against 107,960 in the previous
2,314
To Bremen-Apr.19
-Columbus,366-- _Apr.21-Bremen,568 4.461 week.
934
To Rotterdam-Apr. 20
-Western Plains, 150
Wheat advanced early in the week 3% to 4%c. and reacted
150
To Havre
-Apr. 20
--La Savoie, 9
9 on profit taking. Estimates from railroad sources
To London-Apr. 16-Vardulia, 18
put the
18 wheat yield of Oklahoma
To Antwerp-Apr. 16-Pennland. 214
, Kansas, Texas and Nebraska this
214
To Barcelona-Apr.14-Skaneland,400---Apr.
16-Bankdale.
season at 337,000,000 bushels, against 139,000,000 a year
1,575 ago. More buying
To Venice-Apr. 16
-Colombia, 300
in the Northwest for shipment to Chicago
300
To Manchester-Apr. 19-Davisian, 150
150 for delivery on May contracts also tended to weaken prices.
HOUSTON-To China-Apr. 16
-Patrick Henry, 3.650
3,650 Predictions of rains and
To Japan-Apr.17
-Steel Inventor, 2,000
warmer weather for the wheat
2,000
To Genoa-Apr. 16-Monstella. 2,231
2,231 area of the Northwest also told. The engagements of ocean
To Bremen-Apr. 23
-Rio Bravo, 875
875 freight room for the
-To Bremen-Apr. 15
NEW ORLEANS
-Oakwood, 2,855first week of May were said to be unApr. 16
-Angora, 1,736
4,591 precedentedly large. The American visible supply decreased
To Rotterdam-Apr. 15
-Oakwood, 150
150 1,828,000 bushels, against
-Apr. 16
To Vera Cruz
-Sinaloa,300
a decrease of 2,041,000 a year ago.
300
-West Wauna,4,205
To Liverpool-Apr. 17
4,205 It is now only 29,291,000 bushels, against 53,203,000 last
To Manchester-Apr.17
-West Wauna,789
789 Year. Export business on
-Apr. 19
To Havre
-Cranford, 4,952
the 19th inst. was only 250,000 to
4,952
-Cranford, 450
To Antwerp-APr. 19
300,000 bushels. It is true that on that day Liverpool was
45
-A r. 19
-Cranford, 2.250
To Ghent
2,250 1
GALVESTON
- o Murmansk-Apr.16
% to 2%d. higher. Moreover, the world's shipments and
-August Leonhardt,2,000 2,000
-Apr. 17-Monstella, 700
To Genoa
700 the passage figures were about as expected, the shipments
-Apr. 16-Patrick Henry. 800. ..Apr. 18
To China
-Steel Inbeing 10,367,000 bushels, and the quantity on passage 41,ventor, 300
1.100 944,000
-Patrick Henry. 1,125---Apr. 18-Steel
To Japan-Apr. 16
bushels. An Australian estimate put the remaining
Inventor, illO
2.035 export surplus at 7,200,000 bushels after allowing for
-To Manchester-Apr. 20-Hoxie, 1,013
NORFOLK
4,136,1,013 000
To Bremen-Apr. 21-Deuel. 900
bushels sold during the week. Buenos Aires rose 21
900
4c.
To Liverpool-Apr. 23-Conehatta, 2.460
2.460 The weather was cold throughout the Northwest and
CHARLESTON-To Bremen-Apr. 16
-Fluor Spar, 6,260
South6,260 west,
-Fluor Spar, 100
with the principal item of interest no moisture in the
To Hamburg-Apr. 16
100
-Fluor &Var. 60
To Rotterdam Apr. 16
60 spring wheat territory, whatever the forecast. Prices
To Havre-Apr.20-Hornby Castle, 81
ad81 vanced % to
Antwerp--Apr. 20-Hornby Castle, 775
214c. net. on the 21st inst., owing largely to dust
To
775
--Apr. 20-Hornby Castle, 996
To Ghent
96 storms in the Dakotas and Nebraska and dry weather
in
2388
the American spring wheat country. Also, advices were
unfavorable from Missouri and Indiana. This offset beneficial rains in the Southwest and scattered showers in Canada. Export business was only around 200,000 to 300,000
bushels, but there was some inquiry for hard wheat in the
Southwest for prompt shipment from the Gulf. General
trading was larger. July was especially active. The official estimate of the crop of India is 22,000,000 bushels less
than last year. But little wheat is available, It is said, at
Duluth except for millers, either at Minneapolis or East.
Still, a charter was made at Fort William, Ontario, on the
21st inst., it is said, for 120,000 bushels of wheat to be
brought to Chicago. It is estimated that 90% of the Dakota
crpp will be planted by the end of the week. The world's
available supply decreased 39,243,000 bushels in March,
against 2,985,000 in February and 8,609,000 last year, with
total stocks of 271,746,000, against 358,758,000 last year.
Bears recently stressed the absence of foreign demand. But
that condition changed. Chicago July reached shipping
difference until Liverpool and a large business each day in
Manitobas and also a moderate trade in new crop United
States wheat resulted. Chicago wired: "It looks as if the
trade were trying to discount the present fine prospects for
the winter wheat and are too bearish on the July. With
the visible supply 29,000,000 and 12 weeks to go before a
new crop, it is apparent old stocks will be very light, and
at the rate Canadian wheat is being sold their surplus will
also have been placed by the time our new wheat is ready
for market. This in connection with the fact that mills
will have to be big buyers to replenish stocks makes it possible that the wheat position in the early part of July at
least will be strong." On the 17th inst. Chicago reported
that judging by the activity of buying of future deliveries
of wheat both here and at Winnipeg export business, especially in Canadian wheat, was on a large scale, though new
business was reported to be small, I. e. 250,000 bushels.
Some estimates, however, were as high as 10,000,000 bushels
of North American wheat, as having been bought last week
to be shipped to Europe as soon as practicable. The effect
was greatest in the July delivery at an unusually big discount. On the 22d inst. there was a decline of 2 to 3c. on
better weather and crop outlook and selling by a big Chicago
operator. The forecast was for rains north and south of
the Canadian border. Primary receipts were fairly large,
especially in the Northwest. Argentine shipments were
large. Rallying power was lacking. Export sales were
only 300,000 bushels. Export interests, it is true, were said
to have bought future deliveries rather heavily at Winnipeg. To-day prices closed 1 to 2%c. lower in Chicago and
2c. lower to %c. higher in Winnipeg. Trading was active,
but it was mostly under pressure to sell. The May delivery
was particularly under fire. No big export demand appeared. Chicago reported 400,000 bushels. Winnipeg, it is
true, had sales, it seems, of 500,000 bushels. That was
not so bad. It made a total, after all, of perhaps 900,000
bushels. Minneapolis May was 6%c. under Chicago May.
Kansas City May was 11c, under Chicago. Southwestern
cash markets were conspicuously weak. Nowhere were the
mills buying at all freely If they bought anything. Rallies
were not easily held. Favorable crop news offset steady
cables. Kansas City sold 50,000 bushels of No. 2 hard to
1c.
/
Chicago at 12 over May. Omaha sold 5,000 bushels to
Chicago. Nearby months were noticeably weak at Winnipeg. Argentine exports for the week are 3,423,000 bushels,
against 2,449,000 last year. The East Indian crop, on the
other hand, was estimated at 317,000,000 bushels to 322,000,000, against 331,000,000 last year. Australia shipped
this week 1,480,000 bushels. It looks as though the world's
shipments for the week would not be much over 9,700,000
bushels. Final prices show a decline for the week on May
4c.
of 3%c., while July and October are up 1% to 1Y
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_196% 19534 193% 194% 19334 190%
No.2 red
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery
cts_166$ 166 16335 164% 163% 161
July delivery
143% 14355 145% 142% 14134
144
13634 13634 137% 135% 1351-4
September delivery
137
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
,
May delivery
cts-159% 15834 159 161% 1584 156
July delivery
157% 15634 156% 159 156 154
136% 135% 13535 13755 134 134
October delivery
2
/
Indian corn advanced 1 to 11c. on the 17th inst., owing
to prolonged cold weather and a sharp rise in wheat. The
American visible supply decreased last week 1,584,000 bushels, against 3,055,000 a year ago. The total is now 33,943,000
bushels, against 27,706,000 a year ago. On the 19th inst.
prices reacted with those for wheat and ended % to lc.
lower. On the 21st inst. prices advanced 1 to 1%c., with
Chicago receipts only 62 cars. The Kansas weather and
crop report says that corn planting was resumed in southern
counties and with warm weather will be general over the
southern half of the State to the Kansas valley In another
week. Ground is generally in good shape for this work.
It is pointed out that the cold weather in parts of Russia
and along the Danube has interfered with the deliveries of
corn, but these are expected to increase very soon. The
situation in the United Kingdom Is especially firm for the
nearby positions. The Continent reports a good trade In
(vol.. 122.
THE CHRONICLE
quick shipment corn, but Argentine corn is dull. To-day
prices closed 4 to %c. lower. Liquidation was the order
of the day in corn as it was in other grain. Commission
houses, however, bought corn more readily than they did
some other grain. Shorts took profits. Receipts were
small, offsetting in a measure the smallness of the cash
demand. Cash prices were steady or only slightly lower.
The weather was rainy or unsettled. Farm work will be
further delayed, so far as planting is concerned. It was
good for the planted grain. The South African crop, it appears, is estimated at only 21,600,000 bushels, or 50,000,000
bushels less than last year. Seemingly South Africa will
have no corn for export on this crop. There was a frost
forecast for Nebraska. That caused a little covering, but
there were no striking developments. Last prices were
/
unchanged for the week on May and July and 14c. higher
on September.
DAILY CLOSING PRICES OF CORN IN NEW YORK. Frt.
Sat. Mon. Tues. Wed. Thurs.
cts_ 9054 9054 9035 9054 89% 8934
No. 2 yellow
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
7334 743 7351 73
cts- 7454 73
May delivery
77
7935 7854 7735 7855 78
July delivery
8135 8054 8034 8131 8034 80
September delivery
Oats advanced % to lc. on the 17th inst. in response partly
to a rise in other grain. Further delay in seeding also
counted. The weather has been cold. The spring is late.
The American visible supply decreased last week 979,000
bushels. It is true that in the same week last year it fell
off 3,830,000 bushels. The total is now 49,692,000 bushels,
against 54,276,000 a year ago. On the 9th inst. prices declined slightly in sympathy with lower prices for other
grain. On the 21st inst. prices advanced only % to Ye.
net, but were at one time lower, with better progress in
seeding. To-day prices ended % to %c. lower on long
selling. There was less disposition to buy. Declines in
other grains had some effect. So did more favorable
weather for the crop. There were some indications of export trade, but apparently not on an important scale. The
cash demand was fair at some decline. Receipts were moderate. There was an absence of striking features. Net
changes for the week show a decline of % to %c.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
5334 5334
54
cts- 54
54
54
No.2 white
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Thurs. Fri.
Sat. Mon. Tues. Wed.
41%
cts_ 4235 42g 421 4254 41
May delivery
42%
43
43% 43
4334 42
July delivery
4354 4354 4235
43
43
44
September delivery
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
5134
chi_ 5254 51% arq 5234 51
May delivery
51%
51
52
5134 51
51
July delivery
48% 4734 475i
4755 47
48
October delivery
Rye advanced 3 to 3%c. on the 17th ins., accompanied
by rumors of some export business, though they lacked confirmation. And prices fell % to lc. net on the 19th inst.
The American visible supply increased last week 80,000
bushels in contrast with a decrease in the same week last
year of 2,705,000 bushels. The total was 13,386,000 bushels,
against 17,361,000 bushels last year. To-day prices closed
1% to 2%c. lower on liquidation. There was no export demand. That was a keen disappointment. No support appeared. Some rains in the Northwest had a certain effect.
It is largely a weather market, but with everybody on the
qui vive for any sign of export business. Final prices show
4
an advance for the week of Y to %c. on July and September
and a decline of %c. on May.
DAILY CLOSING PRICES OF RYE FUTURES
Sat. Mon. Tues.
as_ 9334 9234 913'
9535 9435 9434
9534 9535 95
May delivery
July delivery
September delivery
IN CHICAGO.
Wed. Thurs. Fri.
93
92
9035
9535 943 92%
9534 9434 93
Closing quotations were as follows:
GRAIN
Oats. New York—
Wheat, New York—
No. 2 white
53%
1.90%
No. 2 red f.o.b
None
No. 3 white
52%
No. 1 Northern
No.2 hard winter,f.o.b
1•8635 R.New York—
No. 2, f.o.b
$1 033i
Corn. New York—
No. 2 yellow (new) N. Y---8934 Barley. New York—
Mal
No.3 yellow (new)
82@85
87
FLOUR.
$8 50a$9 00 Rye flour, patents
Spring patents
$5 6046 00
7 50a 800 Semolina No. 2,lb
534
Clears, first sprin
2 75a 2 86
Soft winter straights_...... 8 000 8 50 Oats goods
Hard winter straights_ -- 8 50a 9 00 Corn flour
2 300 2 40
Hard winter patents— — 9 000 9 50 Barley goods—
425
7 50a 800 Nos. 2, 3 and 4
Hard winter clears
Fancy Minn.patents_---10 45a11 20 Fancy pearl No. 2. 8
725
and
10 600.1 20
c)Ity mills
For other tables usually given here, see page 2295.
The destination of these exports for the week and since
July 1 1925 is as below:
Flour.
Exports for Week
and Since
July 1 to—
Week
Apr.17
1928.
Since
July 1
1925.
Wheat.
Week
Apr. 17
1928.
Since
July 1
1925.
Corn.
Week
Apr. 17
1926.
Since
July 1
1925.
Bushels. Bushels. Bushels.
Barrels. Barrels. Bushels.
United Kingdom_ 83,996 2,881,975 583,239 74.384,893 43,000 2,027,204
7.000 5.417,874
1,754,969 101,149,940
Continent
111.848 4.474.848
8.000 2,174.000
So.& Cent. Amer. 4.000 289.467
11,000 2,924,595
139,925 12.000 1,454,900
West Indies__ - 14,000 630,529
Brit.No.Am.Cols.
2,355
42,000 1.730,234
Other countries__ 22,225 785.614
235,889 9,062.433 2,371.208 180,309.587 70,000 11,078.133
Total 1928
382,247 14,795,845 3.475,275 252.331,870 171,000 2,841,501
Total 1925
APR. 24 1926.]
THE CHRONICLE
Ph The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Api11 16, and since July 1 1925 and 1924,
are shown in the following:
Corn.
Wheat.
1925-26.
Week
Aprtt 16
Since
July 1.
1924-25.
Since
July 1.
1925-26.
Week
April 16.
Since
July 1.
re4r
1924-25.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer_ 5,508,000 309.712,000365,700.000 241.000 9,729.000 1,032.000
Black Sea__
200,000 21,698,000 3,280,000 238.000 22.793,000 26,480,000
Argentina_ __ 3.515,000 72.052.000113,383,000 2,044.000114.832,000 141,906,000
Australian __ 1,144,000 80.495,000 89,356.000
India
5.768.000, 35,008,000
0th. countr's
1.040,000;
33,850.000 1,438,000
Total
10.3137.000470,763.000606,727,000 2.523.
181.204.000 170.856.000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, April 17, were as follows:
GRAIN STOCKS.
Wheat,
Corn,
Oats.
Barley
Un ited Statesbush.
bush.
bush.
bush.
bush
New York
327.000
46.000
899.000
207.000
42,000
Boston
10.000
14.000
5,000
Philadelphia
273.000
111.000
300,000
32,000
1.000
Baltimore
267,000
286,000
41.000
39.000
4,000
Newport News
31,000
New Orleans
118.000
80,000
78.000
Galveston
224.000
3.000
Buffalo
1,309.000 2,143,000 1,053 000
27.000
227,000
Toledo
618,000
348,000
199.000
5,000
2,000
afloat
245.000
Detroit
160.000
30.000
125,000
15,000
Chicago
2,164,000 18,559,000 5.177.000 2,904.000
402,000
afloat
1.836.000 2.146.000
Milwaukee
327,000 1,384.000
993,000
186.000
122,000
" afloat
205,000
92,000
128.000
166.000
Duluth
10.074.000
11.078.000 5,844.000
646,000
" afloat
150.000
63.000
Minneapolis
8,975.000
535,000 19,072,000 3,587.000 3,262,000
Sioux City
238,000
162.000
469,000
9.000
22,000
St. Louts
682.000
778,000
668.000
27.000
43.000
Kansas City
2.598.000 4,668.000 2,773.000
134,000
62.000
Wichita
1,370.000
23,000
47.000
St. Joseph, Mo
990,000
300,000
20,000
6,000
3,000
Peoria
1.000
65,000
481,000
Indianapolis
282,000
743,000
280.000
Omaha
694,000 1,744,000 2,922,000
127,000
31,000
Total April 171926_ _29.291.000 33,943,000 49,692,000
Total April 10 1926._ _ _31.119,000 35.527,000 50.671.000 13.388,000 4,869,000
13.306,000 5,012.000
Total April 18 1925
.
53,203,000_32,706,000 54 376.000 17.361,000_3,301,000
2
Note -Bonded grain not Included above: oats, New York,
160.000 bushels;
Boston, 166.000; Baltimore, 22,000. Buffalo. 60,000; Duluth.
bushels,against 865.000 bushels in 1925. Barley. New York, 110.000;total, 464.000.
111.000 bushels; Boston
135.000; Baltimore, 33.000; Buffalo, 292,000; Duluth.
145.000; total, 716.000
bushels. against 891,000 bushels in 1925. Wheat,
Boston, 60.000; Philadelphia, 360,000; Baltimore,New York. 1.062,000 bushels;
Duluth, 398,000: Toledo, 272,000; total, 4,225,000610.000: Buffalo, 1.463,000;
bushels, against 4,898,000
bushels in 1925.
Canadian
Montreal
3,448,000
Ft. William & Pt. Arthur_42,575.000
" afloat
5.818.000
Other Canadian
4,518.000
155.000
995,000
154,000
957,000
6,518.000 1,810.000 6,100,000
511.000
127,000
850.000
639.000
Total April 171926-58.359,000
155.000 8.874.000
Total April 10 1926____56,220,000
146,000 9.189,000
Total April 18 1925-40.489,000
180,000 18,640,000
Summary
American
29.291.000 33,943.000 49,692,000
-Canadian
56.359.000
155.000 8,874,000
Total April 171923-85.650.000 34.098,000 58,568.000
Total April 10 1926_ _87.339,000 35.673,000 59.860.000
Total Apr1118 1925-.93.692,000 27,866,000 72,916,000
1.964.000 7,823.000
1.985.000 7,914,000
2,388,000 7,513,000
13,388.000 4.869,000
1.984,000 7,623.000
15,350,000 12.692,000
15,291,000 12.928.000
19.729,000 10.814,000
2389
winter killing are mentioned in northern Caucasia. Polish crops were
slightly above average at the end of March.
In Algeria more rain is needed if the present satisfactory condition of
the crops is to continue. The outlook in Morocco points toward a yield
above the average. Tunis also reports conditions favorable for a suocessful crop. Progress of the wheat crop in Egypt is on the whole satisfactory.
Although winter rains have improved conditions in some parts of India
they have not generally offset the lack of moisture caused by the early
cessation of the monsoon.
Australia, which suffered from continued drought until some time in
March, has had good rains in nearly all sections and the soil is reported in
good condition for their fall sowing.
Spring Seedings.-Work in preparation for the spring sowings is now
progressing well in most European countries and also to some extent in
Canada, but there is still no indication as to whether the seedings will be
larger or smaller than last year. Stormy weather in Austria has somewhat
delayed field work. Canada was reporting spring plowing, harrowing,
and even seeding in scattered parts of the provinces as early as March 25.
Area and Yields of Wheal and Rye.-Wint,cr wheat seedings in 15 countries
of the Northern Hemisphere, including nine European countries together
with Canada. the United States, Morocco, Algeria. Tunis and India show
a decrease of 2.3% of the area reported for the same countries last year.
The area reported for these countries last year is approximately 65.4%
of the total winter and spring area of the Northern Hemisphere and 55.5%
of the world's wheat area outside of Russia and China.
The winter acreage sown to rye in nine European countries is 1.3% less
than the winter and spring rye acreage of those countries last year. The
area reported for 11 countries, including the United States and Canada,
this year is 4.3% less than the total rye area of those countries last year
but practically the same as in 1924. The total area of these 11 countries
last year represented 53.3% of the world's total rye area outside of Russia.
WINTER CEREALS, WORLD LATEST AVAILABLE DATA,
AREA SEEDED FOR THE 1926 CROP.
Country.
Average
1909-13.
b
WHEAT.a
Canada
United States_ _ _
England & Wales
France
Italy
Czechoslovakia..
Bulgaria
Rumania
Poland
Lithuania
Finland
Morocco
Algeria
Tunis
India
Acres.
1,053.000
33,594,000
1.787,000
15.320,000
11.793,000
1,546,000
2.409.000
8,183,000
3,115,000
161.000
8.000
1,700.000
3.521,000
1,310,000
22.224,000
Total,9countri
of Europe_ _ _
1924.
Acres.
809,000
39,749,000
1.545.000
13.463,000
11,284,000
1,327,000
2.462.000
6,632.000
2,471.000
179,000
37.000
2,461.000
3,492,000
1,108.000
31,181.000
1925.
Acres.
828.000
39,956.000
1.499.000
13.330.000
11.673.000
1,371.000
2,537.000
7,242,000
2,510,000
185.000
37,000
2,545.000
3,640,000
1,507.000
31,773.000
1928.
Per Cent
1926 is
of 1925.
Acres.
Per Ct.
862,000 104.1
39,540.000
99.0
(1,499,000) 100.0
12.797,000
96.0
11.985.000 102.7
1.346.000
98.2
2.503,000
98.7
6.953.000
96.0
2,575.000 102.6
148.000
80.0
37.000 100.0
2,694.000 105.9
3.556.000
97.7
1,606,000 106.6
29.711,000
93.5
44,322,000 39.400.000 40.384.000 39.843.000
98.7
Total, 15 coun
tries reported 107,724,000 118,200,000 120.633,000 117,812,000
97.7
RYE.c
Canada
117.000
891,000
852.000
688,000
United States..
2,236,000 4.173,000 4,088,000 3,426.000
France
3,095.000 2.196,000 2.175.000 2,151.000
346.000
Italy
310,000
311.000
321.000
Czechoslovakia_
2,605.000 2,070,000 2,093,000 2.027.000
Bulgaria •
542.000
414,000
453.000
392,000
Rumania
1,286.000
671.000
668.000
634.000
Poland
12.508.000 10.860.000 13,076.000 12,303.000
Lithuania
•
1,749,000 1,328.000 1,339.000 1.092,000
Latvia
888.000
658,000
659.000
582.000
Finland
•
589.000
564,000
568.000
568,000
8).8
4
83.8
98.9
103.2
96.8
86.5
94.9
101.9
81.6
88.3
100.0
Total,9 countri
of Europe___
23,608.000 19,071,000 20.342,000 20,070,000
98.7
Total,11 countries reported
25,961,000 24,135,000 25.282.000 24,184.000
95.7
a Estimates for earlier years given for comparison refer to winter acreage
only where comparable statistics of winter seedings are available, in some
of the minor producing countries where most of the crop is winter wheat
and where abandonment is of little significance, estimates of earlier years
for comparison are the final estimates of the total crop.
b Where changes in boundaries have occurred as a result of the world war
estimates have been adjusted to correspond with the area within the postwar boundaries.
c Estimates of earlier years for comparison are final estimates of the
total winter and spring area harvested.
PUNJAB WHEAT CROP
-ARGENTINE WHEAT
WEATHER BULLETIN FOR THE WEEK ENDED
AND OTHER GRAINS.
-The first estimate of wheat APRIL 20.
-The general summary of the weather bulletin
production in the Punjab section of India for 1925-26
is issued by the Department of Agriculture, indicating the ingiven as 108,209,000 bushels, according to a cable
received fluence of the weather for the week ended April 20, follows:
by the Department of Agriculture from the
While there was
storm activity than in recent weeks, and preInternational cipitation was moremuch lesscharacter and mostly light,the week just closed
of a local
Institute of Agriculture at Rome and made
was characterized
public on April weather for the over the eastern half of the country by continued cool
season. At the beginning there was a sharp drop in temper13:
ature in the Southeast, but at the same time a depression VMS advancing
eastward over the Central
-Northern States where warmer weather had set
in. During the following day or two much lower temperature overspread
central and northern districts east of the Great Plains, followed by warmer
weather about the 16th and, in turn, by colder the latter part of the week
when an extensive high pressure area prevailed over the eastern half of
the country.
West of the 100th meridian generally fair weather, with moderate temperatures in the South and abnormal warmth in the North, obtained until
the closing days of the week when rather extensive, though mostly light,
precipitation occurred west of the Rocky Mountains. In the South there
were intermittent rains, but the week was mostly fair, with moderately
subnormal temperatures in the Southeast, but relatively colder in the central and west Gulf States.
Chart I shows that, for the week as a whole, the temperature averaged
below normal from the Southwest, the lower Great Plains, and upper
Mississippi Valley eastward, except locally in the extreme Southeast.
he
greatest subnormal values were reported from the Ohio Valley northward
and eastward where the weekly means ranged from 9 degs. to as much as
14 degs. below normal. In the extreme South they were :3 degs. to 6 degs.
below, except in southern Florida where the week was slightly warmer than
normal. In the northern Great Plains and generally west of the Rocky
Mountains warm weather for the season prevailed, particularly over the
northern half of this area where the temperatures averaged from 9 degs.
to as much as 14 degs. above normal. In the East,freezing was experienced
as far south as central North Carolina and eastern Tennessee and in the
West to south-central Oklahoma.
Chart II shows that rainfall occurred in moderate amounts in a few sec-FOREIGN CROP PROSPECTS.
-The Department of tions, but mostly the week was dry with very few areas reporting as much
as 0.5 inch. There was practically no rain in the trans-Mississippi States,
Agriculture at Washington also issued on April 9 its
report except locally in the west Gulf, and most stations in the Northeast reported
Inappreciable amounts. There was much sunshine in the interior of the
on the crop prospects of foreign countries. The report in
full country and in most of the West, but considerable cloudy weather prevailed
follows:
In
of the Southwest and middle Atlantic area.
With the drier and mostly sunshiny weather over the area from the
.-Conditions have apparently been generally
Winter Crops
satisfactory Mississippi Valley eastward, conditions were much better for field work
to the growth of the winter crops in Europe and North Africa.
too early in the season to determine the real damage resulting It is still and fairly good progress was reported, though it Was still too wet on some
winter killing mentioned earlier in the season in private reports from the lowlands. The continued cool weather, however, was generally unfavorfor parts of able for planting and for germination or early crops in
Germany, Russia and the countries of the lower Danube.
central and southIn
part of March crop prospects were promising in most countries the latter ern districts 'while frost at the close of the week did considerable damage
of Europe, to tender vegetation in parts of the Southeast as far
clicating that the crops have come through the winter in
north as Virginia and
tion. Frosts have caused some damage in the Crimea and healthy condi- south to central Georgia. Warm, dry weather is generally needed over
compWnts of this entire eastern area.
This estimate Is 1% below the
Punjab last year when the wheat 109,275,000 bushels harvested in the
and 26.7% below the good 1923-24crop for all of India was below average
crop of 147,671.000 bushels. The yield
per acre indicated by this estimate is
10.4
10.0 bushels, last year. wnen the yield bushels to the acre, compared with
per acre for all India was 10.6 bushels. For the year 1923-24 the yield in
Punjab was 13.4 and for all India
11.6. The latest estimate of wheat
compared with 31,773,000 acres as acreage for all India is 29,711,000 acres.
finally estimated for last year.
*The Punjab is the most important wheat
area of India. As has been
previously reported, the low yield in
this
factor in the 40.000.000 bushel reduction area last season was the largest
in the total Indian wheat crop
for 1925 as compared with the 1924 harvest.
hi The first wheat production estimate for
• The third estimate of Argentine wheat all India into be issued April 20.
production for 1925-26 places the
Crop at 191.139.000 bushels, according to a
cable from the International
Institute of' Agriculture. This estimate shows
a decrease of more than
24,000,000 bushels from the second estimate
practically identical with the last estimate for made in December, but is
The flaxseed estimate remains unchanged last year.
since the first estimate at
75.000.000 bushels, compared with 45,084.000
bushels last year. Oats
production is now estimated at 80.399.000
bushels compared with 84.808.the second estimate and 53,456,000 bushels
000 in
last year: barley at
17,040,000, compared with 13,595.000 in the
previous estimate and
6,974.000 last year, and rye, 4,724,000. compared
with 4.331,000 in the
'previous estimate and 1.457.000 last year..5
_
TIER CHRONICLE
2390
In the south trans-Mississippi States, conditions were also better than
recently for outside operations: some cotton was planted as far north as
southeastern Oklahoma, and corn planting was resumed northward to
extreme southern Kansas. The mild weather in the northern Great Plains
was beneficial, but rainfall was still light and more moisture is rather
badly needed over a considerable area in the central-northern portion of
the country, including Minnesota, western Iowa, the Dakotas. Nebraska.
and Montana. Elsewhere throughout the country soil moisture is gener-'
ally ample, except in parts of the North Pacific States. Conditions were
unusually favorable west of the Rocky Mountains, except where moisture
needed in some northern sections.
SMALL GRAINS.—The cool weather over the winter wheat belt has
made the progress of that crop rather slow, but in the principal producing
sections of the Plains States its condition is very good to excellent. In
the Ohio Valley, where it was cool and wet, condition ranges from poor
for late-seeded to fair or good for early-planted. Farther east this crop
is backward, but improving. Spring wheat seeding progressed rapidly
throughout the northern Plains States at about the normal season, but
,
germination is being delayed by lack of moisture. This crop is looking
well in the far Northwest. Oat seeding is nearing completion as far
north as Nebraska and western Iowa, but farther east was delayed by
cold, wet weather. Oats and rye are heading rapidly in the Southeast,
and rice planting is progressing in Louisiana.
In future a brief summary of weather conditions over the grain sections
of Canada will be included in this bulletin. These will run during the
period of soil preparation, seeding, and harvesting of the spring wheat
crop in that country, and will refer to the week ending Sunday night.
This valuable addition to the bulleting is made possible through the cooperation of Sir Frederic Stupart, Director of the Canadian Meteorological Service, who has kindly agreed to furnish the information.
CORN.—In the eastern corn belt and the Middle Atlantic States the
more favorable weather for field operations permitted considerable preparation of soil for corn planting, but the season is backward in that area.
Preparations were active in the western belt with some corn planted as
far north as southern Missouri and southern Kansas. Planting made fair
progress in Oklahoma, but rather slow in Arkansas and in the Gulf States
where the cool weather was unfavorable and was causing poor germination of that already planted. In the Atlantic Coast States planting was
quite general as far north as South Carolina.
COTTON.—Planting was not active during the week because of unfavorable temperature conditions, while germination of early-planted seed
In most of the southern portion of the belt was slow. Seeding was rather
,
active in a few sections, especially in the smtheastern portion of the belt,
with this work becoming general in South Carolina and much seed planted
in southern Georgia. Progress and condition of the crop continued fair in
extreme southern Texas, with the stand very good and cultivation satisfactory, but elsewhere in that State planting was backward and stands of
early-planted fields mostly poor. In the western belt some cotton was
planted locally as far north as northern Arkansas and southeastern Oklahoma. Warm weather is badly needed over practically the entire belt.
The Weather Bureau also furnishes the following resume
of the conditions in the different States:
Virginia.—Richmond: Rain first of week retarded farm work, but
conditions favorable latter part and plowing and planting made fair program. Temperatures too low for good germination of seed. Potatoes and
garden truck backward. Frosts and damaging temperatures latter part
of week.
North Carolina.—Raleigh: Week very unfavorable cold and wet opening
and very cold at close. Lowest of record at Raleigh and Wilmington 20th
frost light at Raleigh and Charlotte reported killing at Wilmington. Fruit
and truck damaged too early to determine extent. Little planting account
cold and wet soil. Season two to three weeks backward.
South Carolina.—Columbia: Wheat, oats, rye, clover, and pastures
improved; truck and gardens progressing fairly well. Potatoes coming to
good stands. Corn and cotton planting quite general; germination rather
slow account cold, wet soil, with some replanting necessary. Tobacco
transplanting begun. Apple trees blooming freely; other tree fruits fair to
good. Warm, dry weather needed.
Georgia.—Atlanta: Cold, unfavorable for germination, but only light
showers permitted slow drying of soil and farm work made considerable
progress. Week closed with heavy frost south to central divisions and
much damage to garden truck. Planting corn and cotton progressed only
slowly.; growth retarded, stands poor, and much replanting necessary.
Conditions generally better in southern division where large part of cotton
crop already planted.
Florida.—Jacksonville: Dry and sunshiny in west and most of north
where work advanced. Too cold for best growth of corn, melons, cotton,
and truck; much replanting of corn and cotton. Setting tobacco continued.
Locally heavy rains in central and portions of south unfavorable for truck,
melons, and corn on lowlands where cultivation delayed. Citrus groves
splendid; fruit setting well.
Alabatna.—Montgomery: Unseasonably cold most of week unfavorable
for farm activities and growth of vegetation; light, scattered showers.
Cotton planting quite general in southern and central portions; coming
,
up in south, but germinating generally rather slowly. Corn planting concontinues; early-planted coming up. Condition and progress of oats and
pastures mostly fair to good.
Mississippi.—Vicksburg: Light rains throughout; nights mostly cool.
Progress in planting corn and cotton poor with seasonal progress poor.
Progress of truck fair pastures good.
Louisiana.—New Orleans: Drier weather very favorable, but nights still
Much plowing and planttoo cold for best development of vegetation. flat lands still rather
lands, but
ing accomplished on better drained sections with some germination; wet.
still
progressing in all
Planting cotton
too cool and little up. Planting corn much behind season; germination poor
foul. Rice planting progressing. Excellent for oats, potatoes,
and fields
and pastures.
Texas.—Houston: Week cold with frost nearly to the coast on 16th
resumed
and light to moderate rain, further delayed planting, althoughoats, and
of pastures, wheat,
at close of week. Condition and progressof rust on oats. Progress and
truck very good; some complaints Cotton made fair progress in
winter
condition of corn poor, with stand poor.
progress,
extreme south where stand and condition very good; elsewhere
backward; planting started at
condition, and stands poor, with planting half of State.
eastern
close of week to northern portion in
close of
Oklahoma.—Oklahoma City: Cool at beginning and extreme week with
in
heavy to killing frost on morning of 15th, exceptProgress andsouth and
condition
east; practically no rain and sunshine abundant. and fair to good condiof wheat very dood to excellent. Oats improved
and much replanting necessary;
tion. Too cold for development of corn
progress in planting fair. Some damage to gardens, truck, and fruit by
frost. Some cotton planted in south, central, and southeast. progress in
Arkansas.—Little Rock: Fair weather favorable, but slow
southern and
cotton planting due to cool weather; considerable planted inCorn planting
some in central portions; begun in some northern localities. way elsewhere;
well along in southern and some central portions; under
coming up irregularly and considerable replanting necessary.
Tennessee.—Nashville: Little corn and cotton In ground account of low
temperatures. Winter oats in fair condition; early spring oats damaged by
early
cold; later coming finely. Protected tobacco plants coming well;
heavily;
plants in some sections destroyed by cold. Apple trees blooming
shedding blooms.
pear trees
Kentucky.—Loutsville: Dry and continued cold; growth slow. Freer,
log three nights with some injury to plums and peaches, but considerable
planting
proportion of buds not open in north probably safe. Plowing, up; slow
potatoes and gardens, and oat sowing resumed. Tobacco plants
and about two weeks late. Condition and progress of early wheal
starting
fair to very good and looks well; late mostly poor, but improving.
THE DRY GOODS TRADE.
Friday Night, Apr. 22 1926.
A number of developments of varying import were noted
In the markets for textiles during the past week. Among
these was the launching of a separate summer season. The
latter was inaugurated Tuesday night with a summer
fashion show under the Joint auspices of the National Garment Retailers' Association and the National Women's
Wear Association. More than one hundred and fifty cities
[You 1.23.
in various parts of the country were represented among the
2,000 spectators who attended. One hundred and twenty
models displayed the latest style notes of American designers. The widespread interest in the new fashions was very
encouraging and the new season has met with distinct support among retailers who plan to devote much window space
to the new styles and fabrics. The official opening of the
retail summer apparel season has been set for Monday,
May 17. Another important development was the agreement among Southern cotton goods manufacturers who met
dry goods merchants last Friday in South Carolina, to curtail production beginning May 1. Selling agents for mills
situated in South Carolina claimed that curtailment there
should reach 25% within the near future. Efforts are now
being directed to bring about a similar action in the States
of Georgia, Alabama and North Carolina. At the same time
it was noticed that more rapid progress was being made to
curtail production in other divisions of the textile markets,
such as woolens and silks. In regard to the latter, the price
of raw silk has continued to decline. This has led to lower
prices on finished goods. While the latter appears to have
made buyers timid and has resulted in fewer purchases for
the time being, it is expected that the lower quotations will
ultimately encourage increased buying. Wholesalers have
expressed confidence in the future, particularly in regard
to fall lines, as the overstocked conditions have been corrected to some extent by both liquidation and curtailment
of production, so that with the advent of more seasonable
weather, business is expected to improve.
DOMESTIC COTTON GOODS: The agreement among
Southern manufacturers to curtail production had little
effect upon the markets for domestic cotton goods during
the week. Buying was of a limited character, with repeated
requests for prompt shipments of small lots. Though there
were frequent reports of offerings at concessions, these
rarely fulfilled their purpose of stimulating larger sales.
Thus, while lower prices were current in certain directions
and spot cotton had reached the lowest point of the year,
no change was noticeable in buying tactics. Factors throughout the industry have been agitating a more concentrated
organization to Interpret current statistics to better control
production and to endeavor to bring about a stabilization
of values. It was pointed out that figures published by the
Census Bureau showing heavy cotton consumption during
March, and continued large spindle activity were misleading in that they dealt with facts a month old and no longer
existing in the trade. In regard to the latter, following the
surprisingly high consumption figures issued last week, the
Census Bureau published the cotton spindle report. According to the Bureau, there were 37,858,146 cotton spindles in
place on March 31, of which 33,233,382 were in operation
some time during the month. This compares with 33,028,966
during February and 33,217,162 for March 1925. Active
spindle hours for the month totaled 9,163,305,890. Print
cloths, 28-inch, 64 x 64's construction, are quoted at 5%c.,
and 27-inch, 64 x 60's, at 5%c. Gray goods in the 39-inch,.
-inch, 80 x
68 x 72's construction, are quoted at 8%c., and 39
80's, at 11%c.
WOOLEN GOODS: Markets for woolens and worsteds
remained quiet and an easier undertone was noticeable in
certain directions. Less confidence was felt concerning the
stability of prices and buyers continued to limit their purchases to merchandise most urgently needed. Thus, the
trade has been practically at a standstill. Not much has
been done in spring wear and only a few of the fall lines
have been prepared. Retailers have been keeping their
stocks as small as possible so as to take advantage of any
change in styles. At the same time manufacturers have
been following the same policy to a lesser extent. In the
women's wear division many factors have contributed to
sentiment favoring a late showing of fall fabrics. Among
those mentioned were the unfavorable weather retarding
spring turnover, the disposition of manufacturers to await
the results of the summer season and the indecision prevalent over the prospects of a garment strike later on.
FOREIGN DRY GOODS: Buyers have been more hesitant in placing orders and, as a result, trading in the markets for linens was unusually slow for this time of the year.
Importations have fallen off from last year, and even duplicate orders were light. The latter was generally attributed
to backward weather conditions. Thus far, retailers have
had much the better of the situation as importers were more
anxious to do business. In regard to damasks, this division has continued quiet and at the same time less has been,
heard of dress linens, suitings and costume linens. Manufacturers of clothing have been disposed to await the influence of consumer demand, which will make itself felt with.
the advent of warmer weather. It was held that dress
linens and men's suitings were still fairly popular in consuming channels. In contrast to the above conditions, reports from Ireland indicate that there has been an active
business done in handkerchiefs for the holiday trade. Orders which called for delivery during September and November, were particularly centred in novelty prints. While•
burlap prices continued to ease, buying has been on a somewhat larger scale, attracted by the lower prices available.
Light weights are quoted at 6.70 to 6.75c., and heavies at,
9.35 to 9.40c.
APR. 24 1926.]
THE CHRONICLE
*:tate anti Tit gitpartment
NEWS ITEMS.
Argentine (State of).
-$20,000,000 External Bonds Sold
-J. P. Morgan & Co. and the National City Co. both
Here.
of New York City, offered and quickly sold here on Friday,
April 23, $20,000,000 6% external sinking fund gold bonds
of the Government of the Argentine Nation, denominated
"Issue of May 1 1926." The offering price was 98 and
accrued interest, ot yield over 6.125% to maturity. Bonds
are coupon bonds in denominations of $1,000 and $500,
registerable as to principal only. Dated May 1 1926.
Principal and semi-annual jinterest (M.:& N.) payable in
United States gold coin of the present standard of weight
and fineness in New York City at the office of either J. P.
Morgan & Co. or of the National City Bank, fiscal agents
for the issue, without deduction for any Argentine taxes,
present or future. Due May 1 1960. Redeemable.through
the operation of a cumulative sinking fund of 1%,calculated
to be sufficient to retire the bonds at par not later than
May 1 1960. With regard to the sinking fund, provision
of the loan, the offering circular says:
The Government will covenant to pay to the fiscal agents as a sinking
fund, beginning Nov. 1 1926, and thereafter semi-annually on May 1 and
Nov. 1 in each year, an amount equal to Si of 1% of the greatest principal
amount of bonds of the issue of May 1 1926, at any time theretofore outstanding, plus an amount equal to the accrued and unpaid interest on all
Such sinking fund payments (which may be increased by the Executive
Power if considered advisable) are to be applied to the purchase of bonds
below par through tenders, or, if not so obtainable, to the redemption of
bonds, called by lot, at par.
Further information regarding this loan may be found in
our "Department of Current Events and Discussions" on a
preceding page.
2391
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
ACADIA PARISH SCHOOL DISTRICT NO.36(P.O. Crowley), La.
-BOND SALE.
-The $75,000 school bonds offered on Jan. 11-V. 121,
p. 3156-were awarded to W. L. Slayton & Co. of Toledo as 5s at 100.80.
Date Jan. 11926.
ALAMANCE COUNTY (P. 0. Graham), No. Caro.
-BOND OFFERING.
-B. M. Rogers, Clerk Board of County Commissioners. will
sealed bids until 2 p.m. May 3 for $100,000 not exceeding 6% road receive
bonds.
Dated May 1 1926. Denom. $1,000. Due May 1 as follows: 13,000.
1929 to 1932 incl.;15.000, 1923 1937 incl.;17,000, 1938 to 1946 lent. The
rate of interest to be a multiple to g of 1%. Prin. and int.(M.& NJ payof
able in gold in New York. Legality approved by Reed, Dougherty & Hoyt
of New York City. A certified check for 2% of bond bid for is required.
ALDEN SCHOOL DISTRICT (P. 0. Alden) Delaware County,
Pa.
-BOND SALE.
-On Jan. 15 the 1100.000
as to principal only) school bonds offered on that4¼ coupon (registerable
date(V. 122. p. 374) were
awarded to the First National Bank of Clifton Heights at 100.26, a basis
of about 4.47% to optional date and a basis of about 4.49% if allowed to
run full term of years. Dated Jan. 15 1926. Due Jan. 15 1956. optional
in Jan. 15 1936.
ALLEGHANY SCHOOL DISTRICT NO. 16 (P.O. Lisbon), Ransom
County No. Dak.-BOND OFFERING.
-W. E. Seelye, District Clerk,
will receive sealed bids until 12 m. April 27 for 14,000 school bonds.
in 10 years. A certified check for 2% of the amount bid Ls required. Due
ALLIANCE, Stark County, Ohio.
-BOND DESCRIPTION.
-The
1100,600 5% coupon sewage disposal bonds awarded to Breed. Elliott &
Harrison of Cincinnati at 104.69. a basis of about 4.55% (V. 122. p. 2088).
are described as follows: Denom. 11,000. Dated March 1 1926. Int.
A.& 0. Due $4,000 yearly from April 1 1928 to 1952 incl. Date of award
April 7.
ARTESIA SCHOOL DISTRICT, Eddy County, N. Mex.-BONDS
-At an election held on April 6 the voters authorized the issuance
VOTED.
of $39,000 school bonds.
ASHLAND, Ashland County, Ohio.
-BOND SALE.
-On Feb. 27
the $77.450 % (special assessment) Samaritan Avenue, Troy Street and
Park Street impt. bonds offered on that date (V. 122, ro. 1054) were awarded
& Co.of Cleveland at 104.60, a basis of about 4.55 1. Dated March
Otis
1 1926. Due on Oct. 1 as follows: $7,000, 1927 to 1929 incl.; $8,000, 1930
to 1936 incl. and $450, 1938.
ATHENS, Greene County, N. Y.
-BOND OFFERING.
-Andrew D.
Palaubet, Village Clerk, will sell at public auction at 2 p. m. (eastern
standard time) April 28 the following two issues of not exceeding 5%
ijgRap wate:47sttgiblnds 0Com.$1,000 and $600. Due on July 1
o
nds 4
2.
0
as follows: $3,600, 1930 and $4,600, 1931 to 1964 incl.
40,000 sewer system bonds. Denom. 11,000. $600 and 1100. Due on
July 1 as follows: $1,100, 1930 to 1963 incl. and $2,600. 1964.
Dated July 1 1925. Int. J. & J. A certified check or cashiers check on
an incorporated bank or trust company for 2% of the amount of bonds,
payable to Frank Nichols, Village Treasurer, required. Legality approved
by Clay & Dillon of New York. These bonds were originally offered on
April 8 (V. 122, p. 1948)•
ATLANTIC COUNTY (P. 0. Atlantic City), N. J.
-BOND OFFER-Sealed bids will be received until 2 p. m. April 26 by E.
ING.
County Treasurer, for an issue of 4H% coupon (with privilegeL. Johnson.
of registration as to principal only or as to both principal and interest) bridge bonds
not to exceed $303.000. no more bonds to be awarded than will produce a
premium of 11.000 over $303,000. Denom. 11,000. Dated April
Principal and semi-annual interest (A. & 0.) payable in lawful 1 1926.
of
the United States of America at the County Treasurer's office. money on
Due
April 1 as follows: $10,000 1928 to 1956. incl., and $13,000 1957. Cert.
check on an incorporated bank or trust company for 2% of the amount of
bonds bid for, payable to the County Treasurer, required. Legality will
be approved by Clay & Dillon of New York.
Manville, Niobrara County, Wyo.-Payment Coming
-General obligation bonds of Manville,
on Defaulted Bonds.
Wyo., have been in default for some time. The bondholders
protective committeet of which Canton O'Donnell, is Secretary (address'"Manville Committee," P. 0. Box 900, Denver, Colo.), has for nearly a year been engaged in an effort
to collect something for bondholders. Some little interest,
which'should have been paid in the year 1924, is, we are
informed, now available for distribution. Bondholders who
have deposited their bonds with the committee, will receive
checks from the Colorado National Bank, Denver, trustee,
for such interest as is coming to them as soon as distribution
can be made.
The committee is, however, anxious to get in touch with
AVOYELLES
other bondholders for some of whom they have funds, and -BOND SALE.PARISH SCHOOL DISTRICT (P. 0. Marksville), La.
-L. E. French & Co. of Alexandria, were
request therefore that any such bondholder communicate March 2 an issue of $150,000 434% school bonds at 97.20. awarded on
BALTIMORE, Md.-BOND OFFERING -Sealed bids will be received
with Mr. O'Donnell at the address above given.
until May 17 by the City Register for the following seven issues of 4%
bonds. aggregating 118,822,000:
New York (State of).
-Senate Passes Thayer Bill Pro- $4.204,000 coupon paving and bridge bonds. Int. M.& B. Due $234.000
1936 to 1945 incl., and 1233.000 1946 to 1953 incl.
posing Four Year Term of Office for Governor.
-On April 21
700,000 coupon conduit bonds. Int. M. & S. Due $50,900 1936 to
the New York State Senate passed the Thayer bill propos1949 incl.
ing an amendment to the Constitution extending the terms 5,500,000 coupon sewer bonds. Int. M. & S. Due $250,000 1936 to
1957 incl.
of office of the Governor, Lieutenant-Governor and Senators
594,000 coupon office bonds. Int. M.& S. Due 166.000 1936 to 1944
incl.
to four years, the election to be held coincident with the
505,000 coupon art museum bonds. Int. M. & S. Due $34,000 1936
Presidental election. The bill now goes to the Assembly for
to 1945 incl. and $33,000 1946 to 1950 incl.
concurrence.
2,844.000 registered water bonds. Int. M. & N. Due $190.000 1940,
1197.000 1941, $205,000 1942. $213,000 1943, 1222.000 1944
Bill to Legalize Public Utility Bonds as Investments for
$230.000 1945. 1239.000 1946. 1249.000 1947, 1259,000 1948'
1951.
Savings Banks Killed in Senate.
-The Mastick-Sargent bills, 4,475,000 $269,000 1949,$280,000 1950 and $291.000Due 1675.000 1940,
registered school bonds. Int. M. & N.
which would have legalized public utility bonds as legal in1702.000 1941, $730,000 1942, 1759.000 1943. 1789,000 1944.
and 1820.000 1945.
vestments for savings banks in the State of New York, was
BALTIMORE COUNTY (P. 0. Towson), Md.-BOND SALE.
-On
allowed to die in the Senate Banking Committee yesterday
April 19 the 11.000,000
Metropolitan
(April 23). The measures had previously passed the Assem- offered on that date (V.4H% coupon were awarded District sewer bonds
122. p. 1948)
to Robert Garrett &
bly. The Brooklyn "Eagle" last night had the following to Bons of Baltimore at 103.729. a basis of about 4.28%. Dated May 1 1926
Due on May 1 as follows: 110.000. 1937: 112.000, 1938: $13,000, 1939
say regarding the bills:
$14,000, 1940: 116.000. 1941: $17,000, 1942; 119.000. 1943 $21,000, 1944
As forecast yesterday (April 22). a bitter eleventh-hour opposition devel- 122,000, 1945; $24,000, 1946: $26,000, 1947; 127,000, 1948 129,000, 1949
oped against the utility bond bill, which was expected would be passed with 130,000. 1950; 132.000, 1951; 133.000. 1952:$35,000, 1953 137,000. 1954
no opposition.
139.000, 1955: $41,000. 1956; $43.000. 1957: 144,000. 1958 146.000. 1959
Senator Charles J. Hewitt, Finance
148,000, 1960: $50,000, 1961; 151,000, 1962 to 1964 incl.; 159.000, 1965
Locke. N.'Y., is credited with being theChairman and commercial banker of and 560,000, 1966.
power that held the bill in committee
and caused its defeat.
BANGOR,
Me.
-On
Mr. Hewitt had taken the position that the bill if passed would prevent April 21 the E Penobscot County, Co. -TEMPORARY LOAN.
of Bangor purchased a 1200.000
astern Trust & Banking
commercial banks from competing with savings banks for savings funds.
temporary loan on a 3.49% discount basis. Dated April 21 1926. Due
One more bill which would make utility bonds a legal investment for Oct. 5 1926.
savings banks has failed to pass the New York Legislature. Similar
measures have been passed by many other
BATTLE CREEK SCHOOL DISTRICT (P. 0. Battle Creek), Calin past years
that the measures would be adoptedStatesthis year. and it was expected houn County, Mich.
here
-BOND DESCRIPTION.
-The 1475.000 4_H%
Utility bonds have been very active in the New York market and were Coupon school bonds awarded on March 29 to the Detroit Trust Co., Watheavily bought in anticipation of the passage of the measure. They
eased ling, Lerchen & Co., Nicol-Ford & Co. and Livinstone & Co.,all of Detroit,
off somewhat this afternoon but other market influences sustained the bonds at 102.69-V.122. p.1948-a basis ofabout 4.26% are described as follows:
and changes were not very large.
Denom., 11,000. Dated April 1 1926. Int. A.& O. Due $19.000 yearly
The bills have had the active support of all savings banks
who declared that they were very necessary to the well being ofin the State, from April 1 1929 to 1953 incl.
the banks.
BAY ST. LOUIS SCHOOL DISTRICT (P. 0. Bay St. Louis), Hancock County, Miss.
-BOND SALE.
bonds offered on
-The
Uruguay (Republic of).
April 3-V. 122, p. 1814-were awarded to $67,000 school Mortgage Bond
the Mississippi
-$30,000,000 External Loan Co. of
Gulfport
-On Wednesday April 21, a syndicate headed by of about 5.08%.as 5 H's at a premium of $1,241.30, equal to 101.85, a basis
Floated.
Hallgarten & Co. of New York, offered and quickly sold on and 16.000. 1935. Due $7,000. 1927 to 1929 incl.;18,000. 1930 to 1934 hid..
that date (the issue being oversubscribed) 830,000,000 6%
BAYONNE, Hudson County, N. J.
-BOND SALE.
-On April 20 the
coupon
privilege of registration
34-year sinking fund gold bonds of the Republic of Uruguay 4%%principal(with interest) water Series B as to principal only or as to
both
bonds offered on that date
and
at 963 and interest to yield about 6.25%. Date May 1 (V. 122. p.2088) were awarded to Graham. Parsons & Co., of New York,
paying 114,425 for 1113.000 (1114.000 offered), equal to 101.26-a basis
1926. Coupon bonds in denorn. of 81,000 and $500, regis- of about
4.41%.
trable as to principal. Due May 1 1960. Prin. and int. 1928 to 1964. and Dated April 111926. Due 13.000 yearly from April 1
.
$2,000 April 1965.
(M.& N.) payable in U. S. gold coin of the present standard
BELLAIRE SCHOOL DISTRICT (P.O. Bellaire), Belmont County,
-BOND OFFBRING.-Sealed bids will be received until 12 m.
of weight and fineness in N. Y. City at Hallgarten & Co.; Ohio.
May 15 by H. L. Tyler, Clerk Board
in Chicago at Halsey, Stuart & Co., Inc., and in Amsterdam deficiency notes. Denoms. $1,000 and of Education, for $78,100 67 net
$100. Dated May 15 1926. Int.
at the Amsterdamsche Bank without deduction for any M. & N. Due $7,100 Nov. 15 1926 and May and Nov. 15 1927 to 1931
Ind. A certified check for $200 payable to the Board of Education,
Uruguan taxes, present or future.
required.
Further information regarding this loan may be found in
BELL BUCKLE, Bedford County, Tenn.
-BOND
our "Department of Current Events and Discussions" on B. G. White, Town Recorder, will receive sealed bids until 1OFFERING.for $10,000 6% school bonds. Date May 1 1926. Denom.p. m. May 10
a preceding page.
11,000. Duel
$1,000 May 1 1930 to 1939 incl. Prin. and semi-annual int. payable at
2392
THE C1TRONTOLE
the Chemical National Bank. New York City. A certified check for $500
Is required.
-The
-BOND SALE.
BELTRAMI COUNTY (P. 0. Bemidji), Minn.
$75.000 drainage refunding bonds offered on April 8-V. 122, p. 1660
were awarded to the Metropolitan National Co. of Minneapolis as 55is
at par.
-Sealed bids
-LOAN OFFERED.
BEVERLY, Essex County, Mass.
were received until 6 p. m. April 22 by John C. Lovett, City Treasurer,
for the purchase on a discount basis of $200,000 temporary loan. Denoms.
525,000. 10,000 and $5,000. Date April 23 1926. Due Nov. 19 1926.
The notes will be engraved under the supervision of the Old Colony Trust
Co., Boston. Legality approved by Ropes, Gray, Boyden & Perkins of
Boston.
-On April 19 the
BEXLEY, Franklin County, Ohlo.-BOND SALE.
following eleven issues of 5 7 (special assessment) bonds, aggregating
o
,
$137.925 offered on that date (V. 122, p. 2088), were awarded to the State
Teachers Retirement System at a premium of $2,145, equal to 101.55-a
basis of about 4.63%:
$14.100 Meadow Park Ave. Improvement bonds. Denom. $1.000. $800
and $500. Due on Oct. 1 as follows: $1,500. 1927 to 1929, incl..
and $1.600, 1930 to 1935. incl.
19,800 Remington road Improvement bonds. Denoms. $1,000 and $200.
Due $2,200 yearly from Oct. 1 1927 to 1935. incl.
24,800 Brentwood road improvement bonds. Denoms. $1.000, $800 and
$200. Due on Oct. 1 as follows: 12.800, 1927 to 1934, Incl., and
52.200. 1935.
32,300 Montrose Ave. Improvement bonds. Denoms. $1.000. $600 and
$500. Due on Oct. 1 as follows: $3.600. 1927 to 1934, incl., and
$3.500. 1935.
4,400 Stanwood road improvement bonds. Denom. $880. Due $880
yearly from Oct. 1 1927 to 1931. Incl.
4,400 Bratenahl road improvement bonds. Denom. $800. Due $800
yearly from Oct. 1 1927 to 1931. Incl.
9.100 Caroline Ave. improvement bonds. Denom. $910. Due $1.820
yearly from Oct. 1 1927 to 1931. Incl.
8,000 Gordon Ave. improvement bonds. Denom. $800. Due 11.600
yearly from Oct. 1 1927 to 1931. Incl.
6,200 Chelsea Ave. Improvement bonds. Denom. $620. Due $1,240
yearly from Oct. 1 1927 to 1931. Ind.
4,300 Elm Ave. sanitary sewer construction bonds. Denom. $860.
Due $860 yearly from Oct. 1 1927 to 1931. Incl.
11,125 Charles St. sanitary sewer construction bonds. Denom. $1,000
and $225. Due $2.225. 1927 to 1931, Ind.
Date April 1 1928.
BLENCOE CONSOLIDATED INDEPENDENT SCHOOL DIS-The $100.000 coupon
TRICT, Monona County, lowa.-BOND SALE.
school bonds offered on April 16 (V. 122. p. 1814) were awarded to the
at a premium of 5865, equal to
White-Phillips Co. of Davenport as 4
100.86-a basis of about 4.41%. Dated June 1 1926. Due Dec. 1 as follows:53.000. 1927 to 1930. Inclusive: $4,000. 1931 to 1934. inclusive: 55.000,
1935 to 1938. inclusive: $6,000. 1939 to 1942, Inclusive, and $7,000, 1943 to
1946, inclusive.
-On April 19
-BOND SALE.
BLOOMFIELD, Eases County, N. J.
the issue of 43. % coupon (with privilege of registration as to principal
only or as to both principal and interest) school fund bonds offered on
that date (V. 122. p. 2089) were awarded to the Bloomfield Trust Co. of
Bloomfield paying $365,709 for 5356.000 (5365.000 offered) equal to 102.72,
a basis of about 4.26%. Dated May 1 1925. Due on May 1 as follows:
$1,000 1927 to 1931, incl.: 511.000 1932 to 1936. Incl.: 512.000 1937. to
1941. incl.: $13.000 1942 to 1951, incl., and $14,000 1952 to 1955, Incl.,
and 55,000 1958.
-BOND OFFERING.
BLUE EARTH, Faribault County, Minn.
John J. Kehr, City Clerk, will receive sealed bids until 8 p. in. April 29
not exceeding 45.1 % coupon electric light bonds. Date May 1
for $20,000
1926. Denom. 51,000. Due $2,000. 1927 to 1936 incl. Prin. and semiann. int.(M. & S.) payable in gold In Blue Earth. A certified check for
$4.000 payable to A. G. Maas, City Treasurer, is required. Legality approved by Putnam & Carlson, Blue Earth.
Financial Statement.
11,117,430.00
Assessed valuation (1925)
147,326 05
Bonded debt (including this issue)
30.686 45
Floating debt (additional)
178.012 50
Total debt
4,840 80
Sinking fund
BLUEWATER-TOLTEC IRRIGATION DISTRICT (P. 0. Blue..
-The $350.000 6%
water), Valencia County, N. Mex.-BOND SALE.
-were awarded
coupon irrigation bonds offered on April 15-V. 122, p. 1949
to Chancellor-Canfield Midway Oil Co. and the Anderson Bros. Bank of
at par. Date Dec. 11925. Denom. $500. Due serially 1936 to
El Paso
1945 incl. Interest payable J. & D.
-Oh Feb.
-BOND SALE.
BOYNE CITY, Charlevoix County, Mich.
15 the $40.000 5% street impt. bonds offered on that date (V. 122, p. 915)
were awarded to Stranahan, Harris & Ostia, Inc. of Toledo at 102.29. a
basis of about 4.64.. Date Dec. 15 1925. Due on Sept. 15 as follows:
33.000. 1928 to 1930 incl.: 54.000. 1931 to 1934 indl. and 15.000. 1935 to
1937 incl.
-LOAN OFFERING.
BRISTOL COUNTY (P. 0. Taunton), Mass.
Sealed bids will be received until 10 a. in. April 27 by the County Treasurer,
temporary loan. Due
for the purchase on a discount basis of a $200,000
Nov. 1 1926.
BRISTOL SCHOOL DISTRICT(P.O.Bristol), Bucks County,Pa.
-The $72.000 434% coupon school bonds awarded
BOND DESCRIPTION.
to Lewis & Snyder of Philadelphia at 101.73 V. 122, p. 2088) are described
as follows: Denom. 51.000. Dated April 1 1926. Int. A. & 0. Due
serially from 1927 to 1955 incl.
-On April 15
-BOND SALE.
BROCKTON, Plymouth County, Mass.
the following 3 issues of4% coupon or registered bonds aggregating 5219.000
National Corp. of Boston
Offered on that date were awarded to the First
at 100.267. a basis of about 3.91%.
530.000 water bonds. Due $6.000 yearly from April 1 1927 to 1931 incl.
57,000 sewer bonds. Due on April 1 as follows: $12,000, 1927 and 1928
and $11.000, 1929 to 1931 incl.
132,000 macadam pavement bonds. Due on April 1. as follows: 527,000,
1927 and 1928 and 526,000, 1929 to 1931 incl.
Denom.51,000. Date April 11926. Prin. and semi-ann. int.(A. & 0.
payable at the City Treasurer's office or at the Old Colony Trust Co.,
Boston.
-NOTE OFFERING.-Sealecl
BROOKLINE, Norfolk County, Mass.
bids will be received until 12 m. April 26 by Albert P. 13rIggs, Town Treasurer, for the purchase on a discount basis of a $250,000 revenue notes.
Dated April 26 1926. Due Nov. 3 1926.
-On
-BOND SALE.
BRONXVILLE, Westchester County, N. Y.
April 20 the following two issues of 434% bonds, aggregating $51,000,
follows:
offered on that date (V. 122. p. 2245) were awarded as
To the Bronzeille Trust CO.
$44,500 street improvement bonds at 101.61. a basis of about 4.23%•
Due on May 1 as follows. 533.000. 1927 to 1936. inclusive, and
12.300. 1937 to 1941. inclusive.
To Farscm. Son & Co. of New York.
58.500 sanitary sewer bonds at 101.04. a basis of about 4.36%. Due
$500'May 1 1930 to 1940. inclusive.
BROWNSVILLE INDEPENDENT SCHOOL DISTRICT, Terry
-On May 1 an election will be held
-BOND ELECTION.
County, Tex.
for the purpose of voting on the question of issuing 5100.000 school bonds.
CAMILLA INDEPENDENT SCHOOL DISTRICT, San Jacinto
-The State Comptroller of
County, Texas.
-BONDS REGISTERED.
Texas registered on April 12 an issue of 512,000 5% school bonds. Due
In 20 years.
CHENEYVILLE SCHOOL DISTRICT NO.3(P. 0. Alexandria), La.
-BOND OFFERING.
-J. W. Bolton, President Parish School Board, will
receive sealed bids until 1:30 _p• m. May 4 for $12.500 coupon school
bonds. Date May 15 1926. Denoms. $500 and $100. Due May 15 as
follows: 51,000. 1927 to 1930; 51 100, 1931; 11,200. 1932: 51.400, 1933:
51,500. 1934; 51.600. 1935, and t1.700. 1936. Purchaser to pay for the
printing of the bonds and pay or the approving opinion of Wood &
Oakley of Chicago. Prin.and int. payable at a place to be designated by
Mg- 122.
the purchaser. A certified check for $500, payable to theSchool Board,
is required.
kt These are the bonds mentioned in V. 122, p. 2246.
-3. P.
CHANDLER, Lincoln County, Neb.-BOND OFFERING.
Butler, City Manager, will receive sealed bids until 7:30 p. m. Apr11r27
for $25.000 5% viaduct bonds. Dated March 15 1926. Denom. 51,000.
Due March 15 1951. Prin. and semi-ann. Int. (M. & S. 15) payable at
the Mechanics & Metals National Bank, New York City. A certified
check for 3500, is required.
Financial Statement.
52,613.900.00
Actual value of property (estimated)
1.045,598.00
Assessed valuation for taxation for 1925
255,137.95
Total bonded debt (including this Issue)
$173,000.00
Less: Water works and sewer bonds
40.082.88
Sinking fund
Population. 1920 Census, 2,250: present population, 3,000.
CHULA VISTA UNION SCHOOL DISTRICT, San Diego County
-J. B. McLees, County
-BOND OFFERING.
(P. 0. San Diego), Calif.
Clerk, will receive sealed bids until 10:30 a. m. April 26 for 525.000 5%
Date Mar. 29 1926. Denom. 51,000. Due $1.000 1928
school bonds.
and 53.000 1929 to 1936, incl. Prin, and semi-ann. int.(M.& S.) payable
at the County Treasurer's office. Legality to be approved by Eells, Moore
& Orrick of an Francisco.
Financial Statement.
12,386.280
Asswased valuation (1925)
80,000
Bonded debt (including this issue)
Population (estimated). 4.163.
-The
REGISTERED.
-WARRANTS
CISCO, Cortland County, Tex.
State Comptroller of Texas registered on April 12 an issue of 5165,000 6%
funding warrants. Due serially.
CLAIRBORNE PARISH SCHOOL DISTRICT (P. 0. Homer), La.
BOND SALE.
-The 525,000 school bonds offered on March 25-V. 122,
to L. E. French & Co. of Alexandria as 434s at
p. 1350
-were awarded
99.36. Dated March 1 1926. Denom. $1.000. Due serially March 1
1927 to 1946 Inclusive Interest payable M. & S.
CLAY COUNTY SCHOOL DISTRICT NO. 54(P.0. Wakonda), So.
Dak.-BOND OFFERING.
-D. F. Collins, District Clerk, will receive
sealed bids until 6 p. in. May 3, for $5.000 school bonds.
-J. R.
-BOND OFFERING.
CLEARFIELD, Taylor County, Iowa.
Henderson. Town Clerk, will receive sealed bids until 8 p. m. May 3 for
$5.000 city hall bonds.
Financial Statement.
Bonded debt (this issue only)
8
72
16 0 0
514; 0
Assessed valuation
CLEMENTON TOWNSHIP SCHOOL DISTRICT(P.O. Clementon),
-Sealed bids will be received
Camden County, N. J.
-BOND OFFERING.
until 8 p. m. April 30 by George W. Maybery. District Clerk, for the
following four issues of 534% coupon or registered school bonds. aggregating $183.400:
$46,000 series No. 1 bonds. Denam. $1.000. Due 52.000. 1928 to 1930
incl.; $3,000, 1931 to 1943 ipcl. and 51,000, 1944.
44.500 series No. 2 bonds. Denom. $1,000. except 1 for $500. Due
53.000. 1928 to 1935 Ind.:54,000. 1936 to 1940 and 5.500. 1941.
45.000 series No. 3 bonds. Denom. $1,000. Due $2.000. 1928 to 1938
incl. and 53.000. 1937 to 1945 Incl.
47,900 series No. 4 bonds. Denom. $1,000, 5500 and $100. Due 11,500.
.
1928 to 1944 incl.: 52,000, 1945 to 1955 and $400, 1951
Dated April 15 1926. Prin. and interest payable at the Clementon
National Bank, Clementon. No more bonds to be awarded than will
produce a premium of 51.000 over each of the above Issues. A certified
check for 2% of the bonds bid for, payable to the Board of Education,
required. Legality approved by Caldwell & Raymond of New York.
Expense of printing the bonds will be paid for by the purchaser.
-BOND SALF:.-On April 15
COHASSET, Norfolk County, Mass.
the 1112.000 4% school bonds offered on that date (V. 122. la. 2246) were
awarded to Rockland Trust Co. of Rockland at 100.85. Dated April 1
1926. Due In 1927 to 1946 incl.
-BOND OFFERING.
CONCORD, Cabarrus County, No, Caro.
B. E. Harris, City Clerk, will receive sealed bids until S p. m. April 26 for
560.000 not exceeding 6% coupon (registrable as to principal only) sewer
bonds. Dated April 1 1926. Denom. $1,000. Due April 1 as follows:
51.000. 1929 to 1944 incl.: and $2,000. 1945 to 1966 incl. Prin. and int.
(A•& 0.) payable at the Chase National Bank, New York City. A certified
check for $1,200, payable to the City Treasurer is required. The United
States Mortgage & Trust Co., New York City will prepare and certify the
bonds. Legality to be approved by Chester B. Masslich, New York City.
Financial Statement.
$13.400.000.00
Assessed valuation, 1925
20,000.000.00
Actual estimated valuation
1.348,300.00
now offered
Total debt, including bonds
Sinking fund (except for water and light bonds)..-118.308.62
Uncollected special assessments actually levied,
157.323.84
pledged to a portion of above debt
150,000.00
Water debt included above
39.000.00
bo
included ave
Electric light debt
364.632.46
5983.667.54
Net Indebtedness
Population, 1920 U. S. Census. 9.903: present population, est.. 14,000.
-On May 13 an
-BOND ELECTION.
COOPER, Delta County, Tex.
election will be held for the purpose of voting on the question of issuing
$129,500 5% city refunding bonds.
-At the e1e7CROSBY, Divide County, No. Dak.-BONDS VOTED.
-the voters authorized the issuance
tion held on April 5-V. 122. p. 1203
of 540.000 water works and sewerage system bonds.
-BOND
DADE COUNTY SCHOOL DISTRICTS (P. 0. Miami), Fla.
-Charles M. Fisher, Secretary of Board of Public Instruction,
OFFERING.
will receive sealed bids until 1:30 p. m. May 5 for the following 6% school
bonds, aggregating $1,530,000:
51.400,000 Special Tax School District No. 2 bonds. Due 556.000 April I
1929 to 1953, Incl. A certified check for 528.000. payable to
the above named official, is required.
130,000 Special Tax School District No. 7 bonds. Due $5,000 April 1
1929 to 1954, incl. A certified check for $2,600, payable to
the above named official is required.
Dated April 11926. Denom.31.000. Prin.and semi-ann.Int.(A.& 0.)
payable in gold at the Chase National Bank. New York City. Legality
approved by Chester B. Masslich, New York City.
DALLAS COUNTY COMMON SCHOOL DISTRICT NO. 7 (P. 0.
-The State Comptroller of Texas
-BONDS REGISTERED.
Dallas), Tex.
registered on April 12 an Issue of 515.0005% school bonds. Due serially.
COUNTY COMMON SCHOOL DISTRICT NO. 9 (P. O.
DALLAS
-The State Comptroller of Texas
-BONDS REGISTERED.
Dallas), Tex.
registered on April 12 an Issue of 550.000 5% school bonds. Due serially.
-The
DALTON, Cheyenne County, Neb.-BOND DESCRIPTION.
$21.000 5% coupon refunding bonds purchased by the United States Bond
(V. 122. p. 2089) are described as follows: Dated
Co. of Denver at par
May 11926. Due May 11946. optional May 1 as follows: $2.000. 1937 to
1940 incl.: $3.000, 1941 to 1945 incl., and 54.000. 1946. Prin. and semiann.int.(M.& N.) payable at County Treasurer's office. Sidney. Legality
approved by Pershing, Nye. Tallmadge & Bosworth, Denver.
Financial Statement.
$467,050
Assessed valuation, 1925
750,000
Actual valuation. estimated
49,000
debt, including this issue
Total bonded
Population, 1920 Census, 496.
-BOND OFFERING -W. L.
DEERFIELD, Broward County, Fla.
Sweat. Town Clerk, will receive sealed bids until 11 a. in. May 17 for
the following 6% bonds. aggregating 1350.000.
$100.000 water works system bonds. Due 54.000, Jan. 1 1930 to 1954 incl.
35,000 town hall and Jail bonds. Due Jan. 1 as follows: 51.000, 1930 to
1949 Incl.; and 53,000, 1950 to 1954 incl.
200.000 street and sidewalk bonds. Due 58,000 Jan. 1 1930 to 1954 Incl.
15,000 electric light bonds. Due 51.000 Jan. 1 1940 to 1954 incl.
APR. 24 1926.]
THE CHRONICLE
Dated Jan. 1 1926. Denom. $1.000. Prin. and int. (J. & J.), payable
in gold in New York. Legality approved by John C. Thomson, N "York
New
City. A certified check for 2% of the bonds bid for, payable to the Town
Treasurer, is required.
DELAWARE COUNTY (P. O. Delaware), Ohio.
-BOND OFFERING.
-Sealed bids will be received until 2 p. m. May 3 by W. J. Main. Clerk
Board of County Commissioners, for 327.500 5% road bonds. Denom.
$1,000 except 1 for $500. Date May 3 1926. Prin. and semi-ann. int.
(M. & S.) payable at the County Treasurer's office. Due $1,500 March
and 32,000 Sept. 1 1927 and $1,000 and $2.000. March and Sept. 1 1928 to
1935 incl. Certified check for $1,000 payable to the County Auditor,
required.
DELTA COUNTY SCHOOL DISTRICT NO.18(P.O. Eckert), Colo.
-PRE-;ELECTION SALE.
-Bosworth, Chanute & Co. of Denver has purchased, subject to their being voted at an election to be held on May 10,
an issue of $3.000 4 % school bonds. Due in 20 years, optional in 10.
DE WITT COUNTY COMMON SCHOOL DISTRICT NO. 40 (P. 0.
Cuero), Tex.
-BONDS REGISTERED.
-The State Comptroller of Texas
registered on April 1200 issue of 36,000 5% school bonds. Due serially.
DONA ANA COUNTY SCHOOL DISTRICT NO.17(P.O. Mesquite),
N. Mex.-BONDS VOTED.
-At the election held on April 5 (V.
1950)the voters authorized the issuance of 38.000 school bonds. 122, P•
DORCHESTER COUNTY (P. 0. Cambridge), Md.-BOND SALE.
A syndicate headed by Strother, Brogden & Co. of Baltimore purchased on
1 April 13 an issue of 325,000 434% Lateral road bonds. Dated Jan. 1 1926
Int. J. & .I. Due on Jan. 1 as follows: $1,000, 1927 to 1942 incl. and
33,000. 1943 to 1945 incl.
DOWNEY UNION HIGH SCHOOL DISTRICT (p.0. Los Angeles),
Los Angeles County, Calif.
-BOND OFFERING.
-L. E. Lampton,
County Clerk. will receive sealed bids until 2 p. m. Arril 26 for 385.000
5% school bonds. Date April 1 1926. Denom. $1,000. Due April -I
as follows: 32.000. 1927 to 1942 Incl.; 33.000, 1943 to 1951 incl.: $6.000.
1952, and 35.000 1953 to 1956 incl. Prin. and semi-ann. Int. (A. & 0.)
payable at the County treasurer's office. A certified check for 3% of the
amount bid, payable the Chairman. Board of Supervisors, is required.
Financial Statement.
Assessed valuation of taxable property (1925)
35.392,095
Bonded debt. (Incl. this issue)
197.000
Population (estimated). 5.840.
DUBOIS COUNTY (P. 0. Jasper), Ind.
-BOND SALE.
-On April 15
the $22,000 414% road bonds offered on that date V. 122, p. 1815) were
awarded to the Holland National Bank of Holland at a premium of $405,
equal to 101.84.
EDEN RURAL HIGH SCHOOL DISTRICT NO. 2, Jerome County,
-BOND SALE.
-The State of Idaho recently purchased an issue
Idaho.
of $30,000 5% registered school bonds. Due in 20 years.
ELGIN INDEPENDENT SCHOOL DISTRICT, Bastrop County,
-BOND ELECTION.
-On April 24 (to-day) an election will
Tex.
for the purpose of voting on the question of issuing 390.000 schoolbe held
bonds.
COUNTY INDEPENDENT SCHOOL DISTRICT
ELMORE
NO. 6
(P.0. Mountain Home), Idaho.
-BOND OFFERING.
-A.F. Anderson,
District Clerk, will receive sealed bids until 5 p. m. May 3 for
3100.000
6% school bonds. Data Jan. 1 1926. Due $5,000. 1928 to 1941 incl.;
,
$6°000, 1942 to 1946 incl. A certified check for 35.000 is required. and
EMANUEL COUNTY SCHOOL DISTRICT (P.O. Swainsboro),
Ga.
-BOND SALE.
-The Hibernia Securities Co. of New Orleans has purchased an issue of $40,000 5% school bonds.
ENDERLIN, Ransom County, No. Dak.-BONDS VOTED.
-At the
election held on April 5-V.122, p. 1815
-the voters authorized the issuance
of 225.000 city hall bonds.
ENNIS,Ellis County,Tex.
-BONDS REGISTERED.
-The State Comptroller of Texas registered on April 16 an issue of $60,000 5%
street improvement bonds. Due serially.
ESCONDIDO UNION HIGH SCHOOL DISTRICT
(P. 0. San
Diego), San Diego County, Calif.
-BOND SALE.
-The 3128.000 534%
school bonds offered on April I9
-V. 122, p. 2246
-were awarded
Witter & Co. of San Francisco at a premium of 38.635, equal to to Dean,
106.74.0
basis of about 4.69%. Date March 22 1926. Due as follows:
$5.000
1927, 36,000 1928 to 1945, incl.. and $15,000 1946.
FAIRHOPE,Baldwin County, Ala.
-BOND OFFERING.
-Sealed bids
will be received until 8 p. m.May 10 by Mayor!.
6% street improvement bonds. Date April 1M.Goldbraith for $50.000
1926. Denom.
Due April 11936. Prin. and annual Mt. payable at the Bank of 31.000.
These are the bonds offered for sale on April 12-V. 122. p. Fairhope.
2089.
FAYETTEVILLE, Cumberland County No. Caro.
-BOND
ING.
-H. J. McBuie, City Clerk, will receive sealed bids until OFFERApril 26 for the following not exceeding 6% bonds aggregating 8 1:0• m.
3160.000.
$120.000 public improvement bonds (consisting of $65.000 water.
310.000
sewer, $20,000 electric light, $12.000 bridge, and
$13,000 fire
equipment bonds). Due March 1 as follows: 32,000. 1929
to
1937 incl.•, 33.000. 1938 to 1944 Incl.; $4,000. 1945 to 1953 incl.
and 35.000. 1954 to 1962 incl.
40,000 street improvement bonds. Due $2,000, March 1
1928 to 1947
incl.
Coupon bonds, redsterable as to principal only.
Denom. $1.000. Prin. and int. M. & S. payable in Date Mar. 1 1926.
gold in New York.
Bonds will be prepared under the supervision
& Trust Co. of New York City, which will of the United States Mortgage
certify
the officials, and the validity of the seal impressedas to the signatures of
thereon. Legality to
be approved by Chester B. MasslIch, of New
for 33.200. payable to the City Treasurer. York City. A certified check
required.
FERNDALE, Oakland County, Mich.
The 350.000 5% coupon boulevard lighting -BOND DESCRIPTION.
Stocker & Co. of Detroit at 101 (V. 122. system bonds awarded to Joel
p.
are de szibed as follows: Denom. $1,000. 1950). a basis of about 4.91%.
A. & 0. Due April 1 1941. Date of award Dated April 1 1926. Int.
March 22.
FLORENCE, Lauderdale County, Ala.
-BOND SALE.
-The $141.000
6% public iznpt. bonds offered on March
30-V. 122, p. 1950
-were
awarded to Ellis & Co. of Cincinnati
at
Date April 1 1926. Due April 1 1936. 99.50. a basis of about 6.10%.
FORREST SCHOOL DISTRICT (P. 0.
Tucumcari), Quay County,
N. Mex.-BONDS VOTED.
-At an electoin held on April 3 Vie
authorized the issuance of $31.500 school
voters
bonds by a count of 87 for to 34
against.
FORT LAUDERDALE, Broward County,
Fla.
-BOND OFFERING._.
Glenn E. Turner, City Auditor, will receive
for $400.000 6% municipal improvement sealed bids until 1 p. m. May 11
bonds. Denom. 31,000. Due
Jan. 1 1946. Prin. and int. (J. & J.) payable
Bank, New York City. Legality approved by at the Hanover National
John C. Thomson, New
York City. A certified check for $4,000.
payable to the City Treasurer, is
required.
FORT MADISON, Lee County, Iowa.
-The
$10,000 fire equipment bonds purchased -BOND DESCRIPTION.
by Geo. M. Bechtel & Co.
Davenport
-V. 122. p. 1056
of
-at par, bear
and are described as follows: Date April 1interest at the rate of 43..t %
1926. Denom. $500. Due
serially. Interest payable M. & N.
FORT WAYNE, Allen County, Ind.
-BOND OFFERING. Sealed
bids will be received until 2 p. m. May 5 by A.C.
McCoy,City Comptroller.
for $50.000 434% water works refunding bonds.
Denom. 35,000. Dated
May 15 1926. Prin. and interest payable at the
First National Dank,
Fort Wayne. Due $5,000 yearly from May
15
to 1936
chock for 5% of the bonds bid for, payable to1927 City, incl. A certified
the
required.
FREEPORT, Nassau County, N. Y.
-BOND
following two issues of coupon bonds, aggregating SALE-On April 16 the
$140,000 offered on that
date (V. 122. p. 2090) were awarded to Clinton H.
Brown & Co. of New
York as 43(5 at 100.051, a basis of about
$20,000 water main bonds. Due $1.000 4.25%•
yearly from April 1 1927 to 1946
inclusive.
120,000 street impt. bonds. Due 36.000 yearly from April
1 1927 to 1946
inclusive.
Dated April 11926.
FREMONT COUNTY SCHOOL DISTRICT NO.25
(P.O. Riverton),
Wyo.-BOND SALE.
-The 350.000 5% school bonds offered on
April 15
2393
-V.122, p. 1815
-were awarded to Bosworth, Chanute & Co. of Denver,
at a premium of $697.50. equal to 101.39, basis of about 4.89%. Dated
July 1 1926. Due July 1 as follows: 32.000, 1937 to 1946 incl.; and $3.000.
1947 to 1956 incl. Interest payable J. & J.
GALVESTON COUNTY (P.O. Galveston), Tex.
-BONDS VOTED.
At the election held on April 10 (V. 122. p. 778) the voters authorized the
issuance of $150,000 road bonds.
GARFIELD COUNTY (P. 0. Enid), Okla.
-BOND OFFERING.
Sealed bids will be received until 10 a. m. April 24 for $150,000 5% road
bonds.
GLENBARD TOWNSHIP HIGH SCHOOL DISTRICT NO."'87
(P.0. Glen Ellyn), Du Page County, III.
-BOND SALE.
-On March 22
the $60.000 5% school bonds offered on that date (V. 122, p. 1815) were
awarded to W. K. Terry & Co. of Chicago. Dated May 1 1926. Due
on May 1 as follows: $2,000. 1933 to 1942 incl., and $10,000, 1943 to 1946
incl.
GLOBE, Gila County, Ariz.
-BOND OFFERING.-Wilson 'I'. Wright,
City Clerk, will receive sealed bids until 7:30 p. m. May 12 for 3150.000
534% paving bonds. Date April 11926. Due 57.500 1927 to 1946, incl.
Int. (A. & 0.) payable semi-annually. A certified check drawn on a
national bank, payable to the City Treasurer, for the full purchase price
is required. Legality approved by Wood & Oakley, Chicago.
Financial Statement.
Assessed valuation (1925-26)
34.088.644
Total bonded indebtedness (this issue excluded)
357,000
Water debt (Included)
140,000
Population. 7.000.
GLOUCESTER, Essex County, Mass.
---BOND SALE.
-The $330,000
4% water bonds awarded to E. H. Rollins & Sons of Boston at 100.54, a
basis of about 3.95% (V. 122. p. 1951) are described as follows: Bonds
are coupon bonds in denom. of $1,000. with privilege of registration as to
principal. Dated April 11926. Prin. and semi-ann. int.(A.& 0.) payable
at the National Shawmut Bank. Boston. Due 31.000 yearly from April 1
1927 to 1956 incl. Legality approved by Storey. ThorndMe, Palmer &
Dodge.
Financial Statement.
Assessed valuation 1925
$33.637.759
Total bonded debt,including this issue
1.667.875
Water debt
646.000
Net debt
31.021.875
Net debt less than 3.04% of assessed valuation. Population 1920 census, 22.947.
GRAND FORKS INDEPENDENT SCHOOL DISTRICT NO. 1,
Grand Forks County, No. Dak.-BOND SALE.
-The $150.000 coupon
-were awarded to
high school bonds offered on April 13-V. 122. p. 2090
the Teachers' Insurance and Retirement Fund of North Dakota as 4gs
at par. Dated July 11926. Due $7.500 July 1 1927 to 1946 incl.
Other bidders were:
Int. Rate. Premium.
BidderMinnesota Loan & Trust Co., Minneapolis and First
National Bank, Grand Forks
$3,005
5
Drake-Jones Co., Minneapolis
1.720
57
9
0
Northwest National Bank, Grand Forks
150
4 g%
Spitzer, Rorick & Co., Toledo
3.126
5%
GRAYSON COUNTY ROAD DISTRICTS(P.O.Independence), Va.
-F. E. Bramcock, Clerk Board of Supervisors, will
-BOND OFFERING.
receive sealed bids until 2 p. m. May 1 for the following 6% road bonds.
aggregating 390,000.
$60.000 Old Town District bonds.
10,000 Wilson District bonds.
10,000 Providence District bonds.
10.000 Elk Creek District bonds.
GREENE COUNTY(P.O. Xenia),Ohlo.-BOND SALE.
-On Feb.26
-V. 122.
the 383,142 69 5% I. C. H. No. 6 bonds, offered on that date
O• 1056-were awarded to Stranahan, Harris. & Oaths, Inc., of Toledo at
a premium of 32.163. equal to 102.60. a basis of about 4.48%. Dated Mar.
1 1926. Due 34,142 69 March 1 and 34.000 Sent. 1 1927: $4.000 March 1
and Sept. 11929 and 1929;$4,000 March 1 and $5.000 Sept. 11930: 34,000
March 1 and Sept. 1 1931. and 1932: 34.000 March 1 and 35.000 Sept. 1
1933: 34.000 March 1 and Sept. 1 1934 and 1935, and 34,000 March 1 and
35,000 Sept. 11936.
-BOND DESCRIPGREENE COUNTY (P. 0. Greenville), Tenn.
TION.
-The 3170.000 5% coupon road and bridge bonds awarded to the
First National Bank of Greenville at 105.51, a basis of about 4.62% (V. 122,
p. 12051 are described as follows: Dated March 1 1926. Denom. $1,090.
Due 520,000 1946 to 1953 incl., and $10.000 1954. Prin. and semi-ann.
•...hj
Int.(M.& S.) payable at the County Trustees' office in Greenville.
Financial Statement (as Officially Repelled).
$40.000,000
Real value of taxable property estimated
Assessed valuation for taxation
1.495.000
Total debt (this issue included)
550.000 •'•
Less sinking fund
1.645.000
Net debt
114
Pie
Population, 1920 census, 32,824.
tr.Clint.
GREENSBORO, Guilford County, No. Caro.
-BOND OFFERING7=
m. April
E. G. Sherrill, City Clerk, will receive sealed bids until 2:15
p.
26 for the following 43.4 or 4g% bonds (registerable as to principal) aggregating 31.500.000:
$400.000 municipal building bonds. Due April 1 as follows: $6.000, 1929
to 1933Inc1.: 38.000. 1934 to 1940 Incl.: $10.000, 1941 to 1949 Incl.;
313.000. 1950 to 1957 incl., and 315.000, 1958 to 1965 incl.
200.000 water bonds. Due April 1 as follows: 33.000. 1929 to 1940 Incl.:
$5,000, 1941 to 1949 Incl., and 37.000, 1950 to 1966 incl.
100.000 sanitary sewer bonds. Due April 1 as follows: $2,000, 1929 to
1048 incl.: 33.000 1949 to 1960 Incl.: and 34,000. 1961 to 1966 Incl.
500.000 street improvement bonds. Due $50,000, April 1 1928 to 1937
incl.
300,000 storm sewer bonds. Due April 1 as follows: 34.000, 1929 to 1933
Incl.. 36,000. 1934 to 1942 incl.; 38.000. 1943 to 1954 incl., and
310,000, 1955 to 1967 incl.
Dated April 1 1926. Denom. $1,000. Prin. and Int. (A. & 0.) payable
in gold in New York. A certified check for 330,000 upon an incorporated
bank or trust company, payable to the City Treasurer, is required. The
bonds will be prepared under the supervision of the United States Mortgage
& Trust Co., New York City, which will certify as to the genuineness of the
signatures and the seal impressed thereon. ',malty to be approved by
Chester B. Masslich, New -York City.
Financial Statement.
Total bonded debt (Ind. these issues)
310.985,00000
Assessed valuation of property in 1925
87,205.271 00
Estimated actual value
115,000,000 00
Sinking Fund (except for water debt
3502.999 80
Uncollected special assessments applicable to
street bonds:
Actually levied
1.699.705 28
To be levied
1.021.839 24
Water bonds,included in above total gross debt_2,0I4,714 28
5.239.258 60
7
Net indebtedness
$5,745,741 40
Population
43,525
GREENWICH AND EASTON (TOWNS) Union Free School District
NO,S (P.O. Greenwich) Washington County, N.Y.
-BOND SALE.
On April 10 the $188,500 4g% coupon or registered school bonds offered on
that date (V. 122, p. 1951) were awarded to the First National Bank of
Greenwich at par: Dated July 1 1926. Due $6,500 yearly from Jan. 1
1928 to 1956 incl.
GRINNISON COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Grinnison), Colo.
-BOND ELECTION.
-On May 3 an election will be held for
the purpose of voting on the question of issuing 3100.000 434% school bonds.
These bonds were purchased by the International Trust Co. of Denver at
par-V. 122. p. 1662
-subject to their being voted at this election.
GROVER,Jefferson County,Ohlo.-BOND OFFERING.
-Sealed bide
Will be received until 12 m. May 11 by Bertha Harris, Village Clerk,
for
$75,000 534% waterworks bonds. Denom. $500. Dated May 1 1926.
Int. A. & 0. Due $3,000 yearly from Oct. 1 1927 to 1951 incl. Certified
2394
THE CHRONICLE
check of the bonds bid for, payable to the Village Treasurer, required.
Bonds to be delivered and paid for within ten days from time of award.
GUADALUPE COUNTY SCHOOL DISTRICT NO. 46 (P. 0. Santa
Rosa), N. Mex.-BOND OFPCRING.-F. Faircloth, County Treasurer will
receive sealed bids until 2 p.m. May 29 for 68,000 not exceeding 6% school
bonds. Dated July 1 1926. Denom. $500. Due July 1 as follows:
$1,500,1931 to 1935, and $500 in 1936. Principal and semi-annual interest
(J. & J.) payable at the State Treasurer's office or at the Chase National
Bank in New York City, at option of purchaser. A certified check for 5%
of the amount bid, payable to the above-named official, is required.
-BOND SALE.
HAMILTON COUNTY (P. 0. Cincinnati), Ohio.
On April 16 the $119,068 5% coupon Carriers° Road impt. bonds offered
on that date
-V. 122. p. 1951-were awarded to A. G. Becker & Co. of
Chicago for $122.847.equal to 103.17,a basis ofabout4.47%. Date Mar.1
1926. Due $2,068 March 1 1928 and $13,000 yearly from Mar. 1 1929 to
1937 incl. Other bidders were:
Amt. Offered.
BidderAmt. Offered.
BiddersW. A. Slayton & Co_ __ _$121,903 00 Federal Securities Corp.;
B.J. Van Ingen & Co.,
H. M.Byllesby & Co__ 122.305 00
A.G. Becker & Co
122.847 00 and Provident Savings
$122,665 04
Bank & Trust Co
Assel, Goetz & Moerieln,
122,653 75
122,461 44 Seasongood & Mayer
Inc
122,783 00
Otis & Co
Harris, Forbes & Co..
Prudden & Co.and Breed,
National City Co.,and
Elliott & Harrison_ _ 122,580 50
122.734 10
Hayden. Miller & Co
122,525 00
Weil. Roth & Irving
Continental & Commercial Tr.& Say. Bank_ 122.847 00
-BOND OFFERING.
HARDIN COUNTY (P. 0. Elizabethtown), 111.
-Sealed bids will be received until 1 p. in. April 30 by A. H. Woolton,
County Clerk, for $20,000 5% county bonds. Denom. 62,000. Due
for
$2,000 yearly from July 1 1926 to 1935. inclusive. Certified check122,
$1.000 required. These bonds were originally offered on Feb. 8 (V.
D. 376).
-Sealed
-BOND OFFERING.
HARR1SVILLE, Lewis County, N. Y.
bids will be received until 8 p. m. April 26 by Sherman F. Valentine, Village
Dated May 1
% village bonds. Denom. $1,000.
Clerk, for $16,000
1926. Due $1,000 Aug. 1 1926 to 1941. inclusive. Certified check for
10% of the amount bid, required.
-Sealed bids
-BOND OFFERING.
HART, Oceana County, Mich.
will be received until 8 p. m. May 4 by William McFarland, Village Clerk
for the following two issues of bonds, aggregating $127,500.
$62,500 electric light bonds.
85.000 public lighting plant, first mortgage bonds.
Due over a period of 20 years. These bonds were originally offered on
April 20 (V. 122, p. 1951).
HARVEY,Wills County, No.Dak.-BOND & WARRANT OFFERING.
-L.W.Miller. City Auditor, will receive sealed bids until 8 p. m.April 26
for the following bonds and warrants aggregating $116,000:
$70.000 sewer impt. warrants. Due April 15 as follows: $3,500, 1928 to
1945 incl., and $7,000. 1946.
46,000 5%% water works bonds. Due April 15 as follows: $1,000,
1931 to 1938 incl.; $2.000, 1939 and 1940;$3,000. 1941;$4,000. 1942:35.000.
1943; $6,000, 1944: 67,000. 1945. and $9,000, 1946. These are the bonds
mentioned in V. 122. p. 2247.
Date April 15 1926. Denom. $1,000. A certified check for 2% of the
athount bid, payable to the City Treasurer. Is required. Legality approved
by Lancaster, Simpson, Junell & Dorsey. Minneapolis.
-The
-BOND SALE.
HAZELWOOD, Haywood County, No. Caro.
$45,000 8% street bonds offered on April 13-V. 122, p. 1950- were
awarded to Spitzer, Rorick & Co., of Toledo, at a premiun of $526 equal
to 101.16 a basis of about 5.847, Date March 1. 1926. Due March 1
as follows: $3,000. 1928 to 1936 incl., and $2,000, 1937 to 1945 incl.
-On April 5 the
-BOND SALE.
HEBRON, Licking County, Ohio.
% fire equipment bonds offered on that date (V. 122, p. 1662)
63.800
were awarded to Hebron Bank Co. of Hebron at a premium of $70, equal
to 101.84-a basis of about 5.02%. Dated Feb. 1 1926. Due on Aug. 1
as follows: $600. 1928, and $800. 1929 to 1932, inclusive.
HEMET VALLEY SCHOOL DISTRICT, Riverside County, Calif.-The $60,000 5% school bonds offered on April 19-V. 122.
BOND SALE.
p.1951-were awarded to Dean,Witter & Co.of San Francisco ata premium
equal to 102.51. a basis of about 4.74%. Date April 15 1926.
of $1.509.
Due $2,000, 1928 to 1936 incl.; $3,000, 1937 to 1942 incl., and $4,000, 1943
to 1948 incl.
-On
-BOND SALE.
HIGHLAND PARK, Wayne County, Mich.
April 19 the following two issues of bonds aggregating $450,000 offered
2090) were awarded as follows: To a syndicate,
on that date (V. 122,
Bank of Detroit
p.
composed of the SecurityTrust Co.. First National
Co.,
and the Detroit Trust Co.. all of Detroit. as 434s, at a premium of 61,532 50, equal to 100.38. a basis of about 4.36%:
street improvement bonds. Due $120,000 yearly from Sept. 1
UMW)
1927 to 1930. incl.
To Stranahan, Harris & Ostia, Inc.. of Toledo, and the Highland Park
State Bank. jointly, as 434s at a premium of $147, equal to 100.29. a basis
of about 4.24%. Due May 1 1946.
-On
-BOND SALE.
HIGHLAND PARK, Middlesex County, N. J.
April 19 the issue of 5% coupon (with privilege of registration as to principal
only or as to both principal and interest) fire engine and fire equipment
bonds offered on that date (V. 122, p. 2090) were awarded to the Peoples
National Bank of New Brunswick, taking $12.000 ($12,000 offered) at a
0
premium of $150. equal to 101.25-a basis of about 4.457. Dated April 1
1926. Due $3,000 yearly from April 1 1927 to 1930, inclusive.
SCHOOL DISTRICT (P.O. Tampa),
HILLSBOROUGH COUNTY
-W. D. F. Snipes. Superintendent Board of
-BOND OFFERING.
Fla.
school
Public Instruction, will receive bids until May 17, for $100.0001928 to
bonds. Dated March 1, 1926. Due March 1, as follows: $3,000, These
$4.000, 1943 to 1947 incl. and $5,000, 1948 to 1954 incl.
1942 incl.;
-V. 122, p. 1506.
are the bonds scheduled on April 5, to be sold.
HILLSBOROUGH COUNTY SPECIAL TAX SCHOOL DISTRICT
-W. D. F. Snipes,
-BOND OFFERING.
NO. 2 (P. 0. Tampa), Fla.
Secretary Board of Public Instruction, will receive sealed bids until 11 a. m.
May 10 for $45,000 6% school bonds. Denom. $1,000. Due April 1 as
and
follows: 32,000, 1928 to 1948 incl. and $3,000, 1949. Prin. New semiYork
annual int. payable at the United States Mortgage & Trust Co.,
City. A certified check for 2% of bid is required.
-On April 26
HOPE, Steele County, No. Dak.-BOND ELECTION.
an election will be held for the purpose of voting on the question of Issuing
in
$10,000 not exceeding 6% bonds. Denom. $1,000. Due serially
&to 14 years. J. M. Curtis, City Auditor.
-An issue of $150,-BOND SALE.
HOUSTON, Harris County, Tex.
000 improvement bonds has been purchased by the City Sinking Fund.
-On April 16
-BOND SALE.
HUNTINGTON,Suffolk County, N. Y.
the $375.000 coupon highway bonds offered on that date (V. 122. p. 2090)
both of
were awarded to Eastman. Dillon & Co. and the Detroit Co. 11926.
Jan.
New York as 4%s at 100.719, a basis of about 4.19%. Dated 1949. incl.
1932 to
Due on Jan. 2 as follows: 315.000 1931 and $20,000
0.KnoxIOLA RURAL INDEPENDENT SCHOOL DISTRICT (P. -J. P.
ville R. R. No. 6.) Marion County, lowa.-BOND OFFERING. p. m.
will receive sealed bids until 2
Durham, President, School Board,
May 3, for $2,400 school bonds.
-The Detroit
-BOND SALE.
IONIA COUNTY (P. 0. Ionia), Mich.
an
Trust Co. of Detroit and Braun, Bosworth & Co. of Toledo purchased
Issue of $92,000 road assessment district bonds as 4%s at a premium of
$596, equal to 100.64.
-BOND OFFERIREDELL COUNTY (P. 0. Statesville), No. Caro.
ING.
-A. L. Lowrance, Register of Deeds, will receive sealed bids until
aggre11 a. m. May 3 for the following 4)4% coupon or registered bonds
gating $300,WO:
Aprll 1 as
6250,000 road and bridge bonds. Dated April 1 1925. Due 1936, incl.;
follows: $7,000 1929 to 1932. incl.; 39,000 1933 to
311.000 1937 to 1940, incl.; $13,000 1941 to 1944, incl.. and
$15.000 1945 to 1950. had.
50,000 refunding road bonds. Dated April 1 1926. Due April 1 as
follows: $2.000 1929 to 1944. Incl., and 63,000 1945 to 1950. incl.
Denom.$1,000. Principal and interest(A.& 0.) payable in gold in New
[VOL. 122.
York.A certif1edTcheck for7$6.000, payable to the above named official
Is required. Legality approved by Chester B. Masslich, New York City.
-On April 20 the
-BOND SALE.
County, N. J.
IRVINGTON, Essex
issue of coupon (with privilege a registration as to principal only or as to
both principal and interest) school bonds offered on that date (V. 122.
the
p. 2090) were awarded to a syndicate composed of J. S. Rippel & Co.,
Fidelity Union Trust Co. and Merchants & Manufacturers National Bank
of Newark as 4%s. paying $875.695 for 8860,000 (8857.000 offered), equal
to 101.82, a basis of about 4.36%. Dated May 1 1926. Due on May 1
as follows: $21,000 1927 to 1931, incl., and $22,000 1932 to 1965, incl..
and $7.000 1966.
Guthrie
JAMAICA CONSOLIDATED SCHOOL DISTRICT,
-J. D. Cherryholmer. District SecCounty, lowa.-BOND OFFERING.
%
sealed bids until 8 vo. m. April 30 for $30.000
retary, will receive
coupon school bonds. Dated April 11926. Denom.$1,000. Due $3,000.
1928 to 1937 incl. Interest payable A. & 0.
-Sealed
-BOND OFFERING.
JAMESTOWN, Berkeley County, R. I.
bids will be received until 8 p. m.April 26 by Ralph G.P.Hull,Town Treascoupon ferry bonds. Denom.$1,000. Dated May
%
urer,for $175,000
of the
1 1926. Prin. and semi-ann. int. (Id. & N.). Payable at the office May
Town Treasurer, or at the First National Bank. Boston. Due on incl.
incl., and $15,000, 1937 to 1941
I. as follows: $10.000 1927 to 1936
Bonds are engraved under the supervision of and certified as to genuineness
by
by the First National Bank of Boston; their legality will be approved
purRopes, Gray, Boyden & Perkins, whose opinion will be furnished the
be filed with the above
chaser. All legal papers incident to this issue will Bonds will be delivered
bank, where they may be inspected at any time.
Bank,
to the purchaser on or about May 5 1926 at the First National
Boston.
April 1 1926.
Financial Statement,
$3,957.032.00
Valuation 1925
118.150.00
Total debt
38,341.00
Sinking funds
79.809.00
Net debt
Population, 1678.
-BOND OFFERING.
JASPER COUNTY (P. 0. Rensselaer), Ind.
Sealed bids will be received until 1 p. m. May 6 by Frank A. Morrow,
County Treasurer, for 33.536.42 6% ditch impt. bonds. Denom. $350.
at
except 1 for 6382.42. Dated May 1 1926. Prin. and interest payable
1927
the County Treasurer's office. Due on June 1 as follows: $382.42,
and $350. 1928 to 1936 incl.
County,
KANEVILLE SCHOOL DISTRICT (P. 0.Kaneville)Kane building
-The $35,000 4)4% coupon school
ILL.
-BOND DESCRIPTION.
(V. 122, p. 2090)
bonds awarded to H.0. Speer & Co. of Chicago, at par
Int.
are described as follows: Demon. $1,000. Dated March 1, 1926.
J. & J. Due July 1, 1927 to 1943 incl.
-BONDS REGISTERED.
KERR COUNTY (P. 0. Kerrville), Tex.
The State Comptroller of Texas registered on April 12 an issue of 3110,000
and jail bonds. Due serially.
5% court house
-The First National
-BOND SALE.
KENMORE, Erie County, N. Y.
Bank of Kenmore purchasWr an issue of 6738,090 5% street paving, sewer
and drainage bonds at 100.78. a basis of about 4.74%. Due $145,018.
1927 to 1931 incl.; and $1.000, 1932 to 1944 incl. Leglity approved by
Clay & Dillon of New York.
County,
KENSET7 INDEPENDENT SCHOOL DISTRICT Worth Directors,
-R.A.Hinman,Secretary, Board of
lowa.-BOND OFFERING.
will receive sealed bide until 3 p. M. April 26 for $36,500 school bonds.
Dated June 1, 1926.
-On April 6
KENT COUNTY (P.O. Charleston), Md.-BOND SALE.
the $17,000 5% coupon road bonds offered on that date (V. 122. P. 1816)
were awarded to the Third National Bank of Charleston for $17.255. equal
to 101.50, a basis of about 4.76%. Dated July 1 1926. Due on July 1
as follows: 32.000, 1930 to 1934 Ind., and $3,000, 1936 and $4,000 1936.
-BOND DESCRIPTION.
KING COUNTY (P. 0. Seattle), Wash.
The $57,281 434% coupon voting machine bonds purchased by the State of
Washington (V. 122, p. 1816) are described as follows: Dated March 1
1926. Denom. $500. Due serially 1928 to 1946 incl.
KINGSLEY INDEPENDENT SCHOOL DISTRICT, Plymouth
-The $12,000 refunding school bonds
-BOND SALE.
County, Iowa.
offered on April 14-V. 122, p. 1951-were awarded to Geo. M. Bechtel
a premium of $50, equal to 100.416. Date June 1
& Co. of Davenport at
1926. Due in 1932, optional in 1928.
-John C.
-BOND OFFERING.
KNOXVILLE, Knox County, Tenn.
Borden, Director of Finance, will receive sealed bids until 4 p.m. April 27
bonds. registrable as to prinfor 6250,000 434% viaduct bonds. Coupon
cipal only or as to both principal and interest. Dated Aug. 11925. Denom.
(F. & A.)
31.000. Due 310.000 Aug. 11027 to 1951 incl. Prin. and int.payable to
payable in gold in New York City. A certified check for $5,000
13.
the City Treasurer is required. Legality to be approved by Chester
Massllch, New York City.
Financial Statement.
Assessed valuation for taxation, 1925 (as reduced and$111,272,605.00
equalized by the Board of Equalization)
225,000,000.00
Estimated true value
Total bonded and other debts. Including special assessment 16,167.068.86
debt and including bonds now offered
$4,447.000.00
Water debt
546,994.49
Sinking funds except for water debt
Uncollected special assessments and special
funds applicable to a portion of above debt 854.081.55
Special assessments to be levied and made
applicable to $429,000 improvement bonds 295,315.09
Total deduction
6,143.391.13
310.023.677.73
Net debt including this issue
Population, Federal Census 1910,36.346; 1920.77,818 est. 1925.102,418.
LA JAYA SCHOOL DISTRICT NO. 5 (P. 0. Socorro), Socorro
-The $15,000 6% school bonds
County, N. Mex.-BONDS NOT SOLD.
-were not sold because the election at
offered on April 19-V. 122, p. 1662
which the bonds were voted, was declared illegal, another election for these
bonds will be held on May 3.
LAKE ARROWHEAD SCHOOL DISTRICT (P. 0. San Bernardino)
-BOND OFFERING.
-The County Clerk
Bernardino County, Calif.
% school bonds. Due
will receive sealed bids until April 26 for $4,000
serially 1927 to 1946 incl.
LAKE COUNTY SPECIAL TAX DISTRICT NO. 26 (P. 0. Tavares),
-The 330.000 6% coupon school bonds offered on
Fla.
-BOND SALE.
-were awarded to the Brown-Crummer InvestApril 5-V. 122, p. 1506
ment Co. of Wichita at 95.25. Dated Jan. 1 1926. Denom.$1.000. Due
serially. Interest payable J. & J.
-The following 534%
-BOND SALE.
LAKELAND Polk County, Fla.
bonds aggregating $586.000. offered on April 10 (V. 122. p. 2091) were
awarded to a syndicate composed of the Hanchett Bond Co. of Chicago.
Ryan, Sutherland & Co., of Toledo. and Farson, Son & Co., of New York
at 96.78, a basis of about 6.25%:
$191,000 street improvement bonds. Dated Oct. 1 1925. Due Oct. 1 as
follows: $19.000. 1926; $20.000. 1927; 319.000. 1928; 320.000,
1929 and 1930; 819.000, 1931; 320,000. 1932: 319,000. 1933, and
820.000. 1934 and 1935.
395,000 street improvement bonds. Date Jan. 1 1926. Due Jan. 1 as
follows: 239,000. 1927; 640,000. 1928: 839.000. 1929: 340.000.
1930; 839,000. 1933; $40,000, 1934; $39,000, 1935, and $40,000.
1936.
-The
-BOND SALE.
LAKE MAITLAND (P. 0. Eatonville), Fla.
15(V. 122. p. 1952)
340,0006% coupon water works bonds offered on April 95, a basis of about
were awarded to Wright, Warlow & Co. of Orlando at
6.45%. Dated Dec. 11925. Due $2,000 Dec. 1 1936 to 1955 incl.
Allen
LAKE TOWNSHIP SCHOOL DISTRICT (P. 0. Arcola), school
-On April 17 the $30,000 4%%
-BOND SALE.
County, Ind.
were awarded to J. F. Wild &
bonds offered on that date (V. 122, p. 2091)
Co. of Indianapolis at a premium of $587 50, equal to 101.95. a basis of
about 4.24%. Dated April 19 1926. Due on July 12 as follows: $1,500.
1027 to 1936. inclusive; 34,000. 1937 to 1939, inclusive, and $3,000, 1940.
APR. 24 1926.]
THE CHRONICLE
LAKE VICTOR INDEPENDENT SCHOOL DISTRICT, Burnet
County, Tex.
-BOND SALE.
-l1. 0. Burt &
of Austin, have purchased an issue of $15,000 535% school bonds. Co., Feb. 10 1926. DeDate
nom. $500. Due Feb. 1 as follows: $500 in 1928 and 1930 and $500
yearly, 1932 to 1959 incl. Prin. and int. F. & A. payable at the Hanover
National Bank, New York.City.
LAMONT CONSOLIDATED INDEPENDENT SCHOOL DISTRICT
Buchanan County, Iowa.
-BONDS OFFERED.
-D. W. Rhines, Secretary, Board of Directors, received sealed bids until 8 p.m. April 21,
for 3120,000 refunding school bonds. A certified chock for $5.000 payable
to the above named °Meal is required.
LANCASTER, Fairfield County, Ohio.
-BOND SALE NOT COMPLETED.
-The sale of the $15,000 5% water extension bonds awarded to
Seasongood & Meyer of Cincinnati (V. 122, p. 1506) was not completed.
These bonds are being reoffered on April 27 as reported in V. 122. P. 1952.
LANCASTER TOWNSHIP SCHOOL DISTRICT (P. 0. Lancaster),
Lancaster County, Pa.
-BOND OFFERING.-Bealod bids will be received until 12 m. May 17 by C. H. Obreiter. Secretary Board of Directors,
for $60,000 434% school bonds. Date April 1 1926. Due April 1 1956.
LAS CRUCES SCHOOL DISTRICT NO. 2, Dona Ana County,
-W. S. Broaddus, Secretary Board of EduN. Mex.-BOND OFFERING.
cation, will receive sealed bids until 7 p. m. May 21 for $50,000 535%
coupon school bonds. Dated June 1 1926. Denom. 51.000. Due June 1
as follows: $3.000, 1931 to 1940, inclusive, and 54,000, 1941 to 1945,
inclusive. Principal and semi-annual interest (J. & D.) payable at the
State Treasurer's office or at Kountze Bros. in New York City. A certified
check for 5% of the amount bid, payable to the County Treasurer, is required.
LAWRENCE, Essex County, Mass.
-BOND SALE.
-The First National Corp. of Boston purchased an issue of 5240.000 4% public building
bonds at 100.68. Dated April 1 1926. Due in 1927 to 1946 inclusive.
LEMITAS SCHOOL DISTRICT NO. 6 (P. 0. Socorro), Socorro
County, N. Mex.-BONDS NOT SOLD.
-The $10,000 6% school bonds
offered on April 19-V. 122, p. 1662
-were not sold, because the election
at which the bonds were voted was declared illegal. Another election wlll
be held on May 3.
LIBERTY TOWNSHIP (P. 0. Girard), Trumbull County, Ohio.BOND SALE.
-On March 29 the 3125,000 5% viaduct or bridge bonds
'offered on that date (V. 122, p. 1662) were awarded to the Herrick Co. of
Cleveland at a premium of $5,113, equal to 104.69-a basis of about 4.58%:
Due each six months as follows: $2,000 April 1 1927 to Oct. 11946.inclusive;
52.000 April 11947; 53.000 Oct. 1 1947; $2.000 April 11948: $3.000 Oct. 1
1948; $2.000 April 11949; 53.000 Oct. 11949; 52.000 April 11950; $3.000
Oct. 1 1950; $2,000 April 1 1951; 53.000 Oct. 1 1951; 32.000 April 1 1952;
33.000 Oct. 11952; 52.000 April 11953; $3,000 Oct. 1 1953: $2,000 April 1
1954; $3,000 Oct. 1 1954: $2.000 April 1 1955, and $3.000 Oct. 1 1955.
The above-named company also purchased an issue of $100,000 highway
and bridge bonds at a premium of $3,551, equal to 103.55.
LIMA TOWNSHIP SCHOOL DISTRICT NO. 3 (P. 0. Chelsea),
Wash tenaw County, Mich.
-BOND DESCRIPTION.
-The
434
coupon school bonds awarded to the Kempf Commercial Savings Bank of
Chelsea (V. 122, p.2091) at 100.58, a business of about 4.44.% are described
as follows: Denom. $1.000. Dated April 15 1926 int. A. & O. Due $2,000
yearly from April 15 1927 to 1946 incl. Date of award March 30.
LINCOLN PARK (P. 0. Dearborn R. F. D. No. 2), Wayne County,
-BOND SALE.
Mich.
-90n April 20 the $228,000 5% (special assessment)
paving bonds offered on that date (V. 122, p. 248) were awarded to Morris
Mather Co. of Chicago at a premium of $750,equal to 100.32. Dated
May
1 1926. Due serially 1927 to 1931 incl.
LINCOLN SCHOOL DISTRICT, Lancaster County, Neb.-BOND
OFFERING.
-J. G. Ludham, Secretary Board of Education, will receive
sealed bids until 8:30 a. m. M ay 18 for the following, not exceeding
5%,
coupon school bonds aggregating $1,250,000:
5500.000 school bonds.
750,000 school bonds.
Due serially in 40 years. Prin. and semi-ann. int. payable at the City
Treasurer's office. A certified check for $1,000 is required. Purchaser
to
furnish the bonds and pay all expenses of the legal proceedings connected
with sale.
Financial Statement.
Cash on hand March 31 1926
$415,123 91
Assessed valuation of taxable property 1925
96,890.749 00
Outstanding bonds March 31 1926
3,287,500 00
Population (1924)
54,934
School population (June 1925)
17,122
LINCOLN TOWNSHIP (P. 0. Somerset R. F. D. No. 2), Somerset
County, Pa.
-BOND OFFERING.
-Sealed bids will be received until
10 a. m. May 1 by Charles F. Darr, Secretary Board of
$10,000 5% road improvement bonds. Denom. $500. Supervisors, for
1924. Interest M. & N. Certified check for 5% of theDated Nov. 1
bonds bid for
required.
LLANO COUNTY LINE CONSOLIDATED SCHOOL DISTRICT
NO. 31 (P. 0. Llano), Tex.
-BONDS REGISTERED.
-The State
troller of Texas registered on April 12 an issue of $15,000 5% school Compbonds.
Due serially.
LONEROCK SCHOOL DISTRICT,Kossuth County, Iowa.
-BONDS
VOTED.
-At a recent election the voters authorized the issuance of school
bonds by a count of 92 for to 26 against.
LOUISVILLE,Jefferson County,Ky.-BOND SALE.
-The
coupon university bonds offered on April 16-V. 122, p. 31,000,000
2091-were
awarded to a syndicate composed of Bankers Trust Co.Guaranty
Company of New York, W. A. Harriman & Co., Inc., Detroit'Co.,
Inc., Kean,
Taylor & Co., Barr Bros. & Col, Inc., all of Now York and
& Co.. of Louisville at par as follows: 5705.000 as 4s and James C. Wilson
a basis of about 4.07%. Date May 1 1926. Due May 5295.000 as 4345.
1
BOND SALE.
-The above named syndicate was also 1966.
same date $2,500,000 coupon school bonds as 4345 at awarded on the
102.64, a basis of
about 4.11%. Date May 1 1926. Due May 1 1966.
Prin. and int.
M. & N. payable at the Virst National Bank, New
York City.
LYNDHURST TOWNSHIP SCHOOL DISTRICT(P.O.
Lyndhurst),
Bergen County, N. J.
-BOND OFFERING.
-Sealed bids
until 8.30 p. m. May 4 by Henry Danton, District Clerk, will be received
for the
3 issues of 4)4% coupon or registered bonds aggregating 572.000. following
$45,000 school bonds. Due $3,000 yearly from July 1 1927
20,000 school bonds. Due $1,000 yearly from July 1 1927 to 1941 incl.
7,000 school bonds. Duo $Loon yearly from July 1 1926 to 1946 incl.
to 1932 incl.
Denom. 51,000. Date July 1 1926. Prin. and
payable at the First National Bank, Lyndhurst. semi-ann. Int. (J. & J.)
No more
awarded than will produce a premium of $1.000 over each bonds to be
issues. Certified check for 2% of the amount of bonds bid of the above
for, payable
to the Board of Education, required.
LYTTON CONSOLIDATED SCHOOL DISTRICT,
Sac County,
-BOND SALE.
Iowa.
-The $150.000 4)4% school bonds offered
on
April 20-V. 122. p. 2248-were awarded to Geo.
Davenport at a premium of $2,100, equal to 101.40, a M. Bechtel & Co. of
basis of about 4.37%.
Date May 1 1926. Due May 1 as follows: $4,000, 1927 to 1931
55,000. 1932 to 1936 incl.: $6,000, 1937 to 1941 incl.; $7,000, 1942 to incl.;
1945
incl., and 547.000, 1946.
McDOWELL COUNTY (P. 0. Marion), No. Caro.
-NO BIDS RE-No bids wore received for the $270,000 not
CEIVED.
school bonds offered on April 19-V. 122, p. 2248-owing toexceeding 6%
an injunction
being filed.
MACOMB COUNTY (P. 0. Mount Clemens), Mich.
-BOND OFFERING.
-Sealed bids will be received until 1 p. m. (central standard
May 1 by the Board of County Road Commissioners for 52.562,000 time)
Road
Assessment District Nos. 84 to 107 incl. highway impt. bonds. Certified
chock for 31,000 required.
MADISON, Lake County, So. Dak.-BOND DESCRIPTION.
-The
625,000 coupon water bonds awarded on March 29 to the Minneapolis
Trust Co., Minneapolis. as 435s at 100.06-V. 122. p. 2091-a basis of
bout 4.49%, are described as follows: Dated April 1 1926. Denom.
500. Due April 1 1946. Interest payable A. & 0.
MADISON, Dane County, Wis.-BONDS OFFERED.-Bealed bids
were received until April 23. by W. R. Winckler, City Clerk,for the following 434% coupon bonds aggregating $65,000;
1
2395
535.000 Marquette school bonds. Due May 1 as follows: 52,000, 1927 to
1936 incl., and 51.500. 1937 to 1946 incl.
30,000 Monroe Street school bonds. Due $1.500 May 1 1927 to 1946 nicl.
Dated May 1 1926. Denom. $500. Int. payable semi-ann. (M. & N.)
at the City Treasurer's office. A certified chock for $5500 is required.
Purchaser to furnish the bonds and legal opinion.
Financial Statement.
Total bonded debt (incl. these issues)
34.624.968
Assessed valuation 1925
132,628,780
MADISON COUNTY (P. 0. Anderson), Ind.
-BOND SALE.
-On
April 17 the following two issues of 5% bonds aggregating $48.500 offered
on that date (V. 122, p. 2091) were awarded as follows:
To J. F. Wild & Co. of Indianapolis:
313.500 highway bonds at a premium of $486 50, equal to 103.61. Due
1 to 10 years.
To the Fletcher-American Co. of Indianapolis:
$35,000 highway bonds at a premium of $1,261, equal to 103.60. Due
1 to 10 years.
Both bonds are dated April 15 1926.
MANATEE COUNTY (P. 0. Bradenton), Fla.
-BIDS REJECTED.
All bids received for the $1,050,000 highway bonds offered on April 14V. 122, p. 2091-were rejected.
MAPLE HEIGHTS, Cuyahoga County, Ohio.
-BOND SALE.
-On
Feb. 23 the following seven issues of 535% coupon (special assessment)
bonds aggregating $42,943 20 offered on that date (V. 122. p. 645) were
awarded to Oatis & Co. of Toledo at 103.41, a basis of about 4.73%
$2.983 96 Camden Road sidewalk bonds. Denom. $300, except 1 for
$283 96. Due $300 yearly from Oct. 1 1927 to 1934 incl., and
$583 96 Oct. 11935.
2,130 96 Gardenview Drive sidewalk bonds. Denom. $225, except 1 for
$105 96. Due $225 yearly from Oct. 1 1927 to 1934 incl., and
$330 96 Oct. I 1935.
27,457 10 Grasmere Ave. paving Series No. 1 bonds. Denom. 51.000.
except 1 for $457 10. Due $3,000 yearly from Oct. 1 1927 to
1934 incl., and 33.457 10 Oct. 1 1935.
3,059 43 Homewood Ave. sidewalk Series No. 1 bonds. Denom. $300,
except 1 for $359 43, Due 3300 yearly from Oct. 1 1927 to 1933
incl., $659 43 Oct. 11934, and $300 Oct. 1 1935.
2,389 35 Milan Drive sidewalk Series No. 1 bonds. Denom. $250, except
1 for $139 35. Due $250 yearly from Oct. 1 1927 to 1934 incl.,
and 538935 Oct. 1 1935.
1,833 79 Mountville Drive sidewalk Series No. 1 bonds. Denom. $200.
except I for 3233 79. Due $200 yearly from Oct. 1 1927 to 1934
incl., and $233 79 Oct. 11935.
3.088 61 Nitra Ave. sidewalk Series No. 1 bonds. Denom. $300. except
1 for $388 61. Due on Oct. 1 as follows: $300, 1927 to 1932
incl.; 3688 61, 1933, and $300. 1934 and 1935.
Dated Feb. 15 1926.
MAPLEWOOD SCHOOL DISTRICT, St. Louis County, Mo.PURCHASER.
-The purchaser of the 595.000 434% school bonds reported
sold in V. 122, p. 2248
-was the Mississippi Valley Trust Co. of St. Louis
at 100.97, a basis of about 4.39% and not Smith, Moore & Co. of St. Louis
as previously reported. Date April 11926. Due $5,000. 1928 to 1946 incl.
MARIANNA, Jackson County, Fla.
-BOND OFFERING.-Claude
Davis, City Clerk, will receive sealed bids until (to-day) April 24 for 6100.000 improvement bonds.
MARICOPA COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Phoenix),
Ariz.
-BOND ELECTION.
-On May 1 an election will be held for the
purpose of voting on the question of issuing $2,500 6% school bonds.
Due in 20 years. C. 0. Lawson, Chairman Board of ?Education.
MARION COUNTY (P.O. Ocala), Fla.
-BOND SALE.
-The $1,550.000 coupon highway bonds offered on April 20-V. 122, p. 1663
-were
awarded to a syndicate headed by the Provident Savings Bank & Trust
Co. of Cincinnati at 96.07. Dated Feb. 1 1926. Due Feb. I as follows:
5100.000, 1936 to 1950 incl., and 350.000. 1951. Rate of interest not given.
MARSHALL, Calhoun County, Mich.
-BOND DESCRIPTION.
The 330,000 435% coupon paving bonds awarded to the Detroit Trust Co.
of Detroit at 101.85, a basis of about 4.33% (V. 122, p. 1952) are described
as follows: Denom.31,000. Dated May 1 1925. Interest M.& N. Due
$3,000 yearly from Nov. 1 1936 to 1945. inclusive.
MEDINA COUNTY COMMON SCHOOL DISTRICT NO. 12 (P. 0.
Hondo), Tex.
-BONDS REGISTERED.
-The State Comptroller of Texas
registered on April 14 an issue of $1,500 5% school bonds. Due serially.
MEMPHIS, Hall County, Tex.
-BONDS REGISTERED.
-The State
Comptroller of Texas registered on April 13 an issue of 550.000 5% street
improvement bonds. Due serially.
MIDDLETOWN, Middlesex County, Conn.
-BOND OFFERING.
Sealed bids will be received until 3 p. m. April 28 by James P. Stow. City
Treasurer, for $186,000 4% coupon (with privilege of registration) funding
second series bonds. Denom. $1,000. Dated April 1 1926. Prin. and
semi-ann. int. (A. & 0.), payable in gold coin of the United States of
America of the present standard of weight and fineness at the office of the
Old Colony Trust Company, Boston. Due on April 1 as follows: 520,000
1927 to 1935 incl. and 36.000, 1936. Bonds will be engraved under the
supervision of and certified as to their genuineness by the Old Colony
Trust Company, Boston. The Old Colony Trust Company will further
certify that the legality of this issue has been approved by Ropes, Gray,
Boyden & Perkins of Boston. All legal papers incident to this issue, together with an affidavit certifying to the proper execution of the bonds,
which will be filed with the Old Colony Trust Company, where they may be
inspected. No bid for less than par will be considered.
MIDLAND SCHOOL DISTRICT (P. 0. Midland) Midland County,
Mich.
-BOND OFFERING.
-Sealed bids will be received until April 23
by the Secretary Board of Education, for 3136,000 434% school bonds.
Dated May 15 1926. Due in 20 years.
MIDLAND AND SAGINAW COUNTIES, Mich.
-BOND OFFERING.
-Sealed bids will be received until 12.30 p. m. April 29 by Frank F. Rogers,
State Highway Commissioner, for $16,000 not exceeding 6% road assessment district No. 1083 bonds. Due on May 1 as follows: $5,000 1927
and 1928, and $6,000 1929. Certified check for 2%, payable to the State
Highway Commissioner required.
MIFFLIN TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. Columbus), Franklin County, Ohio.
-NOTE OFFERING.
-Sealed bids will
be received until 12 m. May 8 by H. C. Fickel, Clerk Board of Education,
for $10,279.23 6% net deficiency notes. Dated May 10 1926. Due
31.279.33 June 30 and $1,000 Dec. 31 1927 and 31.000 June 30 and Dec. 31
1928 to 1931 incl. A certified check for 2% payable to the Treasurer
Board of Education, required.
MILLER COUNTY LEVEE DISTRICT NO. 2 (P. 0. Texarkana),
Ark.-BOND SALE.-Geo. H. Burr & Co. of St. Louis recently purchased
an issue of $260.000 5% levee bonds at 96.78. Dated June 1 1926. Due
serially June 1 1927 to 1946 incl. Legality approved by Rose, Hemingway.
Cantrell & Loughborough of Little Rock.
MILTON, Norfolk County, Mass.
-On April 22 the
-BOND SALE.
following two issues of 4% coupon bonds, aggregating 583,000. offered on
that date (V. 122, p. 2248). were awarded to the Shawmut Corporation
of Boston at 101.047-a basis of about 3.86%:
$48,000 water loan bonds. Dated May 11925. Due $2,000 yearly from
May 1 1927 to 1950, inclusive.
35.000 school loan of 1926 bonds. Dated May 1 1926. Due $7,000
yearly from May 1 1927 to 1931, inclusive.
MILWAUKEE COUNTY (P. 0. Milwaukee), Wis.-BOND OFFERING.
-Patrick McManus, CountT
iTreasurer, will receive sealed bids until
11 a. m. May 13 for 31.100.000 4 % metro, litan sewerage bonds. Date
May 15 1926. Denom. $1,000. )ue $110.114 May 15 1937 to 1946. lid.
Prin. and semi-ann. int.(M.& N. 15) payable at the above named official's
office.
Financial Statement.
The assessed valuation of real estate andrpersonal property in the Metropolitan Drainage Area as returned by
assessors for the year 1925 was
The valuation of all real estate and personal property in $981,958.024 00
the Metropolitan Drainage Area for 1925
The assessed valuation of real estate and personal prop- 1,192,539.284 00
erty in the entire County of Milwaukee as returned by
assessors for the year 1925 was
1.001,050.754 00
2396
THE CHRONICLE
The valuation of all real estate and personal property in
the entire County of Milwaukee as determined by the
last assessment for State and county taxes prior to the
1,225.966,012 00
issuance of these bonds for the year 1925 was
Total value of real estate and personal property in the
entire County of Milwaukee as fixed by the Wisconsin
1,
Tax Commission for 1925
'
The bonded debt limit to be computed on the value of all 338 095.913 00
and personal property in the entire County
real estate
of Milwaukee as last fixed by the Wisconsin Tax Com1,338,095.913 00
mission for the year 1925
Percentage of bonded debt limit
566,904.79551s
Debt limit
$15,976,400 00
Bonded debt March 1 1926
184,607 82
Less sinking funds
15,791,792 18
Net debt on March 1 1926
51,113,003 47
Margin for issues in 1926
Present bonds authorized to be issued by the County
1.100,000 00
Board of Supervisors
direct013.0O3 47
.
50
Net margin for further issues
annual
Provision has been made for the levy and collection of a shall become
tax sufficient to pay the interest on this series of bonds as it payment of
including the first
due and the principal thereof at maturity.
interest when it falls due on Nov. 15 1926.
the
The population of the Metropolitan Drainage Area according to of
Census of 1920Is 527.287 and the population of the entire County
Milwauke eaccording to the same census is 539.469.
Neb.MINATARE SCHOOL DISTRICT, Scotts Bluff County,
-At a recent election the voters authorized the issuance of
BONDS VOTED.
$90,000 school bonds by a count of 130 for to 57 against.
-BOND OFFERING.
MINNEAPOLIS, Hennepin County, Minn.
May
Edgar L. Noyes, City Clerk will receive sealed bids until 1:30 p. m.1926.
1
14 for $50.000. not exceeding 5% bridge bonds. Dated MayPrincipal
Denoms. $50, $100. $500 or 21.000 as desired by the purchaser. in New
and semi-ann. int. payable at the fiscal agency of Minneapolis
York, or at the City Treasurer's office. A certified check for 2% of the
amount bid, payable to City Treasurer, is required.
-Following is a list of other bidders
-BIDS.
MISSOURI, (State of).
syndicate
for the $7.500.000 44% road series H bonds awarded to a Son, Geo.
of Eldredge & Co., Kean. Taylor & Co.. Roosevelt &
composed
Commerce Trust
B. Gibbons Sz Co., Inc. all of New York and the Federal
Co. of St. Louis at 101.0899, a basis of about 4.15%•
BidderEstabrook & Co., N. Y.; Curtis, Sanger & Co.. N. Y.; First Nat'l Bale.
Bank, N. Y.; Blodgett & Co.. N. Y.; Hannahs, Bailin, Lee,
N. Y.: Remick, Hodges & Co., N. Y.; R. L. Day & Co.. Boston;
Kuntze Bros., N. Y.: Redmond & Co., N. Y.; First Trust &
Says. Bank, Chicago: Prescott. Wright. Snider Co., K. C.; and
Kauffman. Smith & Co., St. Louis
Bankers Trust Co.. N. Y.: National City Co.. N. Y Guardian1W.8391
Detroit Co., Detroit; Commerce Trust Co., Kansas City; Smith,
Moore & Co., St. Louis and First National Co., St. Louis
100.8193
Guaranty Co.. N.Y.; Marshall, Field. Giore. Ward & Co., Chicago:
W. A. Harriman & Co. N. Y.; Detroit Co.. Detroit; Howe,
rrazier Jelke & Co.. N. Y.; Equitable
Snow & Bertles, N. Y.; I
Trust Co., N. Y.: Ames, Emeric.h & Co., Chicago; First Nat'l
Co.. Detroit; Barr Bros., N. Y.; Stern Bros. & Co., K. C.;
Fidelity National Bank & Tr. Co., K. C.:and Mississippi Valley
Trust Co., St. Louis
Wm. R. Compton Co., St. Louis; Harris Trust & Says. Bank 100.6469
Chicago; Northern Trust Co., Chicago; Illinois Merchants Tr
Co.. Chicago; Continental & Commercial Tr. & Says. Bank
Old Colony Corp. Boston; Merrill, Oldham & Co., Boston
Co., N. Y.: Graham, Parsons & Co., N. Y
Eastman, Dillon
Stix & Co., St. Louis and Stranahan, Harris & Ostia, Inc., N. Y 100.6169
MITCHELL SCHOOL DISTRICT, Scotts Bluff County, Nab.
-The $150.000 coupon school bonds offered on April 15BOND SALE.
-were awarded to Benwell & Co. and Geo. W. Vallery &
V. 122, p. 1507
Co., both of Denver. jointly, as 4%s at 100.336. a basis of about 4.48%•
Dated July 11926. Denom. $500 and $1,000. Due $7,500. 1937 to 1956
Incl. Interest payable semi-annually J. & J.
-On April 20 the
-BOND SALE.
MONTCLAIR, Essex County, N. J.
principal only,
issue of 4%% coupon (with privilege of registration as to bonds, series of
serial water
or as to both principal and interest) Montclair
Montclair
1926 offered on that date (V. 122. p. 2092) were awarded to the $760.406
National Bank and Barr Bros. & Co. of New York. jointly, paying 4.32%.
about
for $742.000 (5760,000 offered) equal to 102.48, a basis of
incl.;
Dated April 1 1926. Due on April 1 as follows: 816.000. 1928 to 1937 and
1958
$19.000. 1938 to 1947 incl.; 520.000, 1948 to 1957 incl.; $21,000.
1959; 524.000, 1960 to 1965 incl. and 516,000, 1966.
-The $14.000
-BOND SALE.
MOUNT ANGEL, Marion County, Ore.
to
water-works bonds offered on April 5 (V. 122, p. 1663) were awarded
Hugh B. McGuire. of Portland. as 5s at 100.09.
TroutMULTNOMAH COUNTY SCHOOL DISTRICT NO. 20(P.O.
-BOND OFFERING.-Nancy P. Thomas. District Clerk, will
dale), Ore.
receive sealed bids until April 28 for 820.000 5% school bonds. Dated
May 1 1926. Due serially 1928 to 1940 incl.
MUSCATINE, Muscatine County Iowa.-BOND DESCRIPTION.by the
The 8100.00044% coupon municipal lighting plant bonds purchased
described as
White-Phillips Co. of Davenport (V. 122. p. 780) at par are
Jan. 21926. Denom. $1.000. Due serially Nov. 1 1927 to
follows: Dated
1942 incl. Interest payable M. & N. Date of award Jan. 21.
-BOND OFFERMUSKINGUM COUNTY (P. 0. Jonesville), Ohio. John P.Baker,
-Sealed bids will be received until 4 p. m.April 26 by I. C. H. No.
ING.
for $49,202.46 54%
Clerk Board of County Commissioners
348 bonds.
Neb.
NANCE COUNTY SCHOOL DISTRICT NO.3(P. 0. Geneva),
-The proposition of issuing 265,000 school bonds,
-BONDS DEFEATED.
April 5-V. 122,
submitted to the vote of the people at the election held on
-failed to carry.
D. 1953
-On April
-BOND SALE.
NASSAU COUNTY (P. 0. Mineola), N. Y.
21 the following two issues of 44% coupon (with privilege of conversion
offered on that date
into fully registered bonds) aggregating 51,656.000,
Na(V. 122. p. 1953). were awarded to a syndicate composed of the FirstNew
tional Bank, Salomon Bros. & Hutzler and Barr Bros. & Co.. all of
4.07%:
York. at a premium of 522.670 64. equal to 101.36. a basis of aboutfollows:
51.600,000 road improvement Series T bonds. Due on April 1 as
842.000. 1928; 539.000. 1929: 843.000. 1930 and 1931; 548,000,
1932; $43,000. 1933: 5267,000. 1934: 8358,000, 1935; 8353,000,
1936. and 2346.000. 1937.
56.000 county building site bonds. Due April 1 1937.
Dated April 1 1926.
-On
-TEMPORARY LOAN.
NEWPORT, Newport County, R. I.
April 15 the Acquidneck National Exchange Bank of Newport purchased
basis. Denom. 510,000.
a $150,000 temporary loan on a 3.614% discount
as
Dated April 19 1926. Due Sept. 15 1926. The notes will be certifiedthe
at
to the genuineness by the First National Bank, Boston. Payable
First National Bank. Boston. Legality approved by Ropes, Gray, Boyden
& Perkins of Boston.
-BOND
NEWTON (P. 0. West Newton) Middlesex County, Mass.
-On April 16 the following two issues of 4% bonds, aggregating
SALE.
of Boston
5200.000 offered on that date were awarded to R. L. Day & Co.
at 101.22.a basis ofabout 3.83%•
$100,000 sewer bonds. Due on April 1 as follows: 54,000. 1927 to 1936
incl. and 53,000. 1937 to 1956 incl.
100.000 school bonds. Due 510,000 April 1 1927 to 1936 incl. National
Denom. $1.000. Dated April 1 1926. Payable at the First
Bank, Boston. Legality approved by Ropes, Gray, Boyden & Perkins of
Boston.
NEWTON FALLS COMMON SCHOOL DISTRICT (P. 0. Newton
-The $250.-BOND DESCRIPTION.
Falls), Trumbull County., Ohio.
000 5 7 coupon school bonds awarded to Ryan, Sutherland & Co.. of
are described as follows: Denom. $1,000
Toledo, at 103.18 (V. 122. jp. 2092)
and $500. Interest A. & O. Dated Jan. 1 1926. Due April and Oct. 1
1927 to 1949. inclusive. Date of award March 5.
-R. J.
-BOND SALE.
NOBLE COUNTY (P. 0. Perry), Okla.
Edwards, Inc., and the First National Bank, both of Oklahoma City,
jointly, purchased an issue of$900,000 road bonds at a premium of 213,500.
equal to 101.50.
[vol.. 122.
pi,NORTH
-On
-BOND SALE.
BALTIMORE, Wood County, Ohio.
April 12 the $7.300 5% coupon (special assessment) railroad street impt.
bonds offered on that date (V. 122 p. 1817) were awarded to the Hardy
Banking Co. of North Baltimore at par. Dated April 1 1926. Due each
.
6 months as follows: 5550, March 1, and $750 Sept. 1, 1927 to 1931 incl.
1.
NORTH FRANKLIN TOWNSHIP SCHOOL DISTRICT (P.1 0..
-Sealed
-BOND OFFERING.
Washington), Washington County, Pa.
bids will 130 received until 2 p. m. May 6 by the Secretary Board of Direc
torsfor$30,000434% school'bonds. Denom.$1.000. Dated June 1 1926.
Prin. and semi-ann. int. (J. & J.) payable in Washington. Due $2,000
yearly from Dec. 1 1928 to 1942 incl. Certified check for $1.000 required.
-The $20,000
NORTON, Wise County, Va.-BOND DESCRIPTION.
coupon school refunding bonds purchased by Caldwell & Co. of Nashville
at par (V. 122, p. 2092) bear interest at the rate of 5% and are described as
follows: Dated July 1 1926. Denom. 51.000. Due 21.000 July 1 1937 to
1956 incl. Interest payable J. & J. Date of award March 20.
-On
-BOND SALE.
OAKLAND COUNTY (P. 0. Pontiac), Mich.
April 20 the $1,180.000 assessment district bonds offered on that date
(V. 122, p. 2093) were awarded to Lewis & Co. and Joel, Stockard & Co.,'
both of Detroit, as 4%5, at 100.11.
-BOND OFFEROKEECHOBEE COUNTY (P.O. Okeechobee), Fla.
ING.
-0. E. Simmons, Clerk Circuit Court, will receive sealed bids until
11 a. m. May 25 for 5160,0006% road bonds. Date Dec. 1 1925. Denom.
$1,000. Due Dec. 1 as follows: $30.000. 1946 to 1949 incl. and $40,000.
1950. Prin. and semi-annual int. payable at the American Exchange
Pacific National Bank, New York City. Legality approved by Caldwell &
Raymond, New York City. A certified check for 2% of the bonds bid for
is required.
These are the bonds mentioned in V. 122, p. 2093.
OMAHA SCHOOL DISTRICT, Douglas County, Neb.-BOND
SALE.
-The $1.000.000 44% school bonds offered on April 19(V. 122,
2093) were awarded to Eldredge & Co.. of New York,and James T.Wachob
& Co., of Omaha. jointly, at 100.619-a basis of about 4.21%. Data
May 1 1926. Due May 1 1956. Other bidders were:
Rate Bid.
BidderIllinois Merchants Trust, Chicago; First Trust & Savings Bank,
99.89
S. Trust Co
Chicago; W. R. Compton & Co.. Chicago; U.
Northern Trust Co.. Chicago; Continental & Commercial Trust &
Leach & Co.,Chicago; Biodget & Co
Savings Bank,Chicago; A.B.
99.671 '
Co., Chicago; First Trust Co.. Omaha
99.469
Omaha National Bank
98.8199
Omaha Trust Co
Faulk County, So.
ONAKA INDEPENDENT SCHOOL DISTRICT,
-E. N. Ramussen, Clerk, Board of Education.
Dak.-BOND OFFERING.
will receive sealed bids until 8 p. m. April 26, for 520.000, not exceeding
54% school bonds. Dated April 1 1926. Denom. 51.000. Int. payable
cersemi-annually (A. & 0.) at the First National Bank, Minneapolis. A
tified check for $2,000 is required.
BradenONECA SPECIAL TAX SCHOOL DISTRICT NO. 21(P.O. school
-The $20,000 coupon
ton), Manatee County, Fla.
-BOND SALE.
-sere awarded to Prudden
bonds offered on April 15-V. 122. p. 1817
8z Co. of Toledo as 65 at 96.40, a basis of about 6.43%. Dated April 15
1926. Denom. $500. Due 51.000 1929 to 1948, incl. Interest payable
A. & 0.
-BOND SALE.-Pulleyn & Co. of
ONEIDA, Madison County, N. Y.
New York has purchased an issue of $59,000 4.4% deficiency bonds at
100.82. a basis of about 4.33%. Due on May 1 as follows: $5.000 1927
and 56,000 1928 to 1936. inclusive.
-The Childs Bank
ONTARIO, Malheur County, Ore.-130ND SALE.
& Mortgage Co. of Boise recently purchased-on issue of $26,000 5.4%
bonds.
ONTARIO UNION FREE SCHOOL DISTRICT NO.6(P.O.Ontario)
-Sage, Wolcott & Steele of
-BOND SALE.
Wayne County, N. Y.
Rochester purchased on April 19 an issue of $200.000 44% school bonds
at 100.97.
ORANGE COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 4
-BOND OFFERING -James A. Knox, Chair(P. 0. Winter Park), Fla.
man, Board of Public Instruction, will receive sealed bids until 10 a. m.
4 for $200,000 5)4% school bonds. Dated April 1 1926. Denom.
May
Prin.
51.000. Due 56,000 April 1 1929 to 1955 incl. and $38,000, 1956. Bank.
and semi-ann. int. (A. & 0.) payable at the Hanover National
check for 1% of the amount bid is required.
New York City. A certified
Legality approved by John C. Thomson, New York City.
Financial Statement.
Assessed valuation of the real and personal property of Special
Tax School District No.4 (Winter Park), according to the
assessment roll of 1925, it being the last completed assess$1.457,129.00
ment roll of the County of Orange, Florida
Actual true value of all real and personal property in said15,000,000.00
date (estimated)
District this
11,167.85
Cash on hand in sinking fund. April 1 1926
Estimated population of district. 10.000.
-F. F.
-BOND OFFERING.
OROFINO, Clearwater County, Idaho.
Kimble, Village Clerk, will receive sealed bids until May 25 for $18,000
sewer bonds.
-H. 0.
ORTLEY, Roberts County, So. Dak.-BOND OFFERING.
Utne, Town Clerk, will receive sealed bids until 8 D. m. April 26 for $6,500
electric system bonds. Denom. 5500.
-At the election held on
-BOND VOTED.
OSYKA,Pike County, Miss.
-the voters authorized the issuance of $10,000
April 6-V. 122. p. 1508
school bonds by a count of 85 for to 31 against.
-The United States
-BOND SALE.
OVID, Sad wick County, Colo.
Bond Co. of Denver recently purchased an issue of 225,000 534% water
bonds. Due in 15 years, optional in 10.
OYSTER BAY UNION FREE SCHOOL DISTRICT NO. 4 (P. 0.
-Sealed
-BOND OFFERING.
Locust Valley), Nassau County, N. Y.
bids will be received until 7.30 p. m. April 30 by Geo. A. Davis, District
coupon or registered school building bonds.
Clerk, for 5375.000 44%
Denom. $1,000. Dated May 1 1926. Principal and semi-annual interest
(M. & N.) payable in gold at the Matine Cock Bank, Locust Valley.
Due 525.000 May 1 1927 to 1941, incl. Certified check for 2% of the
amount of bonds bid for, payable to the Board of Education required.
Legality approved by Reed, Dougherty & Hoyt of New York.
-E. H.
-BOND OFFERING.
PALMETTO, Manatee County, Fla.
Mason, City Clerk, will receive sealed bids until 3 p. m. May 11 for the
following 6% bonds aggregating 528.000:
$7,000 street improvement bonds. Due June 1 1927 to 1933, inclusive.
21,000 street improvement bonds. Due June 1 as follows: $2,000 1927
to 1935, incl., and 53.000 1936.
Dated June 11926. Denom. 51.000. Principal and ,interest (J. & D.),
payable at the National Park Bank, New York City. A certified check
for 2% of the amount bid is required. Legality approved by Caldwell &
Raymond. New York City.
.-BOND OFFERING,
PASADENA, Los Angeles County, Calif
Bessie Chamberlain, City Clerk, will receive sealed bids until 10:30 a. m.
April 27 for the following bonds, aggregating 5611,000:
$360,000 44% civic center bonds. Dated Aug. 1 1923. Due $36,000
Aug. 1 1926 to 1935 incl.
15 as
35,000 44% relief work bonds. Dated Feb. 15 1926. Due Feb.
follows: 525,000. 1928 and $10.000, 1929.
Dated Oct.
216,000 5.4% Municipal Improvement District No.4 bonds.
11925. Due 524,000 Oct. 1 1943 to 1951 incl.
office or
Denom. $1,000. Prin. and int. payable at the City Treasurer's
at the National City Bank, New York City. A certified check for 1% of
the amount bid, payable to the above named official is required. Legality
approved by Goodfellow, Eels, Moore & Orrick. San Francisco.
County
PASADENA CITY HIGH SCHOOL DISTRICT,Los Angeles
-The $400.000 45i% school bonus offered on
Calif.
-BOND SALE.
Savings
April 12 (V. 122. p. 2093) were awarded to the Harris Trust & basis of
Bank of Chicago at a premium of $10.600, equal to 102.65-a July 1
56,000,
about 4.48%. Date July 11924. Due July 1 as follows: $14,000, 1951
1926: 512.000. 1927 to 1949. inclusive; 513,000, 1950, and
to 1954,inclusive.
p.
APR. 24 1926.]
UTE C1TRONICLE
PAULDING COUNTY (P. O. Paulding), Ohio.
-BOND SALE.On April 16 the $45,000 5% I. C. H. No. 341 bonds offered on that date
(V. 122, p. 1953) were awarded to W. A. Harriman & Co. of Chicago at a
Premium of $963, equal to 102.14, a basis of about 4.47%. Dated April 15
1926. Due on Oct. 16 as follows: $6,000, 1927 to 1930 incl., and $7,000,
1931 to 1933 Incl.
PEABODY, Essex County, Mass.
-TEMPORARY LOAN.
-F. S.
Mosely & Co. of Boston purchased discount basis plus a premium of $6.25.
Due Nov. 15 1926.
PERKINS COUNTY (P. 0. Grant), Neb.-BOND SALE.
-J. T.
Wachob & Co. of Omaha recently purchased an issue of $60,000 434%
court house bonds at 100.25.
PERTH AMBOY, Middlesex County, N. J.
-BONDS OFFERED.Sealed bids were received until 2 p. m. April 23 by Richard .5. Galvin,
City Treasurer,for $1,200,000 5% temporary water bonds. Denom.8°,000
Date April 26 1926. Certified check for 2% required. Bonds will be
prepared under the supervision of the United States Mortgage & Trust Co.,
New York, which will certify as to the genuineness of the signatures of the
city officials and the seal impressed thereon. Legality approved by Caldwell & Raymond of New York.
PETERBOROUGH SCHOOL DISTRICT (P. 0. Peterborough),
Hillsborough County, N. H.
-BOND OFFERING.
-Sealed bids will be
received until 2 p. m..April 28 by Annie V. Bryant, School Treasurer, for
1100,000 4% coupon school bonds. Denom. $1.000. Date May 11926.
Prin, and semi-ann. Int. (M. & N.) payable at the First National Bank,
Peterborough. Due $5.000 yearly from May 1 1927 to 1946. Incl. Bonds
are engraved under the supervision of and certified as to genuineness by
the First National Bank of Boston; their legality will be approved by
Ropes, Gray. Boyden & Perkins, whose opinion will be furnished the
purchaser. All legal papers incident to this issue will be filed with the
above bank, where they may be inspected at any time. Bonds will be
delivered to the purchaser on or about May 3 1926 at the First National
Bank, Boston.
Financial Statement, April 15 1926.
Valuation of Town of Peterborough, April 1 1925
13,107,355 00
Total bonded debt of the Town of Peterborough:
Town house bonds
$33.000
Water bonds
32.000
65.000 00
The School District of Peterborough has no debt of any description.
The Town of Peterborough has no precincts.
PLATTE COUNTY SCHOOL DISTRICT NO. 14 (P. 0. Sunrise),
Vv
Wyo.-BOND SALE.
-The $45,000 5% school bonds offered on April 1
we
. 122. p 1664) were awarded to the State of Wyoming at par. Date
April 1 1926. Due $5,000. 1928 to 1936. Inclusive.
.
PLEASANT RIDGE (P. O. Detroit), Wayne County, Mich.
-BOND
-On April 19 the $20,833 30 coupon (special assessment) District
SALE.
No. 34 paving 'bonds offered on that date (V. 122, p. 1954) were awarded
to the Royal Oak Savings Bank of Royal Oak as 434s. at a premium of $176
equal to 100.84. a basis of about 4.52%. Date May 1 1926. Due on
May 1, as follows: $4,000. 1928 to 1931 incl. and $4,833 30, 1932.
POCATELLO, Bannock County, Idaho.
-BONDS DEFEATED.
At the election held on April 8-V. 122, p. 2093
-the propositionofissuing
the following bonds aggregating 1522,509 failed to carry;
$37,500 local improvement District No. 39 bonds.
470,000 water-works plant bonds.
7,700 storm sewer bonds.
2,800 storm sewer bonds.
4.500 curb and gutter bonds.
These are the bonds offered on April 23,subject to the result of this election. See above reference.
PORT OF PORTLAND (P. 0. Portland), Multnomah County,
Ore.
-BOND OFFERING.
-J.P. Doyle. Assistant Secretary Board
434% coupon series H port improvement bonds. Dated Jan. of Corn
1
Denom. $1.000. Due July 1 as follows: $48,000. 1927, and $58.000.1926.
1928
to 1941, inclusive. Principal and semi-annual interest (J. & J.) payable
In gold in Portland or New York, at option of purchaser. A certified check
for 5% of the amount bid, payable to the above named official, is required
Legality to be approved by Storey, Thorndike,Palmer & Dodge. of Boston.
Financial Statement.
Total bonds outstanding
13.869.000 00
Total sinking funds
406.691 17
Net funded debt
13.462.308 83
PORTER, W tgoner County, Okla.
-BOND
-Jesse
Wilson, City Clerk, will receive sealed bids until 6 p. m.OFFERING.
April 26 for 135.000
6% city bonds.
1
PRESCOTT CONSOLIDATED SCHOOL DISTRICT, Adams
County, Iowa.
-BOND ELECTION.
-On May 10 an election will
for the purpose of voting on the question of issuing $12,000 school be held
bonds.
E. E. Green. Secretary of Board of Education.
RALEIGH TOWNSHIP(P.O. Raleigh), No. Caro.
-BONDS VOTED.
-At the election held on April 20-V. 122, p. 1207
-the voters
the issuance of $1,300,000 school bonds by a majority of 2,706. authorized
RAVENNA, Portage County, Ohio.
-BOND SALE.
-On
the $5.613 68 5% coupon street impt. bonds offered on that date April 17
(V. 122.
p. 1954) were awarded to A. E. Aub & Co. of Cincinnati at a premium of
146, equal to 100.81, a basis of about 4.75%. Date March 15 1926. Due
on Sept. 15 as follows: 1613 68, 1927 and $1,000. 1928 to
1932 incl.
REINBECK INDEPENDENT CONSOLIDATED SCHOOL DISTRICT, Grundy County, Iowa.
-BONDS OFFERED.
-Sealed bids
were received until 1:30 pl. m. April 23
of Directors, for $225.000 school bonds. by G. R. Koht, Secretary Board
Date June 1 1926.
RICHLAND PARISH SCHOOL DISTRICT NO. 17 (P.
0. Rayville),
La.
-730N1) SALE.
-The $150.000 school bonds offered
122, p. 918) were awarded to the Canal Bank & Trust Co.on March 2 (V.
of New Orleans,
as 5s. Dated April 1 1926. Denom. $1,000. Due
April 1 as follows:
$2,000, 1927; $3,000, 1928 to 1932, inclusive: $4,000. 1933
to 1936. Inclusive; $5,000 1937 to 1940. Inclusive;$6.000, 1941 and
1942:17.000, 1943 and
1944: $8.000. 1945: $9,000. 1946; $10.000.
and 1950, and 112.000 in 1951. Principal and1947 and 1948: $11.000, 1949
semi-annual interest(A.&0 ).
payable at the National Park Bank, New York City.
Legality approved
by Wood & Oakley, of Chicago.
Financial Statement.
Assessed valuation, 1925
$2,142.560
Total bonded indebtedness (this issue only)
150.000
Population, 5,000.
RICHMOND SCHOOL DISTRICT (P. O. Richmond),
Wayne
County, Ind.
-BOND SALE.
-The Second National Bank
purchased an issue of $130,000 44% grade and junior high of Richmond
school erection
bonds at a premium of 12,600, equal to 102.
RIVERBANK SCHOOL DISTRICT(P. O. Woodland),Yolo County,
-BOND OFFERING.
Calif.
-The County Clerk will receive sealed bids
until May 3 for $8,000 5% school bon. •Due serially, 1928 to 1935 incl.
ds
ROCKPORT, Essex County, Mass.
-BOND SALE.
-On April 15 the
112,000 4% Headlands Park bonds offered on that date were awarded to
L. Day & Co. of Boston at 100.03. Date April 1 1926. Due in 1929
to 1932 incl.
ST.JOHN LEVEE AND DRAINAGE DISTRICT(P.O. New
Mississippi and New Madrid Counties, Mo.-FINANCIAL Madrid).
STATE-We are now in receipt of the following financial statement of
MENT.
this city:
Financial Statement.
Total benefits original assessment
11,217.000 00
Bonds issued and sold against original assessment
1,096.000 00
Bonds now outstanding against original assessment
866,500 00
Total benefits, second assessment
446,900 00
Total bonds issued against second assessment, Incl. this issue- 370,000 00
Present bonded debt, including this issue
1.236.500 00
Less balance In sinking fund
147.275 46
Total present net debt
1.089.224 54
SAGINAW COUNTY (P. 0. Saginaw West Side), Mich.
-BOND
OFFERING.
-Sealed bids will be received until 12 30 p. m. April 29 by
Frank F. Rogers, State Highway Commissioners Frank F. Rogers. State
2397
Highway Commissioner, for $56,500 not exceeding 64 road assessment
7,,
district No. 1094 bond. Due on May 1, as follows: $18.000. 1927: $19,000.
1928 and 119,500. 1929. Certified check for 2% payable to the State
Highway Commissioner, required.
SALAMANCA, CATTARAUGUS County, N.Y.
-BOND OFFERING.
Sealed bids will be received until 8 p. m. May 3 by Geo. W. Elliott. City
Clerk, for the following two issues of not exceeding 5% registered paving
bonds aggregating 115,305 16.
$8,728 69 (special assessment) Merden Street impt. bonds.
6,576 47 (city's share) Merden Street impt. bonds.
Date May 1 1926. Due 11,305 16 May 1 1927 and $1,000 May 1 1928
to 1941 incl. Payable at the Salamanca Trust Co., Salamanca. Certified
check for $500 payable to Fred W. Gardner, City Comptroller, required.
SALLISAW, Sequoyah County, Okla.
-BOND DESCRIPTION.
The 115,000 4% coupon park bonds purchased by the Sinking Fund at
par
-V.122,p.2094
-are described asfollows: Date Jan.11926. Denom.
$1,000. Due Jan.1 1936. Interest payable (J. &J.) Date of award Jan.4.
SAN DIEGO, San Diego County, Calif.
-BOND OFFERING.
-Allen
H. Wright, City Clerk, will receive sealed bids until 11 a. m. May 3 for
1700.000 5% coupon El Capitan Dam and reservoir bonds. Date Jan. 1
1925. Denoms. $1,000 and $500. Due Jan. 1 as follows: $19,000, 1930
to 1965 incl. and $500. 1930 to 1961 incl. Prin. and semi-ann. int. (J. & J.)
payable at East River National Bank, New York City, or any branch of
the Bank of Italy, Callf. or at the city treasurer's office. A certified check
for 1% of the amount bid, payable to the City Clerk Is required. Legality
to be approved by John C. Thomson, New York City.
Financial Statement.
Assessed valuation, real and personal property 1925
$121,000.000 00
Actual estimated valuation of property
185.000.000 00
Total bonded debt including this issue)
13,084,299 83
Water debt included in above)
8,878,808 71
Rate of taxation per 11,000 (1925). $21.00. Population (estimated).
145.000.
SAN JOSE SCHOOL DISTRICT, San Miguel County, N. Mex.-At the election held on April 12-V. 122, p. 1665
BONDS VOTED.
-the
voters authorized the issuance of $34,000 school bonds by a count of 302
for to 1 against. A. Montoga, County Superintendent of Schools.
SANTA FE SCHOOL DISTRICT, Santa Fe County, N. Mex.-Guy P. Harrington. Secretary Board of Education
BOND OFFERING.
will receive sealed bids until 7.30 p. m. May 19 for $55.000 not exceeding
6% school bonds. Date May 1 1926. Denom. 11.000. Due serially
May 1 1931 to 1946 incl. Prin. and semi-ann. int. payable at the State
Treasurer's office or at Kountze Bros., New York City. A certified check
for 12,750 is required.
SANTA MONICA, Los Angeles County, Calif.
-BONDS VOTED.
At an election held on April 14 the voters authorized the issuance of $860,000
Clover Field airport bonds by a count of 5.427 for, to 2,015 against.
SARASOTA HEIGHTS (P. 0. Sarasota), Sarasota County, Fla.-The $33,000 6% bridge and approach bonds offered on
BOND SALE.
April 16-V. 122. p. 2250
-were awarded to A. K. Tenckel of Canton, N.J.
SCOTTS BLUFF COUNTY SCHOOL DISTRICT No. 2 (P. 0.
Minitare), Neb.-BOND SALE.
-Ware-Hall & Co.. First Trust Co.
and Burns. Bnnicer & Co.. all of Omaha, jointly, recently purchased an
issue of $90.000 434% school bonds at 99.54, a basis of about 4.55%.
Denom. 51.000. Due as follows: 15.000, 1933 to 1937 incl.: $6,000. 1938
to 1942 incl.; and $7,000, 1943 to 1946 Incl. Interest payable annually.
Other bidders were:
BiddersPremium.
James T. Wachof & Co., Omaha
Peters Trust Co., Omaha
ru
U. S. Bond Co.. Denver; International Trust Co.. Denver; U. S.
$1:68858
National Co., Denver
1.685
Trust Co.. Omaha
U. S.
1.580
Omaha Trust Co., Omaha
1.575
Sidle, Simons, Doty & Co., Denver; Peck. Brown & Co., Denver__.. 1.485
Benwell & Co., Denver
1.475
SENECA COUNTY (P. O. Tiffin), Ohio.
-BOND SALE.
-On April 14
the $38.8005% 1.0. H.No.268 bonds offered on that date (V. 122. p. 1954)
were awarded to W.K.Terry & Co. of Toledo at a premium of $1.008, equal
to 101.98-a basis of about 4.53%. Due on Oct. 1 as follows: $3.800, 1927.
and 15.000, 1928 to 1934, inclusive.
SHANNON CITY CONSOLIDATED SCHOOL DISTRICT, Union
County, lowa.-BOND ELECTION.
-On May 6 an election will be held
for the purpose of voting on the question of issuing $8,000 school bonds.
E. L. Edwards, District Secretary.
SHEBOYGAN, Sheboygan County Wis.-BONDS OFFERED.Erwin Mohr, City Clerk, received sealed bids
until 4 p. m. April 19 for the
following 6% bonds, ags.ogating $61.650
.
$41.500 pavement bonds. Denoms. $1.000 and $500. Due May 1 as follows: 17.500. 1927. and $8.500. 1928 to 1931. Incl.
20,150 sewerage bonds. Denom. $1.000. except 1 for $150. Due May 1
as follows: $4.150, 1927, and $4.000, 1928 to 1931. incl.
Date May 1 1926.
SHEFFIELD, Colbert County, Ala.
-BOND SALE.
-The following
bonds, aggregating 1150.000. offered on April 6 (V. 122, P. 1955) were
awarded to I. B. Tigrett & Co., of Jackson:
$75,000 city hall bonds.
75,000 hospital bonds.
SHENANDOAH IRON WORKS MAGISTERIAL DISTRICT (P. 0.
Luray), Page County, Va.-BOND OFFERING.
-Grover C. Miller,
Clerk Board of Supervisors, will receive sealed bids until 11 a. m. April 28
for 1200.000
highway bonds. Date June 11926. Denom. $1,000.
Due June 1 1930. Prin. and semi-ann. Int. (J. & D.) payable at the
County Treasurer's office. A certified check for 12,000 is required.
SMOKE RIVER IRRIGATION DISTRICT (P. 0. Idaho Falls),
Bonneville County, Ida.
-BOND DESCRIPTION.
-The 143.800 (not
$43,000, as previously reported) coupon Irrigation refunding bonds purchased by the Anderson Bros. Bank of Idaho Falls (V. 122. p. 1955) at
par, bear interest at the rate of 6% and are described as follows: Dated
July 1 1926. Due July 1 1941. Interest payable J. &J.
SOMERSET, Pulaski County, Ky.-BOND SALE.
-No bids having
been received for the $24,041 24 street paving bonds offered on April 17
(V. 122, p. 2250), the bonds were turned over to the contractors.
SOMERVILLE, Middlesex County Mass.
-TEMPORARY LOAN.The Somerville National Bank of Middlesex purchased a $300,000 temoraloan on a 3.51% discount basis plus a premium of $6. Due Nov.
44%
g
SOUTH HIGHLANDS (P. 0. Shreveport), Caddo Parish, La.
BOND OFFERING.
-Sealed bids will be received until 12 m.
8 by
the City Clerk for 3150,000 5% water and sewer bonds. Prin.May semiand
annual Int. payable at the City Savings Bank & Trust Co., Shreveport.
SPENCER INDEPENDENT SCHOOL DISTRICT, Clay County,
Iowa.
-BOND OFFERING.
-Fern A. Shannon, Secretary, Board of Directors, will receive sealed bids until 1:30 p. m.May 4 for $60,000 not exceeding
434% school bonds. Interest payable semi-annually. Due serially 1929
to 1940 incl. A certified check for 3200. payable to the District Treasurer,
is required.
SUMMIT, Union
N. J.
-BOND SALE.
-The Summit Trust
Co. of Summit paid $157,60550 for $155.000 (1157,000 offered) sewer and
County,
general improvement bonds as 434s, equal to 101.68.
SUMTER COUNTY (P. 0. Sumter), So. Caro.
-BONDS NOT SOLD.
-The 55.000 5% coupon road and bridge bonds offered on April 1 V.
122,
p. 1665) were not sold as the funds are not needed at this time.
SUMTER COUNTY SPECIAL TAX SCHOOL DISTRICT
NO. 6
(P. 0. Bushnell), Fla.
-NO BIDS RECEIVED.
-No bids were received
for the 525.000 6% school bonds offered on Apria 19 (V. 122. p. 1955).
SUMTER COUNTY SPECIAL TAX SCHOOL DISTRICT
NO. 9
P. 0. Bushnell), Fla.
-NO BIDS RECEIVED.
-No bids
for the $20,000 6% school bonds offered on April 19(V. 122,were received
p. 1955).
SWATARA TOWNSHIP SCHOOL DISTRICT (P. 0.
Enhant),
Dauphin County, Pa.
-BOND OFFERING.
-Sealed bids will
until 4 p. m. May 6 by P. I. Parthemore, Secretary Board of be received
tors, for $100.000 4% coupon school bonds. Denom. School DirecMarch 15 1926. Principal and semi-annual interest (M. & 1500. Dated
S.) payable at
2398
THE CHRONICLE
the Steelton Trust Co., Steelton. Certified check for 1% of the bonds
bid for, payable to the District Treasurer, required.
SYCAMORE SCHOOL DISTRICT (P. 0. Sycamore), De Kalb
County, 111.
-BOND SALE.
-The First National Bank & First Trust and
Savings Bank, both of Sycamore, jointly, purchased an issue of $75,000
434% school bonds. Dated May 11926. Due $3,000 1930 to 1932, incl;.
$4,000 1933 to 1936,incl., and $5,000 1937 to 1946,incl.
-L. M. PerTABOR, Fremont County, lowa.-BOND OFFERING.
Idns, Town Clerk, will receive sealed bids until April 26 for $16,137 68
funding bonds.
TAYLOR CONSOLIDATED SCHOOL DISTRICT, Lafayette
County, Miss.
-BOND SAE.
SALE.
-The $30,090 school bonds offered on
Feb. 1 (V. 122, p. 647) were awarded to Caldwell & Co., of Nashville.
-T. B.
TAYLOR COUNTY (P. 0. Perry), Fla.
-BOND OFFERING.
Puckett, Chairman Board of County Commissioners, will receive sealed
bidsfuntil 2 p. m. May 3 for $100,000 5% road bonds. Due in five years.
TAYLOR SCHOOL DISTRICT (P. 0. Taylor), Lackawanna County, Pa.
-BOND OFFERING.
-Sealed bids will be received until 8 p, m•
1
May 3 by William B. Thomas, Secretary Board of Directors, for $100,000
434% school bonds. Denom. $1,000. Dated June 1 1928. Interest
J. & D. Due $5,000 June 1 1927 to 1946, inclusive. Certified check for
2% of the bonds bid for, payable to the School District, required. These
bonds were originally offered on Feb. 15 V. (122, p. 919) as 43ts•
TAYLOR TOWNSHIP (P. 0. Franklin Grove), Lee County, Ill.
BOND OFFERING.
-Sealed bids will be received until 1 p. m. to-day
April 24) by John Sprott, Township Clerk, for $8,500 5% road bonds.
TAYLORS FALLS CONSOLIDATED SCHOOL DISTRICT NO. 1,
Chicago County, Minn.
-BOND ELECTION.
-On April 17 an election
was held for the purpose of voting on the question of issuing $47,500 school
bonds.
-The
-BOND DESCRIPTION.
TEXARKANA, Bowie County, Tex.
$200.000 4%% coupon street bonds awarded to H.C. Burt & Co.of Austin
at 97.30-V. 122. p. 2251-a basis of about 5.37%. to optional date and a
basis of about 4.90% if allowed to run full term of years, are described
as follows: Dated April 1 1926. Denom. $1,000. Due April 1 -1966.
optional April 11931. Interest payable A. & 0.
-The $25.000
-BOND SALE.
TIPTONVILLE, Lake County, Tenn.
-were awarded
534% water bonds offered on April 17-V. 122, P. 2094
to the Central States National Bank of Memphis at a premium of $522 50
equal to 102.09, a basis of about 5.32%. Date March 1 1926. Due
March 1 as follows: $500, 1927 to 1936 incl., and $1,000, 1937 to 1956 tad.
Int. payable M.& S.
TRACY,Lyon County, Minn.
-BONDS VOTED.
-At a recent election
the voters authorized the issuance of$100,000 school bonds.
-At the elecTRYON, McPherson County, Neb.-BONDS VOTED.
tion held on April 12 (V. 122, p. 1955) the voters authorized the issuance
-house bonds.
of $6,000 534% court
-BOND
UNION BEACH (Borough), Monmouth County, N. J.
OFFERING.
-Sealed bids will be received until 1 p. m. (daylight saving
time) May 4 by Albert E. Cowling, Borough Clerk, for an issue of 5%
coupon (with privilege of registration as to principal only or as to both
principal and Interest) water bonds not to exceed $238,000, no more bonds
to be awarded than will produce a premium of $1.000 over $238,000.
Denom. $1,000. Dated May 1 1926. Principal and semi-annual interest
(M. & N.) payable at Peoples National Bank, Keyport, the interest on
registered bonds will be remitted by mail in New York exchange at the
request of the holder. Due on May 1 as follows: $5,000 1928 to 1944,
inc1.; $6,000 1945 and 87.000 1946 to 1966, incl. Certified check on an
incorporated bank or trust company for 10% of the amount of bonds bid
for, payable to George H. Jones, Borough Collector, required. Bonds will
be prepared under the supervision of the United States Mortgage & Trust
Co.. New York City, which will certify as to the genuineness of the signatures of the borough officials signing the bonds and their legality will be
approved by Caldwell & Raymond, of New York City, whose opinion will
be furnished to the purchaser without charge.
Financial Statement.
Assessed valuation of taxable property
1
$1,3 ?,176 50
? 8
Outstandingbonded debt
UPPER MORELAND TOWNSHIP SCHOOL DISTRICT (P. 0.
Willow Grove), Montgomery County, Pa.
-BOND SALE.
-On April 20
the $120,000 434% coupon school bonds offered on that date (V. 122,
p. 2251) were awarded to Willow Grove Trust Co. of Willow Grove at
101.547, a basis of about 4.32%. Due $6,000 May 1 1927 to 1946, incl.
URBANA PARK DISTRICT (P. 0. Urbana), Champaign County,
III.
-BOND DESCRIPTION.
-The $100,000 43.4% coupon park bonds
awarded to the Northern Trust Co. of Chicago at 99.31 (V. 122. P. 2094)
are described as follows: Denom.$1,000. Dated April 1 1928. Int. A.& 0.
Due serially from Oct. 1 1929 to 1945 incl.
VANCOUVER, Clarke County, Wash.
-CORRECTION.
-In V. 122,
p. 1818, we reported the sale of $75,000 414% dock impt. bonds under
this capition, which was incorrect, as the bonds were issued by the Port
of Vancouver. The sale of the $75.000 bonds has already been reported
under the correct caption, "Port of Vancouver," in V. 122. p. 646.
-BONDS OFFERED.
-H.G.
VERO BEACH, St. Lucie County, Fla.
Redstone, City Clerk, received sealed bids until April 21 for $181,500 6%
coupon city bonds. Dated April 1 1926. Denom. $1,000, except 1 for
$500. Due April 1 as follows: $15.500, 1927 $18.000. 1928 to 1935 incl.
and 818.000, 1936. Prin. and int. A. & 0. payable at the United States
Mortgage Ss Trust Co., New York City. A certified check for $2.000,
payable to the City Clerk is required. Legality approved by Caldwell &
Raymond, New York City.
-but
These are the bonds offered for sale on April 15-V. 122, p. 1818
at which time all bids were rejected.
-BOND OFFERING.
-Sealed bids
VERONA, Essex County, N. J.
'May 4 by Thomas E. Brooks, Borough Clerk,
will be received until 8 p. m.
for an issue of 04. 434 or 5% coupon or registered sewage disposal _plant
bonds, not to exceed $50.000, no more bonds to be awarded than will produce a premium of $1,000 over $50.000. Denom. $1,000. Dated May 1
1926. Prin. and semi-ann. int. (M. & N.) payable in gold at the Verona
Trust Co., Verona. Due on May 1 as follows $2.000. 1928 to 1948 incl.,
and 81.000. 1949 to 1956 incl. Certified check for 2% of the bonds bid
for, payable to the borough, required. Bonds will be proared under the
supervision of the United States Mortgage & Trust Co.. 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
Hawkins, Delafield & Longfellow of New York.
VILLISCA, Montgomery County, lowa.-BOND SALE.-Geo. M.
Bechtel & Co. of Davenport. recently purchased an issue of 530,000 434%
school bonds at a premium of $401, equal to 101.33. Date May 1 1926.
WALLA WALLA COUNTY JOINT SCHOOL DISTRICTS NOS. 25
-0. C.
-BOND OFFERING.
AND 100 (P. 0. Walla Walla), Wash.
Douglas. County Treasurer, will receive sealed bids until 10 a. m. May 1
for $65,000 not exceeding 5% school bonds. Dated June 15 1926. Denom $500. Due in 30 years, subject to call after 15 years from date.
Prin. and int. (J. & D.) payable at the office of either the State or County
Treasurer. A certified dheck for 5% of the amount of bid is required.
-BOND OFFERING,PPP Wallington (Borough), Bergen County, N. J.
Sealed bids will be received until-8 p. m. May 6 by Arthur J. Prall, District
exceed $10,000 no more
Clerk, for an issue of 5% school bonds not to
bonds to be awarded than will produce a premium of 31,000 over $10.000
Denom. $1,000. Date March 15 1926. Int. M. & N. 15. Due $1.000
yearly from March 15, 1927 to 1936 Md. Certified check on an incorporated bank or trust company for 2% of the amount of bonds bid for, payable to the Custodian of School Monies, Wallington.
-BOND DESCRIPTION.
WALTHAM, Middlesex County, Mass.
The $320,000 4% coupon or registered municipal bonds awarded to the
Old Colony Corp. of Boston at 100.168 (V. 122. p. 1955) are described as
follows: Denom. $1.000. Dated April 1 1928. Int. A.& 0. Due serially
April 1 1927 to 1945 incl. Date of award March 30.
WARD TOWNSHIP SCHOOL DISTRICT (P. 0. Saratoga), Ran-All bids received for the
dolph County, Ind.
-BIDS REJECTED.
$75.000 434% school bonds offered on April 16 (V. 122, p. 2094) were reected.
[VOL. 122.
WARREN TOWNSHIP SCHOOL DISTRICT NO.8 (P. 0. Warren),
-Sealed bids will be
Macomb County, Mich.
-BOND OFFERING.
received until 2:30 p. m. May 1 by Walter H. Merz, Secretary Board of
Education, for $75,000 not exceeding 6% school bonds. Date May 1 1926.
Due on May 1 as follows: $1.000, 1928 to 1930 incl.; 82,000. 1931 to
1936 incl., and $3,000, 1937 to 1956 incl. Certified check for $1,500
required.
-On
-BOND SALE.
WATERTOWN, Middlesex County, Mass.
April 21 the following four issues of 4% coupon bonds aggregating 5298.500
offered on that date (V. 122, p. 2251) were awarded to Shawmut Corp.
of Boston at 100.637, a basis a about 3.81%•
$30,000 permanent pavement bonds. Due $3,000 April 1 1927 to 1936 hid.
40,000 water main bonds. Due $8,000 April 1 1927 to 1931 incl.
73,500 street construction bonds. Due on April 1 as follows: 38,500.1927;
$3.000, 1928 and 1929. and 57,000. 1930 to 1936 incl.
155.000 North End elementary school bonds. Due on April 1 as follows:
Dated$Ap010 192 . 1931 inch, and $10,000, 1932 to 1941 incl.
ll. 1 1 9 7 to
r 0 . 26
-The First
WAUWATOSA, Milwaukee County, Wis.-BOND SALE.
National Bank of Wauwatosa purchased on April 20 an issue of 8100.000
434% school bonds at a premium of 51.852, equal to 101.85, a basis of
about 4.28%. Dated April 15 1926. Denom. $1.000. Due $5,000.
Mar. 15 1927 to 1946 incl. Prin. and int.(M. & S.) payable at the First
National Bank of Wauwatosa or at the Wauwatosa State Bank. Wauwatosa.
WEBB CITY SCHOOL DISTRICT, Jasper County, Mo.-BOND
SALE.
-The $30,000 434% school bonds offered on April 15 (V. 122, p.
2251) were awarded to the Mercantile Trust Co. of St. Louis at a premium
of $21, equal to 100.07. Date May 1 1926. Due 1946, optional 1936.
WELLSVILLE UNION FREE SCHOOL DISTRICT No. 1 (P. 0.
-Sealed bids
Wellsville), Allegany County, N. Y.
-BOND OFFERING.
will be received until 8 p. m. May 3 by Howard Steer°, District Clerk,
for $385,000 not exceeding 434% coupon school bonds. Denom. $1,000.
Date June 1 1926. Prin. and semi-ann. Int. (J. & J.) payable at the
Citizens National Bank, Wellsville. Due on June 1 as follows: $5.000.
1929 to 1933 inch $10,000, 1934 to 1938 incl.; $15,000, 1939 to 1943 incl:
$20,000, 1944 to 1954 incl. and $15,000, 1955. Certified check for $10,000
payable to Frank M. Wall, District Treasurer, required. Legality approved by Clay & Dillon of New York.
WEST HICKORY (P. 0. Hickory) Catawba County, No. Caro.
BOND DESCRIPTION.
-The $10.000 6% coupon water works bonds
awarded to the Well, Rothh
& Irving Co. of Cincinnati at 104-V. 122, p.
2095-a basis of about 5.56% are described as follows: Dated April 11926.
Denom. $500. Due $500. 1929 to 1948 incl. Interest payable A. & 0.
-R.L.Day &
WESTPORT,Fairfield County, Conn.
-BOND SALE.
Co. of Boston purchased an issue of $37.000 41 % road bonds at par.
1
,
Int. J. & J.
WEST READING SCHOOL DISTRICT (P. 0. Reading), Berke
County, Pa.
-On March 10 the $60,000 434% coupon
-BOND SALE.
school bonds offered on that date
-were awarded to
-V. 122, p. 1208
the Reading National Bank of Reading for $60,864, equal to 10.10, a
basis of about 4.36%. Dat May 1 1926. Due on Maw 1 as follows:
$5,000, 1927; $4,000, 1928 to 1931 incl.; $3,000. 1932 to 1934 incl.; $2,000.
1935 to 1939 incl.; $3,000: 1940 to 1945 incl., and $2,000, 1946.
-BOND
WEST SENECA (P. 0. Gardenville) Erie County, N. Y.
OFFERING.
-Sealed bids will be received until 8 p. m. (daylight saving
time) May 4 by Peter Mildenberger, Town Supervisor, for $290.000, not
exceeding 5% coupon sewer district No.6 bonds. Denom.$1,000. Dated
April 11926. Int. A.& 0. Due $10,000 yearly from April 1 1928 to 1956.
A certified check for $5,000 payable to the Town Supervisor, required.
Legality approved by Clay & Dillon of New York. Bidders to state rate in
multiples of 1-10 of 1%.
-BOND
WEST TAMPA (P. 0. Tampa), Hillsborough County, Fla.
SALE.
-The Brown-Crumrner Co. of Wichita recently purchased an
issue of 5150.000 5% bonds. Due serially. 1928 to 1955.
-BOND OFFERING.
WESTVILLE, Gloucester County, N. J.
Sealed bids will be received until8 p. m. May 11 by John F. Davis, Borough
Clerk,for an issue of5% coupon (with privilege of registration as to principal
only or as to both principal and int.) water bonds, no to exceed $115,000
no more bonds to be awarded than will riroduce a premium of $1,000
over $115,000. Denom. $1,000. Date May 1 1926. Prin. and semiann. ont. (M. & N.) payable at the First National Bank, Westville; the
int, on registered bonds will be remitted by mail in New York exchange.
at the request of the holder. Due on May 1, as follows: $3,000, 1928
to 1958 incl.; $4,000, 1959 to 1963 incl. and $2,000, 1964. Certified
check on an incorporated bank or trust company, for 2% of the amount
of bonds bid for, payable to Albert E. Jones, Borough Collector, required.
Legality approved by Caldwell & Raymond of New York.
WHEELING SCHOOL DISTRICT, Ohio County, W. Va.-BOND
OFFERING.
-The Clerk Board of Education will receive sealed bids
until May 15 for $78,100 6% school bonds.
-The 812.000 5%
WILCOX, Kearney County, Neb.-BOND SALE.
town hall bonds offered in V. 122. p. 2251 were awarded to the Omaha
Trust Co. of Omaha at a premium of $100, equal to 100.83. Due in 20
years, optional after 10 years.
WINTHROP INDEPENDENT SCHOOL DISTRICT, Buchanan
-At the election held on April 15County, Iowa.
-BONDS VOTED.
-the voters authorized the issuance of $25,000 school
V. 122, p. 1506
bonds by a count of 206 for, to 122 against.
-BOND OFFERING.
WINCHESTER, Middlesex County, Mass.
Sealed bids will be received until 4:30 p. m. April 28 by Barrie Y. Nutter,
Town Treasurer, for $75,000 4% coupon sewer bonds. Denom. 51.000.
Dated May 1 1926. Prin. and semi-ann. int. (M.& N.) payable at the
Old Colony Trust Co., Boston. Due on May 1 as follows: $3,000. 1927 to
1941 incl. and $2,000, 1942 to 1956 incl. Bonds will be prepared under the
supervision of the Old Colony Trust, 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 of Boston.
-TEMPORARY LOAN.
-F. S.
WINTHROP, Suffolk County, Mass.
Mosely & Co. of Boston purchased a 825.000 temporary loan on a 3.61%
discount baissW
WIRT AND BOLIVAR UNION FREE SCHOOL DISTRICT NO.1
-BOND SALE.
-On April
(P. 0. Richburgh) Allegany County, N. Y.
15 the $125.000 5% coupon school bonds offered on that date were awarded
to the First Trust Co. of Wellsville at 103.399, a basis of about 4.57%.
Dated Oct. 11925. Due on Oct. 1 as follows: $6,000. 1926 to 1935 incl.,
$8.000. 1936 to 1942 incl. and $9,000. 1943. Legality approved by Clay
& Dillon of New York.
WISCOMICO COUNTY (P. O. Salisbury), Md.-BOND OFFERING.
-Sealed bids will be received until May 4 by Harry Dennis. Clerk Board
of County Commissioners, for $24,000 5% road bonds.
WYANDOTTE COUNTY (P. 0. Kansas City), Kan.
-BONDS
OFFERED -William Beggs, County Clerk, received sealed bids until
April 22 for $979,000 454% court house bonds. Dated Jan. 1 1926.
Denom. $1,000. Due Jan. 1 as follows: $48,000, 1927, and $49,000, 1928
to 1946, inclusive. Principal and interest (J. & J.) playable at the State
Treasurer's office, Topeka. A certified check for 2% of the amount bid
is required. The county will print the bonds and furnish the legal opinion
of Wood .5c Oakley of Chicago. These are the bonds scheduled to be sold
on April 19 (V. 122, p. 1956).
WYLIE INDEPENDENT SCHOOL DISTRICT, Collin County,
-I. P. Brooks, President School Board, will reTex.
-BOND OFFERING.
ceive sealed bids until 2:30 p. in. April 26 for $40,000 5% coupon and regiss a5 fo126
tered school bonds. Dated April 10 1928. Denom. $500. Due85s:990607
lows: $500, 1927 to 1936 incl.; $1,000. 1937 to 1956 incl.. and $1,500. 1957
to 1968 incl. Interest payable A. & 0. in New York City.
Financial Statement.
Assessed valuation (1925)
(including this issue)
Total debt
Sinking fund
750
School district tax rate (per $1,000)
10
APR. 24 1926.]
THE CHRONICLE
CANADA, its Provinces and Municipalities.
CHAMBLY, Que.-BOND SALE.
-0. B. Courtier, of Montreal, purchased an issue of $70.000 5% 30
-year serial bonds at 98, a basis of about
5.17%.
CHATEAUGUARY, Que.-BOND SALE.
-On April 13 the $4,5005%
-year bonds offered on that date (V. 122. p. 1956) were awarded to L. G.
20
Beaubien & Co., Ltd.. of Montreal. at 101.02-a basis of about 4.92%.
Denom. $1,000, except one for $500. Dated May 1 1926. Interest
M. & N. Due May 1 1946.
DONNACONA,Quo.
-BOND OFFERING.-Sealed bids will be received
up to 8p. m. April 27 for the purchase of $11,500 5% bonds maturing serially to 1931. The bonds are in denom. of $100 and $500 each and are
payable at Donnacona, Quebec and Montreal. P. Chalifour. Sec.-Treas.
FREDERICTON, N. B.
-BONDS APPROVED.
-The Provincial Government has approved the issuing of $25,000 water works bonds.
KINISTI NO,Sask.-BOND OPPERINO.-Sealed bids are invited up to
7 p. m. April 26 for the purchase of $4.000 614% 15
-Installment pavement
bonds, dated May 1 1926, and payable at Kinistino. F. Rouffignac,
Secretary-Treasurer.
L'ASSOMPTION, Que.-BOND SALE.
-Rene T. Leclerc. Inc., purchased an issue of $40,000 5% serial bonds at 97.15. Date Jan. 11926.
MONTREAL EAST, Que.-BOND SALE.
-On April 21 the $70,000 5%
-year serial bonds offered on that date (V. 122, p. 2252) were awarded
20
to Rene T. Leclerc. Inc., at 96.50. Dated Dec. 1 1925. Due serially
from 1926 to 1945 incl.
MOOSE JAW, Sask.-BOND APPROVED.
-The city has received permission to issue $185.000 power plant bonds.
PEEL COUNTY (P. 0. Brampton), Ont.-BOND OFFERING.Sealed bids will be received until May 7 by L. H. Willis. County Clerk, for
$70,000 5% county bonds. Due in 10 annual installments.
-BONDS APPROVED.
RESTON, Man.
-The ratepayers approved
the $13,000 school bonds by-law.
2399
SHAWINIGAN FALLS, Que.-BOND SALB.-On April 12
follow7
ing three issues of 50 bonds offered on that date (V. 122. p. the
2095) were
awarded to McLeod, Young, Weir & Coat. 98.85:
$117,900 due 1927 to 1950, inclusive.
210,600 due 1927 to 1942, inclusive.
44,500 due 1933 to 1950. Inclusive.
Other bidders were:
BiddersRate Bid.
McLeod, Young, Weir & Co
98.85
Wood, Gundy & Co
98.81
Dyment. Anderson & Co..and Cochran, Hay & Oo
98.65
Mead & Co
98.39
Versailles, Vidricaire & Boulais. Ltd
98.00
A. E. Ames & Co.. Ltd
97.51
Rene T Leclerc, Inc
97.21
STRATFORD, Ont.-BONDS APPROVED.
-The Council approved
the $15,000 school bonds.
VANCOUVER, B. C.
-BOND SALE.
-On April 15 the following 5
issues of 5% bonds, aggregating $1.070.000 offered on that date (V. 122,
p. 2252) were awarded to the Royal Financial Corp. of Vancouver at
99.523, a basis of about 5.0307.
$200.000 sewer bonds. Due Feb. 11966.
320,000 school bonds. Due Feb. I 1966.
50,000 playfield kept. bonds. Due Feb. 11966.
250,000 street and roads bonds. Due Feb. 1 1941.
250,000 streets and sidewalks bonds. Due Feb. 1 1941.
Date Feb. 11926.
VERDUN,Que.-BONDS AUTHORIZED.
-The Montreal Metropolitan
Commission authorized the issuing of $430,000 bonds, and also approved
local improvement by-laws totaling $130.901.
WELLAND, Ont.-BOND SALE.
-An issue of $12,000 5% fire hall
bonds has been sold over the counter at par.
YORK TOWNSHIP, Ont.-BONDS APPROVED.
-The council
passed a $79.000 school bond by-law.
NEW LOANS
NEW LOANS
We Specialize In
$10,000
Borough of Wallington
City of Philadelphia
34
31As
48
/
41 4s
41 2s
/
58
51/ 8
4
528
/
1
Biddle & Henry
104 South Fifth Street
Philadelphia
Meats Wire to New York
Call Canal 843?
ineettttgo
THE UNITED GAS IMPROVEMENT CO.
N. W. Corner Broad and Arch Streets
Philadelphia. April 1. 1926.
The Annual Meeting of the Stockholders of
The United Gas Improvement Company will
be held at the office of the Company, N. W.
corner of Broad and Arch streets, Philadelphia,
Monday, May 3. 1926, at 11 o'clock A. M.
(Eastern Standard Time', when an election
will be held for a President and seven (7) directors
to serve for the ensuing year. and such other
business will be transacted as may be brought
before the meeting.
The stock transfer books will be closed from
3 P. M. Wednesday, April 21. 1926. until 10
A. M. Tuesday, May 4, 1926.
G. W. CURRAN, Secretary.
SCHOOL BONDS
Blcht will be received by the Board of Education
of the Borough of Wallington. County of Bergen.
New Jersey, at 8 o'clock P. M. MAY 6TH. 1926,
at Washington School No. 3 in said Borough of
Wallington, for the purchase of the following
described bonds of said Board of Education, to
wit:
Not exceeding $10,000.00 School Bonds of the
Board of Education of said Borough of Wallington, dated March 15th, 1926, numbered from 1 to
10, both inclusive, of the denomination of ONE
THOUSAND DOLLARS EACH, bearing interest at the rate of Five (5) Per Centum per annum,
payable semi-annually, March and September.
and maturing in numerical order as numbered,
one bond on March 15, 1927. and one bond
each year thereafter until the full amount of
$10.000.00 shall have been paid. The right is
reserved to reject all bids. 'Unless all bids for
said bonds be rejected, the bonds will be sold to
the bidder or bidders complying with the terms of
sale and offering to pay not less than $10,000.00.
No more bonds will be sold than will produce the
sum of $10,000.00. In addition to the price bid,
the purchaser must pay accrued interest from the
date of the bonds to the date of delivery and each
proposal must be accompanied with a certified
check for 2 per centum of the face amount of the
bonds bid for, drawn upon an incorporated bank
or trust company and payable to the order of
The Custodian of School Moneys of Wallington,
N. J.. to secure the school district against any loss
resulting from the failure of the bidder to comply
with the terms of said bid. Checks of unsuccessful bidders will be returned upon the award of the
bonds.
By order of the Board of Education of the
Borough of Wallington, N. J.
ARTHUR J. PRALL,
District Clerk.
To the Stockholders of
INSPIRATION CONSOLIDATED
COPPER COMPANY
NOTICE OF ANNUAL ALERTING
Notice is hereby given that the Annual Meeting
of the Stockholders of the Inspiration Consolidated
Copper Company will be held at the office of the
Company, 242 Water Street, Augusta, Maine,
on Monday. the twenty-sixth day of April 192el
at two o'clock p.m.. for the election of Directors
and for the transaction of such other business
as may come before the meeting, including the
consideration, approval and ratification of all
acts and proceedings of the Board of Directly,
during the ,past year and of all matters that may
be referred to in the Annual Report to the
Stockholders.
The transfer books will not be closed: but only
those stockholders of record at the close of
business (viz., three o'clock p.m.), on Friday
April 0th, 1926 will be entitled to vote at said
meeting.
By order of the Board of Directors.
J. W. ALLEN. Secretary.
II
ENDERSON
ELM &CO.,Inc.
Bergen County, N. J.
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Notice is hereby given that the annual meeting
of the stockholders of The Foundation Company
will be held on Monday, May 3, 1926, at twelve
o'clock noon, at the principal office of the Company, 120 Liberty Street, New York City, for the
purpose of electing directors, for the consideration
and approval of the acts of the officers and directors of the Company during the past year, for
the purpose of adopting revised by-laws, and for
the transaction of such other business as may
properly come before the meeting.
By order of the Board of Directors.
RALPH DALTON. Secretary.
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[VOL. 122.
THE CHRONICLE
2400
COTTON, GRAIN, SUGAR HD COFFEE MERCHANTS
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