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financial
The.
tItl
INCLUDING
Railway & Industrial Compendium
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ratude
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Railway Earnings Section
SATURDAY, APRIL 25 1925.
VOL. 120.
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The Financial Situation.
The stock market after recovering about one-half
of its loss in March became slightly reactionary on
Monday and had quite a setback on Tuesday, continuing until Wednesday afternoon. Certain stocks
which had led in the recent advance, giving evidence
not so much of recovery as unrestrained speculative
spurts and which had reached high figures on
Saturday, showed heavy declines on Wednesday.
Other fluctuations were marked but less conspicuous. The cause of the sudden decline was probably
largely technical, due to a too rapid recovery, but
various events were blamed, prominent among which
was a statement by Judge Gary that competition in
the steel industry was strenuous and a conservative
policy in respect to dividends would be followed by
the Steel Corporation.
There has been no indication of stiffening in time
tnoney rates, and high grade bonds did not participate in the decline in stocks; in fact, they have been
rather strong during the week. Significant of this
situation is the announcement by New York City of
/
an issue of $60,000,000 414% bonds, for which bids
will be received on May 5. The Irving Fisher index
showed a very slight decline in prices to 157.8, comparing with 158.1 on April 10 and 157.1 on April 3.
Conspicuous among declining prices was that of lead,
reaching a new low for the year. In copper an event
of importance was the announcement that the Anaconda Company would curtail its output. The gyrations in wheat and cotton have continued. Sugar
has been very soft, showing an increasing effect of
abundant world supplies.
Bank and Quotation Section
Bankers' Convi-ntion Section
NO.3122.
The slight slowing down of business which occurred in March and the easing of commodity prices
should give a feeling of underlying strength to the
country. Threatened business excesses have again
been avoided and apparently without serious consequences or alarming curtailment. Business generally is in liquid condition and most inventories are
smaller than a year ago. Distribution is in large
volume. Even the cotton mills are very active, although as yet the manufacturing margin is not large
enough. Farm conditions are better than at any
time for several years. Automobile output is again
at a high level, 332,108 cars having been turned out
in March, comparing with 252,785 and 212,909 in
February and January, respectively, and contrasting with 357,006 and 327,046 in March 1924 and
March 1923, respectively. The truck output was 45,012, comparing with 36,323 and 36,645 in March
1924 and March 1923, respectively, and 45,719 in
May 1923, the record month. The industry appears
to have far better control of the situation than in
previous years and to be manufacturing for actual demand rather than in anticipation of demand.
Sales of life insurance continue large, being $703,000,000 for March, for companies which do 85% of
total business, an increase of 5% over March 1924,
and the largest of any month excepting December
1924. These figures are compiled by the Insurance
Research Bureau of Hartford, Conn., and give evidence of the continuing rapid growth of personal
wealth and buying power in this country. Increasing saving accounts and absorption of investment
issues are other evidences of the same thing.
The foreign situation also is not so disturbing.
There is increasing confidence that the coming German ,election will not restore the monarchy or disturb the working of the Dawes program. The German fiscal program is succeeding beyond expectations. Revenues are considerably exceeding the estimates of the Dawes Committee. In France Finance
Minister Caillaux has been established in office, and
although he has not yet announced his full program,
it is increasingly clear that he will adhere to the
Dawes program in respect to reparations, and attempt to balance the budget by a combination of curtailments in expenditures and increases in taxation.
Just how he proposes to meet impending maturities
is not yet clear.
During the week rumors have persisted of a British credit, perhaps of £50,000,000, to be placed in the
United States as a part of the program of ensuring
the gold convertibility of the pound sterling when
2066
THE CHRONICLE
it gets back to par. For the time being purchases of
American securities by British residents are discountenanced, and British bankers are co-operating
in an effort to prevent such purchases. The pound
has been strong at not far from 99% of its par. The
final accomplishment of stabilizing the pound at
par would be one of the notable post-war national
achievements and might easily mark the beginning
of better business conditions and greater employment in Great Britain after seven years of .steady
and intense business depression. Of similar import
is the increasing expectation that the British budget
will be kept in balance and at the same time income
taxes reduced through economies.
There has been another important decision in
favor of the Consolidated Gas Co. of New York in
its fight of 20 years' duration or more to obtain fair
compensation for public service. The decision is by
Federal Judge Winslow in confirming the special
Master's report declaring the $1 gas law to be confiscatory and unconstitutional. Judge Winslow
ruled that the company is entitled to earn 8% on
present value of its properties. One statement he
made is notable. He said: "It must be emphasized
that it is the property and not original cost which
the owner may not be deprived of without due process. Present value of property must therefore be the
goal of investigation, and present value must be expressed in terms of present money." The State of
New York can now appeal to the Supreme Court of
the United States or abide by this decision. This
fight has been long and expensive and the expense,
of course, rests on the people of New York, but gradually it is clearing up a difficult problem of public
policy and building value into public utilities all
over the country. There is a world of meaning in
the declaration that it is "the property" and not
"the original cost" that must be considered, and we
are sure it will be accepted as a lasting precedent.
With one stroke it sweeps away all sophistry regarding the matter.
On Wednesday the directors of the Norfolk &
Western Railway Co. announced an agreement to
lease the Virginian Railway, subject to approval by
stockholders and the Inter-State Commerce Commission. The rental is to cover operating expenses,
taxes,interest and 6% on the Virginian stock. This
move has considerable significance, as it strengthens
the hands of the Pennsylvania directors, in the hearing now going on before the Commerce Commission
in respect to the railroad line-up in eastern territory.
This follows from the admittedly large Pennsylvania interest in Norfolk & Western. It has been
thought that Pennsylvania has been acquiring stock
control of the latter and is preparing to take over its
operations by lease. Quite possibly the trading position of the Pennsylvania with the New York Central, the New York Chicago & St. Louis, or Nickel
Plate, and the Baltimore & Ohio has been
strengthened.
The new French Cabinet, with former President of the Chamber of Deputies Paul Painleve at its head, started off as well as could
have been expected, in view of recent political
and financial developments in that country and the
lamentable lack of co-operation between the most
active political groups. The Cabinet was formally'
[VoL. 120.
presented to President Doumergue just before noon
a week ago yesterday, "who expressed pleasure that
the crisis was ended." The New York "Times" correspondent in the French capital cabled that "later
there was a short Cabinet meeting, when it was decided that the Ministry would appear before the
Chamber of Deputies for the first time on Tuesday
[April 21], when a Ministerial declaration will be
read and a vote of confidence asked. Since the Cabinet contains representatives of all the majority parties except the Socialists, and since the Socialists
have promised their support for at least the time being, the new Government probably will get about 350
votes in the Lower House." He added that "it is entirely possible that the new Government will not
appear immediately before the Senate but will wait
until it has a definite project to offer before letting
down the bars to general debate. M. Painleve will
make every effort to have M. Briand handle all questions relating to international liquidation of the war,
and persuade M.Caillaux to remain in his own field."
Commenting upon the attitude displayed toward the
new Ministry, the "Times" correspondent observed
that "Paris now knows that the war is over. To-day
the Finance Ministry was occupied by Joseph callaux, once convicted of being too friendly with Germany and to-night the elite of the French capital are
attending a revival of the famous Viennese operetta,
the 'Merry Widow.' The new Ministry got a fairly
good reception. Naturally enough, the Nationalist
newspapers appeal to the ghosts of France's million
and a half of war dead against the shame of Caillaux.
But the vast majority of the newspapers show a disposition to give the new Government, including the
Finance Minister, a fair chance. If he puts forward
a worth-while idea, in all probability it will get a
hearing, and unless M. Caillaux and M. Poincare
start a quarrel in the Senate about who is responsible for the war,as has been predicted, the new Government seems assured of at least one or two months
in power. M. Poincare emphatically denied to-day,
however, that he would enter into a debate with M.
Caillaux regarding the origins of the war in the Senate next week, but he said he would intervene in the
general discussion on the foreign affairs chapter of
the budget."
The Paris representative of the New York "Herald
Tribune" said that after being presented to the
President, the new Cabinet "immediately began work
on the declaration of a policy which it will submit to
Parliament on Tuesday, and which is expected to
have considerable interest for the United States.
The initial American concern in this policy is that
Joseph Caillaux, the new 'strong man' of the Ministry of Finance, will open the question of settling the
war debts, which France owes to her Allies, in the
briefest possible time. The second point is that
Aristide Briand,'strong man'of the Ministry of Foreign Affairs, having untrammeled authority in his
department, will 'torpedo,' so far as France is concerned, any Washington conference designed to limit
auxiliary naval craft. Although such intentions
may not be declared openly Tuesday before the Chamber of Deputies, they are a certainty, nevertheless."
Continuing to speak of the principal tasks confronting these two Ministers, he said: "The new Foreign
Minister's chief work will be to conclude an arrangement for French security against Germany. He is
opposed to Berlin's suggestion of a five-Power pact
APRIL 25 1925.]
THP, CHRONICLE
which would leave unprotected the frontiers of
France's allies in eastern Europe. On the other
hand, he is expected to work for an out-and-out pact
with Great Britain as the basis of supplementary
agreements within the framework of the League of
Nations and in consonance with the provisions of the
League covenant. On the financial side the general
outline of Caillaux's program to re-establish French
credit abroad and rehabilitate the position of the
Treasury at home is well known. He already is working out a complete statement of France's debts and
credits. Unlike former Finance Minister Clementel's summing up, this budget statement will.include
the payable and unpayable portions of French political obligations abroad and, in the case of the debt
to the United States, undoubtedly will lead to a general Franco-American conference on the subject diiected toward settlement of funding terms and a moratorium. France's first shock at Caillaux's appointment is subsiding with the feeling on the part of the
financiers, industrialists and bourgeois elements
that he stands between them and a capital levy, which
issue contributed to the fall of the Herriot Government, due to the insistence on it of the Socialists,
who still hold the balance of power in the Chamber of
Deputies."
In View of all that is known and that has been
said about the temperament of the new Finance
Minister, it was not surprising that the Paris correspondent of "The Sun" should have cabled on April
18 that "Joseph Caillaux aims at the establishment
of what is practically a financial dictatorship as
preliminary condition for entry into the Government. He argues that since the Minister of Finance
is finally held responsible for the situation it is only
right that he should have extended powers of inspection over the budgetary demands of other departments and armed with authority to enforce drastic
economy." That he would have a hard road to travel
in dealing with the Parliament of his country has
been apparent from the start. The same evening the
Paris representative of the New York "Times" sent
word that "former President Millerand has taken the
lead in opposition to M.Caillaux's readmission to the
Government of the country. This morning, his newspaper, the 'Avenir,' announces that on Thursday
next the newly-elected Senator will head the list of
speakers at a mass meeting of protest of the newlyOrganized party of Republican Nationalists." He
added that "M. Millerand obviously is anxious to
avoid direct conflict with the Finance Minister in
the Senate at once. Balanced as it is by the presence
of M. Briand and several other Ministers and faced
with the urgent necessity of getting order into the
nation's finances and dealing with the security problem, the Cabinet as a whole contains elements of solidity which neither M. Millerand nor M. Poineare is
yet ready to put to the test. Their intention, or at
least that of M. Millerand and his press, is to excite
public opinion outside the Chamber against M. Caillaux's return and await some future day when he
can be attacked on the ground of his financial policy."
Through an Associated Press dispatch from Paris
under date of April 20 it became known that "the
new Cabinet met this morning, with Premier Painleve presiding, and heard the draft of the Ministerial
declaration outlining the policy of the new Govern_
2067
ment, which will be adopted definitely at another
Cabinet meeting this evening, with President Doumergue presiding. The Premier spent most of the
night in drafting the statement." The statement
was presented in both the Senate and Chamber of.
Deputies on the evening of April 21. The New York
"Times" correspondent in the French capital cabled
that "from the moment the session opened until it
closed it was the presence of Joseph Caillaux in the
Cabinet which absorbed discussion. As he walked
into the Chamber behind M.Painleve and M. Briand
and took his seat on the Government bench the Right
rose with the cry: 'Amnesty for Lenin and Bola
Pasha.'" The correspondent added that "while M.
Painleve read his declarations interruptions showed
incessantly." He further stated that "M. Painleve
himself did not escape."
According to the Associated Press correspondent,
"the ultimate imposition of drastic financial measures, maintenance of the Embassy at the Vatican
and pacification of internal dissension, but, above
all, real security for France, were the prime points
in the Ministerial declaration of the Painleve-Caillaux-Briand Cabinet read before the Chamber of
Deputies and the Senate this afternoon. Regarding
finances, the statement declared: 'When we have
succeeded finally and definitely in balancing the
budget, so it cannot be questioned, we will take the
State out of the role of banker which it has been
made to fill. Then we will be obliged to ask big sacrifices of the nation. We shall appeal to all citizens
in the atmosphere of national concord.' The statement said France would maintain all her present
treaties and 'pursue the execution of the Dawes plan
at the same time as the settlement of the inter-Allied
war debts.' The reference to French debts was taken
as presaging early action by Finance Minister Calilaux toward funding negotiations. All of M. Calllaux's comment on the subject indicates his conviction a settlement of debts is one of the first things to
be reached. His method, it is believed, would be to
handle the negotiations himself, possibly sending his
own instead of a Foreign Office representative to
Washington. The Government pronounced in favor
of the maintenance of a diplomatic representative at
the Vatican, calling the official 'a highly qualified
representative' instead of an Ambassador. The declaration makes the reduction and reorganization of
the army contingent upon success of the negotiations
for the complete tranquillization of Europe and security for the French frontiers."
In spite of all the partisan opposition, the Chamber of Deputies, the same evening (April 21), "by
304 votes against 218 gave its approval of the program which M. Painleve's Government had laid before it and declared its confidence that the Cabinet
would carry that program through. In the Senate
the declaration was listened to almost in silence and
its vote was reserved until another day." The New
York "Times" correspondent observed that "usually
on these occasions it is the program which is the allimportant matter. This time the program took a
very secondary place."
At the session of the Chamber Wednesday evening
"former Premier Edouard Herriot was elected President." It was added that "M. Herriot received 270
votes, with only one vote against him, the Opposition
refraining from balloting. The election followed a
fist fight among the Deputies in the Chamber." In a
2068
TECE CHRONICLE
[VoL. 120.
the Communist ambush early to-day in the Rue Dannemont The ambush was outside a meeting of the
National Republican League. Three youths leaving
the meeting were killed and nine wounded, one probably mortally, by a volume of revolver shots."
In another cable message from the same centre last
evening it was stated that "the French Senate today voted, 279 to 1, for the provisional credits of
6,969,377,286 francs for May and June, as requested
by Finance Minister Caillaux. The Chamber yesterReferring considerably in detail to the position of day approved the credits, 420 to 38. The Senate vote
M. Caillaux and to the attitude of the Opposition in prepared the way for a speedy adjournment of Parliament."
the Senate, the Paris representative of the Associat
evening that
Press said in a cab:egram Thursday
The Presidential campaign in Germany has gone
"on the fifth anniversary of the day the Senate, sitdeprived him of his civic rights forward with considerable vigor, particularly for a
ting as a high court,
and banished him from Paris for war-time commerce country that never has been accustomed to such a
with the enemy, Joseph Caillaux made his re-enti y proceeding. This, in fact, has been only the second
into the Senate Chamber to-day as Minister of Fi- affairs of its kind in Germany, and the President to
nance, to listen to the discussion of the budget. His be elected to-morrow will be the second chosen for
entry appeared to go unperceived by the few Sen- that office, which even yet must sound strange to
ators present when the session opened, and the ses- those who, for centuries, had been accustomed to a
sion continued to ignore his presence. The antici- monarchy and a Kaiser. The Berlin representative
pated hostile demonstration from the conservative of the New York "Times" said in a long cablegram
and moderate benches failed to materialize. The under date of April 17 that "ex-Chance,lor Marx,
Senate carried forward the debate on the articles of candidate of the Republican bloc for President of
the budget while M. Caillaux nervously scratched his Germany, held his first big meeting in Berlin tobald head, exchanged a few words with Foreign Min- night While outlining the usual Republican proister Briand, who sat beside him, and from time to gram he brought in a new and important plank for
time gave indications he was very much bored. Dis- his platform: the annexation of Austria to Germany.
cussion of interpellations of the new Cabinet, which Dr. Marx said the question of the annexation of Ausit was supposed would come up to-day, was postponed tria was just a small part of the complex question
until after action on the budget. The opposition including the security compact agreements which
showed no inclination to force an issue with the are destined to bring peace to Europe." Herr Marx
Government. The leading group of moderate Repub- was quoted in part as follows on this subject: "The
licans decided last evening to adopt a waiting atti- oldest country of German culture and history is
tude and to reserve final judgment until the new Austria. The annexation to the brother State of
Ministry showed by its acts just what line it was Austria and the creation of a greater Germany, the
dream of more than a century, can be demanded
going to take on the leading questions."
dispatch the same evening it was stated now when the security compact is under discussion.
In a later
that, "from his place on the Ministerial front bench This demand already has been outlined in the WeiFinance Minister Joseph Caillaux to-day addressed mar Constitution. We see it expressed all the time
the Senate which five years ago almost to a day con- in the flag of red, black and gold. It is only under
demned him on the charge of a crime against his these Republican colors that it will be possible to
country in time of war. Without interruption the solve the question of annexation, for Austria, for us
Senators listened to what he had to say and the same and the whole world. We don't lack respect for the
deference to his explanations of the budgetary meas- old flag. It is dear to us as the flag under which
ures being discussed was shown later in the day in Germany's small States conquered. The flag of
the Chamber. The two Houses, and especially the black, red and gold means more; it speaks to us of
Upper House,are now prepared to suspend judgment our mission and our history. The new flag is not
and give the new Government some time in which to only that of the Weimar Constitution, but it is the
show its program and its power." The Associated symbol of greater Germany and united, free, peacePress correspondent said that "Joseph Caillaux's ful development." The "Times" correspondent obfundamental remedy to restore the French Treasury served that "the fact that Dr. Marx came out so
is an increased income tax, bringing France up to the staunchly for the annexation of Austria was greeted
level of the American and British ratio and ruth- with enthusiasm by the 20,000 Republicans crowding
lessly collected from rich and poor alike. The new the Sportpalast. Marx as a Republican has been
Finance Minister served notice on Parliament to-day taxed with lack of courage to come out with a stateof this intention. His announcement came inciden- ment which was not to the taste of the Entente. It is
tally when the question of voting provisional credits known in Berlin that, thanks to the activities of Forto carry on the public business of France during the eign Minister l3enes of Czechoslovakia, the plan of
months of May and June was under discussion. He Austria joining Germany is strongly opposed, alput this measure through the Chamber in a few though it is believed that Austria in her present pohours. It provides for credits amounting to 6,969,- sition is unable to live. Consequently, the words of
377,286 francs, of which 101,507,574 francs is to the ex-Chancellor in favor of Austrian annexation
were greeted as an act of courage."
maintain the French occupation troops."
evening through an
Word came from Paris last
Field Marshal von Hindenburg continu-d to meet
Associated Press dispatch that "the Chamber of
Deputies voted confidence in the Government by with much opposition from pretty much every polit330 to 204 this afternoon, after being questioned on ical group except the monarchists. The Berlin corre-
dispatch to his paper the next day he declared that
"M. Caillaux's presence in the Government is now
the excuse for every kind of filibustering and riot.
Though Leon Daudet is no longer a Deputy, the
standard of manners he set in debate and the insolence of his interruptions without their gay wit is
being followed studiously by the young school of the
Opposition. Of these M. Ybarnagaray and M. Balanant are the leaders."
Aran, 251925.]
THE CHRONICLE
2069
spondent of "The Sun" cabled on Apr. 18 that "Mar- members of the foreign
press grouped before him to
shal von Hindenburg's military as well as his polit- believe that the main wish
of Germans just now is
ical reputation is being sadly besmirched by mud. to work in unity
toward a peaceful restoration of
which is flung about like confetti at a carnival in the Germany."
German Presidential election. The Republican opThe Berlin correspondent of "The Sun" claimed
position insinuates that the victory of Tannenberg, to have had an
interview with von Hindenburg folreally was won by Ludendorff, as the Marshal's lowing his speech in
Hanover. He cabled from that
chief of staff, and openly charges Hindenburg with centre on April 20 that
"if he becomes President of
being intellectually subservient to his erstwhile asso- the German Reich,
Field Marshal von Hindenburg
ciate." He added that "'if you elect Hindenburg will run the Germa
n army to suit himself. Moreyou make Ludendorff President,' the Popular bloc's over, he will welcom
e any opportunity to increase
speakers are shouting at every street corner. Usu- the nation's militar
y strength—within constitutional
ally they add that both men are but proconsuls of limits, of course." The
correspondent further dethe exiled Kaiser."
clared that "this was the substance of the brief senIn outlining the situation still further, the New tences vouchsafed
'The Sun' correspondent by the
York "Times" representative cabled later the same Reichbloc's candid
ate following his initial campaign •
day that "America held the centre of the stage to- speech last night.
What he said clearly shows that
day in Germany's Presidential campaign. While his mind is still workin
g along military lines. The
Foreign Minister Stresemann sought to counteract Marshal is first,
last and always a soldier, a fact
the belief here that Hindenburg's candidacy would which he does not
seek to disguise. To a question us
prevent the flow of credits from America to Ger- to his attitud
e toward the Reichswehr, the army of
many,the newspapers of the Left bloc, as if on a con- the Republic,
in the event of his election, Hindencerted signal, painted in sombrest colors the effects burg said:
should administer the German army
of Hindenburg's entry into the political arena on the in accordance with
the constitution."
golden stream from America. Dr. Stresemann told
the Reichstag Advisory Committee that among the
The Associated Press representative claims to
reports received from German Consular representa- have had "an
exclusive interview" with the former
tives and others in America only one took up the Field Marshal on
the same day. According to the
question of American credits for Germany, stating correspondent, von
Hindenburg 'made special referthat the German Presidential campaign would prob- ence to the Dawes
reparations plan, which, he deably mean an interruption of such American credits clared, would be impossi
ble of fulfillment unless
because Americans would wish to learn first who is Germany's former
enemies evinced "political and
elected German President. This is interpreted economic loyalty."
' Continuing, this candidate far
"
by the Left b:oc organs as proof that American cap- the Presidency was
reported to have said that
ital has been scared away from Germany by the "whether the obligat
ions under the Dawes report are
appearance of the frowning face of Hindenburg on capable of fulfill
ment will become evident only afthe political horizon. On the other hand, the Right ter a certain period
of time, since, as you know, the
bloc spokesmen declare there is nothing extraordi- burdens imposed will
steadily increase for years.
nary in American hesitation. Stresemann himself We, of course, will
not be able to fulfill the condipointed out to-day that in America financial deals tions unless the foreign
Powers participating in the
were postponed during the uncertainty occasioned fact evince
political and economic loyalty." Going
by the Presidential elections."
further, the correspondent said: "When asked reIn his account of the principal developments in the gardin
g his speech yesterday in which he spoke of
campaign the following day the "Times" representaGermany's desire to co-operate peacefully in promottive, in a wireless dispatch from Hanover, said in
ing the world's progress, as to what he considered a
part: " Field Marshal von Hindenburg
-77 years basis for an ideal security compact, von
Hindenburg
old and looking it—launched himself to-night as a
replied: 'I consider it very difficult to find meascandidate for the German Presidency before a wild
ures of a guarantee nature which could really comcheering crowd of Germans whose every word, look
pel all nations to adopt a moral policy in State afand gesture betrayed the fact that they were living
fairs. I should certainly be very happy if it should
under a Republican form of Government only become to pass in my old age that the policies of nacause forced to do so by bitter destiny. Then in
a tions were determined by sound common sense.
But
voice distinctly pleasanter than one would expect,
we are not that far as yet'" Commenting upon von
he read his speech, telling how he would do his best
Hindenburg's candidacy, the Berlin representative
to help Germany along a peaceful road toward the
of the New York "Herald Tribune" in a dispatch on
restoration of her pre-war glory among the nations
. the evening of April 21, declared that "if the
sentiAs he read, his voice would suddenly now. and then
ment on the Boerse can be taken as a criterion, Field
take on the ruthless quality of the drill sergeant.
Marshal von Hindenburg's defeat in the Preside
ntial
. Toward the end the old Field Marshal's iron strength electio
n next Sunday may be considered inevita
ble.
sagged, his bulky figure drooped, his voice faltered.
The betting on the Boerse to-day was 3 to 1 in
favor
again one got the impression of a very old, very of
Once
former Chancellor Marx, candidate of the
Repubtired man, forced against his will into doing some- lican
groups. The feeling against Hinden
burg in
thing utterly alien to him. Hindenburg coincluded industr
ial and financial circles is growing
stronger
amid roars of applause. Then representatives of with the
approach of election day, the belief
being
each of the Right bloc parties pledged him their sup- that his electio
n would prove the starting point
for
port in ringing phrases. The striking part of Hin- a new economic
paralysis by again shattering confi-denburg's speech were those wherein he emphasized dence
in Germany abroad. The Nationa
lists, on thehis loyalty to the German Republican Constitution. other hand, are equally
aware that their candidate's4
pooh-poohed accusations that he incarnated the ideal defeat would
mean another seven lean years
so far
of German military reaction, and solemnly adjured as their political
power and prestige are concerned,
2070
THE CHRONICLE
[Vox. 120.
including 20 women
•and are straining every energy to elect the Marshal. to the latest figures 150 persons,
and 10 children, were killed in the bomb outrage in
Their efforts are stimulated also by the realization
occurred at
that his defeat would compel their exit from the Gov- the cathedral yesterday. The outrage
of the positions they 3.30 o'clock in the afternoon, when a bomb was exernment and therefore the loss
and many of
have managed to capture on the political battlefront ploded while members of the Cabinet
the most prominent politicians, citizens and reserve
months."
during recent
pubAs the week drew to a close the Berlin cable ad- and serving officers and numbers of the general
lic were assembled in the cathedral for the funeral
vices indicated that the feeling between the leading
political groups had become intense. The New York service of the Government Deputy-General Gheorg"Times" representa4ive cabled Thursday evening hieff, who was assassinated Tuesday evening." The
the cathethat "America again held the centre of the political correspondent said also that "the roof of
political meetings scheduled dral and the greater part of the building were destage to-day. With 53
have been
in Berlin alone, thus bringing the German Presiden- stroyed. Among those definitely known to
Colontial campaign to the boiling point, with cries of killed are the Chief of Police Kissof, Deputies
the former War Ministers Neresof
'Liar!' resounding everywhere and masses of polit- chef and Ratchef,
ical mud hurled by the Hindenburg and Marx mud and General Davidof, and M. Lebarski, the Prime
batteries darkening the atmosphere, a trio of news Minister's private Secretary."
items from America regarding the American BankWord came from London on April 18 that "a strict
ers Association, Secretary of State Kellogg and the
r at Washington, Baron von censorship has been established by the Sofia authoriGerman Ambassado
Maltzan, leaped into the limelight this morning and ties and no direct news from Bulgaria reached Lonwere still there this evening. To-night the Foreign don yesterday and to-day. Reports from Rome and
Office still denied receiving a telegram from the elsewhere, however, speak of revolutionary risings in
American Bankers Association in response to von provinces, following the attempt to assassinate King
Maltzan's request declaring American credits to Ger- Boris and the bomb outrage at the Sofia Cathedral.
many would stop if Hindenburg were elected." Ac- There has been fighting, it is asserted, between the
cording to the New York "Herald Tribune" represen- Government forces and insurgents." On the contative, writing under date of April 23, "police began trary, it was stated in an Associated Press dispatch,
April 18, that "order, enforced with
to take special precautions throughout Germany to- dated Sofia,
fixed bayonets, reigns in this city to-day as troops
day in the fear that the bitterness of the political
campaign may lead to clashes in the cities on Sun- patrol the streets ready to crush any uprising which
day, when the monarchists and republicans go to the might follow the attempted assassination of King
an infernal ma.polls to elect a President. Field Marshal von linden- Boris Tuesday and the explosion of
Junkers has lent a distinct chine in the Sveti Kral Cathedral Thursday with a
burg's candidacy for the
Vehicular
martial touch to the contest and unleashed the war- death list which now has reached 160.
in the Nationalist ranks of 'win or die.' traffic is stopped and the arrests of suspects are conlike spirit
into cusWith political tension growing almost hourly, a bat- tinuing, with more than 1,000 already taken
tody." It was claimed that "from all parts of Bul;
tle of flags began to-day throughout the country
Monarchist and republican standards are flying from garia the reports indicate that the provinces are
' which the
millions of staffs. The republican emblem predomi- quiet, the signal for the 'Red revolution,
authorities declare was given by the cathedral explonates in Berlin."
sion, having failed to bring the looked-for rising."
Apparently the King of Bulgaria took radical and
of Bulgaria, has been the scene of
Sofia, capital
in dealing with the situation. On
assassination and bomb throwing by the Commu- summary action
April 19 the Associated Press correspondent in Sofia
nists. The trouble, in its most serious form, began
that "King Boris to-day signed a decree subabout 6 o'clock on the evening of April 16. At that cabled
exploded stituting military courts for the ordinary tribunals,
time Communists were charged with having
and all crimes against public order will be tried by
"an infernal machine in front of the Sveit Kral Cadispatch from Sofia them. Military courts already have sentenced sevthedral." It was stated in one
eral persons, most of whom are reported to have been
that evening that "about 20 persons were killed and
summarily executed. Other decrees, signed by the
scores injured, including Premier Tsa,nkoff and War
King, appointing successors to the officials and genMinister Kalkoff." It seems that"a great crowd had
erals killed in the bomb explosion in the Sveti Kral
gathered to witness the funeral procession of Gena Cathedral last Thursday, also have been promuleral Kosla Gheorghieff, who recently was killed by
the gated. The police and troops are continuing their
Communist assassin. As the procession neared
efforts to run down persons suspected of complicity
door of the church an infernal machine exploded.
destroyed in the bomb outrage. There have been several sharp
The entire south wall of the edifice was
clashes between them and revolutionaries, both in
and many surrounding buildings were damaged.
but was almost totally the capital and in the Provinces."
The cathedral still stands,
ruined, so great was the force of the explosion." The
Still a day later announcement was made in anChicago "Tribune" correspondent added that "probnother Associated Press cable message from the same
ably the only thing that saved the lives of the entire
source that "Ninkoff, said by the Bulgarian police
.Cabinet was the fact that the explosion was badly
Minis- to have placed the clock bomb which killed more than
timed. Had it come a few seconds later the
the Sveti Kral Cathedral on Thursday,
ters, who led the funeral procession, would have been 160 persons in
was con- was cornered by the police to-day, and, when he re• directly at the spot where the explosive
sisted, was shot and killed. Ninkoff, a former officealed."
cer in the Engineer Corps, was sub-chief of the Sofia
special Sofia cable message to the New York Communist Executive Central Committee. The
In a
"Times" the next day it was stated that, "according leaders of the various parties, summoned by General
APRIL 251925.]
THE CHRONICLE
V.oulkoff, have given the War Minister assurances
of their support in his endeavors to maintain order
in the face of the terroristic campaign ascribed to the
Communists." In a subsequent cable message that
evening the same correspondent added that "Sofia
remains surrounded by a strong cordon of soldiers
and police, and efforts to track down the ringleaders
of the conspiracy,involving the killing of 160 persons
in the Sveti Kral Cathedral Thursday in an attempt
to overthrow the Government, are being vigorously
carried on. With the death of Captain Ninkoff, a
former officer in the Engineers Corps and a sub-chief
of the Sofia Communist Central Executive Committee, perhaps the leader of the plot has perished, but
Captain Yankoff and several other confederates are
still at large." According to a special London cablegram to the New York "Herald Tribune" on April
20, "four thousand persons have been slaughtered
and 16,000 arrests made as a sequel to the Sveti Kral
Cathedral bomb outrage in Sofia, according to reports from the Bulgarian frontier, via Belgrade, tonight. In the absence 'of direct news from Sofia,
these reports cannot be confirmed, but sufficient information has leaked out to indicate that the country
has been plunged into a reign of terror and the crisis
is still most acute."
In an interview with a representative of the United
Press, Alexander Tzankoff, Premier of Bulgaria,
was quoted as saying that "the recent abominable
outrage at the Sveti Kral Cathedral, which killed
200 and wounded 400 prominent Bulgarian citizens,
is the result of an inhuman conspiracy against Bulgaria conceived a long time ago and whose object
is self-evident. After unsuccessful attempts to
make western and central Europe Bolshevik, the
Third Internationale and the Russian Government
directed all their efforts toward the Balkans and
especially toward Bulgaria, which they wished to
use as a base for their further destructive activity.
In carrying out their diabolical plans they count
upon Communists, some radical Agrarians in Bulgaria, and, together with Bulgarian Communist and
Agrarian emigrants in some foreign countries, they
form the 'united front,' which properly should be
called the 'front of destruction.' The instigators of
unrest have spent and dontinue to spend large sums
of money amounting to several millions for the purposes of illegal propaganda in Bulgaria, hoping that
our small country, exhausted by wars, disarmed and
wronged, will be an easy prey." In a cablegram to
his paper on April 21 the Sofia correspondent of the
New York "Times" reported that, "during last night
the police surrounded the house in Sofia of Captain
Yankoff, one of the principals of the group responsible for the exploding bomb during the requiem
service in the Cathedral last Thursday. After much
bombing Yankoff was killed. The authorities first
tried to take him alive."
Word came from Vienna the next day through a
special dispatch to the New York ."Times" that "the
first account of conditions in Sofia coming from responsible foreign eye-witnesses was received here
when three members of the British Parliament, Col.
J. C. Wedgwood, Labor; William Mackinder, Labor,
and Major P. B. Malone, Conservative, on arrival at
Belgrade to-night denounced in a signed statement
the terroristic methods of the Bulgarian Government." The correspondent added that "they declare
2071
that Bulgaria to-day is ruled by the Military League:
Within five minutes in their presence forty prisoners were brought into the police station. The total
number arrested to date was put at 6,000, most of
them on mere suspicion. The three members of Parliament point out the impossibility of all these suspects being involved in the cathedral bomb plot. They
appeal to the public opinion of the civilized countries
to bring to bear presure upon the Bulgarian Government to try the prisoners before the proper courts or
to discharge them." Continuing to outline the situation, the correspondent said in part: "The meeting
of the Sobranje presented a dramatic scene as the
Cabinet, headed by Premier Tsankoff, walked in, an
with their head, hands and legs in bandages. The
Minister of War, General Vulkoff, had to be assisted
to his seat by a soldier, as he could hardly walk.
The Cabinet was greeted by a storm of applause. A
large number of Deputies also attended heavily bandaged. The Sobranje building was surrounded by
a strong cordon of military from dawn." In a special cablegram to the New York "Times" from Sofia,
also dated April 22, it was stated that "the Sobranje
reassembled yesterday afternoon after the Easter
recess, but little important business is expected to
be transacted as everything is subordinated to the
task of running down the criminals, of whom it is
stated only about 15 have not been captured. After
vigorous and patriotic speeches by Prime Minister
Tsankoff, the Minister of the Interior and leaders of
the Democrat, Radical, Liberal and Moderate Agrarian parties, the Sobranje unanimously approved
the declaration of martial law. Only the Socialisth
refrained from voting. Stallioneoff, the former
Democratic Prime Minister, promised the entire
support of his party to the Government. The union
against Communism is fast becoming an accomplished fact."
The Vienna representative of the New York "Evening Post" asserted in a message to his paper on
April 23 that "last week's bomb outrage in the Sveti
Kral Cathedral in Sofia seems to be speedily leading
toward a Jugoslav-Bulgarian conflict. General
Russef, Bulgarian Minister of the Interior, declared
in Parliament to-day that the sexton who was arrested on a charge of complicity in the plot had testified that the Communist conspirators told him to flee
to the Jugoslav Legion. Jugosalivia has mobilized a
considerable force, ostensibly for the purpose of
preventing the crossing of agrarian emigres into
Bulgaria, while Bulgaria has mobilized two divisions
on the Serbian frontier."
According to a special cablegram last evening to
the New York "Evening Post"from its correspondent
in Rome, "dispatches from Sofia indicate General
Lazareff has been empowered as military dictator to
clean up Bulgaria. Several Agrarian newspapers
have been sequestered, all foreign agencies put under
military control and all dispatches subjected to a
strict censorship. Military correspondence is permitted to continue through Sofia, where the dictator's own news service is expected soon to be put in
operation."
Lisbon, the capital of Portugal, has experienced
serious trouble also, that was supposed to have been
instigated by the Communists. Announcement was
made in an Associated Press cable message on April
18 that "a revolutionary outbreak with the object of
2072
THE CHRONICLE
overthrowing the Government began this morning
and hand-to-hand fighting ensued at various points
in Lisbon." The afftir was described in part as follows: "Grenades were thrown and many persons
are believed to have been killed or wounded. The
President of the Republic, Senhor Teixeira Gomes,
and the members of the Cabinet sought refuge in one
of the city barracks. The movement was led by
Major Filomeno Camara,and the military of all arms
participated in the revolt. Eventually loyal troops
rallied to the aid of the President and Government
and surrounded the Paco da Rotondo, where the
mutineers had gathered. At this place there was
considerable fighting, but eventually the loyal troops
got the upper hand." Paris sent the following: "The
Lisbon correspondent of the Havas Agency characterizes the revolutionary movement in Lisbon as a
military revolt. The Government, he adds, has taken
severe measures to maintain order. Another report
from Lisbon attributes the revolutionary movement
to Communistic elements in co-operation with certain
parties opposing the Government. A Madrid dispatch says the Spanish Government has no knowledge of the revolutionary movement in Portugal and
that the Portuguese Legation at Madrid is unable
to afford any information."
Fortunately, the r:volt proved to be of brief duration. On April 19, the very next day after it was
first reported, the Lisbon correspondent of the New
York "Times" sent word that "the military revolt
which broke out yesterday has been crushed. At
9.45 o'clock this morning the revolutionaries surrendered. The Government is absolute master of the
situation, and there is complete tranquillity throughout the country. Although the thunder of artillery
and the rattle of machine guns were almost constant
during the night, little damage was done to the city
by the bombardment. The number of persons killed
and wounded has not yet been ascertained, but it is
not believed to be large. The rebels consisted of certain units of artillery, enginers and cavalry. They
concentrated at 8 o'clock yesterday morning at the
rotunda at the top of the Avenidada Liberadade under Lieutenant-Colonel Raul Esteves. An ultimatum
was sent to the Government calling upon it to resign,
and President Gomes and the Ministers assembled
at the Carmo barracks to arrange plans for defense."
In an Associated Press dispatch from Lisbon last
evening it was stated that "the President of the Republic of Portugal has resigned." It will be recalled that President Teixeira Gomes has been a Republican for years and was one of the leaders in the
movement which ended with the abdication of Bing
Manuel and establishment of the republic in 1910,
when he became Ambassador to London. He was
elected President in 1922."
[VOL. no.
not exceed sixpence in the pound, though some optimists look for double that reduction in view of the
fact that several members of the Cabinet believe enterprise in industry and commerce is unduly hampered by the present high rates, which begin with a
charge of 4s. 6d. in the pound. It is also stated that
on Tuesday next Mr. Churchill will make the longexpected announcement regarding a return to the
gold standard and the date it is to come into operation. The rise in sterling during the last few days
is attributed to American expectations that the gold
standard will be restored at a relatively early date."
He added that, "altogether the atmosphere in which
Mr. Churchill is completing his financial proposals
is one of considerab.e optimism. Even the fact that
he wore a flower in his buttonholle and was jauntily
attired in a lounge suit, white felt hat and gray
topped shoes has been taken as indicative of his sanguine outlook."
No change has been made in official discount rates
at leading European centres from 9% in Berlin; 7%
in Paris and Denmark; 61 2 in Norway;
/%
in
Italy; 5 % in Belgium and Sweden; 5% in London
/
1
2
and Madrid and 4% in Holland and Switzerland.
Open market discounts in London closed at 4 3-16Q
414% for short bills, against 4/ Q4 3-16% last week,
/
18
while three months' bills finished at 4 Q4 5-16%,
/
1
4
against 4/Q438% a week ago. Call money at the
14 /
British centre advanced to 414%,but closed at 378%,
/
/
against 4% the previous week. At Paris the open
market discount rate has .not been changed from
6/% and the rate in Switzerland remains at 238%.
18
/
The Bank of England this week reported another
addition to gold holdings of £12,235, while as a result
of continued contraction in note circulation, reserve
increased £1,096,000, to £28,202,000, as contrasted
with £23,017,324 last year and £24,490,098 in 1923.
The decline for the week in note circulation totaled
£1,083,000, leaving the amount £120,279,000, as
against £124,855,590 in 1924 and £122,779,225 a year
earlier. The proportion of reserve to liabilities made
further progress upward, and is now 22.96%, against
7
21.67% a week ago, 187 8% last year and 20% in
1923. Public deposits expanded £2,278,000, but
"other" deposits declined 14,563,000. The bank's
temporary advances to the Government decreased
£2,481,000, and loans on other securities fell £886,000.
Gold holdings now aggregate £128,733,163. This
compares with £128,122,914 last year and £127,519,323 a year earlier. The loan total is £75,527,000,
against £74,493,323 and £67,605,209 one and two
years ago, respectively. Clearings through the London banks for the week total £723,786,000, as compared with £521,340,000 last week and £507,035,000
a year ago. No change has been made in the bank's
official discount rate from 5%. We append herewith
The budget of the British Government is to be in- comparisons of the several items of the Bank of Engtroduced in the Parliament next Tuesday, April 28, land return for a series of years:
by Winston Churchill, according to a special LonBANK OF ENGLAND'S COMPARATIVE STATEMENT.
1925.
1924.
don cable dispatch to the New York "Times" on
1923.
1922.
1921.
April 23.
April 22.
April 25.
April 26.
April 27.
April 22. A Cabinet Council was held in Downing
120,279,000 124.855,590 122,779.225 121,307,055 128,519.725
Street on the latter date, at which it was claimed Circulation
17,057.000 13,704,388 14.006,105 14,668,589 15,291,989
Publicdeposits
that the chief proposals of the budget were consid- Other deposits
105,771,000 108.375.986 108,641,070 119,698,251 125,968,268
Governm't securities 36,810.000 42,237.755 48,205.684 47.534.146 54,627,043
ered. The New York "Times" correspondent, in dis- Other securities.... 75,527,000 74,493.323 67,605,209 78.461,465 86,041,315
cussing the probable features of the budget, which Reserve notes& coin 28,202.000 23,017.324 24,490,098 26,015,763 18,288,445
Coin and builion
128,733.163 128,122,914 127,519,323 128,872,818 128,358,165
he declared were being "kept a profound secret," said Proportion of reserve
to liabilities
22.96%
18%
20%
19.35%
12.94%
that "some reduction in the income tax is regarded Bank rate
5%
4%
3%
4%
64%
as a certainty. The general opinion is that it will
APRIL 25 1925.]
THE CHRONICLE
The Bank of France in its weekly statement rereports a further contraction of 297,400,000 francs in
the circulation item. The total outstanding is thus
reduced to 42,662,348,000 francs, which contrasts
with 39,824,093,935 francs at this time last year and
with 36,547,982,155 francs in 1923. Just prim. to the
outbreak of war, in 1914, the amount was only
6,683,184,785 francs. The Bank continues to show
small gains in its gold item, the increase this week
being 52,200 francs. The total gold holdings,therefore, now stand at 5,596,259,650 francs, as against
5,542,353,717 francs at the corresponding date last
year and 5,536,763,947 francs the year before; of
the foregoing amounts, 1,864,320,907 francs were
held abroad in 1925 and 1924 and 1,861,346,927
francs in 1923. During the week silver gained
467,000 francs and general deposits were augmented
by 22,456,000 francs. Bills discounted, on the other
hand, shrank 140,505,000 francs; advances fell off
3,655,000 francs, and Treasury deposits were reduced
29,811,000 francs. Comparisons of the various
items in this week's return with the statement of last
week and corresponding dates in both 1924 and
1923 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
for Week.
Apr. 23 1925. Apr. 24 1924. Apr.26 1923.
Gold Holdings—
Francs.
Planes.
Francs.
Francs.
n France
Inc.
52,200 3.681,938.743 3.678,032,810 3,672,419,019
Abroad
No change 1,864.320,907 1,864,320,907 1.864,346,927
Total
Inc.
52,200 5,546,259,650 5,542,353,717
Silver
Inc.
467,000
316,759.000
298,602.710
BIllsdIscounted
Dec140.505,000 5,371.309,000 4,602,939,271
Advances
Dec. 3.655.000 3,070,238.000 2,564,704,161
Note circulation- Dec297,400,000 42,662,348,000 39.824.093,935
Treasury deposIts Dec.29.811,000
4.489,000
17,666,456
General deposIts
Inc. 22,456.000 1.947.618.000 2319,338,535
5.536,763,947
292,023,828
2,368.454,473
2.155.479.149
36,547.982.155
27.177.103
2,088,909.265
The Imperial Bank of Germany, in its report, issued as of April 15, indicated further shrinkage in
note circulation, amounting to 105,610,000 marks,
and a decline in loans from the Rentenbank of 31,258,000 marks. On the other hand, other maturing
obligations increased 126,713,000 marks, and other
liabilities 10,615,000 marks. As to the bank's assets,
bills of exchange and checks were again reduced, this
time'64,515,000 marks, but advances increased 9,584,000 marks. A reduction was shown in deposits held
abroad of 10,207,000 marks, but an increase of 102,000 marks in reserve in foreign currencies. Silver
and other coins decreased 515,000 marks. Notes on
other banks gained 6,162,000 marks,and other assets
55,086,000 marks. Investments, however, declined
5,749,000 marks. Gold and bullion holdings were increased 305,000 marks, to 1,003,735,000 marks, which
compares with 459,806,000 marks a year ago and
1,004,830,000 marks in 1923. Note circulation now
stands at 2,187,674,000 marks.
The weekly statements of the Federal Reserve
banks, which were issued at the close of business on
Thursday, showed that while the 'New York bank
added to its gold holdings and reduced its volume of
bills discounted, the report for the System revealed
a trifling loss in gold and larger discounting operations. In the latter gold reserves were reduced $220,000. Total bills discounted increased $17,000,000 to
$412,375,000, which compares with $472,843,000 at
this time last year. Holdings of bills purchased in
the open market were $1,400,000 larger. In earning
assets there was a gain of $13,500,000 and in deposits
of $9,800,000. At New York the bank, through its
operations with interior institutions, added to its
gold holdings $45,100,000. Shrinkage of about
$6,500,000 was shown in rediscounts of all classes of
2073
paper. Bills bought in the open market increased
$6,700,000. Here also deposits were larger, namely
by $36,500,000, but earning assets decreased $5,500,000. In both local and national statements, the
amount of Federal Reserve notes in actual circulation showed contraction, $1,900,000 and $10,400,000,
respectively. Member bank reserve accounts were
larger, gaining $21,600,000 for the banks as a group
and $38,800,000 at New York. As to the ratio of reserve, that at New York, as a result of increased gold
holdings, advanced 1.7%, to 79.9%. For the System
there was another increase of exactly .1%, to 76.5%.
Last Saturday's statement of the New York Clearing House banks and trust companies showed the
effects of meeting the State income taxes (April 15)
and other large payments by a heavy expansion in
loans and complete wiping out of surplus reserves.
Loans and discounts increased $61,841,000. Net demand deposits expanded $12,224,000, to $4,340,529,.
000. This total is exclusive of Government deposits
to the amount of $34,562,000, a falling off in the latter account of $10,690,000 for the week. In time deposits there was an increase of $1,735,000, to $608,562,000. Cash in own vaults of members of the Federal Reserve Bank declined $2,066,000, to $46,142,000; although this is not counted as reserve. Reserves of State banks and trust companies in own
vaults increased $163,000, while reserves kept in
other depositories were $493,000 larger. Member
banks drew down their reserves at the Reserve Bank
$40,157,000, *hich, in conjunction with the addition
to deposits, was responsible for a loss in surplus of
$41,240,390. This, after eliminating last week's surplus of $26,644,260, left a deficit in reserve of $14,596,130. The figures here shown are on the basis of
legal reserves of 13% for member banks of the Federal Reserve System, but do not include cash amounting to $46,142,000 held by these member banks onSaturday last.
Somewhat higher rates for call money in the local
market have prevailed the present week. It was
generally expected that the deficit of $14,596,130
disclosed in the actual statement of the Clearing
House banks last Saturday would be followed by
calling of loans and higher rates for call money.
These two things happened, but not until Tuesday.
Call money reached 4 %,but since that day 4% may
/
1
2
be said to have been the prevailing quotation. Time
money was easy at 33
/
4@4%. Aside from some
cross-currents, such as withdrawal of funds from
New York by institutions in some interior centres
and transmittances from other cities to New York,
there were no special developments having an especially direct bearing on the money market. The
stock market was much more irregular than during
the latter part of last week, when it was specially
active and strong. At times heavy selling was reported and sharp declines were recorded. On the
whole brokers' loans are supposed to have been reduced, at least moderately. The business of the country is not increasing, according to the latest reports.
Production of steel continues to decline. Naturally,
there is a seasonal increase in the demand for funds
from agricultural centres. Otherwise it is not easy
to see how there could have been an important change
in the requirements. The offerings of new securities
have been on a smaller scale.
THE CHRONICLE
2074
As to money rates in detail, loans on call this week
2
ranged between 33/i and 43/%,'fasIcompared with
332@4% a week ago.tMonday only one rate was
quoted-33/2%—all loans being negotiated it this
figure. On Tuesday renewals continued to be put
through at 332%, which was the low, but before the
close a slight flurry sent the quotation up to 432%.
During the remainder of the week, that is, Wednesday, Thursday and Friday, there was no range; a
single rate of 4% prevailed. For fixed date maturities
the market was dull and narrow. Offerings were in
fairly ample supply and quotations were not changed
t%
from 332@3V for sixty days and 3%@4% for all
periods from ninety days to six months.
Mercantile paper rates were lowered to 33'@4%
for four to six months' names of choice character,
against 4%, while names not so well known now
require 4@4h%,as compared with 43j.7 a week ago.
0
New England mill paper and the shorter choice names
are being dealt in at 3%%. Trading, however, has
been restricted as a result of a scarcity of offerings.
Banks' and bankers' acceptances were in good
demand at the levels previously current, though the
aggregate turnover was not large owing to the fact
that the supply of prime names was small. Both
city and country institutions were in the market as
buyers at times. The undertone was steady. For
call loans against bankers' acceptances the posted
rate of the American Acceptance Council was advanced to 34%, against 3% a week ago. The
Acceptance Council makes the discount rate on prime
bankers' acceptances eligible for purchase by the
Federal Reserve banks 34% bid and 3% asked for
bills running 30 days, 33.% bid and 34% asked for
4
bills running 60 and 90 days, 34% bid and 33%
asked for bills running 120 days and 34% bid and
33/2% asked for bills running 150 and 180 days.
Open market quotations follow:
SPOT DELIVERY.
90 Days.
311(4314
Prime eligible bills
60 Days
314(.6
,3
30 Days
33.3
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
1134 bid
314 bid
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
APRIL 24 1925.
Paper Maturing—
Alter 90 AMY
Days. but
but
Within 6 Within 9
Months Months
Within 90 Days.
PSDBRAL SESBRES
RANA'.
Com'rcial Secured
Ariel & by U. S. Bankers
Livestock arvern't Accep°Moo- tames.
Paper
none.
n.e.s.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis_
Minneapolis
Kansas City
Dense
San Francisco
314
344
34%
334
4
4
4
4
4
4
4
314
334
344
314
314
4
4
4
4
4
4
4
314
314
314
314
314
4
4
4
4
4
4
4
344
Trade AmMul.• Atflell.
and
Accepand
tances. Livestock Livestotl
Papa. Paper
334
334
314
314
4
4
4
4
4
4
4
334
344
314
314
334
4
4
4
4
4
4
314
314
314
314
334
4
4
4
4
4
4
4
834
•Including bankers' acceptances drawn for an agricultural purpose and secures
by warehouse receipts. &a.
After a prolonged period of inactivity and virtually unchanged quotations, sterling exchange this
week resumed its position as leader in the foreign
exchanges and under the impetus of a buying movement of substantial proportions, price levels were
r dvanced to the highest point touched in ten years,
[Vol.. 120.
namely,4 813 for demand bills, or more than 4 cents
on the pound over the figures prevailing in recent
months. It is worthy of note that at this time a
year ago sterling ruled at about 4 38. This activity
and strength, which had its inception at the close
of last week, was attributed in no small measure to
expectation that an official announcement is to be
made by Chancellor Churchill next Tuesday which
will determine Great Britain's future policy regarding a return to the gold standard. While there
was nothing official to substantiate this rumor, it
persisted and belief continued to gain ground that
a definite decision is to be reached at that time.
Moreover, in banking circles it was unofficially reported that negotiations were in progress whereby
a credit of £50,000,000 was to be established by
the Bank of England with New York banks for
ensuring the gold convertibility of the pound sterling.
While none of this was confirmed, it exercised a
decidedly stimulating and reassuring effect and was
responsible for steady buying, both local and fot
foreign account. Additional factors in the rise were
continued light supplies of commercial offerings
and easy money here. Cable advices during the
week reported that a substantial reduction had been
achieved in the British Government's floating debt,
and this served further to give rise to exaggerated
reports as to the favorable budgetary showing that
will be revealed on next Tuesday. As against this,
there were some who intimated that the British
authorities were not contemplating an immediate
return to a gold standard, although it was possible
that a time would be set when this important change
would be made.
As to the more detailed quotations, sterling exchange on Saturday last was steady on narrow
trading; the range was 4 784@4 78 for demand,
4 784@4 789' for cable transfers and 4 754(4)
4 76 for sixty days. Monday's market was quiet,
but firm and fractionally up, with demand at 4 783
@4 784, cable transfers at 4 78%@4 784 and sixty
days at 4 76@4 764. Increased firmness developed
on Tuesday and there was an advance to 4 784(4)
4 79 9-16 for demand, 4 794@4 79 13-16 for cable
transfers and 4 764@4 77 1-16 for sixty days; good
buying on improvement in the outlook was responsible for the strength. On Wednesday rates
were firmly held, but trading was less active and
the range unusually narrow; demand bills sold at
4 794@4 793', cable transfers at 4 794@4 79%,
and sixty days at 4 764@4 77. Further progress in
—
the upward movement was recorded on Thursday,
when 4 794@4 804 was quoted for demand,
4 794@4 804 for cable transfers and 4 764@
4 774 for sixty days; light offerings in the face of a
steady demand contributed to advance prices.
Prices advanced again on Friday and demand touched
the highest level of the week, namely, 4 80 7-16(4)
4 8134, cable transfers rose to 4 80 11-16@4 813' and
sixty days to 4 77 15-16@4 789i. Closing quotations were 4 7834 for sixty days, 4 803 for demand
4
and 4 81 for cable transfers. Commercial sight bills
finished at 4 804, sixty days at 4 763, ninety days
at 4 76, documents for paymentl(sixty days) at
4 764 and seven-day grain bills at 4 804. Cotton
and grain bills for payment closed at 4 804
No gold engagements were reported, either for
export or import, until yesterday, when the Federal
Reserve Bank announced that it had shipped another
$2,500,000 to Germany, for account of the Reichs-
APRIL 25 1925.]
THE CHRONICLE
2075
bank, making the total so far shipped $25,000,000. Berlin marks were 23.81 for both checks and cable
The International Acaqttince Bank is shipping $1,- transfers, the same as last week. Austrian kronen
050,000 gold to India and $65,000 to Singapore.
likewise remain stationary at 0.0014%, unchanged.
Lire finished the week at 4.093' for bankers' sight
. As to Continental exchange, the market waited bills and at 4.103/ for cable remittances. This comupon developments in the French political crisis and pares with 4.0934 and 4.1034 the preceding week.
trading was, if anything, even duller and more Exchange at Czechoslovakia closed at 2.96/,
restricted than has been the case during the past against 2.96k; on Bucharest at 0.45, against 0.4534;
few weeks. Values, it is true, were sentimentally on Poland at 1934 (unchanged), and on Finland at
affected by the rise in sterling and small gains were 2.53 (unchanged). Greek drachmae closed at 1.84%
made in some of the major European currencies, for checks and at 1.8534 for cable transfers. Last
but dealers maintained a "hands off" policy and week the close was 1.88 and 1.883/2. At the close
showed very little disposition to trade under present there was a sharp spurt of strength in response to
unsettled conditions. Trading in French exchange, the further rise in sterling, but with no specific acexcept for the sporadic operations of the professional tivity in any currency.
element, was almost at a standstill. Attempts to
The former neutral exchanges were neglected and
sell were noted from time to time on "bad news" and
the quotation after opening around 5.22, sagged off although rates displayed a tendency to improve in
to 5.16%, though closing above this level. In the sympathy with sterling, trading was dull and perearly part of the week the extremely unfavorat le re- functory. Guilders gained about 12 points. Swiss
ception accorded M. Caillaux had a dampening in- francs went up to 19.36, another new high record,
fluence, so that it began to be regarded as doubtful and very close to the gold export point. As to
whether the really constructive financial program of the Scandinavian currencies, both Danish and Northe new Ministry could be carried through. Later on, wegian currencies were reactionay on attempts at
cables received from Paris intimating that the French realizing sales and lost ground,though rallying sharply
Chamber intended to force the passage of the 1925 at the close. Spanish pesetas were steady, but withbudget before turning to other ministerial problems, out important alteration.
Bankers' sight on Amsterdam closed at 40.00,
brought about a rally and the quotation crept back to
against 39.893/2; cable transfers at 40.02, against
5.2131. It will be recalled that failure to pass the
2
budget has been an adverse factor since the turn of the 39.913/2; commercial sight at 39.92, against 39.813/,
year, for the reason that its provisions apply as of and commercial sixty days at 39.56, against 39.4532
Jan. 1 and the delay in imposing increased taxes and a week ago. Final quotations on Swiss francs were
introducing economies in expenditures are likely to 19.36 for bankers' sight bills and 19.37 for cable
make it extremely difficult to present a well balanced remittances. A week ago the close was 19.31% and
budget. It is claimed that new budgetary provisions 19.32%. Copenhagen checks finished at 18.53 and
Could not possibly be put into effect before June. An cable transfers at 18,57, against 18.48 and 18.52.
A
attempt is to be made, so it is claimed, to introduce Checks on Sweden closed at 26.911 and cable transthe 1926 budget in the course of the next few weeks. fers at 26.953/ (unchanged), while checks on Norway
Buying of francs to take care of tourist requirements finished at 16.32 and cable transfers at 16.36, against
is likely to figure prominently as a sustaining influence 16.29 and 16.33 last week. Spanish pesetas finished
for francs this summer for the reason that bankers at 14.30 for checks and at 14.32 for cable transfers.
who usually lay in a large stock of exchange to meet This compares with 14.32 and 14.34 the week
this demand in the spring have been. compelled to before.
As to the South American exchanges the market
dehly making their commitments because of the
prevailing unsettlement. Approach of the German was inactive and rate changes not especially signifigeneral election, with its disconcerting possibilities cant. Argentine checks moved downward and
of a monarchical victory, acted as a restraint against finished at 38.26, against 38.36 for checks and at
anything like activity, since it is feared such a con- 38.31 for cable transfers, against 38.41. Brazilian •
summation would seriously hamper efforts to carry milreis closed the week, at 10.58 for checks and at
out the terms of the Dawes reparation plan. Italian 10.62 for cable transfers, as compared with 10.63
lire showed a slightly improved tendency and moved and 10.68 last week. Chilean exchange ruled strong
up to 4.10, though with no increase in activity. In with a further advance to 11.31, but reacted and
some quarters the feeling persists that this figure is closed at 11.18, against 11.28, while Peru was easier
,not representative of the true value of lire. Political and finished at 4 15, against 4 17 a week ago.
Far Eastern exchange was quiet at close to thp
unrest and the huge wheat imports, heretofore have
acted to prevent a return tolhigher levels, but it is levels of the previous week: Hong Kong finished
claimed that prospects are brightening perceptibly at 5434@54%, against 5434@)54%; Shanghai at
in Italy. Greek exchange opened firm, but lost 733@7434, against 7332@7432; Yokohama closed
2
2
ground, on profit taking, while rates on other of at 42%@423/, against 423/@42%. Manila,
Central European group remained without im- 49%@49%, against 49/@49%; Singapore at
the
563/ 563 (unchanged); Bombay. at 35%@3634,
s
(4) A
portant change.
The London check rate on 'Paris finished at 92.35, against 36@3634, and Calcutta at 36(4)36%,
against 90.75 last week. In New York sight bills (unchanged).
1;
on the French centre closed at 5.18%, against 5 243.
4
Pursuant to the requirements of Section 522 of the
cable transfers at 5.193 , against 5.25X; commercial
%
sight bills at 5.173 , against 5.2334, and commercial Tariff Act of 1922, the Federal Reserve Bank is now
2
sixty days at 5.123/, against 5.18 a week ago. Ant- certifying daily to the Secretary of the Treasury the
• werp francs, which followed the lead of Paris, finished buying rate for cable transfers in the different coun4
at 5.0434 for checks and 5.051 for cable transfers tries of the world. We give below a record for the
(unchanged from a week earlier). Closing rates on week just past:
2076
TICE CHRONICLE
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANK13 TO TREASURY UNDER TARIFF ACT OF 1922.
APRIL 18 1925 to APRIL 24 1925, INCLUSIVE.
[VoL. 120.
France, Germany and the Balkans.
The formal declaration of policy submitted by the
Noon Buyinp Rate for Cable Transfers in New York.
Value in United States Money.
Country and Monetary
Painleve Ministry on Wednesday was approved by
Unit.
Apr. 18. Apr.20. Apr.21. Apr.22. Apr. 23. Apr. 24.
the Chamber of Deputies by a vote of 304 to 218. The
$
3
$
$
8
EUROPE3
.14058
declaration, of which only a brief summary has
.14066
.14089
.14088
.14082
14057
Austria, krone*
.0505
.0505
.0504
.0505
.0504
0504
Belgium. franc
reached this country, appears to have been lacking in
Bulgaria. ley
007300 .007288 .007313 .007339 .007325 .007325
Czechoslovakia. kron 029651 .029657 .029660 .029653 .029657 .029655
.1856
.1851
.1845
novelty, although it was by no means a document of
.1838
.1834
1819
Denmark. krone
England, pound ster4.81828
4.8027
4.7945
.7942
4.7877
7862
ling
party compromise. The old issue of security for
.025227 .025231 .025213 .025232 .025229 .025232
Finland, markka
.0520
.0521
.0519
.0522
0521
.0523
France. franc
France is kept to the front, with a clear intimation
.2380
.2380
.2380
.2380
.2380
Germany.reichamark. 2380
018877 .018752 .018393 .018482 .018189 .018538
Greece. drachma
that security will best be assured along the lines of
.4002
.3997
.3996
.3993
.3989
.3989
Holland, guilder
.000014 .000014 .000014 .000014 .000014 .000014
Hungary, krone
the Geneva protocol, to which France some time ago
.0411
.0410
.0410
.0410
.0410
.0409
1taly. lira
.1634
.1630
.1633
.1628
.1632
Norway. krone
.1637
gave its adherence, and with the co-operation of the
.1918
.1918
.1918
.1917
.1918
Poland.zloty
.1920
.0495
.0497
.0495
.0496
Portugal, escudo
.0495
.0495
League of Nations. At this point the declaration apRumania,leu
004517 .004521 .004535 .004530 .004510 .004500
.1431
.1431
.1431
.1430
Spain. peseta
.1431
1431
parently reflects the views of the new Minister of
.2895
.2695
.2695
.2695
.2895
Sweden, krona
2695
.1937
.1938
.1936
.1934
.1933
Switzerland, franc__ .1933
Foreign Affairs, M. Briand. The church controversy
.018143 .106142 .106124 .016100
Yugoslavia, dinar-- .016114 .016138
ASIAwhich stirred up trouble for the Herriot Government
China.7546
.7538
.7554
.7563
.7550
Cheefoo. tael _____. .7542
is to be dealt with by a policy of "utmost friendli.7478
.7475
.7492
.7497
.7484
Hankow.tael
. .7488
.7302
.7304
.7308
.7306
.7319
.7314
Shanghai, tael
ness" in extending French laws to Alsace-Lorraine,
.7638
.7638
.7638
.7654
.7683
Tientsin, tael
.7642
.5385
.5393
.5396
.5391
.5400
Hong Kong, dollar .5410
.5350
and by maintaining at the Vatican "a highly quali.5342
.5340
.5340
.5341
.5347
Mexican. dollar
Tientsin or Pelyang
.5371
.5371
.5375
fied representative." "The development and execu.5375
.5358
dollar
.5379
.5471
.5471
.5475
.5479
.5463
.5483
Yuan, dollar
.3588
.3563
.3561
.3554
tion of the Dawes plan," together with a settlement
.3549
.3549
India, rupee
.4189
.4187
.4204
.4198
.4190
.4198
Japan. yen
.5575
.5575
.5587
.5567
.5558
.
of inter-Allied debts, are also promised. The hope
Singapore(S.S.) dollar .5517
NoRTH AMER.999365 .999658 .999750 .999862 .999871 .999835
Canada, dollar
of the radical Left that the term of compulsory mili998984 .999427 .999271 .999635 .999635 .991714
Cuba. peso
Mexico. peso
.498250 .499083 .499083 .498667 .498917 .498750
tary service would be reduced was disappointed, the
.997865 .99781)5
Newfoundland. dollar .997057 .997292 .997083 .997839
SOUTH AM ER.
Ministerial declaration containing no assurance on
.8691
.8699
.8667
.8838
.8655
Argentina, peso (gold) .8660
.1056
.1059
.1054
.1053
.1057
Brazil. milrels. .__. .1080
that subject or on the related question of army re.1124
.1124
.1123
.1123
.1112
Chile. Peso (Paper)._ .1114
.9472
.9493
.9460
.9454
.9453
.9445
_
Uruguay. nes°
form.
•One whaling is equivalent to 10.000 paper crowns.
In view of the storm of recrimination and personal
abuse which broke upon the head of M. Caillaux, the
The New York Clearing House tanks, in their
opera dons with inte:ior Lanking institutions, have new Minister of Finances, in the Chamber when the
gained 0,791,470 net in cash as a result of the cur- Ministry presented itself, it was probably just as
rency movements for the week ended April 23. well that detailed proposals of financial reform were
Their receipts from the interior have aggregated not included in the Government declaration. It
$4,779,984, while the shipments have reached $988,- would, indeed, have been asking a good deal of M.
514, as per the following table:
Caillaux to expect that he would, in the short space
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKINC.
of three or four days, familiarize himself with the
INSTITUTIONS
condition of the Treasury and formulate complete
I
Into
Out of
Gain or Loss
I
Banks.
to Banks.
Barth.
Week Ended April 23.
plans for dealing with the financial situation; and
54,779 984
1.988.5141Gain 53.791.470 even if he had done so, the superheated atmosphere
Banks Interior movement
As the Sub-Treasury was taken over by the Fed of the Chamber would have gone far to defeat a
eral Reserve Bank on Dec. 6 1920, it is no bagel profitable consideration of his proposals. At the
possible to show the effect of Government opera- moment,too, the attitude of the Senate was in doubt..
tions on the Cletring House institutions. The Fed However, the vote of confidence which the Governeral Reserve Bank of New York was creditor at the ment received in the Chamber of Deputies appears to
Clearing House each day as follows:
have had the effect of holding the Senate opposition
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
in check, and when the budget debate was resumed
AT CLEARING HOUSE.
in that body on Thursday, the expected opposition
Aggregate
Saturday, 1 Monday, Tuesday. Wednesd'y, Thursday, Friday,
went no further than a silent and respectful listenfor 1Veek.
April 18. April 20. April 21. April 22. April 23. April 24.
ing to what M. Caillaux had to say.
$
$
$
$
$
$
S
47,000.000 83.000.000 76.000,000 72,000,000 82.000.000 83,000,000 Cr. 443.000.000
In a restrained and courteous reply to a question
reflect the huge mass of checks which come
-The foregoing heavy credits
Note.
to the New York Reserve Bank from all parts of the country in the operation of in the Chamber of Deputies, asking for more precise
the Federal Reserve System's par collection scheme. These large credit balances.
however, reflect only a part of the Reserve Bank's operations with the clearing details of the financial program, M. Caillaux intiHouse institutions, as only the items payable in New York City are represented in
of mated that Government borrowings
the daily balances. The large volume of checks on institutions located outside
from the Bank
New York are not accounted for In arriving at these balances, as such checks do
the Clearing House but are deposited with the Federal Reserve of France would not be increased, that a consolidanot pass through
Bank for collection for the account of the local Clearing House banks.
tion of bond issues was not contemplated, that every
effort would be made to pass the 1925 budget and
The following table indicates the amount of bulmake it balance in fact as well as in form, and that
lion in the principal European banks:
a similarly balanced budget for 1926 would be laid
April 25 1924.
April 24 1925.
Banks of
before the Chambers in June. Beyond these measSilver. I Total.
Gold.
Total.
Sttrer. i
Gold.
ures, joined to a faithful adherence to the principles
8
8
8
8
128,122,914
128,733,163128,122.914
England __ 128,733,163
of the income tax, of which he was the author, M.
France a_ _ 147,277,550 12.640,000159.917,550147.120,357 11.920,000 159.040.357
Germany 42,468,550 d994,600 43,463.150 23,244,150 3,475,04 26.719,190 Caillaux forecast a "large
operation" for the imb2.000,000
b2,000,000
b2,000,000
Aus.-Hun. b2.000,000
b
Spain
101,441,000 25,761,000127,202.000101.155,000 26,179.000 127,334,000 provement of the financial
situation of the Treasury,
Italy
3.5,587,000 3.361,000 38,948.000 35,322,000 3,423,000 38,745,000
739,000 47,119,000
Netheri'ds 42.040,000 1,700,000 43,740.000 46,380,000
Nat. Belg_ 10,891,000 3,010,000 13,901.000 10,819,000 2,785,000 13,604,000 the details of which, however, could not yet be anSwitzerrd_ 19.300,000 3,582.000 22,882,000 21,451,000 3,856.000 25,307,000
15,043,000 nounced. In his remarks in the Senate he emphaSweden_ _ _ 12,982,000
I 12,982,000 15,043,000
741,000 12,384,000
Denmark _ 11,637.000
989,000 12,626,000 11.643,000
8,182,000 sized particularly the purpose to insure economy in
8,180,000
I 8,180,000 8,182,000
Norway
Total week 562,537,263 52,037.600614.574,863550,482,421 53,118,040603,600,461 public expenditure. There is nothing very definite
Prey. week 562,005,340 52,293,600614.298,940550.324,798 53,334,040603,658,838
about all this, but the statements were perhaps as
a Gold holdings of the Bank of France this year are exclusive of 874,572,836
held abroad. b No recent figures. c Gold holdings of the Bank of Germany this much as should have been expected under the circumabroad. d As of Oct. 7 1924.
year are exclusive of .87.718,200 held
APRIL 25 1925.]
THE CHRONICLE
2077
stances. It is probable that when the Chambers re- Russian complicity in the outbreak must be viewed
assemble after the usual month's recess, during with reserve until more substantial proofs than have
which the municipal elections will be held through- been offered are forthcoming, and the reports of
out the country, a detailed financial program, to- wholesale shootings of members of the Communist
gether with a statement of the actual condition of Agrarian Party under the direction of courts-marthe Treasury, will be ready for consideration, and tial also need confirmation. Enough news has leaked
the fight over M. Caillaux, if there is to be one, will through a rigid censorship, however, to justify the
be resumed.
conclusion that the Bulgarian Government has estabIt is not surprising that the appearance of M. Call- lished a veritable "White Terror" by a barbarous
laux in a Ministerial seat should have provoked a vio- course of reprisal, and that the action of the Allied
lent scene in the Chamber of Deputies and outspoken military authorities in permitting a temporary inthreats of protest in the Senate, or that the new Min- crease of the Bulgarian army has given the Governistry, of which he is the most conspicuous member, ment a weapon which it is using with little mercy.
should be widely regarded as destined to enjoy only a The spectre of another Balkan war has been raised
short lease of life. Personalities play a much larger with the report that the Bulgarian conspiracy was
part in French politics than they do in the politics in fact hatched in Jugoslavia, and that any day may
of this country or Great Britain, and the sudden re- see an invasion of Bulgaria by Jugoslav armies bent,
turn to public life of M. Caillaux, after the spectacu- not upon putting down the rising, but upon occupylar experiences which he has undergone, is undoubt- ing the country. The one thing that stands out most
edly provocative. The intimation is already heard, prominently in this mass of charges, countercharges
however, that the very violence of the attack upon and rumors is the fact that eastern Europe, as parhim in Parliament and in a section of the Nationalist celed out by the Peace Conference, is as much of a
press has acted to strengthen the Painleve Ministry tinder-box as ever, and that the bitter rivalries of
and solidify the support of the Left bloc. After all raees, parties and Governments may at any time
is said and done, the Left bloc, which commands a bring on a conflagration.
majority in the Chamber of Deputies and is strong in
The reign of peace advances slowly and haltingly.
the country, cannot do anything without a Govern- There are still too many swords and spears that have
ment; and while some of the statements of the Minis- not been beaten into plough-shares and pruningterial declaration indicate a leaning towards the hooks to permit Europe to settle down. If M. Briand,
Right, the Left has little choice at the moment save now that responsibility for French foreign policy has
to support M.Painleve and give M. Caillaux a chance once more devolved upon him, were to use the brief
to show what he can do with the finances, or face a respite of a parliamentary recess to advance the good
general election whose outcome is not clear. On the understanding between France and Great Britain
other hand, the sharp cleavage between the Nation- which the Ministerial crisis has interrupted and dealist Right and the radical Left was shown in the ferred, he would inject into the disturbed political
struggle over the election of M. Herriot as President situation on the Continent a moderating and humanof the Chamber of Deputies,in suCcession to M.Pain- izing influence which at the moment is greatly
leve, the election being accomplished only by a vote needed.
in which the entire Nationalist following abstained.
This is obviously unstable equilibrium, but it is nevThe Turkey of To-day.
ertheless equilibrium of a sort, at least for the time
The time has passed for calling Turkey "the Sick
being; and that, in the present irritable state of
Man of Europe," or talking of the "Unspeakable
French politics, is something to be grateful for. It
Turk." From the critical hours at the beginning, to
is possible that the Painleve Government has not yet
the end of the last fifty years, when his affairs were
seen the bottom of its financial troubles, but it at
the bone of contention—from the time of which Engleast has been given an opportunity to face them lishmen
bitterly confess that "Beaconsfield came
and show what it intends to do.
home from Berlin with peace without honor to the
France is not the only country in which excitetime when Curzon came home from Lausanne with
ment and uncertainty, have clouded the sky. The
honor and without peace"—the jealousies, ambitions
past week has been an anxious one for Europe. The
and greed which in recent years have convulsed the
energetic campaign in behalf of Hindenburg for the
modern world and discredited Christian civilization
presidency of the Reich has served to fix attention,
are coming to be known as too generally distributed
especially in France, upon the possible outcome of
to be fixed upon any one State or even exclusively
the German election next Sunday. Hindenburg's
upon any one group. We all have our part. Whether
own statements regarding Germany policy appear
it is Turkey or Germany or Soviet Russia that is in
to have been moderate, and his suggestion that the review
there is much information to be sought and
fulfillment of the conditions of the Dawes plan dewide searching of hearts to be faced if the way of
pends in part upon the favorable political attitude
peace is to be found or justice is to be done. Such
of the Allies is.much to the ?pint; but the appear- information is to
be had in compact and trustworthy
ance of the former head of the German armies,,and form in an
ample account of modern Turkey just pubthe supposed idol of the extreme monarchists, as a lished by Macmillan.*
It is composed of a number
candidate for the presidency has been disquieting in
of monographs by men in position of authority or
some quarters, as has the open demand in Germany having knowledge covering
every aspect of the counfor the incorporation of Austria as part of the Reich, try's life, both internal and in its
relation to the outnotwithstanding the prohibition of the peace treaties. side
world, obtained by a man with exceptional expeThe electoral contest in Germany, however, has rience who has planned the
volume. Its 25 sections
been to a considerable extent overshadowed by the cover the entire field from
the history and make-up
dramatic collapse of a Communist plot in Bulgaria, of the population and
the resources of the country to
after an unsuccessful attempt to assassinate the
*"Modern Turkey," by
King and blow up the Ministry. The allegations of and Trade Commissioner atEliot Grinnell Mears, American Military Mission
Constantinople.
2078
THE CHRONICLE
[VoL. 120.
the diplomatic and Governmental situation to-day. her the forces of the Allies; and though the outbreak
It contains much that is new and not found else- of the revolution in Russia in 1917 gave Turkey new
where, and all is valuable for those who would know hopes, the end of the war the following year left her
the real situation and are willing to hear both sides prostrate, expecting to retire altogether from Europe
and ready to accept any terms she could get, for she
before reaching conclusions.
A thousand years ago the Turks broke out of had gone into the war on the wrong side. Then it
Western China and moved in the line of migration was that taking advantage of the cross purposes of
that has overrun the Western world until finally, in the Allies seeking individual advantage, with the
successive waves they occupied the land they now entry of the Greek army into Smyrna in 1919 the
consider their home, which has through all historic Turks found occasion for the organization of the
time been the chief battlefield of the world. They New Nationalist Party, which resulted in the creaappeared in Europe in the 14th century, captured tion of the present Government at Angora with Mus.Constantinople and overthrew the Eastern Empire tapha Kemal in command. He had won influence
in the 15th,and were only turned back before Vienna by his military record, and was able to gather about
in the 17th century. They were under the command him a small group of patriotic and able advisers.
of a line of chieftains of one family who through ten Subsequent events are well known. The Turks
successive generations retained their position, an found their opportunity from day to day in the rivalexperience never equaled elsewhere. Their Sultans ries and blunders of the Allies. France, Italy and
were able military chieftains, administrators and Russia made separate treaties with Turkey in 1921.
statesmen. They represented the strength of the The humiliating Treaty of Sevres was quickly swept
stock to which they belonged; as their successors in aside and the Bolshevists had pledged support before
the Khalifate, not one of whom had a Turkish mother, the final triumph at Lausanne, in which the Turks
but were all children of the Harem, born of slaves gained all they sought in the assurance of their posiand beautiful foreigners, may be regarded as nearer tion to-day. The skeleton of the Chester concession,
akin to the very mixed race over which they have which as a hasty sop they threw to America in hope of
later ruled. They have been indolent, sensual, some- making trouble among the Allies, is all that remains
times able, cunning and cruel, until the line has of our having any part in the controversy. We were
ended in the man now in exile in Europe still claim- "lookers-on" with valuable interests in nearly a
ing that though he ran away he has never resigned, hundred years of missionary and educational effort
and who with his appointed successor, now also an and investment at stake in the debate at Lausanne,
exile, may yet be able to make trouble for the new not to speak of valuable commercial connections, but
it was then beyond our power to reconcile conflictRepublic.
posses- ing aims or change the course of events.
They have ruled a land richest of all in the
This, then, is the situation to-day. Asia Minor has
sion of the sources of the art, the religion and the
institutions which have gone to constitute been the focal point through which the lines of influsocial
modern society, of which they have made absolutely enee have led by which the art, the literature, the
no use for 500 years. The country has changed little science, the culture and the religion of the East have
beyond a certain amount of imitation and adaptation reached and awakened Europe and the West. It
in 2,000 years. Cyrus, Alexander and Khalif al holds a similar place in the multitudinous ebb and
Rashid would find little change. Fatalism has been flow of the greater life of to-day. Trunk lines of
,the controlling and destructive view of thought and passenger and commercial transportation, by air,
life. The migrating conqueror ran up against the water and rail pass through it. Physically it remains
,Arabs in the South, one of the strongest and most substantially what it was described to be at the behighly gifted races of history, whom they never have ginning of history. "A good land, a land of brooks
completely conquered and who before the war some- of water, of fountains and springs, flowing forth in
what outnumbered the Turks, but they profited little valleys and hills, a land of wheat and barley, and
by the contact. Indeed, the Arabs and the Kurds, vines and fig trees and pomegranates; a land of olive
,their.fellow Mohammedans, were always hostile to trees and honey, a land wherein thou shalt eat bread
,the Turkish Mohammedans, and the Kurds are at without scarceness; thou shalt not lack anything in
war with them now. The Armenians, one of the old- it, a land whose stones are iron and out of whose
est and most highly endowed of the races in the land, hills thou mayest dig copper"; to which may be
and who formed only about 10% of the population of added to-day every mineral, from coal and oil to mers the Turkish Empire, were tolerated and contributed cury and precious stones.
The present Government is already studying ecomany of the influential members of the Government
• until stirred by reports of their plotting rebellion the nomic measures. importing farm machinery from
Turks sought their destruction; and of late they have America, and bidding for capitalists and experts to
.been decimated by exile and persecution, largely be- develop her agriculture, her railways, her mines and
cause of the failure of protection and support by the her harbors. The English and the French are comAllies who had enrolled them in their army and then peting for the business, as are also the Russians, the
left them deserted. The last treaty following the Scandinavians and the Japanese. Special efforts
World War, that signed at Lausanne by the Allies were put forth before the war by the Germans, who
and the Turks, makes absolutely no mention of the secured visits of large groups of Ottoman business
men to whom they showed every courtesy and sent
Armenians.
. The hopes of a new day inspired by the Young Turk them home greatly impressed, at a cost of some $125,movement of 17 years ago vanished with the late war. 000 paid by the German banks, shippers and commer, After some hesitation, largely influenced by her con- cial cities. Trade results seemed to prove the effort
stant fear of Russia, who had stirred up successive a success. Scholarships for Turkish students were
, wars in the Balkans, all looking toward the taking provided in Germany. Young Germans were sent to
of Constantinople, Turkey threw her lot in with the Turkey at the expense of banks is.nd merchants to
Central Powers. This step promptly directed against learn the needs, and producers in all parts of Ger-
APRIL 25 1925.)
THE CHRONICLE
many were provided with every facility for doing
business directly with Turkey. In 20 years, from.
1894 to 1912, German exports grew from one to 22
million dollars. From 1918 to 1923 little was done,
but there are strong indications that their connections with the Levant are to be revived. In general,
financial facilities are the prime need. Banking is
still very disturbed and precarious.
The situation is not a matter for our Government
so much as it is for individual business men. The
Turkish Republic is definitely launched, though it is
largely embodied in the person of Mustapha Kemal.
A strong opposition movement is already appearing
which is not an unwholesome feature. The parallel
with Italy will at once suggest itself. Ismet Pasha,
the dominating diplomatist, has been dismissed, and
there is the possibility of intrigues for the restoration of the monarchy. The present Government at
least knows what it wants and seems for the hour
sufficiently stable. At the moment it is venturing
a play of swords with Great Britain over the possession of Mosul.
2079
to our interpretation of foreign trade. And it is not
a matter of tariff or free trade to point to the benefit
of having the first chance at a home market of unparalleled volume. If with our resources, our inven;
tive genius, and our close proximity to one hundred
and fourteen millions of consumers whose wants and
needs are known to us we cannot hold our own in
this home market against all comers there is something wrong with conditions and theories.
The fact is we do want to trade with the world
both in raw materials and manufactured products.
And in proportion to the extent of this trade will
benefits accrue to the world and to us. Our manufacturers have saturated the home market. In our
discussions and considerations we seem to have lost
sight of the boasted opportunities that were to open
to us because of the war. As old Benton once pointed
with dramatic gesture to the West and exclaimed,
"There lies the East," so men pointed to South America and declared it was ours by virtue of resources
and proximity. We were to capture this trade almost overnight. What has become of these loud
boasts? Despite their impediments, France and GerRelative Importance of Domestic and Foreign many are pushing their foreign trade into these
Trade.
South American countries. And we know that EngIn his speech to the cotton textile makers on lish trade is as sleepless as it is world-wide. Have
April 6 President Coolidge, true to form, points out we lost our trading spirit? Are we to get all our
the supposed advantages of a protective tariff. And nourishment out of the "home market," a market we
in view of the reams of discussion that have gone make ourselves? There are so many things that
before we may be permitted not to consider that ques- come to mind just here. We have certainly bungled
tion. Nor need we concern ourselves over the genu- our shipping business. With tremendous carrying
ine advantages of the establishment of domestic free power We cannot even sell idle vessels without a contrade, also pointed out in this speech. But praise of test. Our Consular service, growing a little better,
the fact that we have no export duties on raw mate- it is true,is defective, compared to that of older counrials, that we generously share our magnificent re- tries. We have adopted an immigration policy, stern
sources with the whole world is a matter we may and unyielding—at least of questionable value. Yet
reflect upon. We are invited in the address to com- our credit is searching Europe and South America
pare this policy with that of other countries that do for banking posts and connections, while our interlay a tax upon export of their native products. Cof- national loans are large and continuous.
fee and one of the principal States of Brazil might
But can we sell without buying? Can a ship go
be mentioned as a case in point. Such revenues in- out loaded and come back empty? Must we consider
deed are often pledged as additional security for alone the sale of our agricultural products? And is
loans, sometimes made in the United States. But our prolific and protected home market to dull our
the products, if we mistake not, in volume and value, eyes to the Golden Fleece that lies beyond the sea?
thus taxed by foreign States, do not compare with Now we are fortunate above all others in this home
those that have free egress from the United States. market. It is naturally and eternally ours. And
In other words, having more raw material than we whether Government does Or does not aid us in holdcan make up into use for our own consumption do ing it against all corners may not too mueh stress be
we not deliberately invite buyers from over the world laid on its advantages? The primal law of trade is
to come here and purchase? And where labor is mutual benefit. Trade, as so often said, is civilizer.
cheap is this not a distinct advantage with peoples When we buy the surplus of another people, a surthat depend upon manufactures in their trade with plus of goods or products that we have not, we conthe world?
fer a benefit. One way, a helpful way, to peace is
President Coolidge says that under our Constitu- through trade. Government here, after we pass the
tion we cannot levy an export tax. Why was this so Custom House, has no power. Even ship subsidies
nominated in the bond? We can imagine the framers cannot make out trade routes. Only enterprise and
of that Covenant looking behind them at the vast- the adventurous spirit of profit-seeking can. It is
ness of an unexplored continent, though they did not sometimes said we are not a maritime people. But
appreciate the marvel of its actual resources. But before our vast interior valley was opened we were.
national tariffs and custom houses were not as popu At most domestic trade is development. The
time
lar or prevalent then as they have since become must come, is it not here?—when we shall seek forWas this proviso a magnificent gesture in the direc- eign markets or suffer. Secretary Davis has lately
tion of international free trade? It matters not. said increase the power of machinery and the total of
What is important is that the young republic wanted output rather than reduce wages. What will we do
to sell to the world and to trade with it. And in the with the increase? All considerations come down to
rounding of a century and a half this republic wants one thing—the tremendous importance of
foreign
to do that to-day. But somehow there has grown up trade. We cannot trade jack-knives among oura sentiment to sell with a negligible desire to buy. selves much longer and grow rich in the true
Tariff or no tariff, this cannot always stand: The sense. The wide world has much that we
want
''
old theory of a favorable balance of trade still clinks and need.
[VoL. 120.
THE CHRONTCLE
2080
There are no rules to lay down here. But if we
may venture the opinion, self-satisfaction with the
home market is not an urge to venture abroad. Certainly we do not need a merchant marine as much as
certain barren countries that must live upon the
traffic of the seas. Certainly there are some of the
finer manufactures in which others excel. Though
labor be cheap in some lands we can profit by exchange. The very zones of earth, with their peculiar
products, invite us. And capital is ever ready to
venture abroad for profit. While it is good to have
demand for our raw materials, it is better to sell finished products. Is it not, then, worth while to consider any obstacles that may exist to an increase in
our foreign trade? We talk much of "isolation."
Trade, honest trade, is a contract that has no unpleasant aftermath. It is economic, not political.
It engages us in no "entangling alliances." But it
makes us friends wherever we go if only we give value
for value. The future of this country, vast as are its
internal resources, as is true of the future of other
countries situated in other zones and continents, lies
in foreign trade, and the natural development of
agencies of expansion is imperative.
We have lately been much concerned over co-opera
tive marketing associations for agricultural products. But do we view aggregations and consolidations of capital necessary to engage in foreign trade
with favor? Our laws may be more lenient, specifically, than they were; but is the spirit prominent in
the minds of the people and their representatives?
If there are comparatively few acres of free lan ls to
distribute, if the deserts are now beginning to be
cultivated by costly processes, though agriculture bc
fundamental, how long before the people will cry out
for new fields of effort? If population is already so
congested we cannot admit any more for fear of
over-production, how long before the surplus will
send men into idleness and discontent? Conscious
of a domestic exchange, magnificent and munificent,
that comes through the development of a territory
of varied resources, can we always continue this form
of prosperity as population thickens and domestic
trade becomes more and more a single unit? Not
that territorial boundaries are trade lines, far from
it. But as invention and transportation increase the
people that is contented with its own trade will be
left behind in the universal trade that is by all and
for all.
Secretary Mellon to Increase Supplies of Currency.
The New York "Journal of Commerce" reported the following from its Washington Bureau April 19:
A 25% increase In the country's supply of paper currency during the
next fiscal year is assured. It was made known today at the Treasury, as a
result of steps taken by Secretary Mellon to meet the growing need of the
nation for bills, particularly of the smaller denominations. A new scheme
for distributing currency to the banks throughout the country has already
been put into operation, and during the coming fiscal year there will be a
horizontal increase in the output of bills by the Bureau of Engraving and
Printing.
By arrangement with the budget bureau the way has been cleared for the
bureau to turn out during the coming year 200,000,000 sheets of bills, which
will be a record for the printing of paper money by the United States.
Production ordered for the current year aggregates 150.000,000 sheets.
heretofore a record, but this is to be bettered by 50,000,000 sheets. Each
sheet contains four bills, the amount of currency printed naturally depending
upon the denominations of the bills, but the great demand of the country
is for more $1 bills.
Scarcity of Paper Money.
The scarcity of paper money became acute last summer mainly through
the r bsorption of bills of the small denominations and because of the
demand the Engraving Bureau was unable to age new bills properly before
issuing them. As late as last July the bureau at one time had only half a
day's simply of new bills on hand as the issuance of green bills materially
shortened their life. Increased production will enable the building up of
reserve storks which will permit curing ard lengthening the life of the bill,
which, In the case of the one-dollar bills, Is now less than seven months.
Arrangements have also been made for a more efficient system of distribution, with the idea of maintaining In the various sections of the country
the proper supply of currency to meet all needs. A committee appointed
by Secretary Mellon has made a thorough study of the currency requirements of the various parts of the country and a system of distribution is now
working which only requires an increased supply of currency to function
automatically.
Experts at Work.
This committee is composed of Assistant Secretary of the Treasury
Dewey,Commissioner of the Public Debt Williams. Broughton and Walter
L. Eddy. secretary of the Federal Reserve Board. A number of Government currency experts work under their direction. These three men have
virtually the entire control over the distribution of now United States
currency and are charged with the responsibility of filling the requirements
of the different localities throughout the country.
As a result of careful investigations the committee has worked out
estimates of what each section of the country, as represented by the twelve
Federal Reserve districts, should have in the way of currency from month
to month. Each district is entitled to a given supply of new bills of the
various denominations and a supply of fit bills, the sum of the two being
its currency supply. Reports of actual supply from the districts indicate
where there are shortages and where there are oversupplies which may
P=4-4 ti. 04"
fit (Ivo
be shifted.
P"
Advices to the effect that the rapidly growing popularity
of the dollar bill had become a problem to Treasury officials
were contained in press accounts from Washington, April 8,
the New York "Evening Post" at that time stating:
The Government is faced with the necesity of either greatly expanding
the capacity of its printing plant or inducing the public to be more economical In its use.
Just why there is such a demand for the dollar bill, that its circulation has
increased more than seven times since 1900, and exactly three times since
1910. Is a puzzle which Assistant Secretary Dewey has started out to solve.
He hopes by the study to find means of obtaining a more sparing use.
The plant of the Bureau of Engraving and Printing, built in 1914, with
the expectation that it would meet the nation's paper money production
needs indefinitely, was forced in March to deliver to the United States
Treasury 37.824,000 one-dollar bills to keep up with the public demand for
them. The bills weighed approximately 113,472 pounds.
One of the chief difficulties is that the capacity of the plant is so pressed
by the demand that the bills have to be put in circulation as "green"
money,fresh from the press and without opportunity to "cure" so that they
will stand rough usage.
Just now the average life of the bills being put in circulation is only four
months.
The Treasury has tried to meet the problem and give the Engraving
Bureau time to store up a few million bills for the curing process by restoring
the silver dollars to popularity, but thus far the public has frowned on the
rosi
iltaiekitkitaiaL Ilitstiaibk Ibalm it it
.
The New Capital Flotations in March and for the
First Quarter of the Year.
While the new capital issues brought out in the United
States during March were not of the exceptional magnitude
as those of the months immediately preceding, they were
nevertheless of large extent, aggregating over half a billion
dollars, or at the rate of six billions a year, and ran considerably in excess of the March totals of previous years. There
were no large offerings of either foreign Government obligations or of farm loan issues, and this served to hold the totals
down. The offerings came almost entirely from corporations and municipalities, and the contributions by both were
of more than ordinary proportions.
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 1925 reached $505,369,807.
This compares with $664,632,971 in the short month of February, with $685,403,871 in January, with $557,168,130 in
December and with $427,218,524 in November, when the
amount was relatively small, even though the $100,000,000
French loan was brought out in that month. It also compares with $733,665,611 ill October, when the total included
the American portion ($110,000,000) of the German loan,
with $540,251,949 in September, with $454,483,973 in August,
with $428,299,766 in July, with $649,602,434 in June, when
the magnitude of the awards by States and municipalities
acted to raise the total to unusual proportions (New York
City alone contributing considerably over $100,000,000 in
that month), and with $627,050,947 in May, when the month's
total was swollen by the offering of $150,000,000 new stock
to Its shareholders by the American Telephone & Telegraph
Co.
Aram 25 1925.]
THE CHEONICLE
As already stated, the contributions during March to
these new capital issues came from two main sources, namely
from corporations and from municipalities, and both sources
of supply were of more than ordinary proportions. The
aggregate of the offerings by corporations for the month this
year was $352,606,100, against $266,113,157 for March 1924
and $293,295,741 for March 1923, and the awards by municipalities reached a total of $110,263,707, against $100,331.302 last year and $69,575,262 the year before.
The total of all corporate offerings during March this year.
as noted above, was $352,606,100 and consisted of $318,206,100 domestic and $34,400,000 foreign issues. Public
utilities for the second successive month led in the amount
of the different subdivisions, with a total of $171,557,000,
but, as was the case with all the corporate subdivisions, fell
below the amounts for the months immediately preceding,
the public utility offerings for February having been $205,324,225 and for January $237,724,500. Industrial Issues in
March aggregated $142,216,100, as against $186,183,450 in
February and $247,881,185 in January, while railroad offerings amounted to $38,833,000 in March, as compared with
$112,045,000 in February and $22,992,000 in January. Of
the $352,606,100 corporate issues, $257,863,200 was long-term,
only $14,465,000 was short-term and $80,277,900 consisted of
stock issues. The amount of the corporate issues used for
refunding during March was $70,251,000, or almost 20% of
the total; in February only $53,382,000, or 10%, was for refunding, while in January $95,193,425, or over 18%, was for
this purpose. In March last year only $11,520,000, or less
than 5% of the month's total was for refunding purposes.
All of the $70,251,000 used for refunding in March this year
was raised through the sale of new long-term issues. Existing long-term issues thus replaced totaled $59,566,000, existing short-term issues $8,185,000, and existing stock issues
$2,500,000.
The foreign corporate issues aggregating $34,400,000 comprised the following: Canadian -$7,000,000 Montreal
Tramways Co. gen. & ref. mtge. 5s, "A," 1955, offered at 88,
to yield about 5.85%, and $800,000 A. P. W. Pulp & Power
Co., Ltd., 1st mtge. 7s, 1945, offered at par; other foreign
Issues were: $15,000,000 Toho Electric Power Co., Ltd.
(Japan), 1st mtge. (Kansai Division) 7s, "A," 1955, offered
at 90%, to yield about 7.80%; $5.000,000 Electric Power
Corp. (Germany) 1st mtge. 61s, 1950, sold at 87, yielding
/
2
about 7.67%; $5,000,000 Alpine Montan Steel Corp. (Austria)
1st mtge. 75, 1955, placed at 91, to yield about 7.80%, and
$1,600,000 International Railways oft Central America 1st
mtge. 55, 1972, brought out at 79%, at which the yield is
6.50%.
The largest single corporate issue during March was that
of 400,000 shares of no par value preferred stock of Electric
Power & Light Corp. This stock was offered at $100 per
share with a bonus of % share of common stock accompanying each preferred share and, based on the offering price,
Involved a total of $40,000,000. Two large loans were negotiated by the Oklahoma Gas & Electric Co. The first was an
offering of $23,500,000 1st mtge. 5s, "A," 1950, offered at 95,
to yield 5.36%, and the second was $8,000,000 deb. 6s, 1940,
offered at 98%, to yield about 6.15%. Other large utility
Issues included $15,000,000 Niagara, Lockport & Ontario
Power Co. 1st mtge. & ref. 5s, "A," 1955, sold at 98%, yielding 5.10%; $12,000,000 Midland Utilities Co. 7% cum. prior
lien pref. stock, offered at 98%, yielding 7.10%; $11,500,000
Jersey Central Power & Light Co. 1st mtge. & ref. 5%s,"A,"
1945, placed at 97%, to yield 5.70%, and $8,975,000 Philadelphia Rapid Transit Co. guar. 6s, 1962, offered at 99, to yield
6.06%.
Industrial issues worthy of mention were: $15,587,000
International Paper Co. ref. mtge. 6s, "A," 1955, brought out
at 96, to yield 6.30%; $7,000,000 Utah-Idaho Sugar Co. 1st
mtge. 6s, 1926-40, sold at prices to yield from 5.50% to
6.25%; $5,000,000 Cuyamel Fruit Co. (Del.) 1st mtge. Os,
1940, offered at 99, to yield about 6.10%; $5,000,000 Bing &
2081
Bing, Inc., deb. 62 1950, offered at 98%, to yield about
/
1s,
6.62%, and $5,000,000 Edgewater Beach Hotel Co. (Chicago)
1st mtge. 6s, 1926-40, sold at prices yielding from 5% to 6%.
Railroad financing during March was featured by the
offering of $26,000,000 Pittsburgh Cincinnati Chicago & St.
Louis RR. gen. mtge. 5s, "B," 1975, at 99, to yield about
5.06%.
Three separate foreign Government loans amounting to
$28,000,000 were floated in this country during March. The
loans were: $15.000,000 State of San Paulo (Brazil) 8s,
1950, offered at 99%, to yield about 8.10%; $10,000,000 Republic of Finland 7s, 1950, offered at 94, to yield about 7.50%.
and $3,000,000 Kingdom of the Serbs, Croats & Slovenes
(Jugoslavia) 6 months' 6% Treasury notes, due Sept. 30
1925, offered at par.
Six small issues of farm loan bonds were brought out during March for a total of $14,500,000. The yields on the
bonds ranged from 4.30% to 4.75%.
Offerings made during March, 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 240.000 shares no par value common
stock of (The) Fair (Dept. Store), Chicago, offered at $35
per share; 100,000 shares no par value common stock of
Eureka Vacuum Cleaner Co., offered at $49% per share;
$4,676,60* Bethlehem Steel Corp. 7% cum. pref. stock taken
by employees at par ($100); $1,271,500 Southern Indiana
Gas & Electric Co. 6% cum. pref. stock, offered at $85 per
share, to yield about 7.06%; $900,000 Mountain States Power
Co. 7% cum. pref. stock offered at 97, to yield about 7.22%;
30,000 shares no par value common stock of Grennan
Bakeries, Inc., offered at $101 per share and 18,000 shares
/
2
no par value common stock of Formica Insulation Co. offered
at $16% per share.
The following is a complete summary of the new financing
-corporate, State and city, foreign Government, as well as
Farm Loan issues-for March and the three months ending
with March, of the current calendar year. It will be observed that in the case of the corporate offerings we subdivide the figures so as to show the long-term and the shortterm issues separately and we also separate common stock
from preferred stock, besides reporting the Canadian corporate issues and other foreign corporate issues as wholly distinct items.
SUMMARY OF CORPORATE. FOREIGN GOVERNMENT. FARM LOAN
AND MUNICIPAL FINANCING.
1925.
New Capital.
Refunding.
Toted.
MONTH OF MARCHCorporate-Long term bonds and notes_
Short term
Preferred stocks
Common stocks
Canadian
Other foreign
$
153,212.200
14,465.000
65.832.000
14,445.900
7.800.000
26,600.000
$
70,251,000
$
223,463,200
14,465,000
65,832.000
14,445,900
7,800.000
26,600.000
Total
Foreign Government
Farm Loan Issues
War Finance Corporation
Municipal
Canadian
•
United States Possessions
282.355.100
25,000.000
11,500,000
70.251.000
3,000.000
3,000,000
352,606.100
28,000.000
14,500,000
108.285.195
1,979.512
110,263.707
427,140,295
78.229.512
505.369,807
THREE MONTHSEND.MAR.31
Corporate-Long term bonds and notes_ 668.716,275
Short term
82.700.000
Preferred stocks
149.937,300
Common stocks
94,226,460
Canadian
48,000,000
Other foreign
102,350,000
134.910,425
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
Grand total
Total
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal
Canadian
United States Possessions
Grand total
1.145.930.035
70.500.000
57.825,000
310.103,472
4.808,000
3,000,000
1.592.166.507
218,826.425 1,364,756.460
28,000.000
98.500,000
3,000.000
60,825.000
7,338.585
10,000,000
317,442,057
14,808.000
3,000,000
267.165010 1
RAO .1.11 aln
In the elaborate and comprehensive tables, which cover
the whole of the two succeeding pages, we compare the foregoing figures for 1925 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
the different classes of corporations.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF MARCH FOR FIVE YEARS.
1925.1924.
•
MONTH OF MARCH.
New Capital.
Refunding.
Corporate—
Long term bonds and notes__
Short term
Preferred stocks
Common stocks
Canadian
Other Foreign
$
153.212.200
14,465.000
65,832,000
14,445.900
7,800.000
26,600.000
$
70.251,000
Total
Foreign Government
Farm Loan Issues
War Finance Corporation
Municipal
Canadian
U. S. Possessions
282.355.100
25,000.000
11.500,000
Grand total
Total.
New Capital.
$
223A63,200
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,,,00
3,000,000
352,606.100
28.000,000
14,500,000
254,584.157
108.285,195
1.978,512
110.263.707
98,975,008
681,000
427,140.295
78.229.512
505,389.807
358,440,165
Refunding.
1923.
Total.
New Capital.
Refunding.
1921.
1922.
Total.
New Capital.
Refunding.
Total.
New Capital.
Refunding.
Total.
2,000,000
350,000
$
174,912.800
32,490,000
6,762,500
50.267,857
1.680.000
$
180.057.700
2.082,200
25,733,127
12.750.041
2.415.000
19.900.000
11,529,000
266,113,157
242,938,068
2,200,000
23,500.000
f,356,294
100,331,302
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
50,717,797
3,500.000
500.000
853.000
51,570,797
3.500,000
500,000
12,885,294
369.325,459
337,007,070
52,479,933
389,487,003
447.592,165
83,949.919
531,542,084
186,972,287
13,028,600
200,000,887
$
9,179,000
1,680.000
2.200.000
$
24.162,300
142,8‘,0
25,317,573
735,000
$
204.220,000
2.225.000
51,050,700
13.485,041
2,415.000
19,900,000
$
$
$
70,736,119 197358.500
,
128,622,381
17.
029,200
17,029.200
12,650.00012,650,000
17,132,962
7, 16;65.
9
6 25.112,962
16,800.000
16,800,000
41,975,000
41,975,000
$
166,945,000
32,664,000
12.119,400
2,526.090
6,500,000
1.500,000
$
7,900,000
3,a00.000
775.600
$
74,845,000
36,164,000
1'4,895,000
2,526.090
6,500,000
1,500,000
50,357,673
293.295,741
232,209.543
77,000,000
10,550,000
78,716,119
310,925,662
77.000,000
10,550,000
122,254,490
10,000,000
12.175,600
134,430,090
10,000,000
23,500,000
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF MARCH FOR FIVE YEARS.
New Capital.' Refunding.
1924.
Long Term Bonds & Notes—
lailroads
?ublic utilities
fron, steel, coal, copper, &c
Kquipment manufacturers
Vlotors and accessories
3ther industrial & manufacturing
3i1
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
Oil
Land. buildings, &c
Rubber
Shipping
Miscellaneous
Total
Total—
Railroads
Public utilities
Iron. steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing
oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
.Total
Total.
New Capital. Refunding.
1923.
$
34.443.000
59,393.000
7,550.000
1.400,000
$
1,890,000
50,492,000
1.396,000
$
36.333.000
109.885,000
8.946.000
1.400.000
$
33.577.500
42,805.000
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
5.350,000
6.725,000
187.612.200
70,251,000
Total.
New Capital.' Refunding.
$
56,300.000
63.682,700
3.300.000
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
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
257.863,200
167,413,800
9,179,000
176,592,800
202,372,700
2.500.000
1,230,000
2.500,000
1.230,000
3,200,000
$
33.577.500
46.005,000
2,650.000
1.800.000
27,250,000
150,000
1,800,000
27,250,000
150.000
1,090.000
2,000,000
200,000
$
10,000,000
13,132.300
1922.
Total.
3
66.300,000
76.815.000
3.300.000
New Capital. Refunding. '
1921.
Total.
1.090,000
2,000.000
200.000
$
250,000
665,000
115,000
24,162,300
174,397.381
$
86,067.000
46,297,000
20,350.000
15,475.000
1,000.000
3,500,000
18.975.000
1,000.000
4.858,119
45,000,000
19,700.000
45.000,000
10,095,000
1.700.000
19.860.000
22,000.000
525,000
1,400.000
3.000.000
1,700.000
21,260.000
25,000.000
525.000
100.000
500,000
17.124,500
1.835.000
11,050.000
70,736,119
245,133,500
73,445,000
7.900,000
81,345.000
3.500.000
10,519,000
1.425.000
4,000,000
4,585.000
142,800
1,225,000
1,000,000
404.200
$
16,500,000
32,490.000
32,490.000
2.082,200
142.800
2,225,000
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
28,029,200
28,029,200
34,164,000
5,450.000
5,450,000
813,090
2,675.000
2,500,000
725.000
14.465,000
3.000.000
3,000,000
25,000,000
45,000
125,000
2.500,000
725.000
184.000
6,970,100
1,835.000
11,050.000
25,000.000
45.000
14,465,000
2,100.000
860,000
22.509,250
8,000.000
493.357
2,350.000
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
$
404,200
125,000
184.000
6,970.100
$
11,000,000
16,500.000
1.425.000
4.000,000
4,585.000
11,000.000
1.082.200
1.000,000
Total.
$
15.383,000
5.395.000
7,019,000
$
70.684,000
40,902.000
20,350.000
4.500,000
14,841,881
35,340.000
400,000—
16:0- :Ow
12,480,000
5
2,000,000
500,000
300,000
25.100,000
17.024,500
226,535.000
New Capital. Refunding.
arlOIKOIIHO N HI
1925.
MONTH:OF_MARCH.
8,133.452
12,749.510
200.000
__ __—_
7,980.000
8,133.452
20.729.510
200,000
10,357.400
2.100,000
3.500,000
37,664,000
813.090
2,675,000
525.600
300,000
10,883.000
300,000
9.581.800
9.581,800
2,562.500
2.562.500
.1.625.000
925.000
2.550,000
750,000
750,000
500,000
250.000
750.000
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
14,645,490
775,600
15,421,090
35,377,500
90.310.250
2.800,000
3.200,000
35,377.500
93.510.250
2,800,000
58.300,000
88,197.700
4.300.000
10,000.000
24.201,100
66,300.000
112.398.800
4,300,000
15,383.000
5,395,000
7,000.000
30.307.090
3,675.000
3,750,000
3,075.000
14,000
540,000
8,360.000
83.389,050
11.045,000
22,068.857
8.032,000'
13,466,883
43,643,058
984,690
1.740,310
12.480,000
1,335.000
665,000
300.000
26,610.000
1,040,000
8.032,000
87,109,941
2,7'25,000
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
23.307,090
3.675,000
4.610.000
80.314,050
11.031.000
21.528,857
81,684,000
46,352,000
20,7_54,200
2.500.000
16,500.000
22,975,333
12,749.510
10,295,000
1,700,000
30,217.400
47,000,000
870,000
1.925.600
3,000.000
1,700,000
32.143.000
50,000.000
870,000
625,000
17,874,500
1,835,000
13,650,000
250,000
1,835.000
13,900,000
50.357.673
293.295.741
78.716.119' 310,925,662! 122,254.490
12.175.600
134.430,090
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
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
15,656.800
6,725.000
22,381,800
8,612,500
950,000
9.562,500
282.355.100
70.251,000
352.606,100
254.584,1571
11,529.000
266.113.157
5.705,000
242,938,068
625,000.
17.774.500
232.209.5431
4,858,119
52,980.000
100,000,
0
New Capital.
Corporate
Long term bonds and notes__
Short term
Preferred stocks
Common stocks
Canadian
Other Foreign
668.716.275
82.700.000
149.937.300
91.226.460
48.000.000
102.350.000
1.145.930.035
70.500.000
57.825.000
Total
Foreign Government
Farm Loan Issues
War Finance Corporation
Municipal
Canadian
U. S. Possessions
310.103.472
4.808.000
3.000.000
1.592.166.507
Grand total
Refunding.
134.910.425
65.400,000
1.683.500
1,582.500
15.250.000
Total.
803.626,700
148.100.000
151.620.800
95.808.960
63.250.000
102.350.000
New Capital.
491.045.200
82.625,000
32,067.250
145.376.219
1.000.000
7.680.000
Refunding.
47.556.400
6.650.000
2.000,000
2.400.000
8.000.000
10.000.000
Total.
538101.600
89.275,000
34,067,250
147.776.219
9.000.000
17.680.000
New Capital.
New Capital.
Refunding.
184.107.579
729.773,912
188.700.000
104.690.000
516.008.076
79,000.000
132,587.580
648.595.656
79.000.000
6,666,222
2,250,000
292.061.290
31.086.000
5.000,000
201.966.021
11,222,000
500.000
2,490.895
204.456.916
11.222.000
500.000
193.023.801 1.352.211.202
808.696.097
135,078,475
943.774,572
254.793.113 1,171,948,818
75,000.000
6.000.000
131.500,000
545.666.333
188.700,000
104,690.000
246,124,494
30'094.679
321,000
285.395,068
29.736.000
5.000,000
317.442.057
14.808.000
3.000.000
286.736.505
24.112.562
3.050.000
2,632.408
3.000.000
289,368.913
27.112.562
3.050.000
240.371.734
21,153.000
321.000
212.238.808.1.450.321,544 1.379,501.439
5.752.760
8.941.679
275,487.5521.658.988,991 1.159.187.401
Total.
413.696,000
116.467.166
20.092.400
65.640.090
19.150.000
14,150.000
162.2.51,954
11.950,000
400,000
8.255.625
917,155.705
69,000,000
131,500.000
Refunding.
119.811,080
12,000,000
775.600
343.425,846
49,881.000
45,865,000
46.469.487
16.800.000
43,226,000
836.400.069
218.490,000
75.900.000
New Capital.
293,284.020
104.467.166
19,316.800
65,640.090
19.150.000
14.150.000
800.852.500
57.115,000
186,389.086
91 .305.632
16.296.600
19,900,000
76.606.400
130,000.000
Total.
505.677,800
61,831,000
46,265,000
54.725,112
16.800.000
44,475.000
172.769.714
16,366.800
62.604,839
3,051,760
759.793.669
851 490.000
75.900,000
267,165.010 1.859.331.517 1.238.082,736
Total.
628,082,786
40,748,200
123.784,247
88.343,872
16.296.600
19,900.000
218.826.425 1.364.756.460
98.500.000
28.000.000
60,825.000
3.000,000
7.338.585
10.000,000
Refunding.
1921.
1922.
1923.
1924.
1925.
THREE MONTHS ENDING
MARCH 31.
[T7,61 eg quidV
31 FOR FIVE YEARS.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE THREE MONTHS ENDED MARCH
1,250,000
31 FOR FIVE YEARS.
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE THREE MONTHS ENDED MARCH
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
$
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
$
32.070.000
62.822.000
1.396.000
925
4.315.
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
3.085.000
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
788.316.275
144.960.425
933.276.700
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
112,700.000
Total
Total
Railroads
Public utilities
Iron, steel, coal. copper, &c
Equipment manufacturers
Motors and accessories__
Other industrial & manufacturing_ _
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
Total
350.000
11.962.200
13.500.000
10,538,000
New Capital.
Refunding.
12.500.000
86.007.300
1.045,000
51.124.500
1.500.000
20.867.500
950.000
499.725.200
57,556.400
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
6.000 000
8.635.000
___ _____
50,000.000
9.175.000
56.000.000
8,635,000
5.000.000
3.725.000
5.000.000
3.725.000
136.347.725
5.640.000
1,709.000
46.448.485
5.335.000
12.375,000
750.000
2,250.000
34.058:550
65,400.000
1,563.500
5r887.500
•
120,000
895,000
2.000,000
178,100,000
82.625.000
137.911,225
5,640.000
26,823,737
57.509.950
840,000
1.709.000
52,335.985
5.335.000
12.495,000
750.000
2.250.000
34.953.550
3.047.565
500.000
40.404.500
1.835.000
15.277.000
172,769,714
837.049,100
392,450,846
163,501,954
555,952.800
321,559,020
119.811,980
441,371,000
31.951.800
6,550.000
404,200
11.950,000
31,951.800
18,500.000
404.200
10.405.000
40.000,000
11,600.000
22.005.000
40.000.000
6,912.800
10.565.000
1.000,000
9,454.000
24.500.000
20.750,000
1,450.000
1,450.000
300.000
125,000
3.500,000
125.000
3,500.000
150.000
9.517.166
400,000
150.000
9.917.166
12,000,000
118,117.166
40.748,200
16.366.800
57,115,000
60,881,000
11,950,000
72,831,000
106,117,166
26.823.737
57.509,950
840,000
76,969,686
8,004.060
10.926,000
1,066,760
87,895.086
9.070.820
37,562,150
12.406.250
2,500.000
675,625
38.237,775
12.406.250
2,500.000
5.167.490
2,925.000
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
18.156.577
12.749.510
2.035.000
4.000.000
________
7.980,000
18.156.577
20.729.510
2,035.000
4,000,000
7.993.145
7,993.145
47,094.508
35.525.000
82,619,508
2.925.000
212,128,119
65,656.599
277.784,718
92.334,487
8.655.625
23,903.000
78,659.100
47.633.621
163,559,500
336,084.686
216.420.820
6.000.000
47.032.000
140,897,441
41,274.863
49,530,000
2,000.000
300,000
167.949.508
213 286,430
113.064.550
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
61,826,270
49,895.625
250,000
254.793.113 1.171.948,818
545,666.333
184.107.579
8,466,000
253,379.760
177.443.469
4,400.000
173.870.000
614.605.725
48.051.000
2.550.000
3,1.09,000
147.824,485
101.735,000
154.147.700
30.750.000
12.210,000
75,763.550
6.500.000
158,421,037
37.624,500
295.415.450
1,970.000
25,480.000
1,000.000_____
8.515,000
6,147.000
20,492,900
117,242.500
14.006
69,614.180
540.000
52.512.857
1.600,000
________
1,500.000
950.000
30,860,645
164.921.037
333.039.950
27,450.000
1.000.000
14.662,000
137,735.400
69.628.180
53.052.857
1,600.000
1,500.000
31,810,645
139,656,500
258.325.586
168.787,199
6.000,000
34.383,000
117.849.739
40,290.173
49.530,000
1.335.000
300,000
100.698,508
76,606.400
836,400,069
917.155.705
12,649,000
23,047.702
984,690
________
665.000
--- _ 67,251,066
5,167.490
2,925.000
14.858.119
54,230,000
3.047.565
2,582.000
14.857.400
56,250.000
300.000
________
525.600
2,925,000
2,162.000
50.638,100
33.083.180
1.193.357
1.600.000
759.793.669
2.000.000
500.000
40.000.000
3.545.000
2,000.000
500.000
40.000.000
3,545.000
97.275.000
32.470.000
79.385.500
1,396,000
____ _ __
350,000
17.819.700
63,500,000
10,658,000
1.835.000
15.350.000
16.700.000
200.000
200.000
4,200,000
1,962.000
46.438.100
33.083.180
1.193.357
1,600,000
73.000,
16,700,000
200.000
20,750,000
300.000
141.400.000
535.220.225
46.655.000
2.530.000
2.859,000
129.974.785
38.235.000
143.489.700
30.750.000
7.934.775
66,861.550
218.826.425 1.364.756.460
500.000
37,356.935
665.000
3,652.200
1.000.000
244.913,760
1.145.030.035
31.726,000
7.800.000
47.823.000
1.325.000
1.000.000
181,843.469
4.315.225
8.902,000
1,750.000
52.535.000
55.650.000
20.880.000
2,000.000
14,650.000
Total.
I
$
$
66.304.580 119.501.000
98.458.000
13,948.500
16,227.000
6.500.0001
550.000
1;700,000
I
6.3131,966 77.950.000
25.SOO.000t 105.350.000
4,450.000
650.000
___ _ ___
14.858.119
46,250,000
15.046,000
1,090.000
35.500.000
735,000
Refunding. I
1,750.000
37,676.881
9.400.000
20.880,000
1.860.000
7,228.553
1.090.000
35,500,000
735.000
6.000.000
8.000.000
650.000
New Capital.
S
53.196.420
84.509.500
9,727.000
550.000
1.700.000
71.114,100
79.830.000
3,800.000
664,279,386
8.315.000
16,292.900
14.000
540.000
Total.
$
243.160.900
107,122.400
33.950.000
557.281,600
4.185.000
69.714.400
1.031.000
50.584.500
Refunding.
$
61.826.270
37,270.000
250.000
1.500.000
21.817.500
$
130,297,300
227.705.000
25,285,000
1 New Capital.
$
181,334.630
69.852.400
33.700,000
$
23.903.000
60.820.300
46,566,861
$
500.000
29.624.500
1,320,000
Total.
$
163,559,500
238,524,600
206,350.000
6.000.000
11,250,000
73,505.000
1.000,000
49,530,000
2.000.000
300.00(1
85.030.000
$
139.656.500
177,704.300
159,783.139
6.600.000
9.390,000
66,276.447
1.000,000
49.530.000
1.335.000
300,000
53.304,000
$
129.797.300
198.080.500
23,965,000
24.500.000
35.600.000
18.915.000
1.150.000
Refunding.
6.250,000
250.000
6.500.000
100,990,112
88,331,800
775,600
89.107,490
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
53,196,420
100.081,990
52,652.000
550.000
6.282.000
86.471.500
176.100.000
7,645,000
66.304.580
25,548.5 0
6.500.000
1,985.000
31,044,166
________
723.000
1,985.000
31.767,166
729.773.912
516.008.076
132,587,580
648.595.656
2.582.000
15,383.000
56,250.000
300.000
119.501.000
125.630,490
59,152.000
550.000
_
___- _
6.282.000
7.361,500
93.833.000
25.500.000 201.600.000
650,000
8,295,000
HILL
Refunding.
New Capital.
arloixolma
New Capital.
Total.
1921.
1922.
1923.
1924.
1925.
THREE MONTHS ENDING
MARCH 31.
2084
THE CHRONICLE
[VOL. 120.
DETAILS OF NEW CAPITAL FLOTATIONS DURING MARCH 1925.
LONG-TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Amount.
Purpose of Issue.
S
Railroads
Capital expenditures; wkg. can-Construction, new equipment, &c.
Acquisitions, addns. & betterments
Acquisitions, addns.& betterments
Refunding; capital expenditures...
4,000,000
1.600,000
3,752,000
981,000
26,000,000
Price.
99%
7934
9914
9215
99
To Yield
About.
Company and Issue; and Si, Whom Offered.
5.52 Gulf Mobile & Northern RR. lot M.510,"B," 1950. Offered by Kuhn, Loeb & Co.
6.50 International Rys. of Central America 1st M 5s, 1972. Offered by F. J. Litman & Co.
5.53 New Orleans Texas & Mexico Ry. 1st 510,"A," 1954. Offered by Kuhn, Loeb & Co.
5.53 New Orleans Texas & Mexico Ry. 1st Mtge. 5s, "B," 1954. Offered by Kuhn, Loeb & Co.
5.06 Pittsburgh Cincinnati Chicago & St. Louis RR. Gen. M. 5s, "13," 1975. Offered by Kuhn,
Loeb & Co.
36,333,000
Public Utilities
1,200,000 Refunding; capital expenditures._
2,000.000 Refunding: capital expenditures_ _
460,000 Refunding: acquisitions, &c
9714
99
500,000 Acquisitions; gen. corp. purposes_ _
5,000,000 Development; enlargements
11,500,000 Acquire constituent companies_
100
9814
87
_
500,000 Capital expenditures
9714
98%
7,000.000 Refunding
88
3,750,000 Acquisitions
97
6,000,000 Additions, extensions, &c
97%
15,000,000 Refunding: additions; extensions
9814
23,500,000 Refunding
95
8,000,000 Refunding
98%
8,975,000 Refunding; other corp. purposes_ _
15,000,000 Retire bills payable; cap. exp
1,000.000 Provide funds for utility investin'ts
99
9015
95
97
500,000 Capital expenditures
109.885,000
Iron, Steel, Coal, Copper, &c.
5,000,000 Impts.; wkg.cap.;corp. purposes._
300,000 Additional equipment
2,250,000 Acquire predecessor company
1,396,000 Refunding
91
100
100
86
6.00 American Public Service Co. let Lien 6s, 1942. Offered by Halsey, Stuart & Co., Inc., and A.
B. Leach & Co.. Inc.
5.67 California-Oregon Power Co. 1st Ref. M. 514s, "C," 1955. Offered by E. H. Rollins & Sons;
Harris, Forbes & Co., and Mercantile Securities Co. of Cob,
6.08 Central States Electric Co. (Iowa Falls, Ia.) 1st & Ref. 6s, "A," 1950. Offered by Emery,
Peck & Rockwood, Chicago.
6.65 Eastern States Utilities Co. 1st Lien & Ref. 614s, 1948. Offered by Battles & Co. and Parsley
Bros. & Co.
7.67 Electric Pr. Corp. (Elektrowerke Aktiengesellschaft) Germany, let M. 610, 1950. Offered
by Harris, Forbes & Co.: Lee, Higginson & Co., and Brown Bros. & Co.
5.70 Jersey Central Pr. & Lt. Co. 1st M.& Ref. 5145, "A," 1945. Offered by E. H. Rollins & Sons;
Blyth, Witter & Co.; Eastman, Dillon & Co.; Federal Securities Corp. and H.M.Byllesby & Co.
5.10 Lincoln (Neb.) Tel. & Tel. Co. 1st M. 55, 1946. Offered by Harris Trust & Savings Bank and
Merrill, Oldham & Co.
5.85 Montreal Tramways Co. Gen.& Ref. M.58,"A," 1955. Offered by Aldred & Co.: Minsch, Monet!
& Co., Inc., New York; Chase & Co., Boston, and Joseph W. Gross & Co., Philadelphia.
6.25 National Electric Pr. Co.(Me.)Sec.6s, 1945. Offered by A-. C. Allyn & Co.; Howe,Snow & Bertles,
Inc., and R. E. Wilsey & Co., Inc.
6 70 National Public Service Corp. Coll. Tr.610,"A," 1955. Offered by E.H.Rollins & Sons; Myth
Witter & Co.; Eastman, Dillon & Co.; Federal Securities Corp., Chicago, and H. M. Byllesby
& Co., Inc.
5.10 Niagara Lockport & Ontario Pr. Co. let 85.& Ref. 58,"A," 1955. Offered by Blair & Co., Inc.,
and Schoellkopf, Hutton & Pomeroy, Inc.
5.36 Oklahoma Gas & Elec. Co. 1st M.58,"A," 1950. Offered by H. M.Byllesby & Co., Inc.; Spencer
Trask & Co.; E. H. Rollins & Sons, and Federal Securities Corp., Chicago.
6.15 Oklahoma Gas & Elec. Co. Deb.68, 1940. Offered by H. M.Bylleaby & Co.. Inc.; Spencer Trask
& Co.; E. H. Rollins & Sons, and Federal Securities Corp., Chicago.
6.06 Philadelphia Rapid Transit Co. Guar. 65, 1962. Offered by Dillon, Read & Co.
7.80 Toho Electric Pr. Co., Ltd. (Toho Denryoku Kabushiki Kaisha), Japan let Mtge. (Kansa!
Division) 7s,"A," 1955. Offered by Guaranty Co. of N. Y.; Lee, Higginson & Co. and Harris
Forbes & Co.
5.35 United Electric Securities Co. Coll. Tr. 5s (41st Series), 1955. Offered by Jackson & Curtis and
Parkinson & Burr.
5.70 Wisconsin Public Service Corp. 1st Lien & Ref. M.550, "13," 1958. Offered by Halsey, Stuart
& Co., Inc.; First Wisconsin Co., and Blodgett & Co.
•
7.80 Alpine Montan Steel Corp. (Austria), 1st (Closed) M. 75, 1955. Offered by F. J. Lisman & Co.;
Morgan, Livermore & Co. and A. M.Lampert & Co.
6.00 Campbell's Creek Coal Co. Deb. 138, 1935. Offered by W.E. Hutton & Co.; First National Bank,
and First Investment & Securities Corp., Cincinnati,
6.00 Matthiessen 8c liegeler Zinc Co. 1st M.65, 1935. Offered by Continental & Commercial Trust
& Savings Bank, Chicago.
6.05 Woodward (Ala.) Iron Co. 1st & Cons. (now 1st) M. 56, 1952. Offered by Clark, Dodge .8 Co.
and Curtis & Sanger.
8,946,000
Equipment Manufacturers
1.400,000 Finance lease of equipment
Other Industrial & mtg.800,000 Acquisitions; construction
7.00 A. P. W.Pulp & Pr. Co. Ltd.(Canada), 1st M. 78, 1945. Offered by Taylor, Ewart & Co., Inc.,
'
and Sweet, Fearey & Co., Inc., New York.
6.70 Animal Trap Co. of America 630, 1935. Offered by Jay N. Schroeder & Co., Lancaster, Pa.
5-6 Burson Knitting Co.(Rockford,
let(C)85.65, 1926-35. Offered by Union Tr,Co., Chicago,
100
7.00 Cascade Paper Co. (West Tacoma, Wash.) let M.Cony. 75, 1940. Offered by Peirce, Fair &
Co., and Drumheller, Ehrlichman & Co., Portland, Ore.
Acquire Gould Coupler Co., N.Y. 9534
6.50 The Gould Coupler Co.(Md.) 1st Lien 6s, 1940. Offered by Blair & Co., Inc.; Hambleton & Co.,
and New York Erozire Co.. Inc.
96
Acquisitions; addns.; extensions._
6.30 International Paper Co. Ref. M. 68, "A," 1955. Offered by Bankers Trust Co.; Harris, Forbes
& Co.; Lee, Higginson & Co.; Blair & Co. Inc.; Union Trust Co., Pittsburgh: Continental &
Commercial Tr. & Say. Bank, Chicago; Halsey, Stuart & Co., Inc., and Redmond & Co.
Ref.; addns.; other corp. purposes. 98.60-91.53 514-6 Mead Pulp & Paper Co. 58, 1927-37. Offered by Baker, Young & Co.
Cap,expenditures; wkg. capital _ 1101.15-97.85
1 Rubber & Celluloid Products Co.(Rubberset) tge. 6145, 1926-35. Offered by Taylor, Ewart
5.30-6.801
& Co., and F. R. Sawyer & Co.
-South Side Bank, St. Louis.
General corporate purposes
5.25-5.40 St. Louis Screw Co. 1st M.510, 1928-35. Offered by Lafayette
Refunding; addns.; wkg. capital_
514-611 Utah-Idaho Sugar Co. 1st M. 65, 1926-40. Offered by Kidder, Peabody & Co. and Mitchum,
Tully & Co.
General corporate purposes
514-6 Wabash Portland Cement Co.(1s, 1927-32. Offered by Watling, Lerchen & Co., Detroit.
Additional capital
514-7 A. C. White Lumber Co. 1st (C) M.75, 1925-32. Offered by Lumbermen's Tr. Co.
-Bank, Seattle.
690,000 Acquisition of properties; TAB'. cap
1,000.000 Acquire control of company
400,000 New mill
4,000,000
15,587,000
1,250,000
600,000
400,000
7,000,000
1.000,000
300,000
5-6 Quaker City Tank Line,Inc., Equip. Tr. 6s,"jr" 1925-32. Offered by Stlx & Co.. St. Louis.
/00
98%
32,937,000
Oil
2,900,000 New equipment
Land, Buildings,
sale
135,000 Finance sale of property
1100.23-96.96
Cities Service Tank Line
4.75-5.40f
CO. Equip, Tr. 55, 1926-35.
Offered by Halsey, Stuart & Co.. Inc.
100
6.50 Jas, E. Atkinson-E. L. Deacon Co. 1st M.614s, 1926-1935. Offered by Backus, Fordon & Co.,
Detroit.
101-100 534-614 A. E. and J. Badger lst (Cl.) M.630, 1926-35. Offered by Livingstone, Highle & Co., Detroit,
101-100 5.65-6
Bancroft Hotel Co.(Mich.) 1st M.68, 1928-40. Offered by Second Nat. Bank of Saginaw, Mich.,
Bank of Saginaw, Watling, Lerchen & Co. and Livingstone, Higble & Co., Detroit.
5-6
Baylor University (Tex.) let M.65, 1926-44. Offered by Bitting & Co.and Stix & Co., St. Louis,
1,100.000 Fund mtge. debt; construction__
6-634 Bimini Income Properties, Inc., 1st(C.) M.6155, 1927-40. Offered by Calif. Secur, Co., Los Ang,
900,000 Finance construction of bldg__
6.62 Bing & Bing, Inc., Deb. 610. 1950. Offered by Lehman Bros., Goldman Sachs & Co. and Salo9834
5,000,000 Expansion of business
mon Bros. & Hutzler.
5.80.6
Brett Bldg.(Altoona, Pa.) 1st M.65, 1926-40. Offered by S. W.Straus & Co., Inc.
450.000 Real estate mortgage
6-616 The Broad-Wal Garage Co.(St. L.) lat M.6 As, 1926-35. Offered by Caldwell & Co., Nashville.
200.000 Finance construction garage bldg. _
166-7.00 Casa Niti Apts. (Seattle, Wash.) 1st M. 75. 1926-32. Offered by Seattle Title & Trust Co.
60,000 Finance construction apartment_
100
6.50 Castle Hill Apts. (Phila.) 1st M.610, 1927-37. Offered by G. L. Miller & Co., Inc.
260,000 Finance construction apartment
5-6.10 Chicago Motor Coach-Ravenswood Garage 1st M. 65, 1926.40. Offered by Peabody, HoughFinance construction garage bldg_
230,000
toting & Co.
5.80-6
Colony Court Apts.(Springfield, Mass.) 1st M.68, 1926-35. Offered by S. W.Straus & Co., Inc.
350,000 Finance construction apartment..
7.00 Davies Warehouse Co.(Los Angeles) lot (C.) M. 78, 1935. Offered by Southwest Bond Co. and
175,000 Finance construction warehouse.. 645-Lindsay, Willard & Low, Inc., Los Angeles.
6.50 Detroit Metropolitan Bldg. 1st M. Fee 610, 1940. Offered by Dillon, Read dr Co.
4,000,000 Finance construction building... _ 100
100
6.50 Detroit Towers 1st M.610, 1927-37. Offered by American Bond .8 Mtge. Co., Inc.
980,000 Finance construction apartment
101-100
5-6
Edgewater Beach Hotel Co.(Chicago) let (C.) M.68, 1926-40. Offered by A. G. Becker & Co
5,000,000 Refunding; construction, &c
and Greenebaum Sons Investment Co.
100
6.50 Ellen Court Bldg. Corp. 1st M.610, 1927-32. Offered by The Straus Bros. Co., Chicago.
135,000 Finance construction apartment
construction building..._ 100
6.00 Equitable imcig. (Phila.) 1st M.68, 1940. Offered by Bankers Bond & Mtge. Co., Philadelphia.
3,750,000 Finance
8.00 Fagan's Arcade(W. D. Fagan Jr.), West Palm Beach, Fla., let M. 88, 1926-35. Offered by
285,000 Finance construction building.... 100
Palm Beach Guaranty Co., West Palm Beach, Fla.
1,000,000 Finance construction building._ _ Price on applic'n First Natl. Holding Corp.(Utica,N.Y.) 1st(C.) M.Leasehold 53'48, 1930-65. Offered by Mohawk
Valley Inv. Corp., Citizens Tr. Co. of Utica, First Nat. Bank & 'Pr. Co., Oneida Nat. Bank
and Oneida County Trust Co.
6.50 Fond du Lac Business Block and Theatre (Fond du Lac, Wis.) 1st M.610, 1927-35
Offered
325.000 Finance construction building__ _ _ 100
by Garard & Co., Chicago.
7.00 Fourth-Commercial Realty Co. (Cleve.) 1st M. Leasehold 75, 1926-36. Offered by the Milli100
100,000 Real estate mortgage
ken & York Co., Cleveland.
150,000 Real estate mortgage
100
5.00 Gonzago University (Spokane, Wash.) 1st & Ref. M. 5s, 1927-35. Offered by Ferris & Hardgrove, Spokane.
1,500,000 Finance construction of building_. 100
5.50 Grand Lodge of the State of Louisiana Free and Accepted Masons let M. 514s, 1928-45.
Offered by Liberty Central Trust Co. St. Louis.
'
475,000 Construction
100
6.50 The Grand Riviera Theatre Co. (Detroit) let M. 6145, 1926-34. Offered by the Straus Bros.
Co., Chicago.
1.750,000 Finance construction of hotel
6.50 Hotel Cosmopolitan (Denver. Col.) 1st M.610, 1927-42. Offered by Mark C. Steinberg & Co.,
100
St. Louis.
537,500 Finance construction of building._ 100
7.00 Huntington Bldg.(Miami, Fla.) let M.75, 1927-40. Offered by Adair Realty & Mtge. Co., . Y.
6.50 thInc.,1st (C.) M.614s, 1927-35. Offered by Gulf Finance & Securities do. and
erviiie Garage, Inc.
325,000 Finance constr. of garage bldg___. 100
Watson, Williams & Co., New Orleans.
3,000.000 Finance construction of building.. 100
6.50 Lake Shore Athletic Club (Chicago) 1st M. 610, 1945. Offered by Otis & Co., Pearsons-Taft
Co. and West & Co.
6.50 Lakewood Manor Apts. (Chicago) Certified 1st M. 610, 1927-32. Offered by Cochran, Mc110,000 Finance construction of apartment 100
Cluer & Co., Chicago.
225,000 Acquisitions; improvements
900,000 Refunding, addition to building_
ApItir, 25 1925.]
Amount.
Purpose of Issue.
2085
THE CHRONICLE
Price.
To Yield
About.
Company and Issue, and by Whom Offered.
Land, Buildings, &c. (Con.)
1,750.000 Finance construction of apartment
6-6.50 Lincoln Drive Apts. (Germantown, Phila., Pa.) let Si. 655s, 1927-35. Offered by American
Bond & Mtge. Co., Inc.
6-6.15 Loew State Bldg.(Los Angeles) lot M.Leasehold 65, 1926-42. Offered by S. W.Straus & Co.,Inc.
6-6.15 Marshall Square Bldg. (San Fran.) 1st M. Os, 1928-41. Offered by S. W. Straus & Co., Inc.
5.75 Masonic Temple Assn. (Jackson, Mich.) let M. 534s, 1928-38. Offered by Mortgage & Securities Co., New Orleans.
Ralph McLeran & Co.(San Fran.) let (C.) Si. 68, 1926-40. Offered by Wm. R. Stoats CO. and
Finance construction of building_ _ 101-100
5-6
Anglo-California Trust Co.
Real estate mortgage
106
6.00 Meredith College 1st M. Os, 1926-39. Offered by Citizens & Southern Co., Savannah, Ga.
Finance construction of buildings_ _ 100
6.50 Nines Bidgs. (Evanston. III.) 1st M.655s, 1926-32. Offered by Lackner, Butz & Co., Chicago.
Real estate mortgage
100
6.00 920 Broadway (N. Y. City) 1st M.68, 1926-40. Offered by Commonwealth Bond Corp., N. Y.
Finance construction of building_ _ 100
6.50 North Central Bldg. Corp.(Chicago) let M.634s, 1927-35. Offered by the Straus Bros. Co., Chic.
Finance construction of building_ _ 100
6.50 Northwest Buick Co. Bldg.(Chicago) 1st M.6558, 1928-35. Offered by Lackner, Butz& Co., Chi
Finance construction of building_ _ 100
6.50 Oakwyn Bldg. (Chicago) 1st M.655s, 1927-35. Offered by Geo. M. Forman & Co., Chicago.
5%-555 Oregon Bldg. (Portland, Ore.) let M.555s, 1926-35. Offered by First National Co., St. Louis.
Real estate mortgage
Finance construction of buildings_ 100-96%
5-5 33 Palms Realty Co. lot M.5s, 1927-41. Offered by Nicol-Ford & Co., Inc., and Harris, Small & CO..
.
Detroit.
Finance construction of apartment 100
6.50 The Park Shore Apts.(Chicago) lot M.655s, 1928-38. Offered by Wolienberger & Co., Chicago.
Finance construction of apartment 100
6.50 The Parkstone (Detroit) lot M.635s, 1928-37. Offered by Federal Bond .3c Mtge. Co., Inc., Det.
Retire current debt: additions_
100
6.00 Pittock Block, Inc.(Portland, Ore.) 1st (C.) M.6s, 1927-45. Offered by Lumbermens Trust Co
Portland, Ore.
Finance construction of apartment 100
6.50 Pitts Manor Apts. (Detroit) lot (C.) M. 634s, 1927-35. Offered by Joel Stockard & Co. and
Union Trust Co., Detroit.
Finance construction of apartment 100
7.00 Plaza Apts. (Houston, Tex.) lot M. 7s, 1927-40. Offered by G. L. Miller & Co., Inc.
1,3,
Real estate mortgage
5.75-6.20 Rialto Properties (Joliet, Ill.) 1st M. Fee & Leasehold Os, 1928-10. Offered by S. W. Straus
& Co., Inc.
Additional capital
100
6.00 Richmond (Va.) Mortgage & Loan Corp. let M.dr Coll. Tr.68, 1926-35. Offered by State & City
Bank & Trust Co., Richmond, Va.
Finance construction of apartment 100
6.50 Riviera Apt. Bldg. (Detroit) let M. 655s, 1928-35. Offered by Guaranty Trust Co., Detroit.
Finance construction of apartment 100
7.00 The Roosevelt Apts.(Miami, Fla.) let M.78, 1927-40. Offered by Adair Realty Mtge. Co., N. Y.
Finance construction of apartment 100
6.50 Rose Mont Bldg. Corp.(Chicago) 1st M.6558, 1927-32. Offered by the Straus Bros. Co., Chicago.
Refunding; construction of houses_ 100
6.50 Roth Land & Cattle Co. (Detroit) 1st M.655s, 1935. Offered by Benjamin Dansard & Co. and
Union Trust Co., Detroit.
Finance construction of building_ _
5.85-6.10 Stanford Bldg. (Chicago) 1st M.68, 1927-37. Offered by S. W. Straus & Co., Inc.
Finance construction of hotel
7.00 Sarasota (Fla.) Terrace Hotel lot M.7s, 1927-37. Offered by Adair Realty & Mtge. Co., N.Y.
Finance constr. of Temple bldg...
6.00 Shrine Temple(Des Moines,la.) 1st M.Fee Os, 1932-45. Offered by Mark C.Steinberg & Co.,St.L.
Real estate mortgage
100
6.25 692 Broadway Bldg. (Silk Realty Co.) 1st M. 6548, 1940. Offered by Hoagland, Alium dr Co.,
Inc., New York.
Finance construction of building_ _
5.90-6.15 Tampa (Fla.) Tribune Bldg. lot M.65, 1927-37. Offered by S. W. Straus dr Co., Inc.
Alterations; other corp. purposes_ _ 98
6.20 Tolchester Beach Improvement Co.(Baltimore) 1st M.68, 1940. Offered by Townsend, Scott &
Co., Baltimore.
Finance construction of apartment 100
6.50 Verner Court Building Corp. 1st 8-1.6340, 1927-32. Offered by The Straus Bros. Co., Chicago.
Finance construction of apartment 100
6.50 Virginia-Gladys Apartments (Chicago) 1st M.655s, 1926-32. Offered by Lackner, Butz & Co.,
Chicago.
Finance construction of apartment
6-6.50 The Warwick (Brookline, Mass.) 1st M.655s, 1927-35. Offered by American Bond & Mortgage
Co., Inc.
Finance construction of building 100.33-98.70
Whittier Service Building (Detroit) 1st M.6s, 1927-37. Offered by S. W. Straus dr Co.. Inc.
5.85-6.15
2,250,000 Real estate mortgage
1,750,000 Finance construction of building_ _
190,000 Finance construction of building
325,000
400.000
90,000
650,000
165,000
100,000
280,000
250,000
1,700,000
475,000
850,000
1,000,000
150,000
700,000
1,200,000
147,700
150,000
807,000
160,000
355,000
280,000
465,000
750,000
1,000,000
500,000
175,000
135,000
80,000
450,000
250,000
100-98.40
100-98.49
100
100
100
53,387,200
Miscellaneous
5,000,000 Refunding; acq'n working capital_
6.10 Cuyamel Fruit Co.(Del.) 1st M.65, 1940. Offered by Lehman Bros.; Goldman,Sachs & Co.; A. G.
Becker & Co.; Ames, Emerich & Co., and Hibernia Securities Co.
6.50 (David)Eccles Co. 1st(C.) Mtge.& Coll. Trust 655s, 1927-37. Offered by Mercantile Securities:Co.
of California.
Development; working capital_ _ 100
7.00 The J. C. Forkner Fig Gardens, Inc. (Closed) Mtge. 7s, "B," 1926-34. Offered by Alvin H.
Frank & Co., San Francisco.
Acquire elevator properties
100
6.50 Great Eastern Elevator Properties (Buffalo, N. Y.) 1st M.634s, 1945. Offered by A. B. Leath
& Co., Inc.
New construction
97
7.30 (D. M.) Read Co. (Bridgeport, Conn.) 7s, 1940. Offered by Hincks Bros. & Co.. Bridgeport.
Pay existing debt:other corp. purp. 100
6.00 Tidewater Mill Co. and Porter Bros. Timber Co. 1st M.& Coll. Trust 6s, 1925-35. Offered by
Detroit Trust Co.
Refunding
101-9954 4.96-6.10 U.S. Printing & Lithograph Co.68, 1926-35. First National Bank of Cincinnati; W.E. Hutton &
Co., and Fifth-Third National Bank, Cincinnati.
New plant
555-6 Woodward & Tiernan Printing Co.1st(C.) M.69,1927-39. Offered by Francis Bro.&Co.,St.Louis
1,250,000 Refunding
275,000
1,250,000
400,000
600,000
2,500,000
800,000
99
100
12,075.000
SHORT-TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Amount.
Purpose of Issue.
Railroads
$
1,000,000 Capital expenditures
Price.
To Yield
About.
99
1.500,000 Purchase from U.S. RR, Admin.. 100.7335
Company and Issue, and by Whom Offered,
6.20 Ann Arbor RR.5
-Year Secured 68, 1930. Offered by Love, Macomber & Co., N.Y.:P. R.Sawyer
& Co., Inc., Boston, and Chas. D. Robbins & Co.. N. Y.
6.00 Wabash Ry. Co. Secured (is, 1930. Offered by Hambleton & Co. and Edward Lowber Stokes & Co.
2,500,000
Public Utilities
900,000 General corporate purposes
100
330.000 Acquisition of properties
101
6.00 Consolidated Power & Light Co. of S. D. 1-Year 1st M. Lien 60, April 1 1926. Offered by Camp;
Thorne & Co., Inc., Chicago.
5.77 Otter Tall Power Co. 5
-Year 6s, Jan. 11930. Offered by Kalman, Gates. White dr Co., Si. Paul.
1,230,000
Other Industrial & Mfg.
275,000 New construction;equipment
1,000,000 Acquisition Gould Coupler Co..._
150,000 New equipment;construction
100.80-100
100
100
5-6 Midland Sugar Co. lot (C.) 8-1.68, 1926-30. Offered by Antonides & Co., Denver,
6.00 Symington Co. of Maryland 3
-Year Purchase M_ney Coll. Trust 6s, March 1 1928. Offered by
Hornblower & Weeks and Hambleton & Co.
7.00 Washington Lumber & Spar Co. 1st M. 7s, 1926-30. Offered by Seattle Title & Trust Co.
1,425,000
Oil
0
4,000,00 Reduce curr. debt; working capital 100
. Land, Buildings, &c.
62,000 Real estate mortgage
43,000 Real estate mortgage
0
2,500,00 New construction; working capital_
300,000 Real estate mortgage
980,000 Real estate mortgage
100
100
98503
100
100
50,000 Additional capital
300,000 Real estate mortgage
100
350,000 !mots.; finance sale of Property... 100
4,585,000
Miscellaneous
350,000 Acquisitions:alterations; wkg.cap. 100
125,000 Additions and improvements
250,000 Working capital; improvements.. _ _
100
98
725 000
7.00 Transcontinental Oil Co. 5
-Year 7s, April 1 1930. Offered by Gorrell & Co., Inc., Chicago; Henry
D. Lindsley & Co., Inc.. N. Y., and Stein Bros. & Boyce, Baltimore,
6.00 Canfield Land Co.(Detroit) let M. Os, 1927-30. Offered by American Trust Co., Detroit.
6.00 3500-3520 Elmwood Ave.-Carpathia Singing Society (Detroit) lot M. 68, 1927-30. Offered by
American Trust Co., Detroit.
6.35 Detroit Properties Corp. 5
-Year 6s, March 1 1930. Offered by Dillon, Read & Co.
5.50 54 West 39th St.(N.Y. City) Guar. 1st M.5
-Year 5558, 1930. Offered by Puritan Mortgage Corp.,
New York.
6.00 First Mortgage & Bond Co.(Miami, Fla.) 1st 1.1. 68,"A," March 1 1930. Offered by West &
Co.;
Biddle & Henry, and The Century Trust Co., Baltimore.
6-7 Industrial Bank of Richmond (Va.) Coll. Trust 7s, 1925-27. Offered by Scott & Stringfellow.
Richmond, Va.
5.25 Standish Arms (Brooklyn, N. Y.) Guar. 554% Prudence certifs., 1925-30. Offered by The Prudence Co., Inc.
6.00 Tamiami Corp. 1st Lien Purchase Money M.68, "A," and "B," 1926-30. Offered by Canal-Commercial Trust & Say. Bank; Hibernia Securities Co., Inc., and Interstate Trust & Banking CO..
New Orleans.
6.00 Brentano's, Inc.(Publishing House)5
-Year 6s. March 1,1930. Offered by Taylor,Ewart & CO.;
Inc., Chicago.
6.00 Eastern Railway & Lumber Co. 68, 1926-30. Offered by Freeman, Smith & Caw Co.
6.50 United Refrigeration & Terminals Co., Inc.,5
-Year 68, Feb. 1 1930. Offered by Calvin Tichenor
& Co., Inc., New York.
STOCKS.
Par or No.
of Shares.
Purpose of Issue.
Public Utilities
500,000 General corporate purposes
*7,000 ells. Additions and improvements
*30,0000hs. Acquisitions
250,000 Additional capital
000 Capital expenditures
2,000,
*400,0000hs Acquisitions
12,000,000 General corporate purposes
a Amount Price per
fleetred,
Share.
500,000 100
672,000 96
2,520,000
84
250,000 95
2,000,000 103.30
40,000,000 100c
12,000,000 9834
1,500,000 Acquisitions
1,500,000
95
1,000,000 Capital expenditures
1.000,000
9854
60,442.000
To Yield
About
Company and Issue, and by Whom Offered.
7.00 Adirondack Pr. & Lt. Corp. 7% Cum. Pref. Offered by company to
7.30 Arkansas Lt. & Pr. Co. Pref. Cum. 57 per share. Offered by John stockholders.
Nickerson & CO.
and Eastman, Dillon & Co.
7.14 Associated Gas & Elec. Co. $6 Dividend Series Pref. Offered by John
Nickerson &
York.
Co., New
6.32 Central Mass. Lt. & Pr. Co.6% Pref. Offered by C.D.Parker & Co.,
Inc..
5.80 Cleveland Electric Illuminating Co. 6% Cum. Prof. Offered by Union Boston.
Trust Co..
Hayden, Miller & Co., The Herrick Co. and Illuminating Securities
Co., Cleveland.
7.00 Electric Pr. & Lt. Corp. Pref. Cum.$7 per share. Offered by
7.10 Midland Utilities Co. Prior Lien 7% Cum. Pref. Offered byBonbright & Co., Inc.
Central States Utilities
Corp., N. Y., and Utility Securities Co., Chicago.
7.35 National Electric Pr. Co. (Me.) 7% Cum. Pref. Offered by A. C.
Allyn & Co., Inc..
and Howe, Snow & Bertles, Inc.
7.10 Northern Indiana Gas & Elec. Co. Class "A" 7% Cum. Pref.
Offered by Hayden.
Stone & Co. and Middle West Utilities Corp.
[VoL. 120.
THE CHRONICLE
Par or
No.ofShares
To Yield
Price
a Amount
Involved. per Share. About.
Purpose of Issue.
$
$
Company and Issue, and-by Whom Offered.
%
Iron, Steel, Coal, Copper, &c.
100,000 Acquire Atlas Steel Corp
1
)
*2,500 she. Acquire Atlas Steel Corp
1
1
(1 sh. Pref. For Atlas Alloy Steel Corp. 7% Cum. Pr. Prof. Offered by Western Reserve Securities
Corp., Jamestown. N. Y.
100.000(
'234 elm. Com.$100 Atlas Alloy Steel Corp. Common stock. Offered by Western Reserve Securities Corp.,
Jamestown, N. Y.
Motors and Accessories—
'8.000 abs. Acquire G. M.Berry, Inc
184,000
23
___
1,170,000
2,310,000
39
21
Artloom Corp. Common. Offered by Lehman Bros., New York.
Federated Radio Corp. (Del.) Common. Offered by Carden, Green & Co. and E. W.
Clucas & Co.
___ (Harvey L.) Hussmann Refrigerator Co. (St. Louis) Common. Offered by Francis
Bro. & Co., St. Louis.
2.00 The Kodel Radio Corp. 7% Cum. Cony. Pref. Offered by Hunter, Budde St Duble,
Cincinnati.
7.84 Russell Grader mfg. Co.8% Cum.Pref. Offered by Justus F.Lowe Co., Inc., Minnlis
7.18 Scott Paper Co. 7% Cum. Pref. Offered by Schibbener, Boenning & Co., Phila.
___ Serv-el Corp. Class "A" stock. Offered by Watson & White, N. Y.
___ United Paper Board Co. Common. Offered by company to stockholders.
7.00 United States Can Co. 7% Cum. Pref. Offered by company to stockholders.
7.14 (Howard) White Lumber Co. (Raleigh, N. C.) 7% Cum. Pref. Offered by DurfeY
& Marr, Raleigh, N. C.
•
Other Industrial & mfg.—
*30.000shs. Acquire constituent cos
•110.000shs Acquire control varicus radio cos
675,000
3734
100,000
•18,000shs. Additional capital
20(par)
100,000 Working capital
140,000 102 .
500,000 9734
1,125,000 1134
350,100 18
500.000 100
100,000 98
140.000 Additions to plant
500.000 Cap,expenditures; ret. bank loans_
•100,000shs Working capital
1,945,000 Additional equipment
500,000 New plant
100,000 New mills; other corp. purposes.--
6,970,100
Land. Buildings, &c.22.000 ctfs. Finance lease of property
2,200,000 100
700,000 500
1,400 etfs. Finance lease of property
100,000 Finance construction of building
100.000 100
Berry Motor Car Co.(St. Louis) Common. Offered by McCluney & Co., St. LOUlli.
___
___
6.00 Dixie Terminal Ridge. (Cincinnati) Land Trust Certificates. Offered by The Fourth
& Central Trust Co. and Well, Roth & Irving Co., Cincinnati.
5.50 (Edith Rockefeller) McCormick Trust Land Trust Certificates. Offered by The
Tillotson & Wolcott Co., Cleveland.
6.00 Zaring Realty Co.6% 1st Pref. Offered by Breed, Elliott at Harrison, Indianapolis.
3,000,000
Miscellaneous—
•50.000shs. New capital
1,850,000
•15,000shs. Working capital
300.000 Acq, control subsidiary company
•40,000shs. Working capital; expansion
•20.600shs. Working capital
1,500,000 Acquire plants
159,000 Liquidate current debt
1,425,000 95
300,000 103d
680,000 17
576,800 28
1,500,000 10234
150,000 10 (par)
550,000 Reduce eurr.nab.: working capital_
37
550,000 100
1,500,000 100
1,500,000 Acquisition of stores
1,050,000
•50.000shs Acquisition of stores
21
___ Coty,Inc.(Del.) Capital stock. Offered by Lehman Bros. and Heldelbach,Iakelhelmer
& Co.
___ Foundation Co.(N. Y.) Common. Offered by company to stockholders.
6.80 Leader Mercantile Corp.(Del.)7% Cum.Pref. Offered by Lane,Piper ,k Jaffray,Inc.
___ Notion Picture Capital Corp. Common. Offered by Lyman D. Smith de Co., N.Y.
___ New York Canners, Inc., Common. Offered by company to stockholders.
6.82 Pet Milk Co.(Del.)7% Cum.Pref. Offered by Goldman,Sachs& Co.and Lehman Bros
Utica
___ Robbins Enterprises, Inc., Common. Offered by Mohawk Valley Inv.
Inv. Co., Phllipeon & Co., Burr L. Tibbitts Co.. Douglas M. Roes Co., W. C..1.
Co..
Doolittle, Inc.. and Gilbert & Co., Utica, N. Y.
8.00 Ross Stores. Inc. (N. Y.) 8% Cum. Cony. let Pref. Offered by Kelley, Moron &
Converse. New York,
7.00 (B. F.) Schlesinger & Sons, Inc. (Md.) 7% Cum. Pref. Offered by George H. Burr
& Co. and Conrad & Broom, Inc.. San Francisco.
_ B. F.) Schlesinger & Sons, Inc.(Md.), Common. Offered by George H.Burr & Co.
and Conrad & Broom, Inc., San Francisco,
9,581.800
FARM LOAN ISSUES.
Amount.
Price.
Issue.
6,000,000 Chicago Joint Stock Land Bank
434s, 1934-64
3,500.000 Dallas (Tex.) Joint Stock Land
Bank 58, 1935-65
1,000.000 First Texas Joint Stock Land
Bank (Houston, Tex.) 5s,
1935-65
First Trust Joint Stock Land
1,500,000
Bank of Chicago 4345, 1935-55_
1.000,000 Pacific Coast Joint Stock Land
Bank 5s. 1935-55
1,500.000 Southern Minnesota it. Stock
Land Bank (Redwood Falls,
Minn.)58, 1934-54
To Yield
About.
Offered by
10134
4.30 Kissel, Kinnlcutt & Co.
103%
4.58 Lee, Higginson Jr Co. and Illinois Merchants Trust Co., Chicago.
101.99
4.75 C. F. Childs & CO., New York.
10134
4.30 First Trust & Savings Bank, Chicago
103
4.62 Halsey, Stuart dc Co., Inc.
103%
4.55 Guy Huston Co., Inc.
14.500.000
FOREIGN GOVERNMENT LOANS.
Amount.
Issue.
Price.
10,000.000 Republic of Finland External 78,
94
1950
15,000.000 State of San Paulo (U. S. of
9934
Brazil) External 88. 1950
3,000,000 Kingdom of the Servs. Croats &
Slovenes (Jugoslavia) 6 mos.
6% Treasury notes due Sept. 30
100
1925
To Yield
About.
Offered by
Lee, Higginson dr Co., Guaranty Co. of N. Y Brown Bros & Co., New York
7.50 National City
Co..
Trust Co. and Continental & Commercial Trust Ac Savings Bank, Chicago.
8.10 Speyer & Co., Blair & Co., Inc., Ladenburg, Thalmann & Co.,E. H.Rollins & Sons,J. Henry Schroeder Banking Corp., Equitable Trust Cog N. Y., and Blyth, Witter & Co.
6.00 Blair & Co., Inc., and Chase Securities Corp.
-
28.000,000
• Shares of no par value.
par value are computed at their offering price.
a Preferred stocks of a stated par value are taken at par, while preferred and common stocks of no
b Each $1,000 note carries a bonus of 6 shares of common stock.
Yi share of common stock.
c Each share of preferred carries a bonus of
d Each share of preferred carries a bonus of 1 share of common stock.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Apr. 24 1925.
The trade of the country has kept within the same familiar
and moderate bounds, more or less disturbed by strange
weather phenomena, with temperatures in Texas as high as
108 degrees, while at about the same time Montana had a
snowfall of nearly 20 inches. People were prostrated by
beat ranging from 83 to 91 in both eastern and western sections of the country. To-day it was cooler everywhere. And
the drought in the Southwest has been at least partially relieved. Rains naturally helped the grain and cotton sections,
of Kansas, Oklahoma and Texas. Meanwhile both retail
and jobbing trade has been injured by the remarkable
drought in Texas. It has lasted for something like six
months, with only partial relief, as it appears, tonight in the
western and northwestern sections of that State. The
drought-is said to be the worst in Texas since 1887, with a
deficiency in the rainfall of some nine inches in the last six
months. Parts of Texas, it is said, have had very little
rain for nearly a year. As Texas is a State considerably
larger than either France or Germany, with Belgium and
Denmark added, the effect of its misfortune in the matter
of dry weather for so prolonged a period need not be minimized. There is a scarcity of drinking water in parts of that
State, not to mention water for cattle. While western and
northwestern Texas have had some relief within the last 48
hours, the southwestern and central parts of that State are
still in the grip of relatively high temperatures' and dry
conditions. Still there has been enough rain of late to
cause a decline of about half a cent in cotton during the
week. This decline, however, was partly traceable to continued dulness in the textile industries. It is a regrettable
fact that they show no improvement as regards new business
either in cotton or woolen goods. Silk goods are in better
case. The sales of these are larger and the silk manufacturing industry is in hopeful shape. On the other hand, iron
APRIL 25 1925.]
•
THE CHRONICLE
and steel and other metals are dull and declining. The
tendency is to reduce the output of steel and iron on account
of the protracted dulness. The railroads are buying steel on
a fair scale and so, to all appearances, is the automobile
industry. But beyond this the transactions keep within
lamentably narrow bounds.
The agricultural interests of the country are more prosperous, as might be expected after a season of high prices,
especially for grain, though cotton is also relatively high,
that is some 4% cents above the level of a year ago. Wheat.
despite some recent decline, is still about 70 cents higher
than a year ago, corn 35 cents higher, and rye 45 cents
higher. The March exports and imports show that the foreign trade of the country is, after all, on a large scale. And
it stands to reason that although buying is still confined
mostly to small lots, the aggregate trade of the. United
States is very large, with the latest estimate of the population 114,300,000. Even with trade running along, so to
speak, on half steam, such a population naturally consumes
an enormous quantity of goods. The automobile production
is up to the highest since 1924. That of itself sounds significant. Car loadings are larger than those of a year ago
They are not an infallible sign of the state of trade, however. Grain and cotton have been moving out of the country in very large quantities. This indubitable fact naturally
swells the railroad traffic. The exports of wheat thus far
this season are close on to 350,000,000 bushels, or nearly
35,000,000 bushels larger than during a like period last season. The excess of cotton exports over those up to this time
last year is also a gratifying feature of the country's business. The wool trade continues dull and depressed. At
foreign auctions recently there has also been some decline in
prices. Raw silk is lower. There has been a good demand
for hardware. There is a very marked increase in the business in agricultural implements, as compared with that of
last fall, even if the total is still below that of five years
ago, when, by the way, the pace was too swift. The hopeful
feeling in the farming community of the United States is revealed partly by the fact that the fertilizer business is
larger than that of a year ago. Naturally, the business in
seeds is brisk at this time; the demand, in fact, is so urgent
that prices are high. It may mean, however, that farmers
are disposed to increase their acreage of grain as well as
cotton. The world needs an American cotton crop of 14,000,000 to 15,000,000 bales, and if the American acreage rises to
42,000,000 acres, it will be in accordance with sound economic
principles. But to greatly increase the grain acreage might
be the prelude to a return to crops of a size that could
easily prove burdensome to the market. The farmer must
produce for his markets on the same principle as the manufacturer does, or he will suffer the consequences.
Meanwhile building is on a considerable scale, and it is
noticed that while other branches of the metal trades are
for the most part slow, there is a good business reported in
tin plate. Lumber production and shipments are on a larger
scale than a year ago, though from Jan. 1 to the present
date the total is not so large as for a similar period last
year. The shoe factories in some parts of the Middle West
are running on short time, even if those in St. Louis are
working, it appears, at 100%. The shoe manufacturing
business in New England, however, is disappointing, doubtless in part because there is a certain amount of unemployment there. The coal trade has suffered from the warmer
weather, not only in the bituminous branch but also in the
anthracite. The wage labor question in the coal trade is
also more or less disturbed by the sharp competition of nonunion with union mines. Crude petroleum has declined.
Meanwhile, whatever complaints of slowness of trade may
come from this, that and the other source, it is noticeable
that the mail order and chain store business is on an active
scale.
Coffee has declined during the week, not only because of
falling Brazilian markets, but also because of the evidently
persistent use of substitutes. Also, it is an interesting fact
that mild coffee is being pressed on the market in sharp competition with Brazilian; in other words, the house in a sense
is divided against itself. Sugar prices have eased somewhat.
In general the tendency of prices for commodities has continued to be downward. The food index is lower than a
week ago. In the stock market there has been a certain
amount of irregularity during the week, with some selling
out of railroad shares, coincident with continued talk, evidently exaggerated, about the St. Paul Railroad. Speculation has continued to be of a less agitated sort, something
2087
which need not be regretted. The selling down of Union
Pacific to-day to the lowest price in nearly a year, together
with manifest weakness in other railroad stocks, were conspicuous factors. The company made a poor statement of
earnings for the month of March. One of the outstanding
features of the week was the upward tendency of foreign
exchange. That shows that world conditions are gradually
mending. To-day sterling was up to 4814, the highest
point in ten years, and only about 5% cents below par. It
is believed, too, that next Tuesday, when Winston Churchill,
Chancellor of the Exchequer, presents his new budget in the
House of Commons, he will also announce resumption of the
gold standard in Great Britain. This will be one of the victories of peace, on which civilized nations rightly felicitate
themselves. It is a fact worthy of notice, too, that new high
prices for Norwegian, Danish and Spanish currencies for
this year were also reached to-day. And if French francs
declined there was some recovery later. There is little
doubt that the prospects are more favorable for French Governmental finances and also for a gradual rise in the
French franc, if the French people exercise reasonable patience and give the new Finance Minister, M. Caillaux, a fair
chance. As regards Germany and its coming election, it is
hardly necessary to say that no banking association of this
country has attempted to interfere with it in any way.
Finally, in London, the tone is cheerful and there was a rise
there to-day in both franc and sterling exchange.
At Manchester, N. H., the Amoskeag mills announced that
work will be resumed to-day,following Thursday's holiday—
Fast Day. Previously, the mills had closed down until the
following Monday when the holiday came in the middle of
the week as at present, and the fact that the mills are resuming immediately following the holiday is taken to mean
that conditions in the textile markets are better. At Lawrence, Mass., out of 40 mills or more, the number operating
at or near capacity may be counted on the fingers of one
hand. The Everett mills of Massachusetts, it is stated, have
passed the dividend for the first time since 1897. At Fall
River, Mass., the sales of print cloths this week are estimated at 35,000 pieces, against 15,000 last week. In Lowell,
Mass., 14 mill representatives will meet next Thursday to
discuss with a civic committee the situation in the textile
business. The Arlington mills were said to be running four
days a week in some departments. The Monomac mills, it
was said, were not running quite so much as this.
Greenville, S. C., wired that the average of Southern mul
shares have reached the lowest quotation in two years.
North Carolina spindle working hours in March, it is said,
exceeded those in Massachusetts for the first time on record.
Twenty-five mill shares, according to the Fairchild index's
average 136.06, the lowest this year and the lowest since
the opening of 1923.
At Paterson, N. J., on April 21 there was talk of another
strike in the silk industry. Some 85% of the workers demanded a general wage increase. An answer is expected
by Saturday. The workers, members of the Associated Silk
Workers of America, numbering more than 15,000, ask for
increases averaging 122
/ which would raise the weekly
1%,
wage from $40 to $45. The demand is a result of an increase
recently granted to hat-band workers.
The quarantine of the Department of Agriculture against
Galveston and Harris counties, Texas, on account of the
foot and mouth infection has been lifted by an order of the
Department. The order in effect releases the entire State
of Texas from quarantine because of foot and mouth disease.
The weather has been strange. A storm of wind, rain,
lightning and snow swept over the West and South on the
19th inst. Much damage was done in Illinois, Ohio, Pennsylvania and West Virginia and Maryland. Snow or sleet
fell in six States, i. e. New York, Connecticut, Massachusetts,
Vermont, New Hampshire and Maine. Sleighing was resumed at Saranac Lake, N. Y., where nearly a foot of snow
fell, the heaviest fall there on record for April. Toronto,
Can., had a relapse to winter, though thunderstorms were
interspersed with snowfalls a foot deep. Here it was colder
on the 19th inst., with rain. Temperature did not fall below
43 in Albany and Buffalo, N. Y. It was 42 in Boston and in
Portland, Me., 32. Drought and heat continued in Texas.
Later the drought was partially broken there and temperatures fell. On April 20 it was the coldest for that date in
New York in 28 years, 1. e. 33 degrees. The Weather Bureau
reported light snow in the vicinity of the Whitehall Building
in lower Manhattan at from 4.02 to 4.12 p. mu. It fell in
2088
THE CHRONICLE
flurries and melted as soon as it reached the ground.
Weather Bureau observers said the cause of the cold spell
was a high pressure area passing southward from the Hudson Bay region. Twenty-four inches of snow were reported
in Cochrane, Ont., on April 20. On the 21st inst. it was clear
and warm here, reaching 54 degrees at 3 p. m. On the 23d
Inst. suddenly came summer temperatures in the East and
Central West. In New York it was 83 degrees, the warmest
since April 23 1886. It was the warmest on record for so
early in the season at Chicago. Indianapolis, Cincinnati,
Ohio, and Nashville and Chattanooga, Tenn. The weather
remained quite cool, however, from the Rocky Mountain
region westward to the Pacific Coast. But on the 2.3d 1nst.
it was 86 degrees, the highest since 1899 at Chicago. At Cincinnati it was 88, at Cleveland 82, at Detroit 90, the highest
in 50 years; at Indianapolis 88, at Kansas City 76, at Milwaukee 84, at Minneapolis and St. Paul 82 and at Boston 80,
the warmest in 17 years. The vagaries of a climate over
3,000,000 square miles of Continental United States were
illustrated by the fact that on the 23d inst. when other parts
of the country were sweltering, at Butte, Mont., there was a
snowfall of 17 Inches. Heavy rains fell in the Panhandle of
Texas and .Oklahoma. A forerunner of the cooling rains
came Thursday night in Missouri and Kansas, accompanied
by wind of tornado proportions in South Dakota. Jefferson
City, Mo., reported a temperature yesterday of 94 degrees,
the highest reached In the hot weather area. The soaring
mercury In several sections ran close to the Missouri capital's record. St. Louis reported a maximum of 91 and the
same point was reached in various sections of Kentucky.
To-day it was fair and cooler here, with the thermometer at
3 o'clock 57. The forecast was for fair and warmer weather.
The Central West was cooled by a sudden fall in the temperature, with thunderstorms. For Montana, which had
something like a blizzard on Thursday, the forecast was for
higher temperatUres. In Texas during the week it has been
as high as 108 degrees.
Improved Conditions in Industry and Business Revealed in Report on Wages and Employment of
National Industrial Conference Board, Inc.
Steady advance toward better and sounder conditions in
industry and business generally is revealed by the monthly
report on wages, hours and employment for February, compiled by the National Industrial Conference Board, 247
Park Avenue, New York. Encouraging and significant, it
is pointed out, is the fact that while employment continues
to increase, even though very gradually, it has done so simultaneously with a noticeable decrease in the cost of living,
indicative of greater efficiency and the more stable, even
course which has become a growing characteristic of business
during the past year. The Board's'summary, made public
April 24, continues:
[VOL. 120.
Industrial Data.
Further reports of business statistics for March collected by the Department of Commerce, and covering basic, industrial and commercial movements, show the usual seasonal increase over February in shipments of
consent, a slight increase in the consumption of cotton and a decline in the
unfilled orders of the United States Steel Corporation. The number of
business failures in March was slightly larger and the liabilities considerably
smaller than for the previous month.
Financial Data.
Postal receipts in the fifty largest cities as well as in fifty important industrial centres were larger than in February, this increase, however, being
fully accounted for by the longer month. Postal savings remained unchanged. Farm prices showed a slight advance over the previous month,
but both wholesale and retail food prices were at the same level as in February. Check payments, after seasonal adjustment, were less than for the
previous month.
Imports and Exports.
Imports and exports of merchandise were both considerably larger than in
February. Imports of gold were more than double while exports of gold
were less than half those of the previous month.
Comparison With Last Year.
Compared with March, 1924, practically all of the business and financial
data showed improvement, the only downward movements among the
business indicators being seen in the slight decline in factory employment,
in the smaller imports of gold and in the larger decrease in the liabilities
of failing concerns.
BUSINESS INDICATORS.
(Relative numbers: 1919 monthly averag
100.)
1924.
1925.
Feb. Mar, Feb. Mar
Cotton consumption
Cement shipments
Unfilled orders steel
Check payments _a
Postal savings
Postal receipts:
50 selected cities
50 industrial cities_b
Wholesale prices
Farm prices
Retail food prices
General factory employment
Imports, merchandise
Imports, gold •
Exports, merchandise
Exports, gold
Business failures:
Number of firms
Liabilities
P.C.Inc. 1+)or
Decrease (-).
Mar'25 Mar'25
from
from
Feb.'25 Mar'24
103
83
82
116
82
98
126
80
108
82
112
84
88
129
83
118 +5.4 +20.4
143 +70.2 +13.5
81 -8.0 +1.3
126 -2.3 +16.7
83
+1.2
137
117
74
64
79
90
102
551
55
2
149
124
73
63
77
89
98
538
51
3
140
122
78
70
81
85
103
51
57
165
158 +12.9
130 +6.6
78
72
81
85
118 +1- 4:13
115 +125.5
68 +19.3
82 -50.3
322 338
381 1,034
333
425
346 +3.9 +2.4
360 -15.3 -65.2
+6.0
+4.8
+6.8
+14.3
+5.2
-4.5
+20.4
-78.6
+33.3
+33.3
a With seasonal adjustment. b 1922=100.
Life Insurance Sales Reach High Figure-United States
Reports Show March 6% Ahead of Last March.
Sales in the United States during March, according to
the Life Insurance Sales Research Bureau of Hartford, Conn.,
were higher by 5% than in March 1924, and were greater
than in any, previous month except one-December 1924.
The total for March was $703,000,000, which is the figure of
the combined sales for a group of companies which do about
85% of the total business in the country. The Bureau
comments further as follows:
This very favorable figure has been divided into sections of the country
and the result shows that in every section, except one, an Increase over
March 1924 was registered. This one section was the South Atlantic. and
in those States, the March 1925 sales were exactly equal to 1924. The
employment during February increased from 77.6 to 78.9 as remaining sections showed th folaowing record:
A gl in Ear
s
Average
conmared to 100 in June 1920, equivalent to an 1.8% increase over the New England
13 gain
3% gain West South Central
Middle Atlantic
Central
preceding month. With the purchasing power of the dollar climbing, as
l2P gain
East North Central
3% gain Mountain
6 gain
reflected in the 1.1% drop in living costs during February, together with a West North Central
16% gain Pacific
8% gain
slight increase of average weekly earnings of 3 cents, from $27 09 to $27 12,
The revival of business in the States which suffered so long from low
the net result to the wage-earner was an average increase in "real" earnings grain prices is shown by gains of 30% in
Montana. 30% in Nebraska and
of about 1 % for the numth. The Conference Board's cost of living index 26% in North Dakota.
for March shows no change from that of February, remaining at 165.3.
The broad extent of good business is shown by the records of gains in
Improvement in the farmer's outlook is reflected in an increase in em- such other States as:
ployment and average weekly earnings and working hours in the agricul- Wisconsin
20
Florida
33
l6'y Tennessee
tural implement industry. Employment in that industry rose from 59.4 Minnesota
14
Iowa
16% Mississippi
41
in January to 61.4 in February, equivalent to a gain of about 3.4%: Missouri
10V Louisiana
17
earnings from $28 05 to $28 44, and average working hours South Dakota
average weekly
13
Oklahoma
25
ICansas
2 %%00' CaliforniaAWrizoning
1102
2
from 49:1 hours to 49.7 hours per employee.
yoma
15
Noticeable gains were also recorded by the metal trades industries Delaware
36
Georgia
12 s
generally, especially in the manufacture of automobiles, where employment
Such a result shows that the people in these States are spending a materialduring February increased from 60.6 to 64.1, as compared with 100 in
ly greater amount for life insurance than they were spending last year and
1920, average weekly earnings front $30 64 to $31 60, and average
June
that favorable business conditions existed during March in a very
large
working hours from 47.1 to 48.8 hours per employee. Greater Activity in
number of the States and in very widely separated territories.
in the foundries and machine shops during Fenruary is indicated by increase in employment from 75.2 to 76.5 as compared with 100 in June
1920. a gain in average weekly earnings from $28 55 to 828 73, and an inLife Insurance Sales Improve in Canada.
crease in average working hours from 48.4 to 48.7 hours per man. InSales of ordinary life insurance in March showed a distinct
crease of activity in the latter industry. reflected in increased working hours
and weekly earnings, is regarded noteworthy because of its basic character. improvement in Canada, according to
figures just published
Gradually increasing employment is indicated in practically all industries
by the Life Insurance Sales Research Bureau of Hartford,
excepting the meat packing, paper products and the book and job printing
Connecticut. The increase over February was very marked,
lines.
A shortage of skilled molders and coremakers is reported to the National rising from a total of $28,000,000
to over $35,000,000. The
the National Founders Association. Only
Industrial Conference Board by
25% of the entire molding force in the country, according to the report. latter figure compares with a total for March 1924 of
are all-around skilled journeymen. The situation is made more acute by $34,300,000 and thus indicates a gain of 2%. Continuing
the fact that all of these are in the advanced age class, and most of them the Bureau says:
past middle age. Lack of apprentice training, and the lack of immigration
The extreme eastern sections showed the greatest gain in March as comof high-grade molders that used to come formerly from England, Scotland
pared with a year ago, led by Newfoundland with an 83% gain and Prince
and Germany, are held responsible by the founders for the situation.
Edward Island with 22%.
Both Ontario and Quebec, which always show the largest amount of
business sold, had increases, the former with 5% and the latter with 1%.
Department of Commerce Report on Business
In the west, the territory was led by British Columbia with a gain of
Indicators.
by Manitoba with
Under date of April 20 the U.S.Department of Commerce 12%, followedcities, the following 3%.
Among the
records were significant
-Ottawa, 61%
makes public the following:data regardingiMarch business:
gala; Quebec, 27% gain; Vancouver, 25% gain; and Winnipeg, 5% gain
•
APRIL 25 1925.]
2089
THE CHRONICLE
Ce
During the month from February 15 1925 to March 15 1925, 6 articles
on which monthly prices are secured decreased as follows: strictly fresh
eggs, 27%; potatoes. 4%; and canned salmon, fresh milk, oleomargarine,
and bread, 1%. The following 25 articles increased: pork chops, 23%;
butter, 10%; bacon, 9%; oranges, 3%; ham, 6% cabbage, 4%; sirloin
steak, round steak, chuck roast, and plate beef, 3%; rib roast, leg of lamb,
hens, and bananas, 2%; lard cornflakes, rice, canned corn, canned tomatoes, and prunes, 1%; cheese, wheat cereal, macaroni, tea, and coffee, less
than five-tenths of 1%. Twelve articles showed no change in price in the
month. They are as follows: evaporated milk, nut margarine, vegetable
lard substitute, flour, cornmeal, rolled oats, navy beans, onions, baked
beans, canned peas, granulated sugar, and raisins.
For the year period March 15 1924 to March 15 1925, the increase in all
articles of food combined was approximately 5%.
For the twelve-year period, March 15 1913 to March 15 1925, the
increase in all articles of food combined was about 56%.
Changes in Retail Prices of Food, by Cities.
During the month from February 15 1925 to March 15 1925, the average
family expenditure for food decreased in 25 cities as follows: Manchester,
4%; Fall River, Portland, Me., and Providence, 3%; Boston, Bridgeport,
Denver, New Haven, Salt Lake City, and Scranton, 2%; Charleston,
S. c., Jacksonville. Mobile, Newark, Norfolk, Philadelphia, Richmond
Rochester, and Washington, D. C., 1%; Atlanta; Baltimore, Birmingham,
New York,Pittsburgh,and Savannah,less than five-tenths of 1%. Twentyfive cities increased as follows: Cleveland. Detroit, Memphis, Omaha,
Peoria, and St. Paul, 2%; Buffalo. Butte, Chicago. Cincinnati, Dallas,
Houston, Indianapolis, Kansas City, Little Rock, Los Angeles, Louisville,
Milwaukee, Minneapolis, Portland, Ore., St. Louis, San Francisco, and
Springfield. Ill., 1%; New Orleans and Seattle, less than five-tenths of
Columbus showed no change in the month.
For the year period. March, 1924 to March, 1925, 50 of the 51 cities
showed increases: Houston. Louisville, and Salt Lake City, 10%; Birmingham and Peoria, 9%; Kansas City'and Little Rock, 8%; Atlanta, Butte.
Dallas, Detroit, Memphis, Mobile, New Orleans, St. Louis, St. Paul, and
Savannah, 7%; Baltimore, Buffalo, Cleveland, Norfolk, San Francisco,
Seattle, and Springfield, UI., 6%; Chicago, Cincinnati, Minneapolis,
New York, Omaha, Philadelphia, Pittsburgh, Portland, Ore., Richmond,
Rochester, Scranton, and Washington, D. C., 5%; Indianapolis, Jackson"rifle, and Los Angeles, 4%; Charleston, S. C.. Columbus, Milwaukee,
•J!•-•
.0.0.8.0.060.)1.:1.:AC000
to to .0to to to to to to tote to
Me., 3%; Boston, Bridgeport, Denver, Newark, and New
Trend of Employment of Women as Compared With and Portland,Providence, 1%; and Manchester, less than five-tenths of
Haven, 2%;
1%. Fall River decreased less than five-tenths of 1%.
Men-Workmen's Compensation Laws.
As compared with the average cost in the year, 1913.food in March, 1925
The April issue of the Monthly Labor Review includes was 60% higher in Birmingham and Chicago; 59% in Richmond; 58% in
among its special articles one on the trend of employment of Detroit; 57% in Baltimore and Washington, D. C.,; 56% in Buffalo;
Charleston, S.
men and women in specified industries by Ethelbert Stewart, 55% in New York, St. Louis, and Scranton; 54% in in Pittsburgh; C., and
Dallas; 53% in Milwaukee and New Orleans; 52%
51% in
Commissioner of Labor Statistics of the U. S. Department Cincinnati, Cleveland, Kansas City, and Philadelphia; 50% in Atlanta,
Labor, and a summary of the labor recommendations in Minneapolis, and San Francisco; 49% in Boston and Omaha; 48% in Louisof
ville
the governors' messages to State legislatures convening in 45% and Providence; 47% in Memphis and New Haven; 46% in Seattle;
in Little Rock, Los Angeles, and Newark; 44% in Fall River, Indian1925. There is also an article on promotion of standards; apolis, Jacksonville, and Manchester; 38% in Portland, Ore.; 35% in
employees' representation in coal mines and steel Salt Lake City; and 33% in Denver. Prices were not obtained from
one on
Bridgeport, Butte, Columbus, Houston, Mobile, Norfolk, Peoria, Portsteel works; and a comparison of workmen's compensation land, Me., Rochester, St. Paul, Savannah, and Springfield ill., in 1913
laws as of January 1 1925. In the article on the trend of hence no comparison for the 12-year period can be given for those cities.
employment of men and women in specified industries, INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES
OF FOOD IN THE UNITED STATES.
Mr. Stewart states that it is quite generally believed and is
I
25tSOPn Roundl Rib Chuck Plate Pork
probably true that an increasing percentage of women in ' Year
and Month. Steak Steak Roast Roast Beef Chops Bacon Ham Lard Hens Eggs ter
our total population are breadwinners, but that whether the
1924
employment of women is increasing relatively more rapidly January
154 1149 144 129 110 130 138 166 118 162 158 180
152 1148 143 128 110 127 136 165 114 165 194 157
that of men is an entirely different question. A com- February
than
March_
153 148 144 129 110 128 134 164 111 169 101 151
156 151 146 131 110 137 134 165 109 169 98 181
parison of employment tendencies over a considerable period April
160 155 148 183 112 142 134 166 108 172 95 120
May
in such lines of industry as the manufacturing of cotton and Juno
160.21156.1 148.5132.5109.1 143.8184.1 166.8107.0168.5104.6 262
180.2155.2 147.0131.3108.3 144.3134.8166.2108.2165.7114.2129.2
woolen goods, men's clothing, hosiery and underwear, and July
180.2156.1 147.0181.3108.3 165.7 141.9173.2122.2163.1 1292128.1
August
126.6165.7
boots and shoes seems to show that the employment of September......_ 168.3 153.8 146.5130.6 109.1 170.5145.6 174.3135.4 164.8 150.4126.6
155.9 151.1 144.4 129.4108.3 178.8 148.5175.1
173.0125.1
October
women relatively to that of men is, to say the least, not November
162.41147.5142.4 127.6 109.1 150.5 148.5174.7141.8162.0 197.4127 7
December
150.4 145.3 141.4 126.31108.3 139.5147.8173.2139.9161.5 202.3137.1
increasing, and that the newer industries are the ones which
1
may be expected to provide an enlargement of the field of Average for yr- 155 151.6 145.5 130.0109.1 146.7 39.6 168.4120.3165.7 138.6135.0
1925.
152.4 147.11143.9 128.11 109.9 146.2 49.3 177.0144.3 168.1 204.4 138.6
female employment. It is considered as quite possible that January
February
151.6 146.6 143.4127.5 109.1 144.3 50.7178.8144.9169.5154.8 132.1
the extension of the economic activities of women, therefore, March
155.91150.7 147.0131.3 112.4 178.1164.4 190.3446.2 173.2 113.3 144.9
will be outside of the manufacturing industries and may be
Year
CornPolo
CofAU Ankles
looked for in the clerical, commercial, and professional fields. and Month. Chess Milk Bread Flour mealI Rice toes-1 ar fee Tea Combined
A comparison of workmen's compensation laws shows that
1924
169 160
136 147 113 165 185 128 181
149
the workers in six States-Arkansas, Florida, Mississippi, January
February
168 157
189 147 118 165 187 130 130
147
166 156
139 147 111 165 189 131 130
Missouri, North Carolina, and South Carolina-and private March_
144
161 165
139 147 113 165 181 140 131
April
141
employees in the District of Columbia are still without the May
139 147 1114 171 167 142 131
167 153
141
155.7161.7
139.4 148.7 113.8 194.1 150.9 41.9 130.3
142.4
benefits of any compensation legislation, while railroad June
155.7151.7
145.5 150.0 114.9 194.1 152.7142.8 130.1
July
143.3
155.7155.9
154.6 158.7 117.2,152.9 149.1 45.6 130.8
144.2
employees in interstate commerce and maritime workers August
156.6 166.2
154.5 160.0 118.052.9 156.4148.7 130.5
September
146.8
157.5166,2
160.6 166.7 119.5 141.2 160.0 154.7 132.0
October
are similarly subject to laws providing for liability only.
149.7
157.0,155.1
163.8 170.0 120.7i129.4 160.0 184.4 135.1
150.1
Other sections of the Review contain articles on the sub- November
157.9 155.1
169.7 173.3 121.8 135.3 160.0 189.5135.7
December
161.5
'
jects of prices and cost of living, wages and hours of labor, Average far yr_ 159.71155.1 157.1 148.51158.7 116.1 1.858 167.3145.3 131.4 145.9
productivity and efficiency of labor, woman and child labor,
1925.II
January
162..4156.2 164.3 181.81180 123.0 147.11 147.3173.2 136.4
154.8
labor agreements,employment and unemployment,industrial February
164.7,155.1 169.6 193.9 183.3 124.1 152.9 140.0174.8 140.6
151.4
'March
185.21155:1 187.0 193.0 183.3 125.3 147.1 140.0 175.5 138.1
151.1
accidents, and hygiene, workmen's compensation and social
labor laws and court decisions, housing, co-operainsurance,
tion,labor organizations,strikes and lockouts,conciliation and Advance Report by Federal Reserve Bank of Philadelarbitration,immigration, and factory and mine inspection.
phia on Steel and Iron Foundry Operations in
March.
Decrease in Retail Food Prices in March as Compared
The Department of Statistics and Research, Federal
With February Increase Over Those of Year Ago.
Reserve Bank of Philadelphia,in presenting to-day (April 25)
The retail food index issued by the U. S. Department of its advance report for March on steel and iron foundry operLabor through the Bureau of Labor Statistics.shows that ations in the Federal Reserve District of Philadelphia, says:
there was a decrease of nearly three-tenths of one per cent.
Moderate increases were noted in most of the operating items of the five
in the retail cost of food in March, 1925, as compared with steel foundries reporting to this bank. In accordance with the increased
February, 1925. The index number (1913-100.0) was production stocks of pig iron and scrap steel decreased during March.
STEEL FOUNDRY OPERATIONS,THIRD FEDERAL RESERVE DISTRICT
151.4 in February and 151.1 in March.
The details of the course of prices, as made public on
P. C.
March
February
change
1925.
1925.
April 18 by the Bureau follow:
Capacity of furnaces
6,050 tons
6,050
Production
4,377 tans
4,070
Shipments
3,310 tons
3,256
Value of shipments
$535,678
$541,364
Unfilled orders
4,491 tons
4,270
Value of unfilled orders
$1,307,782
$1,282,331
Raw stock:
Pig iron
2,448 tons
2,840
Scrap
8,000 tons
9,255
Coke'
442
481 tons
tons _ __tons +7.5
tons +1.7
-1.1
tons +5.2
+2.0
tons -13.8
tons -13.6
tons +8-8
Gains during March in nearly all operating items were reported by 38
Iron foundries in this district whose combined iron-making capacity totals
13.635 tons per month. As will be noted in the table below, the greatest
Increases over the February totals occurred in the output of malleable
iron and in the value of shipments of both grades. The only declines
were those in stocks of pig iron and coke.
RON FOUNDRY OPERATIONS,THIRD FEDERAL RESERVE DISTIRCT
February
1925.
March
1925.
Capacity of furnaces
Production
Malleable iron
Gray iron
Jobbing
For further manufacture
Shipments
Value of shipments
Unfilled orders
Value of unfilled orders
Raw stock:
Pig iron
Scrap
Coke '
13,635
6,419
1,265
5,154
3,616
1,538
4,937
$779,954
3,989
$631,204
P. C.
change
13,635 tons
5,908 tons +8.6
1,110 tons +14.0
4,798 tons +7.4
3,313 tons +9.1
1,485 tons +3.6
4,466 tons +10.5
$680,002
+14.7
tons
3,757 tons +6.2
$597,729
+5.6
tons
tons
tons
tons
tons
tons
tons
9,639 tons
3,311 tons
2.214 tons
10,044 tons -4.0
3,172 tons +4.4
2312 trout -1/
New Automobile Models and Prices.
During the current week two announcements of interest
were made, the first contained in a dispatch from Lansing,
Mich., on April 20 to the effect that the Reo Motor Car Co.
is turning out a new Reo, Model "G" sedan, listed at the
UTE CHRONICLE
2090
price of $1,645. Later in the week Durant Motors announced a new two-passenger Star enclosed car, known as
the "Star Coupster," to sell at $625.
Further
Reductions in Petroleum
Gasoline.
Prices and in
[Vat,. 120.
DAILY AVERAGE PRODUCTION.
(In Barrels)Apr. '25. Apr. 11 '25. Apr. 4 '25. Apr.19'24.
.18
Oklahoma
429,950
454.650
463.850
464.150
Kansas
69,650
85.800
85.300
85.600
North Texas
72.900
89,100
88,100
84,350
East Central Texas
152.600
141,250
144,400
146.400
West Central Texas
65,050
49,200
1354,150
51.900
North Louisiana
49.650
51.000
50,350
51,300
Arkansas
131,450
137.750
249,850
173.000
Gulf Coast
70.600
97,050
90.800
96,200
Southwest Texas
27,100
48.450
b48.300
43.700
Eastern
100.500
102.000
101,500
101,000
Wyo., Mont. & Colo.__
125.650
91.800
91.300
94,950
California
645,300
597.000
596.000
596.000
Various changes in the price of both crude oil and gasoline
were made during the week just ended, all the revisions being
Total
1,932.350
2,080,650
1,993.600 1,931,300
b Revised account Lytton Springs in Caldwell County included in
in the nature of reductions, mainly brought about through
Southwest Texas field.
the continued heavy production of crude oil. One of the
earliest changes was made on April 20, when the Standard
Lumber Business Continues to Show Strength.
Oil Co. of Louisiana reduced Smackover heavy oil for current
According to reports received by the National Lumber
shipment 20c. a barrel and for oil for storage 10c. a barrel,
while the light oil was advanced 5 to 10c. a barrel, according Manufacturers' Association from 380 of the principal comto gravity. The new price list for Smackover crude com- mercial softwood mills of the country for the week ending
April 18, production, shipments and orders (new business)
pares (per barrel):
were considerably larger than for the previous week. InGradeNew Prices. Old Prices.
28 and above
$1 30
creases in all items are also shown as compared with the cor27 and above
1 25
$1 30
responding week as reported in 1924. The unfilled orders
26 to 26.9
120
125
25 to 25.9
110
120
of 250 Southern Pine and West Coast mills at the end of last
24 to 24.9
110
Below 24 for current shipment
.80
.60
week amounted to 632,749,620 feet, as against 630,602,075
Below 24 for storage
.40
.so
feet for 247 mills the previous week. The 129 identical
Reports from Tulsa, Okla., on April 22 indicated that Southern Pine mills in this group showed unfilled orders of
fa Smackover, Ark., heavy oil output continues to depress 245,739,130 feet last week, as against 246,597,260 feet for
the Mid-Continent fuel oil market with the result that it the week before. For 121 West Coast mills the unfilled oris now quoted 973c. to $1 a barrel. Some sales were re- ders were 387,010,490 feet, as against
384,004,815 feet for
ported below $1. _The wholesale price of United States 118 mills a week earlier.
Altogether, the 380 comparably
Motor gasoline (New Navy) is holding firm at 103@10%c. reporting mills had shipments 96% and
orders 99% of actual
a gallon. A further cut in crude prices on April 23 was production.* For the Southern Pine
mills these percentages
confined to two fields.4 The Standard Oil Co7of rot isia, a were, respectively, 104 and 103; and for
-Ithe West Coast mills
reducedrthe price of Bellevue crude 25c. a barrel, to $1 75, 97 and 105.
Rile the Joseph Seep Agency, in the Pennsylvania district,
Of the comparably reporting mills, 354 (having a normal
announced a cut of 15c. in Corning crude, bringing the new production for the week of 225,836,474 feet)
reported proprice down to $1 95 a barrel.
duction 103% of normal, shipments 101% and orders 104%
Numerous changes were also made in the gasoline markets. thereof.% The following table compares the
national lumber
171fowing the reduction announced April 16 by the Humble movement as reflected by the reporting mills of
seven reOil & Refining and the Gulf Refining companies, the Texas gional_associations for the three weeks indicated:
Co. on April 18 reduced the price of gasoline 1 cent per
Corresponding Preceding Wk.
Past Week.
Week 1924. 1925 (Revised).
gallon throughout Texas. On the same day motor gasoline Mills
380
383
373
250,484.930
244.568.453
was cut Yi cent a gallon by Northwestern Pennsylvania Production
243,266.456
Shipments
241,092.475
234.385.274
236.280.805
refiners. Effective April 20, the Standard Oil Co. of Ohio Orders (new business)
246.770.735
211,922,707
244,199.904
The following revised figures compare the lumber moveincreased the price of gasoline 2c. per gallon, bringing the
tank wagon prices to 203/2e. and the service station price to ment for the first sixteen weeks of 1925, with the same period
223'c. The Roxana Petroleum Co. on April 18 cut the of 1924:
Shipments.
Production.
Orders,
price of gasoline in Chicago and Suburbs lc., to 20c., fol- 1925
3.735.854.034 3,686.779.898 3.584,276,176
3 716.888,830 3,758.590.829 3.656,819,501
lowed on Sunday morning by the other selling agencies in 1924
18,965,204
1925 increase
Chicago and suburbs, including the Standard Oil Co. of
1925 decrease
71,810.931
72.543.325
Indiana and the Sinclair and Texas companies. This makes
The mills of the California White and Sugar Pine Associathe price 18c. tank wagon and 20c. service station.
On April 24 the Standard Oil Co. of Kentucky reduced tion make weekly reports, but for a considerable period they
to
the price of tank-wagon gasoline lc. a gallon in Georgia, were not comparable in respect orders with those of other
mills. Consequently the former are not represented in any
Alabama,_Mississippi,_Florida and Kentucky (except Louis- of the foregoing figures. Eight of these mills
reported a cut
'fine), effective April 17. Tank wagongasoline in Louis- of 7,344,000 feet, shipments 7,688,000 feet and orders 9,040,ville was reduced lc. a gallon April 21.
000 feet. The reported cut represents 26% of the total of
the California Pine region. As compared with the preceding
week, there was a decrease of 3,216,000 feet in production,
1,961,000 feet in shipments, and 1,707,000 feet in new busiCrude Oil Production Increases.
An increase of 87,050 barrels per day marked the week's ness.
crude oil production according to the American Petroleum A Weekly Lumber:Review of West Coast
Lumbermen's
Institute, which estimated that the daily average in the
Association.
United States for the week ended April 18 was 2,080,650
One hundred and eighteen mills reporting to West Coast
barrels, as compared with 1,993,600 barrels for the preLumbermen's Association for the week ending April 11,
ceding week. The daily average gross crude oil production manufactured 101,978,762 feet of
lumber; sold 109,874,470
in the Smackover heavy oil field was 206,550 barrels, an feet; and shipped 104,147,792 feet.
barrels during the week of April 18.
increase of 77,750
New business was 8% above production. Shipments
The daily average production east of California for the were 5% below new business.
was 1,483,650 barrels, as compared with 1,397,latest week
Forty-four per cent of all new business taken during the week was for
500 barrels the preceding week. California production was future water delivery. This amounted to 47.856.179 feet, of which 34,200,for domestic cargo
597,000 barrels, as compared with 596,000 barrels. Santa 321 feet was by rail amounted to delivery: and 13,655.858 feet export.
New business
1.853 cars.
Fe Springs is reported at 49,000 barrels, against 48,000
Thirty-nine per cent of the lumber shipments moved by water. This
barrels; Long Beach, 113,000 barrels, against 113,500 amounted to 40.179,501 feet, of which 24.168.578 feet moved coastwise and
intercoastal; and 16.010,923 feet export. Rail shipments totaled 1,918
barrels; Huntington Beach, 42,500 barrels, no change; cars.
Torrance, 37,000 barrels, no change; Dominguez, 46,000
Local auto and team deliveries totaled 6,428,291 feet.
Unfilled domestic cargo orders totaled 146,248.286 feet. Unfilled export
barrels, against 47,000 barrels, and Rosecrans, 19,000
barrels, against 18,000 barrels. The estimated daily aver- orders 83,100.024 feet. Unfilled rail trade orders 5,510 cars.
In the first fifteen weeks of the year. production reported to West Coast
age gross production of the Mid-Continent field, including Lumbermen's Association has been 1,467.555,653 feet; new business
Texas, Central Texas, North 1.466.152,015 feet; and shipments 1,493,943.714 feet.
Oklahoma, Kansas, North
Louisiana and Arkansas, for the week ended April 18 was
1,145,700 barrels, as compared with 1,059,950 bartels for Copper Production to Be* Curtailed-Anaconda Group
to Reduce Output.
the preceding week. The Mid-Continent production, exThe
-Street Journal" in its issue of April 23'report9d
cluding Smackover, Arkansas, heavy oil, was 939,150 bar- - "Wall
.
rels, against 931,150 barrels, an increase of 8,000 barrels. that the Anaconda Copper Mining Co': and its subsidiary
The following are estimates of daily average grossApro- and affiliated companies have decided to reduce output by,
nearly 7,500,000 pounds a month.liThe statemenkadded:
dilation for the weeks indicated:
APRIL 25 1925.]
THE CHRONICLE
2091
April 21 1925, Pig Iron, $20 75 Per Gross Ton.
Anaconda will reduce output from 25,000,000 pounds a month to around
20,000,000 pounds; and Chile, which has been producing 20,000,000 Based on average of basic and foundry
April 14 1925. $21 04
Irons, the basic being Valley quotation,
March 24 19i5, 21 88
pounds, will reduce probably to 17,500,000 pounds a month. While
the foundry an average of Chicago,
April 22 1924, 21 96
Greene Cananea and Inspiration may reduce somewhat, it is not thought
Philadelphia and Birmingham
10
-year pre-war average, 15 72
their reduction will be important, as both are understood to be operating at
Finished steel. 1925 to date: High,2.560c., Jan. 6;low. 2.474c.. April 21,
1924. High, 2.789c., Jan. 15; low, 2.460c. Oct. 14. 1923: High, 2.824c..
a fairly low rate.
This is the most constructive move in the copper industry in several April 24: low, 2.446c., Jan. 2.
Pig iron. 1925 to date: High, $22 50, Jan. 13; low. $20 75, April 21.
months, and shows clearly that the real leader in the Industry is still the 1924: High, $22 88, Feb. 26; low, $19 21, Nov. 3. 1923: High. $30 86.
March 20; low, $21, 77, Nov. 20.
Anaconda management.
In connection with this reduction of copper it should be appreciated that
The market still lacks vitality, and April buying has been
Anaconda. Chile and Inspiration companies can produce copper at a lower
actual cost than any other equally large production under one management disappointing and further curtailment of production is being
or affiliation. Kennecott's low cost, it is said, is a dividend cost in which made, observes the "Iron Trade Review" in its usual weekly
Interest upon tied-up capital Is not figured in calculating cost of producing
summary of market conditions, which we quote as follows:
copper. While the Street generally has been told that Kennecott is the
April has proved disappointing to Iron and steel producers in the volume
lowest cost producer of copper, many competent engineers say that Anaconda. Chile and Inspiration can produce copper cheaper tha nany other of new business developed and the weight of the record-breaking tonnage
delivered in the first three months still is on the market. Consumption
combination with similar productive capacity.
according to all reports has not changed appreciably over 30 to 60 days
ago but buyers seem to have met their initial wants and are adding to their
Ford Sales Plan-Initial Payment of $12 60 Being tonnage only as pressed to do so by new requirements. Furthermore, the
easier tone of prices apparently is a factor influencing piecemeal buying.
Tried Out in Detroit
-Is Stimulating Sales.
It is more evident that the price advances on finished steel of January
and early February were premature for these have not held and the market
The "Wall Street Journal" on April 14 reported the folnow is back to the November-December basis when the heavy buying wave
lowing from Detroit:
appeared. This past week has seen a further settling of mill prices notably
"Ford Motor Co.'s new retail sales plan, under which the purchaser pays at Chicago where conditions have seemed firmest.
The leading interest
down but 102 60 and gives notes secured by two endorsers for the balance. and other makers of wire nails and wire products have
come down to the
will not be inaugurated nationally. The plan is merely being tried out by level of last September. Galvanized sheets have
weakened to 4.40c PittsDetroit dealers alone, and if successful may be used in other large centres burgh and black sheets at 3.30c are more
common. At these prices sheets
where credit conditions are the same as in Detroit."
are the lowest since the early part of 1923.
The "Wall Street Journal's" investigation of Sunday sales results indicate
With the market contracted, more curtailment'of operations has been
success of the plan. One salesman in a local agency took 28 orders Sunday necessitated. Five additional blast furnaces have been
put out in the
and nearly every local agent had a big run of applicants. Inquiry at four Pittsburgh district and another at Chicago. The Carnegie
Steel Co.
Ford agencies indicates no sales stunt of recent date has created as much activities are at the lowest point since January 1. The general
average of
interest.
Ingot output is around 75%.
The outlook for heavier buying of railroad equipment has materially
Steel and Iron Output Reduced-Prices Lower.
Improved the past week at Chicago where 22,500 cars requiring 200,000
are
The reduction in steel output and recession in prices of tons of steelto bereported to be in sight. Of this total 8000 cars each are
understood
for two western systems by which inquiries shortly are
key products are rather more pronounced this week, accord- to be put out and 6500 for the St. Paul now in the market. Missouri,
ing to the opinion of the "Iron Age" of April 23. In the effort Kansas & Texas placed 1200. The New York Central is dividing 10,000
makers.
of steel makers to find a trading level of prices, bars and tons of tie plates between eastern and western of $5.50 Pittsburgh for tin
With the announcement of unchanged price
structural steel in ordinary lots are now at 2c., Pittsburgh, plate for the third quarter, large oil companies are corning into the market
with wire products back to the November basis, while sheets with heavy requirements. The Standard 011 Co. of N. J., wants 450.000
boxes and the Standard Oil Co. of N. Y. 150,000 to 300,000 boxes. The
are weaker, after a decline of $2 to $4 a ton from the prices former company also has placed 10,000 tons of 10-inch line pipe for Midcontinent fields. Other oil company buying shows improvement including
of late 1924. Further details follow:
The Carnegie Steel Co. has dropped from 85% to 75% in its rate of ingot 2.100 tons for stills placed by the Standard Oil Co. of Indiana and several •
production, while independent companies at Pittsburgh and Youngstown new inquiries for storage tanks.
Sheet mill bookings at the beginning of April represented the equivalent
are close to 70%. The Steel Corp. as a whole is now below 85% and the
average for the industry is put at 77, as against 92 for the actual rate of of approximately two months' capacity. Sales in March were 85.2, production 90.7 and shipments 90.3% of capacity.
March.
The official March total for structural steel bookings shows a large gain
With the putting out of three Carnegie and two independent blast furnaces, and the expected stopping of two other furnaces, the active list in over February and was 205.900 tons or 71% of shop capacity. March
shipments were the largest since July. In February bookings were 171,100
the Pittsburgh and nearby diEtricts will show 85 as against 105 at the beginning of March. A Cleveland furnace has gone out, also one at Buffalo tons and 59%. The shaking down process in pig iron has gone further and
it is indicated this is beginning to attract the interest of some buyers.
and another at South Chicago.
New buying is put at 85 to 90% of current shipments ofleading companies There has been a measurably greater buying and inquiry at several centers
for third quarter delivery. The Chicago market now is at $22. Buffalo
having varied lines of products. Quiet as the past two weeks have been,
not a few mills have had better bookings than in the same period in March. iron has gone in New York territory at $19.50 base. A new schedule out
Consumers are following market changes closely, but their operations in on silveries and bessemer ferrosilicon represents a reduction of $4 to $5 per
ton from the former list.
some cases are calling for more rather than less steel.
Manufacturers and dealers in reinforcing steel and other mill products,
Bookings of fabricated structural steel in the first quarter of the year
were 545.000 tons, or 10% under those for the same period last year. Cur- especially in the Southwest, have applied to the federal tariff commission
rent purchases are holding up well. Of 25,000 tons covered in the past for additional protection against the encroachments of their market by
week, numerous railroad bridges were conspicuous, taking 22% of the European mills. Paris reports a leading American export company haa
placed 10.000 tons of seamless steel casing with German and French works
total, though public work accounted for 40%.
Unusually close approach to theoretical capacity is indicated in March in the Ruhr for delivery to the California oil fields.
Some good inquiries for bridge work for the railroads are appearing includsheet mill operations, and the resultant cost saving has doubtless been a
factor in speeding the price decline. Sales in March were larger than in ing 11,000 tons for the Michigan Central at Detroit and 4.000 tons for the
either January or February. Production was 23i% higher than in Feb- Nickel Plate at Cleveland. The Reading placed 2,500 tons for shop buildings. The week's structural awards were numerous, totaling 23.281 tons.
ruary, but the increase in sales was nearly 12%.
Another fall this week has brought "Iron Trade Review" composite to
The American Sheet & Tin Plate Co. has reaffirmed the present tin plate
price of$5 50 for third quarter, on ordinary contracts. This is still the best $39.05. the lowest point since mid-November. The lowest point of the
past year was the week of November 5 with $38.56.
employed branch of the industry, signs pointing to a record tin plate year.
As in 1924. the Imports of foreign cotton ties to Gulf ports this year are
likely to be small, domestic mills continuing last year's innovation of
quoting f. o. b. Southern ports instead of f. o. b. Pittsburgh.
Activity in the Cotton Spinning Industry for March
Sellers of foreign bars and structural shapes have found only a limited
1925.
market thus far at Atlantic and Gulf ports. The Houston, Texas. building
for which 3,500 tons of Belgian steel was reported sold, was finally awarded
The Department of Commerce announced on April 20
to the Steel Corporation.
-pound rails for the that, according to preliminary figures compiled by the
A French mill has taken about 8,000 tons of 100
Bureau of the Census, 37,809,876 cotton spinning spindles
South Manchuria Ry. at close to $34 25 c. I. f. Darien.
At least one German steel company has sent representatives to the United were in place in the United States on March 31 1925, of
States to buy steel scrap. Prices quoted would mean about $24 a ton
delivered at German mill. As this is not many dollars a ton below the prices which 33,225,182 were operated at some time during the
at which German steel for export is being sold it seems doubtful that business month, compared with 33,277,189 for February, 33,180,758
will develop. Some American scrap is moving to Italy from Southern ports. for January, 32,661,949 for December, 31,789,876 for
The downward trend of pig iron prices is more marked. A reduction
of $1 in the Chicago district has been followed by some increase in demand. November, 31,078,804 for October, 30,122,384 for Septembut concessions in the East, Cleveland and elsewhere have had little, if ber, 28,945,605 for August and 32,371,978 for March 1924.
any, effect upon buying. Silvery irons have been reduced $3.
aggregate number of active spindle hours reported for
Advances in base rates will be asked by sheet mill and bar iron workers The
at the wage conferences next month,evidently in the hope of retaining exist- the month was 8,599,440,113. During March the normal
ing scales. Attention has been drawn also to the labor situation at Lake time of operation was 26 days, compared with 23 2-3 days
Superior iron mines. With the expected maintenance of wages by the Steel
Corporation, the closing down of high cost mines, in view of low ore prices, for February, 263/i for January, 26 for December, 243/ for
November, 26% for October, 253/ for September, and 26
Is looked for rather than a wage readjustment at merchant properties.
The Inter-State Commerce Commission' decision slightly reducing for August. Based on an activity of 8.78 hours per day,
rates on finished steel from Pittsburgh to St. Louis and Illinois and
freight
average number of spindles operated during March was
Indiana points, while materially raising rates from Chicago to the same the
districts, finds few friends. Pittsburgh producers are given $1 80 a net 37,670,580, or at 99.6% capacity on a single shift basis.
ton greater leeway at St. Louis, in meeting Chicago competition, but This percentage compares with 100.0 for February, 96.4 for
expected considerably more. Western producers see their radius of opera-haul rates. Consumers in affected territory January, 90.4 for December, 87.5 for November, 85.4 for
tion limited by the higher short
October, 76.1 for September, 62.8 for August, and 82.4 for
look for a recasting of their own competitive lines.
The usual composite price table follows:
April 211925. Finished Steel. 2.474c. Per Lb.
April 14 1925, 2.531e.
Based on prices of steel bars. beams, tank
March 24 1925, 2.531c.
plain wire. open-hearth rails,
plates.
April 22 1924, 2.696c.
black pipe and black sheets,constituting
10
-year pre-war average,1.68ge.
88% of the United States output
March 1924. The average number of active spindle hours
per spindle in place for the month was 227. The total number of cotton spinning spindles in place, the number active,
the number of active spindle hours and the average spindle
2092
THE CHRONICLE
rirot. 120:
hours per spindle in place, by States, are shown in the fol- 1924 of 5.13%. Springfield, Ohio, led all other cities In inlowing statement:
creased receipts for March 1925, amounting to $94,750 07,
or 62.80%. Portland, Me., came next with an increase of
Spinning Spindles.
Active Spindle Hrs for Mar.
24.95%. Jackson, Miss., was third, with an increase of
In
Active
Average per
24.92%. Tabulated figures follow:
Place
During
Total.
Spindle
March 31.
March.
in Place.
United States
37,809,876 33.225.182 8,599,440.113
227
Cotton-growing States
New England States
All other States
17.431,118 16,926,512 5,170.777.681
18,409,856 14,761,896 3,071,079,021
1,968,902 1,536,774 357.583,411
297
167
182
Alabama
Connecticut
Georgia
Maine
Massachusetts
New Hampshire
New Jersey
New York
North Carolina
Pennsylvania
Rhode Island
South Carolina
Tennessee
Texas
Virginia
All other States
1,420,498
1,274,368
2,818,230
1,127,784
11,629,728
1,445.734
510,010
997,950
5,955,210
166,466
2.787,434
5,295,508
452,984
232,804
707,314
987,854
276
182
291
200
156
173
196
165
311
186
186
308
279
262
227
218
1,375,732 391,474.324
1,143,300 231.392,373
2,728,030 821.165,316
1,114,808 225,826,296
8.873,222 1,816,876.105
1,130,264 250,352,843
99,734,672
468,788
670.304 164,809,161
5,805,324 1,852,870.963
137,378
30.885,312
2,364,710 519,072,033
5,234,344 1.631,216.291
439,218 126,504,803
215,198
61,000.663
690,354 160,897,201
834,188 215,361,757
Cottonseed Production During March.
On April 18 the Bureau of the Census issued tho following
statement showing cottonseed received, crushed and on hand
and cottonseed products manufactured, shipped out, on
hand and exported, covering the seven months' period ended
March 31 1925 and 1924:
COTTONSEED RECEIVED, CRUSHED AND ON HAND (TONS).
State.
Received at Mills*
Crushed
On Hand at Mills
Aug. 1 to Mar. 31. Aug. Ito Mar. 31.
March 31.
1925.
Alabama
Arkansas
Georgia
Louisiana
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
All other
1924.
1925.
1924.
229.219 120,325 222,623 115,402
298.881 167,531 288.804 161.763
383.177 210,516 365.199 202,332
149,560 112.469 149.030 106,324
415.780 245.124 383.726 228,400
272.183 313.745 256.068 290,326
461,150 217,837 396.407 213,484
214.503 189.809 208,982 181,140
264,099 166,709 240.489 155,813
1.526.199 1,302.889 1.408,699 1,187,612
224.508 158,321 209,073 134,557
1925.
1924.
7,885
10,127
21,894
530
32,806
16,467
64,982
6,152
24,261
123,570
16,108
5.375
6.214
9.104
6,149
17.222
23.715
4,552
9.308
8.952
123.408
19.463
United States
4.439.259 3.205.275 4.129.100 2 977 153 124782 233 482
•Includes seed destroyed at mills, but not 21.711 tons and 2,786 tons on hand
Aug. 1. nor 104,444 tons and 106.981 tons re-shipped for 1925 and 1924, respectively.
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT AND ON
HAND.
Produced
Aug. Ito
Mar. 31.
STATEMENT OF POSTAL RECEIPTS OF FIFTY INDUSTRIAL CITIES
FOR THE MONTH OF MARCH 1925.
Per Ct. Per Ct.
1924
1925
Over
over
Offices
March 1925.
March 1924.
Increase.
1924.
1923.
Springfield, Ohio
$245,627 88
$150,877 81
$94,75007 62.80
3.65
Oklahoma, Okla
107,758 93
105,616 29
2,14284
3.58
2.03
Albany, N.Y
124.561 35
123,326 33
1,23502
9.35
1.00
Scranton, Pa
95,055 73
107,010 41
*11,95468 •11.17
12.94
Harrisburg,Pa
97,570 95
106,832 16
*9.261 21
*8.67
23.16
San Antonio, Texas_
88.869 14
85.304 24
3,56490
8.71
4.18
Spokane, Wash
82,904 60
87,557 91
*4,65331
*5.31
*0.78
Oakland, Calif
122,621 17
103.688 98
18,932 19
18.00
18.26
Birmingham, Ala
118,445 02
109.976 68
8,46834
8.11
7.70
Topeka, Kan
104,401 34
107,987 95
*3,58661
17.21
*3.32
Peoria, Ill
81,928 58
76.853 45
*4.24
5,075 13
6.60
Norfolk, Va
67,273 27
60.367 93
6,90534
11.44 •12.28
Tampa, Fla
71,999 98
60,426 44
11,573 54
19.15
*2.69
Fort Wayne, Ind
94,372 03
100,757 13
*6,385 10
27.11
*6.34
Lincoln. Neb
67,772 24
71,599 49
*3,82725
3.39
*5.35
Duluth, Minn
66.240 60
62,640 42
3,600 18
*2.25
5.74
Little Rock, Ark
64,260 17
64,779 36
*519 10
*0.80 •10.04
Sioux City, Iowa
67,507 89
66,416 38
1,091 51
1.64
*2.90
Bridgeport, Conn_
67,063 00
68.220 56
*1.15756
•1.70 •1.57
Portland, Me
73,835 57
59,092 33
14,74324
4.94
24.95
St. Joseph, Mo
59.416 46
50.654 02
8,76244
17.30 .13.84
Springfield, Ill
61,690 46
84,292 34
*22.601 88 *26.81
74.14
Trenton, N. J
55,970 56
47,462 79
17.92
8,50777
*7.40
Wilmington, Del
53,742 53
57.452 52
*3,70999
13.89
*6.46
Madison, Wis
57,050 70
55.590 33
1 460,37
12.22
2.63
South Bend, Ind
55,466 13
51,20141
8.33
4,264 72
0.18
Charlotte, No. Caro
60.120 69
57,720 94
2,39975
5.33
4.16
Savannah, Ga
46.908 32
51,049 17
*4,14085
15.88
*8.11
Cedar Rapids, Iowa
46.440 34
45,247 12
1,19321
2.64
9.82
Charleston, W. Va......
44,253 74
47.228 07
*2,974 33 *6.30
6.56
Chattanooga, Tenn.__
62,823 30
62.798 37
24 93
0.04
8.52
Schenectady, N. Y__ 45,931 31
45.585 56
345 75
15.21
0.76
Lynn, Mass
42.974 07
36,434 31
6.53976
17.05 •13.40
Shreveport, La
37.780 89
36.257 74
1,523 15
7.18
4.20
Columbia, So. Caro
30,997 12
31,135 75
*13863
4.34
*0.44
Fargo, No. Dak
38.1)16 37
42.763 70
*3,84733
10.43
*9.00
Sioux Falls, So. Dak_ 44,724 18
36,527 24
8.19694
17.33
22.44
Waterbury, Conn___ 34,713 52
32,101 42
2,612 10
8.13 •13.07
Pueblo, Colo
28,848 27
28,180 48
667 79
2.37
3.40
Manchester, N.H_ 24,392 65
25.042 88
*65023 "2.60
4.04
Lexington, Ky
32.078 99
27,917 65
4.161 34
*6.22
14.90
Phoenix, Ariz
25.466 30
25,937 80
*471 50 •1.82
5.04
Butte. Mont
20,839 96
19,164 55
1,87541
8.74 *18.85
Jackson, Miss
27.424 19
21.952 87
5,471 32 24.92
3.27
Boise, Idaho
20,764 00
20.192 00
572 00
2,83 •5.09
Burlington, Vt
19.285 31
19,125 81
159 50
0.83
1.55
Cumberland, Md
13,669 58
13.094 15
575 43
4.39
2.45
Reno, Nev
10.905 38
12,950 29
*2,04501 *15.79
17.13
Albuquerque, N.Mex_
12,112 46
11,939 22
173 24
1.45
*3.71
Cheyenne, Wyo
9,83966
11,102 13
*1,46247 *13.17 *17.28
Total
$3.035,416 88 $2,887,434 99 2147,981 89
5.13
5.90
'Decrease.
December 1924 over December 1923. 9.24%. January 1925 over January 1924,
4.18%. February 1925 over February 1924, 4.68%.
The Country's Foreign Trade in March-Imports and
Exports.
Crude oil
1924-25 *4.052.703 1245.546.457 1183.783,836 *89,167.550
The Bureau of Statistics of the Department of Commerce
(Pounds)
1923-24
5.103,348 876.815.228 788,314,702 109,436,128
Refined oil
1924-25 0106,799.632 81043136 326
a371.974.593 at Washington on April 14 issued the statement of the
(Pounds)
1923-24 138,112.489 672.025,798
215,402,566 Foreign
trade of the United States for March and the nine
Cake and meal
1924-25
41,620
1,892,007
183.809
1,749,818
1923-24
(Tons)
49.766
1,365.286
1,242,157
172,895 months ending with March. The value of
merchandise
Hulls
1924-25
33,515
1.182,379
1,055,461
160,433
(Tons)
1923-24
15,615
847,642
94.379 exported in March 1925 was $452,000,000, as compared
768.878
Linters
1924-25
53.410
792,294
129.320
716,384
(500-1b. bales)
1923-24
27,565
602,089
168.977 with $339,755,230 in March 1924. The imports of mer460.677
Hull fiber
1924-25
67,625
13,805 chandise wort? $385,000,000 in
53,820
March 1925, as against
(500-1b.
1923-24
7.265
25,937
1.635
31,567
motes. &c
Grabbots,bales)_. 1924-25
4,644
7,312 $320,482,113 in March the previous year. This
27.768
25,100
left a
(500-1b. bales)
1923-24
1,605
21.265
7.700
15,170
trade balance in favor of the United States on the merchan•Includes 1337.689 and 7,887,195 lbs. held by refining and manufacturing
establishments and 302,000 and 16,904.720 lbs. In transit to refiners and consumers dise movement of $67,000,000 for the month
in 1925, as
Aug. 1 1924 and March 311925. respectively.
a Includes 3.406.674 and 7,639.922 lbs. held by refiners, brokers, agents, and compared with a favorable balance for the corresponding
warehousemen at places other than refineries and manufacturing establishments
and 7,970,451 and 5,510,8.54 lbs. In transit to manufacturers of lard substitute, month in 1924 of only $19,273,117. Imports for the nine
oleomargarine. soap, ,ke., Aug. 1 1924 and March 31 1925, respectively.
months of 1924-25 have been $2,825,217,451, as against
b Produced from 1,136,916,084 lbs. of crude oil.
EXPORTS OF COTTONSEED PRODUCTS FOR EIGHT MONTHS ENDING $2,652,757,509 for the corresponding nine months of 1923-MARCH 31.
24. The merchandise exports for the nine months of 1924-25 have been $3,770,431,232, against $3,322,636,082, giving
Item.
1924.
1925.
a favorable trade balance of $945,213,781 in 1925, against
OH, crude, pounds
19,414.141 20,658,547
011, refined, pounds
21,774.658 10,268,241 $669,878,573 in 1924. Gold imports totaled $7,337,322 in
Cake and meal, tons
92,007 March 1925, against $34,322,375 in
398.639
the corresponding month
Linters, running bales
65,041
124,803
the previous year, and for the nine months they are $109,456,281, as against $305,352,756. Gold exports in March 1925
Danbury Hatters Adopt Open Shop.
were $25,104,416, against only $817,374 in March 1924.
We quote from the New York "Journal of Commerce" the For the nine months of 1924-25 the exports of the
metal foot
following special advices from Hartford (Conn.) April 3:
up $207,023,306, against but $7,955,099 in the nine months
hatters at Danbury, announced this afternoon of 1923-24. Silver imports for the
John W. Green tz Sons, Inc.,
nine months of 1924-25
in a formal notice that they intended to operate on an open shop plan hencehave been $58,354,310, as against $65,522,269 in 1923-24,
forth and that sizers who struck Wednesday are no longer in the company's
employ. "We are running an open shop and will continue to do so and and silver exports $84,447,856, against $72,648,881. Some
nothing will change this attitude," the official statement read.
comments on the figures will be found in our issue of last
The State Cloak Co., with a factory at Colchester, Conn., employing 40
week in the article on "The Financial Situation." Followpersons, has discontinued business for want of orders.
ing is the complete official report:
Increase in March in Postal Receipts at Fifty Industrial TOTAL VALUES OF IMPORTS AND EXPORTS OF THE UNITED STATES.
(Preliminary figures for 1925, corrected to April 11 1925.)
Cities.
MERCHANDISE,
Postal receipts of fifty Industrial cities throughout the
country for March 1925 showed an increase of $147,981 89
March.
9 Months ending March.
Increase (+).
over those for March 1924, according to figures made public
1924.
1925.
1925,
1924.
Decrease (-).
April 9 by Postmaster-General New. The total receipts for
$
'
8
$
$
$
385,000,000 320,482,113 2,825.217,451 2,652,757,509 +172,459,942
March 1925 were $3,035,416 88, while those for the corre- Imports
Exports
452,000,000 339,755,230 3,770,431,232 3,322,636,082 +447,795,150
sponding period last year were but $2,887,434 99. This shows
Excess imports
an increase in last month's receipts over those for March Excess exports 67,000,000 19,273,117 945.213 7R1 ARO R7R 873
-Item.
Season
On Hand
Aug. 1.
Shipped Out
Aug. 1 to
Mar. 31.
On Hand
Close
Mar. 31.
APRIL 25.1925.]
THE CHRONICLE
IMPORTS AND EXPORTS OF MERCHANDISE, BY MONTHS.
1924-25.
Imports.
July
August_ — September_
October_..
November _
December _
January.-February _
March- --April
May
June
1923-24.
1922-23.
$
$
$
278,593,546 287,433,769 251,771.881
254,542,143 275,437,993 281,376,403
287,144,334 253,645,380 298,493,403
310,761,608 308,290,809 276,103,979
296,147,998 291,333,346 291,804,826
333,192,059 288,304.766 293,788,573
346,165,289 295,506,212 329,253,664
333,680474 332,323,121 303,406,933
385.000,000 820.482,113 397,928,382
324,290.966 364.252,544
302,987,791 372,544,578
274,000,688 320,233,799
1913-14.
1921-22.
$
178.159,154
194,768,751
179,292,165
188.007,629
210,948.036
237,495,605
217,185,396
215,743,282
256.177,796
217.023,142
252,817,254
260,460,898
$
139.061,770
137,651,553
171,084,843
132,949,302
148,236,536
184,025,571
154,742.923
148,044,776
182.555,304
173,762,114
164,281,515
157,529.450
9 mos. end.
March.. 2,825,217,451 2,652,757,509 2,723,928,044 1,877,777,714 1,398,352,578
12 mos.end.
June_
3,554,036,954 3.780.958,965 2.608,079,008 1,893,925,657
Export*.
July
August._
September.
October
November
.
December
.
January ___
February
March ...April
May
Arne
276,649,055
330,659,566
427,459,531
527,171,781
493,572,921
445,748,393
446,430.223
370,739,662
452,000,000
302.186,027
310,965,891
381.433,570
399,199,014
401,483.872
426,665,519
395,172,187
365,774.772
339,755,230
346,935,702
335,098,701
308,989,006
301,157.335 325.181,138
301,774,517 366,887,538
313,196,557 324,863,123
370.718,595 343.330.815
379,999,622 294,092.219
344,327,560 298,198,373
335,416,506 278,848,469
306.957,419 250,619,841
341,376,664 329,979,817
325,492,175 318,469,578
316,359,470 307,568,828
319,956,953 335,116,750
160,990,778
187,909.020
218,240,001
271,861.464
245,539,042
233,195,628
204.068.603
173,920,145
187,499,234
162,552,570
161,732,619
157.072,044
9 mos. end.
March _ _ 3,770.431,232 3,322.636.082 2,994,924,775 2,810,001,333 1.883,221,915
12 mos.end.
7.00
4311 880401 2 AAA 7:12 275 2771 1FA ARO a MI MA lelfi
GOLD AND SILVER.
March.
1925.
Gold.
Imports
Exports
1924.
9 Months ending March.
1925.
1924.
Durrease (+1.
Decrease
(—).
$
$
$
$
$
7,337,322 34,322.375 109,456,281 305,352,756 —195.896,475
25,104,416
817,374 207,023,306 7,955.099 +199,068,207
2093
condition also applies at Baltimore. There the export business so far this
month is below that of the same period in March. Anthracite is moderately
active. Prices are still low at the southern loading piers but conditions are
better and the market is firm.
Toronto reports that the market for lump and slack is slow in spite of the
fact that slack is scarce. The market is free from demurrage coal. Coke
demand has fallen off.
In the Fairmont section of northern West Virginia, tidewater shipments
have increased and there is a better tone to the market, though production
and prices are unchanged. There is no change in conditions in the southern
part of the state in market conditions but production so far this month is
ahead of last month. Slack is higher in price. but other sizes have not
gone up.
Production and prices are down in the Upper Potomac, western Maryland
and adjoining fields due to lack of spot demand. In the Virginia fields
production is still around 60% but the market dull for the above reason.
In the Pittsburgh territory buying is on a somewhat broader scale
although the mines are working mostly on contract at present and quotations have an upward trend. In the central Pennsylvania producing
district, however, the production last week was the lowest on record and
many mines closed indefinitely, until some way is found out of their
difficulty.
Bituminous operators, who look for nothing in the way of
business the first month of the new coal season, will not be
disappointed this year of grace declares the "Coal Age" on
April 23. Aside from the hopes—some of which are reported
close to realization—built upon lake shipments, the outlook
in the non-union districts of the Southeast appears no
rosier than in the union strongholds of the Central Competii=reld;where the demand for a revision of. the Jacksonville wage agreement will not down. Measured by its effect
upon the market, the strike in northern West Virginia is a
blank. The open-shop gains ground in Central Pennsylvania
and dissatisfaction grows in union areas, continues the
"Age" adding further:
Screenings take the lead for strength in nearly every field. Part of this
strength, of course, is due to the seasonal dullness which has spread over
the domestic market and cut down production. But part must be credited
to a basically healthy underlying industrial demand for coal. Discounting
Silver.
to the limit the professional optimist reports on general business, the fact
Imports
6.660,750 6,220,934 58,354,310 65,522,269 —7,167.959 remains that
there is real ground for solid confidence.
Exports
7.916,717 8,355,278 84,447,856 72,648,881 +11.798,975
West Virginia and, to a lesser extent, Kentucky, are speeding up to meet
Excess of imports.
demands. Eastern Ohio is also making some plans to move tonnage.
lake
VISPFMI Of Axonr19
.
1 9RA 007 9 1R4 RAA 90 AOR AAA
7190019
but southern Ohio and Western Pennsylvania are pessimistically inclined
when the question of general participation in shipments to the Northwest
IMPORTS AND EXPORTS OF GOLD AND SILVER,BY MONTHS.
Is raised.
Dumpings at Lake Erie ports during the week ended April 19 totaled
Gold.Silver.
nearly a half million tons. Cargo dumpings were 464,479 tons; steamship
1924-25.
fuel, 20.330 tons—a total of 484.809 tons, as compared with 147.152 tons
1923-24.
1922-23.
1924-25. 1923-24. 1922-23.
the week preceding. Hampton Roads dumpings for the week ended
g
Imports.
$
$
s
$
3
18,834.423 27,929,447 42.986,727 7,127,613 10,066,463 6,957,298 April 16 totaled 369,746 net tons, as compared with 372,374 tons the week
May
August ____ 18,149,981 32.856,097 19,092.208 7,041,630 6,465,949 4,943,762 preceding. New England is still the heaviest purchaser, but most of the
September
. 6,656,155 27,803,961 24,464.235 7,082.962 8,517.971 6,370,279 dumpings for New England account apply on contracts. Spot prices are
October — 19.701,640 29,795,185 20,866,156 5,828,572 6,929,211 3,940.349 depressed.
November. 19,862,384 39,757,436 18,308,087 6,481,416 5,269,173 5,855,405
The "Coal Age" index of spot prices on bituminous coal for April 20 stood
December. 10,274.049 32,641,226 26,439,677 5,863.892 8,172,301 7,847,570
5,037,800 45.135.760 32,820,163 7,338.559 5,979,758 5,824.637 at 161, the same figure as the preceding week. There was no change in
Tantlitt7 --February __ 3.602,507 35,111,269 8,382,736 4.928.916 7,900,409 3,792,387 the average price, which was $1.95.
March-- 7,337,322 34,322,375 15.951,357 6,660,750 6,220,934 4.626,376
Anthracite demand in the New England and Middle Atlantic states.
April
45.418.115 9,188,470
3,907,745 4,261,869
May
41.073.650 46,156,195
5.639,582 4,461,146 although far from feverish, is of a character to inspire the major producers
June
25.181.117 19,433.539
4,870,389 6,065,947 with a feeling that the new coal year will move along normal lines. There
is not sufficient backbone to the call for domestic sizes, however, to warrant
9 mos. end.
March.-- 109.456,281 305.352,756 209.311,346 58,354,310 65,522,269 50,158,063 any wholesale resumptions at the operations which went down in the dead
market during the closing weeks of the past coal year. Nor has the steam
12 mos.end.
June ..
417,025,638 284,089,550
79,939,985 64.947,025 market been active enough to justify the risk of throwing more tonnage
upon it. Rice and barley are fairly well maintained, but No. 1 buckwheat
Report,.
827,178
622.826
643.714 9,190,362 6.233,163 6,268,053 shows signs of heaviness. In more westerly markets domestic sizes are
July
August ---. 2.397,457 2.200.961
955.853 8.632,067 7.032.221 3.861,180 slow. There is a general disposition among consumers to withhold orders
September. 4.579,501
862.697 1.398.607 10,345.205 8.123.460 3,735,178 for winter stocking.
October _._ 4,125,268 1,307,060 17,591,595 9,465,023 7.522,845 3,268,731
November. 6.689,182
746.794 3.431.065 9,401.406 8.775,474 6,599,171
December _ 89.674,653
711.529 2.709,591 11,279.830 9.521,083 6,913,200
January... 73.525,943
280,723 8,472.198 11.384,799 8.208,644 6.921.002 Output of
Bituminous Coal and Anthracite Shows
505,135 1,399,089 6,832.847 8,876,713 2,191.059
February.. 50.599.708
25,104,416
817.374 10,392,100 7,916,717 8.355,278 4.731,705
March
Little Change—Coke Declines.
1,390.537
655.235
April
7.801,689 4,338.338
824,444
593.290
MaY
9,686,517 3,499.358
The weekly report on the production of bituminous 0,11
268,015
548,484
June
8,648,499 3481,081
anthracite, and beehive coke, issued by the Department of
9 mos. end.
March— 207,023,306 7,955,099 46,993,812 84,447,856 72,648,881 44,490,179 the Interior, through the Geological Survey, April 18 1925,
12 mos.end.
shows that the production of coal gained, when compared
In 900 041 AO 091 070
09 712K KIM ga nno nma
.
.
•
Excess of imports.
33.505,001
297.397,657
Excess of exports_ 17.767,094
97,567,025
with the output of the previous week, but that the daily
rate slightly declined, while coke production also declined.
Coal Trade Practically Unchanged—Revived Demand Details concerning
the rate of output are contained in the
in Metropolitan District.
Survey's report appended:
The outstanding feature of the coal market during the past
The first week of the new coal year (April 6-11) brought but little change
week was the sudden revival of the demand for anthracite in the trend of soft coal production. The total output,including lignite and
coal coked at the mines, is estimated at 7,896,000 net tons. Although this
in the Metropolitan district declares the "Coal Trade was an increase of 344,000 tons over the record of the preceding holiday
Journal" on April 22. This started in with a rush early in week, the average daily output declined slightly. As against a daily
average of 1,347.000 tons
the week when dealers in New York and surroundings the average for the later for the 5.6 working days of the week ended April 4,
week dropped to 1.315.000 tons.
started in to stock at the present prices with the result that of output at present is higher than at the corresponding dateThe daily rate
of each of the
wholesalers are about sold out for delivery this four preceding years except 1923.
most of the
month. Other than this, the market in general, though of Estimated United States Production of Bituminous Coal (Net Tons), Including
Coal Coked.
slightly better tone, is practically in the same condition as
1925—
1924a
in past weeks, observes the "Journal," giving the following
Week. Cal Yr. to Date.
Week. Cal.Yr roDate.b
March 28
8353.000
details:
125,578,000
9,122,000 . 135,625.000
Daily average
1 392.000
1,627,000
1,520,000
1.761,000
Along the seaboard the bituminous market is marking time. At Boston April 4_ c
7 546,000
133,123,000
7,041,000
142,666,000
have dropped still further on mine-run, New River and similar coals, Daily average
1,347,000
1,608,000
prices
1,280,000
1,729,000
7,890,000
141,013,000
shipments to New England and the large consumption April 11 d
6.983,000
149,649,000
in spite of the large
Daily average
1,315,000
1,588,000
1,164,000
1,691,000
there as reported by the Geological Survey, for the first three months of
Providence, the demand is light but prices are holding up
the year. At
a original estimates corrected for usual error, which in past has
averaged 2%.
better. Anthracite buying has picked up in a few isolated spots, but the b Minus 2 days' production first week in January to equalize number of days in the
two years. c Revised since last report. d Subject to revision.
general run of business is slow. At New York bituminous buying is sluggish
Preliminary telegraphic reports on daily loadings in.`the Artc
but the anthracite market is very active,as stated above. The anthracite
lept week
strengthened in Philadelphia and dealers are reported to be (April 13-18) show a sharp decline on
demand has
Easter Monday. There was some
freely. All sizes are moving well. The bituminous market is recovery on Tuesday, but the total for the two days was
stocking
about 4.000 cars
marking time with demand light and supplies more than adequate. This less than in the week before.
Years of Depression.
122.190.000 net tons
1019
110,458,000 net tons
1921
139,258,000 net tons
1922
149,649,000 net tons
1924
Thus it is seen that from the viewpoint of soft coal production, the
calendar year 1925 now stands nearly 13,000.000 tons behind the average
of the three years of activity and 11,000,000 tons ahead of the four years
Years of Activity.
150,274,000 net tons
152,938,000 net tons
157.858,000 net tons
18
120
23
of depression.
ANTHRACITE.
The production of anthracite recovered in the week ended April 11. On
basis of the 32,945 cars loaded,it is now estimated that the total output
the
was 1,723,000 net tons, an increase over the preceding holiday week of
241,000 tons. Compared with the week ended March 28, there was a gain
of 83,000 tons. In spite of the improvement, however, the present rate
of anthracibe production is 7% lower than the average at this date of recent
years.
Cumulative production during the first 15 weeks of 1925 totaled approximately 24,264,000 tons, a decrease from the record of the corresponding
period of 1924. of 2,061.000 tons, or nearly 8%.
Estitnated
Week EndedMarch 28
April 4
April 11
United States Production of Anthracite (Net Tons).
1925192
4
Cal.YrioDate.
Week.
Cal.Yr JoDate.
Week.
22,921,000
1.942.000
21,059,000
1,640,000
24,469,000
1,548,000
1,482,000
22,541,000
26,325,000
1,856,000
24,264,000
1.723.000
a Less two days' production in January to equalize number of days in the 2 years.
BEEHIVE COKE.
The production of beehive coke continues to decline steadily. The estimated total output in the week ended April 11 is placed at 214,000 net tons,
a decrease of 6,000 tons. The principal loss occurred in Pennsylvania and
Ohio. and the only gains shown were in the trans-Mississippi States.
Ace(rding to the Connellsville "Courier," production in the Connellsville
region was curtailed sharply, and more than 1,500 ovens were blown out.
Estimated Production of Beehive Coke (Net Tons).
1924
1925
Week Ended
to Date. to Date.a
Apr. 11 '256 Apr. 4 '25c Apr. 12 '24
214,000 2,797,000 3,318.000
Pennsylvania & Ohio
167,000
161,000
226,000
West Virginia
14.00013,000
197,000
13,000
308.000
23.000
20,000
332,000
Ala., Ky., Tenn. & Ca_ 22,000
132,000
9.000
8,000
141.000
Virginia
9,000
79.000
6,000
60,000
Colorado & New Mexico
4,000
3.000
62,000
4,000
4,000
65,000
Washington & Utah
5,000
United States total
Daily average
214,000
36,000
220,000
37,000
265,000 3,592,000 4,125.000
44,000
41,000
47.000
a Adjusted to make comparable the number of(lays covered in both years. b Sub-
ject to revision. c Revised from last report.
Cumulative production of beehive coke during 1925 to April 11 stood at
3.592,000 net tons. Figures for similar periods in earlier years are as follows:
1921
1922
Fol. 120.
TAM CHRONICLE
2094
2.758.000 net tons
2,207,000 net tons
1923
1924
5,831,000 net tons
4,125,000 net tons
for the month was 3,468,000 net tons, against 3,411,000
tons in January, the previous maximum record. The nearest
approach to this figure in earlier years was in May 1923,
when 3,328,000 tons were produced. The plants were
operated at 89.3% of capacity. Of the 75 plants, 68 were
active and 7 plants were idle.
The high rate of by-product coke production reflects the
activity of the iron and steel industry. The output of pig
iron was considerably larger than in January and the production of steel ingots was practically the same as in January,
and but little below that of March 1924.
Beehive coke, on the contrary, declined appreciably. As
against 1,054,000 tons in February, the total for March was
1,006,000 tons, despite the greater number of days in the
later month. The decreasing importance of beehive coke is
shown by the fact that of the total coke made in March,
77.5% came from by-product ovens and but 22.5% from
beehive ovens, whereas in 1923 the percentages were 66
and 34, respectively.
MONTHLY OUTPUT OF BY-PRODUCT AND BEEHIVE COKE
UNITED STATES.a (NET TONS)
By-Product Coke.
Beehive Coke.
1920 Monthly Average
- 2,565,000
1,748,000
1921
"
1 646,000
462,000
1922
"
"
2,379,000
714.000
1923
"
"
3,133,000
1,615.000
"
1924
"
2 833,000
806.000
IN THE
January 1925
February 1925
March
1925
4,581,000
4,179,000
4,474,000
3,411,000
3,125.000
3,468,000
1,170.000
1,054.000
1,006,000
Total.
4,313,000
2,108,000
3.093,000
4.748.000
3.639,000
a Excludes screenings and breeze.
To produce the coke made in March required the consumption of about 6,570,000 tons of coal, of which 4,983,000 tons
were consumed in by-product ovens and 1,587,000 in beehive
ovens. The present rate of consumption of coal in coke
ovens is thus in excess of 65,000,000 tons a year.
ESTIMATED MONTHLY CONSUMPTION OF COAL FOR MANUFACTURE
OF COKE (NET TONS).
Consumed in
Consumed in
Total Coal
By-Prod. Ovens.
Beehive Ovens.
Consumed.
1920 monthly average
3.684,000
2,665,000
6,349.000
1921
2,401,000
706,000
3,107,000
60
60
3,421.000
1922
1,107,000
4,528,000
60
1923
"
4,523.000
2,507,000
7.030,000
.•
1924
4,060,000
1,272,000
5.332,000
Estimated Production of Coal in March.
January 1925
04,900.000
1,846,000
a6,746,000
4 490.000
1925
1,662.000
6,152,000
The table below shows the best estimates now possible February 1925
March
4,983,000
1,587,000
6,570,000
of the production of anthracite and bituminous coal during
a Revised since last report.
of March and the coal year ended March 31.
the month
Of the by-product coke made in March, 2,905,000 tons
There are also shown for comparative purposes figures for
came from plants associated with iron furnaces, and 563,000
the corresponding month of the nine preceding coal years
from merchant. or other non-furnace plants. The proportion
and the totals for those years.
contributed by the furnace plants was thus 83.8%, or
PRODUCTION OF COAL IN MARCH AND IN THE LAST TEN COAL YEARS
(NET TONS).
slightly more than in February.
a Years of large washery production.
last report.
AnthraciteMarch.
Coal Year.
93,318,000
7.964,000
87.947,000
9.026.000
9.382,000 al00,372,000
5,190,000
a92,791.000
7,935,000
91,790,000
7,677,000
91.130.000
9.181,000
89.975,000
9,175.000
57,138,000
8.114,000
91.700.000
88,189,000
7.058,000
Subject to revision. c Revised since
Coke Statistics for March.
The average daily rate of by-product coke production
was somewhat improved in March, and a new high record
of monthly output was established, according to statistics
furnished by the U. S. Geological Survey. The production
PER CENT OF TOTAL MONTHLY OUTPUT OF BY-PRODUCT COKE
THAT WAS PRODUCED BY PLANTS ASSOCIATED WITH IRON
FURNACES AND BY OTHER PLANTS, 1920-1925.
1920.
1921.
1922.
1923.
1924.
1925.
FurFurFurFur-I
I Fur
Fur,Othev saw. Other nace. Other
nace.Other nace Other nace. Other nace.
January
February
March
April
May
June
July
August
September
October
November ...
December
79.8
79.8
80.7
81.1
81.1
82.0
82.3
82.5
82.0
81.1
81.3
81.1
82.5
20.2
19.3
18.9
18.9
18.0
17.7
17.5
18.0
18.9
18.7
18.9
17.5
83.1
82.3
81.3
80.3
18.1
82.6
81.2
83.0
83.8
84.0
84.2
84.9
16.9
17.7
18.7
19.7
18.9
17.4
18.8
17.0
16.2
16.0
15.8
15.1
moawcocoanowwwww
Bituminous
Year.
Coal Year.
479,918,000
43.828.000
504,103.000
47,869,000
548,717,000
48.113,000
34.293,000
553.858.000
47.850,000
495,924.000
31,054.000
533.740,000
51,936.000
445,487.000
48,411,000
432,900.000
561.212,000
41,253,000
c470,844,000
37,626,000
.4.01m.nr-qc1rm...0
Year1915-16
1916-17
1917-18
1918-19
1919-20
1920-21
1921-22
1922-23
1923-241'
1924-251'
17.6
16.7
16.7
16.3
14.5
14.3
14.0
19.7
17.3
16.7
16.9
17.1
82.8
82.3
82.6
82.6
82.7
83.1
83.3
82.7
82.2
82.2
82.2
82.6
17.2.
17.7, 83.6
17.4 84.1
17.4 83.6
17.3 80.1
16.9 80.8
16.7, 80.8
17.3 79.5
17.8 82.0
17.8 82.9
17.8 83.4
17.4 84.6
17.2 84.8 15.2
16.4 83.6 16.4
16.0 83.8 16.2
16. ... ..... -20.1 __ __ __ __
19.2 __ __ -19.2 ._-20.5 __ __ .- -18.0 __ _...- -17.1 .... _. -- -16.6 _ _ __ - -15.4 ... _ _ -- --
81.4 18.6 82.7 17.3 83.6 16.4 82.6 17.4 82.3 17.7 ... __ _ --
ir Current Events and Discussions
a decline of
The six remaining
$6,500,000.
banks show smaller changes for
The Week With the Federal Reserve Banks.
the week in discount holdings.
The Minneapolis and New York Reserve banks report increases of
statement of condition of the Federal
The consolidated
88.700,000 and $6,700,000. respectively, in holdings of
Reserve banks on April 22, made public by the Federal chased in open market, while the remaining banks reportacceptances purdecreases in this
Reserve Board, and which deals with the results for the item, the principal declines being: Cleveland,$3,400,000.and San Francisco,
increases of 82.400.000. The System's holdings of Treasury certificates of indebtedtwelve Federal Reserve banks combined, shows
ness went down 84.200.000. and of Treasury notes
$17,100,000 in holdings of discounted bills and $1,400,000 of United States bonds remained unchanged. $600,000, while holdings
All Federal Reserve banks report reductions in Federal Reserve note
in acceptances purchased in open market, together with a
reduction of $4,800,000 in Government securities, with the circulation with the exception of Boston, which shows an increase of $3,400,000, and San Francisco, which reports a nominal increase. The prinresult that total earning assets went up $13,500,000. Fed- cipal decreases were as follows: Philadelphia,
$5,200,000; New York
$10,400,000, while $1,900,000, and Atlanta, $1,800.000.
eral Reserve note circulation declined
cash reserves increased $200,000, and non-reserve cash deThe statement in full, in comparison with the preceding
clined $900,000. After noting these facts, the Federal week and with the corresponding date last year, will be found
Reserve Board proceeds as follows:
on subsequent pages-namely, pages 2118 and 2119. A
An Increase or $15.500.000 in discount holdings is reported by the Federal summary of changes in the principal assets and liabilities
Reserve Bank of Chicago, an increase of $9,700.000 by San Francisco, and
Reserve
a $2,400,000 each by the Richmond and Atianta-lianlis:-/rhe Cleveland of the 22 1925, banks during the week and the year ending
April
follows:
bank ahovrs.a declInelot $9,300,000 in discount holdings, and4NeirVirk
CHRONICLE
Increase(+)or Decrease(—)
During
Year.
Week.
Total reserves
1+200.000 —1229,100.000
Gold reserves
—200,000 —269.600.000
Total earning assets
+13.500,060 +165.200.000
Bills discounted, total
+17.100,000 —60.500.000
Secured by U.S. Government obligations.+13.800,000
+32.000.000
Other bills discounted
+3.300.000 —92,500.000
Bills bought in open market
+1.400,000 +135,100.000
U. S. Government securities, total
+78.800.000
—4.800,000
Bonds
+66,000.000
Treasury notes
+43,100.000
—600.000
Certificates of indebtedness
—4.206.000 —30.300,000
Federal Reserve notes in circulation
—10.400,000 —253,100.000
Total deposits
+9.800.000 +216,900.000
Members' reserve deposits
+21.700,000 +228,000.000
Government deposits
—6,600.000 —14.100.000
Other deposits
—5,300,000
+3.000,000
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items
as compared with a week ago and with last year:
Increase (-I-) or Decrease (—)
During
Week.
Year.
Loans and discounts. total
—49.000.000 +41.066.000.000
Secured by U. S. Govt. obligations
+3,000,000
—19,000,000
Secured by stocks and bonds
—17,000.000
+842.000.000
All other
+5.000,000
+243.000.000
Investments, total
—2.000,000
+932,000,000
U. S. bonds
+6.000.000
+610.000,000
U. S. Treasury notes
—11,000.000
—285.000.000
U. S. Treasury certificates
—3,000,000
+15,000.000
Other bonds, stocks and securities
+6,000,000
+592,000,000
Reserve balances with F. R. banks
—10,000,000
+157,000,000
Cash in vault
—11,000,000
+4.000.000
Net demand deposits
+87.000,000 +1,383,000,000
Time deposits
—3,000,000
+801.000.000
Government deposits
—55,000,000
+22,000,000
Total accommodation at F. R. banks
+20,000,000
—8,000.000
Stock of
Money in the Country.
The Treasury Department at Washington has issued its
customary monthly statement showing the stock of money in
the country and the amount in circulation after deducting the
moneys held in the United States Treasury and by Federal
Reserve banks and agents. The figures this time are for
April 1. They show that the money in circulation at that
date (including, of course, what is held in bank vaults and
the reserve that the member banks of the Federal Reserve
System keep with the Federal Reserve banks) was $4,776,167,142, as against $4,804,208,822 March 1 1925 and $4,812,861,042 April 1 1924 and comparing with $5,628,427,732 on
Nov. 1 1920. Just bfore the outbreak of the European war,
that is on July 1 1914, the total was only $3,402,015,427. The
following is the statement:
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MONEY OUTSIDE OF THE TREASURY.
On a subsequent page—that is, on page 2119—we give the
figures in full contained in this latest weekly return of the
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The Week With the Member Banks of the Federal
Reserve System.
The Federal Reserve Board's consolidated statement of
condition on April 15 of 736 member banks in leading cities
shows reductions of $9,000,000 in loans and discounts, of
$2,000,000 in investments and of $55,000,000 in Government deposits, together with increases of $87,000,000 in
net demand deposits and of $20,000,000 in borrowings from
the Federal Reserve banks. Member banks in New York
City reported increases of $22,000,000 in loans and discounts,
of $6,000,000 in investments and of $33,000,000 in net
demand deposits. It should be noted that the figures for
these member banks are always a week behind those for the
Reserve banks themselves.
Loans and discounts increased $27,000,000 in the New
York District and $9,000,000 in the San Francisco District,
while the principal decreases as reported by banks in other
districts were as follows: Boston $14,000,000, Philadelphia
$12,000,000, Kansas City $6,000,000, Minneapolis $5,000,000, and Richmond $4,000,000. Further comments regarding the changes shown by these member banks is as follows:
Investments of reporting members in U. S. Government and other
securities show but slight changes during the week, an increase of 110.000.000 in the New York District being slightly more than offset by reductions
in other districts, the largest decrease, 16,000,000, being reported by the
Cleveland District.
Net demand deposits show increases of $51,000,000 in the'New York
District and of $22.000.000 and $21,000,000, respectively, in the Boston
and Chicago districts. Banks in the Philadelphia and Minneapolis districts
reported declines of 17,000.000 and 18,000,000. respectively, in net demand
deposits.
Government deposits declined in all Reserve districts, the largest reductions being as follows: New York 113,000.000. Chicago $9.000,000, Boston
and Cleveland $7,000,000 each, and Philadelphia $6,000,000.
The principal changes in borrowings from the Federal Reserve banks were•
increases of 117.000.000 in the Cleveland District and of 15.000.000 in the
Philadelphia District, and reductions of $9,000.000 and $5,000,000 in the
Chicago and Boston districts, respectively.
2095
93. i 3dV prI0J,
THE
£289L4'996 I
APRIL 25 1925.]
S E 28 8
lobW'm
ww.mww
.vm...
§
a Includes United States paper currency in circulation in foreign countries and the
amount held by the Cuban agencies of the Federal Reserve banks.
b Does not include gold bullion or foreign coin outside of vaults of the Treasury,
Federal Reserve banks, and Federal Reserve agents.
c These amounts are not included in the total since the money held in trust against
gold and silver certificate's and Treasury notes of 1890 is included under gold coin
and bullion and standard silver dollars, respectively.
d The amount of money held in trust against gold and diver certificates and
Treasury notes of 1890 should be deducted from this total before combining it with
total money outside of the Treasury to arrive at the stock of money in the United
States.
e This total Includes $15,787,157 of notes In process of redemption, $182.332.230
of gold deposited for redemption of Federal Reserve notes, $13,367,492 deposited for
redemption of national bank notes, $4,840 deposited for retirement of additional
circulation (Act of May 30 1908), and $4,825,940 deposited as a reserve against
postal savings deposits.
f Includes money held by the Cuban agencies of the Federal Reserve banks of
Boston and Atlanta.
Note.—Gold certificates are secured, dollar for dollar, by gold held In the Treasury
for their redemption; silver certificates are secured, dollar for dollar, by standard
silver dollars held In the Treasury for their redemption; United States notes are
secured by a gold reserve of $153,820,986 held in the Treasury. This reserve fund
may also be used for the redemption of Treasury notes 01 1890, which are also secured,
dollar for dollar, by standard silver dollars held in the Treasury. Federal Reserve
notes are obligations of the United States and a first Ben on all the assets of the
Issuing Federal Reserve bank. Federal Reserve notes are secured by the deposit
with Federal Reserve agents of a like amount of gold or of gold and such discounted
or purchased paper as is eligible under the terms of the Federal Reserve Act. Federal
Reserve banks must maintain a gold reserve of at least 40%. including the gold
redemption fund which must be deposited with the United States Treaaurer, against
Federal Reserve notes In actual circulation. Federal Reserve bank notes and
national bank notes are secured by United States Government obligations, and a
5% fund for their redemption is required to be maintained with the Treasurer of the
United States in gold or lawful money.
Gold and Silver Imported Into and Exported From
the United States, by Countries, in March
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington has made public
its monthly report, showing the imports and exports of
gold
and silver into and from the United States during the
month
of March, 1925. It will be noted that the gold exports
were
lighter than in previous months, reaching only
$25,104,416.
The imports were $7,337,322, the greater part of
which came
from the United Kingdom and Canada. Of the
outflow of
the metal, nearly three-fifths went to Germany,
$15,120,000
THE CHRONICLE
2096
being the exact amount. Argentina took $5,050,000,
Australia $2,757,910 and Hongkong $1,112,500.
OMESTIC EXPORTS AND IMPORTS OF GOLD AND SILVER, FROM
AND INTO THE UNITED STATES, BY COUNTRIES. DURING
THE MONTH OF MARCH 1925.
Gold.
Refined
Imports.
Total Value.
Exports. Imports. Exports. Imports. Exports.
Countires.
Dollars. Dollars. Ounces. Ounces. Dollars. Dollars.
2.634
Belgium
8,106
29
Bulgaria
73,996
France
1.218,005
1,794,853
15,120,000
Germany
34,551
50.395
Netherlands
434
40.000
Spain
4.682 1,152,382
1,692,745
50,000
2,935,456
United Kingdom
111,900 880,597 139,174
2 777,195
59,385 631,111
Canada
1,491
54,193
2,194
Costa Rica
550
Guatemala
44,635
1,000
30,313
Honduras
12,693
137
61,055
Nicaragua
245,686
354.843
16,326
Panama
3 766,618 245,661
461,289 2.586,150
513,154
Mexico
1.130
81
120
39.040
60,000
Trinidad & Tobago_
8
12
3,843
Other Br. W.Indies
165
7,528
241
2,299
Cuba
2
4.500
3
DominicanRepublic
260
6.333
Haiti
Argentina
5,050.000
9,216
402
Bolivia
244
359
4,997
22,500
Brazil
192,252
84,501
Chile
9.478
13,869
144,044
Colombia
1,263,244
18,902
187,077
Paraguay
34
50
27,604
200,000
Venezuela
55,968 4.597,701
6,741,912
62,707
British India
146
78,125
208
13,950
Straits Settlements_
764,481
521,998
China
71,303
16,945
30.000
Dutch East Indies_ 189,538
1,112,500
Hong Kong
2,883
Philippine Islands__ 153,891
2,757,910
Australia
40
33,618
New Zealand
466
7,260
Egypt
14,274
42,955
Portuguese Africa
For,. 120.
When the peg was taken away sterling dropped to $3 19. From that
level it has advanced to its present price around $4 80.
The other method suggested is that the Bank of England will arrange
with the Federal Reserve Bank of New York for the latter to buy British
bills in London on request. In this way the Bank of England can get
dollars at any time te sell. By selling dollars in London the British bankers
will keep the price of sterling up.
Ambassador Daeschner on Financial Situation in
France-Taxation and Rebuilding of Devastated
Regions.
At a luncheon given in his honor by the Bond Club in
the Equitable Building, this city, on April 17, Emile Daeschner, the French Ambassador to the United States, spoke
of the financial situation in France, his remarks being directed
more particularly toward the taxation borne by the people
of France as compared with the United States. He referred,
too, to the fact that "for the first time since the year 1875,
that is to Say, 50 years, our commercial balance has given
an excess of exports over the imports"; and he pointed out
that in the figures of foreign trade which he presented
"the depreciation of the franc is to be taken into account
as well as the premium it gives to exports; but even with
that restriction," he added, "this shows a situation of commercial activity which allows a certain amount of price and
confidence." We expect to print his remarks in full in
another week.
Louis Barthou Continued as President of Allied •
Reparation Commission by Premier Painleve's
Cabinet.
•
According to Associated Press cablegrams, Louis Barthou
7,337.32225,104,416 3,625,144 11,156,276 6,660,750 7,916,717 on April 21 placed his office as President of the Reparation
W Total- Commission at the disposal of the new Premier, M.Painleve.
Credit for Great Britain to Aid Gold Standard-Pound The Cabinet, however, instead of accepting his resignation
unanimously voted to thank M. Barthou for his efforts and
Sterling Goes to $4 81.
Reports of an expected announcement of the return of to request him to continue his work, which he consented to do.
Great Britain to the gold standard, coupled with rumors of
Chase Bank Makes Loan in Germany.
a possible credit for that country, and the advance of pound
Special radio advices from Frankfort on the Main April 23
sterling to $4 81 and a fraction have been among the financial matters to which attention hss been directed this week. to the New York "Journal of Commerce" state:
The Kali Industrie Gesellschaft
As to the former we quote the following from the New York with the Chase National Bank forof Cassel has Just concluded negotiations
a loan of $2.000,000, repayable in nine
"Evening Post" of April 23:
months.
Announcement that Great Britain has resumed gold payments probably
Will be made by Winston Churchill, British Chancellor of the Exchequer,
on Tuesday, when he presents his budget, local bankers believe.
Strength of sterling in the world's foreign exchange markets indicates
that a return of England to the gold basis is near at hand, it is pointed out.
In anticipation of a return to a gold basis sterling may be expected to
continue in demand and approach par before official announcement of the
change is made, according to foreign exchange dealers and bankers.
Cereidt Here for Britain.
This movement may b ,helped by the completion of arrangements for
establishing a credit among American banks by Great Britain to meet any
emergencies that may develop when the gold standard is first put into effect.
Among dealers it is said there has been consierable speculative buying
ofsterling in anticipation ofa return to par and it would be logical, therefore.
to expect liquidation of these accounts when sterling ieached 34 86. To
meet this the Bank of England would feel safer if it had credits abroad upon
which to depend.
Such an arrangement could be easily made at this time, it is pointed out
among bankers, for the reason that considerable American capital has
recently been placed in London to take advantage of higher short-term interest rates there. This might be used in establishing a credit of $100,000,000 without seriously disturbing international financial markets.
Early Announcement Expected.
In view of the fact that England's position is expected to be revealed
early next week, it would not be surprising if a decision on the proposed
credit here is reached this week. No denial was made at the office of J. P.
Morgan & Co., whence a statement on credit arrangements for Britain
naturally would come, that discussions are being conducted.
It Is not expected that England will begin making free gold shipments
Immediately, as the present embargo on gold runs until the end of the year.
Probably what will happen, bankers say, is that gold shipments will be
licensed.
Preparatory to a return to a gold basis it is believed an arrangement will
be made between the Bank of England and the Federal Reserve Bank,
whereby English bankers will get assurances of a constant supply of dollars
to regulate the market.
Norman Paved Way Here.
The recent visit here of Montagu Norman, Governor of the Bank of
England, was to pave the way for this arragement, it is understood,
although no announcement of the purpose of his visit was made.
Wall Street has believed for some time that conversations were going
on between the Federal Reserve Bank, J. P. Morgan & Co. and the Bank
of England, although the nature of the discussion has never been made
known. The report this morning that Britain would sell $250,000,000 of
bonds in New York received little credence in well-informed banking
circles.
"It is an asinine suggestion," one banker said.
The report may be right in part, however, as Britain may get that much
credit here without any bond Issue. Two methods have been suggested
by which Britain may virtually peg sterling before going hack to a gold
basis.
Methods to Peg Sterling.
One is the old method adopted during the war whereby the fiscal agents
of the British Government would be empowered to buy all sterling bills
of exchange offered. This was done all through the war, when sterling
was pegged around $4 76.
pr
Intere it on the loan will be paid at the rate of 9% per annum.
Receipts From Revenues Pledged for Hungarian Loan
Commissioner-General Smith on Hungary's Finances.
It was announced on April 21 that the latest monthly
report of Jeremiah Smith, Jr., Commissioner-General for
Hungary, to the League of Nations, shows that the receipts
from revenues pledged for the 732% Loan were about
$4,300,000 for February, and about $30,450,000 for the first
eight months of the current fiscal year. The receipts for
February alone were equal to about two-thirds of the entire
year's interest and sinking fund requirements, and the
receipts for the eight months were about four and one-half
times the annual requirements. Reporting in its issue of
April 15 the return of Commissioner-General Smith from
Budapest, the "Wall Street Journal" quoted him as saying:
The Government finances of Hungary are in excellent shape. The plan
of the League of Nations was to provide for the balancing of the budget
and the stabilizing of the country, and for this purpose an international
loan of $50,000,000 was floated, the proceeds to be spent under ray supervision. The plan further provided that the budget should be balanced in
two and one-half years. but as a matter of fact it has been balanced in six
months. Only one-third of the loan was spent and the other two-thirds
is in the Bank of Hungary for contingencies and emergencies. None of
this money has been spent since the beginning of the fiscal year, July 1 1924.
The budget has been balanced temporarily but we have reason to believe
it may be a permanent balancing. The currency has not fluctuated since
last July, when inflation ceased. I have been given the utmost co-operation
by the people and Government of Hungary.
Gold Basis for Finland.
From Helsingfors, Finland, April 23, the New York "Evening Post" reports the following:
A committee having reported favorably upon a plan for a return to the
gold standard, a bill to this effect is expected to be laid before Parliament
during the coming autumn, specifying the exact value of the mark. Gold
coins of 100 and 200 marks will be minted.
Japanese Internal Loans.
A cablegram this week from the Japanese Government to
the Japanese Financial Commission in this city made known
the decision of the Government to announce on April 23 an
issue of new internal loans on the following terms:
Name, 5% loans, Series No. 22. Purpose, conversion of 5% loans of
mark "0,""Wa," "Ka," "Yo," and Extraordinary Treasury bonds, Series
"Ra." Total amount, 90,000,000 yen. Date of redemption, on or before
June 1 1934. Price of Issue: Subscription by cash, 91.25 yen; subscription
by bonds, 90.75 yen. Yield: Subscription by cash, about 6.5%; subscription by bonds, about 6.6%•
APRIL 25 1925.]
THE CHRONICLE
Baron Von Maltzau, German Ambassador, Looks
Forward to Resumption of Trade Relations Between
United
States and Germany--Fulfilling
Obligations Under Dawes Plan.
of
2097
the following announcement of the London Foreign office
on April 3, as given in the London "Financial News" of
April 4:
An agreement was concluded yesterday between the British
and German
Governments in regard to the payment of the British
Reparation (Recovery)
The German Ambassador to the United States, Baron Act Levy. The agreement was signed on behalf of the German Government by Dr. C. Von Schubert. Secretary of State in the German
Ago von Maltzau, speaking before the Board of Trade for of Foreign Affairs, and by Lord
Ministry
German-American Commerce, Inc., at the Bankers' Club of Berlin, on behalf of His Majesty'sd'Abernon, the British Ambassador in
Government.
By this agreement the present procedure by which
America on April 16, declared that "one of the most importGerman goods on
entering
subjected
ant links in the chain of our relations to foreign countries are amounts Great Britain arereplaced to a special levy, which at the moment
to 25%, will be
by a system of lump-sum monthly payour relations to the United States." The signing of the ments, calculated on the average of monthly statistics and paid for by the
"treaty of friendship,consular and consular rights," by repre- voluntary surrender of sterling proceeds accruing from exports. The
sentatives of the two Governments, was referred to by counter value in Reichsmarks of the foreign currencies thus delivered will
naturally be reimbursed to the exporters out of the Dawes
annuities.
him, and he likewise made mention of the realization by
This agreement has been approved by the Agent
-General for Reparation
Payments, the Transfer Committee, and the Reparations
Germany of "the heavy obligations imposed upon it by the
Commission.
From the same paper, April 6, we quote the text of the
experts' plan," and to the "honest endeavor with which it
approached the task," adding that "with the same endeavor agreement as follows:
The
is
it will continue." The Baron, with his arrival in the signed following onthe agreement, which (as announced on Saturday) was
in Berlin
Friday for
United States in March, had taken occasion to state that German Reparation (Recovery)amending the method of administering The
Act. 1921:—
Whereas It is desired to reduce the burden and to remove the
Germany had been fulfilling both the letter and spirit of the
disabilities
which the present method of administering the Recovery Act
places upon
Dawes plan in good faith, and that "we shall continue to do trade and commerce between
Germany and Great Britain, and whereas it
so." His remarks at that time,and his recention by Presi- is also desired to assure to the Transfer Committee the jurisdiction over
dent Coolidge were given in our issue of March 21, page payments under the Recovery Act contemplated by the Dawes Plan and
1407. In addressing the Board of Trade for German- the London Protocol executed on August 30 1924.
Now, therefore, it is agreed between the two Governments
that the
American Commerce, Baron von Maltzau spoke as follows: present method of administration shall be suspended and replaced, as from
Permit me to express to you my most sincere thanks for the very kind
welcome I have found among you. I appreciate this welcome all the
more, since unlike my predecessor, Dr. Weidfeldt. I do not hail from the
"mild of industry and commerce, and therefore, unlike him, have no claim
to being welcomed by you as one of your colleagues. But let me assure
you that it shall always be one of the chief alms of my endeavors in this
country over to maintain the closest relations, above all' with the commercial circles of the United States. Mutual political understanding and
economic co-operation must go hand In hand in order to maintain between
our two countries the firm and permanent friendship we all so much desire.
The first step in that line has been taken. Representatives of the
American and German Governments some time ago signed a treaty offriendship, commerce ani consular rights in Washington, and it is to be hoped
that this treaty will take effect before long. Thus the formal basis of the
resumption of trade relations between our countries, temporarily interrupted by the war, will be re-established.
This resumption will be all the more easy, as affairs in Europe have since
settled down.
The farsight of the President of the United States and of his Government
has enabled the transfer of the most difficult European problem, the
question of reparations, from the realm of politics into the tried hands of
economic experts. American citizens showed the way and thus bade
halt to the then menacing chaos in Europe. 3,1y country well realize
the heavy obligations imposed upon it by the experts' plan; but with honest
endeavor it approached its task and—and I wish to lay stress on this—
with the same endeavor it will continue.
Nothing will change this, including possible development in the domestic
policy of Germany. No matter who is chosen President, the lines of
policy of our political and economic relations to foreign countries are too
firmly laid down by the actualities of the situation of the present day, as
well as by the will of the large majority of the German people, to enable
them to undergo any changes of any significance. One of the most Important links in the chain of our relations to foreign countries are our relations to the United States. Every German knows this and to do my small
part in maintaining these relations and ever furthering their stability and
intimacy, has always been and is, and will ever be, my most sacred endeavor.
Thus the kind welcome and complete understanding which I have found,
not only among you, but among all your countrymen, gives me the courage
to beg you not to let me ask in vain for your moral assistance and understanding co-operation in this great work of international good will.
Herman A. Metz, President of the Board of Trade for
German-American Commerce, presided. With him at the
speakers' table were the German Ambassador, United States
Senator Royal S. Copeland, former United States Senator
William M. Calder, Commissioner of Police Richard E.
Enright, representing the Mayor of New York (Baron von
Maltzan was received by the Mayor personally at the City
Hall after the luncheon), and others. Among those present
at the luncheon were more than one hundred representatives
of large American houses interested in friendly business
relations with Germany, among them the following:
Standard Oil Co.; Equitable Trust Co. of Now York; American Exchange
National Bank: .J. Henry Schroder Banking Corporation; Irving BankColumbia Trust Co.; Henry Heide, Inc.; H.
Metz Laboratories, Inc.:
Harriman National Bank; Blair & Co.. Inc.; Hamburg-American Line;
National City Bank; Radio Corporation of America; North German Lloyd;
speyer & Co.: National Council of American Importers and Traders;
Botany Worsted Mills; International Acceptance Bank; American Metal
Co.; Central Union Trust Co.; Kuhn, Loeb & Co.
A.
Agreement Between Great Britain and Germany for
Recovery of 26% Duty Under Reparations Act.
In the London "Financial News" we find the text of the
new plan for the payment of the duty on German goods
entering Great Britain, which as we indicated in our issue
of a week ago, (page 1955) provides for the pooling of funds
by 800 German export firms with the German Reichsbank
instead of the turning over of the duties by individual
merchants, the payment of the 26% levies to be made to
Great Britain in pounds sterling instead of German marks.
With reference to the agreement and its signing we quote
a date not later than 1925, to be mutually agreed, by a procedure
substantially as follows:—
(1) The present procedure under the Recovery Act by which a proportion
of the value of German goods imported into Great Britain is
collected by
the British Customs from the British importers will be replaced by a
system
under which an equivalent amount of sterling will be surrendered,
of their
free consent, by the German exporters in accordance with the
provisions of
paragraph (2) of this agreement.
The amount of sterling to be surrendered by the German exporters during
each month shall be equivalent to 26% (or such other proportion as
may
from time to time be in force) of the value of German imports
into Great
Britain during the preceding month.
The value of German imports shall be calculated on the basis of
the
statistics supplied by the British Customs and established on the
same
principles as are at present in force in regard to the definition of German
goods to which the Recovery Act applies.
Arrangement with German Exporters.
(2) Out of the sterling proceeds accruing from German exports to Great
Britain, the principal German exporting firms, So a number of not less than
800. whose names and designations will be communicated to the British
Government and to the Agent-General for Reparation Payments within
fifteen days of the putting into force of this agreement, will each give an
Individual declaration to the Reich Minister of Finance, undertaking to
surrender in sterling to the Reichsbank each month, beginning with May 1
1925.30% of the invoice value of the exports of the firm in question to Great
Britain during the previous month. (It is esilmated that 30% of the value
of the exports consigned by these firms should be approximately equivalent
to 26% of the value of the total exports from Germany to Great Britain.)
(3) Out of the sterling sums thus surrendered, the Reichsbank will
deposit during each month, at such intervals as may be agreed, to
the
account of the Agent
-General at the Bank of England an amount in sterling
equivalent to the Reichsmark credit held by him for account of the British
Government and available for payments under the Recovery Act in accordance with the programme established by the Reparation Commission for
,the particular month after consultation with the Transfer Committee as
contemplated by the Dawes Plan.
(4) It is understood that, against telegraphic advice, the sums referred
to in paragraph (3) have been duly deposited to his account at the Bank of
England, the Agent-General will reimburse the German exporters through
the Reichsbank with the equivalent in Reichsmarks of the sterling thus
deposited. The equivalent in Reichsmarks will be calculated at the average
rate of exchange in Berlin on the date of such deposit.
(5) It is further understood that, subject to the approval of the Transfer
Committee, the Agent
-General will pay over to the British Government the
sterling sums deposited under paragraph (3) above.
Devisenbeschaffungsstelle.
(6) If, during the first or any subsequent month after the coming
into
force of this agreement, the sterling sums surrendered by the German
exporters are in excess of the amounts deposited by the Reichsbank to the
amounts deposited by the Reichsbank to the account of the Agent
-General
under paragraph (3) above. the Reichsbank will transfer the surplus sterling
(Uberschuss devisen) surrendered to the Devisenbeschaffungsstelle
b.13. (the agency through which the German Government obtains the
foreign currencies it requires) to be placed in a special reserve fund up to an
amount equivalent to 10,000,000 Reichsmarks.
On the coming into force of this agreement, the Devisenbe.schaffungsstelle
shall forthwith pay into this fund the above-mentioned sum in sterling, out
of the sterling accruing from exports already in its hands, and it will undertake to secure that the fund is maintained at this level as provided below.
The fund shall be under the supervision of the Reich's Finance Ministry,
and it shall be open to the British Government and to the Agent
-General
to ask and obtain at all times any information regarding this fund
which
they may desire.
If in any month the sterling surrendered by the German exporters
is less
than the amount which should be deposited to the account of
the Agent..
General at the Bank of England under paragraph (3) above,
the Devisenbeschaffungsstelle shall draw the sum necessary to cover the
of the special reserve fund and deposit it to the credit of the deficiency out
Agent
-General
at the Bank of England, being reimbursed by him with the
Reichsmarks. Further, in that event, it will take steps to equivalent in
surrender by the German exporters of the sterling accruing expedite the
from exports
(Uberschuss devisen), so as to make up the fund again in
sterling to the
original level of 10.000.000 Reichsmarks.
It is understood that the surplus sterling surrendered by
the exporters to
the Devisenbeschaffungsstelle and deposited in the
special reserve fund
shall not be reimbursed by the Agent
-General nor be credited on
account of
the Dawes annuity, except as and to the extent that
such sterling shall
actually be drawn upon and used by the Agent
-General for payment to
the British Government under paragraph (5).
2098
THE CHRONICLE
[Wt. 120.
had to travel and the obstacles that she had to overcome
Provision for Amendment.
(7) It is understood and agreed that this agreement merely provides for were more arduous and greater in Italy than elsewhere;
amending the method of collection of the levy on exports prescribed by the and this because the
colossal effort accomplished during the
Recovery Act, that the payments made according to its terms shall accordingly be regarded for all purposes as a delivery pursuant to the terms of war was harder for us than for others, due to our economic
that Act, and that its provisions are without prejudice to any rights which structure and political unity being so much younger than
may be enjoyed by the British Government in respect of that Act under
tho e of other nations, not to speak of those greater military
the Dawes Plan, the London Protocol of August 30 1924, or otherwise.
(8) The British and German Governments both recognize the desirability obstacles still imperfectly known, that the Italian Army
of relieving trade and commerce from the burden of collecting a 26% levy had to face and overcome before,reaching thegoal of victory."
from each transaction and of substituting for the system at present in force
a method of administration which will permit the collection of the levy on a In part he added:
We have, ladles and gentlemen, completely balanced our budget, and I
statistical basis. If the present agreement should not prove satisfactory
in its operation, both Governments agree that in order to avoid reverting find it incumbent on me here to mention the name of Signor De Stefan!.
to the system at present in force they will appoint a Joint committee of the Italian Minister of Finance. In the asset side of our budget, during
experts to explore and report on any other available and practical solutions all the years elapsed from the time of the Peace Treaty, we have never inwhich will meet the defects which may be revealed. Both Governments cluded what was owed to us as reparations. These last, moreover, were
agree to use their best endeavours to overcome the difficulties which may granted to us In a very scant measure, and we were also put under the
obligation of helping countries that had been our enemies.
arise on the introduction of the new system during 1925.
It is not my intention to quote statistics concerning the latest budget of
(9) This agreement shall not come into force unless and until appropriate
resolutions, giving effect to its provisions, have been passed by the transfer the Italian State, nor concerning the paper circulation, first kept within
committee and by the Reparation Commission. Subject to the adoption limits and then gradually diminished, Nor shall I give figures about the
of such resolutions, the British and German Governments will immediately increase in savings or the industrial progress of Italy, the unemployment
reduced to almost nothing, so much so, that in some industries there exists
take the necessary steps to put it into effect.
a real lack of labor, the activity of the domestic market; the increased forExporter's Declaration.
eign commerce, the improvement of the commercial and of the international
An annex gives the draft declaration by the German exporter as follows' balance of payment. I could limit myself in this instance to quote the lat"The undersigned firm undertakes herewith to surrender immediately to est report of Mr. Basil Miles. special delegate of the United States Chamthe Reichsbank in sterling, against reimbursement of the counter-value in bers of Commerce to the International Chamber of Commerce in Paris.
Reichsmarks. 30% of the amount of the invoice arising from every export
But on the other hand it is well that the American public be made aware
transaction to Great Britain, and upon delivery of such sterling proceeds that if Italy—firmly directed by the Facista National Government— has
firm surrender- obtained admirable results in the work of reconstruction, the sacrifices unto fill in a form whereon there is to be found the name of the
ing the foreign currencies, the date of the surrender and the amount in dergone by the Italian people have been great and heavy; the load of conquestion."
tributions has reached, in proportion to the national income, very high
limits, the lack of
The following German Press comment is also taken from are all things that raw materials, the necessary purchases abroad of grain,
constitute obstacles that can only be overcome at the price
the London "Financial News."
of efforts that can perhaps not be clearly seen by the outside observer.
Berlin, April 4.—The Berlin Press expresses satisfaction at the signing of Perhaps new sacrifices and new burdens will be necessary, but the Italian
the Anglo-German agreement on the 26% duty, only regretting that the people—I can safely affirm—is ready to submit to sacrifices and shoulder
voluntary monthly payments by German exporters must be made in sterling the burdens, because we are all in accord in the will to assure to our country
and not in marks.—Exchange Telegraph.
the force and economic position that we have acquired and we are also firm
in our desire to continue to participate with the other nations in the arduous
work of world reconstruction.
And it is useful, in my belief, thta the men of affairs of this great country
German Reparation Receipts and Payments for Period
be made aware of all this.
Ended March 31 1925.
According to the report, dated April 6, of the Agent-General for Reparations Payments, the total receipts during the
first annuity year to March 31 1925 amounted to 580,081,046
gold marks, while the total reparations payments have aggregated 555,387,333. For the month of March the payments
were 91,691,083 gold marks—this payment having come in
part from the balance of cash in the Reichsbank Feb. 28 1925
(116,214,584 gold marks) and 170,212 gold marks shown in
the receipts for the month. The balance of cash March 31
1925 is reported as 24,693,713 gold marks. The following is
the March 31 report:
Closing of Italian Burses Under Decree of Government
—Action Approved by Otto H.Kahn—Ministers
Decide to Halt Restrictions.
Several factors appear to have contributed to the closing
of the Italian Bourses this week, for the period from April
18 to 22. Information contained in a wireless message from
Rome April 18 to the New York "Times" (copyright) said:
Only four days since their reopening after the Easter holiday the Italian
stock exchanges, snowed under by an avalanche of selling orders while
buyers were conspicuous chiefly by their absence, again ceased all operations today.
The Government soon afterward issued a decree authorizing the exchanges
STATEMENT OF RECEIPTS AND PAYMENTS TO MARCH 31 1925.
to remain closed on Monday, and as Tuesday is the "Birthday of Rome, a
(On cash basis, reduced to gold mark equivalents.)
First Annuity national holiday, this means that they will not reopen till Wednesday
Year Cumumorning. Meanwhile the Government is taking into consideration the
leave Total to
Month of
March 1925, Mar. 31 1925. motion voted by the brokers of Milan asking the closure of the stock
Gold Marks. Gold Marks.
exchanges till May 2.
A. Receipts
When the exchanges opened last Tuesday, though the volume of business
1. Cash withdrawn from proceeds of German
469,682,678.33 transacted was relatively small, the quotations remained fairly firm,several
External Loan 1924
large operators doing their utmost to sustain the prices. Yesterday and
Gesell2. Cash received from Deutsche Reichsbank
schaft, interest on reparation bonds for half
today, however, when orders to sell at any price poured in from all sides,
100.000,000.00 a heavy slump in prices became Inevitable.
year to Feb.28 1925
3. Receipts from Belgium and Luxemburg (see
Since the haste of the investors to get rid of all their holdings was not
10,161.525.14
Item B-2 below)
236,843.11 warranted by any economic causes, but due rather to psychological factors,
170,212.20
4. Exchange differences and interest received
the brokers decided to suspend all operations, hoping that before the
170,212.20 580,081,046.58 exchanges reopened confidence might be restored. .
Total receipts
B. Payments
It is understood in official circles that the Government in any case has
1. To or for the account of—
21,644,501.03 128.489,219.19 no intention of repealing its decree regulating the Italian stock exchanges,
Great Britain
37,960,600.56 235,442,357.1.2 which was the immediate cause of the present wave of depression. The
France
3,949,899.42 41,142,475.95
Italy
12,539,642.91 57,704,973.16 Government believes the decree is sound and will ultimately contribute to
Belgium
594,567.23 2.518.321.35 raising the tone and standing of the exchanges despite the temporary
Japan
2,381,149.21 17,320.598.78 inconveniences it has caused.
-Slovene State
Serb-Croat
299.934.03 2,898,408.86
Portugal
579,656.10 3.866.412.91
A Rome Associated Press Cablegram April 19 referring
Rumania
5,123.36 1,191,963.60
Greece
to the decree stated:
2. For coal,transport,&c.,to Belgium and Luxemburg, which are to be reimbursed to the
The decision of the Government,announced in a proclamation,to suspend
10.375,869.14
Agent-General
operations on the stock exchanges throughout the country until Wednesday
3. For expenses of—
255,176.61 3.811,769.49 morning, is generally interpreted as recognition of the gravity of the
Reparation Commission
416,000.00 3,132,640.00 situation growing out of opposition by the traders to the Government
Rhineland High Commission
500,000.00 6,500,000.00 reform measures. Many traders in Milan and other large cities assert that
Commission of Control
Military
70,000.00
Naval Commission of Control
the situation will become calamitous unless the Government intervenes
4. For service of German External Loan 1924_ _ __10,164,566.76 39,294,657.80 without delay with a solution of the problem.
of administration of Office
5. On account of cost
400,266.25 1,627,605.84
for Reparation Payments
On April 22 the following was
announced from Rome by
Total payments
Balance of cash at March 31 1925
91,691,083.47 555,387,333.19
24,693,713.39
580,081.046.58
The February figures were given in our issue of April 4,
page 1690.
the New York "Evening Post:"
Financial circles, agitated by the Government's regulation of the Bourses
in order to reduce alleged excessive speculation, became calmer today
when Finance Minister de Stefan' and Minister of National Economy Nava
announced the Government would impose no further restrictions on their
functioning.
Approval of the action of the Government by Otto H.
Italian Ambassador on Problem of Reconstruction— Kahn, of Kuhn, Loeb & Co. was indicated in Associated
Press accounts from Rome April 20, these stating:
Italy's Readiness to Shoulder Burdens.
At a luncheon given in honor of the Italian Ambassador,
Giacomo De Martino, by the Italian Chamber of Commerce at the Plaza Hotel, this city, on April 18, the Ambassador called attention to the fact that "the problem of
economic reconstruction of the countries that took part
in the Great War transcends all others"; he described it as
"the most arduous of all others, the most urgent of .all
others." He declared that"the road over which my country
Otto H. Kahn, New York financier who is visiting here, today spoke
approvingly of the Government's action in, suspending operations on stocic
exchanges throughout Italy until Wednesday morning. This was done
because traders opposed the Government's reform program which was
intended to reduce the evils of alleged excessive speculation.
Interviewed by the Mussolini organ Popolo d'Italia. Mr. Kahn said.
Italy's greatest need today is to guard against inflation and the only way
to do that effectively is to prevent unlimited speculation. He said the
Government's recent measures governing stock exchange activities are
quite mild compared with the New York Stock Exchange restrictions
on traders.
APRIL 25 1925.]
2099
THE CHRONICLE
A meeting of brokers today decided to telegraph Premier Mussolini that
the present regulations are Insufficient and requesting the Premier's personal
Intervention to end agitations of the money market which, the message
said, disturb the tranquillity of Industrial life, handicap production and
facilitate the cornering of industrial shares by foreign speculators.
Italy Burns More Paper Lire.
Rome Associated Press cablegrams March 29 stated:
Another installment of Italy's paper money which is on the program for
destruction was burned to-day in the presence of Finance Minister de Stefani,
Nicola Pavonceli, President of the Bank of Italy, and a large number of
Government officials. The amount burned was 320,000,000 lire. Last
Wednesday 100,000,000 lire in bank notes were destroyed in a bonfire.
The destruction of the money was carried out with formal ceremony in the
courtyard of the Via Serpenti. Officials scrutinized the workmen who took
the bank notes from thirteen sacks and threw them in small bundles into the
flames.
In addition to the recent conversations between Premier
Mussolini and T. W.Lamont of J.P. Morgan & Co.(referred
to by us a week ago, page 1955, Mr. Kahn also has been
in conference with the Premier.
This week's suspension of the Italian Bourses recalls
their similar suspension for a time early in March owing to
a decree requiring a cash margin on security purchases,
New Italian Treasury Bills—Billion Lire at 43 %,
4
which was referred to in these columns March 14 (page 1279)
with Lottery Prizes Attached.
at which time we alluded to the report that the decree had
The following is from the New York "Times" of March 29:
been modified to the extent of permitting the 25% margin
The Italian Government has issued a fifth series of 1,000,000,000 lire of
to consist of securities instead of cash. Later advices nine-year Treasury bills, in order to replace other Treasury bills of any
(Associated Press) from Rome April 9 were reported as maturity, or those repaid without renewal, and to reduce the bank note
circulation, in view of the fact that the recent issue of 431% 25-year oblifollows by the New York "Journal of Commerce:"
The Italian Government has issued a new decree regulating operations on
the Bourses, by which all the essential demands made by Stock Exchange
traders have been met. The settlement of a problem which for several days
resulted in almost complete stagnation of business in the large Exchange
markets was brought about by the intervention of Premier Mussolini.
Instead of requiring 25% cash deposits on purchases for future delivery,
the new decree requires a 5% deposit for purchases to be delivered at the
end of May, 15% for those to be delivered in June and 28% for those to
be delivered in July.
Another important feature of the decree is that does not mention the
requirement of deposits with the Government, ranging from 500,000 to
1,000,000 lire, for the privilege of trading. It is assumed that this requirement no longer exists. This was one of the greatest objections made by Stock
Exchange traders to the decree of March 7.
The previous regulations also provided that the Ministers of Finance and
National Economy were to fix the number of traders on any Bourse. The
new decree permits representatives of local Chambers of Commerce, delegations of Stock Exchange dealers and traders in foreign exchange to have a
voice in regulating the number of operators.
Regarding the issue in the last paragraph in the foregoing,
the New York "Times" in a wireless message from Rome
April 8 (copyright) said:
The stock brokers' agitation which has kept the Italian Stock Exchanges
in turmoil since the Government issued its well-known decree with the intention of checking speculation for a rise ceased to-day, through the energetic personal intervention of Premier Mussolini.
After a long conference with the brokers' representatives, Signor Mussolini accepted some of their demands, which he recognized as just and not
Interfering with the spirit of the Government's decree against speculation.
The brokers on their part declared themselves satisfied. The Stock Exchanges, however, will remain closed till Tuesday after Easter in order that
the operators may take stock of the situation created by the new regime
regulating the Exchanges and resume their operations in a calmer spirit
than would be the case if the Exchanges were reopened immediately.
The brokers' agitation was directed especially against that portion of the
decree limiting brokers admitted to the Exchanges to about a third of the
present number. Publication of lists of the names of brokers permitted to
continue to exercise their profession under the new regulations caused those
excluded hastily to liquidate their businesses, throwing vast quantities of
holdings on the market at a time when, owing to the uncertainty of future
conditions, buyers were few. At the same time a committee of the brokers'
representatives waited on Premier Mussolini, begging him to reconsider his
decision in regard to those brokers who had been excluded.
Premier Mussolini agreed that the brokers who exercised their profession
before the decree was issued had acquired certain rights which the Government could not neglect and which the decree violated absolutely. He agreed
also that sudden exclusion of two-thirds of the present brokers might lead
to a dangerous fall in quotations, with grave repercussions on the country's
economy. Therefore he decided that all the present brokers should be allowed to continue their profession, but that no new ones should be permitted
till the number permitted by the decree was reached.
Though the objects of the decree are generally conceded to be laudable,
aiming at raising the tone and standing of the Italian Stock Exchanges, the
decree created such a state of uncertainty that a heavy fall in all quotations
was experienced. Not knowing what the Government's precise intentions
were, sellers were many while buyers were few. As complete and definite
regulations governing the Stock Exchanges will be published between now and
next Tuesday, it is confidently expected that the Exchanges will reopen in
the calm atmosphere Which is necessary for their proper functioning.
Italy to Modify Tax on Commercial and Banking
Institutions—Revaluation of Lira.
From R. Angelone, Commercial Attache of the Royal
Italian Embassy, we learn under date of April 6 that Minister de Stefan' has informed the Italian Senate that he is
determined to modify the existing tax law by which the income tax upon Industrial, commercial and banking institutions will be assessed only on the actual profits with full exemption of the reserves, which previously were taxed. Our
Informant, referring to the speech of Minister De Stefani to
the Senate, explaining his program for revaluing the lira,
also says:
Paper circulation which at the end of 1924 amounted to 20,514 million
lire, had been reduced at the end of February to 19,871 million lire. The
Minister assured the Senate that during the months of March and April a
farther reduction of one billion would be effected.
The Italian financial markets have regained full stability, under the satisfactory working of the recent measures by which the Government has tried
to check any unreasonable and dangerous speculation in order to help, on
the other hand, the extension of sane and sound credit which will foster the
further economic developments of the country.
An item regarding the reduction in paper currency in
February appeared in our issue of March 28, page 1544.
gations did not meet with much success. It is announced that the new
4
Treasury bills have been offered at par, bear interest at 44/ 96 and are free
of taxation, present or future.
They are to be entitled to 1,200 prizes, to be drawn on May 15 and Nov.
15 of each year, with a maximum prize of 1,000,000 lire.
Italian Minister of Finance Alberti de Stefani Says
Italy Needs No Loan.
Professor Alberto de Stefani, Minister of Finance, in a
speech before the Italian Senate on March 28, declared that
Italy did not require foreign loans. The Minister discoursed
on efforts made by him to balance the budget. The Associated Press states that a declaration that only by the
strictest economy would prosperity be maintained evoked
applause, and adds:
He stressed the fact that without a permanent surplus he could not face
the debt and money circulation problems of the country.
"For two years," Minister de Stefani said, "I have been making efforts
in that direction, and to-day I hold in my hands a surplus which, with the
aid of all, I do not intend to give up. This year will be a decisive one for
the nation, as it will show the soundness of our finances."
The Minister reiterated that Italy must not contract foreign loans, and reenforced his statement by declaring that in this view he had the support of
Signor Luzzatti, one of Italy's financial master minds.
Applause again greeted the Minister when he referred to the burning of
100,000,000 lire in bank notes as the inauguration of the policy of the Government to reduce the circulation of paper money.
Italian Brokers at Rome and Milan Strike for a Day.
From the New York "Journal of Commerce" we quote the
following from Rome April 6:
As a protest against the action of the Italian Finance Minister, M. Stefani,
in naming new Governmental agents for the various Exchanges, no transactions were carried out to-day on the Stock Exchanges at Rome and Milan.
The Exchange at Trieste merely posted foreign exchanges and State bonds,
while the Exchanges at Turin and Florence posted only exchanges.
Italian Decree Providing for Withdrawal from Circulation of Small Copper Coins.
According to Rome Press advices April 11, Et royal decree
issued that day provides for the retirement from circulation
of the old type of copper coins of five and ten centimes' denomination. They will cease to be legal tender after June 30.
Higher Salaries Sought for Italian Cabinet Because
of High Living Costs and Inflated Exchange.
Announceing the unanimous approval on March 28 by the
Italian Senate of the budget of the Ministry of Finance, the
Associated Press cablegrams from Rome that day said:
Senator Mayer, speaking before the vote, on his own report concerning the
Finance Ministry budget, declared that the members of the Cabinet still received as salary 25,000 lire annually, in accordance with the law of November 1859. In August 1921 about 1,000 lire annually had been added as a
special indemnity because of the high cost of living, but when the income
tax was deducted each Minister received only a little more than 2,000 lire
monthly.
He expressed the hope that the Senate would give the Cabinet Ministers a
"worthy remuneration." He added that the cost of living and inflated exchange were due to depreciation of gold, which had lost 63% of its purchasing power as compared with the pre-war period. It had decreased not
because of Italy's economic and financial position, but because of the pessimistic appraisal abroad of Italy's political situation.
"It is impossible," said Signor Mayer, "to eliminate the decrease in the
lira while the country is oppressed by the weight of the 20,000,000,000 gold
lire debts to America and England. We must hasten the solution of the
foreign debts problem."
Italy's Return to Specie Payments.
The Bankers' Trust Co. of New York reports, under date
of April 1, the following from its French Information Service:
Professor Achille Loris, the well-known Italian economist, discussing
the
possibility of Italy's return to specie payments in a recent number
of the
"Annan di Economia," believes that Italy can gradually bring her paper
currency to gold parity if all economies effected in administration
of the
State and all increases in revenue balances should be devoted to
purchasing
an equivalent sum of paper money, thus assuring a gradual
reduction in its
volume until a normal figure is reached. He argues that such a
program
2100
THE CHRONICLE
in itself would create conditions most favorable to its success and that the
natural increase in national wealth which would accompany the progress of
this operation would also help to reduce the excess of paper note issue. He
concludes that the policy of monetary restoration must always depend in the
last resort on the gradual and complete elimination of surplus currency.
In other words, he simply advocates a gradual currency deflation to bring
the lira back to a gold parity. "Once a State has initiated a gradual, methodical reduction in its paper circulation," says Professor Loria, "it can
determine in advance the fall in the price curve, thereby eliminating from
businers the vagaries of chance, well enabling business men to take ar.ticipatory precautions." Professor Loris, however, apparently believes that a deflation of this sort aimed at bringing the Italian paper currency back to
parity with gold would be so gradual that its effects could be calculated in
advance and that the results would not be cppressive. In the opinion of the
Bankers' Trust Co., however, such a program overlooks the plight of debtors
who borrowed depreciated paper currency and who, if the debt ran along,
would be forced to pay in currency nearer or at a parity value with gold.
There would be obvious injustice in expecting Italy to pay her internal
bonded debt in lire of pre-war content, and even more injustice to private
debtors whose debts are of recent origin.
English and American economists generally agree that it would be more to
the interest of both Italy and France, now that each expects a balanced
budget this year, to stabilize their currencies at approximately their preLent
quotation. Whatever Italy may decide to do regarding her currency, however, it is apparent from the figures above that she has made a remarkable
financial recovery under the guidance of Mussolini.
(Vol,. 120.
It is also stated that
The $5,750.000 bonds of this bank now outstanding are its direct
obligation and are secured by the deposit with the Federal Registrar of certified
first mortgages upon improved farms or by United States Government
obligations.
Offering of Bonds of New York and New Jersey Joint
Stock Land Bank.
A new issue of $100,000 5% bonds of the New York and
New Jersey Joint Stock Land Bank of Newark, N. J.,. is
being offered by J. S. Rippel & Co. of Newark at 1033' and
interest, to yield about 4.50% to the optional date and 5%
thereafter to maturity. The bonds will bear date Nov. 1
1924 and will become due Nov. 1 1954. They will be redeemable at par and interest on any interest date on and after
Nov. 1 1934. We learn that the present issue is additional
to that of $500,000, also dated Nov. 1 1954, offered in January and referred to in these columns Jan. 10, page 144. The
bonds in the present offering, in coupon form of $1,000, may
be fully registered in $1,000 or $10,000 pieces; coupon and
registered bonds are interchangeable. Principal and interest
(May 1 and Nov. 1) will be payable at the bank or its fiscal
Bankers Trust Co. on Improvement in Italy's Economic agents in Newark or New York City. The
bonds are issued
Conditions—Balancing of Budget.
under the Federal Farm Loan Act and carry the usual exUnder the Mussolini administration the finances of Italy emption from taxation. On Mar. 31 1925 the bank reported
and the economic condtiions of the country are steadily im- Farm Loan bonds outstanding of $1,500,000.
proving, and it is expected that for the first time since before
the war the budget this year will balance and possibly show Offering of Bonds of Potomac Joint Stock Land Bank—
an excess of receipts above expenditures. In a statement
Issue $500,000, Not $5,000,000.
compiled by the Credit° Italian° of Milan just received by
In referring last week (page 1961) to an offering of bonds of
the Bankers' Trust Co. of New York from its French Infor- the Potomac Joint Stock Land Bank we inadvertently gave
mation Service, it is said that the deficit in the budget for the amount of the issue as $5,000,000, whereas it should
have
the fiscal year which ended on June 30 last was 418 million been $500,000.
lire and that for the current year the budget is expected to
balance; while for the year 1925-20 revenues are expected to Chatham Phenix National Bank & Trust Co. Fiscal
exceed expenditures by 178 million lire. Regarding its adAgent for Chicago Joint Stock Land Bank
vices, the Bankers' Trust, under date of April 1, says:
Bonds.
The internal debt has decreased from 95,413,000,000 lire in November 1923
The Chatham Phenix National Bank & Trust Co. has been
to 92,205,000,000 lire in November 1924, and the floating or dangerous part
of the debt decreased from 35,378,000,000 lire to 30,638,000,000 lire. The appointed fiscal agent in the matter of paying principal and
portion of the floating debt represented by circulating notes issued by the interest of an issue of $6,000,000 Chicago Joint Stock Land
banks for the requirements of the States, showed a decrease of 457 million Bank
4% farm loan bonds. The issue was referred to in
lire, a total decrease from the maximum of December 1920 o/ three and onehalf billion lire. It will be noted that the decrease in the floating debt was these columns March 28 1925, page 1547.
greater than the decrease in the total internal debt, indicating that two
things have happened—an actual reduction of indebtedness, and a process of
State Assessment Against Stock of St. Louis Joint
funding the floating debt. The improved situation of the debt is reflected in
Land Bank Held to Be Unauthorized by
the improved quotation for the consolidated 5's from 77.32 on Dec. 31 1921,
to 99.50 on Dec. 31 1924, and in the quotation of the 3%0 rents from 71.95
4
Supreme Court of Missouri.
on Dec. 31 1921 to 82.50 on Dec. 31 1924.
Under date of April 15 the New York "Journal of ComThe savings of the people, deposited in corporate savings banks and in the
postal savings banks have increased remarkably during the past four years. merce" reported the following advices from St. Louis:
In December 1920 the savings in the corporate savings banks amounted to
The St. Louis Joint Stock Land Bank has won a decided victory through
6,668,000,000 lire, while in October 1924 they amounted to 11,917,0013,000 a decision just handed down by the Supreme Court of Missouri which
will
Ere. The savings in the postal savings banks increased from 6,980,000,000 have the effect of increasing the bank's annual earnings 2%%. Under this
lire in December 1920 to 9,440,000,000 lire in July 1924.
decision an assessment amounting to 8603,292 87 was held to be unauthorized and ordered quashed.
An attempt had been made by the Equalization Board to assess the bank's
shares under the provisions of the State law for the taxation of national and
Offering of Bonds of New York Stock Land Bank.
State banks. Suit was instituted by William R. Compton as a stockholder
At 1043,4 and accrued interest, to yield about 4.45% to and the St. Louis Joint Stock Land Bank, and the case was carried to the
Supreme Court on a writ of certiorari. The court's decree just announced
the optional date and 5% thereafter, Clark, Williams & Co. holds that there is no provision under the law whereby
the assessment can
of this city offered on April 23 an issue of $1,750,000 5% be made, as a Joint Stock Land Bank is in no sense a bank as construed
farm loan bonds of the New York Joint Stock Land Bank. under the Missouri laws. As the tax rate is approximately 2%%,the deThe bonds will be dated Jan. 1 1925, will become due Jan. 1 cision increases the bank's annual earnings by an equivalent amount.
1955, and will be redeemable at par and interest on Jan. 1
1935 or any interest date thereafter. Principal and semiannual interest (Jan. 1 and July 1) will be payable at the
Chase National Bank of the City of New York. They are
in coupon form in denomination of $1,000, and are fully'
registerable and interchangeable. The bonds are exempt
from all Federal, State, municipal and local taxation,(except
estate, inheritance and gift) and are a legal investment for
all fiduciary and trust funds under the jurisdiction of the
Federal Government and acceptable as security for postal
savings and other deposits of Governmental funds. The
New York Joint Stock Land Bank of New York City was
organized May 2 1922, receiving its charter from the Federal
Farm Loan Board to operate in the States of New York
and Pennsylvania. The bank is closely associated in
managerial and financial policy with the Chicago, the
Kansas City, and other Joint Stock Land banks with assets
of over $170,000,000, or more than one-third of the total
assets of the Joint Stock Land Bank System. The following
loan statistics as of March 31 1925 are furnished:
Number of loans in force
Number of acres
Total amount of loans in force
Appraisal for loaning purposes
Average appraised value per farm
Average loan per farm
Average appraised value per acre
Average amount loaned per acre
Percentage of loans to appraised value
Average number of acres per farm
Banks Holding Proceeds of Dodge Issues Invest Funds
Temporarily in Bankers' Acceptances.
According to the "Wall Street Journal" of April 22 the
proceeds of the recent $160,000,000 Dodge issues were deposited equally with two New York banks, the Central
Union Trust Co. and the National Park Bank. One of
them promptly bought $40,000,000 of short-term bills from
the New York Discount Corp. and other discount houses
as a temporary investment pending final payment of the
funds to the original Dodge owners. Commenting on this
the "Wall Street Journal" says:
Temporary lodgement in the bill market of a large amount of the
proceeds of $160.000,000 Dodge financing, by banks where the funds had been
deposited, pending their final disposition, indicates a better appreciation
of the advantages of that market. Heretofore such funds would have
been
literally dumped into the call money market,resulting first in demoralizing
rate and then causing a flurry when the money was
s
needed and loans were
called. As little as $20,000,000 more or less in the current call money
offerings may cause a change of % of 1% next day on renewals of hundreds
of millions of call loans.
On the other hand, through the facilities of the discount market, considerable amount of liquid funds may be turned over without any
disturbing
effects upon the major part of the banks' earning assets. The more stable
822 effect of the bill market is inducing banks to
arrange their Investments so as
110,201
$5.248,900 00 to include substantial holdings of purchased bankers' acceptances. As the
14.673,405 00 proceeds of the Dodge securities sale will remain in New York ten days or
17,729 00 more the occasion offered an excellent opportunity of
proving the advantage
6,385 00 of this sort of investment for liquid
banking funds.
132 00
In its issue of April 24 the "Wall Street Journal" carries
47 63
36%
134 the idea a step further and conveys the suggestion that the
APRIL 25 1925.)
THE CHRONICLE
2101
of Evans Woollen, Chairman
banks be compelled to invest part of. their funds in the ment was made in the report
of the'Economic Policy Commission, that "The Commission
market, saying:
bill
problems pertainAction of the banks in temporarily investing the proceeds of the recent has continued to busy itself primarily with
Dodge financing in the bill market came in for a good deal of favorable ing to the Federal Reserve System. The Commission becomment in circles where better support of this market has long been
lieves that as the time draws nearer when the charters of the
advocated. For some time there have been complaints that the market
will be inwas not receiving the proper support from the individual banks. While Federal Reserve banks must be renewed, there
many of the big New York institutions have been making full use of the creased agitation to amend the Federal Reserve Act in vacontended they have not been investing in other
acceptance privilege, it is
be fully prepared to meet any
banks' bills to the extent they should. In other words, they have not been rious ways. In order to
the contingencies which may arise, the Commission has voted to
doing their fair share toward making the New York acceptance market
broad and important institution it should be. A recent compilation showed appoint a sub-committee from out of its own membership
that as against some $300,000.000 of acceptances of certain New York
Reserve System, and the
banks outstanding,they were only holding about $50,000,000 of other banks' to study all phases of the Federal
bills. Some of the local banks were'doing more than their share, which amendments proposed to alter the Act under which the
made the delinquencies of the others all the more striking.
system is now functioning."
It has been suggested that some rule be adopted to provide a more equitThe personnel of the sub-committee was announced as
able participation, such, for instance, as that a certain percentage of the
banks' investments should always be in the bill market.
follows: Evans Woollen of Indianapolis, Chairman; Nathan
banks have
Unfortunately, for the bill market, most of the New York
Adams, Dallas, Texas; Leonard F. Ayres, Cleveland, Ohio;
the call money habit so thoroughly engrained it is difficult to school them
to any other viewpoint regarding disposal of their liquid loanable funds. Craig B. Hazlewood, Chicago, Ill.; R. P. Hecht, New
A chance firming up of the call rates causes banks at once to rush into that Orleans, La.; Walter Lichtenstein, Chicago, and Paul M.
market, with demoralizing results upon the whole loan structure. They
Mr. Woollen said the Committee •
neglect the more stable discount market for a temporary advantage. Lead- Warburg, New York.
ing bankers say New York will never have a proper discount market unless will welcome suggestions of any kind to facilitate its work
the banks themselves get in line and adopt a more patriotic policy in respect and to give its investigation as comprehensive a character
of holding other baukers' acceptances or furnishing the bill brokers with a
as possible and that such suggestions should be addressed
better supply of call funds.
to Walter Lichtenstein, the Secretary of the Economic Policy
Commission, care of the First National Bank of Chicago.
in March.
Decrease in Postal Savings Deposits
The meeting was marked by the adoption of resolutions
of $223,000 in postal savings deposits during
A decrease
by in which the business situation was declared to be "fundaMarch is shown in the statement made public this week
mentally sound" notwithstanding the fact that "business
the Post Office Department, the figures on March 31 at
with $134,032,516 on Feb. 28. prosperity has not reached the heights expected in some
$133,809,516 comparing
quarters." At the same time it was asserted that the
The statement follows:
menace of inflation in the United States has been removed
STATEMENT OF POSTAL SAVINGS BUSINESS FOR THE MONTH OF
by the conservative attitude of business men and bankers.
MARCH 1925 AS COMPARED WITH THE MONTH OF FEBRUARY 1925.
8134,032,516 Unanimous approval was given at the meeting to a plan to
Balance on deposit Feb. 28
223,000
Decrease during March
signalize the fiftieth anniversary of the Association by en$133,809,516
Balance on deposit March 31
proposed
(-I ) dowing an educational foundation,H. Sisson,by the Fiftieth
Inc. Inc.(+)
OF
who presented
Depositors'
or
Anniversary Committee. Francis
Depositors'
Dec.(-).
Balances.
Balances. Dec.(-). Post OfficePost Officethe report for Chairman Lewis Pierson, announced that as
$
$
+3,827
New York, N. Y-39,494,885 -142.142 Atlantic City, N.J. 187,761
Mr. Pierson and George M.
+3,997 a starter to the Foundation
Brooklyn, N. Y---10,653,097 -51,051 Louisville. Ky---- 185,546
+1,785 Reynolds had each agreed to subscribe $5,000.
185,150
6,875,393 -109,787 Duluth, Minn
Boston, Mass
182,544 +12,904
Cheyenne, Wyo..
5.757,572 -61,033
Chicago, Ill
+3.550
Oscar Wells, First Vice-President, read a telegram from
2,905,199 -65,228 Flushing, N.Y-- - 181,712
Seattle, Wash
+4,997
180,160
2,575,680 +23,388 Hurley, Wis
Philadelphia, Pa
group of California bankers requesting that the Council
Pittsburgh, Pa_ - - 1,958,443 -37,600 Norwood. Mass... 176,680 -3,789 a
+1,629 take necessary steps to bring about a discussion of banking
Kansas City, Mo.- 1,683,273 +16,931 L. I. City, N.Y.. 173,536
+3,267
173,396
1,520,974 -18,629 Dallas, Texas
Tacoma, Wash
+61 policy involved in the McFadden Bill at the Atlantic City
1,381,215 -7,199 Memphis, Tenn_ -- 171,803
Portland, Ore
+2,051
1,344,327 -21,631 Baltimore, Md.... 171,457
Mich
Detroit,
+3,173 convention this fall, so that all parties interested would have
+4,107 Anchorage, Alaska- •169,216
1,215,036
St. Paul. Minn
-784
+1,191 Birmingham, Ala.. 167,321
1,207,907
Newark, N. J
Associa+3,112 an opportunity "to express themselves before the
156,935
+1,917 Missoula, Mont
1,003,088
St. Louis, Mo
156,832 -3,215 tion commits itself to any reaffirmation on the banking
+4,039 New Orleans, La
Uniontown, Pa.-- 966,083
154,450 -2,909
825,290 -11,106 Bayonne, N..1Mont
Butte,
Mr. Wells remarked that there was no
-86 policy of this bill."
153,484
LOS Angeles, Calif- 815,614 +11,562 Phoenix, Ariz
San Francisco, Calif 646,235 -4,155 Wilmington, Del.. 151,225 -5,189 reason to believe that the question of reaffirmation would
3,687
620,629 -4,330 Jamaica, N. V.... 150,713 Denver, Colo
+4.600
Great Falls, Mont- 620,143 -5,603 Christopher, III- 150,575
but that if it was an opportunity would be pre146,167 -8,255 be raised
Milwaukee, Wis.- 593,741 -10,706 Boise, Idaho
+557 sented for discussion by both sides. On motion it was
140,302
Jersey City, N.J.- 543,128 -6,227 Paterson, N. J.+6,376
Cincinnati, Ohio- 491,958 -1,656 San Antonio, Texas 134,572
134,102 -1,177 decided to lay the matter on the table.
Minneapolis, Minn. 475,966 -8,743 Tampa,Fla
133,925 +2,978
Des Moines, Iowa_ 466,679 -5,104 Helena, Mont
The resolutions, to which we referred above, were pre132,705 4,075
453,135 +13,882 Camden,N.J
Columbus, Ohio
129,937
-691 Dayton, Ohio
+1,034 sented by Francis H. Sisson as Chairman of the Resolutions
Ironwood, Mich- 434,499
+3,751 Salt Lake City,
426,844
Providence, R. I
+802 Committee. The other membcrs were: Walter Lichten129,585
Utah
420,833 -2,827
Buffalo, N.Y
3,317
128.957 Roundup, Mont_.. 368,601 +14,217 Elizabeth, N. .1
+2,194 stein, Secretary; Evans Woolen, W. C. Wilkinson, Thomas
126,382
Sioux City, Iowa- 363,152 -3,196 Okla. City, Okla
126,184 -5,641
+5,374 Gary, Ind
D.C- 352,951
Washington,
The resolutions were as
+1,460 F. Wallace and Grat McPherrin.
348,666 -5,773 Everett, Wash.... 125,994
Cleveland. Ohlo
+724 follows:
125,023
Aberdeen, Wash.__ 346,965 -4,896 Lawton, Okla
+4,432
Wash- 124,224
+7,466 Spokane,
Pocatello,Idaho.- Passaic. N.J
McKees Rocks, Pa.
McKeesport.Pa
Bridgebort,Conn._
Miami. Fla
Leadville, Colo_
Kansas City, Kan.
Havre, Mont
Astoria, Ore
Lowell, Maas
Roslyn, Wash
Sioux Falls, S. D
Toledo, Ohio
Omaha, Neb
El Paso, Texas- _ Red Lodge, MontHartford, Cone...
Billings, Mont....
Pawtucket, It. I-Sheridan, Wyo
• Pueblo, Colo
Mt. Pleasant, Pa..
Jacksonville, Fla..
Altoona, Pa
Miles City, Mont._
New Haven, ConnLewistown, MontPensacola, Fla.-Staten Island, N.Y
Bellingham, Wash.
Erie, Pa
C. r, Wyo
B :ham Canyon,
Utah
•akiand, Calif_
Fairbanks, Alaska_
344,330
336,925
329,085
319,210
307,241
302,641
298,798
297,168
291,794
276,108
269,341
265,225
261,896
258,772
258,054
243,154
238,476
234,709
234,154
227,847
227,342
226,223
219,280
213,836
211,087
209,106
208,315
207,057
204,924
204,444
202,570
200,782
200,375
123,186
-7,633 Akron, Ohio
-10,320 Breckenridge, Tex- 121,008
-225 Pittsburg, Han.... 120,794
-556 Henryetta,Okla.-- 120,712
120,133
+21,507 Augusta, Ga
118,645
-5,559 Sterling, Colo
+4,337 Cleburne, Texas... 118,153
117,322
-7,007 Wichita, Kan
-6,802 Hoquiam, Wash... 117,216
115,961
-8,592 Charleston, S. C
-2,635 Centralia, Wash... 115,107
+12,443 Mitchell, S. D.--- 114,133
112,577
-1,581 Indianapolis, Ind
-1,431 San Diego, Calif.-- 112,355
111,739
+2,590 Hartshorne, Okla
111,177
+6,324 Rochester, N.Y
111,116
-1,775 Export, Pa
-5,604 Manchester, N. H. 111,027
-180 Nampa, Idaho.... 109,696
+9,038 Springfield, Mo... 107,883
+2,609 McAlester, Okla_ -- 106,965
106,714
+3,552 Raymond. Wash
106,621
+11,254 Monongahela,Pa
-1,476 Masontown, Pa... 106,327
+3,613 Maynard, Mass... 105,867
-4,949 Conneaut, Ohio... 104,909
+7,022 Bessemer, Mich... 104,358
104,113
+289 Gallup, N. Mex..
+809 Mason City, Iowa_ 103,950
+5,114 Brownsville, Pa.-- 102,756
101,625
-8,302 Winner. Pa
101.401
-3,932 Benld, III
101,194
Okmulgee, Okla_ _
+3,209 Bremerton, Wash_ 100.6
196,653
193,710 -4,414 New Kensington,Pa 100,4
+2,358 •February balances.
.189,917
1,920
+3,635,
+7,373
-3,440
-465
+10,307
+2,241
1,822
+945
+958
1,239
+1,027
+614
+2,279
3,456
-277
1,610
4,896
+78
+633
+2,333
-2,421
-5,850
-2.945
-7.741
+1,771
+32,940
4,071
2,052
3,905
-1,864
+3,306
+1,191
5,898
+4,341
-Study
Spring Meeting of Executive Council of A. B. A.
to Be
of Federal Reserve System and Amendments
Undertaken by Sub-Committee-Educational
Foundation-Resolutions.
At this week's meeting in Augusta, Ga., of the Executive
Council of the American Bankers Association, announce-
While business prosperity has not reached the heights expected in some
quarters, nevertheless, the situation need cause no anxiety. It is fundamentally sound. The conservatism displayed by business men throughout the country has brought about an attitude toward future commitments
which has removed the menace of inflation. The Council believes that
insofar as our business prosperity has been the result of a revival of agriculture caused by undue diminution of crops in other countries, the effect
is likely to be temporary, but insofar as it has been due to the rehabilitation
of Europe and the liquidation of old indebtedness on the part of our agricultural population, the results attained are likely to be permanent.
The direction of general banking policy has been eminently successful
in contributing to the maintenance of a sound credit situation. Notwithstanding the accumulation of a disproportionate share of the world's
gold in this country, the inflation of credit and prices which many feared
would result has not appeared. The average of commodity prices has
fluctuated within a narrow range during the last three years. The maintenance of a high degree of stability in the price level requires the support
of sound banking policy.
The Council commends the continued efforts of President. Coblidge
and Secretary of the Treasury Mellon to eliminate unnecessary governmental expenditures. It endorses the efforts of the present national
administration to reduce still further the tax burden resting upon our
people. The reduction of Federal taxes begun last year should be continued
by such a revision as would not only further lighten the aggregate burden
of these taxes, but distribute them more equitably. The surtaxes on
income should be lowered, thereby making them more productive ofrevenue
and encouraging the investment of capital in business undertakings.
State and local taxes are also in many cases unduly high, and there is
room for helpful co-ordination of these taxes by removing unnecessary
and irritating duplications. A wise fiscal policy, however, will include
provision for continuing the gradual retirement of the huge national debt
incurred during the war. It is to be hoped that the efforts being made
will meet with an early and complete success.
The Council notes with satisfaction the continued improvement of
European conditions both from an economic as well as political standpoint.
It is glad to see that the world is gradually returning to normal conditions
everywhere and that the bitter feelings engendered by the war are slowly
but surely disappearing. There is ground for believing that readjustments
may be made which will cause the nations vanquished in the late war to
2102
THE CHRONICLE
accept whole-heartedly a permanent settlement. This will be a great step
in advance assuring peace in the world.
The continued discriminating investment of American capital abroad
should be encouraged. It offers a most helpful means ofgradually adjusting
the national economy to the requirements of a creditor country. Without
its influence the processes of collecting the foreign debts would unduly
hinder the expansion of our export trade. The productive equipment of
The country has developed under the stimulus of a large export business,
and the loss of foreign markets would unavoidably result in idle plants
and workers.
The extensive betterment of the general position of the farmers without
resort to artificial price-making or valorization of their commodities has
demonstrated the effectiveness of other and sounder measures. Co-operation
is proving helpful in many directions and systematic effort to give increased
attention to the familiar problems of business management, can do more
than governmental price-making to promote the prosperity of the farmers.
The Executive Council is happy to note year after year that the administration of the Association continues to be ably conducted, and it wishes
to congratulate President William E. Knox upon his untiring efforts to
facilitate the harmonious development of the Association, especially in
regard to the relations between the permanent staff and the temporary
officers of the Association. The fact that President Knox Is located in
the same building with the headquarters of the Association has enabled
him to devote time and energy to the work of the Association that would
have been impossible under other circumstances.
Women's World Fair Opened in Chicago—Address of
President Coolidge Praising Budget System on
which Project was Established.
In a radio message, marking the opening in Chicago on
April 18 of the Women's World's Fair, President Coolidge
commented on the financial accomplishments of the undertaking, which he said "presents a striking contrast to the
average project of like character supported in easy fashion
out of public funds." The President pointed out that the
fair had been "conceived, organized, directed and managed
by women, and devoted particularly to the interest and activities of their sex" and that, "having a sound conception of
procedure, the ladies started by establishing a budget."
"As a strictly business proposition," said the President, "it
was sold so effectively and widely, that when the doors are
opened every dollar of expense will have been met, and there
will be a comfortable balance in bank to guarantee a greater
and more impressive fair next year." The President added
that "the business management whereby such a result was
made possible, deserves more serious consideration than I
am able to give in the few minutes I have to speak." He declared that "the importance of sound business methods was
never so great as it is to-day," and he noted that "it is particularly true that the importance of Government business
should be placed on a basis of rigid economy." The President expressed his hearty approval of "the efforts of the
women of the Middle West, who have undertaken a program
of getting all kinds of people better acquainted," and he
asserted that "if we could find means to bring all the people
and groups of people truly to "know and understand each
other, I am confident most of our social problems would
have been started well on the way to solution." The President's radio message was .delivered in Washington after
Mrs. Coolidge had pressed a button signalizing the opening
of the fair. The occasion of its opening was the one hundred and fiftieth anniversary of the ride of Paul Revere
which prompted the President to say:
With a keen eye for the historic unities that should be preserved on such
an occasion, the managers of the fair have arranged to signalize its formal
opening, which is this moment taking place, by reproducing the ride of Paul
Revere.
Only, on this anniversary occasion, it has been deemed fitting that the historic ride should be taken by a woman. So Paul becomes Pauline and ambitious feminism appropriates to itself a share in one more field of endeavor,
heretofore claimed exclusively by the men.
The President's speech follows:
A hundred and fifty years ago to-night Paul Revere made his midnight
ride from Charlestown, through the Massachusetts countryside, to warn the
people that a movement of troops from the Boston garrison might be expected
against Concord. Early next morning the expedition set out and before the
day was far advanced a conflict had taken place and Lexington had been the
scene of firing the "shot heard round the world." The American Revolution
had begun.
The'women of Illinois have chosen on this anniversary to open their Women's World's Fair. There are some elements of special appropriateness in
their selection of the date. A World's Fair, conceived, organized, directed
and managed by women and devoted particularly to the interest and activities of their sex, is suggestive of the revolutionary change that has taken
place in their status.
With a keen eye for the historic unities that should be preserved on such
an occasion, the managers of the fair have arranged to signalize its formal
opening, which is this moment taking place, by reproducing the ride of
Paul Revere.
On this anniversary occasion it has been deemed fitting that the historic
ride should be taken by a woman. So Paul becomes Pauline and ambitious
feminism appropriates to itself a share in one more field of endeavor heretofore claimed exclusively by the men.
It is over thirty years since the World's Columbia Exposition was held in
Chicago. That stupendous presentation of the achievements of civilization
has often been referred to colloquially though mistakenly as a "World's
Fair." It was in fact not a fair, but an exposition.
On the other hand, the presentation which is beginning to-day is not an
exposition, but literally and precisely a fair. Its counterpart will not be
[VOL. 120.
found in the huge and formal expositions that from time to time have been
held in many of the capitals of the world. Rather, its inspiration must be
sought in the rich, moving, colorful fairs for which many of the ancient
European cities have long been famous, but which have been too little known
among the institutions of our American life.
The effort cannot but be accounted as a piece of national good fortune to
transplant and perpetuate in our country those vivid presentations of life
and living which characterize the famous fairs of Middle and Eastern Europe.
The Old World fairs have come to be veritable panoramas of the customs and
clothing, the modes and manners, the work and play, the arts and industries,
the inspirations and aspirations, of nations and peoples.
I know of nothing more calculated to promote the pride of vigorous community life, the sentiments of self-respecting nationalism, the truest loyalty
to high traditions of national character, than these distinctive assemblies of
the people. Here they bring together their works and handicrafts, their
pleasures and recreations, their household, art and science.
It is a good thing that great communities should thus occasionally be
drawn together, to consider themselves and their accomplishments, to
realize and appraise themselves to make their members better acquainted,
to remind each half of how the other half lives. It is such a fair, for such
purposes, that the women of Illinois have aimed to present. They have
wrought their vision of it into an actsanplishment of light and loveliness,
of music and of movement, of shadow and of substance, of harmonies and of
contrasts. They have made it truly a picture of the community which gives
it place and setting.
In our American life we have preserved the conception of the Old World
fairs only in our agricultural communities. The county, district and State
agricultural fairs, of which hundreds are held throughout the nation every
year, have developed a unique type.
But the agricultural fair has been an institution of, for and by the people
of the open country. The women who have prepared this fair have sought
to attain another and quite different object. Their design has been to picture the people and their ways of living rather than merely to exhibit their
products, which, after all, make up only the background and setting of life.
People do not live for the mere sake of production. Rather, they produce
in order that by possession and consumption they may make their lives
fuller, more fruitful, more worthy.
Much of what they produce is designed to be left as an endowment to the
future, some as a memorial of the past. Every generation seeks to bestow
upon the world more beautiful and useful objects that may stimulate and
inspire posterity. But always the purpose is to improve the estate of human
kind, to widen the horizons of knowledge, to make progress toward usefulnes, sincere harmony, true beauty and the eternal truth.
It was with such high purposes that its founders dreamed of the fair
which now has become a realization. What is accomplished this year is expected to be only the promise of larger achievement in years to come. But
year by year the underlying aim to bring a great people to know, realize and
understand themselves will not need to be changed.
It was Voltaire, I believe, who said that "To know all is to forgive all."
Though our times are not, as historical periods go, far beyond those of Vol.
tire, yet the complexities of human relations have been vastly multiplied in
that brief space.
If we could find means to bring all the people and groups of people truly
to know and understand each other I am confident most of our social problems would have been started well in way to solution. It is not intolerance
so much as ignorance that leads men and nations into antagonisms.
So I heartily approve the efforts of the women of the Middle West who
have undertaken a program of getting all kinds of people better acquainted.
They have brought together under the wide roof of the American Exhibition
Palace a representation of all manner of activities and interests, with special
reference to the part that women play.
There will be a Pueblo Indian woman making and displaying the characteristic wares and weaves of her people; and not far away, I am assured,
Mrs. McCormick will be found, personally conducting the feeding, care and
milking of the prize cow that she herself bred and raised.
The work of women in the professions, in the. most amazing variety of
businesses and occupations, will be demonstrated. A model school, a correct hospital, the works of settlement communities, of charity and benevolence, all will be displayed. The National Government has been so far impressed with the value of these efforts that its various departments and
activities will he represented with special reference to the large and fast
expanding participation of women and their interests in the business of
government.
Fair Established on Budget System.
But, while I am not competent to tell what the fair will be and will show,
I stumbled upon one feature which I cannot refrain from describing, because
it makes a particular appeal to me.
It appears that, when this fair was first thought of, the capital behind it
consisted entirely of the idea. But, having a sound conception of procedure,
the ladies started by establishing a budget. Having so definite an understanding of what they were going to do, it was easier to raise the necessary
capital.
As a strictly business proposition, it was sold so effectively and widely,
that when the doors are opened every dollar of expense will have been met
and there will be a comfortable balance in bank to guarantee a greater and
more impressive fair next year.
The business management whereby such a result was made possible deserves more serious consideration than I am able to give in the few minutes
I have to speak. It is enough to say that this financial accomplishment presents a striking contrast to the average project of like character supported
in easy fashion out of public funds.
If the people in the daily management of their modest domestic affairs
note that the great interests of their Governments, and of their semi-public
institutions, are dealt with in a spirit of laxity and a mood of carelessness,
they find little inspiration to apply better methods in the management of
their own concerns.
The great business operations which are constantly under the public eye
ought to be handled so as to make them an example in sound procedure. For
managing this fair in exactly that manner the women in control deserve a
measure of recognition which I gladly accord.
The importance of sound business methods was never so great as it is today. It is particularly true that Government business should be placed on
a basis of rigid economy.
In our modern society, public and private savings are quickly transmuted
into capital available for more production. The increased production makes
goods more plentiful and therefore cheaper; and at the lower price level
the people can afford to consume more.
The real disaster to a modern community comes when easy and ill-considered consumption prevents the storing away of new capital to meet the everincreasing demands.
But while we are extolling the example of sound business methods that
has been here exhibited and praising the oportunity to secure a fuller knowledge of what women have accomplished, let us not forget the deep underlying
purpose of it all.
APRIL 25 1925.]
THE CHRONICLE
Our country wants its arts and science, its commerce and agriculture, its
production and transportation, its education and invention, not merely that
they may be used in the market place, the factory and the field, but that
they may all be translated into the home. All of these efforts are for broadening the outlook on life, for making better men and women, they all have
the purpose to become effective forces at the fireside.
For long ages past, men have gone forth into the world, more recently they
have been followed by women. Each are endowed with the same desire, each
attempting to contribute to the satisfaction of the universal longing of the
human race to bring something better home. By the contribution that it can
make to that high purpose the success of this fair will be measured.
of President Coolidge Before Daughters of
American Revolution—Restriction of Immi-Government.
gration—Ideal of Self
In an address in Washington on April 20 before the Daughters of the American Revolution, President Coolidge referred
to.the new policy toward immigration entered upon by the
Governmept in the last few years, the policy of restriction,
he said, seeming necessary "In view of the certainty that
unprecedented numbers would flow to us from Europe following the war—more than we could be sure of assimilating,
more than the European countries could well spare." Competent official authorities, said the President, have estimated that more than 2,000,000 would have come in each of
the last four years, or over three times as Many as did actually come. "We may well doubt," commented the President, "whether that would have been to the advantage of
either them or the country." The President commended the
efforts of the Daughters "to raise the civic ideal, to make
better citizens, to resist evil influences, to cast out corruption; in short, to lift up the average of American life to the
full level of its highest aspirations," and indicated it as his
belief "that in the pursuit of these purposes and the taking
of these actions you are putting the ideals of the Revolutionary period into practical effect." Alluding to the "discussion about the intrusion of the Government through legislation into the business and private affairs of the people," the
President noted that "there is only one way in modern civil:zation, with its broad privilege of the franchise, with its representative legislative bodies, to avoid the constant interposition of the Government into practically all the affairs of
the people, and that is for the people to adopt a correct
course of action, to provide the proper standards of conduct
by their own motion." He added, "if they do not want Government through public action they must provide it through
private action. That is the true ideal of self-government."
Addresses were also delivered at the opening of the 34th Continental Congress of the Daughters by James M. Beck, Solicitor-General; Emile M. Daeschner, Ambassador of France,
and Representative Nicholas Longworth. The address of
President Coolidge was as follows:
Address
In accordance with their custom the Daughters of the American Revolution have assembled at the national capital for the annual gathering. To
them I extend my welcome. To come again to your splendid memorial
hall, already famous as the scene of many notable and historic gatherings,
must be a never-failing inspiration to you. The sentiments which invest
that place are particularly appealing on the occasions of your annual
assemblages. For at such times one realizes that there are gathered the
chosen representatives of a devoutly patriotic womanhood. Yours is first
of all a society dedicated to a perpetuation of all the finest traditions, the
noblest achievements, and the highest accomplishments of our national
history.
Americans are a people who believe thoroughly in the real and the practical, but they are also a people who are moved strongly by sentiment and
Ideals. Your organization well typifies this combination of reality and
idealism. I have recently taken the trouble to make some inquiry as to the
various patriotic endeavors to which it has devoted its means and efforts,
and the results have been most illuminating, even to one who had imagined
himself already'quite familiar with its alms, purposes and accomplishments.
As an outcome of the inquiries I have made. I wish you to know that the
more I have become informed as to your society the more I have come to
approve, respect and honor it.
It lacks only a few months of thirty-five years since your organization
was founded, here in the capital city, and its work since that time deserves
a word of review and commendation which, though necessarily all too brief.
I wish to indulge. No matter how exalted its objects, the society could not
have made the record of growth and influence which stands to its credit if
it had not possessed a genius for useful accomplishments. You have
recruited a membership of 145,000 organized in every State and Territory,
in the insular possessions and in a number of foreign countries. Literally,
the sun never sots on your activities, and I am bound to add that it never
shines on any but worthy ones.
Your organization is primarily a patriotic one. But the mantle of patriotism, as you have defined patriotism, spreads over a wide field of
benevolent, humane and special usefulness. It seems always to have been
part of your creed that if people were expected to love their country, that
country must be worthy of their affection. So you have sought by your
example and works, as well as by your precepts, to make this a country
deserving of the loyalty, the devotion and the love of all its people. Herein
you have performed the highest work of civic usefulness.
You have raised a voice of welcome to the immigrant landing on our
shores. You have helped him to find place, occupation and opportunity in
those most trying days of his experience here, Immediately following his
arrival. The Daughters of the American Revolution have maintained an
organization, working in co-operation with the authorities at Ellis Island,
aiming to supplement in the most human and practical ways the efforts
have met the newcomer with
of the Government authorities there. They
2103
aids in learning a new language, in understanding our manners, in acquiring our customs, in appreciating and adapting himself to our institutions.
Restriction of Immigration.
There is a deeper significance to this kind of effort than at first thought
many be apparent. In the last few years we have entered on a new policy
toward immigration. It is still rather experimental, but with every appearance of being likely to secure permanent acceptance. Restriction of immigration is nothing less than a revolutionary change from the older days
when we boasted that this country offered refuge and opportunity, liberty
and security, to all who desired them. The policy of restriction seems
necessary, in view of the certainty that unprecedented numbers would
flow to us from Europe following the war, more than we could be sure of
assimilating, more than the European countries could well spare.
Had there been no limitations, the number of newcomers among us in
the last four years would probably have been several million greater. If
we had been called upon to receive and place such a number,it may well
be doubted whether they would have found their condition here much
better than it was in Europe. Certainly our problem of helping adjust
them to the new conditions and the hard competition of such a situation
would have been far more difficult.
It is manifestly impossible to know how many immigrants would have
come in the last four years if no restriction had been imposed. But competent official authorities have estimated that 2,000,000 would have come
in each of these four years, or over three times as many as did actually
come. We may well doubt whether that would have been to the advantage
of either them or the country.
The welfare of all the people will be promoted by a truly national life.
In these last few years we have all realized as never before the need to bring
about the spiritual unification of this great people. A hundred and ten
million people, living together, may or may not constitute in the full sense
a nation of 110,000.000. The war brought appreciation of this truth. We
achieved our independence a century and a half ago. We confirmed our
political union sixty years ago. We have all the time been struggling toward
spiritual and moral unity. To gain and perfect it, we need just such
interests and activities as these to which the Daughters of the American
Revolution are so sincerely devoted. We need not only to draw the newcomers into our social structures, but we need also to make them contribute
to its strength and beauty. We may gain much from them. In the diversification of our culture, the broadening of our interacts, the development of
our literature and arts, the formation of a rounded,symmetrical national
character, they can help UR vastly. We shall best serve both them and
ourselves if we shall fully recognize this mutuality of Interest.
Scope and Usefulness of Work of Daughters
Your organization of the Daughters of the Revolution has done much to
achieve such aims. But you have done yet more. You have sought means
to help our native community improve its condition. You have gone into
backward and well-high forgotten parts of the country, carrying the torch
of educational opportunity. You have lifted its light over many communities, which, though composed of Americans for many generations native
.
to the soil, have sadly lacked tho privileges of schooling, enlightenment and
culture.
Yours were among the early efforts to set up schools for both youths and
adults in the neglected region of the southern Appalachians. There was
found a great population of the best American stock, tracing back to early
Colonial times. It has been curiously isolated from the march of westward
progress. The stream of migration had divided and passed around this
rugged country and its sturdy people. To them you have carried education,
the arts, the sciences, the culture and humanities of our more favored
regions. You have not only spent your money to help them but you have
Joined with other volunteers in furnishing efficient leadership for the task
of rehabilitating an unfortunate community.
Perhaps a recounting of these activities may not be necessary for the
Information of you who know them far better than I do. But in saying
these things I have in mind the wider audience, whose members are not so
well advised. The Daughters of the American Revolution are entitled to
be known for the full scope and noble usefulness of the work they have
prosecuted.
Everywhere your States and local bodies have labored to raise the civic
ideal, to make better citizens, to resist evil influences, to cast out corruption
—in short, to lift up the average of American life to the full level of its
highest aspirations.
These are good and deserving works. They are worthy fruits of the
untiring effort which you have put forth in their production. Year by year
your service has grown, as your vision has widened and your means have
increased. Your annual gatherings have never failed to mark a step
forward on the way of progress.
It is my belief that in the pursuit of these purposes and the taking of these
actions you are putting the ideals of the Revolutionary period into practical
effect. It is important to note that the efforts which you are making, the
duties which you are performing, are not being sought through the interposition of organized government. They are the voluntary acts of our
citizens taken through their own initiative. In adopting this course of
action you are, in the best sense of the term, ministering to the ideal of
self-govermnent.
Ideal of Self-Gorernemtn.
We have hoard in the past, and are likely to hear In the future, very
much discussion about the intrusion of the government through legislation
Into the business and private affairs of the people. In so far as this is a
reflection of an ideal, requiring and demanding a higher standard of conduct,
we ought to rejoice at it and support it. But when we see that it is rot
wholly successful, we ought to remember that it is at best but a temporary
makeshift, an effort to make things better, and that we cannot expect
through these methods to obtain perfection.
There is only one way in modern civilization, with its broad privilege 0
the franchise, with its representative legislative bodies, to avoid the con
stant interposition of the government into practically all the affairs of th
people, and that is for the people to adopt a correct course of action, to
provide the proper standards of nduct by their own motion. If they do
not want Government through jitiblic action they must provide it through
private action. That is the true ideal of self-government.
The attainment of that ideal lies some distance in the future, but it
an ideal toward which we should constantly strive. If the people wish to
be in the full enjoyment of their liberties, if they wish to be unhampered
by government restrictions, they can secure that privilege. But they
cannot secure it by abolishing government They can only secure it by
.
.
adopting a thorough system of individual self-government. Government
is an absolute necessity to human progress and human happiness. If w
do not wish to have it imposed from without, we must ourselves impose
from within.
It is because the work which you are doing is a recognition of this prineiPI'
that I look upon it with great satisfaction. I welcome you to the central
seat of the authority of your country as living examples, worthy demonstrators and successful advocates of the civilizing art of self-government.
2104
T1TE CHRONICLE
Not only by your ancestry and your inheritance, but by your own lives
and your own efforts you hold undisputed claim to the high title of Daughters
of the American Revolution.
Governor Smith of New York Vetoes Bill to Raise
Teachers' Pay—Also Other Proposed Salary
Increases.
Governor Smith on April 23 vetoed eighteen bills providing
for mandatory salary increases in New York, including the
Kleinfeld-Ricca bill for raising the salaries of New York
City school teachers.
It was stated at the time of passage of the latter bill, that
it would place an extra $11,500,000 in taxes on the people
of this city. However the Governor in his memorandum
explaining his veto of the whole eighteen bills puts the
annual cost to the city if all the bills had been allowed to
become law, as considerably in excess of $15,000,000.
The other bills vetoed would have provided pay increases
or additional places for Justices of the Court of Special
Sessions, the Municipal Court, Magistrates' clerks, interpreters, truant officers, commissioner of jurors, detectives and
others. Governor Smith concluded his memorandum with
the following remarks:
It would be idle to discuss the merits of Was° various bills. It is sufficient
to say that the Corporation Counsel of the City of New York has publicly
and in writing stated that the City of New York financially is in no position
to meet the additional expendituh that these bills call for. There is also
involved in this whole question the principle of home rule. Nearly all the
salary increases, including those for the teaching and supervising staff,
could now be made by the city itself through the Board of Estimate and
Apportionment, if and when the city is ready to do so.
The Governor's memorandum in full was as follows:
This memorandum of veto comprehends eighteen bills, all of which have
for their purpose the increasing of salaries and creation of additional positions in the public school system,the courts, and the county offices generally
throughout the city of Greater New York.
In my annual message to the Legislature I spoke of general bills affecting
New York City which seek to regulate salaries and personnel in the various
county offices within the greater city. I called the attention of the Legislature to the fact that in all parts of the State, except New York City, absolute
freedom is given to the County Boards of Supervisor for the fixation of
salaries and the number of county employes aside from those specifically
provided by law. I further said that in the past the Legislature has
attempted, in haphazard fashion, to regulate both salaries and personnel
in the county olices of the five counties of Greater New York.
The practice is and always has been indefensible. The excuse offered is
that certain salaries within the City of New York in the county offices are
now fixed by law. I suggested that the Legislature by a single enactment
provide for the transfer of the power to the local governing body of the City
of New York. This recommendation the Legislature ignored entirely,
and, in place of it, sent me the annual crop of salary increase bills affecting
the county offices in the various counties in the greater city. It is nothing
more nor less than a continuance of the haphazard policy which has obtained
in the past. One group receives an increase this year; next year another
group seeks it on the basis of equalization.
There is no doubt in my mind that the framers of the Greater New York
Charter. by the language of section 56 thereof, intended that the control
of all salaries paid out of the Treasury of the City of New York should be
with the local authorities, except those comprehended within the teaching
and supervising force of the Department of Education. Undoubtedly a
small proportion of the salaries provided for in these bills can only be
changed by act of the Legislature; but that is no defense of the present
situation.
One of these bills I regret very much to be obliged to veto. That is the
bill reorganizing the Municipal Courts of the City of New York and comes
as the result of the recommendation of an unofficial commission appointed
by me, made up of representatives of the various bar associations within
the city. In so far as it seeks reorganization and better control by the
appointment of a Chief Justice of the Municipal Court. It is a forward
looking, constructive piece of legislation and with the general plan laid out
in the bill I am in full sympathy. But the Legislature saw fit, while progressing this much-needed reform, to add 33 1-3 per cent, to the salaries of
the Justices, raising forty-eight judicial officers in salary from $9,000 to
312,000 each per annum.
This has for its direct effect the throwing of judicial salariesin the City of
Greater New York out of line, and unquestionably would operate as a reason
for a wholesale demand next year for general salary increasing as far as the
judiciary is concerned. It is with great regret that I feel obliged to include
this bill in this general class of salary increase bills; but I shall recommend
to the Legislature, at the very beginning of its next session, the enactment
of the Municipal Court bill, devoid of the salary increase, and with a
provision giving to the local authorities the right from time to time to
increase the salaries now paid.
Behind these bills is an interesting story that I think at this time should
be told to the people of the City of New York, In 1920, as an after result
of the great war, there was a shortage of houses, due to the cessation of
building activities during the period of the war. The Legislature was called
into extraordinary session and the police power of the State as invoked
to prevent people from being put out on the street because of their inability
to meet the abnormal increases in rents. The term "rent laws" is the
common name for the relief measures passed at that extra session. They
were in reality amendments to existing Atatutes that permitted the tenant
to set up a defense to an action in eJecHment on the ground that the rent
increase was exorbitant.
It became necessary, therefore, to fix some standard by which that
question could be determined. Among the various elements that were
taken into consideration in computing the cost of operating the property
was taxes, and thereafter when rents were raised and the landlord was able
to show that his taxes had been raised he was permitted by the courts to
pass the tax raise on to the tenant; and for the first time a great many of
our people awoke to the realization that the tenant, in the last analysis,
pays the taxes.
This increase in taxes to the landlord is brought about in one of two ways.
Either by an increase in the rate or an increase in the assessed valuation of
the property. By either method, the amount of money actually paid in
taxes is increased. It requires no language of mine to impress upon the
[VoL. 120.
people the direct effect upon the rent-payer of the constantly increasing
burden of taxation on real estate. The owner adds the increase to the rent.
If the real estate is occupied by the butcher or the baker, he passes the
increase along in the increased price of the commodity sold by him.
The owner of the real estate and the municipal corporation have no
particular interest in maintaining low valuations. The fact is that municipal
officers are constantly striving to increase the assessed valuation in order
to increase the debt-incurring capacity of the city, or to increase the amount
which may be annually raised for city purposes, or by increasing the valuation to either reduce or maintain a low tax rate.
The owner of the building, particularly if he holds it for speculative
purposes, raises little or no objection to a high assessment, for the reason
that it enables him to exact higher rents, or in the case of a sale of the
property to secure a higher price. Municipal tax officers now require a
statement of income from the owners of real estate, and to a considerable
extent base their valuations on the amount of the income.
The result of that is that taxing officers increase the assessment and the
owner increases their rents and when the owner increases the rents the
tasing officers again increase the assessment: and so it goes on, while the
unfortunate rent-payer, who in large cities represent 90% of the population
pays the freight.
Notwithstanding all this, the rent-payers constantly demand costly
public improvements and appear to be largely in favor of all salary increases,
unmindful of the fact that they themselves foot the bills in their rents.
There is absolutely no inducement to a man to acquire a home of his own
if the taxes imposed equal 30, 40 or 50 per cent, of the income which might
be derived from the investment from an equal amount of money in any
good security.
A large part of the cost of local government is for education,and,of course,
that cost we cannot and would not attempt to get away from. The governmental function of educating our children must be carried out at 100 Per
cent, of efficiency, even if it carries us to the point of depriving
ourselves
of some other necessity. The cost of the support and maintenance of our
public school system during the school year that ended July 31 1923. was
approximately $210,000,000—$37.000,000 of this was appropriated by
the State and apportioned by the Commissioner of Education' to the several
cities and school districts of the State. Twenty-two million dollars of this
337.000,000 was raised by the State by a levy upon real and personal
property.
From these figures it appears that $194,000,000 expended for the support
of public schools during that year was raised by the levy of a direct tax
upon real and personal property. This condition was quite apparent to me
in the early part of 1924, immediately after a statute was enacted to continue for two more years the so-called rent laws. To any person who has
made a study of the situation it must be apparent that, if the rent problem
is to be solved, something must be done by the various municipalities of
the State to raise revenue for city expenses from sources other than real
property. The rent laws are merely temporary expedients and provide
sufficient medicine to relieve the pain of the patient for the time being, but
don't go to remove the cause of the disease.
Having all this in mind. I sent a special message to the Legislature under
date of March 24 1924, in which I suggested, after having the facts before
the Legislature, the appointment of a special commission of which the
Commissioner of Education would be ex-officio a member, and giving to
the Governor the right of appointment of some men thoroughly versed in
tax matters, that some relief might come to real property and, in turn, be
passed on to the rentpayer. The Legislature disregarded that recommendation and the bill was defeated in the Assembly after having passed
the Senate.
The Assembly predicated its action upon the fact that there was in existence a legislative committee studying the same subject. That committee
made a report to the Legislature of 1925 and any recommendations that it
contained for the cure of the evil spoken of by me in my saecial message
were entirely disregarded. From the labors of the committee grew a
suggestion of additional State aid to rural schools. The Legislature therefore accepted that part of the report that meant the expenditure of more
money, and entirely ignored any recommendation the report contained with
regard to the relief of real property from any additional burden of taxation.
Now I have before me, passed by the same Legislature that denied the
relief, the bills above spoken of. I have made no calculation as to their
cost to the taxpayers of New York City. Suffice it to say that the burden
would be considerably in excess of 815.000,000 per year. The question
again arises in my mind of where this money is to come from. It can only
come from the real estate owners and rent payers, and, strange to say,
many of the individuals affected by this legislation urged me to sign the
bills that they might be able to most the increased cost of living, the principal item of which is the increase in rent, not having in mind that if this
315.000.000 or more Is to be assessed directly against real property the
operation of the bills themselves will tend to further increase their rents.
The Joint salary committee of the school teachers' organization issued a
statement in which they said:
"Rents have risen sharply, and we are still on the upward trend. Families
have been forced to herd in confined quarters to meet the high rent costs."
It would be idle to discuss the merits of these various bills. It is sufficient
to say that the Corporation Counsel of the City of New York has publicly
and in writing stated that the City of Now York financially is in no position to meet the additional expenditure that these bills call for. There is
also involved in this whole question the principle of hothe rule. Nearly
all of the salary increases. including those for the teaching and supervising
staff, could now be made by the city itself through the Board of Estimate
and Apportionment, if and when the city is ready to do so.
For all of the above reasons the bills are disapproved.
It is proper to add that among the bills signed on April 23
by Governor Smith was the Clayton bill providing for the
computation of school teachers' pensions in New York City
on the basis of salary for the five years preceding retirement, instead of ten years as at present.
Samuel Insull on Development of Public Utilities—
Government Ownership Proposals—Holding Companies Likened to British Investment Trusts.
In discussing the development of public utilities, before
the Pittsburgh Bond Club, at Pittsburgh, Pa. on April 17,
Samuel Insull, President of the Commonwea'th Edison Co.,
called attention to the fact that not all of the growth "has been
due to the natural opportunities and spontaneous demand
from the public for these utilities services, now so essential
to community life." Mr. Insull pointed out that "it took
APRIL 25 1925.]
THE CHRONICLE
initiative, energy and enterprise; especially it took organizing and managing ability along with merchandising and selling ability of a high order to develop these services to the
efficiency attained in such a short time." He observed that
"in years past, their shortcomings have seemed to receive
more attention than their merits. The existence of shortcomings or 'growing pains' in the formative period is not to
be denied. But never forget that the industrial, commercial,
and financial success reached by these businesses could not
have been reached unless they were, on the whole, soundly
conceived and honestly run." A reference was made by
Mr. Insull to the ever recurring Government ownership
proposals, and incidentally he urged that it be not forgotten
that "if the railroads or other public utilities are taken over
by the Government to-morrow, the factories, the stores,
the newspapers, and the farms and all necessary business
will be taken the next day." In his remarks on this point
Mr. Insull said:
2105
immediately after. There is some comfort in the belief
that the hard experiences of war-time may have taught
lessons which will tend to prevent a recurrence of them."
He added in part:
There is no denial that public utilities were adversely affected temporarily by the war and after-war conditions—more so than most lines of
business. But they were not hurt as badly as • any thought at the time.
Electric transporation suffered most, because the cost of labor is such a
large factor in its operating costs, and the gas business next; the electric
light and power business was pinched but not materially damaged. It is
noteworthy that, when the war-period boom receded, the record of failures
in 1921 included 495 manufacturing enterprises with total liabilities of
$233.000,000; 45 national banks with total liabilities of $28,000.000;
15 savings banks with total liabilities of $3,500,000; and only 9 electric
light and power companies with total liabilities of $302,000. That considering what the utilities went through, signifies stability.
Mr. Insull in offering an explanation of the so-called
"holding company" declared that term to be a misnomer
and said that in the utilities industry the holding company
is an investment company, or more accurately a development company. He likened it to an elaboration of the
British "investment trust," saying in part.
With our national administration and its governmental policies well
settled for another four years, it is a time for examining the future by the
Another feature of the electric light and power business, which may be
light of the past. The nation never heard more reassuring words from its
of interest to gentlemen in your line, is the so-called "holding company.
chief executive than it did from President Coolidge in his inaugural address
Thanks almost entirely to these institutions, practically all cities, towns,
on the results of the last election.
villages in the United States, of 5,000 population and over, now have
"There was a manifestation of such faith in the integrity of the courts," and
central station service. Nearly 14.000 communities of less than
he said. "that we can consider that issue rejected for some time o come. electric
population also have it, this number including nearly 10,000 comLikewise, the policy of public ownership of railroads and certain electric 2.500
munities of less than 1,000 population, and more than 4,000 of 250 Populautilities met with unmistakable defeat. The people declared that they
or less—communities that could not possibly support electric companies
wanted their rights to have, not a political but a Judicial determination, tion
their own. In fostering this development, the so-called "holding"
and their independence and freedom continued and supported by having of
have contributed to your business by furnishing you high grade
the ownership and control of their property, not in the government, but in companies
of stable earning power, as I shall try'to show you concretely in
their own hands. As they always do when they have a fair chance, the securities
people demonstrated that they are sound and are determined to have a a moment.
The term "holding company" is doubly a misnomer. It does not express
sound government."
functions of the companies to which it is applied
But the president's words should not lull us into a false sense of security. either the character or the
our business, and it is utterly erroneous in suggestion. It tends to suggest
Appeals to envy and prejudice are too easily made, and politically too in
hold of something and clutching it for narrow interests
effective momentarily to become obsolete, although ineffective in the long restriction—getting
in our industry the "holding" company is something
run. If not government ownership, then other confiscatory or business- and purposes. But
entirely different. It is more properly an investment company; even more
shackling proposals will come, each seeming to offer something for nothing;
a development company. Its primary purpose is to
and that is attractive to the unthinking until the shine is worn off. Mean- accurately perhaps,
and resources and activities of its local or subsidiary
while you gentlemen in the financial business can do much in counter expand the facilities
and to broaden the opportunities for safe investment.
action. In your goings about, you have unusual opportunities to inform companies,
Our investment or "holding" companies are in many'respects an elaboraother people, if you have the desire and the information with which to do
tion of the British "investment trusts" idea which has been an important
it; and your personal interests, the business you are in, would seem to offer
factor in the financial and investment life of Great Britain. These English
a motive for doing so.
institutions were the subject of an exhaustive report by Leland
It may be worth reminding you younger men that government owner- and Scotch
American Trade Commissioner in London, which Wall
ship proposals are not new. They were put forward as municipal owner- Rex Robinson,
just two years ago by the United States Department of Commerce.
ship proposals, whilst the enterprises which we now call local public utilities issued
Trade Information Bulletin No, 88.
were not yet far from the embryonic stage of development. This is par- as
This government report summarizes the general characteristics of British
ticularly true of the electric light and power business.
trusts" as follows:
In the early nineties the economic principle that local transportation, "investment
(1) They raise capital, with few exceptions, by issuing ordinary and
gas, telephone, or electric light and power service can be best supplied as a
preferred stock, and they exercise their borrowing power by selling debenregulated monopoly business, was not yet established. The electric busi- tures.
2)
(
ness especially was still competitive. Several electricity supply companies
Their funds thus obtained are invested in a wide variety of offerings,
distributing the risk over many industries, countries, or types of issue.
in the same city were not uncommon.
(3) They appeal to the cautious middle class investor by offering both
At that stage, municipalities had all the opportunity that anybody else
proprietary and creditor stocks of reasonable denomination, and by prohad to enter the business. They could find out as much about how to run tecting his interests, whether he holds shares or bonds, by a conservative
an electric company as any of us could, and they could get the necessary managing of the capital account.
capital more easily then than they can get it now. But they lacked, as
"The investment trust," the American Trade Commissioner says, "offers
they still do and always will lack, the vision, the initiative and the enter" "These
good illustration of the saying 'in union there is strength.'
prise. They did not go into the business except on a very small scale a
numerous companies have," he says, "long stood as intermediaries between
mainly for street lighting for the simple reason that political or governencouraging saving and
home investor and the foreign undertakings,
mental agencies are inherently unsuited to doing the things that have to the
assuming risk." "They have," he says, "played a large part in interbe done in building a business or an industry.
nationalizing British investments" for reasons which may be summarized
Municipal or government ownership proposals drew little or no attention
follows:
until after private init ative had made public utility enterprises a success. as
"They have enabled the moderately circumstanced investor to combine
and not until a certain type of mind, functioning in politics, saw in their
his savings with others so situated. These accumu'ated funds may be
success an opportunity to capitalize envy.
invested to advantage in securities too costly for the individual, either
Let us not forget that if railroads or other public utilities are taken over because they are of high value or must be purchased in large lots. . .
"The limited savings . . . of investors are judiciously distributed
by the government tomorrow, the factories, the stores, the newspapers, and
law of averages keeps fairly steady
.
.
the farms, and all accessory business will be taken the next day. The among many securities. any.well The
managed trust. Thus an unicitiated
the capital account of
effect of this upon your business may be worth considering.
investor . . . is able to put his eggs in more than one basket, even
The railroads and other public utilities, represent upwards of $35,000.- though, strictly speaking, he has only one egg.
"As the investment trusts are always managed by people faultier with
000,000 or approximately 10% of the national wealth. That Is too much
men specializing in such
. . securities, and often
to turn over to a political organization. About half of this total public management, the investors are by high-grade
given expert direction in the use of their
utility investment is represented by public utilities other than railroads. funds at negligible cost. . . . Their directors are men of affairs who
Leaving out telephones and telegraphs, we have about $16,000.000,000 of give the trust the benefit of their experience. . . .
"In the process of . . . investment there are continually arising
the national wealth, or invested capital, represented by the more strictly
preblents with which the individual stockholder cannot cope. . • •
local electric light and power, gas, and electric railway utilities.
In times of political disturbance or trade depression the power of the trust
Forty years cover the real development peried of these services, includ- companies in defending the interests of their shareholders is immeasurably
ing gas, which has become an indispensable fuel only within that time. greater than any action taken by isolated groups."
Consider their growth. The electric light and glower business now represents
Substitute "holding company" for the term "investment trust" in the
an investment of $6,500,000,000, serves 16,000,000 customers, and paid foregoing, and you have substantially a description of the American invest$135.000,000 in municipal, county and federal taxes in 1924: the gas ment or "holding" company as we have it in the public utility business.
business represents an investment of about $4,700,000.0C°, with more Our holding company securities also enable the uninitiated investor "to
than 15,000,000 customers; the electric railways, an investment of more put his eggs in more than one basket even though he has only one egg."
than $6,000,000.000, with more than 16,000,000,000 riders a year.
They represent an application of the insurance principle of spreading the
The financial needs of this industry are. probably of concern to you risk and so minimizing it; for back of the "holding" company's securities
you sell. In the last six years lies the earning power of several companies doing a highly diversified
gentlemen, as helping to provide the goods
the capital issues of local utilities have aggregated practically $5,300,000.- business in diversified communities.
000, of which $1,185,000,000 were for refunding. Their requirements in
The merit of this principle, as applied in our public utility investment or
1924 were $1,300,000,000. In comparison, railroad issues in the six years "holding" companies, is emphasized by examination of the record made
coal,and copper, $1,174.000,- by their prototypes. Forty representative English and Scotch "investment
have aggregated $3,350,000,000; iron, steel,
000; automobiles and accessories, $540.000,000; other industrials, $2,500.- trusts," representing 68% of the total capitalization, have been studied.
000,000. The local utilities required almost two-thirds as much new Thirty of them show earnings ranging from seven to fifteen per cent per
money as all other industries, including railroads, put together.
annum continuously from 1912 to 1921, and only six showed a dividend
In the apportioning of issues, as between senior and junior securities, average of less than five per cent for the period. Remember, gentlemen,
lines. The latest compilations that period of continuous dividends included the period of the war, when
the local utilities have followed approved
available show a ratio of 44% of stocks to 56% of bonds in issues aggregating Great Britain was "bled white," financially as well as humanly speaking.
Investment or holding companies of the accepted type in our industry
nearly $12,000,000,000. The ratio in the companies with which I am
connected varies from this by 1%; 45% stocks to 55% bonds. The ratio do not own all the securities of their local or subsidiary companies. They
exercise control through owning mostly the junior issues of their subsidiaries.
for steam railroads is 43.7% stocks to 56.3% bonds.
They make use of this control only to give the small local company the
Mr. Insull observed that "perhaps the heaviest handicap advantages of large-company experience, ability, and financial resources.
When the local company needs capital for expansion of its plant and equipour industry has carried has been a lack of understanding of
or holding company,,having
ment to meet
its fundamentals by the general public, including men in established a growing demands,the investmentfinancing, at lower interest
high credit rating, sees to this
yours and other branches of the financial industry. This rates than the local company could. It then furnishes expert engineering
was illustrated during the difficult period of the war and service of a quality that the local company could not afford. It masses
2106
THE CHRONICLE
the purchasing requirements of many local or subsidiary companies and
so saves money for all of them. It places at the service of the smallest
local company in its group all of the managerial experience and ability
acquired In immensely larger fields, and thus tends to help the small local
company develop policies and business initiative that are conducive to
greater volume of business and more prosperity, and consequently to
enhanced stability for its securities.
There is no element here of the investment or holding company fattening itself at the expense of its subsidiaries. On the contrary its job is to
strengthen and guide the local compnies and investors in them on the road
of prosperity. It applies its brains and resources to putting them in a
position to supply good service at reasonable rates and thereby build up
their business. In other words, to make good for itself and for the investors
in its own securities, the investment company must first see to it that the
local companies make good. In so doing the investment company of course
enhances the value of its own holdings in the securities of the local companies, but at the same time it also enhances the value of all other securities
of the local company, regardless of who may own them.
In my judgment the holding or investment company which best serves
the communities in which it operates and also its own interest, is one which
sees to it that the capitalization of its subsidiaries is on conservative lines;
whose subsidiary bond issues show very ample earnings never less than
twice bond interest requirements; whose subsidiary preferred stocks have
ample equity behind them by large amounts of cash invested in the common
stock of the subsidiaries, the providing of which cash for common stock
acquired is the proper function of the holding or investment company.
For examples of this type of investment company illustrating what I
have just said, I must necessarily draw on my,own experience. I have in
mind such a "holding" or investment company, organized in 1912,which
grew out of a conviction that full electric light and power service could be
profitably supplied to compact groups of smaller cities and towns, through
closely knit transmission systems, fed with energy from efficiently operated
and advantageously located central stations of large size.
Amongst ideas at the base of this company were these: that cities and
towns within prescribed areas should be tied together by transmission lines
to form "electrical districts" served from economically located central
stations; that the "electrical districts" should be distributed in various
states, to assure the utmost of protection to the "holding" company by
means of wide diversity in the use of electrical energy and to lessen the
effect of adverse conditions, business or otherwise, which might hit purely
local enterprises; that substitution of full twenty-four hour service for the
"dusk to dawn" service of isolated plants, poorly financed and incapable
of expansion, would stimulate the growth and development of cities and
towns within "electrical districts" and so assure continuous growth of
subsidiary company business.
Time has proved the correctness of this conception. From the small
beginnings of 1912, this holding or investment company now represents
26 operating and subsidiary companies which had a gross income in 1924
of approximately 241,500,000. They supply public utility service of one
kind or another (65.5 per cent of the earnings are electric) to more than
half a million customers, in 915 cities, towns, and villages. (communities
having some form of corporate organization) with an aggregate population
of only 2,000,000: the earnings per capita are especially good.
The 915 communities are grouped as "electrical districts" in 15 states,
from Wisconsin to Tennessee, from Nebraska to Virginia, and from Maine
to Texas. More than 400 small inefficient and therefore uneconomical
plants have been superseded by modern generating stations. Electric
energy thus economically produced is distributed in the various "electrical
districts" by an aggregate of 8,500 miles of high-tension transmission lines.
In addition to the usual local industries of Unix ing communities, the
greatly diversified character of business served by its subsidiaries, with all
consequent advantages, in diversity, is represented by the iron mines, the
wood-working, and cheese factories of Wisconsin; by the copper mines of
Michigan; by the Bedford stone quarries of Indiana; by the spindles of
New England; by the coal mines of Illinois and Kentucky; by the oil wells
of Oklahoma and Texas.
There you have a concrete example of how our investment of holding
companies are good for this business. They furnish high grade merchandise,
In the form of their own issues or that of their subsidiaries for your selling.
The holding or investment company, with common stocks of its subsidiaries
constituting the major portion of its own holdings, has to see to it that its
subsidiaries make good.
During the war an operating company in Illinois belonging to the group
just referred to, simply could not finance itself and was headed for the
rocks. The holding company carried it, invested large sums in the common
stock of the subsidiary company with the result that it is now on its feet,
Its six per cent preferred stock is selling above 90, and it is the holding
company's largest subsidiary.
How these investment or holding companies serve the public interest by
extending electric service to small cities and villages and hamlets and farms
which otherwise could not get it on any terms, as I have already mentioned,
should need no discussion in detail. But I would not imply that, in doing
this, the investment companies are charity institutions. They are business
Institutions, and operated like other business institutions, to earn fair
wages for invested capital in return for the work it does. On the one hand,
they bring together the accumulations of thousands of small capitalists who
would have difficulty in finding safe and profitable investments, each for
himself; and on the other hand, they put this massed capital to work in
essential local community services on terms which the local enterprises
could not get for themselves; and then they see to it that the massed
capital is employed to the best advantage for all concerned.
Yet there are proposals that these companies should be handcuffed by
restrictive legislation. If they were not serving a useful purpose they
would not have had the growth which they have enjoyed. That is a law
of commercial and financial economics. Their importance in the industry
is such that to hamper them is to hamper the industry. This consideration
is of concern to men in your business.
There are 135 such holding or Investment companies In the United States,
representing 41.3% of the total capitalization of the public utility industry,
and 47.8% of the gross revenue. The seventeen financially largest public
utility groups,including investment companies and allied interests,represent
43.7% of the total capitalization, but they also represent 48% of total
investment in plant and equipment, thus indicating conservative financing.
Also, and further reflecting their efficiency in the economic structure of
the industry, with only 43.7% of the total capitalization, these seventeen
groups represent 48.4% of the industry's total generating capacity. 49.6%
of the total electrical output in kilowatt hours. 51.4% of the gross income,
and 56.1% of the population served.
The situation of these seventeen utility groups is almost paralleled by
that of the seventeen largest railway systems, which together represent
about one-half of the total railway capitalization, and half of the gross
railway income. One may wonder why there are proposals that investment
or "holding comiranies in our industry should be handcuffed at a time
when consolidation of railroads into still larger affiliated or operating groups
Is being urged.
[VOL. 120.
If the public utility industry is to be hampered by shackling investment
or holding companies, then we must wait a while for the "super-power"
and the "giant
-power" and the rural town and farm electrification that is
talked about as just around the corner, because further developments in
those fields, with their need of strategically located generating plants and
interconnected transmission line systems, is peculiarly the job of the
investment or holding companies. There is no other effective and economically advantageous way of doing it.
Holdings Abroad of Common and Preferred Stocks of
United States Steel Corporation Show Slight
Further Decline.
According to the figures for March 31 1925, just made
public, the foreign holdings of both common and preferred
shares of the United States Steel Corporation have undergone
a slight further reduction. The holdings abroad of common
are thus brought down to 195,689 shares on Mar. 31 1925,
as against 198,010 shares Dec. 31 1924 and 203,109 shares
Dec. 31 1923. The foreign holdings of preferred shares
now stand at 111,463 shares, as against 111,759 shares Dec.
31 1924 and 113,155 shares Dec. 31 1923. Contrasted with
the period before the war, the shrinkage in these foreign holdings is of course very striking. While the foreign holdings of
common now, as stated, amount to only 195,689 shares, on
Mar. 31 1914 (eleven years ago) they aggregated no less than
1,285,636 shares, and the preferred holdings abroad, which
at present total 111,463 shares, on Mar. 31 1914 stood at
312,311 shares.
Below we furnish a detailed statement of the foreign holdings at various dates since Dec. 31 1914 to the latest time:
FOREIGN notniisms OP SHARES OF 0.8.STEEL CORPORATION.
Common
Mar.31 Dec. 31 Der 31 Dee. 31 Dec. 31Dee. 31 Dee,31
Stock
1925.
1924.
1923.
1922.
1921.
1920.
1914.
Africa
121
139
190
135
118
2
'73
Algeria340
Argentina
48
45
90
--7'i
87
8
76
Australia
121
120
107
104
1:16
s
86
Austria
2.300
2.080 1.636 2 472 4,438 3.049
690
Belgium
2,326 2,346 2.318 2.214 2,279
2,264
3,509
Bermuda
196
196
191
190
124
97
46
Brazil
166
162
142 ' 143
144
18
79
British India- ------_
--___
---17
Bulgaria
-------------------2
Canada
22,434 22,838 23.422 24.948 30,885 31,311 54,259
Central Amer_
298
243
226
75
56
chile
232
230
209
187
174
145
3
4
388
2
China
141
141
172
76
179
119
19
Colombia
1
1
1
1
Denmark
26
26
28
16
16
16
Ecuador
2
2
2
2
60
Egypt
60
60
England
100.837 100,689 101 118 160.876 167.752 159.613 710,621
10,808 10,921 11,203 10.499 13.210 13.939 64,537
(ernea n y
1 a ma
7
548
520
291
1.281
1.395
1,015
2,664
Gibraltar
100
Greece
5
5
5
5
ePea
43,568 45,606 51 054 48,827 50.741 73,881 242,645
India149
96
127
70
106
50
Ireland
193
399
228
353
256
356
2 I
,ii
Italy
462
461
317
273
274
269
146
Japan
19
19
66
62
56
55
Java
15
11
41
28
16
--- Luxembourg
1
1
1
21
1
1
Malta
40
40
40
40
40
40
--7
9
Mexico
221
225
340
338
320
125
900
v orway
Neru
60
60
60
60
65
65
70
5
33
20
14
6
__
Poland
503
503
3
---------Portueal
-190
Rumania
8
6
5
3
R testa
3
8
14
8
--10
Scotland
2,579
2,489
2.199 2.197
797
"105 4,208
Serbia
8
8
8
8
8
8
Spain
561
561
232
340
330
302
1,2
.
4
Sweden
115
104
178
165
31
14
Switzerland.-- 2.621
2.793 2,473
1,980
.180
1,860
1.470
Turkey
197
197
197
197
200
16
200
Ueutn aela
V rneztu y
----Wales
-- 5
West Indies._ 3,775
3.888
3.942 3.367
3.502
1,872
3,590
Total
195,689 198.010 203.109 261.768 280.026 292.835 119.306
Preferred Stock—
ArrIra
89
89
116
47
47
08
67
Algeria
..
75
Argentina
15
15
15
15
-11
Australia
90
90
113
113
123
123
484
Austria
428
528
28
,..,.
4.770 2,566
2,086
Azores
120
120
120
-i20
120
120
Belgium
192
192
292
287
287
-iiii
117
Bermuda
476
476
430
430
430
21
285
Brazil
188
168
36
29
23
31
20
British India
81
Canada
27,8§3 28,669 27,ffli 27
,a5 29,iie 32;5116 34,673
Central Amer_
202
182
140
127
21
146
24
Chile
15
15
41
45
23
12
23
China
192
106
160
92
119
49
119
Colombia
5
5
5
5
16
4
Denmark
50
. 50
70
58
58
—WI
58
Egypt
140
England
45,805 45.444 46.513 54.201 54:§132 31.506 174,906
-.
France
14,114 14,170 15.644 15.675 17.036 18.849 36,749
Germany
1,354
1,374
1,101
4.131
9,252
4,152 4.142
Greece
5
5
5
5
5
38
37
Holland
10,096 10.616 10.742 6,180
9,555 13.935 29.000
India
302
302
290
325
328
305
Ireland
989
989
939
1.049
995
4,15
505
Italy
1.8701.880
1.958
1,791
1.867
1,678
1
Japan
1
1
81
1.811
23
23
23
Luxembourg
23
23
23
Malta
50
50
50
50
"i8i
50
50
Mexico
64
56
116
96
25
25
235
Morocco
7
Norway
12
12
12
12
27
Poland
Peru
4
---6
--11 ---8
Portugal
120
Russia
15
15
15
15
43
--Ns
--ii
Scotland
1,4C14
1,318
1.448 1.468
78 19,747
93'7
Serbia
220
Spain
875
975
1.065
432
1.148
1.Ieii
Sweden
84
84
84
74
79
283
1.137
Switzerland... 2,750
2,745
2,772
2,128
2,617
2,174
2.167
Turkey
105
105
115
100
115
115
100
Wales
West Indies_ 1,810
1,586
956
795
-gii
58(
) 1111
9
Total
111,463 111,759 113.155 121.808 128.818 111.436 309.40
5
8
8
8
iis --i8
1
1
1
--ii
----
1.ko
APRIL 251925.]
PREFERRED.
COMMON
Shares. Per Cent.
Shares. Per Cent. Date
Date8.67
312.311
1.285.636 25.29 Mar. 31 1914
Mar. 31 1914
312,832 8.68
1,274,247 25.07 June 30 1914
June. 30 1914
309,457 8.59
1,193,064 23.47 Dec. 31 1914
Dec. 31 1914
308,005 8.55
1,130,209 22.23 Mar. 31 1915
Mar 31 1915
303.070 8.41
957.587 18.84 June 30 1915
June 30 1915
8.26
297.691
826.833 16.27 Sept. 30 1915
Sept. 30 1915
274.588 7.62
696.631 13.70 Dec. 31 1915
Dec. 31 1915
7.27
262,091
634,469 12.48 Mar. 31 1916
Mar. 31 1916
171,096 4.75
537,809 10.58 Sept. 30 1916
Sept. 30 1916
156.412 4.34
502.632 9.89 Dec. 31 1916
31 1916
Dec.
151,757 4.21
494.338 9.72 Mar. 31 1917
Mar. 31 1917
142,226 3.94
481,342 9.45 June 30 1917
June 30 1917
140.039 3.59
477,109 9.39 Sept. 30 1917
Sept. 30 1917
140.077 3.88
484,190 9.52 Dec. 31 1917
Dec. 31 1917
140,198 3.90
485.706 9.56 Mar. 31 1918
Mar. 31 1918
149,032 4.13
491,464 9.66 June 30 1918
June 30 1918
147,845 4.10
495.009 9.73 Sept. 30 1918
Sept. 30 1918
148,225 4.11
491.580 9.68 Dec. 31 1918
Dec. 31 1918
149.832 4.16
493.552 9.71 Mar. 31 1919
Mar. 31 1919
146.478 4.07
465.434 9.15 June 30 1919
June 30 1919
143.840 3.99
394.543 7.76 Sept. 30 1919
Sept. 30 1919
138.566 3.84
Dec. 31 1919
368,895 7.28 Dec. 31 1919
127.562 3.54
348.036 6.84 Mar. 31 1920
Mar. 31 1920
124,346 3.46
342.567 6.74 June 30 1920
June 30 1920
118.212 3.28
323.438 6.36 Sept. 30 1920
Sept. 30 1920
111.436 3.09
Dec. 31 1920
292,835 5.76 Dec. 31 1920
2.96
106,781
Mar. 31 1921
289,444 5.69 Mar. 31 1921
105.118 2.91
288.749 5.68 June 30 1921
June 30 1921
103.447 2.87
Sept. 30 1921
285.070 5.60 Sept. 30 1921
128.818 3.58
Dec. 31 1921
280.026 5.50 Dec. 31 1921
128.127 3.55
Mar. 31 1922
280.132 5.51 Mar. 31 1922
123.844 3.43
June 30 1922
275.096 5.41 June 30 1922
123.710 3.43
Sept. 30 1922
270.794 5.32 Sept. 30 1922
121.308 3.36
Dec. 30 1922
261.768 5.15 Dec. 30 1922
119.738 3.32
Mar. 29 1923
239.310 4.70 Mar. 29 1923
3.27
117.631
June 30 1923
207.041
4.07 June 30 1923
118,435 3.29
Sept. 30 1923
210.799 4.14 Sept. 30 1923
113.155 3.14
Dec. 31 1923
203.100 3.99 Dec. 31 1923
3.12
112.521
Mar. 31 1924
201.636 3.96 Mar. 31 1924
3.11
112.191
June 30 1924
203.059 3.99 June 30 1924
111.557 3.09
Sept. 30 1924
201.691
3.97 Sept. 30 1924
111.750 3.1n
Dec. 31 1924
3.5 Dec. 31 1024
1 . 1
Mar. 31 1925
111.463 3.10
195,689 3.85IMar. 31 1925
nounced its program for two meetings to be held in conjunction with the World Advertising Convention, Houston,
Texas, May 9-14. Among prominent speakers scheduled to
address the meetings are Lou E. Holland, Kansas City, President of the Associated Advertising Clubs, and W. Frank McClure, Chicago, Chairman of the National Advertising Commission. E. H. Kittredge, Hornblower & Weeks, Boston,
President of the Financial Advertisers Association, will preside. The program follows:
In the following table is shown the number of shares of
the Steel Corporation distributed as between broke and
investors on Mar. 31 1925 and Mar. 31 1924:
CommonMar. 31 '25.
Brokers, domestic and forelgn.-1,364.850
Investors. domestic & foreign--3,718,175
Preferred
Brokers, domestic and foreign.- 173.247
Investors, domestic & foreign- -3.429.564
Ratio.
26.81
73.19
Mar. 31 '24.
1.048.318
4,034.707
Ratio.
20.62
79.38
4.82
95.18
179.141
3.423,670
4.97
95.03
The following is of interest as it shows the holdings of
brokers and investors in New York State:
CommonBrokers
Investors
Preferred
Brokers
Investors
2107
THE CHRONICLE
Mar. 31 '25.
1.219.520
1.205.179
Ratio.
23.99
23.71
Mar. 31 '24.
905.079
1,287.527
Tuesday, May 12, 2 P. M.
"Greetings from the Associated Advertising Clubs of the World," Mr.
Holland.
"The Ideal Savings Bank," Alvin P. Howard, Vice-President Hibernia
Bank & Trust Co., New Orleans, and President Savings Bank Division,
American Bankers Association.
"Home Banks and Premiums," Guy W. Cooke, Assistant Cashier, First
National Bank, Chicago.
Discussion.
"Building a New Business Machine for a City Bank," H. J. Bernard,
Cashier, Second National Bank, Houston, Texas.
Discussion.
Lawder, Vies.
"Does Circulation of Savings Customers Pay?" Sam
President, First National Bank, Houston.
Discussion.
"Out-faking the Fake Publication," Sam P. Judd, Publicity Manager,
Mercantile Trust Co., St. Louis.
Discussion.
Wednesday, May 13, 9 A. M.
"Your National Advertising Commission," Mr. McClure.
"Protecting the Good Will Investment of Financial Advertisers," Kenneth
Barnard, Manager Better Business Bureau, Detroit.
,
"Some Major Problems in Investment Advertising," H. H. Tenney, Advt.!
tieing Manager, First National Co., St. Louis.
"Employees' Contests," Paul Hardesty, Publicity Manager, Union Trust
Co., Chicago.
Discussion.
"Educational Service in Financial Advertising," W. J. Kelley, Assistant
Vice-President Chicago Trust Co., Chicago.
Discussion.
-Presi"Yes, We Have Nothing to Advertise," W. B. Weissenburger, Vice
dent, National Bank of Commerce, St. Louis, Mo.
Publisher
"How to Finance Enduring Patriotism," Herbert S. Houston,
"Our World," New York.
R.
Ratio.
17.80
25.33
FinanciallDistrict Organizes for Salvation Army
Campaign.
4.25
153.181
4.01
144.647
41.83
1.507,022
41.34
1,490,449
K. Cooney, of the Bankers Trust Company, ChairJohn
Investment Houses and Private Banks Group
Clocks to Be Set Ahead To-morrow-Daylight Saving man of the
in the Salvation Army Campaign which will begin next
Time to Bring New Rail Time Tables Effective
Monday, April 27, called his committee together for a
Next Monday.
meeting on April 23 at the Bankers Club to formulate plans
Regarding the observance of daylight saving time here, the
for the campaign. The Salvation Army will endeavor to
New York "Evening Post" of last night (April 24) said:
raise $500,000 in Greater New York for the maintenance
Commencing Sunday daylight saving time will become effective in New
of its 110 activities in this city for the coming year. The
York City and a number of adjacent communities.
Underwood of
To meet with the changed conditions, railroads have announced radical meeting, which was addressed by General
changes in their schedules and urge commuters to procure copies of new time the Salvation Army, was attended by the following:
tables. The new schedules will be based upon the changed time.
In business houses the change is anticipated by preparations to change the
clocks which regulate office hours ahead on Saturday, the new time becoming effective with the starting of work on Monday.
Strenuous opposition to new time has been expressed by the farmers in
the Hudson Valley and many of them have refused to recognize the change.
In Massachusetts new time is compulsory. in New Jersey it is optional, as
it Is in New York State. Connecticut bans changing the day by a State
law.
The major amount of confusion involved in the change is expected to
occur on Sunday and Monday. when commuters and office workers fail to
realize the shift. The new time is in effect for the next five months.
Daylight Saving Ordinance in Effect in Chicago
Announcement of Chicago Federal Reserve Bank.
Under date of April 20, James B. MeDougal7O7vernor
of the Federal Reserve Bank of Chicago issued the following
notice:
The Daylight Savings Ordinance in Chicago will again become effective
on April 26. and in compliance therewith Chicago Banks will advance their
clocks one hour for the period April 26 to September 27 1925.
There will be no change in banking hours, which are from 9 A. M. to
2 P. M.. daily. except Saturday. when they are from 9 A. M.to 12 M.
Chase
John H. Cooney, Bankers Trust Company; J. C. Andersen,
George W.
Securities Corp.; R. R. Beebe, The National City Company;
Company of
Bovenizer, Kuhn, Loeb & Co.; Hamilton Candee, Guaranty
of New York;
New York; W. H. Eddy. The Equitable Trust Company
Higginson & Co.:
H. H. Egly, Dillon, Read & Co.; Albert C. Lord, Lee.
&
Lester Powers, Dominick &. Dominick; Walter Shepperd, Redmond Co.:
RAM E.
John Miles Thompson, Anglo London Paris Company; and
Berdlch, Bankers Trust Company.
Robert H. Neville Resigns as Cashier of New York
Cotton Exchange to Assume Active Direction of
People's Savings Bank of Yonkers, N. Y.
Robert H. Neville, who for some time past has been President of the People's Savings Bank of Yonkers, N. Y., resigned on April 18 as Cashier of the New York Cotton Exchange to assume active direction of the bank on April 20.
Mr. Neville was Cashier of the Exchange for seven years,
and his co-workers, through Assistant Secretary Fred F.
Kuhlmann, in a farewell gathering on April 17 presented
Mr.
him with a gold watch as a token of remembrance.
Neville acknowledged the gift in a brief speech of appreciation.
In our issue of Saturday last (page 1972) we
-70771re
notices of the Federal Reserve Bank of New York and the
Stock Exchange with regard to daylight saving which goes
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
intoreffect initNew York at 2 a. m. to-Morrow (Sunday)
The New York Stock Exchange membership of Edwin K.
morning April 26 and likewise referred (page 1973) to the
Scheftel was reported posted for transfer to Ruloff E.Cutten,
observance of a daylight saving schedule by the Philadelphia
the consideration being stated as $104,000. Last previous
Stock Exchange.
sale was at $102,000.
Daylight Saving in France, Great Britain and Belgium.
Faris R. Russell, Vice-President of the National Bank of
In Great Britain "summer" time (daylight saving) became
Commerce in New York, accompanied by Mrs. Russell, has
operative on April 19 at 2 a. m. In France and Belgium
returned from Paris after a six weeks, trip to the Continent.
daylight saving time went into operation on April 4.
William Baxter, Chief Agent in the United States for the
Houston Program of Financial Advertisers
Chartered Bank of India, Australia & China, sails to-morrow
Association.
on the Homeric for an extensive trip abroad. While abroad,
The Financial Advertisers Association, a department of Mr. Baxtbr will make a close observation of business conthe Associated Advertising Clubs of the World, has an- ditions as affectirvg the financial situation. The Chartered
2108
THE CHRONICLE
(Wu 120S
Bank of India, Australia & China is one of the most im- disappeared with $18,500 belonging to the
institution and
portant financial institutions in the Far East.
was a fugitive from justice from that time until his discov-
ery and arrest in Detroit last December, was on April 13
sentenced by Judge Bodine in the Federal Court at Trenton
to serve one year and a day in the Federal Penitentiary at
Atlanta. A press dispatch from the Trenton Bureau of
the
Newark "News" to that paper on April 13 contained the
fol.
The directors of the Harriman National Bank have unani- lowing account of the sentencing of Heller:
Joseph E. Glass has been appointed Auditor of the Guaranty Trust Co. of New York, to succeed Frank J. Scott,
who has resigned to become associated with the Industrial
Acceptance Corp.
mously approved the plan to organize a separate corporation
to expand and extend the bank's facilities and operations.
The new organization will be entitled the Harriman Securities
Corp., and will operate along the lines made familiar by
similar organizations created by other important national
banking institutions for the same purposes. The shares of
the new corporation will be of no par value, and each holder
of a share or more of the stock of the Harriman National
Bank will be entitled to a beneficial interest in equivalent
amount in the shares of the Harriman Securities Corp. A
special dividend is in contemplation, the proceeds of which
will be applied in payment of the capital of the Securities
corporation. The right to exercise the option to subscribe
to the shares in the new corporation will expire on May 18.
The increased capital of the Lawyers Title & Guaranty
Co. (the amount has been raised from $5,500,000 to $8,000,000) has become operative, the subscriptions having been
fully paid April 15. The combined capital and surplus of
the company is now $16,000,000. Its affiliated company,
the Lawyers Trust Co., has a capital and surplus of $6,000,000. Reference to the div:sion of the Lawyers Title & Trust
Co. into the two foregoing companies, and the proposed increase in capital was made in our issues of March 7, page
1163, and March 21, page 1414.
The Manufacturers Trust Co. of New York announces the
appointment of Joseph M. Vollmer'as an Assistant Secretary
with headquarters at the principal office of the company at
139 Broadway, New York City. Mr. Vollmer was formerly
in the employ of the Manufacturers Trust Co., but since
May 1918 has been connected with the Federal Reserve
Bank in various capacities, more recently as Assistant
Auditor, resigning his position there to return to the Manufacturers Trust Co.
The sentence was imposed by Judge Bodine
after the circumstances attending the embezzlement had been outlined by Government
officials and a
plea for leniency presented by Heller's counsel, Martin P.
Devlin of this city.
R. D. Clark, as special representative of the Department
of Justice, who
had been working on the Heller case intermittently
since 1916, told the court
of the arrest of Heller in Detroit, Mich., last December.
Under the assumed
name of Smith, Heller was engaged in the iron business
in Detroit, where
he had met with considerable success. Mr. Clark said
Heller admitted that
when he arrived in Detroit he had from $8,000 to
$10,000 of the embezzled
money in his possession. Some of this he had lost in speculation.
Mr. Devlin presented to Judge Bodine twenty-five
letters from business
men and corporations in Detroit, all attesting to the
good reputation
ler while in that city. Mr. Devlin remarked that the embezzlement of Helwas the
only crime ever charged against Heller. He argued that further
punishment
would not aid in the reformation of Heller as that had already
been accomplished, nor would it act as a deterrent to others. Mr. Devlin
referred to
Heller as an unsophisticated young man in a small town
hank.
Heller in his own behalf explained that he had been
secretary of a building
and loan association of Mt. Holly and that prior to the embezzlement
he had
been unjustly accused by a director of having caused a shortage
in the funds
of the association and threatened with arrest. Confronted by
what he knew
would mean his own ruination, Heller said, he took the bank's
funds to protect his wife and children.
Heller declared that he had been compelled to do many things in
Holly Bank "which were not right." He explained that during the Mt..
a
of ten or twelve years with the Girard National Bank of Philadelphia service
become familiar with good banking practice and therefore was able he had
to determine what practices were not sound at the Mt. Holly institution.
Judge Bodine asked Heller whether he would be willing to give
the name
of the director who had accused him of taking funds of the building
and loan
association. Heller asked to be excused from doing so and the
question was
not pressed.
Mr. Clark said that all inquiries from the Girard National Bank had
given
Heller a good reputation.
"Some fifteen years ago," said Judge Bodine in imposing sentence,
"the
defendant was employed in a bank. He seized a sum of money that was lying
on the counter, walked out and was not heard of for fifteen years. In
meantime, in a Western city, he became a successful business man the
and
gained the respect and confidence of the best people in the community in
which he lived.
"There are two reasons for imposing sentence, one to reform the criminal
and the other to deter others from committing like crimes. The certainty
of some punishment following, after the lapse of years, will certainly prove
a sufficient deterrent to those who might think that that which was improperly taken could ever be a foundation for future prosperity.
"When the defendant committed this crime the law gave the court
no
discretion other than to impose a sentence of five years at hard labor.
Congress has seen fit to repeal this law, and judges are imposing less
severe
sentences in this class of offense than the harshness of the
previous law
required."
The officers and directors of the Westchester County
National Bank of Peekskill, N. Y., announce the death
The discovery and arrest of Heller in Detroit was reported
on March 30 of Frank M. Dain. Mr. Dain became a direcIn these volumns in our issue of Dec. 20 1924.
tor of the bank July 11 1896. From Sept. 25 1897 he was
Secretary of the board until Jan.8 1907, when he was elected
The Peoples National Bank of Lancaster, Pa., has been
Vice-Preisdent, the office he held at the time of his decease. placed in voluntary liquidation, effective
April 15, its busiThe Nassau National Bank of Lynbrook. N. Y., began
business on March 23 following the issuance of a certificate
of incorporation by the State Banking Department. The
new bank has a capital of $100,000 and a surplus of $25,000.
The officers are Carleton Macy, President; Max Strassner,
Vice-President: J. L. Stanley, Vice-President and Cashier,
and C. S. Talfor, Assistant Cashier.
Louis K. Liggett, President of the United Drug Co.,
has resigned as a director of the National Rockland Bank
of Boston. The National Rockland Bank, as we stated
last week, page 1975, plans to increase its capital from
$300,000 to $1,000,000 if authorized at a meeting of its
shareholders called for May 12 1925.
--4--
•
The Citizens' Trust Co. of Newark, which is to locate in
the vicinity of Prince Street and Springfield Avenue, has
been granted a certificate of incorporation at Trenton. According to William Harris, Counsel for the company, it is
being organized by practically the same interests who bad
planned to form the Central National Bank but later withdrew the application for a charter for the latter. The Citizens' Trust is to have a capital of $500,000 and a surplus of
$250,000 will be created by disposing of the stock to the subscribers at $150 for each $100 share. The incorporators are:
Jacob Roth, Michael Hollander, Joseph Fish, Dr. Edwin
Steiner, Leo Lissner, Rudolph J. Goerke Jr., William W.
Kamm, W. H. Dickenhurst, Paul J. Nugent, Gus Lewis, Fiorentino Bergamo, Philip Lindeman, William Harris and
Meyer Augenblick. The new bank plans to begin business
within six months.
ness having been taken over by the Peoples Trust Co. of
Lancaster. The above merger became effective at the
close
of business Feb. 28 1925.
A special dispatch from West Chester, Pa., to the
Philadelphia "Record-Ledger" on April 15 stated that Miss
Isabel
Darlington, the receiver for the defunct Parkersbur
g National Bank, Parkersburg, Pa., upon her return that
day
from Washington, where she had gone to confer
with the
Comptroller of the Currency, issued a statement
in which
she said that the depositors would receive at least
50%, and
probably more, of their claims. The closing of the
bank on
Oct. 4 1924 followed by the arrest of its Assistant Cashier,
A. C. Hamill and his predecessor in office, Charles
P. Lukens
of Philadelphia, for alleged embezzlement of
more than
$100,000 of the bank's funds, was noted in the
"Chronicle"
of Oct. 11 1924, page 1706. The bank's shortage
was subsequently found to reach $200,000, It is understood
.
William K. Robinson, the former Cashier of the First
National Bank of Volant, Pa., was sentenced on April 15 in
the Federal District Court at Pittsburgh by Judge R. M. Gibson to two years and six months in the Federal Penitentiar
y
at Atlanta, after he had pleaded "guilty" to the embezzlement of $25,000 of the bank's funds, according to a press
dispatch from Pittsburgh on that date, printed in the New York
"Times" of April 16. Robinson, the dispatch said, told
the
court he had used the money to speculate in the stock market. The closing of the bank, a small institution capitalized
at $25,000, and the subsequent arrest of Robinson, was noted
in these columns in the "Chronicle" of March 21 last.
The officers and directors of the Marine National Bank of
Pittsburgh announce the death of their President, George
Clifford S. Heller, the former Assistant Cashier of the
Mt. Holly National Bank, Mt. Holly, N. J., who in June 1910 C. Burgwin, on April 18.
APRIL 25 1925.]
THE CHRONICLE
2109
On April 7 the Central State Mini of Magnolia Park
(Houston), Tex., was reorganized under the title of the
Channel State Bank, according to the Houston "Post-Dispatch" of April 11. The following officers were chosen for
the institution: C. ,A. Fortner, President; Will F. Humphrey, Vice-President, and R. J. Janies, Cashier. As reported in these columns in our issue of March 14 last, S. D.
Simpson, President of the Central State Bank, tendered his
resignation on Feb. 22, when the State Bank Commissioner
took over the American State Bank of Harrisburg, Tex., of
which he was also President. The new bank (which we
undekstand is capitalized at $25,000, the same as the old in--4__
stitution) will continue to operate under the Guaranty Fund
The new banking quarters of the Huntington National System, it is stated.
Bank of Columbus, Ohio, formed by enlarging and remodeling its former banking rooms on High Street, were thrown
The Capitol Hill State Bank of Denver is erecting a new
open to public inspection on March 17 and 18. On Thursday,
banking house, and pending its completion is occupying temMarch 19, a reception was held for several hundred bankers
porary quarters at 2235 East Colfax Avenue, two doors west
from other cities and villages in all parts of Ohio. The openof its permanent location.
ing by the bank of its new quarters, it is said, completes the
first part of a program of expansion outlined by the institution in 1923, when the Huntington National Bank absorbed
The First State Bank of Clovis, Cal., was not opened for
the Hayden-Clinton National Bank and the State Savings & business on March 25 by order of the State Banking ComTrust Co. The second part of the planned expansion (work mission, who took charge of its affairs, according to a press
on which the "Ohio State Journal" of March 15 said was to dispatch from Clovis on that date which appeared in the
begin shortly and it was hoped would be completed before Los Angeles "Times" of the following day. The dispatch
January 1926) includes the erection on the west side of further stated that the institution had twice been robbed in
High Street, extending from Capital Street 125 feet north, of recent years. On April 6 1923 the safe deposit boxes were
a handsome stone and brick structure which will form with broken into and $15,000 taken, and on Feb. 5 1924, during the
the new Neil house a 12
-story front for nearly 400 feet along noon hour, bandits entered the bank, tied the Assistant Cashthe west side of Capitol Square. The Hayden-Clinton Na- ier, and escaped with $26,000 of the bank's funds.
tional Bank, which since its consolidation with the Huntington National two years ago, had remained in its old quarters
and had been operated as a branch of the enlarged bank, was
Competition in Eastern banking is increasing in all direcmoved to the new quarters prior to the opening. The Hunt- tions and trade conditions are much unsettled, according to
ington National Bank has combined capital, surplus and Sir Montague Cornish Turner, Chairman of the Chartered
undivided profits in excess of $3,000,000 and resources of Bank of India, Australia and China, one of the largest and
approximately $28,000,000. F. R. Huntington is President.
oldest banking institutions operating in the Orient. Nevertheless, profits for 1924 were only slightly less than for 1923
William L. Allendorf, President of the Commercial Bank- and that institution was able to pay the usual dividends and
ing & Trust Co., of Sandusky, Ohio, died on March 29 at the bonus of 2014% last year and to add $500,000 to the reserve
/
age of 64. Mr. Allendorf came to this country from Germany fund, bringing the total of the latter to $20,000,000, as against
at the age of twenty years. He began his banking career a paid-up capital of $15,000,000, assets of the Chartered Bank
twenty-five years ago, when he became Cashier of the Second of India, Australia and China total $309,246,291, an increase
National Bank; with the merger in August 1902 of the Sec- of $15,418,600 over the previous year. Current and fixed
ond National and the Moss National banks, he was named deposit account totaled $210,296,560, an increase of $2,346,Cashier of the combined institutions, later being made Vice- 425. Cash on hand aggregated $31,769,595, a gain of $8,404,President. Snee May 1922 he had been President of the Com- 570. Bullion on hand and in transit exceeded the 1923 figmercial Banking & Trust Co., created through the consoli- ures by $10,403,845. The bank made heavy reductions in its
dation of the American Banking & Trust Co. and the Com- holdings of Governmental and other securities during the
mercial National Bank.
year, the total of $32,351,370 at the end of the year representing a decrease of $39,575,075, which amount is invested in
Edward Payson Bailey, Vice-President of the Chicago
short term bills. Bills discounted and loans increased from
Trust Co. since 1911, died at his home in Winnetka on
$88,461,310 to $95.035,995, while acceptances on account of
March 28. Mr. Bailey was 84 years old. He was born in
customers showed an increase from $13,296,435 to $21,797,1841 in Almont, Lapeer County, Michigan, and stared tiffs
720. Addressing the stockholders fo the bank at the annual
Chicago business career as a clerk. During the Civil War
meeting, Sir Montagu Cornish Turner said that as the result
he was in the quartermaster's corps. After the war he went
of increased banking competition the margins in exchange
to Knoxville, Tenn., and became Cashier of a bank. Mr.
have been whittled down to an extremely fine point and it
Bailey stayed in the Knoxville bank until 1875. Then, after
Is not easy, therefore, to maintain the standards of profits
seven years with A. T. Stewart & Co.in New York, he went
previous years. He added:
back to Chicago and was general manager of the Chicago of
In attempting to describe the conditions under which we have worked and
Malleable Iron Works until 1912. In 1911 he was made
to make a forecast for the future, I should be inclined to adopt the wellVice-President of the Chicago Savings & Trust Co. Mr. known formula, which we have heard with such frequency while listening-in
Bailey was a director of the Chicago Y. M. C. A. for years, for the evening weather report: "Weather unsettled, prospects uncertain."
The weather in some quarters has, indeed, been extremely unsettled. There
and served at one time as President.
have been periods of sunshine, but as a rule the commercial barometer has
The National Bank of Commerce of Columbus, Ohio, celebrated the 25th anniversary of its founding on April 9. From
the start the institution has enjoyed a steady growth. Its
original capital was $100,000. This has been increased during the years until to-day the combined capital, surplus and
undivided profits of the bank amounts to more than $1,000,000. Richard Patton is the present head of the institution,
while J. C. Campbell, who held the Presidency since the
bank's inception until Jan. 1 of this year, is'Chairman of the
Board. Other officers are: G. T. Spahr and W. E. Rex,
Vice-Presidents; V. M. Acton, Cashier, and G. E. Coffman
and W.P. Reiter, Assistant Cashiers.
Miss Ruth Pearse has recently been made Advertising
Manager of the First Wisconsin National Bank of Milwaukee, Wis. She has been with the First Wisconsin institutions
for the past five years and was recently elected President
of the Women's Advertising Club of Milwaukee, which club
she represented at the London convention of the United Advertising Clubs of the World last year.
Edward C. Tefft, heretofore a member of the executive
staff of the Union & Planters Bank & Trust Co. of Memphis,
waO recently made a Vice-President of the institution to fill
the vacancy caused by the death in February last of the late
Larry C. Humes, according to the current number of the
"Southern Banker." Mr. Tefft was formerly Cashier of the
National City Bank of Memphis prior to its consolidation
with the Guaranty Bank & Trust Co., which latter institution
was subsequently merged with the Union & Planters Bank
& Trust Co.
stood low.
Conditions in China have been deplorably disturbed, Sir
Montague said. As the result of the disastrous civil war in
North and South, waged for the personal aggrandizement of
a few military leaders who are in no sense patriots, extreme
disorder reigns supreme in many provinces. China is suffering from the lack of a strong, central Government. As a
result, inhabitants are looted and outraged by bands of exsoldier brigands. Communication by rail is uncertain and
dangerous, for the railroads are in the hands of military
leaders. Rolling stock is only rarely available for commercial purposes and must be paid for at abnormal prices when
it can be had. Permanent way is in such a state of disrepair
as to prevent the ordinary running of traffic. In spite of
this, the customs revenue for Hankow and Shanghai show an
increase over 1923, chiefly in connection with imports, the
higher value of which may account for the increase,-which
seems unaccountable in the face of a general complaint of
dull trade.
2110
THE CHRONICLE
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Price movements in the New York stock market have
been decidedly irregular during the present week, and motor
shares and industrial issues, which have heretofore been
conspicuous in the speculative activity, suffered sharp declines. Railroad issues as a group have shown wide variations, but with the tendency for most of them downward.
The two-hour session on Saturday was notable chiefly for the
brisk increase in speculative activity, the day's sales spurting
forward to the highest total of any Saturday since March 21.
Price movements were toward higher levels, though most of
the advances were confined to industrial stocks. Motor
shares recorded sharp gains with the Maxwell issues still in
the front rank. United States Steel common was in good
demand and crossed 118 for the first time since its low level
of March. On Monday, however,the market turned sharply
downward. United States Cast Iron Pipe & Foundry was
particularly weak, falling 87% points to 147. Railroad stocks
also declined, Chicago & Alton preferred and the St. Paul
issues dropping to new low levels. Southern Railway, on
the other hand, was in strong demand at improving prices,
and St. Louis-San Francisco went briskly forward on reports of increased dividends later in the year: The market
continued its downward course on Tuesday, substantial
losses occurring in many of the more prominent issues. The
sharpest declines were recorded in those stocks that were
bid up in last week's trading. United States Cast Iron Pipe
& Foundry was again the weakest of the more active speculative issues and recorded a net loss of 127% points for the
day, making a total decline of 1153 points from its high
top of Feb. 11. Motor stocks were also weak, Maxwell "B"
3
losing 9 points to 75% and Mack Trucks 7 points from its
high of the day. Prices displayed-material improvement on
Wednesday, most stocks ending the session with substantial
advances over the previous close. Oil shares improved and
railroad issues led by St: Louis-San Francisco, which advanced nearly 4 points, spurted sharply forward. United
States Cast Iron Pipe & Foundry declined 4 points in the
early trading, but improved 8 points in the last hour. Except for a brief display of strength in a few issues, the market
was dull and price movements irregular on Thursday. The
noteworthy feature of the trading on Friday was the sharp
decline of Union Pacific to a new low for the year at 1331s,
/
due to its poor earnings report for March. Frisco common,
on the other hand,shot forward to a new top at 747%. Southern Railway went briskly forward to new high ground for
the present movement at 897%. Baldwin Locomotive improved to 1127%, but slipped back to 1107%, and American
Can reached 1737% at its high for the day. The final tone
was good.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
DAD Y. WEEK!T AND YEARLY.
Stocks.
Number of
Shares.
F/ Tfltni
$4,509,500
7,956,000
8,691,500
9,850,000
10,468,000
10,627.000
$1,603,500
2,368,000
2,074,000
2,044,000
1,991,000
2,090,000
$424,000
944,400
1,314,960
'1.414,300
1,025.500
467,000
832.107.1)00
512.170.500
35.550.1511
Week Ended April 24.
Sales at
New York Stock
Exchange.
1925.
-No. shares._ _
Stocks
Bonds.
We
Government bonds__ _
State dr foreign bonds.
Railroad & misc. bonds
Total bonds
State.
Municipal dt
Foreign Bonds.
6.688.551
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Railroad.
dtc.
Bends.
753,510
1,233,950
1,341,882
1,234,284
1,106,825
1,018.200
Week Ended April 24.
6,688,651
1924.
4,624,260
$5,590,160 $24,224,000
12,170,500
7,573.000
52.107.000 10,111,000
United
States
Bonds.
Jan. 1 to April 24.
1925.
1924.
133,251,893
79,486,409
$130,630,010
204,675,100
897,589,500
$326,088,000
121,212,000
546.947,000
849.857,660 $41.908.000 $1,238.894,610
$994.247,000
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ending
April 24 1925.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey. week revised
Philadelphia.
Baltimore.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sties
$14,150
11,904
Patri ot's Day
9,100
28,342
22,100
22,826
18,704 . 35,300
13,325
30,000
10,116
13,438
9,095
7,581
11,930
3,652
95,101
$110,650
55,812
110 AA1
tin, cm
KA A17
$16.000
41,500
82,900
50,100
41,500
39,000
863
2,498
1,831
1,501
2,886
1,515
$19,000
57,100
37,900
48,100
80,800
46,000
$271,000
11,094
3288,900
82411 5(111
17.146
3187.000
THE CURB MARKET.
Trading on the Curb Market this week was uninteresting.
Business was quiet and prices moved without definite trend.
Changes in the main were small. Standard Oil issues received most of the attention in this department. AngloAmerican Oil was conspicuous for an advance from 237 to
%
26%, the close to-day being at 25%. Buckeye Pipe Line
rose from 607% to 627%. Humble Oil & Refining sold up
from 46 to 487% and at 477% finally. Prairie Oil & Gas
[VOL. 120.
advanced from 523 to 557% and reacted finally to 54.
%
Prairie Pipe Line improved from 115 to 118 and rested finally at 117. South Penn Oil gained
47% points to 1647% and
finished to-day at 1637%. Standard Oil (Indiana)from
617%
reached 637% but to-day broke to 617 . Standar Oil (Ken%
tucky) rose from 115 to 1187% and closed to-day at 118%.
Industrials generally were very quiet. Adirondack Power
& Light common advanced from 557% to 587%, the close today being 587%. . American Light & Traction was conspicuous for a jump from 1397% to 159, the close to-day being at
153. Commonwealth Power common advanced from 115
to 118 and ends the week at 1177%. Lehigh Power Securities
rose from 100 to 1033 , the close to-day being at
%
1037%.
Middle West Utilities common made a spectacular drop
from 97 to 88, the close to-day being at 887%. The new
Chrysler Co. stock was traded in for the first time this week
down from 827% to 717% and up to 81, the close to-day being
at 757%. Cleveland Automobile common advanced from
217% to 23 and reacted finally to 227%. The preferred
sold
up from 947% to 98. In bonds American Sumatra Tobacco
7%s were conspicuous for a drop from 97 to 887%, with the
final transaction at 89.
A complete record of Curb Market transactions for the
week will be found on page 2134.
DAILY TRANSACTIONS AT THE NEW YORK
CURB MARKET
Week Ended April 24.
STOCKS(No. &hares).
BONDS (Par Value).
Oil:
Domestic. For'n Govt,
/ad.&Mts.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Mining.
101,770
113,030
172,885
110,605
94,277
100,611
52,270
92,990
116,670
130,040
171,400
185,060
796,000 $551,000
91,030
641,000
95,610
826.000
67,270
770,000
103,700
769,000
68.440 1,201,000
$31,000
21.000
60,000
19,000
41,000
36,000
693,178
748.430 1,222,050 34,758,000
$208,000
COURSE OF BANK CLEARINGS.
• Bank clearings for the country as a whole continue to
show a satisfactory increase as compared with a year ago.
Preliminary figures compiled by us, based upon telegraphic
advices from the chief cities of the country, indicate that
for the week ending to-day (Saturday, April 25) bank
exchanges for all the cities of the United States from which
it is possible to obtain weekly returns will run 12.3% larger
than in the corresponding week last year. The total stands
at $9,326,801,786, against $8,303,185,754 for the same
week in 1924. At this centre the increase is 16.5%. Our
comparative summary for the week is as follows:
Clearings-Returns Si, Telegraph.
Week ended April 25.
1925.
1924.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$4,325,000,000
543,381,428
471,000,000
301,000,000
108,399,525
119.900,000
138,671.000
•153,000,000
150,542,262
148,947,910
94,233,678
87.775,303
56,110,346
$3,712,656,375
516,744.811
441,000,000
330,000,000
98.184,444
103,500,000
129,700,000
151,249,769
117,469,000
139.245,364
88,611,904
78,593,668
46,441,932
+16.5
+5.2
+6.8
-10.4
+10.3
+13 8
.
+5.4
+1.2
+28.2
+7.0
+6.3
+11.7
+20.8
13 cities, 5 days
Other cities, 5 days
$6.695,061,452
1,076,373.370
$5,959,397,267 +12.4
'
959,924,195 +12.1
Total all cities. 5 days
All cities, 1 day
37.772.334,822
1,554,466,964
16,919,321,462
1,383,864,292
+12.
3
+12.3
$9.326,801.786
38,303,185,754
+12.3
Total all cities for week
--- •
Complete and exact details for the week covered by the
foregoing will appear in our 'ssue of next week. We cannot
furnish them to-day, inasn uch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the previous ibeek-the week ended April 18. For
that week there is an.increase of 21.6%, the 1925 aggregate
of the clearings being $9,912,964,776, and the 1924 aggregate
$8,150,629,748. Good Friday fell in this week last year,
reducing the 1924 clearings on that account. The present
year it came a week earlier. Outside of New York City,
the increase is only 17.3%, the bank exchanges at this centre
recording a gain of 25.3%. We group the cities now according to the Federal Reserve districts in which they are located
and from this it appears that. in the Boston Reserve District
there is an expansion of 23.8%, in the New York Reserve
District (including this city) of.24.9% and in the Philadelphia
Reserve District of 41.7%. In the Cleveland Reserve
District the totals are better by 17.4%, in the Richmond
R(serve District by 23.8% and in the Atlanta Reserve
APRIL 25 1925.]
THE CHRONTCLE
District by 18.9%. The Chicago Reserve District has an
improvement of 9.6%, the St. Louis Reserve District of
6.2% and the Minneapolis Reserve District of 27.8%. In
the Kansas City Reserve District there is a gain of 5.8%,
in the Dallas Reserve District of 20.0% and in the San
Francisco Reserve District of 9.3%. It should be noted
that without a single exception every one of these Federal
Reserve districts report an increase as compared with the
corresponding period last year.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS
Week Ended Apr. 24 1925.
1925.
1924.
Inc.or
Dec.
1923.
1922.
Districts.
Federal R
s
11 cities 621,846,368 421,626,810 +23.8 450,654,588 342,668,456
(1st) Boston
York
11 " 5,628,338,8424,507,038,630,+24.9 4,473,448,639 4,990,835,758
and) New
668,815,293 472,078,741 +41.7 530,635,105 491,252,680
.
(1Ird) Philadelphia _ _10 "
439,178,253 374,202,419 +17.4 400,706,668 294,521,209
(4th) Cleveland
6 **
216,856,689 175,206,933 +23.8 175,919,3271 149,538,598
(6th) Richmond
12 "
232,844,102 187,405,9811 +18.9 191,670,569 147,922,468
(6th) Atlanta
995,251,869 907,974,092 +9.6 906,542,958, 735,973,354
20 "
(7th) Chicago
231,857,584 218,298,624 +6.2 74,737,829: 58,23,912
8 "
(Sib) St. Louts
140,526,071 109,923,723 +27.8 122,446,739 104,063,608
7 "
(9th) MinnespoUs
12 "
244,882,202 231,564,328 +5.8 255,0 0,809, 217,585,723
(10th) Kansas City
,
5 "
74,688,841 62,248,953 +20.0 53,493,2721 46,445,807
(11th) Dallas
527,878,662 483,060,514 +9.3 449615,443' 365,170,994
12th) San Franck:400-17 "
127 cities 9,912,964,776,8,150,629,748 +21.6 8,083,918,246 7,944,268,567
Grand total
4,413,379,876 3,762,914,763 + 17.3 3,738,082,135 3,057,569,309
Outside New York City
7ased&
29cities 223,974,814 286,296,618 -21.8 315,819,576 295,698,288
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended April 18.
Clearings al
1925.
1924.
Inc.or
Dec.
3
3
%
First Federal Reserve Dist rict-Rosto nMaine-Bangor..
718,013
642,813 +11.7
Portland
2,947,505
2,294,478 +28.5
-Boston
Mass.
464,000,000 375,000,000 +23.7
Fail River..._ _
2,330,885
1,783,229 +30.7
Holyoke
a
a
a
Lowell
1,255,803
1.072,000 +17.2
a
Lynn
a
a
1.744,641
New Bedford..
1,335384 +30.6
Springfield. _
5,995,7.52
5,653347
+6.1
Worcester
3,820,562
3,517,370 +8.6
-Hartford
Conn.
16,681,785
11,637,180 +43.4
7,460,922
New Haven_ _ _
6,024,909 +23.8
.-Providence
14,890,500
12,665.900 +17.6
Total(11 cities
521,846,368
421,626,810 +23.8
1923.
$
1922.
$
605,147
*2,500,000
402,000,000
2372,176
a
1,184,963
a
1.389,829
5,076.880
3,529.000
13,392,366
6,040,427
12,763,800
302,000,000
1.899.958
a
1,190,216
a
1,288.590
4,179,779
3,429,480
10,665,686
5,874,807
*11,500,000
450,654,588
342,668,456
639,940
Second Fede al Reserve D Istrict-New York
-Albany.
N. Y.
7.741.978
6,204,855 +24.8
5,153,724
5,909,389
131nghamton_ _
1,174,700
946.000 +24.1
1,002,100
966,800
Buffalo
d50,732,632
53,197,571 -4.6
51,287,265
38,456,725
Elmira
1,012,548
797,624 +26.9
657,006
540,034
Jamestown_ _
c1,482,071
1,402.584 +5.7
1,186,170
1,204,471
New York_ _ _ 5,499,584,900 4,387,714,985 +25.3 4.345,836,111 4,886,699,258
Rochester
13,502.773
11,123,025 +21.4
10,387,108
8,916,091
Syracuse
5,877,862
5.068,646 +16.0
4.771,262
3,737,276
Conn.-Stamfor I
c2,928,840
3,266,601 -10.3
3,209,920
2,298,702
N. J.-Montclai •
810,886
560,154 +44.8
485.357
394,040
Northern N.J
43,489,662
36,756,585 +18.4
48,716,951
42,468,637
Total(11 cities I 5,628,338,842 4,507,038,630 +24.9 4,473,448,639 4,990,835,758
Third Federa I Reserve Dist riot-Piffled elphla-Altoona _ •
1.633,532
Pa.
1,243,407 +31.4
1,351.013
Bethlehem. •
4.274,167
3,461,022 +23.5
4,428,642
Chester
•
1,683,725
1,166,375 +44.4
1,379,134
Lancaster
3.670,048
2,500,000 +46.8
3,320,863
Philadelphia . 634,000,000 446,000,000 +42.2 499.000.000
Reading
4,683,026
3,311.545 +41.4
3,367.282
Scranton
•
6,542.601
5,052,247 +29.5
6334.613
Wilkes-Barre _ . d4,241,147
3,837.868 +10.5
3,787,315
.
York
2,191,670
1,482,980 +47.8
1,582.510
N.J.-Trenton. •
5,895.377
4,023,297 +46.5
6,283.733
Del-Wilming'n.
a
a
a
a
Total(10 cities 1
668,815,293
472,078,741 +41.7
1,107,201
3,452,153
1,038.612
3,233,649
467,000,000
3,067,521
4,103,244
2,610,000
1,561,715
4.078,585
a
530,635,105
491.252,680
Fourth Fede E al Reserve D [strict- Clev eland-Ohio-Akron... _ . d8,114,000
8,304,000 -2.3
6,318,000
.
Canton
5,000,901
5,297.926 -5.6
5,046,935
Cincinnati_
74,943,101
71,473,502 +4.9
77,595,802
Cleveland. _ _ _. 136,443,917 120,584,023 +13.2 118,719,052
Columbus._ _ _.
16,210,600
13,965,600 +16.1
15,262.300
Dayton
a
a
a
a
a
Lima
a
a
a
Mansfield....
. d2,221,781
1,905,566 +16.6
2,010,244
Springfield
_
a
a
a
a
.a
Toledo
a
a
a
Youngstown_
.
5,982,554
5,334,283 +12.2
3,946,969
a
-Erie
a
Pa.
a
Pittsburgh. _ _ 190,261,399 147;
37,519 +29.1 171,807,366
6,085,000
3,251.205
58,521,045
85,125,920
12,567,200
a
a
1,337.619
a
a
2,739,220
a
124,900,000
. 439,178,253
Total(8 cities)
374,202,419 +17.4
400,706,668
294,527,209
-Riches ondFifth Federal Reserve Dist riot
W.Va.-Hunt'g'n
1.641,885
2,120,622 -22.5
Va.-Norfolk_ _
d8,003,630
7,344,845 +9.0
Richmond _ . 50,961,000
48,852,000 +4.3
d2,575,502
2,460,491
+4.7
8.C.-Charlesto n
Md.-Baltimore _ 127,295,128
91,014,975 +39.8
26,379,544
23,414,000 +12.7
D.C.-Washing'n
2,070,966
7,625,987
49,856,000
2,651,747
92,289,115
21,425,512
1,450,291
6,637,047
41,313,483
,
2,138,255
75,525.609
19,473,913
175,206,933 +23.8
175,919,327
149,538,598
Sixth Federa I Reserve Dist rict-Atiant a7,980,488
Tenn.-ChattV
6,381,660 +25.1
.
3,685,180
2,874,556 +28.2
Knoxville
. 25,288,198
Nashville _ .
19,149,393 +32.1
Ga.-Atlanta__ _
57,860,398 +19.4
69,069,961
.
2,041,106
1,920,270 +6.3
Augusta
1,597,239
1,455,420 +9.7
Macon
a
Savannah._ _ _
a
a
27,436,639
Fla-Jacksonvil e
15,947,591 +72.0
23,957,656
27,460,140 -12.8
Ala.-Birming • O
2,131.001
1,823,237 +16.9
Mobile
d1,431,000
1,383,782 +3.4
-Jackson _
Miss.
335,004
312,607 +7.2
Vicksburg.--_
57,890,630
50,836,927 +13.9
La.-NewOrlea s
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
5,220.926
3,305.241
19,463,780
38,468,048
1,752,119
1,040,753
a
11,402,279
21,146,751
1,088.875
709,105
221.052
43,383,539
191.670.889
147 099 Ann
Total(6 cities) _
Total(12 citi 1
216,856,689
222 1144.1(12
187.405.981 +18.9
2111
Week Ended April 18.
Clearings al- I
1925.
1924.
Inc.or
Dec.
1923.
1922.
$
$
$
8
%
Seventh Feder al Reserve 13 istrIct-Ch collolich.-Adrian .._
322,910
300,797
275,601 +17.2
219,583
Ann Arbor._ _ _
861,416
747,899 +15.2
509,126
717,961
Detroit
169,057,502 158,381,499 +6.7 146,299,326 106.316.229
Grand Rapids_
7,984,905
5.942,720
7,706,509 +3.6
7,271,543
Lansing
3,057,821
2,930,557 +4.3
1,948,609
2,604,759
nd.-Ft. Wayne
2,764.147
1,734,111
2,398,059 +15.3
2.250,423
Indianapolis_ _ _
16,893,000
18,783,000 -10.1
15.726,000
20,244,000
South 13end.- 2.842,000
1,882.200
2,640,900 +7.6
2,339,620
Terre Haute_ - 4,889,993
4,766,721
+2.6
5,671,930
Vls.-Milwaukee
40,804,484
37,926,365 +7.6
28,272,082
35,709.565
3wa-Ced. Rap.
2,964,680
2,479,253 +19.6
1,794,565
2,369.901
Des Moines
12,014,769
10,706,400 +12.2
9,188,934
52,486,016
Sioux City _ .._ _
7,326,985
7,017,015 +4.4
7, 50.3 6
2
3
5 116,644
.
Waterloo
1,673,841
1,535.144
1,570,534
+9.0
1.898,917
11.-Blootainen_
1,954,922
1,699,227 +15.0
1.328.315
1,629,468
Chicago
706,365,231 635,955,15f +11.1 646,911.958 545,680,048
Danville
a
a
aa
a
Decatur
1,504,233
1,252.505 +20.1
887,789
1,315.44 •
Peoria
5,201,480
4,705,588 +10.6
3,480,679
4.374,938
Rockford
3.755,115
3,002,177 +23.1
1,814,943
2,279,723
Springfield _
3,012,430
3,064,532 -1.7
2,499,029
2,747,544
Total(20 cities)
995,251,869
907,974,092 +19.6
9416,542,958
Eighth Fedora 1 Reserve Dis trict-St. Lc (Dsnd.-Evansville.
d5,488,737
6,092,453 +7.8
,10.
-St. Louis._ 150,300,000 145,100.000 +3.6
(y.
-Louisville..
37,059,822
34,221,720 +8.3
Owensboro....
409,283
484,319 -15.5
renn.- Memphis
23,053,878
19,333,908 +19.2
trk.-Little Rock
13,538,078
12,288,152 +10.2
-Jacksonville.
11.
422,888
386,849 +9.3
Quincy
1.584,898
1,391.223 +13.9
5,315,810
4,219,611
33,943,784
463,994
21.057,920
12,003,277
431,065
1.521,979
26,700,711
336,024
16.399,147
9,255,425
249,725
1,123,269
Total(8 cities) _ 231,857,589 218.298,629
+6.2
74,737,825
Ninth Federal Reserve Dist rict-Minne spoils4linn.-Duluth-d7,775,783
6.810,996 +14.2
7,069,652
Minneapolis...
89,901,880
66,532,000 +35.1
73,081,760
St. Paul
35,522,270
30.519,281 +16.4
35,481,364
40. flak -Fargo
2,534,180
2.035.32k +24.5
2,045,371
-Aberdeen_
3. D.
1,575,569
1,206,424 +30.5
1,430,317
k4 ont.-Billings_
571,080
442,03? +29.2
472.881
Helena
2,645,303
2,377,661 +11.3
2.865,394
58,283,912
Total(7 cities). 140,526,071 100.923.72:. +27.8 122,446,739
Tenth Federal Reserve Dist rict - Raises s Cityqeb.-1 remont_
,
d459,469
:381,085 +20.6
472,151
550,616
Hastings
461,236 +19.4
511,141.
Lincoln
4,781,713
4,025,931 +18.8
4,149,226
Omaha
42,653,994
38,591,240 +10.5
45,853,369
Kan.
-Topeka
d3,439,425
2,813,083 +22.3
3,717,014
Wichita
d7,722,290
7,057,674
+9.4
10,106,305
3.10. Kan. City. 140,234,680 128.553,625
+9.1 143.181,621
St. Joseph_ _
(10,903,640
7,183,82
-3.9
-Muskogee
a
Okla.
a
a
a
Oklahoma City d23,872,609
22,038,190
+8.3
23,014.720
Tulsa
a
a
a
a
J
1,272,073
- olo.-Colo.Spgs
969,367 +31.2
1,273,701
Denver
11,783,723
18,478,978 -36.2
21,846,205
e1,207,990
Pueblo
1,010,093 +19.5.
915,355
Total(12cities) 244,882,202 231,564,325
+5.8
Eleventh Federal Reserve District-fl alias
Texas
-Austin
2,754,530
2,689,461
+2.4
Dallas
47,343,985
36,551,209 +29.5
Fort Worth... d10,739,724
10,520,422
+2.1
Galveston
8,138,400
7,803,065
+4.3
Houston
a
a
a
-Shreveport_
5,712,202
La.
4.684,791 +21.9
Total(5 cities)_
74,688,841
62,248.95%
Twelfth Feder al Reserve D istrict-Sar
Wash.-Seattle _ _
45,915,014
44,927,995
Spokane
12,455,000
11,805,000
Tacomaa
a
Yakima
1,599,779
1,501,591
Ore.
-Portland.
43,146,879
42,052,473
Utah-S. L. City
17,756,465
15,347,500
Nev.-Reno
a
a
Ariz.
-Phoenix _ _
a
a
Calif.
-Fresno
2,954,422
3,341.528
Long Beach....
7,702,497
8,092,085
Los Angeles__
. 160.345,000 148,502,000
Oakland
21,326,776
16.919,809
Pasadena
6,584,078
6,368,785
Sacramento_ _ _
d7,450,187
8,228.695
San 11)iego_ __ _
6,138.244
4,199,609
San Francisco. 185.538.360 163,900,000
San Jose
2,442,398
1,923,708
Santa Barbara_
1,520.268
1,256,542
Santa Monica_
2,079,395
2,388,294
Stockton
c2,923.900
2.304,900
735.973,3.54
4,110.376
65,740,494
27,472318
1,944,291
1,449,242
521.299
2,825,788
104,063,608
288,027
411,582
3,212,750
31.573,646
2,575,149
10,302,121
131,019.990
a
19.204.458
•
980,260
17,317,063
700,677
255,040,500
217,585.723
2,723,951
29,221,785
10,692,624
5,751.519
a
5,108,390
1,255,781
23.871.806
10,826,166
5,211,227
a
5.280.827
+20.0
53,498,272
Prate' co
+2.2
39,955,790
11,364,000
+5.5
a
a
+6.5
1.321,106
+2.6
36,408,953
14,530,879
+15.7
a
a
a
a
4,048.167
-11.6
-4.8
8.566,151
+8.0 135,010,000
+26.0
15,705.714
5,205,828
+3.4
-9.5
6,576,024
+46.2
3,6941,494
+13.2 160,000,000
+27.0
2,229,392
+21.0
1,092,445
-12.9
2,905,500
+26.9
30,792,700
10,388,000
a
1,490,803
32,311,622
13,413,599
a
a
4,170,199
4,186.934
96,676,000
13,476,792
3,693,729
5,601,197
3,064,128
140.600,000
2,048,597
817,094
46,445,807
2,439,600
Total(17 cities) 527,878,662 483,060,514
+9.3 448,616,443 365.170,994
Grand total (127
cities)
9,912,964,776 8,150,629,748 +21.6 8,083,918.246 7,944,268,567
Outside N. Y _ ...._ 4,413,379,876 3,762.914,763 4-17.3 3,738.082.135 3,057,569.309
.
11reek Ended April 16.
Clearings al1925.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William__ _ _
New Westminster
Medicine Hat
Peterborough__
Sherbrooke
Kitchener
Windsor
Prince Albert..._
Moncton
Kingston
3
81,624,735
63,499,576
40,691,040
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
1,186,574
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
1924.
$
92,583,058
92,598,396
33,032,359
15,556,946
6,697,856
4,987,327
2,431,621
5.138,588
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
581.419
313,586
789,325
787,556
957.525
8,321,280
313,870
811,644
610,106
Inc. or
Dec.
%
-33.4
-31.4
+22.9
-15.1
-20.6
+1.7
-10.8
-23.3
-4.9
-16.9
-38.5
-20.5
+0.3
-12.7
+3.4
-11.7
-17.9
-21.9
-16.8
-18.2
-6.8
-26.8
+2.5
-17.3
-25.5
-16.5
-17.8
-23.4
-6.2
1923.
3
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
2,658,654
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
333.064
709,590
851,468
984,252
3,083.486
350,805
1,092,048
*625.000
1922.
$
71,874,027
66,003,939
39,704,654
10,043,204
6,440,103
4,224,067
2.201,907
4,625,984
4.145,654
2,360,444
2,056,647
2,350,307
4,179,733
2,667,710
729,639
481,569
1,403,389
992,789
975,373
504,577
440,658
221.003
879,705
618,710
798,313
2,956,301
281,956
1,120,092
617,834
Total Canada(29) 223,974,814 288,296,618 -21.8 313.819.576 235.698.288
a No longer report clearings. b Do not respond to requests for figures. c Week
ended Apr1115. d Week ended Apr1116. e Week ended Apri117. •Estimated.
THE CHRONICLE
' 2112
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
April 8 1925:
GOLD.
The Bank of England gold reserve against its note issue on the 1st inst.
amounted to E126.894,455, as compared with £126,791,125 on the previous
Wednesday.
The small amount of gold available here this week was taken by India.
the Continent and the trade.
The "Times" reports that the steamship "Euripides" arrived at Melbourne yesterday with £750,000 in sovereigns from South Africa.
According to a Moscow report, the output of gold from the field discovered in 1923 at Aldan, in the Yakutsk Republic, was last year 5,950 kilogrammes, which is about one-third the amount of the entire gold,output of
Soviet Russia. This year the mines are expected to yield 7,600 kilogrammes.
Two years ago the goldfield was a desert area, but 11,000 gold diggers are
now working on it.
Reports from Bombay dated the 20th March gave the total stocks of
gold as 20,00,000 toles an land and about 16,00,000 tolas on sea. The gold
market kept depressed and below parity. The up-country demand, which
had decreased to 50.000 toles during the holidays, was said to have again
increased to 75,000 toles per day.
Advices from Melbourne dated April 6 state that the representatives of
the Associated Banks of Australia have made a strong protest to Mr.
Bruce, the Prime Minister, against the restoration of the gold standard
before its re-adoption by Great Britain.
Reuter states that during March 2,300,000 gold crowns were remitted
to the British Clearing Office for the payment of Hungarian pre-war debts.
SILVER.
A slightly steadier tendency has prevailed in the silver market this week,
but no pronounced movement has taken place in the price. China has
worked both ways, but has not been inclined to sell at the lower level.
America has been disposed to offer silver at the fixed rate, and even bids
under the fixed price have occasionally found acceptance. The future
of the market still remains uncertain. At the present moment, in the absence of any serious demand from China, India or the Continent, prices are
largely influenced by Chinese speculative business; any tendency to rise
seems to be headed by offerings from that quarter. This week's increase
of about 650,000 ounces in Chinese stocks is not a helpful feature. On
the other hand the Chinese bear position in the London market is now considerable, and in certain circumstances might prove to be an important bull
factor. A report from China dated the 12th March stated as follows:
"Many of the speculators are making good profits. Silver dollars are now
going out into the interior, mostly Tientsin, and rumors of war in Bonen
have served to make the situation less healthy. There is fear that sooner
or later some trouble will start in Pekin, which accounts for business not
having revived in earnest. There is good demand for silver dollars from
the north, which caused the dollar-tad rate to go up to 72.36, a rather high
point."
The total imports of silver into Japan for 1924 were valued at 4,104,000
yen.
No applications were received for the Rs. 1,00,00,000 in bills and telegraphic transfers on India offered for tender this week. No bills of exchange or transfers will be offered on Tuesday next.
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees.)
Mar. 15. Mar. 22. Mar. 31.
Notes in circulation
18419
18322
18373
Silver coin and bullion in India
7675
7578
7619
Silver coin and bullion out of India
Gold coin and bullion in India
2232
2 5532
-55
Gold coin and bullion out of India
Securities (Indian Government)
5713
5713
5713
Securities (British Government)
1999
1999
1999
Bills of exchange
800
800
SOO
No silver coinage was reported during the week ending 31st ult.
The stocks in Shanghai on the 4th inst. consisted of about 70,800.000
ounces in sycee, 46,000,000 dollars and 1,330 silver bars, as compared with
about 70,800,000 ounces in sycee, 44,500,000 dollars and 1.760 silver bars
on the 28th ult.
-Bar Silver per Oz. Std.Cash.
2 Mos.
Quotations-.
31 7-16d.
31 7-16d.
31 7-16d.
31 9-16d.
3114d.
31)d.
31.479d.
April 2
April 3
April 4
April 6
April 7
April 8
Average
Bar Gold
per Oz. Fine.
313d.
31%d.
31d.%
31 Yid.
317-16d.
31 3id.
31.406d.
86s. 6d.
86s. 6d.
86$. 5d.
86$. 5d.
86$. 5d.
868.5.4d.
The silver quotations to-day for cash and two months' delivery are respectively the same as and 1-16d. below those fixed a week ago.
ENGLISH FINANCIAL MARKETS
-PER CABLE.
The daily closing quotations for securities, &c„ at London,
as reported by cable, have been as follows the past week:
Mon.
Tues.
Wed.
Sat.
Thurs.
Fri.
London,
Week ending eiyr11 24- Apr. 18. Apr. 20. Apr. 21. Apr. 22. Apr. 23. Apr. 24.
3134
317-16 31 5-16 313-16 311-16
d 3134
Silver, per oz
86.6
88.6
86.4
86.5
86.3
86.7
Gold, per fine ounce
5634
Consols, 234 per cents
-56%
5634
5634
57
10234
10234
10231
10244
British,5 per cents
10234
9734
9731
974g
__
9734
9734
British, 434 per cents
45.20
French Rentes (In Paris), fr. _ _ _ _
45.20
45.20
45.20
45.20
56.20
French War Loan(in Parts)fr
56.10
56.10
56.00
56.00
__
[VOL. 120.
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Jan. 311925. Jan. 311924.
Balance end month by daily statement. dtc
5285,900,302 $240,935,448
Add or Deduct
-Excess or deficiency of receipts over
or under disbursements on belated Items
+7,895,887
-1,652,258
$288,552,560
Deduct outstanding obligations:
Treasury warrants
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates
Total
$248,831,335
$3,095,502
39,592,842
64,507,403
20,512,537
$1,982,987
42,615,168
76,092,472
34,701,435
$127,708,284
$155,392,082
+5160.844,276
INTEREST-BEARING DEBT OUTSTANDING
Interest Jan. 31 1925.
TM of Loan
-Payable.
25. Consols of 1930
Q.
-J. 599,724,050
As. Loan of 1925
-F. 117,734,700
Q.
Is of 1916-1936
Q.
-F.
48,954,180
Is of 1918-1938
Q.
-F.
25,947.400
Is of 1961
Q.
-M.
49,800,000
Is. Conversion bonds of 1946-1947
Q.
-J.
28,894,500
Certificates of Indebtedness
J -J. 592,924,
000
834s, First Liberty Loan, 1932-1947
J.
-J, 1,409,997,950
45. First Liberty Loan, converted
J.
-D.
6,528,000
451s, First Liberty Loan. converted
J -D. 531,504,550
I V11, First Liberty Loan, second converted__J.-D.
3,492,150
is,Second Liberty Loan. 1927-1942
M.
-N.
25,723,400
434s Second Liberty Loan converted
•
434s, Third Liberty Loan of 1928
M.
-S 2,885,388,850
ists. Fourth Liberty Loan of 1933-1938
A.-0. 6,324,489,850
434s Treasury bonds of 1947-1952
763,948,300
4s Treasury bonds of 1944-1954
756,925,800
4s War Savings and Thrift Stamps
Matured 393,255,464
244s, Postal Savings bonds
J.-.1
11,995,880
634s to 5345. Treasury notes
J -D. 3,133,046,900
+593,439.273
Balance.deficit(-)or surplus(+)
Aggregate of Interest-bearing debt
Bearing no interest
Matured,interest ceased
Jan. 311924.
599,724,050
118,489.900
48,954,180
25,947,400
49,800,000
28,894,500
920,224,000
1,409,999,000
7,798,700
530,288,250
3,492,150
31,544,750
3,073,814,350
3,202,642,600
6,325,302,400
763,952,300
374,900,400
11,893,760
4,046,398,000
20,789,120,124 21,574,060,690
251,664,666
238,741,311
16,077,695
31,678,798
Total debt
Deduct Treasury surplus or add Treasury deficit
Netdebt
a21,056,863,485 21,844,480,799
+160.844,276 +93,439,273
820,896,018,209 21,751,041,526
a The total gross debt Jan. 31 1925 on the basis of daily Treasury statements was
521.057,159,922 97. and the net amount of public debt redemption and receipts
in transit, dtc., was $297,437 80.
b No reduction is made on account of obligations of foreign Governments or
other investments.
(ComintrciAli andMiscellanzonsBoars
Brea dstuffs figures brought from page 2177.
-The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
bbls.1981bs.bush.60 tbs. bush.56 lbs.bush.32 lbs. bush.481bs.bush.561bs
.
Chicago
183,000
96,000
796,001
748.111
75,000
11,000
Minneapolis.
924,000
57.000
414,000
132,000
38,000
Duluth
512,000
177,000
1.000
40,000
167,000
Milwaukee...
12,111
23,000
65,000
219.000
161,000
15,000
Toledo
315,000
10,000
34.001
Detroit
7,000
6.000
Indianapolis_
23,000
177,000
102,000
102,000
334,000
St. Louis_ _._
296,001
550,011
9,000
Peoria
20,000
51,000
240,000
118,000
3,001
Kansas City_
345,001
155,001
186,000
Omaha
81,000
72,001
256,000
78,000
St. Joseph_
151,000
28,000
Wichita
10,111
74,000
16,111
SIOUX City_ 44,000
60.001
Total wk. '25
Same wk. '24
Same wk. '23
348,000
359,000
413,000
2,839,000
1,947,000
5,016,000
2,257,000
3,872,000
3,608,000
3,022,008
2.838,011
3,750,001
411,000
240,000
499,000
235,000
623,000 1.084.000
Since Aug.11924
17,298,000 39,354,000 197.964,000 19,456,000 54,878,00050,554,000
15,747,001 178,589,000233,604,111 184,299,000 34,283,00022,900,000
1923
1029
15 ftM 000353 353000 25(1 117 MO 1111 2711 nnn q9 ntin
AR qxe n nrus
Total receipts of flour and grain at theseaboard ports for
the week ended Saturday, Apr. 18, follow:
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Bushels.
843,000
277,000
728,000
588,000
Bushels.
11,000
91,000
55,000
288,000
36,000
42,000
Total wk. '25 520,000 2,906,000
Since Jan.1'25 9,258,000 50,445,000
86,000
2,126,000
Barrels.
320,000
New York_ _ _
6,000
Portland, Me_
Philadelphia__
42,000
Baltimore_ _ _
31,000
1,000
NewportNews
Norfolk
5,000
75,000
New Orleans *
Galveston._
23,000
St. John,N.B.
Boston
17,000
9,000
24,000
Barley.
Rye,
Bushels.
Bushels., Bushels.
216,000
180,000 270,000
50,000
228,000
71,000
34,000
20,000
242,000
43,000
45,000
104,000
37,000
59,000
20,000
347,000
10,000
557,000
507,000 1,002,000
8,665,000 7,508,000 9,634,000
Same wk. '24
465,000 2,607,000
Since Jan.1'24 8,386,000 47,084,000
314,000
371,000
97,000
330,000
9,959,000 10,710,000 3.198.000 2 507 nun
• Receipts do not include grain passing through New Orleans for foreign ports
on through bi Is of lading.
The exports from the several seaboard po'rts for the week
The price of silver in New York on the same day has been: ending Saturday, Apr. 18 1925, are shown in the annexed
statement:
Silver 1nN.Y., per Os (cis.):
Foreign
6674
6674
67
6631
663.4
6634
Exportsfrom-
Public Debt of United States
-Completed Returns
Showing Net Debt as of Jan. 31 1925.
The statement of the public debt and Treasury cash holdings of the United States as officially issued Jan. 31 1925,
delayed in publication, has now been received, and as interest attaches to the details of available cash and the gross and
net debt on that date, we append a summary thereof, making comparisons with the same date in 1924.
Corn.
Wheat.
Flour.
Oats.
Rye.
Barley. Peas
-Bushels. Bushels. Barrels. Bushels. Bushels, Bushels. Bushels.
New York
232,247 276,405 481,284 220,771
1,666,275
Portland, Me__ __ 277,000
6,000
50,000
228,000
Boston
48,0130
321,000
Philadelphia
611,000
7,000
53,000
68,000
Baltimore
62,000
377,000
1,642,000 40,000
Norfolk
5,000
43,000
Newport News__
1,000
New Orleans_ _ _ _ 208,000 171,000 18,000
27,000
Galveston
28,000
St. John, N.B._
23,000 104,000 347.000 59.000
. 288,000
Total week 1925_ 3,475,275
Same week 1924_ 2,117,340
171,000 382,247
128,994 198.485
510,405 2,834,284 615,771
297,975 810.965 93.000
The destination of these exports for the week and since
July 1 1924 is as below:
Since
July I
1924.
Week
Apr. 18
1925.
Barrels.
United Kingdom. 67.612
275.285
Continent
So.de Cent. Amer_ 25,040
14,310
West Indies
Brit. No. Am.Col.
Other Countries_
Total 1925
•rmso 1024
Corn.
Wheat.
Flour.
Exportsfor Week
and Since
July1 to-
Week
Apr. 18
1925.
Since
July 1
1924.
Week
Apr. 18
1925.
Since
July 1
1924.
Bushels. Bushels.
Bushels.
Bushels.
Barrels.
17,000
3,802,768 1,348.574 86,959,830
77,961
8,523,446 2,022,701 162,999,463
630.300 114,000 1,121.830
790,728
57,000 1,398,810
134,950
1,150,842
21,000
6,135
3,900
104,000 1,607,327
521,926
382,247 14,795,845 3,475.275 252,331,870
1951.465 9.787.611 2.117.340 187.393.064
171,000 2,641,501
128.994 9.787.862
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Apr. 1'71 1925, and since July 1 1924 and 1923,
are shown in the following:
Corn.
Wheat.
1924-25.
Week I
Apr. 17.
Since
July 1.
1923-24.
Since
July I.
1923-24.
1924-25.
Week
Apr. 17.
Since
July 1
I
Bushe s.
Bushels.
Bushels.
Bushels.
Bushels.
16,000 1.032,
North Amer- 6,716,000365,700,000354,341,000
184.000 26,480.000
I 3,280,000 41,906.000
Black Sea892.000141.906,000
Argentina_ _ - 1.871,000113,383,000124.388,000
Australia __- 3,360,000 89,356.000 55,602,000
32,000 35,008,00 12,424,000
India
1,438,000
1,584,000
Oth.Countr's
Since
July 1.
Bushels.
11.629.000
27,161,000
76,750.000
15.234,000
Total ____ 11.979,000606.727,000590.245,000 1,092.000 170,858,000 130,774,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Apr. 18, were as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
afloat
"
Toledo
Detroit
Chicago
afloat
"
Milwaukee
Duluth
afloat
"
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
St.Joseph, Mo
Peorla
Indianapolis
Omaha
On Lakes
GRAIN STOCKS.
Oats.
Corn.
Wheat.
bush.
bush.
bush.
726.000
551,000
131,000
28.000
224,000
1,230,000
150,000
4,053.000
208,000
103.000
73,000
1,359,000
295,000
263,000
1,312,000
890,000 2,198,000
'3,759,000
134,000
171,000
804.000
175,000
1,167.000
220,000
210.000
22,000
225,000
3,560.000 12,931,000 15,981,000
222,000
264,000
228,000
331,000 1,213,000 1.216,000
13,340,000
424,000 12,322,000
98,000
12,255,000
740,000 18,504,000
306,000
105,000
285,000
767.000 1,094,000
249,000
4.334,000 5,248,000
941.000
1,226.000
3,000
76,000
501,000
394.000
27,000
141,000
80.000
279,000
535,000
29,000
680,000 1.740,000
509,000
684,000
642,000
Rye.
bush.
902,000
346,000
138,000
3,943,000
20.000
33,000
1,136,000
86,000
23,000
12.000
2,290,000
Barley.
bush.
252,000
20,000
272,000
1,000
169,000
1.000
By Messrs. R. L. Day & Co., Boston:
$ per sh.
Shares. Stocks.
309
25 First National Bank
10 B. M.C. Durfee Trust Co., Fall
River
21734
20Berkshire Cotton M fg.Co_14234 ex-div.
900 Old Colony Woolen Mills, corn.,
27c.
par $10
5 Ipswich Mills, preferred
6034
1 unit First Peoples Trust
7534
1 Columbian National Life Ins. Co 164
75
2 State Theatre Co., pref
160.000 18,640,000
Total Anti' 18 i925._40.489.000
168,000 19,748,000
Total April 11 1925_ _41,789,000
21,000 9,131,000
Total April 19 1924.... _53,855,000
Summary
American
53,203,000 27,706,000 54,276.000
160,000 18,640,000
Canadian
40,489,000
381,000
104,000
349,000
5.775,000
275,000
949,000 1,810,000
5,000
13,000
34,000
11,000
6,000
169,000
6.000
4,000
112,000
741.000
10,000
2,368,000 7,513,000
2.317,000 7,504,000
1,654,000 2,065,000
17,361,000 3,301,000
2,368,000 7,513,000
Auction Sales.
-Among other securiies, the following,
not actually dealt in at the Stock Exchanget were sold at auction
in New York, Boston and Philadelphia on Wednesday of
this week:
By Messrs. Adrian H. Muller & Sons, New York:
Shares. Stocks.
S per sh.
10 Fidelity International Trust Co_231
42 Colmet Realty Corp., Inc., no
par
$9,800 lot
500 Syracuse Ind., Inc., par $10$100 lot
Bonds.
Percent.
$3,000 Joplin & Pittsb. By. 75, due
1930
334
By Messrs. Wise, Hobbs & Arnold, Boston:
$ per sh.
hares. Stocks.
309-3093(
10 First National Bank
20334
10 National Shawmut Bank
309-30934
33 First National Bank
205
1 National Shawmut Bank
30934-310
35 First National Bank
184
1 Essex Co
60 Connecticut Mills, common,
50c.
Class "B" par $IO
26
50 Connecticut Mills. 2d pref
6034
20 Ipswich Mills, preferred
92
2 Arlington Mills
12514
15 Stevens Mfg. Co
Howes Brothers Co.,Series"B,"
20
6034
6% 1st preferred
1 Boston Athenaeum, par $300--..-656
$ per sh
Shares. Stocks.
17 Phila, At Gray's Ferry Pass. RY- 5834
25 Frank..4 Southwark Pass. RY-2473.4
.109
7 Bell Telep. Co. of Penna., prof.
142 Northwest Co
$OO lot
6 Phila. Bourse, pref., par $25_ _- 2434
50 Philadelphia Pharmacal Co..
Si lot
Inc., common, par $10
10 Lancaster Ave. Mortgage Guarantee Co., par $10
1134
22 Horn & Hardart Co.of N. Y., no
par
5134
Co. (frac73-1000 American Gas
156
tional certificate)
29 Southern Transportation Co..
35
common
6 Phila.& Camden Ferry
13034
Per cent.
Bonds.
$1.000 Bogota, Colombia, ext. a. 1.
8s, 1945
9354
$2,000 N. Y. N. H.& Hartf. RR.
10334
7% Series EE,1933
$6,000 Suffolk Anthracite Collieries
97
1st 75, 1938
$500 United Light & Power deb.
9334
6345, 1974
$2,000 Continental Gas & Elec.
9634
6348, Ser. A. 1964
61.000 King Edward Hotel Co.,
Ltd., ref. & s. f. 7s, Ser. A, 1944_ 8934
51.000 Amer. Power dr Light deb.
95
6s. Amer. series, 2016 (old)
$2,000 Amer. Power & Light deb.
6s, Amer. series. 2016 (new tem9534
porary certificate)
$5,000 Electric & Peoples Tree.4%
62
registered stock trust, 1945
$5,000 Peoples Pass. By.4% regis66
tered stock trust, 1943
$2,100 Phila. Elec, Co. 1st 5s. 1966_10134
$800 City of Phila. reg. 45, 1938_10034
Loco City of Phila.reg. 45, 1911_ _101
$200 Benevolent Protective Order
of Elks gen. lis. 1942
vo
$200 Benevolent Protective Order of
ao
Elks gen. 6s. 1942
$1,200 Benevolent Protective Order
90
of Elks gen. 65, 1942
8300 Benevolent Protective Order
90
of Elks gen. 65. 1942
264,000
Total April 181925..._93,692.000 27,866,000 72,916,000 19,729,000 10,814,000
Total April 11 1925_ - _ _97,033,000 30,929,000 77.884,00022.383.000 11,002,000
Total April 19 1924_108.679,000 21,688,000 21,804,000 23,213.000 3.197.000
$ per sh.
Shares. Stocks.
40 Consol. Tree. of New Jersey. _ _ 4134
18 New Haven Clock Co., corn-- 1935
1
200 Condos 011 Co., par $1
48 Deep Sea Fisheries, Inc., com..)S9 lot
)
v. t c
3,000 Gold Hill Como'. Co., In .,
$1 lot
Maine, par $5
$ per M.
Shares. Stocks.
5 Merrimac Chemical Co., par 550. 8834
7534
2 units First Peoples Trust
8 Fitchburg Gas & El. Lt., par 550.100
75
24 units First Peoples Trust
534
5special units First Peoples Trust
115
10 Boston Wharf Co
7534
2 Units First Peoples Trust
2 special units First Peoples Trust- 534
1 Boston Athenaeum, par $300__655
7534
4 units First Peoples Trust
By Messrs. Barnes & Lofland, Philadelphia:
$ per sh.
Shares. stoat.
35 Suffolk Anthracite Collieries. pt. 30
9634
5 Toledo Edison Co.. pref. A
16 Continental Gas& El. Co., pref. 9034
10 Public Service Elec.& Gas, pref. 9234
12
1 Library Co. of Philadelphia'
9-168ths of 8-40ths interest in Sandy
$500
Creek Coal Land
3
250 Frank A. Rolling Co
686
22 Land Title & Trust Co
50 Green & Coates Sta. Pass. By-- - 6834
7234
42 Germantown Pass. By
32 Phila.& Grays Ferry Pass.Ry.- 5734
100 Electro Pneumatic Transit Co..
$4 lot
par $10
10 Pennsylvania Poughkeepsie &
$1 lot
Boston RR
568
10 Central Nat, Bank
568
5 Central National Bank
10 Producers & Consumers Bank,
10
par $10
10 Nat.Bank of North Philadelphia 17134
30 Nat. Bank of Nor. Philadelphia_16934
434
5 Philadelphia Nat. Bank
432
4 Philadelphia National Bank
485
2 Corn Exchange Nat, Bank
210 South Philadelphia Title & Tr.
50
Co., par 850
30 Metropolitan Trust Co., par 850. 7234
10 Metropolitan Trust Co.. par $50. 7234
10 Susquehanna Title & Trust Co.,
6234
par $50
1 Real Estate Trust Co., pref.
120
(assented)
10 West Phila. Title & Tr. Co.,
213
par $50
75034
5 Philadelphia Trust Co
688
11 Land Title & Trust Co
320
714 Franklin Trust Co
5 Chestnut Hill Title & Trust Co.,
60
par $50
10 Central Trust & Savings, par 550155
300
25 West End Trust Co
5 Rocklin! Coal & Iron Co.. pref.._ 46
94
46 Hare & Chase, Inc., pref
12 Hare & Chase, Inc.. cons., no par 25
75
26 Continental Pass. By
7234
25 Germantown Pass. By
173
6 13th & 15th Sta. Pass. By
11034
2 Union Pass. Ry
Total April 18 1925..._53,203,000 27,706,000 54,276,000 17,361,000 3,301,000
Total Aprilll 1925____55,244,000 30,761,000 58,106,000 20,066,000 3.498,000
Total April 19 1924._ _ _54,824,000 21,667.000 12.673,000 21,559,000 1,132,000
-Bonded grain not included above: Oats, New York, 200,000 bushels
Note.
Boston, 22,000; Buffalo, 101,000; Buffalo afloat, 449,000; Duluth, 93,000; total
865,000 bushels, against 955,000 bushels in 1924. Barley, New York, 73,000
bushels; Boston, 221,000; Baltimore, 20,000; Buffalo afloat, 387,000; Duluth,
63.000; Erie, afloat. 127,000;total,891,000 bushels, against 143,000 bushels in 1924.
Wheat, New York. 1,162,000 bushels; Boston. 87,000; Philadelphia, 1,078.000:
Baltimore. 134,000; Buffalo, 1,208,000; Duluth, 525,000; Toledo, 58,000; Erie,
afloat, 644,000; total, 4,896,000 bushels, against 4,367,000 bushels in 1924.
Canadian
160,000 2,463,000
Montreal
1,258.000
111,000
656,000
Ft. William & Pt. Arthur.33.291,000
13,932,000 1,778,000 6,055,000
5,940,000
2,245,000
479,000
Other Canadian
802,000
2113
T1T171 CHRONICLE
APRIL 25 1925.]
Shares. Stocks.
$ per sh.
12 New England Secur. Co., pref_ 1,110
20 New England Scour. Co., Corn.! lot
50 Reed-Prentice Co., common__ 95c.
34-100 State Theatre Co., pref.___ 74c.
10 North Boston Ltg.Prop.,com_65-6534
22 units First Peoples Trust
7534
18 special units First Peoples Trust. 634
10 Draper Corp
15434
75 Graton & Knight Mfg. Co. pref. 30
2 Merrimac Chemical Co., par gm. gim
43 Draper Corp
15334-15434
4 U. S. Envelope Co.,common_-14634
Rights.
$ per right.
388 Worcester Gas Light Co
2
-The following information regarding
National Banks.
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
-The Queen Lane National Bank in Germantown at
Apr. 16
$200.000
Philadelphia, Pa
Correspondent, Clarence E. Blackbur, 904 Stephen
Girard Building, Philadelphia, Pa.
300.000
-The Seaside National Bank of Long Beach, Calif
Apr. 17
Correspondent. P. E. Keeler. 1225 Pacific S. W. Bank
Building, Long Beach, Calif.
-The National Bank of Sierra Madre, Calif
Apr. 17
Correspondent, H. W. Sperbeck. Sierra Madre, Calif.
-First National Bank in Lidgerwood. No. flak
Apr. 18
Correspondent, 8.0. Quammen, Lidgerwood, No. flak.
50.000
25.000
APPLICATIONS TO ORGANIZE APPROVED.
-The First National Bank of Genoa, Colo
Apr. 14
Succeeds the Genoa State Bank, Genoa, Cob. Correspondent, Jesse E. Shryack, Genoa, Colo,
-The First National Bank of Handley, Texas
Apr. 16
Succeeds the First State Bank of Handley. Texas.
Correspondent. Ben T. Merritt, Handley, Texas.
-The First National Bank of Odd, Texas
Apr. 17
Succeeds the Farmers State Bank. Odell, Texas. Correspondent. W. P. Starr, Odell, Texas.
50.000
Apr. 18
-The Security National Bank of Paducah, Texas
Succeeds the First State Bank of Paducah, Texas.
Correspondent, G. M. Yowell, Paducah. Texas.
25.000
25,000
25,000
APPLICATIONS TO CONVERT RECEIVED.
50,000
-The State National Bank of Wolfe City, Texas
Apr. 14
Conversion of The First State Bank of Wolfe City,Texas.
25.000
-The First National Bank of Ireland, Texas
Apr. 14
Conversion of The First State Bank. Ireland, Texas.
35,000
-Liberty National Bank, Liberty. Texas
-The First
Apr. 18
Conversion of The Liberty State Bank, Liberty, Texas.
APPLICATIONS TO CONVERT APPROVED.
100.000
-The Security National Bank of Bowie. Texas
Apr. 16
Conversion of The Security State Bank of Bowie, Texas.
-The Farmers & Merchants National Bank of Hamlin,Tex. 40.000
Apr. 16
Conversion of The First State Bank of Hamlin, Texas.
25.000
-The Kilgore National Bank, Kilgore, Texas
Apr. 16
Conversion of The Kilgore State Bank. Kilgore, Texas.
100.000
-The City National Bank of Mineral Wells, Texas
Apr. 16
Conversion of The Security State Bank of Mineral Wells,
Texas.
50.000
-The First National Bank of Needville. Texas
Apr. 17
Conversion of Needville State Bank & Trust Co.. Needville, Texas.
25,000
-The First National Bank of Sudan. Texas
Apr. 17
Conversion of The Sudan State Bank. Sudan, Texas.
-First National Bank of Stephenville. Texas
-Farmers
100,000
Apr. 18
.Conversion of The Farmers Guaranty State Bank,
Stephenville, Texas.
-The Valley View National Bank, Valley View, Texas _ 25,000
Apr. 18
Conversion of The First Guaranty State Bank of Valley
View, Texas.
CHANGE OF TITLE.
Apr. 114 11751 The Aberdeen National Bank, Aberdeen, Wash.,
to "First National Bank in Aberdeen."
VOLUNTARY LIQUIDATIONS.
-12i21--The First National Bank of Loco, Okla
W. $25,000
Apr. 16
Effective Feb. 11 1925. Liquidating Agent Percy
Newton, Loco, Okla. Succeeded by First /State Bank.
Loco, Okla.
-The Cinnaminson National Bank of Riverton.NJ. 100 000
-8484
Apr. 17
.
Effective April 1 1925. Liquidating Agent, Earl L.
Williams, Riverton, N. J. Succeeded by Cinnaminson
Bank & Trust Co., Riverton, N. J.
2114
THE CHRONICLE
CHARTERS ISSUED.
-12678
-New First National Bank in Visalia, Calif
Apr. 13
$100.000
President. A. W. Quinn; Cashier, L. L. Welch.
-The Richland National Bank of Sidney, Mont
-12679
Apr. 13
25,000
President, J. S. Day: Cashier, E. Johnson.
-City National Bank of Georgetown. Texas
Apr. 13
-12680
50,000
Succeeds The Guaranty State Bank of Georgetown, Tex.
President. G. W. Sherrill: Cashier, Dan P. Craddock.
-12681-The Como National Bank, Como. Texas
Apr. 14
25,000
Conversion of The Como State Bank, Como, Texas.
President. L. Carroll: Cashier, B. B. Cain.
-12682
-First National Bank in Lubbock, Texas
Apr. 15
200,000
Conversion of The Lubbock State Bank, Lubbock. Tex.
President G. L. Slaton; Cashier. J. M. Denman.
-12683
-The Lubbock National Bank, Lubbock, Texas100,000
Apr. 15
Conversion of Security State Bank & Trust Co., Lubbock
Texas. President. C.E. Maedgen:Cashier. F. W.Groce.
Apr. 16
-12684
-The First National Bank of Sylvester, Texas
35,000
Conversion of The First State Bank of Sylvester, Texas.
President. C. M. Webb: Cashier, V:B. Carothers.
Apr. 17
-12685
--The First National Bank of Milford. Texas
25,000
Conversion of The First State Bank of Milford, Texas.
President. J. K. McDaniel: Cashier. J. G. Cheathana.
Name of Company.
[Tot. 120.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Shell-Union Oil, preferred (guar.)
134 May 15 Holders of rec. may
Sherwin-Williams Co., corn. (extra)
34 May 15 Holders of rec. Apr. 30
Standard Milling, common (guar.)
134 May 29 Holders of rec. May 19
Preferred (guar.)
134 May 29 Holders of rec. May 19
Stewart-Warner Speedom. Corp.(guar.) $1.25
May 15 Holders of rec. Apr. 30
Troxel Manufacturing, pref. (quar.)._...
134 May 1 Holders of rec. Apr. 20
Union-Buffalo Mills, 1st preferred
334 May 15 May 9 to May115
Second preferred
234 May 15 May 9 to Mayil5
Union Cotton Mfg.(guar.)
*14 May 1 *Holders of rec. Apr. 22
Warwick Iron & Steel
.300. May 15 *Holders of rec. Apr. 30
Willys-Overland Co., preferred
*14 May 10 *Holders of rec. Apr. 30
Wright Aeronautical Corp.(guar.)
250. May 30 Holders of rec. May115
York Manufacturing
June 1 *Holders of rec. May 1
Below we give the dividends announced in
and not yet paid. This list does not includeprevious weeks
dividends announced this week, these being given in the preceding
table.
Per
When
Books Closed.
Name of Company.
Cent Payable
Days Inclusive.
Railroads (Steam).
Atch. Topeka & Santa Fe, corn.(guar.).
14 June I Holders of rec. May 1a
Baltimore & Ohio, corn.(guar.)
134 June 1 Holders of rec. Apr. 18a
Preferred (guar.)
June 1 Holders of rec. Apr. 18a
Cincinnati Sandusky & Cleveland, pref_
Georgia Southern & Fla.. 1st & 2d pref._ $1.50 May 1 Apr. 16 to May 1
234 May 28 Holders of rec. May 14
Gulf Mobile 4: Northern, pref. (guar.)._
13* May 15 Holders of rec. May 16
Houston & Texas Central
3
July 10 Holders of rec. July is
Hudson & Manhattan, corn.(No. 1).
134 June 1 Holders of rec. May 140
International Rys. of Cent. Am.,pf.(qu.)
134 May 15 Holders of rec. Apr. 300
Louisville & Nashville
Aug. 10 Holders of rec. July 15a
When
Mahoning Coal RR., common
Per
Books Closed.
$12.50 May 1 Apr. 16 to May 6
Name of Company.
Missouri-Kansas-Texas. prof A
Cent. Payable.
Days Inclusive.
134 May I Holders of reo Apr. lba
Morris & Essex Extension RR (guar.). 2
May 1 Holders of rec. Apr. 256
Railroads (Steam).
New York Central RR.(guar.)
134 May 1 Holders of rec. Apr. la
Central RR.of New Jersey (guar.)._ _
Norfolk & Western, ad). pref.(guar.)... 1
May 15 'Holders of rec. May 5
*2
May 10 Holders of rec. Apr. 30a
Pennsylvania (guar.)
Northern Pacific (quar.)
*75c. May 29 'Holders of rec. May 1
14 May I Mar. 20 to Apr. 14
Passaic & Delaware Extension lilt
May 1 Holders of rec. Apr. 256
Public Utilities.
Pere Marquette RR.,prior pref.(guar.). 2
134 May 1 Holders of rec..Apr. 15a
Cedar Rapids Mfg.& Power (guar.)._ _ _
Five per cent preferred (guar.)
151 May 15 Holders of rec. Apr. 30
134 May I Holders of rec. Apr. 15a
Consolidated Utilities, pref. (guar.). _ _ 14 May 1 Holders of rec. Apr. 20
Reading Company,common (quar.)___ _ $1
May 14 Holder, of roe. Apr. 16a
Dallas Power & Light, pref. (guar.)._ _
let pref. (quar.)
14 May 1 fielders of rec. Apr. 21
50c. June 11 Holders of roe. May 25a
Eastern Shore Gas & Electric. pref.(qu.) *2
St.Louis
-San Fran.By., pref. A (guar.). 134 May I Holders
June 1 *Holders of rec. May 15
of rec. Apr. 154
Illuminating & Power Secur.. corn.(qu.) 45e. May 9 Holders of rec. Apr. 30
Preferred, Series A (guar.)
135 Aug. 1 Holders of rec. July 16a
Preferred (quar.)
Preferred, Series A (quar.)
134 May 15 Holders of rec. Apr. 30
135 Nov. 2 Holders of rec. Oct. 15a
Kaministiquia Power (guar.)
Southern Sty., common (guar.)
2
May 15 Holders of rec. Apr. 30
May 1 Holders of rec. Apr. 10a
Keystone Telephone. pref. (guar.)
Syracuse Binghamton & New York (qu ) 134 May 1
*E1 June 1 *Holders of rec. May 15
Holders of rec. Apr. 25a
Knoxville Power & Light, pref.(guar.)_ _ 14 May 1 Holders of rec. Apr. 20
Utica Chenango & Susquehanna Valley
May 1 Holders of rec. Apr. 18a
3
Massachusetts Gas Companies, pref
Wabash Railway, preferred A
*2
June 1 *Holders of rec. May 15
134 May 21 Apr. 19 to May 18
Middle West Utilities, common
Western Pacific RR. Corp., corn
*$1.25 May 15 *Holders of rec. May 2
.6
Montreal Light Heat & Pow.Corn.(qu.) 2
Corn.(payable in cont,and pref.stock) (I)
May 15 Holders of rec. Apr. 30
Montreal Light Heat & Power (guar.). _ 2
Preferred (account accum. dividends). .11.588
May 15 Holders of rec. Apr. 30
Montreal Tramways(guar.)
Preferred (payable intern.& pref.stk.) (0
234 May 1 Holders of rec. Apr. 23
National Power & Light, corn.(guar.). _ 51.50 June 1 Holders of rec. May 15
Northern Mexico Power & Devel.. pref._ 7
Public Utilities.
May 4 Holders of rec. Apr. 24
Pacific Lighting, common (guar.)
American Gas & Electric
234 May 15 Holders of rec. Apr. 30
Preferred (quar.)
Preferred (guar.) (no par stock)
134 May 15 Holders of rec. Apr. 30
$1.50 May 1 Holders of reo. Apr. 13
Pacific Power & Light, pref.(quar.)
Preferred (guar.) ($50 par)
14 May 1 Holders of rec. Apr. 18
75c. May 1 Holders of rec. Apr. 13
Portland Gas & Coke, pref.(guar.)
Amer. Light & Traction, corn.(guar.)._
14 May 1 Holders of rec. Apr. 18
134 May I Apr. 16 to Apr. 28
United Rye. & Elec., corn. (guar.)
Preferred (guar.)
50c. May 15 Holders of rec. Apr. 25
13(1 May 1 Apr. 16
American Water Works & Electric, com_ 30e. May 15 Holders to Apr. 28
of rec. May 1
Banks.
First preferred (guar.)
134 May 1.1 Holders
Six per cent participating stock (qu.). 13* May 15 Holders of rec. May Is
Chemical National (hi-monthly)
4
May 1 Holders of rec. Apr. 230
of rec.
Appalachian Power, 1st pref. (guar.)... 134 May 1 Fielders of rec. May la
Apr. 16
Trust Companies.
Associated Gas & Electric Co.
Kings County (Brooklyn) (guar.)
Preferred (guar.)
1234 May 1 Apr. 26 to Apr. 30
1234c July 1 Holders of rec. June 15
Preferred (extra)
123*c Oct. 1 Holders of rec. Sept. 15
Miscellaneous.
Preferred (extra)
123*c Jan 1'21 Holders of rec. Dec. 15
American Brick, common (guar.)
Class A (No. 1)
*25c. May 1 *Holders of rec. Apr. 24
50e. May 1 Apr. 11 to
Apr. 30
Preferred (guar.)
Class A & B stocks
*50c. May 1 *Holders of rec. Apr. 24
(u) May 1 'Holders of rec. Apr. 10
American Rolling Mill, corn.(alnico_ _ *50c. July 16 'Holders of rec. July 1
Brazilian Trac.. Light & Power. ord.(qu) 1
June 1 Holders of rec. Apr. 30
Common (payable in common stock). */5
Cape Breton Electric Co., Ltd., pref._ _ 3
July 15 *Holders of rec. July 1
May 1 Holders of ree. Apr.
Preferred (guar.)
Carolina Power & Light. corn. (guar.)._ $1.50 May 1 Holders of rec. Apr. 13s
'134 July 1 *Holders of rec. June 15
American Soda Fountain (guar.)
Central Power & Light, pref. (guar.)... 14 May 1 Holders of rec. Apr. 15
134 May 15 Holders of rec. Apr. 30
15
Barnard Manufacturing (guar.)
Chic. Rap. Tran., prior pref.(monthly). 65c. June 1 Holders of rec. May 196
*1
May 1 *Holders of rec. Apr. 24
Bethlehem Steel Corp.,8% pref.(guar.) 2
Cleveland Elec. Ilium.,6% pref. (qu.)._
July 1 Holders of rec. June 1
13* June 1 Holders of rec. May 15a
cent preferred (guar.)
Seven per
Columbia Cask Elec., common (guar.). 65e. May 15 Holders of rec.
14 July 1 Holders of rec. June 1
Apr. 30a
Bourne Mills (guar.)
Preferred, Series A (guar.)
*2
May 1 *Holders of rec. Apr. 15
$1.75 May 15 Holders of rec. Apr. 300
Brunswick-Balke-CoU'r Co., corn.(qu.) 90c. May 15 Holders of rec. May 5
Commonwealth-Edison Co.(guar.)
2
May 1 Holders of rec. Apr. 15a
*14' May 12 'Holders of rec. May 2
coinmonwealth Power Corp., corn.(qu.) $1.50 May 1 Holders of rec.
Bush Terminal, common
Apr. 10a
Byers (A. M.) Co., pref. (guar.)
Six per cent preferred (guar.)
May 1 *Holders of rec. Apr. 15
1% May 1 Holders
Connecticut Ry.& Ltg., corn.& pf.(qa) 134 May 15 May 1 of rec. Apr. 10a
Canadian Converters (guar.)
14 May 15 Holders of rec. Apr. 30
to May 15
Consumers Power.6% pref. (quar.)_ _ _ _ $1.50 July 1 Holders of
Casey-Hedges Co., common (guar.).-- - 234 May 15 Holders of rec. May 1
rec. June 15
6.6% preferred (guar.)
Common (guar.)
234 Aug. 15 Holders of rec. Aug. 1
$1.65 July 1 Holders of rec. June 15
Common (guar.)
7% preferred (quar.)
214 Nov. 15 Holders of rec. Nov. 1
14 July 1 Holders of rec. June 15
Preferred (guar.)
Six per cent preferred (monthly)
134 July 1
50c. May 1 !folders of rec. Apr. 15
Preferred (guar.)
134 Oct. 1
Six per cent preferred (monthly)
50c. June 1 Holders of rec.
15
Celite Company,common (quar.)
Six per cent preferred (monthly)
1
May 1 Holders of rec. Apr. 25
50c. July 1 Holders of rec. May 15
Preferred, class A (guar.)
6.6% preferred (monthly)
134 May 1 Holders of rec. Apr. 25
55e. May 1 Holders of rec. June 15
Apr.
Preferred, class 13 (guar.)
14 May 1 Holders of rec. Apr. 25
6.6% Preferred (monthly)
55c. June 1 Holders of rce. May
16
Centrifugal Cast Iron Pipe (quar.)
6.6% preferred (monthly)
*3734c May 15 *Holders of rec. May 7
550. July 1 Holders
*Continental Gas & Elec.. corn.(quar.)_ $1.10 July 15 Holders of rec. June 15
C. G. spring & Bumper, corn. (guar.). _ 'Sc. May 15 *Holders of rec. May 7
of rec. June 13a
.11,4 June 20 *Holders of rec. June 6
Prior preference(guar.).
Davis Mills (guar.)
14 July 15 Holders of rec. June 13a
Famous Players Canadian Corp., 1st
Participating Preferred (quar.)
13* July 15 Ilolders of rec. June 136
Participating preferred (guar.)
preferred (guar.)
2
June 1 Holders of rec. Apr. 30
34 July 15 Holders of rec. June
136
Preferred (guar.)
Franklin(H. H.) Mfg., pref.(quar.)_._ *14 May 1 *Holders of rec. Apr. 20
134 July 15 Holders of rec. June 130
Edison Elec. III. of Boston (guar.)
Freshman (Chas.) Co., Inc. (quar.)_ _ _ 500. May 25 Holders of rec. May 5
3
May 1 Holders of rec. Apr.
Edison Elec. Ill. of Brockton (guar.).
General Tire & Rubber, Corn.(quar.)_. $1
May 1 Holders of rec. Apr. 20
6235c. May 1 Holders of rec. Apr. 15
16a
Electric Bond & Share Co., pref. (quar.) 134 May
4
.25c. Apr. 30 *Holders of rec. Apr. 29
Hall (C. M.) Lamp Co
Holders
Electric Investors, Inc., pref. (guar.)... _ $1.75 May 1 Holders of rec. Apr. 11
Hamilton-Brown Shoe (monthly)
May 1 Apr. 24 to Apr. 30
1
of rec.
Fall River Gas Works(guar.)
Harbison-Walker Refract., coin. (qu.)_ _ 7134 June 1 Holders of rec. May 21
750. May 1 Holder, of rec. Apr. 14
Apr. 20
Ft. Worth power & Light, pref.(guar.). 13(1 May 1
Common (payable in common stock). 33 1-3 May 19 Holders of rec. Apr. 30
Holders of rec. Apr. lb
Georgia Sty. & Power, pref. (quar.)._..
134 July 20 Holders of rec. July 10
Prefer red (quar.)
June 1 Holders of rec. May 20
Second preferred (guar.)
Harmony Mills, preferred (guar.)
May 1 *Holders of rec. Apr. 24
1
Sept. 1 Holders of rec. Aug. 20
Second preferred (guar.)
Hart,Schaffner & Marx,Inc., com.(qu.) '134 May 29 *Holders of rec. May 18
1
Dec. 1 Holders of rec. Nov. 20
Havana Elec. Sty.. L.& P., com.A pref. 3
.25c. Apr. 30 *Holders of rec. Apr. 27
International Petroleum
May
Houghton County Elec. Light, pref._ _ _ 75c. May 15 Apr. 23 to May 21
*14 July 1 Holders of rec. Juno 20
Jewell Tea, pref. (guar.)
I Holders of rec. Apr. 15a
Idaho Power, pref. (guar.)
Kellogg Switchboard & Supply (guar.)-- 50c. Apr. 30 Holders of rec. Apr. 24
14 May 1
Illinois Northern Utilities, pref.(guar.). 134 May 1 Holders of rec Apr. 15
Lake of the Woods Milling, corn:(guar.) 3
Juno 1 Holders of rec. May 23
Holders of roe. Apr. 156
Interstate Rys., corn.(no par stock)
June 1 Holders of rec. May 23
Preferred (guar.)
25e. May 1
Common (payable in no par corn.stk.) (a) May 1 Holders of rec. Apr. I5a
Lancaster Mills, preferred (guar.)
*134 May 1 *Holders of rec. Apr. 27
Holders of rec.
Lowell Elec. Light Corp.(guar.)
Lehigh Coal & Navigation (guar.)
May 29 *Holders of rec. Apr. 30
6234c May 1 Holders of rec. Apr. 15a
*$1
Apr. I36
Massachusetts Gas Coe., corn. Hoar.).. 134 May I
Loew's Boston Theatres, Inc., 1st pf.(gu) 2
May 1 Holders of rec. Apr. 24
Milwaukee Elec. By.& Light, pref.(qu ) 134 Apr. 30 Holders of rec. Apr. 15
Luther Manufacturing (guar.)
*2
May 1 *Holders of rec. Apr. 21
Holders of rec. Apr. 20a
Montreal Water & Power, corn
Massachusetts Cotton Mills (quar.)___ _ $1.50 May 11 Holders of rec. Apr. 21
623* May 15 Holders of rec.
Apr. 30a
Preferred
McIntyre Porcupine Mines
250. June 1 Holders of rec. May 1
334 May 15 Holders of rec. Apr. 30a
'
Melville Shoe Corp., common
Municipal Service Corp., pref. (guar.). _
50c. May 1 Holders of rec. Apr. 24
134 May I Holders of rec. Apr. 15a
Preferred (guar.)
Nevada-California Elec Corp.. pf.(au). 13(1 May 1
May 1 Holders of rec. Apr. 24
2
Holders of rec. Mar.300
Merchants Manufacturing (quar.)
Newport News & Hampton Sty.
May 1 *Holders of rec. Apr. 25
*1
Miller Rubber, common
Gas & Electric. corn. (guar.)
14 May 1 Holders of rec. Apr. 15a
$1.50 Ann 25 Holders of rec. Apr. 10
Missouri Portland Cement (guar.)
Nor.Staten Pow.(Del.), corn. A (quar.)
2
50c. May 1 Holders of rec. Apr. 22
May I Holders of rec. Mar.
Mohawk Mining (guar.)
Pacific Tel. & Tel., corn.(qu.)(No. 1)_
14 May 29 Holders of rec. May 31
June 2 *Holders of rec. May 2
$1
15a
Morris Plan Co.. Cleveland (guar.)
Penn-Ohio Power & Lt.,7% pref.(qu.)
134 May 1 Holders of rec. Apr. 226
134 May 1 Holders of rec. Apr. 25
National Refining, common (guar.).
7% pref. (guar.)
134 Aug. 1 Holders of rec. July
134 May 15 Holders of rec. May 1
22
National Supply,common (guar.)
8% preferred (guar.)
2
75c. May 15 Holders of rec. May 5
Aug. 1 Holders of rec. July 22
Packard Motor Car, preferred (guar.).- *14 June 15 Holders of rec. May 29
Philadelphia Company, coin.(guar.).
$I
Apr. 30 Holders of rec. Apr. la
Penn-Mex Fuel(No. 1)
Six per cent preferred
$1.50 May 1 Holders of rec. Apr. la
*50c. May 21 Holders of rec. May 15
Pierce, Butler & Pierce Mfg.,8% pf.(Qu.) 2
Philadelphia Rapid Transit (guar.)
$I
May 1 Holders of rec. Apr. 20
Apr. 30 Holders of rec. Apr. 15a
Seven per cent preferred (guar.)
Pittsburgh Utilities, oommon
$1
14 May 1 Holders of rec. Apr. 20
May I Holders of roe. Apr. 150
Procter & Gamble, common (quar.)_
Common (extra)
Holders of rec. Apr. 25
May
5
May I Holders of rec. Apr. 15a
Producers Oh Corp. of Am.,com.(No.1) 'Sc. July 15 *Holders of rec. June 15
Preferred
1
33(1 May I Holders of rec. Apr. 15a
Preferred (guar.)
Preferred (extra)
May 15 *Holders of rec. Apr. 30
*2
234 May I Holders
Pullman Company (guar.)
Pub. Buy. Co. of Nor. HI., corn.(quar.) *$1.75 May 1 'Holders of rec. Apr. 156
2
May 15 Holders of rec. Apr. 30
of rec. Apr. 15
common (guar.)
Pure Oil,
Six per cent preferred (guar.)
*3734c June 1 *Holders of rec. May 10
*134 May
Sagamore Manufacturing (guar.)
•1j,i May 1 'Holders of rec. Apr. 15
Seven per cent preferred (guar.)
*3
May -_
1 "Holders of rec. Apr. 15
Scotten-Dillon Co. (riar.)
Public:Service Eleo. Power,pref.(quar.) 134 May I Holders
May 14 *Holders of rec. May 6
*3
-B. Dry Goods, corn.(quar.)_ 114 May 1 Holders of rec. Apr. 20
Scruggs-V.
Public Service Investment, corn. (guar.) $1.75 May 1 Holders of rec. Apr. 156
of rec. Apr. 16
Common (extra)
Preferred (guar.)
4 May 1 Holders of rec. Apr. 20
134 May 1 Holders of rec. Apr. 15
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the current week. Then we follow with a second table, in which
we show the dividends previously announced, but which have
not yet been paid.
The dividends announced this week are:
APRIL 25 1925.1
THE CHRONICLE
Per
When
Cent. Payable.
Name.!Company.
Public Utilities (Concluded).
Quebec Power (guar.)
Sierra Pacific Elec. Co., pref.(quar.)--Southern Canada Power,corn.(guar.)_ _
Standard Power & Light. pref. (guar.)._
Tennessee Elec. Power, 2d pref.(quar.)Texas Electric Ry..common (guar.)._
Second preferred (guar.)
Texas Power & Light, pref.(guar.)
'Fri-City Ry.& Light,common (guar.)._
Common (guar.)
Common (guar.)
United Gas Improvement, pref.(qu.)_ _ _
United Lt.& Pow.,com. A & B (guar.).
Corn. A & B (pay.In Class Acorn.stk.
United Light & Rys., com. A & B (au).
Prior preferred (guar.)
Utica Gas & Electric. pref.(guar.)
West Penn Co.,7% pref.(quau.)
West Penn Power. Pref.(guar.)
Wisconsin River Power, pref. (quar.)...
York Railways, preferred (guar.)
Books Closed.
Days Inclusive.
Name of Company.
2115
Per
When
Cost. Payable.
Books Closed,
Days Dusluslee.
Miscellaneous (Cont(nued).
Congoleum-Nairn, Inc., com.(quar.).... 75e. Apr. 30 Holders of
reo. Apr. its
Preferred (guar.)
1% June 1 Holders of rec. May 16.
Continental Can, Inc., com.(guar.)_ _ _ _ $1
May 15 Holders of rec. May ba
Continental Motors (guar.)
200. Apr. 30 Holders of rec. Apr. 18.
Copper Range Co
Si
May 4 Holders of reo. Apr. 9.
Craddock-Terry Co., common (quar.)._ 3
June 30 Holders of rec. June 15
Common (guar.)
3
Sept.30 Holders of rec. sent.15
Common (guar.)
3
Dec. 31 Holders of rec. Dec. 15
234
First and second preferred
3
June 30 Holders of rec. June 15
21.4
First and second preferred
3
Dec. 31 Holders of rec. Dec. 15
231
Class C preferred
3% June 30 Holders of rec. June 15
8731r
Class C preferred
331 Dee. 31 Holders of roe. Dec. 15
450.
Crucible Steel, common (guar.)
1
Apr. 30 Holders of reo. Apr. 15a
(w)
Cudahy Packing,cont.(guar.)
1% July 15 July 7 to July 5
2
Common tquar.)
1% Oct. 15 Oct. 6 to Oct. 15
$1.62
Seven per cent preferred
3% May 1 Apr. 22 to May 1
131
Six per cent preferred (guar.)
3
May 1 Apr. 22 to May 1
1%
Cuyamel Fruit(quar.)
$1
May 1 Holders of
ifj
Decker (Alfred) & Cohn, Inc., com.(qu.) 50e. June 15 Holders of rec. Apr. 150
rec. June fa
*$1.75
Preferred (guar.)
114 June 1 Holders of rec. May 200
6234c
Diamond Match (guar.)
2
June 15 Holders of rec. May 290
Dominion Bridge (guar.)
1
May 15 Holders of rec. Apr.
Banks.
du Pont de Nemours Powder,corn.(qu.) 134 May 1 Holders of roe. Apr. 30
Bowery (guar.)
20a
3
May 1 Apr. 28 to Apr. 30
Preferred (guar.)
134 May 1 Holders of roe. Apr. 20a
Extra
7
May 1 Apr. 28 to Apr. 30
Eiseruann Magneto, prof. (guar.)
1,4 May 1 Holders of rec. Apr. 20
Corn Exchange (quay.)
5
May 1 Holders of rec. Apr. 30 Elgin National Watch (guar.)
50c. May 1 Holders of rec. Apr. 14a
Pacific (guar-)
2
May 1 Apr. 25 to Apr. 30
Extra
25c. May 1 Holders of rec. Apr. Ha
Extra
2
May 1 Apr. 25 to Apr. 30
Esmond Mills, common (guar.)
1% May I Holders of rec. Apr. 24
Preferred (guar.)
131 May 1 Holders of rec. Apr. 24
Trust Companies.
Eureka Pipe Line (guar.)
Si
May 1 Holders of rec. Apr. 15a
Farmers' Loan & Trust(guar.)
$2.66 May 1 Holders of rec. Apr. 180 Exchange Buffet Corp. (guar.)
3731e Apr. 30 Holders of rec. Apr. 18a
Fair (The), common (monthly)
20c. May 1 Holders of roe. Apr. 20
Miscellaneous.
Common (monthly)
200. June 1 Holders of rec. May 20
Common (monthly)
20e. July 1 Holders of rec. June 20
Allied Chemical & Dye, common (guar. Si
May 1 Holders of rec. Apr. 15a
Common (monthly)
20c. Aug. 1 Holders of rec. July 20
Allis-Chalmers Mfg., com. (guar.)
$1.50 May 15 Holders of rec. Apr. 240
Preferred (guar.)
13( May 1 Apr. 21 to Apr. 30
Aluminum Manufactures, Inc., com.(qu 3714c June 30 Holders of
rec. June I50 Fairbanks, Morse & Co.. corn.(qu.).
*65c. June 30 *Holders of rec. June 18
Common (guar.)
3731c. Sept.30 Holders of rec. Sept.15a
Preferred (guar.)
*1% June 1 *Holders of roe. May 15
Common (guar.)
3734c. Dec. 31 Holders of rec. Dec. 15a Fajardo Sugar (guar.)
2% May 1 Holders of rec. Apr. 180
Preferred (guar.)
131 July 1 Holders of rec. June 200 Famous Players-Lasky Corp., pref (qu.) 2
May 1 Holders of rec. Apr. its
Preferred (guar.)
131 Oct. 1 Holders of rec. Sept.20a Fisher Body Corp., corn.(guar.)
21.25 May 1 Holders of rec. Apr. 200
Preferred (guar.)
114 Janl'26 Holders of rec. Dec. 200 Fisk Rubber. 1st preferred
El
Amalgamated Sugar,first pref.(guar.). $2
May 1 Holders of rec. Apr. 27.
May 1 Holders of
American Bank Note, common (quar.)_ $1.25 May 15 Holders of rec. Apr. 160 Foot Bros. Gear & Machine, corn.(qu.). 250. July 1 June 21 to June 30
rec. May la
Common (quarterly)
25c. Oct. 1 Sept. 1 to Sept.30
American Beet Sugar,common (quar.)_
1
Apr. 30 Holders of rec. Apr. ha
Common (quarterly)
250. Jan1'26 Dec. 21 to Dee. 31
Common (guar.)
1
July 31 Holders of rec. July ha Francisco Sugar (guar.)
$1.50 July
Common (guar.)
Holders of rec. June 200
1
Oct. 31 Holders of rec. Oct. 10a
Quarterly
$1.50 Oct.
Common (guar.)
Holders of rec. Sept 210
1
Jan3015 Holders of rec. Jan.9'26a General Asphalt, pref. (guar.)
American Can, common (guar.)
131 June
Holders of rec. May 15.
134 May 16 Holders of rec. Apr. 30a General Cigar, common (quar.)
May
2
American Cigar, common (guar.)
Holders of rec. Apr. 220
11; May 1 Holders of rec. Apr. 15a
Preferred (quar.)
I% June
American Coal (guar.)
Holders of rec. May 23a
s50e. May 1 Apr. 11 to May 1
Debenture preferred (quar.)
1% July
American Glue, preferred
Holders of rec. June 230
2
May 1 Holders of rec. Apr.
General Motors Corp., pref. (guar.)._
1% May
Amer.La France Fire Eng.,corn,(guar. 25c. May 15 Holders of rec. May 16
Holders of rec. Apr. 60
8% debenture stock (guar.).
la
I% May
Amer. Laundry Machinery, com.(guar. 75e. June 1 May
Holders of rec. Apr.
23 to June 1
7% debenture stock (guar.)
1% May
American Linseed, prof
Holders of rec. Apr. 61
1;4 July I Holders of rec. June 200 Gibson Art Co., common (guar.)
Mc. July
Preferred
Holders of rec. June 20a
131 Oct. I
Common (extra)
100. July
American Locomotive. common (extra) $2.50 June 30 Holders of rec. Sept. 194
Holders of rec. June 204
Holders of rec. June 153 Gillette Safety Razor (guar.)
62Nr June
Common (extra)
Holders of rec. May la
22.50 Sept. 30 Holders of rec. Sept. 140
Extra
Common (extra)
1231c June
Holders of rec. May la
$2.50 Dec. 31 Holders of rec. Dec. 140 Gimbel Brothers, preferred (guar.)
114 May
Amer. Manufacturing, corn.(guar.)...
Holders of rec. Apr. 150
131 July 1 June 16 to June 30
Goodrich (ii. F.) Co.. pref. (guar.)
1% July
Common (guar.)
Holders of reo. June 150
131 Oct. 1 Sept. 16 to Sept.30
Gosaard (IL W.) Co., com.(monthly)._ 25c. May
Common (guar.)
Holders of rec. Apr. 200
131 Dec. 31 Dec. 16 to Dec. 30
Common (monthly)
25c. June
Preferred (guar.)
Holders of rec. May 20cr
134 July 1 June 16 to June 30
Preferred (guar.)
May
Preferred (guar.)
*Holders of rec. Apr. 20
134 Oct. 1 Sept. 16 to Sept.30
Great Northern Iron Ore Properties
21
Apr, 3 Holders of rec. Apr. lla
Preferred (guar.)
134 Dec. 31 Dec. 16 to Dec. 30
Gulf States Steel, first Prof.(guar.)
114 July
American Radiator, com. (guar.)
Holders of rec. June 15a
$1
June 30 Holders of rec. June 15a
First preferred (guar.)
Preferred (guar.)
134 Oct.
Holders of rec. Sept. 154
May 15 Holders of rec. Apr. 300
First preferred (guar.)
144 Jan 3'26 Holders of rec. Dec. 150
American Sales Book Co., Ltd., pt.(qu.
May 1 Holders of rec. Apr. 15
Halle Bros., 1st prof. Jr 2d pref.(quar.). 1% Apr. 30
American Shipbuilding, com. (guar.)._
Apr. 25 to Apr. 30
2
May 1 Holders of rec. Apr. 15
Harris Bros., pref. (guar.)
1% May 1 Apr. 11 to Apr. 30
Com mon(a uar.)
2
Aug. I Holders of rec. July 15
Hercules Powder, pref. (guar.)
.1.34 May 15 *Holders of rec. May 5
Preferred (guar.)
I% May 1 Holders of rec. Apr. 150 Hibberd.Spencer,Bartiett
& CO.(mthLv.) 35c. May 29 Holders of rec.
Amer.Smelt.& Heft., com.(guar.) _
May 22
134 May I Holders of rec. Apr. I30
Monthly
Preferred (guar.)
35c. June 26 Holders of rec. June 19
June 1 Holders of rec. May 8a
Extra
American Steel Foundries
200. June 26
Holly Sugar Corporation, pref.(quar.).. 1% May I Holders of rec. June 19
Common (See Note 2)
Holders of ree. Apr. 15
Preferred (for guar.ending Aug.1 1922) 6114 May
Anaconda Copper Mining (guar.)
1 Holders of rec. Apr. 15
75c. May 25 Apr. 19
Hood Rubber, pref. (guar.)
Archer-Daniels-Midland. pref. (guar.). $1.75 May 1 Holders to May 20
131 May 1 Apr. 21 to May 1
of rec. Apr. 200 Hupp Motor Car, common (guar.)
25c May 1 Holders of rec. Apr. 15a
Art Metal Construction (guar.)
25e. Apr. 30 Holders of rec. Apr. 170 Illinois Brick (guar.)
Associated Dry Goods Corp., corn. (qu.
2.40 July 15 July 4 to July 15
134 May 1 Holders of rec. Apr. Ila
Quarterly
2.40 Oct. 15 Oct. 4 to Oct. 15
First preferred (guar.)
134 June I Holders of rec. May 20 Indiana Pipe Line (guar.)
Second preferred (guar.)
$1
May 15 Holders of rec. Apr. 17.
131 June 1 Holders of rec. May 2a International Nickel, pref. (guar.)
Atlantic Refining, preferred (guar.)--1% May 1 Holders of rec. Apr. 16a
m May 1 Holders of rec. Apr. 150 International Shoe
(monthly)
Atlas Powder, preferred (guar.)
50c. May 1 Holders of rec. Apr. 150
131 May 1 Holders of rec. Apr. 20a Intertype Corporation, com.
(quar.)
Austin, Nichols & Co., Inc., pt.(guar.)
25c. May 15 Holders of rec. May la
131 May 1 Holders of rec. Apr. 150 Iron Prod. Corp.(stk.of Essex
Babcock & Wilcox Co.(guar.)
Fdy. Co.) t20
May 15 Holders of rec. Apr. 156
July 1 Holders of rec. June 20
Preferred (guar.)
Quarterly
62 May 15 Holders of roc. May 1
Oct. 1 Holders of rec. Sept. 20
Kaufmann Dept. Stores. corn. (guar.)._ $2
Quarterly
May. 1 Holders of rec. Apr. 20
Janl'26 Holders of rec. Dec. 20
Kelsey Wheel, pref. (guar.)
Quarterly
1% May 1 Holders of rec. Apr. 200
Aprl'26 Holders rec. Mar 20'26a Kinney(G.It.) Co.,
common
Balaban & Katz, common (monthly)._
"51
July 1 *Holders of rec. June 20
25c. June 1 Holders of rec. Apr. 200
Preferred (guar.)
Common (monthly)
*2
June 1 *Holders of rec. May 20
25c. June 1 Holders of rec. May 200 Kress (S. H.)
Co.. corn.(guar.)
Common (monthly)
1
May 1 Holders of rec. Apr. 300
25c. July 1 Holders of rec. June 200 Liggett's
International, Prof
Preferred (guar.)
$1
May 1 Holders of rec. Apr. 15a
July 1
June 21
Loew's Boston Theatres (guar.)
Bang Service Stations, Inc.. pref. (au.)
May I Holders of rec. Apr. 15
Loose-Wiles Biscuit, 2d pref. (quar.)... 3134c May 1 Holders of rec. Apr. 204
Barnhart Brothers & Spindler
1% May 1 Holders of rec. Apr. 170
Lord & Taylor. 2d preferred (guar.).
First and second preferred (guar.) _
% May 1 Holders of rec. Apr.
2
May 1 Holders of rec. Apr. 180
25a Macy (R. II.) & Co., pref. (guar.)
Beacon Oil, pref.(guar.)
13.4 May 1 Holders of rec. Apr. 181
1.8731 May 15 Holders of rec. May 1
Magma Copper
Beech-Nut Packing, common (guar.)_ _
75c. July 15 Holders of rec. June 15
60c. July 10 Holden; of rec. June 25a Magnolia Petroleum
(guar.)
Preferred, Class B (guar.)
$1
July
July 15 Holders of
Holders of rec. June 19
Stock dividend
Bigelow-Hartford Carpet, corn. (guar.) *$1.50 May 1 *Holders of rec. July la
1
Oct. b
rec. Apr. 15
Manati Sugar,common (quay.)
Preferred (quar.)
lilt June 1 Holders of rec. May 1e0
.
131 May 1 *Holders of rec. Apr. 15
Common(quar.)
Bond & Mortgage Guarantee (quar.)... 3
1m Sept. 1 Holders of rec. Aug. Its
May 15 Holders of rec. May 8
Marlin-Rockwell
Borden Company,corn.($50 par)
25c. May 1 Holders of rec. Apr. 200
June 1 Holders of rec. May 15a McCrory Stores Corp.. corn.(guar.)_ _
$1
Corp..pref..(quar.)
Preferred (guar.)
114 May 1 Holders of rec. Apr. 204
131 June 15 Holders of rec. June la
Preferred (guar.)
Brill (J. G.) Co., Dref. (guar.)
1.14 Aug. 1 Holder, of rec. My 200
131 May 1 Apr. 25 to Apr. 30
Preferred (guar.)
Brown Shoe, pref.(guar.)
114 Nov. I Holders of rec. Oct. 20.
May 1 Holders of rec. Apr. 200 Metropolitan
Chain Stores, Inc.
Buckeye Pipe Line (guar.)
June lb Holders of rec. Apr. 25
First
Burns Bros., corn.. cl. A (guar.)
$2.50 May 15 Holders of rec. May. la Miami and second preferred (quar.).... 21.75 May 1 Apr. 19 to Apr. 30
Copper
Common,class B (guar.)
25c. May 15 Holders of rec. May
50c. May 15 Holders of rec. May la Montgomery (guar.)
Ward & Co., cl. A (au.). _ *$1.75 May 1 *Holders of rec. Apr. la
Prior preferred (guar.)
May 1 Holders of rec. Apr. 29a
20
Class A (acct. accumulated div.)
Butler Bros.(guar.)
125.25 May 1 "Holders of rec. Apr. 20
314 May 15 Holders of rec. Apr. 30
Montreal Cottons, Ltd., common (qu.)
California Packing Corp.(guar.)
21.50 June 15 Holders of roe. May 20a
131 June 15 Holders of rec. May 31
Preferred (guar.)
Canada Cement, pref. (quar.)
1% June 15 Holders of rec. May 31
May 16 Holders of rec. Apr. 30
Moon Motor Car (guar.)
Cartier, Inc., pref. (quar.)
75c. May 1 Holders of rec. Apr. 150
Apr. 30 Holders of rec. Apr. 15
Moore Drop Forging, class A
Celluloid Co., pref.(guar.)
$1.07 May 1 Holders of rec. Apr. 15
2
May 15 Holders of rec. Apr. 30s Mullins
Body. preferred (guar.)
$2
Century Ribbon Mills, Inc. (guar.)_
_ 50c. Apr.3 0 Holders of rec. Apr. 18a
May 1 Holders of rec. Apr. 150
Murray Body
Cerro de Pasco Copper (guar.)
May 1 Holders of rec. Apr.
$1
Common (payable in common stock)._ 11% July 1
Chicago Wilm.& Frank. Coal, Pf.(au.). 114 May 1 Holders of rec. Apr. 230
Common (payable in common stock)._ 1131 Oct. 1 Holders Of rec. June 160
Chicago Yellow Cab (monthly)
Holders of rec. Sept. 160
334c. May I Holders of rec. Apr. 14a
Common (payable in common stock)... f
200
Monthly
134 Jan.1'26 Holders of rec. Dec.
331sc. June 1 Holders of rec. May 20a Nash
Motors, prof.(guar.)
131 May 1 Holders of rec. Apr. 16a
10c. May 1 Apr. 11 to Apr.
Chief Consol. Mining
National Biscuit, com.(guar.)
19
75c. July 15 Holders of rec. June 20a
Childs Co
Preferred (guar.)
1% May 29 Holders of rec. May 300
Common (no par value) (extra)
(o) July 1 Holders of rec. May 29a National
May 15 Holders of rec. Apr. 154
Common (no par value)(extra)
(o) Oct. 1 Holders of rec. Aug. 280 National Brick, 7% pref.(guar.)
30
Carbon. pref. (guar.)
2
May 1 Holders of rec.
Common (no par value)(extra)
(o) Dec. 30 Holders of rec. Nov. 28a National Cloak & Suit, pref.
114 Juno 1 Holders of rec. Apr. 21
Cincinnati Tobacco Warehouse
May 15 Holders of rec. May Pa Nat. Department Stores, (guar.)_ _ _ _
$1
May.260
1st pt. (cu.). 1% May 1 Holders
Co.
Cities Service
of rec. Apr. 150
Second preferred (guar.)
•1U June 1
Common (monthly)
•34 May 1 *Holders of rec. Apr. 15
Nat. Enameling dr Stamping,Prof.(qu.). 134 June 30 *Holders of rec. May 15
Common (payable in common stock). *fli May 1 *Holder, of rec. Apr. 15
Holders of rec.
Preferred (guar.)
(monthly)
131 Sept.30 Holders of rec. June 10
•% May 1 *Holders of rec. Apr.
Preferred and pref. B
15
Preferred (guar.)
1% Dec. 31 Holders of rec. Sept.10
Common (monthly)
*N June 1 *Holders of rec. May 14
Dee. 11
National Lead, pref.(guar.)
13.4 June 15 Holders of
.f
Common (payable in com. stock).... 4 31 June 1 *Holders of rec. May 15
National Tea, pref.(guar.)
1% May 1 Holders of rec. May 220
*N June 1 *Holders of rec. May 15
Preferred and preferred B (monthly)._
New Cornelia Copper (quar.)
25c. May 25 Holders of rec. Apr. 20
Ice & Fuel of Cleveland, COM.(qU.) 50e. June 1 Holders of rec. May 12
City
rec. May 8a
New England Bakery, 1st pref.(quar.)
1% May 1 Holders
500. Sept. 1 Holders of roe. Aug. 12
Common (quar.)
of rec.
Second preferred (guar.)
I% May I Holders of rec. Apr. I
50c. Dec. 1 Holders of rec. Nov. 11
Common briar.)
Apr. 1
New Jersey Zino (guar.)
2
May 9 Holders of rec. Apr. 200
(guar.)
Cleveland Stone
134 June 1 Holders of roe. May its New Niquero Sugar (guar.)
2
May 1 Holders of rec. Apr. 25
114 Sept. 1 Holders of rec. Aug. 150 New York Air
QuarterlY
Brake, common (quar.).. 51
May 1 Holders of rec. Apr. 8
Clinchfield Coal Corp., pref. (quar.).... '131 May 1 Holders of rec. Apr. 25
Class A (guar.)
51
July I
134 May 1 Holders Of rec. Apr. 200 Orpheum Circuit,
Cluett. Peabody & Co.. corn. (guar.)._
common (monthly).- 15c. May 1 Holders of rec. June 10
may 1 Holders of rec. Apr. 20a
81
Columbian Carbon (quar.)
Holders of rec. Apr. 20.
Common (monthly)
15c. June 1 Holders of rec. May 20.
630. May 15 Holders of rec. Apr. 30a
Commercial Invest. Trust, com.(MO
Common (monthly)
15e. July 1 Holders of rec. June 205
1N
134
$1
$1.75
$1.50
1
1%
131
May
Holders of rec. Apr. 22
May
Holders of rec. Apr. 140
May I Holders of rec. Apr. 30
May
Holders of rec. Apr. 16
May
Holders of rec. Apr. 13
June
Holders of rec. May 15
May
Holders of rec. Apr. 15
May
Holders of rec. Apr. 16
July
Holders of rec. June 20
Oct.
Holders of rec. Sept.20
Jan1'2 Holders of rec. Dec. 20
June 1 Holders of rec. May 290
May
Holders of rec. Apr. 150
May
Holders of rec. Apr. 15a
May
Holders of rec. Apr. 154
May
Holders of rec. Apr. 15a
May 1 Holders of rec. May 50
May 1 Holders of rec. May 1
May
Holders of rec. Apr. 15a
May 20 *Holders of rec. Apr. 30
Apr. 30 Holders of rec. Apr. 204
ea
131
131
131
131
134
1f-(
131
131
I
1
131
131
$1
131
131
194
Name of Company.
When
Per
Cent. Payable
Books Closed.
Days Inclusive.
Miscellaneous (Concluded.)
75c. July 1 Holders of rec. June 156
Owens Bottle. common (quay.)
134 July 1 Holders of rec. June 15a
Preferred (quar.)
30c. Apr. 30 Holders of rec. Apr. 150
Packard Motor Car (quar.)
May 15 Holders of rec. May
2
Penmans. Limited, common (guar.)
1% May 1 Holders of rec. Apr. 21
Preferred (quar.)
144 May 1 Holders of rec. Apr. 20a
Corp., pref.(guar.)
Phillips-Jones
400. Slay 1 Apr. 25 to Apr. 30
Pick (Albert) & Co., corn.(quar.)
May 1 Holders of rec. Apr. 206
$1
Postum Cereal Co..common (quar.)
(no par stock)(quar.)- 500. Apr. 30 Holders of rec. Mar.316
Prairie Oil & Gas
2
Apr. 30 Holders of rec. Mar.316
Prairie Pipe Line (quar.)
144 June 9 Holders of roe. May 19a
Pressed Steel Car, pref.(quar.)
194 Sept. 8 Holders of roe. Aug. 186
Preferred (qua:.)
Holders of rec. Nov. 17a
11i Dec.
Preferred (guar.)
2
May 15 Holders of rec. Apr. 30
Producers Oil Corp., pref.(guar.)
4 Holders of rec. Apr. 170
Producers & Refiners Corp., pref. (qu.)_ 87S4c May
$1.25 May 15 Holders of rec. May la
Punta Alegre Sugar (quar.)
Pyrene Manufacturing, common (quar.) 250. May 1 Apr. 21 to Apr. 30
134 May 29 Holders of rec. May la
Quaker Oats, pref. (quar.)
May 12 May 2 to May 12
Remington Typewriter,2d pref.(quar.). 2
May 12 May 2 to May 12
diva.)_ /2
Second pref. (account annum.
250. May I Holders of rec. Apr. 156
Reynolds Spring, common (quar.)
134 July 15 Holders of rec. June 306
Radiator, pref.(quar.)
Richmond
15
Rocki'd&Rockp't Lime Corp.,com.(qu.) 1% May 1 Holders of rec. Apr. 306
141 Jet. 15 Holders of rec. Sept.
Preferred (quiz.)
11t Ian 1526 Holders of rec. Dec. 3I0
Preferred (guar.)
1% May 1 Holders of roe. Apr. 17
Russell Motor Oar, pref.(quar.)
une 20 June 10 to June 21
60e.
St.Joseph Lead (qua?.)
600. Sept.21 Sept. 10 to Sept.21
Quarterly
600. Dec. 21 Deo.10'26to Dec.21 '25
Quarterly
144 May 1 Holders of rec. Apr. 23
St. Lawrence Flour Mills, pref.(guar.) __
May 20 Holders of rec. Apr. 206
$3
St. Mary's Mineral Land
20c. May 1 Holders of rec. Apr. 156
Salt Creek Producers' Assoc.(guar.)-400. May 1 Holders of rec. Apr. 15a
Extra
134 May 15 Holders of rec. May la
Savage Arms second preferred (quar.)
$1.50 May 1 Holders of rec. Apr. 15
savannah Sugar.common (guar.)
134 May 1 Holders of rec. Al/r. 15
Preferred (qua:.)
May 1 Holders of roc. Apr. 236
Scott Paper, preferred (quar.)
Roebuck & Co., corn.(guar.).- 154 May 1 Holders of rec. Apr. 156
Sears,
May 15 Holders of rec. May 56
Selberling Rub., pi. (acct. aecum. div.)_ /12
June 15 Holders of rec. June 56
Preferred (account accum. dividend). 112
50c. May 15 Holders of rec. Apr. 30
Sherwin Williams Co., common
134 June 1 Holders of roe. May 15a
Preferred (guar.)
134 May 1 Holders of rec. Apr. 156
Simmons Company. pref. (quar.)
May 15 Holders of rec. May la
(guar.) 2
Sinclair Consol. Oil Corp., pref.
250. May 15 Holders of rec. May 1
Smith (A.0.) Corp.. corn. (quar.)
1% May 15 Holders of rec. May 1
Preferred (quar.)
Spalding(A. U.)* Bros., lot pref.(au.). 1% June 1 Holders of rec. May 166
2
June 1 Holders of rec. May 166
Second preferred (quar.)
144 June 1 Holders of rec. Apr. 24
Standard Oil (Ohio). pref.(quar.)
May 1 Holders of rec. Apr. 8
Steel Co.of Canada, corn.& pfd.(qui
May 1 Holders of rec. Apr. 166
$1
Sterling Products(qua:.)
144 May I Apr. 21 to Apr. 30
Stover Mtg. & Engine, prof. (quar.)
134 May 1 Holders of rec. Apr. 156
Sugar Estates of Oriente, Pref.(quer.)- 900. Aug. 11 Holders o rec. July 156
Swift Internacional
250. May 1 Holders of rec. Apr. 150
1 elautograph Corp.. com.(No.I)
Thompson (John R.) Co.,com.(mthly) 25c. May 1 Holders of rec. Apr. 236
25e. tune 1 Holders of rec. May 236
Common (monthly)
1
May 15 Holders of rec. May la
Tobacco Products Corp., Class A (qu.)_
450. May 9 Holders of rec. Apr. I60
Union 011 Associates(guar)
450. May 9 Holders of rec. Apr. 166
Union Oil of California (guar.)
2% May 11 Holders of rec. May 1
Union Storage (guar.)
254 Aug. 11 Holders of roe. Aug. 1
Quarterly
2% Nov. 11 Holders of red. Nov. 1
Quarterly
Holders of rec. May 156
154 June
Drug,common (quar.)
United
87%1 May 1 Holders of rec. Apr. 156
lot preferred (quar.)
1% June I Holders of rec. May 156
Second preferred (quar.)
144 July 1 Holders of rec. June 150
United Dyewood, pref. (quar.)
134 Oct. 1 Holders of rec. Sept. 154
Preferred (quar.)
144J an 1'20 Holders of rec. Doe. 156
Preferred (guar.)
2% July 1 Holders of rec. June 66
United Fruit(qua:.)
2% Jct. 1 Holders of red. Sept. 64
Quarterly
2)4 tan 2'26 Holders of roe. Dee. 60
Quarterly
United Verde Extension Mining (guar.). 50c. May 1 Holders of rect. Apr. 34
la
S. Cast Iron Pipe de Fdy., Pref.(qu.)- 134 June 11 Holders of rec. June la
U.
2.511 June IL Holders of rec. June
Preferred (extra)
1% Sept. IL Holders of rec. Sept. la
Preferred (quar.)
141 Dee. it Holders of roe. Dec. la
Preferred (quar.)
Apr. 15
U.S. For'n Sec. Corp.. 1st pt. (full pa)d) $1.50 May I *Holders of rec. Apr. 15
*37S4c Slay 1 Holders of rec.
First preferred (25% paid)
•250. Apr. 30 Holders of rec. Apr. 24
ET.8. Glass (quar.)
14( May 1 Holders of rec. Mar. 56
U.S. Realty* Impt.. pref.(guar.)
May 15 Holders of rec. Apr. 200
2
United States Rubber. 1st pref.(qua:.)
Apr. 15a
Universal Pipe & Radiator. pref.(qu.).- 11‘ May 1 Holders of rec. Apr. 15
500. May 1 Holders of rec.
Ventura Consolidated 011 Fields
134 May 1 Holders of rec. Apr. 240
Co.. pref.(gnat%)
Washburn-Crosby
Weber & HellbronerApr. 30 Holders of rec. Apr. 150
Common (payable in common stock)._ /2
June 30 Holders of rec. June 154
$1
Common (Guar.)
$1
Sept.30 Holders of rec. Sept.154
Common (quar.)
Dec. 30 Holders of res. Dec. 15
Si
Common (qua:.)
134 June 1 Holders of rec. May 15
Preferred (guar.)
134 Sept. 1 Holders of rec. Aug. 17
Preferred (guar.)
134 Dec. 1 Holders of rec. Nov.16
Preferred (qua:.)
4.4
May 6 Holders of rec. Apr. 22
West Comstock Gold Mines(No. 1). July I June 21 to June 30
Grocer, preferred
Western
Jan 1'26 Dee. 20 to Jan.1'26
Preferred
Apr. 30 Apr. 1 to Apr. 14
Westinghouse Air Brake (quar.)
Apr. 30 Mar.11 to Mar.24
Westinghouse Elec. & Mtg., corn. (qu.)
May 5 Holders of rec. Apr. 15
Wilcox (H. F.) 011 & Gas (guar.)
July 1
Mills. preferred (quar.)
Winnsboro
May 15 Holders of rec. May 5
Wolverine Portland Cement(qua:.)
Wrigley (Win.) Jr., & 00.250. May 1 Holders of rec. Apr. 200
Month11
250. June 1 Holders of rec. May 206
Monthly
260. July 1 Holders of rec. June 206
Monthly
(guar.)._ 750. June 1 May 2 to May 20
Woolworth (F. W.) Co., corn.
of rec. Apr. 206
Cab Mfg.. Class B (monthly)... 21c. May 1 Holders of rec. May 206
Yellow
21c. June 1 Holders
Class B (monthly)
York Stock Exchange has ruled that stock
•From unofficial sources. f The New
further notice. z The
will not be quoted ex-dividend on this date and not until will not be quoted exAssociation has ruled that stock
New York Curb Market
dividend on this date and not until further notice.
e Payable In stock.
a Transfer books not closed for this dividend. d Correction.
account of accumulated
fPayable in common stock. g Payable in scrip. h On Canadian funds.
In
dividends. m Payable in preferred stock. n Payable
Installments on April 1,
Annual dividend for 1925, all Payable in equal quarterly
follows; On the common
July 1, Oct. 1 1925 and Jan. 1 1926, have been declared as
installment
instailment$1 10:prior preference. 7%,quarterly
stock $4 40, quarterly
participating
134%;participating preferred, 7% regular, quarterly installment 134%; installment
quarterly
Preferred,2% extra,quarterly installment 54%;preferred,8%.
144%.
Payable in stock of the Essex Foundry Co.
r New stock issued as a stock dividend participates In this distribution.
s Dividend is one-twenty-fifth of a share of no-par common stock.
of common
t The stock dividends declared by Western Pacific RR. are one share
whether
and one share of preferred for every six shares of stock now outstanding, meeting
common or preferred,and are subject to ratification at a special stockholders'
to be held May 11.
stock
o Childs Company stock dividends are one share of no par value common
for each 100 shares no par value common stock held.
common stock.
so Dividend Is one-fortieth of a share of Class A
action and rez Declared a dividend of $1 a share, but directors reconsidered their
duced the dividend to 50 cents a share.
g Extra dividend on common stock is $187,500.
proposition to
z American Steel Foundries stockholders on Apr. 22 approved the
par stock,
increase stock from $750,000 ($33 1-3 par) to 1,000,000 shares of no tour shares
present common stockholders to receive five shares of new common for
of old.
[VoL. 120.
THE CHRONICLE
2116
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending April 18. The
figures for the separate banks are the avergaes 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.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars-that (s, three ciphers (000) omitted.)
New
Capital]Profits Loans,
B
Net
Time Bang
wIth
Week Ending
Discount, Cash
De- CircaApril IS 1925 Nat'l, Dec.31 Invest
Legal Demand
in
State, Mar.25 aunts, RMS. Deposi- Deposits. posits. IaNon.
torta.
&a.
(000 omitted.) Tr.Cos.Mar.25
Members of F d. Res
Bank of N Y
Trust Co_ ._ - 4,000
13k of Manhat' 10,000
Mech & Met Bk 10,000
6,500
Bank of Americ
Nat City Bank_ 50,000
Chemical Nat__ 4,500
1,000
Nat Butch & D
5,000
Amer Each Na
Nat Bk of Corn. 25,000
Pacific Bank... 1.000
Chat&Phen Na 13,500
Hanover Nat'l_ 5,000
Corn Exchange_ 10,000
National Park__ 10,000
East River Nat'l 2,100
First National__ 10,000
Irving Bk-ColTr 17,500
Continental_ _ _ 1,000
Chase National_ 20,000
500
Fifth Avenue__
600
Commonwealth
Garfield Nat'l__ 1,000
Fifth National_ 1.200
Seaboard Nat'l_ 5,000
Coal & Iron Nat 1,500
Bankers Trust_ 20.000
US Mtge & Tr_ 3,000
Guaranty Trust 25,000
Fidelity-InterTr 2.000
10.000
NY Trust
Farmers'Ln&Tr 10,000
Equitable Trust 23.000
Bank. Average Averap Away
$
12,448 69.8
858 7,00
2,512 16,51
14.303 148,94
16,383 175,882 3,433 22,183
5,243 81,641 1.686 11,640
60,552 600,493 4,517 66,142
17,228 120,445 1,160 14,75
307
136 1,10
10.480
989 12,566
8,383 109,011
39,979 321,217 1,045 36.182
32,981
1,710
994 4,606
12,548 213,816 4,225 24,26
23,827 125,826
568 15.057
13,995 203,511 6,147 25.989
23,785 181,34
1,007 17,89
1.963 33,436 1,175 3,456
68,011 327.31
481 25,96
12,536 280,319 2,787 38.183
153
1,056
7,879
832
26,015 369,350 4,471 46,99
24,531
749 3.304
3,016
13,295
455 1,345
1,047
442 2,896
1,657
18,235
177 2.555
1,446
li.292
8,263 105,796
955 13.561
1,424
21,101
313 2,385
28,131 314,467 1,005 35,02
700 6,511
4,569 60,771
19,559 427,807 1,386 46,056
419 2,391
2,171
20,821
593 21,010
19,292 170,890
411 15,457
17,674 149,804'
12,201 254,085 1,396 28,998
Average
Away Aft.le
51,766 8,23
120,717 24,21
166.63 11.813 548
4,246
86.85
*624,899 111.112 -666
348
114.357 4,081
494
8.113
96,683 7,486 4,954
276,322 10,318
30,154 3,654
168,459 40,640 s:iii
-112,985
.
187.392 28:55
9,209 s:666
135,61
494
24,370 8,224
193,904 24,874 3.049
270,433 31,613
39
6,052
-991
*365,936 19,04
24,884
9.524 3,282
381
16,092
1,144
18,61
103,309 3,127
17.721 2,054
*278,314 42,662
54.440 5,56
*420,46 48,00
18.381 1,915
154,75 26,639
*119,132 21,415
*280,82 3
3,049
Total of averages 308, II 80,746 5,014.620 47.343 570,820 c4,236.2831537,322 22,242
Totals, actual c. ndition Apr. 1:5,041.322 48.142 549,637 c4,223,127' 39.629 22,427
Totals, actual e. ndition Apr. 1i4.982.826 48,208 589,794 c4,214,941 537.469 22,058
Totals, actual c. nditlon Apr. 4 5.085,163 46,883 572,269 c4,282.662 528,007 21,804
State Banks Not M mbers of Fed'i Res've Bank.
22,192 1,303
22,172 1,932 2.356
2,480
Greenwich Bank 1,0
360
306
5,322
2,80e 1,897
908
250
Bowery Bank__
35.003 62,557
5,396 100,802 4,217 2,199
State Bank _ _ _ _ 3,5
Total of averages
4,7
8,782
128,296
6.509
60,001 65,757
4.861
Totals, actual c ndition Apr. 1: 128,372 6,352 4,591
Totals, actual c ndition Apr. 11 127,502 6,935 4,552
Totals, actual co ndition Apr. 4 126,222 6.450 4,520
Trust Companies Not Members of Fed 1 Res' ye Bank.
59,750 1,523 4,142
Title Otter & T 10,000 16.501
881 1,812
22,612
Lawyers Trust_ 3,000 3,031
59,615 65,792
59,458 65,661
57,832 65,533
37.671
17,620
2,505
1,091
13,000 19,532
82,382
2,384
5,954
55,298
3,596
Totals, actual c ndltion Apr. 1
Totals, actuate' ndition Apr. 11
Totals, actual condition Apr. 4
83,683
81,208
81,873
3,126
2,380
2.301
6,292
5,828
6.026
57,787
53,906
55,06(
3,141
3,697
3,579
Total of average
Gr'd agar.,aver. 328,650 503.061 5,225,27 56,236 81.635 4,351,582608,87522,242
+140 1,005 +175
Comparison with prey. week
+4,968 +4,379 +256
Gr'd aggr., act' condo Apr. 1 5,253,377 55,620 560,520 4,340,529808,56222,427
Comparison with prey. week. +61,841 1,9031-39,664 4,328,305
+12,2241+1.736 +371
Gr'd
Ord
Gr'd
Gr'd
Gr'd
Gr'd
aggr., act'
aggr., act'
aggr., ace
aggr., act'
aggr., act'
aggr., act'
ond'n
ond'n
ond'n
ond'n
ond'n
ond'n
Apr. 11 5,101,536
Apr. 4 5,253,25
Mar,2 5,253,962
Mar.21 5,246,98
Mar.14 5.323,679
Mar. 7 5,353.78
57,523600,184
55,634 582,815
58.327605,415
55,979558,114
55,8936i0,260
58,154561,517
606,82722,056
4,395,554 597.11921.804
4,388,851 597.58521.537
4,373,004,598,207 21,455
4,495.862 585,05721,395
4,510,244 577,14921,361
-U. S. deposits deducted from net demand deposits in the general totals
Note.
above were as follows: Average total April 18, $ 1,386.000; actual totals April 18,
4
4
$34,562,000; April 11, 145,252,000; April 4, 6 8,135,000; Mar. 28, 648,135,000:
Mar. 21, $48,135,000. Bills payable, rediscounts, acceptances and other liabilities,
average for week April 18, 8619,266,000; April 11, $622.394.000; April 4, $606,457.
000; Mar. 28, $617,258,000; Mar. 21. $612,143,000. Actual totals April 18. $638.568,000; April 11, $628,828,000; April.4, $4327,739.000; Mar. 28, $840,470,000;
Mar. 21, $595,136,000.
*Includes deposits in foreign branches not included in total footings as follows:
National City Bank, 8137,442,000; Chase National Bank, $11,523,000; Bankers
Trust Co., $19,535,000; Guaranty Trust Co., $82,165,000; Farmers' Loan & Trust
Co., 85.786,000; Equitable Trust Co., $65,369,000. Balances carried In banks in
foreign countries as reserve for such deposits were: National City Bank,$17,428,000.
Chase National Bank, 83,242,000; Bankers Trust Co., $983,000; Guaranty Trust
Co.. $3,136,000; Farmers' Loan & Trust Co., $ ,786,000; Equitable Trust Co.,
5
$7,755,000. c Deposits in foreign branches not Included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the actual
condition at the end of the week is shown in the following
two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES,
Averages,
Cash
Reserve
Reserve
in
in Vault. Depositories
Members Federal
Reserve Bank...
State banks*
Trust companies._ _
Total April 18....
Total April 11_ _ _ _
Total April 4._ _
Total Mar. 28....
Total
Resave,
Reserve
Required.
Surplus
Reserve.
570.820,000 570,820,000 566,836,450
4.881,000 11,370,000 10,800,180
5,954,000 8,338,000 8,294,700
3,983,550
589,820
43,300
8,893,000 581,635,0001590,528,000 585,931,330
9,115,000 581,460,0001591,575,000 585,075,210
8,538.000 593 320,000601,858,000 595.580,070
,
8.466.000 581,291.000 580.685.000 586.730.840
4,596,670
5.499.790
6,277,930
2.054.160
6,509,000
2,384,000
• Not members of Federal Reserve Bank.
a This Is the reserve required on the net demand deposits n the case o 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 depos to. which was as follows:
April 18. $16,119,860; April 11. 315,991,890; April 4, $15,867,120; March 28,
$15,992,230.
APRIL
THE CHRONICLE
25 1925.1
Actual Fluures.
Reserve
Cash
Reserve
In
in Vault. Depositories
Total
Reserve.
a
Reserve
Required.
Surplus
Reserve.
Members Federal
Reserve Bank_
State banks.
Trust companies._ _
9,478,000 560,520,000 569.998.000 584,594,130 -14,596.130
9.315,000 600,184,000 609,499,000 582,854,740 26,644,260
8,751,000 582,815,000 591,566,000 591,255,030
310,970
8.557.000 605,415.000 613,872,000 590,380,970 23,591,030
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:
BOSTON CLEARING HOUSE MEMBERS.
$
549,637,000 549,637,000 565,195.380 -15,558,380
6.352.000 4,591,000 10,943,000 10.730,700
212.300
3,126,000 6,292,000 9,418,000 8,668,050
749,950
Total April 18__
Total April 11_
Total April 4._ _ _
Total Mar. 28_ _ _ _
•Not members of Federal Reserve Bank.
a This Is the reserve required on net demand deposits in the case of State banks
and trustcompanies. but lathe case of members of the Federal Reserve Bank includes
also amount of reserve required on net time deposits, which was as follows: April 18,
516,188.870: April 11. 316,124,070: April 4, 315,810.210: Mar. 28, 515,854,910.
2117
April 22
1923
Changesfrom
previous meek.
April 8
1924.
April 15
1926
$
$
$
Capital
65,300,000 Unchanged
65.300.0M
Surplus and profits
87,387,000 Inc.
255,000 87,132,00f
Loans, diacla & Investments_ 886,312,000 Dec. 18,964.000 905.276.00C
Individual deposits.Incl. U.S.638,181,000 Dec. 2.466,000 040,847,00(
Due to banks
137,579,000 Inc. 1,384,000 136,195,00C
Time deposits
183,432,000 Dec. 6,502,000 189.934.00C
United States deposits
13,916,000 Dec. 5,993.000 19,909,00C
Exchanges for Clearing Howe 27,621,000 Dec. 1,829.000 29,450.00C
Due from other banks
107,574,000 Inc. 12,735,000 94,839.01K
Reserve in Fed. Res. Bank
74.639,000 Dec.
400,000 75,039,01K
Cash in bank and F.R.Bank.. 9,776.000 Dec.
398,000 10,174,01K
Reserve excess In bank and
Federal Reserve Bank
969.000 Inc.
548.000
421.00f
65.300.000
78,778.000
906,655.000
623,913,000
136,187.000
191,036,000
24.357,000
26.123,000
89404.000
74.697,000
10,267.000
State Banks and Trust Companies Not in Clearing
847.000
House.
-The State Banking Department reports weekly
figures showing the condition of State banks and trust comPhiladelphia Banks.
-The Philadelphia Clearing House
panies in New York City not in the Clearing House as follows: return for the week ending April 18, with comparative figures
for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
requirements for members of the Federal Reserve System
NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
are 10% on demand deposits and 3% on time deposits, all
(Figurer Furnished by Stale Banking Department.)
Differences from to be kept with the Federal Reserve Bank. "Cash in vaults"
Apra 11.
Previous Week. is not a part of legal reserve. For trust companies not memLoans and investments
1,042,685,100 Inc.$19,925,100 bers
of the Federal Reserve System the reserve required is
Gold
4,199.600 Dec.
19,200
Currency notes
21,446,600 Dec. 685.100 10% on demand deposits and includes "Reserve with legal
Deposits with Federal Reserve Bank of New York..
99.827,900 Inc. 11,637,100 depositaries" and "Cash in
vaults."
Total deposits
1,110.795,300 Inc. 39,900,900
Deposits, eliminating amounts due from reserve
depositaries and from other banks and trust
companies in New York City, exchange and
U. S. deposits
1.050.987,400 Inc. 38,485,900
Reserve on deposits
166.477,900 Inc. 12,831,700
Percentage of reserve. 21.2%.
RESERVE.
State Banks- -Trust Companies
Cash In vault.*
532,317.400 16.02%
$93,196,700 16.51%
Deposits in banks and trust cos
12,489,700 08.19%
28,474,100 05.04%
344,807,100 22.21%
3121,670,800 21.55%
•Includes deposits with the Federal Reserve Bank of New York,
which for the
State banks and trust companies combined on April 11 was
$88,190.800.
Banks and Trust Companies in New York City.
-The
averages of the New York City Clearing House Banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK
Loans and
Investments.
700
C
V.
•Total Cash
in Vaults.
fiEfittageffEE
''88-
Ql
m .-wwwoaolbaco ow.cowq.w
,
topapaataaaaaaaoav,
$
6.467.071.000
6,499,441,100
6.517,941,600
6,534,475,500
3.502,799.000
8.449,153,600
6,400.877.800
6.882.661.100
6,349,571.900
6,356,838.800
6.364,862,900
6,344.910,100
6,339,319,300
6,282.558,300
6.238,906.800
6,283.140.300
6,247,899.000
5.2117.1454 Inn
Dow.o.wwomm.-c4..co
Week EndedDec. 20
Dec. 27
Jan. 3
Jan. 10
Jan. 17
Jan. 24
Jan. 31
Feb. 7
Feb.14
Feb. 21
Feb. 28
Mar. 7
Mar.14
Mar. 21.
Mar. 28
Apr. 4
Apr. 11
Mar. 18
Demand
Deposits.
Reserve in
Depositaries,
$
98,888,600
104,910.200
102,032,000
94,214,000
87.350,900
82,585,000
82,041,200
81.537.700
85.221.200
83,100,100
82,787,900
81,257,500
83.304.800
80,044,200
81,472.700
80.546.900
83,591,500
RI R519 win
$
78.5,101.000
766,067,300
783,386,400
783,368,300
773.115,400
752,408.400
737,862,600
746,868,900
740,911,100
731.974.800
727,617.600
726.004,500
733.263,600
725.251,500
707.162400
722,106,500
708,755,700
700 Age Inn
New York City Non-Member Banks and Trust Companies.
-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING
HOUSE.
(Staled in thousands of dollars-that is, three ciphers (0001
omitted.)
Net
CI RARING
Capital.' Profits.
NON MEMBERS.
Nat. bka. Dec.31
We St Ending Statebka.Nov.15
Ap 11 18 1925. Tr. coa. Dec. 31
Mcmbers of
Fed'I Reeve Bank
Grace Nat Bank__
Tots3
St to Banks
Not Somber.of
Fed'I Reeve Bank
Bank If Wash'n Eta
Colon!al Bank
I
Tots
Truet Company
Not Member of
Fed'I Res've Bank
MechanTr,Bayonne
Loans,
Diecounts,
Invest;rants,
dtc.
Reserve
Net
Net
Cash
with Demand Time
in
Legal DepOsita.Drpocits,
Vault. Deposttortes.
1,000
Average Average Average Average Average
$
8
s
$
$
10,531
45
701
3,772
4,986
1,736 10,531
45
701
3,772
4.986
200
1,200
512
2,447
$
1,000
1,400
$
1,736
2,960
7,880
28,000
35,880
714
2.971
3,685
385
1,701
2,066
6,085
24,600
2,273
3,622
30,685
5,895
Week Ended April 18 1925.
Two Ciphers (00)
omitted.
Trust
A emhersof
f
P.R.System Companies
Capital
Surplus and profits
Loans, disets & Invest'tsExchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U S. deposits(not incl.).Res've with legal depoe'les.
Reserve with F. R. Bank__
Cash in vault •
Total reserve & cash held.._
Reserve required
Excess res. & cash In vault.
35.000,0
16,703,0
47.304.0
673,0
16,0
977,0
26,664,0
1,935,0
29,576,0
$41,841.0
125,559,0
818,282.0
37,571,0
124,259,0
149,478,0
603,609,0
90,753,0
843,840,0
3,076,0
65,054,0
10,496.0
75,550.0
64,481,0
11,069,0
1,410.0
4,486,0
4,138,0
348,0
1925
Total.
$46,841.0
142,262.0
865,586.0
38,244.0
124,275.0
150,455.0
630.273,0
92,688,0
873,416,0
21,479,0
3.076.0
65,054.0
11,906,0
80.036,0
68,619,0
11,417,0
April 11
1925.
April 4
1926
$46,839,0
141,828,0
873,997.0
35.807,0
105,400,0
146,677.0
619.943,0
90,536,0
857,156.0
26.661,0
3453.0
61,122.0
12.098,0
76,873,0
68.550.0
8.323.0
$46.839.0
140,666,0
865.817.0
44,371.0
110,753,0
142.762,0
629,962,0
93.143,0
865.867.0
28.052,0
3.425.0
66.448.0
11,023.0
80.936.0
68.888,0
12.0504
•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 April 22 1925 in
comparison with the previous week and the corresponding
date last year:
Apr. 22 1925. April 151925. Apr. 23 1924.
Resources
$
356,546,000 331,612,000 585,695,000
Gold with Federal Reserve Agent
9,187,000
12,398,000
Gold redemp. fund With U. B. Treasury. 11.188.000
Gold held exclusively Wt.F.R. notes. 367.734,000
Gold settlement fund with F. R. Board. 242.617.000
Goldand gold certificates held by bank__ 324,582,000
344,010,000
222.982.000
322.754.000
594.882.000
207,089,000
189,003,000
Total gold reserves
Reserves other than gold
889,746,000
32,660,000
991,574,000
26,628,000
934,933,000
34,215,000
Total reserves
969,148,000
Non-reserve cash
15,119.000
Bills discounted
Secured by U. S. Govt. obligations__
73,944,000
Other bills discounted
35,308.000
922,406,000 1,018,202,000
12,827,000
15.481,000
74,792.000
41,003.000
39,758,000
22,180400
Total bills discounted
Bills bought in open market
U. S. Government securities
Bonds
Treasury notes
Certificates of indebtedness
109,252.000
64,250.000
115,795,000
57,504,000
61,938,000
25,728.000
12.461,000
81,892.000
3,312,000
12,461,000
85,681.000
5,067,000
1,202,000
42,259,000
14,020,000
97.665,000
2,835,000
103,209,000
3.055.000
57,481,000
Total earning assets
274 002,000
279.563.000
145,147,000
Uncollected items
Bank premises
Another resources
150,871,000
16,579,000
6,030,000
196,929,000
16,570,000
5,978,000
131,023,000
14.676.000
3.894,000
Total U. S. Government securities...
Foreign loans on gold
Total resources
1,431,749,000 1,436,927,000 1.325,769,000
Liabilities
Fed. Rea. notes in actual circulation
DeposIts-Member bank, reserve awl
Government
Other deposits
340,130,000
851,754,000
8,264,000
13,511,000
342.070,000
812,900,000
7,567.000
16,526,000
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
873,529,000
124,660,000
31,345,000
58,749,000
3,336,000
836,993,000 764,053,000
164,397,000 112,114,000
31,343,000
29,799,000
58,749.000
59,929,000
3,375,000
2,308,000
Total liabilities
357,566,000
743,095,000
9,006,000
11.952,000
1,431,749,000 1,436,927.000 1,325,769,000
Ratio of total reserves to deposit and
Fed. Be.. note liabilities combined..._
Contingent liability on bills purchased
for foreign oorrespondenta
79.9%
78.2%
90.8%
10,709,000
12,037,090
4,981,000
600
508
8,902
398
58
2,922
6,057
500
508
8,902
398
58
2,922
6,057
CURRENT NOTICES.
2,900
Grand aggregate
.rison with pro,, week
Compe
5,205
55,313
+467
4,128
+80
2,825 a37,379
-148
+201
16,938
+107
Gr'd atxgr., Apr. 11
Gr'd at1gr., Apr. 4
Gr'd 8.1;gr.. Mar. 28
Gr'd attirr..'Mar. 21
5,217
5.279
5,279
5.279
54,846
54,519
55,003
54,923
4,048
3.925
3,988
4.011
2,973
2,674
2.499
2.672
16,831
16,858
16.797
16.622
-Rufus E. Lee, formerly President of
Continental Gas & Electric
Corp., Foy W. Porter, formerly with Bruns. Brinker
& Co.. Omaha. and
Roderick D. Clark,formerly with George & Co.,
announce the organization
of Rufus E. Lee & Co., to conduct a general
investment business, with
offices in the Bankers Reserve Life Building, Oma.
Otis dc Co., Cleveland.
Ohio, will be their correspondents.
-Clinton Frazier, formerly with Lehman
Bros., is now associated with
J. C. Wilson & Co., 71 Broadway, New York, in
their trading department.
where he will specialize in public utility and industrial
bonds.
Tots1
2,900
2.700
2,700
2.700
a37,178
a36,227
a36,700
a37.370.
a United States deposits deducted. $56,000.
Bills payable, red scounts. acceptances and other liabilities. 3695,000.
Excess reserve, $121,190 decrease.
[Volk 120.
THE CHRONICLE
Weekly Return of the Federal Reserve Board.
Thefollowing is the return issued by the Federal Reserve Board Thursday afternoon,April 23,and showing the condition
st the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returnsfor the lateet
reek appears on page 2094, being thefirst item in our department of"Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS APRIL 22 1925
Apr. 22 1925. AprB 151925. ApriS 8 1925. April 1 1925 Mar.25 1925 Mar.18 1925 Mar.11 1925., Mar.41924, Apr.23 1924.
$
$
$
$
$
$
$
$
s
RESOURCES.
1,563.377.000 1,554.000.000 1,513.503,000 1,588,385,000 1,600.051.000 1,623,978.000 1,612,227,000 1.597,655,000 2,047,470,000
Jou] with Federal Reserve agents
Gold redemption fund with U. EL Treas. 50,639,003 54,419,000 50,428,000 51,890.000 54.811,000 48,005.000 57,195.000 51.397,000 55,971,000
Gold held exclusively agst• F.B. notes 1,614.016.000 1.608.419.000 1.563,931.000 1,640,275.000 1.654,862.000 1,671,983.000 1,669.422,000 1.649,052,000 2,103,441,000
623,182,000
Gold settlement fund with F. R. Board_ 632,337.033 637,009,000 692,778,000 615,350,000 619.409,000 624.285,000 625.399.000, 658,315,000 387,267,000
Gold and gold certificates held by banks_ 597,910.033 599,055,000 582.675.000 590.300.000.593,059.000 577,598.000 579,921,0001 553,523,000
.
2,844,263.000 2,844,483,000 2.839,382,000 2.845,934,000 2,887,330.000 2,873,846.000 2.874.742,0002,860,890,000 3,113,890,000
Total gold reserves
141,491.003 141.044.000 137,228.000 136,747,000 140,822.000 136,748.000 135,969,0001 135,095,000 100,937,000
asserves other than gold
:
2,985.754.000 2,985,527,000 2,976,608,000 2,982,681,000 3,008.152.000 3,010.594.000 3,010,711.000 2.995.985.000 3,214,827,000
Total reserves
55,757.000 56,830,000 54,215,000 51,673.000 56,501,000 56,031,000 56,150,000 55,567,000 51,624,000
1900-reeerve cash
Bills discounted:
237.403.000 187,914,000
Secured by U. S. Govt. obligations_ 219.920.000 206.132,000 192,600.000 204.188.000 214,570.000 181.615.000 246,598,000 163,463,000 284,929,000
192.455.003 189.170,000 198,689,000 195,739.000 163.071,000 157.869,000 163,824,000
Other bills discounted
412,375,000 395,302,000 391,289.000 399,925.000 377.641,000 339,484.000 410,422.000 400,866,000 472,843,000
Total bills discounted
275,501,000 274.058.000 310,685,000 316,378.000 308,905,000 276.711,000 301.354,000 303.641,000 140,424,000
Bills bought in open market
Q. S. Government securities:
84,930,000 84,896,000 82,631,000 81,942.000 81,696,000 79,280.000 77.941,000 77.365,000 18,892,000
Bonds
244.202.000 244.780,000 250,177,000 245,970.000 233,728,000 222.171.000 283.360.000 277,744,000 201,158,000
Treasury notes
23.949,000 28,156.000 29,432.000 29.922,000 28,327,000 126.819,000 27.031,000 27,626,000 54,245,000
Certificates of indebtedness
353,081.000 357,832,000 382,240,000 357,834,000 343,751,000 428.250.000 388.332.000 382.735,000 274,295,000
Total U. B. Government Beenettles
10.500.000 10,500.000 10,500.000 10,500,000 10,500,000 10,500.000 10.500.000 10.500.000
Foreign loans on gold
51,000
1.400,000 1,652,000 1,902,000 1,902,000 1.902,000 1,902,000 3,452.000 3,452,000
All other earning assets
1.052.857,000 1,039,344.000 1.076,616,000 1.086.539,000 1,040,699,0001,056,847.000 1,114,060,000 1,101,194.000 887,613,000
Total earning assets
28,000
5% redemp fund eget. F. R. bank notes 671.528,000 786,208.000 602,618,000 607,198.000 602.247.000 758,592.000 627,874.000 659,805,000 611,729,000
Unoollected items
59.283.000 59.241,000 58,967.000 58,863.000 58.816,000 58,775,000 58.751.000 58,363,000 56,480,000
Sank premises
23,378,000 22,257,000 20,998,000 20,653.000 20,710.000 20.491,000 24,817,000 24,382,000 22,114,000
Ail other resources
1,848.537.001 4,949.205.000 4.790,022,000 4.807,607,0004,787.125.000 4.959,330,000 4,892,363.000 4,895,296,0004,844,415.000
Total resources
LIABILITIES.
1,687,600,000 1,898.090.000 1,714.161,000 1,709.670,000 1,709,148.000 1.720.389.000 1.730,684,000 1.727,383,000 1,940,821,000
I. R. notes in actual circulation
350,000
F R. bank notes In circulation—net
Deposits—
2,163,116,000 2,141,443.000 2,140.760.000 2,132,779,000 2,118,581,0002,175.515,000 2,201.277,000 2365,995,000 1,935,113,000
Member banks—reserve account
30.454,000 37,027.000 21,878.000 34.377.000 29,379.000 6,126.000 26.332,000 39,465,000 44,567,000
Government
24,184,003 29,476.000 24.340,000 28,501,000 36,309,000 29,364,000 27.929,000 32,279,000 21,176,000
Other demneite
2.217,754.0002.207.848.000 2.186.978.000 2.195.657.000 2,184,269,003 2,211,005.000 2,255.538.000 2.237,739,000 2,000,856,000
deposits
Total
598,159,000 698.694,000 544,276.000 558.250,000 549,438,000 884,375,000 562,750.000 587.762,000 556,051,000
Deferred availability Item'
114,693.003 114,586.000 114.481.000 114.492.000 114.492.000 114.450,000 114.254,000 113,738,000 110,865,000
Capital paid In
217,837,003 217,837.000 217.837.000 217,837,000 217.837.000 217.837.000 217,837.000 217.837.000 220,915,000
surplus
12,404,030 12,052.000 12,289.000 11.701.000 11,943,000 11.294.000 11.300.000 10,837,000 14,557,000
All other liabilities
4,848,537,000 4,949,205,000 4,790.022,000 4,807,607,000 4,787.125,000 4,959,330,000 4.892,383.000 4,895,296,000 4,844,415,000
Total IlahllItiee
Ratio of gold reserve(' to deposit and
79.0%
73 1%
736%
72.1%
72.8%
728%
72.8%
72.1%
72.8%
F. R. note liabilities combined
Ratio of total reserves to deposit and
81.6%
784%
773%
766%
75.5%
76.3%
78.5%
75.6%
76.4%
R. note liabilities combined
F.
Contingent liability on bills purchased 43,485,000 44.897.000 45,281.000 50.384.000 51,743,000
51,853.000 48,715,000 47,781,000 17,276,000
for foreign correspondents
—
s
3
$
$
s
$
s
$
$
DurrIbution by Malurittes—
100,059.000 80,433,000 106.137.000 97.244.000 86,669,000 73.193.000 95,578.000 102.303,000 69,400,000
1-15 days bills bought in open market_ 308,278.000 294.842,003 289,091,000 290,309,000 288,426.000 249,721.000 326,761.000 313,410.000 274,219,000
1-15 days bills discounted
535,000 100,500.000 2,223.000 2,362.000
1,391,000 1,339,000 1,223,000 2,817,000
145 days U. S. certif. of indebtedness_
2.000
2,000
2.000
2,000
2,000
2,000
2,000
1-15 days municipal warrants
54,128,000 58,033,000 60,478,000 57,817,000 54,709,000 55,777,000 57,712.000 50,998.000 29,108,000
16-30 days bills bought in open market
22.110,000 33,666.000
24,528,000 26,847,000 24,867,000 24,682,000 21,070.000 22,587.000 21,849.000
16-30 days bills Miscounted
196.000
16-30 days U. S. certif. of Indebtedness_
16-80 days municipal warrants
88,501,000 92.273.000
85.836.000 32,750,000
81,652.000 86,606,003 38,694,000 38,264.000 92.773,000 85.048.000 86,958,000 34.378,000 71,919,000
01-60 days bills bought In open market
36,922.000 37.440.000 32.734,000
35.439,000
32,719,000
111-80 days bills discounted
9,339,000
11-60 days U. S. certif. of indebtednessmunicipal warrants
11-60 days
57.534.000 8,806,000
47,558,000 60.980.000 64,381,000 55,970,000 53.727.000
33,698,000 41,184,000
bought In open
51-90 days bills discounted market
19.969.000 49,451,000
51-90 days bills certif. of Indebtedness_ 22,234,000 21,294,000 25.722,000 25.618,000 18,674,000 18,180.000 18.127.000
51-90 days U. S. warrants
51,000
51-90 days municipal In open market
360,000
8,011,000 8,064,000 8.313,000 6,723,000 7,379,000 6,970,000
5,986,000 7.202.000 14,915.000 14.554,000 12,549,000 11,556,000 10.951,000 10,999,000 32,558,000
Over 90 days bilis bought
26,618,000 16,880.000
Over 90 days bills discounted
22,558,000 26,817,000 28,209,000 27,105.000 27,792.000 26,319,000 24,808,000 25,068,000 44,906,000
Over 90 days certif. of Indebtedness
Over 90 days municipal warrants
Federal Reserve Nows—
2,017.175.003 2,025,381,000 2,020,173,000 2,019,963,000 2,018,223.000 2.031.838,000 2,040.508,0002,050,319,000 2,438,680,000
Outstanding_
329.485,000 327,271.000 308,012.000 310,293,000 309,077,000 311,469.000 309,824.000 322,938.000 497,859,000
Held by banks
1,687,890.000 1.698,090.000 1,714.161.000 1,709,670.000 1.709,146.0001,720.369.000 1,730,684,000 1,727.383,000 3,390,352,000
In actual circulation
—
Amount chargeable to Fed. Nee. Agent 3.005,448,000 3,007,407,000 3,008.943,000 3,005,024,000 33009,108,000 3,016.434,000 3,030,974,000 3,047,852,000 3,390,352,000
988.271,000 982.048.000 938.770.000 985.061.000 990,885.000 984,598.000 990,486.000 997,533,000 951,672,000
ilis hands of Federal Reserve Agent
1442441 to Federal Reserve Banks
2,017375,000 2.025,381,000 2,020,173,000 2.019,963.0002.018,223,000 2,031,838,000 2.040.508.000 2,050.319,000 2,438,680,000
—
—
How Secured—
277,316,003 277,316,000 274.916,000 274,916,000 275,416,000 275,416,000 277.916,000 277,516.000 331,939,000
gold apd gold certificates
By
407.860,000
453,798.00) 471,361.000 503.670.000 431.578,000 418.172.000 110.794.000 428.281.000 452,664,000 391,210,000
By eligible paper
105,587,000 104.131,000 112.153,000
108.898.000 117,518,000 107.181.000 109,526,000 110.274,000
1)olt1 redemption fund
1,177,163,000 1,159,166,000 1,131,406,000 1,203,943,000 1,214,361,000 1,237,768.000 1,228.724,000 1.216,008.000 1,603,378.000
With Federal Reserve Board
Total
MM.!. nanAr A allywroll to
F R. Agent
2.017.175,000 2,025,361,000 2,020,173,000 2,019,963.000 2.018.223,000 2.031,838.000 2.040.508,000 2.050.319,000 2,438,680,000
-658.581.000 641.013.000 675.040.000 677.532.000 648.564.000 584,762.000 679.038,000 670.983.000 591.602.000
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH
Two ciphers (00) mined
Federal Reserve Bank al—
Boston.
$
RESOURCES
aola with Feelers Reserve Agents 175,881,0
Gold redo fund with U.B. Treas. 5,460,0
Gold held earl agst.F.R.notee. 181,344,0
Gold menial fund with F.R.1rrd 47.441,0
Gold and gold et/8 held by banks 29,388,0
Total gold reserves
other than gold
BeKIYVOS
258,173,0
14,845,0
Total reserves
273,018,0
.5,569.0
Ron-reserve cash
Bills discounted:
Sec. by U S. Govt. obligations 14,339,0
19,521,0
Other bills discounted
33,860,0
Tote bills discounted
35,300,0
011ie bought in open market
U. S. Government securities:
2,662,0
Bonds
15,196,0
Treasury notes
Certalcatee of Indebtedness_ 3,461,0
Total 17. B. Govt. seestritles.
91
lin n
Alm York.
PAUL
s
$
OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS APRIL 22 1925
oga
. T
an
Clasiond. Richmond Atlanta. Minim Bt. Lasts. Masanr. Kan.Co Daum. S Fran
_
s
$
$
$
$
$
$
$
$
$
356.546,0 136.919,0 170,385,0 44,083,0 135,348,0 135,528,0 45,094,0 59,891,0 55.868,0 40,371,0207,502,0 1,563,377,0
500,0 3,279,0 1,792,0 1,431,0
50,639,0
11,188,0 11,176.0 2,917.0 2,474,0 1,233,0 3.956,0 5,233,0
367,734,0 148.095,0 173.282,0 46,537,0 136,581,0 139,484,0 50,327,0 60,391,0 59,145,0 42.163,0 208.933,0 1,614.016,0
242,617.0 37,010,0 65,275,0 16,992.0 5,278,0 99,791,0 14,340,0 10,694,0 43,751,0 23,844,0 25,304,0 632,337,0
324,582,0 21,846.0 33,687,0 21,845,0 10,259,0 95,165,0 12,065,0 6,781,0 3,539.0 9,680,0 29,073,0 597,910.0
934,933,0 206,951,0 272,244,0 85,374.0 152,118,0 334,440,0 76,732,0 77,866,0 106,435,0 75,687,0 263.310.0 2,844,263,0
34,215,0 5,116.0 7,804,0 4.057,0 15,570.0 18,083,0 20,391,0 2,308,0 3.480,0 9,413.0 6,229.0 141,491,0
969,148,0 212.067,0280,048.0 89,431.0 167,688.0352,503,0 97,123,0 80,174,0 109,915,0 85,100,0 269,539,0 2,985,754,0
55,757,0
15,119.0 2,321,0 2,745,0 3,955.0 4,037,0 7,139,0 4,113,0 1,535,0 2,444,0 2,187,0 3,693,0
73,944,0 23,483,0 27,211.0 11,542,0 3,689,0 35,294,0 6,422,0
35,308,0 12,548,0 14,790,0 31,545.0 17,571,0 19,612,0 10,603,0
1,275,0
4,564,0
1,843,0
5,544,0
773,0 20,105,0
2,502,0 18,347,0
219,920,0
193.455,0
109,252,0 36,031,0 42,001,0 43,087,0 21,260,0 54,906,0 17,025,0 5,839,0 7,387,0
64.250,0 24,091,0 25,079,0 10,634.0 11,934,0 35,028.0 9,470,0 16,989.0 11,414,0
3,275,0 38,452,0
7,188,0 24,126,0
412,375,0
275,501,0
8,764,0 10,398.0 8,682,0 3,121,0
8,371,0 13,509,0 11,385,0 26,566,0
211,0 2,001,0
281,0 5,065,0
84,930,0
244,202,0
23,949,0
34 7A2 n
:yet nRi n
12,461,0 1,416,0 11,000.0
81.892,0 23,093,0 23,262,0
197,0 5,670,0
3,312.0
1,408,0
1,940,0
37,0
1,720,0 21,649,0
1,381,0 30,180,0
925,0 2,568,0
1,649,0
7,427,0
221,0
Ynn 0 30.032.0
3.385.0
4.026.0 54.397.0
9.207.0 17.3440
07
ARA n
24
2A
ans n On
2411 0
APRIL 25 1925.]
RESOURCES (Concluded)Twe ciphers (00) omitted.
'1.111, CHRONICLE
Boston.
$
777,0
ForeignBannon gold
All otner earning &agate
Totalearning assets
Onconecteditems
Dank premises
Allother resources
New York
Philo
s
$
2,835,0
2119
Cleveland. Richmond Atlanta. Chicago. St. Louis. MtnnsaP. Kau. City
$
976,0
1,150,0
1,124,0
$
557,0
$
430,0
s
s
1,449,0
483,0
$
346,0
Dallas
Sae Fran
$
$
s
420,0
250,0
368,0
Total
735,0
$
10,500,0
1,400.0
91,256,0
63.402,0
4,190,0
46,0
274,002,0 86,954,0 108,136,0 57,663,0 37,650,0 145,778,0 36,275,0 40,520,0 45,379,0 31,179,0 98,506,0 1,052,857,0
150,871,0 63,161,0 65,520,0 55,529,0 33,669,0 84,143,0 37,104,0 14,476,0 38,138,0 25,031,0 40,484,0 671,528,0
16,579.0 1,122,0 7,573,0 2,446,0 2,780,0 8,099,0 4,118,0 3,049,0 4,200,0 1,833,0 3,274,0
59,263,0
6,030,0
364,0
249,0
597,0 2,898,0 1,377,0
342,0 4.425,0
548,0 1,687,0 4.815,0
23.378,0
Totairesources
437.481,0 1,431,749,0 365,989,0 464,271,0 209,621,0 249,622,0 599,039,0 179,075,0 144,179,0 200,624,0
147,017.0 419,870.0 4.848.537,0
LIABILITIES.
1.R.notesIn actual circulation._ 211,076,0 340,130,0 148,116,0 195,602,0 74,459,0 140,162,0 162,784,0 48,639,0 63,829,0 64,403,0
43.207,0 195,283,0 1,687.690,0
Deposits:
Member bank-reserve sect_ 133.857,0 851,754,0 127,911,0 174,961,0 62,378,0 68,277,0 312,485,0 77,056,0 53,798,0
87,730,0 58,632,0
2,163.116.0
Government
2,256,0
8,264,0 2,183,0 1,195,0 1,311,0 3,096,0 1,070,0 2,647.0 1,980,0 1,410,0 2.309,0 154,277,0
30,454,0
2.733,0
Other deposits
194,0
13.511,0
370,0 1,108,0
137,0
121.0 1,544,0
1,337,0
243,0
950.0
24,184,0
227,0 4.444,0
Totaideposits
136,307,0 873,529.0 130,464,0 177,262,0 63,826.0 71,494,0 315,099,0 81,040,0 58,021,0 90,090,0
Deferred availability Items
65.121,0 124,660.0 55,734,0 54,884,0 52,924.0 23,725.0 73,583,0 33.843,0 12,590,0 32,353.0 61.168,0 161.454,0 2,217,754,0
598,159,0
Capital paid In
8,050,0
31,345,0 11,150,0 12,956,0 5,970,0 4,613,0 15,535,0 5,104,0 3,252,0 4,337,0 30.192,0 38,550,0 114,693,0
4,212,0 8.169,0
earplug
16,382,0
58,749,0 20,059,0 22,462,0 11.701.0 8,950.0 30.426,0 9,971.0 7.497,0 8,977.0 7,592,0 15.071,0 217,837,0
All other liabilities
545,0
3,336,0
466.0 1,105,0
741.0
678,0 1,612,0
478,0
990,0
464,0
646,0 1,343,0
12,404.0
Totalliabilitles
437.481,0 1,431,749,0 365,989,0 464,271,0 209,621,0 249,622,0 599.039,0 179,075,0 144,179,0 200,624,0 147,017,0
419,870,0 4,848,537.0
Memoranda.
Reno of total reserves to deposit
and F. R. note liabilities combined. per cent
78.6
79.9
76.1
75.1
64.7
79.2
73.8
74.9
66.9
71.1
82.5
75.6
76.5
0Ontingent liability on bills pur••
ehasedfor form VII enrr.annnef•
3.322.0
10 700 0 4 175 n 4 504 n 9 :um n
1 541 n 5 toe n 9 nits n
t A519 n
I 7000 1 ,7i n ,i,i, n
i
.2 ACM A
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS APRIL 32 1925.
Federal Reams Agent at-
Boston NowYork Phila.
ESSOIPC41(IC Thousands of Dollars)
8
Federal iteserve notes on band
54,750
Federal Reserve notes outstanding
233,921
Collateral security for Federal Reserve notes entetanding
Gold and gold certificated
29,800
Gold redemption fund
12,034
Gold Fund-Federal Reserve Board
34,000
111141ble paperfAmount required
61,037
lEseess amount held
8,123
Clem Richns'd Atlanta Chicago.
RI. L. Minn. K.City Dallas fias Fr.
Total
$
8
$
$
li
318,540 49,450 47,200 22,254 60,778
470.498 185,893 214,178 89,947 163,350
8
$
8
$
$
$
$
267,737 25.660 22,657 28,373 22,372 68,500 988,271
173,076 54,903 67,596 72.910 48,413 239.687 2.017.175
186,698 6,000 8.780
28.848 11,530 11,585
5.000
2,768 6,348
41,295 124.000
113.952 48.777 43.813 45,884 28,002
45,103 1.516 23,244 6.848 3,930
11,975 13.052
16,011
277,316
4,884 3,119 1,339 3,506 4,360 18,527 108.898
130.644 30,003 45,500 52,360 20,000 188,975 1,177,163
37.548 9,809 7,705 17,044 8,042 32,185 453,798
52.142 15,188 14,863 1,566 2,322 29,918 204,763
Total
536,715 1,304,839 422,353 498.800 208.996 391.408
L4obIlftiesM04 amount of Federal Reserve notes received from
Comptroller of the Currency
291,671 789,038 235,148 261,378 112,201 224,128
Oollateral received from I Gold
175.884 356,546 136,219 170,355 44,063 135,348
Federal Reserve Bank lEligible paper.
69.160 159,055 50.293 67,057 52,732 31.932
666.031 150,654 172.712 175,759 121,520 577,792 5,227,384
Total
141,000 119,389 150.000
536,715 1,304,639 422,358 498.800 208,998 391,408
236,921 470.498 185.695 214.178 89.947 163.350
25,845 130,358 37,580 13,576 15,488 23,188
federal Reserve netts outstanding
Federal Reserve notes held by banks
federal Reserve notes in actual circulation
211
um
qan ign lAR
11A 10%009 74 450140102
440,813 80,563 90,253 101,283 70.785 308,187 3,005,446
135,528 45,094 59,891 55,866 40.371 207,502 1,563.377
89.690 24,997 22.568 18,610 10,364 62,103 658,561
666,031 150,654 172,712 175,759 121.520 577,792 5,227,384
173,076 54,903 67.596 72,910 48,413 239.687 2,017,175
10,292 6,264 3,767 8.507 5.208 44,4041 329.485
109 704 40090 152590
154 402 42907 10K 942 1 15571500
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued 137 the Federal Reserve Board, giving the principal items of the resonrleii;
the liabilities of the 736 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Dec.12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
lor the latest week appears in our Department of "Current Events and Discussions," on page 2095
1. Data for all reporting member banks in each Federal Reserve District at close of business April 15 VW. Three ciphers (SN) omitted.
1
Cleveland. Richmond Atiansa. Chicago. M. Louis Minneap. Kan.City Dana,. Ban Fran.
P'ederal Reserve District.
Boston. New York
Phila.
Number of reporting banks
Loans and discounts, gross:
Secured by U S Gov't obligations
Secured by stocks and bonds
All other loans and discounts._
42
106
$
$
8,586
80,501
268,222 2.118,958
687,751 2,566,686
55
$
12,010
324,767
366,626
76
$
19,822
438,937
753.705
73
$
6,636
129,908
351,688
100
33
25
71
49
1
$
7,885
31.184
78,845 693.980
388,341 1,217,403
$
12,925
172,250
313,930
8
2,798
59,846
182,871
$
4,027
122,424
314.095
$
3,264
73,220
226.369
Total loans and discounts
investments:
U.S. Pre-war bonds
17. S. Liberty bonds
U. S. Treasury bonds
U.13. Treasury notes
15.8. Treasury certificated
other bonds,stocks and securities
944,559 4,788,145
703,433 1,210,484
488,232
475,071 1,942,567
499,105
245.515
440,546
302,853 1,109,731 13,128,221
9,562
38,857
73,781 612,381
23,259 171,890
8,506 192,285
5,672
57,655
192.852 1.127.405
9,587
53,190
26,297
15,167
5,998
258,566
31,646
151.155
45,438
49,741
10,887
352,432
14,867
10,310
5,263
3,432
2,241
41,873
17,874
166.225
60,973
91,090
10,036
419.972
13,257
24,786
19,322
12,317
2,792
100,481
6,936
25,643
11,589
18,346
6,596
39,025
9,357
47,083
16.406
17,032
3,199
75,216
313,632 2,200,473
368,785
641,299
77,986
766,170
172,935
108,135
168,293
553,057 2,708.737
38,540 229,948
10,802
52.673
328,608 1.709,461
195.688 943,197
34,717
11.070
672,040
47,388
7,165
408,200
203,833
14.710
353,650
27,603
5,964
228,311
106,158
3,410
608,839
53,490
11,793
487.595
137,633
5,991
2.000
301
1,000
1,416
55,116
107.182
Totalinvestmente
Total loane and investments
1,258,191 6,966,618 1,072,218 1,851,763
Reserve balances with V. R. Bank-93.537 727.143
83,446 122,777
Cash In vault
21,034
76,610
16,073
29,026
Net demand deposits
868,593 5,538,659 758.721 989,246
Time deposits
341,296 1,190.376 174,635 719,697
Government deposits
15,933
54,707
30,159
34,102
Ems pay'le dc redIsc. with F. R. Bk :
Secured by U.S. Gov't obligations
5,125
60,782
6,978
22,623
All other
10,394
33,244
8,198
10,022
Bankers' Balances of Reporting Me
137,205 1.115,690 189,990
DUO to banks
51.602
nue from banks
49.652 114.871
71.487
27.987
25,163
35,881
11,926
1,662
513
62,692
137,840
625,072
40,774
14,189
353,773
183,932
11,818
36
5,476
14.270
2,459
5,822
15,077
3,761
1,234
4,758
31,054
18,762
392,127
14 991
IA 991
89,055
170 719
9n 000
00009
.I
Total
70
736
$
$
200,093
10.425
228,793 4,708.150
870,513 8,219.978
18,222
18,183
9.212
9,132
3,545
20,128
24.449
219,757
129,334 1.347,935
457,172
55,597
25,857
444,568
19,964
129,098
192.718 2,883,358
78,422
447,917 5,481,887
381.275 1,557,648 18,610,108
29,982 104,728 1,599.356
10,323
277,064
21,412
278,581 774,674 12.722,421
93,905 758.826 5,052.176
8,827
20,786
246.2 0
3
124
01,
32,770
00021
11,350
8,241
134,104
100,549
98,372 2,318,925
01 00,
AKA 715
2. Data of reporting member banks in New York City. Chicago. and for whole
country.
AU Reporting Member Banks.
Ayr. 15 1925.
Reporting Member Banks in N. Y. City. Reporting Member Banks in Chicago.
Apr. 8 1925. Ayr. 16 1924. Apr. 15 1925 Apr. 8 1925. Apr.
16 1924 Apr. 15 1925. Ayr. 8 1925. Apr. 16 1924.
736
Number of reporting bangs
736
755
65
65
67
$
Loans and discounts, gross:
$
$
$
s
$
Secured by U. S. Govt. obligations
200,093,000
197,554,000
218,929,000
71,819,000
75,354,000
77,258,000
4,708,150,000 4,725,112,000 3
Secured by stocks and bonds
,886,328,000 1,878,908,000 1,874,086.000 1.404,489.000
All other loans and discounts._ 8,219,978,000 8,214,618,000 7,976,879,000 2,261,917,000 2,248,547,000 2,265,108,000
$
46
23,200,000
516,259,000
692.644.000
s
46
23.352,000
518,045,000
892,019,000
$
48
25,782,000
442,971,000
657.578.000
13,128,221,000 13,137,284,000 12,062,136,000 4,216,179,000 4,194,452.000
Total loans and discounts
3,746,853,000 1,232,103,000 1,233.416.000 1.126,331,000
Investments:
219.757,000
219,935.000
S. pre-war bonds
U.
271.295,000
28,154,000
28,130,000
40,109,000
1,936.000
1.396.000
4,195,000
bonds
1.347,935,000 1.340.848,000 1.072,844,000 515,584,000 510,984,000 446.934,000
17,8. Liberty
84,288,000
82,500,000
44,490,000
457,172,000
457,987,000
U. B. Treasury bonds
70,646,000 154,855,000 155,632,000
14,582,000
29,393.000
30,643,000
4,601,000
Treasury bonds
455,093,000
444,567,000
729,773,000 175.358,000 176,630.000 356,597,000
U. S.
64,421,000
71,118.000
80,495,000
129,098,000
132,539,000
113,986,000
U. S. Treasury certificates
55,902,000
56,142,000
27,919,000
4,284,000
4,564,000
13,839,000
Other bonds,stocks and securities. 2,883,358,000 2,877,614,000 2
,291,455,000 849,314,000 846,077.000 605,913.000 199,449,000 199,230.000 166,573,000
5,481,887,000 5,484,016,000 4
Totalinvestments
.549,979,0® 1,779,383.000 1,773,379.000 1.492,054,000 383,771,000 389,991,000 314,193,0450
Total loans and investments_ 18,610.108,001) 18,621,300,000 16,612,115,096 5,995,562,000 5.967,831,000 5,238,907.000 1,615,874,000 1,623.407.000 1.440,524,000
1,590,356,000 1,609,198,000 1, 2,185,000 667,097,000 697,204,000 611,495,000 156,992.000
44
Reserve balances with F. R. banks
154,024,000 145,035.000
288,502,000
277,064,000
273,425.000
65,189,000
61,886,000
62,559,000
26,634,000
Cash In vault
27,412,000
26.601,000
12.722,421,000 12,635,199,000 11,339,752.000 4,979,657,000 4,946,408,000 4,368,1342,000
demand deposits
Net
5,052,176,000 5,055,057,000 4,250,751,000 816,484,000 812,868,000 649,616,000 1.114,770,000 1,108,372,000 1,002,457,000
462,004,000 463,987,000 373,391,000
Time deposits
246,230,000
300,898,000
224,298,000
Government deposits
51,779.000
42,552,000
55.125,000
19,177,000
13,343,000
24,418.000
Buis payable & redlseountS With
Federal Reserve Banks:
134,104,000
116,018,000
106,490,000
47,575,000
47,500,000
by U.S.Govt.obligations
26,640,000
ceoured
6,967,000
8,462,000
4,918,000
100,549,000
99,127,000
13.5,935,000
32,499,000
32,937,000
Another
14,701,000
620,000
3,565.000
4,185,000
234,653,000
215,145,000
borrowings from F. R. bk
242,425.000
80.512,000
79,999.000
Total
41.341.000
7.587.000
9.103.000
12.027.000
Fou 120.
THE CEERONICLE
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.—Below
Loan
we furnish a daily record of the transactions in Liberty
bonds and Treasury certificates on the New York Stock
1925.
Wall Street, Friday Night, April 24
transactions in registered bonds are given
Railroad and Miscellaneous Stocks.—The review of the Exchange. The
in a footnote at the end of the tabulation.
Siock Market is given this week on page 2110.
The following are sales made at the Stock Exchange this.
20 Apr.21 Apr.22 Apr. 23 Apr. 24
week of shares not represented in our detailed list on the Daily Record of U. S. Bond Prices. Apr. 18 Apr.
101932
(High 1019932 10192,2 101032 1011932 101932 101%
pages which follow:
Liberty Loan
First
n
, 101':3
Vanittrs' Oliantit
Sales
STOCKS.
Week Ended April 24. for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jon. 1.
Lowest.
i
Highest.
Par. Shares $ per share. 5 per share. $ per share.$ per share.
Railroads.
Jan
Ap 92
100 8654 Apr 23 8654 Apr 23 86
Buff Koch & Pitts 91.1
Jan
10 85 Apr 1 85 Apr 18 84% Jan 105
Buff & Susquehanna_10
Jan
Ap 4
Duluth 88 & Atl_ _ __I00 200 254 Apr 24 3 Apr 22 254
100
100 434 Apr 24 434 Apr 29 391 Ap 6% Jan
Preferred
Feb
Feb 510
_100
10 510 Apr 1 510 Apr 18 510
Michigan Central__
Ap 4434 Apr
100 900 40 Apr 22 42% Apr 20 90
NY State Rye •
Mar
Ja 38
100 100 26 Apr 23 26 Apr 23 25
Pacific Coast
44 Apr 21 34% Ja 5034 Mar
Second preferred 100 300 44 Apr 21
1,900 18% Apr 23 1934 Apr 20 1794 Ma 2431 Jan
Reading rights
Industrial & Misc.
50 4,800 9% Apr 21 11 Apr 18 934
Ahumada Lead
300 98 Apr 23 100 Apr 24 98
Am Car & Fdry new._ _ _
Am-La F Fire Eng pf-100 100 97 Apr 22 97 Apr 22 9534
100 9234 Apr 22 9231 Apr 22 9234
American Piano pref _100
100 30013834 Apr 2214254 Apr 22 138%
American Snuff
American Snuff pref _100 200 100 Apr 29 100 Apr 24 98%
Armour of Ill Class A_25 5,800 2034 Apr 21 2034 Apr 18 20
100 4% Apr 20 434 Apr 20 4
50
Auto Sales
Briggs Manufacturing_ 1,40O 37 Apr 22 38 Apr 20 33%
Brunewick-Balke-Coll__. 2.700 38 Apr 22 39% Apr 24 34
100 2,000107 Apr 21 110 Apr 18 88
Bush Terminal
Bosh Term'l Bldg of _100 400 97 Apr 21 99 Apr 24 96%
1
9354 Apr 20 9354 Apr 20 8934
Cert-Teed Prod 1st pf 100
9,7001 5134 Apr 22 5334 Apr 20 49%
Childs Co
100 200 101 Apr 20 101 Apr 20 99
Coca-Cola,pref
100 400 40 Apr 20 4534 Apr 20 36
Crex Carpet
94
Cuyamel Fruit rights__ _ 6,0003 % Apr 24 134 Apr 18
100 9534 Apr 24 9534 Apr 24 82%
100
Deere & Co pref
Dodge Bros pr rcts_ - - -• 6,9501100 Apr 18100% Apr 23 100
Elee Pow & Lt tu% rid— 2,800100% Apr 21 10154 Apr 23 100
59,2
17% Apr 24 18% Apr 21 1734
Certificates
10 Apr 23 10 Apr 23 10
-Brant pref_l I I
Emerson
300f
2139.300 65 Apr 1 70 Apr 21 6034
Fisher Body new
Fisher Body Ohio pf _100 200108 Apr 1 10834 Apr 24 10434
100108 Apr 21 108 Apr 21 107
Great Western Sug pf 100
Hanna 1st pref C I A _100 500 60 Apr 20 63 Apr 23 58
Hayes Wheel pref _ _ _100 200103% Apr 24103% Apr 18 100
25 100 69 Apr 20 69 Apr 20 89
Relic(OW)
100 102227% Apr 21 236 Apr 24 21934
Ingersoll Rand
Jones di L Steel pref_ 100 200 113 Apr 24 113 Apr 24 111%
K C Pr & Lt lat pref..„. 100 99% Apr 21 9934 Apr 21 99
200 89% Apr 18 90 Apr 18 88
Kresge Dept St pref-1
Long-Bell Lumber A__ _• 5,700 50% Apr 24 52% Apr 21 45%
200107 Apr 22 107 Apr 22 102%
McCrory Stcres pref_10
200 67% Apr 22 67% Apr 22 66
Mackay Cos pref__ 1
100 100118% Apr 20116% Apr 20 114%
Macy Co pref
800 7734 A 24 7734 A r 24 7734
Maxwell Motors B ctfs__
98 123 Apr 24 123 Apr 24 11634
May Dept St pref_ _ _100
Mid-Continental Petr_.• 16,300 26% Apr 22 28% Apr 23
100, 100 84 Apr 24 84 Apr 24 83%
Preferred
Montana Power pref_100, 100 110% Apr 18 110% Apr 18 109
*, 4,100 18% Apr 22 18% Apr 18 18
Motor Wheel
• 1,400 34 Apr 20 3591 Apr 23 3234
Murray Body
•44,600 31 Apr 22 3534 Apr 24 30
Nat Distil Prod
100 100 110 Apr 22 110 Apr 22 104%
Nat Supply pref
NNews&H Ry G&E_100 1,300 5934 Apr 18 83% Apr 24 52
100 400 90 Apr 20 93 Apr 23 8234
Preferred
Otis Elevator pref__ _100 100 103% Apr 01103% Apr 21 101
Owens Bottle pref__ _100 10011034 Apr 24110% Apr 24 11091
2.800 18 Apr 23 18% Apr 23 18
Palge-Det Motor Car* 1,600 26 Apr 20 26% Apr 20 25%
Penick & Ford
*, 10010434 Apr 21 104% Apr 21 10434
Penn Edison pref
Prod & Ref Corp pref_50 300 4434 Apr 22 4454 Apr 22 4334
' 1,600 21 Apr 24 22% Apr 20 17
P13 Corp of N J rts
P SElec & Gas pref_ _100 400 93 Apr 18 93 Apr 18 93
B Elec Pow pref_ _.100, 200104 Apr 23 104 Apr 23100%
*20,500 42% Apr 18 5434 Apr 23 40%
Shattuck (F G)
100 92% Apr 21 92% Apr 21 92%
Sloss-Shef Sti di Ir pf _100
Stand Gas& Elec pref.50 400 51% Apr 21 52 Apr 231 5034
8.400 1634 Apr 24 1834 Apr 18 1034
Symington temp ate__
• 2,100 2134 Apr 21 22% Apr 22 2051
Class A
United Cigar Stores_ _.25 11,000 66% Apr 24 8934 Apr 20 6034
* 200 52 Apr 23 5234 Apr 24 5134
TJ S Tobacco
100 300105% Apr 21 108 Apr 24 10554
Preferred
100 18 Apr 21 18 Apr 21 4
Va Carolina Pr ctfe
2% Apr 18 134
300 134 Apr 1
Certificates
100 35 Apr 23 35 Apr 23 35
Virginia Coal & Coke.100
142 80 Apr 21 80 Apr 21 80
pref_100
Vulcan Detinn
Ward Baking Class A..* 200 117 Apr 22 119 Apr 22 17
• 2,600 38% Apr 23 3934 Apr 20 3731
Class B
100 1,400 9934 Apr 2210034 Apr 18 9431
Preferred
West Elm Instrument_• 1,600 1034 Apr 22 11% Apr 18 931
• 1,100 21% Apr 22 22% Apr 18 1954
Class A
100105 Apr 21 105 Apr 21 04
_100
West Penn Pow pref.
Ap 12
Ap 100
Feb 97
Apr 95
Apr 18034
Mar 100
Ma 22%
Ma 494
Ma 40%
Ma 46
Feb110
Jan( 99
Ja 9534
Ma 56%
Jan 101%
M1 45%
1%
Ap
Ja 95%
Apri10334
Mar 102
Ap 1894
Ap 15
Feb 70
Mar 109
Apr111%
Apr 8954
Jan 104%
Apr' 83
Mar249
Feb 115
Jan 101%
Jan 93
Mar 5234
Feb 107
Mar 69
Jan 116%
Apr 77%
Mar 12331
Apr 29%
Apr 85
Mar 111
Apr 1931
Apr 4234
Apr 3531
Jan 110
Feb 8334
Jan 93
Feb 104
Apr111%
Apr 1854
Apr 28
Apr 105q
Jan 47%
Mar 2734
Apr 95
Jan 10494
Mar 5434
Apr 98%
Mar 5394
Jan 19
Mar 2334
Ja 81%
Ma 56
Ap 11034
Ma 18
27
Fe
%
Ap 4354
Ap 8834
Ap 126
4534
M
Feb 10034
Ap 14
Ma 23
Jan 106%
,
bonds of 1932-47....4 Low_ 101I9n 101"as 101 ss 101
% %
3
n
,
,
,
[Close 1019022 1011922 101932 101 22 101 22 101 SO
(Finn 3%s)
137
98
51
13
4
units...
Total sales in $1,000
----------------Converted 4% Donde of (High
Converted 434% bonds (High
01 1932-47 (First 43(e)(Low_
(Close
Total sales in $1,000 units.._
Second Converted 44% r High
bonds of 1932-47(Finn(LonSecond 43(30
Total sales in $1,000 unitr___
(High
Second Liberty Loan
(Low_
4% bonde of 1927-42
(Close
(Second 4e)
.
Total sales in 51,000 units__
Converted 4%% bonds (High
of 1927-42 (Second (Low.
43(5)
(Clow
Total sales in $1,000 Mal__
(High
Third Liberty Loan
(Low_
434% bonds of 1928
lame
(Third 43(s)
Total sales in 81.000 units__
righ
Fourth Liberty Loan
434% bonds of 1933-38_ Low_
Close
(Fourth 4345)
Total salsa in $1,000 units__
(High
Treasury
(Low.
694e, 1947-52
(Close
Total sales in $1.000 units__
(High
to 1944-1964
i Low_
I Close
101022 102.00 102922 102922
31
s,
1012, 101303, 1012, 101ust
1019932 101,032 102.00 102.00
9
32
9
15
.
___
____
____ .
-___
_
____
----------._
---_
-___
101112
101922
,
10110
138
1019032
1012932
1019932
124
,
102 22
,
102 11
102932
55
105032
105,022
1051232
8
101I022
101922
101923
-------____
____
101,022
101932
,
101 22
279
1012923
1012932
101022
103
,
102 22
,
102 a1
102922
257
1051932
,
105 22
105I93s
87
101922
101',,
101922
---101932
,
101 31
10142
102.00 1019922
22
1011, 101,122
08, 101"
101:
6
73
101len
-1011032
----
-- --___ 101222
--------1010,2
---- 101211
—-_
1
101,022 101,22 101%
101931 101922 101922
,
,
101 22 101 22 101021
53
283
283
101032 1013032 1019932
22
22
1012, 101,, 1012722
1019032 1012922 101993i
59
202
184
,
,
,
102 22 102 22 102 22
,
,
102 st 102 1, 102922
102922 102932 102922
257
242
667
10513,1 10511:1 10510ii
105932 105932 105922
1059932 105922 105921
11
3
124
1011932 101192, min.,
,
,
,
101 22 101 22 101 22
10199n
101932 1019
11
n"
Apr
Apr
101,122
Jan
101.00
Jan
101,022
Feb
219
Apr
1019922
Mar
1012,22
Feb
101990
Jan
223
Jan
,
102 22
Apr
,
102 12
Apr
102922
Mar
382
Mar
1051112
Mar
105932
Apr
105932
Apr
59
Apr
1019922
Apr
11
1013
Mar
1019n
Apr
Jan
Apr
Note.—The above table includes only sales of coupon
Apr
Jan
Transactions in registered bonds were:
Mar bonds.
%
1011 to 1012.0
1016ii to 1011,1 27 3d 4318
2 1st 3345
Feb
1022ii to 102*ii
1011111 to 101"ii 30 4th 4916
6 lst 431s
Apr
10425ii to 104,122
100",, to 100",, 1 Treasury 4345
5 2d 40
Jan
,
,
101 22 to 101 22
Mar 82 2d 431s
Mar
of Indebtedness, &c.
Jan Quotations for U. S. Trees Ctfs.
Apr
ins.
irii.
Apr
Rate. Bd. Asked.
Maturity.
Rase. Bid. Asked.
Maturity.
Mar
Apr Mar.15 1926_ 434% 10131 10154 Dec. 151927... 434% 102932 10292.
Apr Dec. 151925... 434% 100I932 1011932 Mar. 15 1927.__ 434% 1024. 10292.
Jan
,
32 101 24 Sept. 15 1925___ 254% 9934 100
1926-- 434% 101,
Apr Sept.15 1925— 434% 100732 100932 Dee. 15 1925-- 3%
999932 100
June 15
Apr
Jan
Apr
New York City Banks and Trust Companies.
Mar
AU prices dollars per share.
Apr
Apr
Trust Cos Bid ass
Bid Ask
Banks
Apr Banks—N.Y. Bid A sk
New York
Mar America'.... 297 302 Greenwich* _ _ 410 1 430
980 1010 American -Hanover
Mar Amer Exch __ 375
143 160 Harriman__ _ 475 500 Bank of N Y
Mar Amer Unions_
& Trust Co 575 580
Manhattan. 172 175
550
Apr Bowery*
Mech & Met_ 388 392 Bankers Trust 482 457
Apr Broadway Cen 170
Bronx Co Tr_ 175 190
415
Mutual*
Apr Bronx Boro• 250
Central Union 720 730
195 155 Nat American
Feb Bronx Nat
304 313
National City 435 440 Empire
Jan Bryant Park* 180
Equitable Tr. 264 258
Mar Butch & Drov 150 180 New Nettie_ 200
445 450 FarmL & Tr_ 440 450
Mar Capitol Nat__ 190 200 Park
Penn Exch... 110 120 Fidelity Inter 2!'0 250
Apr Cent Mercan_ 268
300
Fulton
190
405 419 Port Morris
Feb Chase
440 480 Guaranty Tr_ 315 827
Public
Feb Chath Phenix
440 450 Irving BankMar
Nat Bk &Tr 295 300 Seaboard _
T
24_ .
tuu trleu(r Tt
Coy aers ia 8:r
Jan Chelsea Each* 198 205 Seventh Ave_ 115 125 NMIAcuwyhl e8m bvieTr .6 244
640 660 Standard _ 300
Mar Chemical
420 428
Feb Coal & Iron
275 290 State.
144 150
180
Trade.
500
Mar Colonial*
409 415
Apr Commerce _ _ 345 350 United States* 200 208
Title Gu & Tr 815 525
Apr Com'nwealth• 300 310 Wash'n Hteo. 300
S hltg & Tr 355 365
Jan Continental... 210 225
Brooklyn
United States 11560 1590
Apr Corn Exch... 488 475
Coney Island* 180
Wretches Tr_ 300
Feb Cosmop'tan•_ 155
450
First
Brooklyn
Mar East River_
240
Mechanics'* _ 225 235 Brooklyn Tr. 710 720
Apr Fifth Avenues 1725
2200 2500
Kings
325 Montauk'... 200
Jan Fifth
300
325
Jan First
2450 550 Nassau
Manufacturerl 355 365
275
People's
Mar Garfield
People's
650
335
178 185 Queensboro• 175 185
•
Gotham
•No Dar value.
Foreign Exchange.—Sterling again resumed the lead in
point of activity and strength and the quotation reached the
highest level in ten years, namely, 4 813i for demand, on
good buying. The Continental exchanges shares to a limited extent in the improvement, but trading was dull and the
tone of the market irregular.
•Banks marked with (*) are State banks.
(y) Ex-rights.
z) Ex-dividend. (t) New stock.
New York City Realty and Surety Companies.
An prices dollars per share.
Bid Ask
Bid Ask
Mtge Bond_ 125 133 Realty Assoc
134 Nat Surety.. 207 211
(liklyn)corn 195 205
were 4 77 15-16®
se
let pref..... 90
240 N Y Title &
To-day's (Friday's) actual rates for sterling exchange
8134
8312
mortgage__ 317 322
2d pref -- 81
205
478% for sixty days, 4 80 7-16@4 8134 for checks and 4 80 ii-16@4days,
for cables. Commercial on banks, sight, 480 5-16Q34 81%: sixty payUS Casualty. 320 335 Westchester
for
4 76 3-16@4 77; nInety days, 4 75 11-16(4)4 76%, and documents
Title & Tr_ 235
235 U S Title Guar 227 235
ment (60 days), 476 1-164 7734; cotton for payment, 4 80 5-16®4 8134,
and grain for payment,4 80 5-1604 8154•
To
-day's (Friday's) actual rates for Paris bankers' francs were 5.21%@
are
The Curb Market.—The review of the Curb Market is
5.13% for long and 5.1734965.19 for short. Germany bankers' marks
not yet quoted for long and short bills. Amsterdam bankers' guilders were given this week on page 2110.
39.54% ®39.58 for long and 39.90349639.94 for short.
Exchange at Paris on London, 92.35; week's range, 91.55 high and 92.45
A complete record of Curb Market transactions for the
low.
week will be found on page 2134.
The range for foreign exchange for the week follows:
Cables.
Checks.
Sterling, Actual—
60 Days.
481
4 813i
High for the week
4 78%
4 78%
4 78%
4 7534
Low for the week
CURRENT NOTICES.
Paris Bankers' Francs—
5.24g
5.23%
5.17
High for the week
—The Equitable Bond & Mortgage Co., Chicago and Louisville. an5.17%
5.16%
5.10%
Low for the week
Germany Bankers' Marks—
nounces the appointment of Miller Weir, formerly national bank examiner23.81
23.81
High for the week
at large, bank receiver, consulting bank examiner of the Banking Depart23.81
23.81
Low for the week
ment of the State of Illinois, as Manager of its Bank Department.
Amsterdam Bankers' Guilders—
40.04
40.02
39.58
High for the week
—E.Lowitz & Co.,of Chicago, brokers In stocks, bonds, grain, provisions
39.88
39.86
39.42
Low for the week
and cotton, announce removal of their general offices to 129 South LaSalle
Domestic Exchange--Chimgo, par. St. Louis, 15025c. per 21,000 St. The firm is a member of the New York Stock Exchange and a member
discount. Boston, par. San Francisco, par. Montreal, par. Cincinof the New York Cotton Exchange.
nati, par.
'Bid
Alliance R'Ity 125
Amer Surety_ 132
Bond & M G_ 235
Lawyers Mtge 202
Lawyers Title
&Guarantee 225
Ask
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
2121
OCCUPYING FIVE PAGES.
For sales during the week 02 stocks usually inactive, see preceding page.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
April 18.
Monday,
April 20.
Tuesday,
April 21.
Wednesday
April 22.
$ per share $ per share $ per share
per share
Thursday,
April 23.
Friday,
April 24.
Sales
for
she
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
S per share $ per share Shares.
PER SHARE
Range for Year 1925.
On basis of 100
-share lots.
Lowest
Highest
$ per share
$ per share
Railroads.
Par
23 .22
23
23
2312 .22
*22
2212 2212 2212 *22
2212 2,100 Ann Arbor
100 22 Feb 17 2712 Jan 12
4 513 511 .5114 52
33
5 4 533
5114 52 .51
4
4
52
51
51
1,000 Do pref
100 40 Mar 24 553 Apr 15
4
12112 122
12118 12112 11978 12118 11914 1197 11912 12014 120
8
12012 7.600 Atch Topeka dr Santa Fe 100 11614 Jan 16 1277 Mar 2
8
95 8 957
8 95 8 96
7
3
95
95
95
95
9514 95 4 9518 953
,
8 1,140 Do pref
100 9212 Feb 17 96 Apr 20
512 53
4
512 512
5 2 5%
,
54 5 2
,
4
,
54 5 4
5
11,700 Atlanta Dirm & Atlantic_ 100
3 Jan 14
72± Mar 6
156 156
155 15614 15312 155
1533 1533 15414 15414 15314 157
4
4
1,000 Atlantic Coast Line RR_100 14714 Jan 16 166 Mar 3
7438 751, 73
7512 76
7412 73
737
8 7312 74
7312 743 23,300 Baltimore & Ohio
4
100 71 Mar 30 8414Mar 6
'63
65
63
63
627 6312 63
8
63
6312 6312 .63
64
600 Do pref
100 627 Apr 21 8812 Jan 6
8
4012 41
403 414 4012 41
8
394 4012 40
4112 41
4112 7,300 Bangor & Aroostook
50 3514 Mar 23 4214 Jan 15
.
9112 93 .90
93 •90
93 '90
93 .90
93 '90
93
Do pref
100 90 Feb 19 9413 Jan 5
3912 3912 3912 3912 383 39
2
383 4012 4018 41
4
401 4212 19,400 Bklyn Man!,Tr v t c__ _No par 3513 Jan 5 45 Feb 10
8
.76
78
7612 7612 '76
77
763 763
4
4 774 7714 77 4 773
3
400 Do pref v t c
4
No par 727 Jan 2 8134 Mar 14
8
.46
5112 .46
5112 .46
5112 •46
5112 *46
5112 *46
Buffalo Rochester & Pitta_100 48 Apr 2 77 Jan 28
5112
8
144 1443 143 14378 143 144
14012 144
142 14212 1404 14112 5,400 Canadian Pacific
100 13612Mar 30 152 8 Jan 8
8
.285 295 *280 290 .275 290 .270 290 "270 290
275 285
400 Central RR of New Jersey_100 265 Mar 30 321 Jan 3
9138 913
2 91
91
914 9114 9114 9114 914 9112 90 4 91
1
1,800 Chesapeake & Ohio
100 8914 Mar 30 98 4 Jan 15
•1353 1063 106 106 *106 10712 .106
8
4
4
10718 106 106 .106 10712
Do pref
300
100 10514 Apr 14 109 Feb 24
.8
812
61s 8
512 64
54 6
3
37
8 6
34 412 24,000 Chicago & Alton
100
8
33 Apr 24 105 Feb 9
8
1312 1438
914 1212
9
10
9
94
54 914
Do pref
100
512 64 50.800
54 Apr 23 1912 Feb 21
•145 152 "145 152 •145 150
155 155 •145 156 .145 155
&
100 C C C St Louis
100 146 Apr 7 1644 Feb 11
32
3214 .32
3212 *3112 3212 3112 3112 3112 3112 .3112 3212
800 Chic & East.Ill RR
100 293 Mar 30 3818 Mar 13
4
*4414 45
4412 44
44
4412 .44
45
*44
45
44
4412
Do pref
900
100 40 Mar 30 5714 Jan 2
1118 113
2 1014 1114 103 101
8
8 104 105
8 103 104 1014 103
4
8 8,000 Chicago Great Western
9 Jan 2 15 Feb 7
100
243 243
8
4 2212 2412 22
227
8 214 2212 2212 224 214 223
4 9,300
Do pre/
100 1914 Mar 30 323 Feb 6
8
8
414 47
314 43
34 412
4
414
4
4
412 5
412
314 Apr 20 163 Jan 7
33,900 Chicago MIlw & Bt Paul_ 100
8
88 9
7
712 8
9
7
712 77s
73
4 8
Do pref
74 812 41,600
100
7 Apr 20 2813 Jan 7
4912 497
8 4814 4912 4734 49
4814 494 49
4912 4812 4938 24,300 Chicago & North Western_100 47 Apr 14 755, Jan 12
105 105
105 105
104 105
105 106
106 106
105 10512 1,100
Do pref
100 1013 Apr 14 117 Mar 5
4
45
46
444 451
8 43
4478 4134 433
8 427 433
8
8 4218 433 39,200 Chicago Rock Isl & Pacific _100 4018 Mar 30 54'i Mar 3
8
95 4 954 .9412 96
3
95
95
95
*9412 9512 9412 943
95
8
Do 7% preferred
700
100 92 Jan 2 9914 Feb 21
85 4 86 4 8512 85 2 85
1
,
,
8512 .85
85
85
85 .85
86
Do 8% preferred
1,300
100 82 Mar 30 8912Mar 3
*33
38
3314 33 4 .33
,
38
334 3318 .33
38
*33
38
200 Chic St Paul Minn & Oni..100 334 Apr 22 594 Jan 13
*7314 85 .734 85
734 73 4 .70
,
84
*70
85
*70
85
Do pref
100
100 7314 Apr 21 108 Jan 13
64
6512 6312 6412 627 6318 61
8
623
4 6214 624 61
61
5.500 Colorado & Southern
100 4418 Jan 6 6512 Apr 18
.6112 63 .6134 63
62 62
.61
63 .61
63 '61
63
Do 181 pref
100
100 60 Mar 26 64 Feb 9
.
15812 60 .58
60 .58
60 .5712 5812 58
58 .53
Do 2d pref
5912
200
100 54 Jan 21 603 Apr 17
4
14812 15212 1503 1533 15012 1533 1503 1513 150 15012
4
4
4
4
4
148 15014 13,700 Delaware de Hudson
100 133t2 Mar 30 155 Apr 6
•13112 132
13134 132
130 130 *12912 132
13114 13114 *12812 131
500 Delaware Lack & Western_ 50 125 Mar 30 1443 Jan 13
8
.38
384 .38
39
373 38
8
38
384 *3712 39
3712 374 1,100 Denver Rio Gr & West pref 100 3612 Mar 24 60 Jan 12
.29
2912 29
2912 29
29
283 283
4
4 2812 287
8 274 284 4,800 Erie
100 2712 Mar 30 34 Feb 24
3712 3712 .363 373
4
2 363 37
8
364 373
4 3714 38
36
Do tat pref
37% 4,500
100 353 Mar 30 467 Jan 2
8
8
*3512 37 .3514 37
36
36
3512 35
•3512 33
35
3512
Do al pref
400
100 35 Apr 24 433 Jan 5
4
4 627
623
2 6212 627
8 6112 8212 6114 6212 60% 62 4 60
,
603 19,600 Great Northern pref
4
100 60 Apr 24 713 Jan 8
8
2814 2814 28
2814 277 28
8
273 2712 273 2712 2738 273
2
8
Iron Ore Properties„No Par 273 Apr 22 403 Jan 19
4 6,100
8
8
2712 273
4 27
274 27
2712 267 27
8
2612 2612 263 273
4
2 2,900 Gulf Mob & Nor
100 23 Mar 30 2812 Jan 7
94 .93
.93
94
93
93 .90
93 .90
93 .90
93
Do prof
100 8912Mar 30 10112 Jan 10
100
283 29
4
283 29
8
2812 29
283 287
8
8 29
2912 2914
100 213 Mar 18 303 Apr 24
4
4
*6514 67
*6514 67 .6514 664 *6512 6612 6512 6512 .653 304 26,100 Hudson & Manhattan
8 6614
Do pref
100
100 6412 Feb 18 6634 Feb 2
•113 114 •112 114
113 113
11218 112, 11212 11212 1124 11314
8
900 Illinois Central
100 111 Mar 31 11958 Jan 7
.112 117 •111 117 .111 117 .111 117
11212 11212 .111 117
Do pref
100
100 11212 Apr 23 119 Jan 7
•73
73
76
73 .72
74
74
74 .72
74 '72
74
60
Do RRSec.Series A _ _1,000 70% Jan 6 74 A pr 17
•183 19
8
19
19
*194 193
4
4 193 20
21
2214 23
2312 2,600 lot Rys of Cent America 100 18 Jan 8 2312 Apr 24
63 .60
*60
6214 60
60
*6012 63
63
6312 64
64
Do pref
700
100 5912 Jan 2 64 Apr 24
1812 1812 177 1814 1612 171
8
. 16
17
1712 1812 18
194 9,400 Interboro Rap Tran v t c._100 1312Mar 23 3412 Feb 9
8
4
347 3478 333 347
8 3318 3412 3218 33
33
3314 323 323
4
4 6,500 Kansas City Southern
100 284 Mar 30 4012 Feb 21
59
.56
573 53
4
577 577 .57
8
8
58 .563 5814 •563 5712
4
4
Do pref
400
100 57 Jan 15 59% Feb 24
7712 7712 77
7712 7612 7612 76
774 77
77
77
7712
Lehigh Valley
50 69 Mar 30 825 Jan 10
,
1113 IDA •10912 110
2
10918 109, 1094 109 4 •10918 10912 1093 11018 7,000
8
,
8
1,200 Louisville di Nashville
100 108 Jan 16 11714 Mar 2
.6712 75 •68
75 .69
75
70
70 .6714 70
70
70
200 Manhattan Elevated guar.100 65 Mar 21 100 Jan 14
393 .38
393 .38
*38
39
3814 384 37
38
38
3938 1.700
Do modified guar
100 321s Mar 23 5114 Feb 9
784 734
7 s 73t
3
814 814
712 73
83
8 83
2
4
918 10
2,300 Market Street RY
100
714 Mar 11
1013 Jan 2
331: '28
.27
29 .2734 331 .30
3312 •29
30
2912 314
Do pref
300
100 20 Jan 13 313 Apr 24
•1612 49
4
47
*45
4612 461 *4512 48
48
4814 50
52
Do prior pref
2,200
100 43lMar20 52 Jan 3
1912 1.12 18
1812 20
20 .204 23
23
23
23
24
Do 2d pref
1,300
100 16 Mar 19 24 Apr 24
4
23
4 23
•23
4 3
23
8 23
•23
8 24
3
212 23
212 212 2,600 MInneap & St L
4
.100
212 Jan 5
4 Mar 6
*32
*32
25
35
•32
35
33 33
35
35 .32
35
200 Minn St Paul & BB Marle_100 30% Apr 4 5614 Jan 14
57
*44
*45
57
*45
57
*45
57 •45
57
*45
57
Do pref
100 40 Mar 30 71 Jan 9
3418 3412 327 3418 3214 333
8
8 317 3314 33
8
3334 324 331 21,900 Mo-Kan-Texas RR__ __No pa
2814 Jan 2 4014 Mar 4
79,
79
4 7734 79
7712 781
767 ,7818 774 78
8
78
7814
Do prof
100 743 Jan 2 873 Feb 5
4
8
4
3514 3512 337 347
8 337 35 4 3334 3414 344 34% 333 3438 6,500
8
,
4
8,900 Missouri Pacific
100 303 Jan 5 41 Feb 6
8
,
78 4 79 4 7714 79
,
7638 777
8 76
77
7614 77
761s 771 12,800
Do pref
100 71 Mar 30 8314 Feb 9
.2
218 24 •2
218
21,
2
2
'l7g
2
17
8
17
8
700 Nat Rys of Mex 2d pref_ _100
17/ Apr 3
3
120 120
23 Jan 12
*1194 120
4
1197 12018 11934 120
8
120 120
1204
1,300 New On Tex & Mex
100 11314 Feb 21 12012 Apr 3
116 11714 11418 11614 11418 11578 11434 1154 1144 12014
11612 117
1153 26,500 New York Central
4
100 114 Mar 30 1243 Jan 13
127 127
•127 129
4
125 126
125 125
12512 12812 125 125
1,900 NYC&StLCo
100 120 Mar 30 13714 Feb 24
89 4 893
4 8918 894 89 4 893
3
3
4 89
14 893 .8912 90
897 894 1,200
4
8
Do pref
100 8812 Jan 6 9214 Mar 3
324 31
32
3214 3014 313
8 3018 3114 303 313
8
8 30
304 20,600 NY N H & Hartford
100 28 Mar 24 363 hiar 2
8
227 2314 0224 23
8
214 22,
4
4 203 2118 '2112 23
21
21
1,200 N It Ontario & Weetern
100 205, Apr 4 2718 Jan 7
22
22
22
2214 22
22
217 22
8
22
22
22
2214 2,100 Norfolk Southern
100 217 Apr 22 2678 Feb 25
s
8
1304 13131 1294 1313 1293 1313 1314 13312 1313 133% 130% 1323
4
4
4
8 46,200 Norfolk & Western
100 123 2 Mar 30 1344Mar 20
,
7812 '76
7812 •76
*76
7812 78
78
78
78
•76
7812
200
Do pref
10
7512 Jan 8 79 Apr 3
6114 594 61
617
8 60
6112 6131 61
507. 607
. 583 6018 25,900 Northern Pacific
4
100 583 Apr 24 7134 Mar 6
4
8
4312 4414 435 4418 43 8 44
3
4378 4414 4418 4438 444 4412 20,500 Pennsylvania
60 4212 Apr 9 487 Jan 5
•141. 17
8
•1612 18
1514 1514 •13
16
*13
16
•13
16
100 Peoria & Eastern
100 1412 Apr 15 2078 Jan 12
6914 6614 .6512 66
6512 65% 653 65 8 .643 6512 6412 643
8
3
4
4
900 Pere Marquette
100 82 Mar 30 72 Feb 25
44
81
81
*77
.77
•7719 81
*774 81
•78
80 '7712 80
Do prior prof
100 7812 Apr 15 84 Jan 16
*6812 70
70
.68
6918 6918 694 6014 6978 70
69 69
600
Do pref
100 6812 Apr 16 753 Jan 10
69
4
68
68
69
6638 673
8 633 6412 65
4
65
667 667
8
8 4,300 Pittsburgh & West Va
_100 63 Mar 19 737 Jan 2
8
8 7118 73
734 7418 7318 737
71
724 72
73
733 7534 44.300 Reading
2
50 6914 Mar 30 8214 Jan 6
374 37
,
3714 37 4 .37
37
3718 37,
37
3714 3712 38
8
2,800
Do 1st pre(
50 337 Mar 18 393 Jan 20
43812 3914 43812 387 . , 387 •3812 3834 *3812 387
8
4
8 38 2
8
8 387 3914
8
600
Do 2d pref
50 3814 Mar 18 433 Jan 6
4
49 .44
49
*44
43 4 433 .424 44
3
4
423 424 42
8
42
200 Rutland RR prof
100 42 Apr 24 627 Jan 9
8
12 7212 6918 7214 7018 733
68% 694 69
4 724 733
4 7214 7412 136,200 Bt Louis-San Francisco
.1O0 5712 Jan 16 7412 Apr 24
8012 8012 8012 8012 8012 81
80
80
81
8
8112 8112 1,700
Do pref A
100 76 Jan 20 84 Mar 3
4714 474 4618 474 4514 4614 45
4612 4534 4614 464 4612 4,150 St Louis Southwestern_
100 4412 Mar 30 53 4 Mar 2
3
704 71
*703 71
8
7112
.71
7012 704 •703 7114 703 71
8
8
1,900
Do Prof
100 7013 Jan 19 75 4 Mar 11
3
23
234 2234 2314 23
234 2414 2312 24
24
2312 2438 14,300 Seaboard Air Line
100 203 Jan 16 235 Feb 25
8
8
4014 373 39
3712 3812 383 394 391 4012 11,200
393 4014 39
4
4
4
Do pref
100 35 Mar 30 437 Feb 5
10212 10514 10214 104
8
1033 105
4
1043 105
8
1023 104
4
103 104
55,600 Southern Pacific Co
100 983 Mar 30 1083 Jan 9
8
2
8714 884 8614 8814 8618 877
8 874 877
87% 88
8 8712 893 38,600 Southern Railway
8
100 775 Jan 2 92 Feb 5
8
85 85,
4
4 843 8514 *8514 85 4 854 8514 8514 854 8,900
.85 4 86
3
3
Do pref
100 83 Jan 2 923 Feb 25
4
2 5114 53 4 5012 513
,
,
534 5412 52 4 533
4
4 513 53
5112 527 15,200 Texas & Pacific
8
100 4314 Jan 27 583 Mar 13
4
49
9
9
*812 9
9 8 91
3
03
4
5
94 914
94 10
800 Third Avenue
100
712 Apr 17 143 Jan 12
4
,
6318 6212 6212 *62
4212 64 "6212 644 .6212 63 2 '62
63
500 Twin City Rapid Train/AL _100 58 Jan 22 6612Mar 7
13912 141
13918 13934 137 139 2 1364 138
3
1334 1363 50,000 Union Pacific
1404 141
4
100 13314 Apr 24 15314 Jan 10
74
74
74
74
74
7314 7418 7312 74
74
7314 7312 1,700
Do prof
100 72 Jan30 76 Feb 26
23
•19
23 •19 " .19
419
21
23
26
267 29
8
3,100 United Railways Invest
100 184 Mar 19 29 Apr 24
60 •O
60
58 .58
58
61
59
6712 663 71
4
58
Do prof
5,800
100 4812 Mar 23 71 Apr 24
9014 924 9014 9112 9114 943
4 9412 9718 9714 1003
9112 92
4 9,400 Virginia Railway & Power.100 6418 Jan 14 1003 Apr 24
4
223
4 2118 2218 21
4 22
, 2118 213 23,600 Wabash
224 223
21% 213 215
8
2
100 1912 Mar 30 2612 Mar 12
614 6212 614 624 62 6212 62 623 28,300
627 6318 6212 63
8
8
Do prof A
100 553 Jan 20 67 Mar 21
4
"4114 53 .42
44
44 .42
43 .414 43
4212 4212
.41
Do pref B
300
100 3812 Jan 21 46 Mar 12
127 1312 12
127
8
8 113 12
1218 1212 12
1314 1314
1218 5.800 Western Maryland
4
100 11 Mar 24
173 Jan 9
2
18
183
4 18
8
8 185 19
•1814 1812 18
18
18
183 183
5
1,300
Do 2d pref
100 16 Mar 27 2614 Jan 9
3
36 4 37
3612 38
3612 3714 354 3612 6,050 Western Pacific,
3612 37
374 38
100 2114 Feb 17 55 Mar 11
89 •8812 89
8914 8914 '88
8812 8812 *88
8812
8914 90
Do prof
500
100 8412 Jan 8 100 Mar 11
4
8
8 127 134 123 1278 124 123
8 1212 12% 123 123
8
8 2,100 Wheeling & Lake Erie Ry 100 103
134 133
4Mar 31
164 Jan 7
2412 2412 2414 243
8 2418 2418 24
24 '2312 24
*2412 25
800
Do pref
100 22 Apr 2 313 Jan 7
8
PER SHARE
Range for Previous
Year 1924.
Lowest
Highest
S per share $ per share
12 Apr 227 Dec
8
25 Mar 4614 Dec
9718 Jan 1203 Dec
4
8
864 Jan 965 Dee
15 Feb
8
5 Dec
Jan 15214 Dee
112
5218 Apr 847 Dee
8
5614 Apr 6612 Deo
393 Dec 4414 Dec
4
Jan 95 Nov
88
1312 Jan 417 Dec
2
483 Jan 751 Dec
4
4
40 May 683 Dee
8
14214 Mar 1564 Nov
199 Mar 296 Dee
873 Feb 9814 Dec
4
9913 Jan 1091s July
314 Apr
1013 Dee
84 May 197 Dee
8
100 Apr 15014 Nov
21 May 38 Dee
37 May 627 Dee
8
4 Apr
117 Nov
8
1011 June 313 Nov
8
107 Oct 183 Nov
8
4
1814 Oct 321s Nov
4914 Jan 753 Dec
4
100
Jan 1143 Dee
4
2112 Feb 50 Nov
7634 Feb 973 D02
4
65% Jan 8712 Nov
29
Jan 5711 Dee
8814 Apr 94 Dec
Jan 49 Nov
20
50
Jan 851 Dee
4
45 Jan 59 Nov
1044 Mar 13938 Dec
11034 Feb 1493 Dee
8
42 Dec 4312 Dee
203 Jan 353 14u9
4
8
283 Feb 4914 Dee
8
2518 Jan 4614 Dee
5334 Mar 75 Dec
28 May 393 Nov
4
113 Apr 2913 Dec
4
50
Jan 99 Dee
204 Nov 294 Dec
5714 Oct 6472 Deo
10014 Mar 1177 Dee
8
104 Mar 11714 Dee
64
Jan 73 Dee
111 July 1812 Nov
4
4414 May 83 Nov
123 Jan 3914 July
4
173 Mar 415 Dec
4
8
5114 Mar 5912 Dec
53912 Apr 85 Dee
87% Jan 109 Dee
42
Jan 85 Dec
3012 Jan 517 July
8
634 Mar
1312 Jan
34c
20
42 Dee
41 Nov
714 Jan
14 Mar 30
Jan
13 Jan
8
4
Jan
284 Mar 534 Dell
50 June 75 Dee
no.May 343 Dee
8
3
293 Feb75 4 Dee
4
9 4 Jan 3414 Nov
3
Jan 74 Dee
29
118 July
3 Dee
9312 Feb12112 MaY
991s Feb119 4 Dee
5
7213 Fob 128 Dee
83 May 937 Sept
3
1418 Jan 3314 Deo
16 May 2814 Nov
1211 Apr 29 Nov
10212 Jan 13314 Dee
721 Feb 8018 Jilt
4
4778 Mar 73 Deo
4214 Jan 50 Dee
914 Mar 2212 Nov
4012 Mar 73 Dec
714 Apr 854 Aug
60 Jan 77 Aug
38
Jan 7514 Dee
517 May 7912 Dee
8
Oct 5613 Jan
34
53318 Jan 56
Jan
Jan 66 Nov
32
1913 Apr 65 Dec
425 Jan 8211 Dee
8
Jan 554 Dee
33
577 Jan 74 Nov
8
614 Jan 2418 Dee
1414 Jan 4512 Dec
8512 Mar 10512 Nov
3812 Jan 793 Dec
4
683 Jan 85 Dee
4
19
Jan 4831. Dee
83 May 1812 July
4
3912 1
4et 66
Jan
12638 Mar 1515 Dee
8
70 Mar 7612 Aug
73 14pr 41 Dee
8
2612 ',pr 647 Dec
2
38 Feb 7234 July
1034 Jan 243 DSO
2
34
Jan
2211 Jan 6 31 I)
42 Dec
0
83 June 1814 Dee
8
154 May 2614 Dee
1434 Jan 367 Dec
8
58
Jan 8812 Dee
74 Jan
1713 Dee
1414 Jan 3212 Dee
Industrial & Miscellaneous
.63
*63
64
•125 128 .125
"92
9612 *92
*143
4
15
15
53
5212 53
6412 "6314
128 •125
9612 *004
15 8 1414
,
51
53
•Bid and flaked prices.
67
*6212
128 •125
92
9018
15 '13
52
*51
4
6314 623
128 •125
91
•9012
14
14
52 .5114
z EX-dividend.
623 56212 67
4
128 '125 128
92 "9012 93
1412 1412
14
52
5212
*51
8 Ex-rights
100 Abitibi Power & Paper_No par 62
All American Cables
100 119
300 Adams Express
100 90
1,000 Advance Rumely
100 13
900
Do prof
100 47
2 a,
Jan
an
Aanpr
Apr 16 10314 Jan 9
Apr 11 17 Mar 13
Feb 18 54h Mar 13
81 Deo 84 Dec
9612 May 12212 Dee
7312 JanI 9312 Deo
8 June 1611s Dec
2814 Junej 54 Dee
New York Stock Record-Continued-Page 2
2122
For sales during the week of stocks usually inactive, see second page preceding.
-PER SHARE. NOT PER CENT.
HIGH AND LOW SALE PRICES
&tturday.
Agri/ 18.
Monday.
April 20.
Tuesday, 1 Wednesday. Thursday.
April 23.
April 22.
April 21.
Friday.
Aprit 24.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1925.
On basis of 100
-share lots
LOW031
Highest
PER SHARE
Range for Preeiosu
Year 1924.
Lowest
Highest
$ per share $ per share S per share $ per share $ per share $ per share Shares. Indus. & Miscall. (Con.) Par
8 9912 100 4 *9914 10114 99% 10014 9,900 Air Reduction, Inc._..No par
3
10414 10514 103 104% 100 1025
4
123 133 25,500 Ajax Rubber. Inc_ _ _ _No par
7
4
1314 1314 133
1314 1312 1318 13 8 123 138 13
10
------ Alaska Gold Mines
10
158
134
17
8 3,700 Alaska Juneau Gold Min
13
4
-;I48 -I- --jig -- -7
1;
10,400 Allied Chemical & Dye_No par
8518 86
837 8478 8512 86
8
4
8
8618 855 8614 833 86
86
Do pref
100
500
4
4
8
4
8
4
8
1187 1187 .11812 118% 1187 1187 1183 1183 1183 119 *1183 119
100
4
4
7814 7812 2763 773 11,500 Allis-Chalmers Mfg
4
7912 794 783 7934 7634 7912 7712 79
Do pref
100
500
1053 1053
4
4
106 106
105 105
10614 10614 103 106
'106 107
1914 7.800 Amer Agricultural Cbem 100
1812 1912 19
1814 2014 1812 1912 1818 19
193 20
8
Do prat
100
4912 6,308
48
5014 471 4958 4514 4812 4512 4
49
612 4812 48
100
800 American Beet Sugar
404 .3914 4014
3918 3918 .39
40
39 39
4018 4018 39
Do pref
100
4
100
4
•8134 84 .813 84 .813 84
4
4
4 823 8234 '813 81
.
804 823
4 3014 314 5,100 Amer Bosch Magneto__No par
4
8 31
323
8 30% 3113 3114 313
313 333
33
32
1,100 Am Brake Shoe & F__No par
*9914 102
993 10014 *100 102
4
1004 10012 *100 10012 100 100
*3j9
Do pref
100
100
*110 ____ 110 110
"110 ____ *110 ____ '110
100
4
173 8 17512 17312 1764 170 17458 168 17212 17112 17314 1703 17312 180,500 American Can
7
Do pref
100
700
11814 11812 .118 11812 1184 11814 .118 11814 11814 11814 11814 11814
3,200 American Car & Foundry 100
193 198
193 200
19612 198
19414 199
2011/ 20312 199 203
Do pref
100
100
12212 12212 *12212 125
*1224 125 *1224 125 .12212 125 *12212 125
8 Per share
8634 Jan 30
10 Mar 19
.15 Jan 2
1 Jan 6
80 Mar 30
117 Jan 9
711 Jan 5
/
4
1034 Jan 3
/
1
1312 Mar 19
3612 Mar 23
363 Mar 19
8
8014 Jan 19
2618 Mar 24
9014 Mar 30
10712 Jan 12
1584 Jan 16
115 Jan 29
192 Jan 5
1203 Apr 2
4
$ per share $ per share $ per share
67
/ Jan 93 Dee
1
4
11112 Feb 26
412 May 1412 Dec
14 Jan 3
14 Feb
3 Jan 14
8
.05 Dec
us Mar
78 Jan
214 Mar 27
/
1
4
85 Mar 87 Dec
9312 Mar 3
8
120 Feb 26 110 Apr 1185 Dee
8
4158 May 735 Dec
8612 Mar 13
8
90 Apr 1047 Dee
107 Jan 20
74 Apr 1718 Jnly
217 Feb 11
1834 Apr 4958 Jan
557 Feb 10
4
/
1
4
36 Mar 49 Feb
43 Jan 7
6812 Oct 83 Dee
8712 Jan 6
5412 Jan 3 . 2214 Apr 38% Jan
106 Feb 26
76
Ayr 102 Dee
11014 Mar 7 10414 July 110 Mar
/
1
957 Apr 1634 Dee
8
18512Mar 6
Oct
Jan 119
11914Mar 9 109
23214 Mar 6 15312 Apr 20014 Dec
4
12512 Feb 18 1183 Apr 125 July
25
American Chain.class A
American Chicle
No par
Do pref
100
Do certificates
No Par
Amer Druggists Syndicate_ 10
American Express
100
Amer & For'n Pow new.No par
No par
Do pref
Do 25% paid
Do full paid
637
93.j 93 -614 - - -, 14 10 -64 -- 1
700 American Hide & Leather_100
*984 -1- 4 -6 -iii634 6
61100
Do pref
3,100
66
66 .6512 6612 66 66
66
66
6512 6512 6512 6712
100
93
9414 95
9112 93
93
93
93
93
93
963
4 4.900 American Ice
93
100
Do pref
300
4
78 .77
78
78
78 .773 7912
.76
78 .8512 88 .76
5,600 Amer International Corp_ _100
8
34
3412 3514 36 .333 35
36
3614 363
4 35
3358 34
10
1212 1258 123
12
12% 12
4 123 123
1214 123
4 123 13
4
4
4 7,400 American La France F E
100
8
4 6.490 American Linseed
25 12 2758 257 273
.24
2412 244 243
2414 2414 25 25
Do pref
100
6712 68
6912 6918 694 4,400
4 67
4
6612 66% 673 83's 67 673
121 1221 15,800 American Locom new__No par
122 122
12018 122
12414 1253 124 12514 122 124
8
100
Do prof
4
4
4
•118 120 .118 120 *1173 1181 *1173 11834 *118 11912 .118 11914
No par
7001 American Metals
4
453 46
4
*453 4612 *453 44,
4
453 46
*464 4714 464 461
4
2
100
200
Do pref
113 113 .113 11434 113 113 .111 1143
,
•113 114 4 *113 114
4
25
900 American Radiator
94
*914 95
94
95
95
95
95
95
9512 953
4 94
100 Amer Railway Express____100
791 .
7912 78
78
78
7912 .78
7912 .78
7912 *78
.78
American Republica__ no par
*4012 59
*4012 59 .4012 59
55 .4012 55
'4012 55 .40
3,100 American Safety Razor_ __ _100
54
54
51
51
7
4 52 8 54
.56
5612 5458 548 5312 553
par
107 11
8
1012 1012 2,700 Amer Ship & Comm
11
1118 1053 11
111
1112 11
11
3
4
9312 9114 9214 913 9212 9214 9212 7,800 Amer Smelting & Refining_100
932 948 92
933 945
4
Do pref
100
500
10612 10612 *106 1071
s
,
1073 1073 .10712 1075 1073 1078 *106 107
4
4
2,100 Amer Steel Foundrieo_33 1-3
49
4
4914 497, 49
49
50 50
4958 483 49
50 50
Do pre
100
200
*110 ____ .110
110 ____ 110
111 111
112 112
4
4 623 6414 6212 6314 58,200 American Sugar RefinIng..100
617 6414 624 633
8
4 614 653
664 673
Do pref
100
2,800
9634 97
*95
97
*963 97
4
907
97
98
.987 99% 98
8
87 12
134 141
7
1012
1218 1412
7 4 83* 88,500 Amer Sumatra Tobacco. 100
3
1312 14
Do Prof
100
31 • 3412 4,400
43
52
43
3612 3914 3312 39
.413 53 .41
8
200 Amer Telegraph & Cable...100
411 *41
8
4112 417 417 *4112 42 .4112 42
4112 *41
541
100
4
2
136 13614 13614 1361 1363 136% 1363* 1363 1364 1368 13514 13658 14,700 Amer Teiep & Teleg
50
92
9212 9118 9218 12,600 American Tobacco
90
921
9012 92
4
8912 894 893 93
Do pref
100
10512 10512 105% 1055, 10514 10514 .1054 10512 10514 10512 10512 10553 1,000
Do common Class B_ _ _50
8
907
903 9214 9012 907 30,300
4
8918 9158 89
8918 893
923* 90
600 American Type Founders_ _100
103 101 *102 103 *103 108
106 106 .102 108 .102 106
20
451 47
46
45
453
4 45
463
4712 8,100 Am Wat Wks & El
4 46
467
4612 463
Do 15t pref(7%)
100
600
8
10118 1011 10118 10114 .101 10238 '101 1017 101 101
101 101
Do panic p1(6%)
100
400
1031 102 10258 102 102 .10112 10314 *102 1024
•10212 10312 .1024
100
4
4
39
3978 3918 41% 393 4912 393 4018 14,100 American Woolen
395 401
8
3958 40
Do pref
100
2,500
7918 80
793 80% 7918 79 8 794 80
4
80
80
80
,
80
900 Amer Writing Paper pref._100
314 4
412
37
8 44
4
4
*3
33
4 *3
*33
4 4
700 Amer Zinc. Lead Jc Smelt._ 25
7% 8
73
4 74
3
*714 8
*74 8
78 77
8
.714 77
25
Do Drat
500
28
27
27% .26
28
28 .
26
28 .26
*26
28
'26
19,500 Anaconda Copper Mining --50
35 8
,
353 3612 36
4
3514 3612 3514 36
364 363
363 37
4
1,000 Archer, Danlit MicIrd_No par
33
3112 32 .31
307 307
8
8 313 313
4
4 3212 3314 33
321
100
Do pref
200
9712
9712 .99
29712 971 .9713 98
.9712 98
97 2 97 2 .96
,
,
100
700 Armour & Co (Del) pref
903 903
8
8 9012 9012 *9014 9118 9014 9312
*9014 907
.9014 91
100 Arnold Constle&Covtc No par
812 011 .812 9
.812 9
'8l
9
.812 9
.812 9
4 1,500 Associated Dry Goods__ _ _100
183 1813
•182 186
18514 18514 .184 188
1854 18514 18514 18558
100
675
Do 1st pref
93
94
98
97 97
97 18 974 .97
97
97
'9612 98
100
Do 2d pref
•10512 108 .105 108 '105._-_ .105 107 •108 103 .1054 10412
25
16,900 Associated Oil
33 333
4 34
35
33
,
3512 361
4 3512 35 4
33
327 33
413* 41% 4414 4118 4414 55,300 Atl Gulf & WI SS Line____100
368 3612 3712 37
368 374 36
100
Do pref
9,900
4112 4212 4112 4512 41
45
4612 44
41
41,
8
4034 41
100
1,300 Atlantic Refining
105 105 .101 101
1014 10214 .101 10214 10012 10112 1005 102
100
Do pref
•11312 115 .11334 115 *114 115 •114 115 *11414 115 *11414 115
No Par
Atlas Powder new
5 4934 *47
4934
447 *47
8
493 *43 8
4
493 *47
4
48 .47
'47
100
Do prof
*9112 91 .913 91
.9134 94
4
94
*9134 91
4
.923 94 .91
No par
1112 1112 '1112 1134 1134 123
4 3,700 Atlas Tack
1158 12
12
12
1214 12
1,300 Austin, Nichols&Covt c No par
25
25
2312 24% .21
234 231/ •23
24 24
24
24
100
Do prof
91
91 '88
91 .
88
.88
91
.83
91
91
"83
*88
Auto Knitter Hosiery_ No par
4
4 .212 23
4 .212 23
4 '214 212 *212 21
4
•212 23 '24 23
8
1113 11412 10918 1124 1103 11214 11012 112% 123,2001 Baldwin Locomotive Wks.100
8
1154 1173 11414 117
4
100
Do prof
200
4
4
4
4
•110 1103 11014 11014 11012 11012 '1093 111 .1093 111 .1093 111
2212 2214 2214 4,500 Barnsdall Corp. Claw A..,.. 25
2218 22
2218 22
2258 22
2112 2134 22
25
Do Class B
400
*1512 163
4
17
17
17
1614 1614 17
*17
18
18
*17
No Par
Barnet Leather
*3212 40
*3212 40 .324 39 .324 40 .3212 40
'3212 40
No par
1,300 Bayuk Cigars, Inc
4012 4012
41
41
4012 403
4
43
.41
4158 4153 4112 4158
20
2,400 Beech Nut Packing
66
65% 66 .66
(363
4 68
67
87 2 66
,
87 6712 67
100
40% 4112 16,800 Bethlehem Steel Corp
41
403 41
4
4212 4118 413
4 4014 4114 40
41
Co cum cony 8% pref _100
400
•II1 11112 11012 III •11012 11112 11012 11012 •110 11012 *110 111
100
Do prat 7%
600
9412 9412 9412
95
95 .93
943 .93
4
4
4 9414 05
943 943
No par
700 Booth Fisheries
45
4 5
412 412
'412 5
458 *43
.44 512 .412 5
100
100 British Empire Steel
8
4 •138 238 .153 238 .112 2313 *112 23
2
13
4 13
•1
100
Do lst prof
303
4
303 .
4 26
303 .26
4
303 .26
4
4
125
303 *2412 303 .26
4
100
Do 2d pref
.714 9
9
9
4
,814 914 .7
.7
.7
9
.812 9
100
4 2,000 Brooklyn Edison, Inc
4
8
8
129% 1297 .12812 12912 12912 1293 12823 1285 130 13018 130 1303 13,600 Bkiyn Union Gas
No par
8312
* 8234 8312 83
8012 825
823 828 8112 82% 8012 82
8
100
7212 734 72
727
8 7012 7012 7214 7412 4,000 Brown Shoe Inc
72 .7112 73
72
100
Do prof
97 101
.97 101 .
.97 101
.97 101
"97 101
•98 101
No par
600 Burns Brothers
9912 9912
9012 100 100
9912 *99
4
993
4 9912 993 *99
*99
Do new Class B corn No par
900
18% 187
8 1812 18%
20 .1814 20
193 20
4
1914 19 4 20
3
100
Do pref
9418 97
*9312 97 .9414 97 •9418 97 '9418 99 "944 97 .
400 Burroughs Add'g Miteb_No par
79 2
,
78
7912 794 .
*7912 80 .7912 80
4
.7912 8012 793 80
5
55
4 1,500 Butte Copper & Zino
8 55
53
4 53
54 54
3
3
52
4 6
512 512
58 55,
100
200 Butterick Co
17% 17%
*175 18
8
4
174 173 *1712 1812 •1712 18 .1712 18
7,600 Butte & Superior Mining_10
1114 114 1118 1012 1118
s 11
1112 113* 1134 118 1158 117
par
3
4
3
4 1,100 Caddo Cent Oil & Ref-No
*78
1
*7
8 1
8
4
34
8
4
7
8
8
4
8
4
No Par
105 1054 1,900 California Packing
•104 104's 10412 105
104 104 *10312 1014 104 106
25
281. 293 29,900 California Petroleum
4
2814 293
4 2914 30
285 2953 2853 2934 284 29
*
Do prat
100
11312 11312 11418 11412 1,300
112 112
11112 11212 5111 114
112 112
10
2,700 Callahan Zinc-Lead
2 8 2%
,
7
2
7
27
253 27
3
3
234 272
23
4 2
Arizona
10
.4712 47% 4512 4638 .4511 46
4512 46
45
4718 4612 4612 1,100 CalumetI) Plow mining-Par
Case (J
No
25
600 Calumet de Hecht
2
;iiTz ia
1s
127
8 123* 1358 -1. i813
800 Case Thresh Machine__ _100
28
28
28
.25
28
*26
2712 2712 '27
*26
28
28
100
Do pref
7012 7112 1,400
.67
68
68
69
70 70, .
4 6912 71
*70
71
100
16
1612 1,600 Central Leather
1612 1812 155* 1612 163 163
8
8 157 16
8
158 16
Do prof
100
544 54% 3,100
4
*543 55
5412 5412 5412
5412 5512 5412 5518 54
3912 3912 2,900 Century Ribbon Mills_ No Par
41
39
39
39
42
40% 40
41
413
4 40
Do Prof
100
100
90
96
99 .
96
96
*96
98 .96 100 .96
99 '96
46% 9,500 Corrode Pasco Copper _No par
4658 453 463
46
4
.
45 4 45
3
4 4512 463
4 451 4614 v15
8,700 Certain-Teed Products_No par
4312 44
44
43
4412 45
3
45 4 437 4558 4358 43 4 44
3
8
3514 36 4 3414 34% 10,800 Chandler Motor Car_ __No Par
,
,
3558 385* 3812 3658 33 8 3614 3358 353
.100
700 Chicago Pneumatic Tool.
4
4
4
85 2 843 843
,
86
8514 853 .85
08614 86% 86 8614 86
200 Chic Yellow Cab tern ctt No pa
49
*4812 53 •4812 53 .49
53
4912 .4812 49
.484 53
25
3218 3212 • 8,700 Chile Copper
32
4
3112 3218 313 32
8
32 8
,
8
317 3214 313 32
5
700 Chino Copper
4
3
2012 .18
1912 19
1918 1912 193
•1912 2012 19 4 20 .19
100
500 Ciuett. Peabody & Co
*8212 64
63
63
614 63
83 .6212 63
z63
•6412 65
s Et-dividend.
a Es-rights
-•Irld and asked prime to sales on this day
22% Apr 22
37 Jan 27
94 Jan 5
37 Jan 7
514 Mar 17
135 Mar 30
274 Apr 7
87 Jan 6
1143 Apr 7
2
125 Jan 6
812 Mar 31
59 Mar 31
83 Mar 18
744 Mar 17
/
1
3218 Mar 30
1114 Jan 2
20 Mar 25
63 Jan 2
10412 Jan 5
11812Mar 20
453 Mar 30
4
111 :314r 30
89% Jan 3
78 Mar 27
48 Jan 8
367 Jan 2
8
1012 Mar 19
90434ar 30
10512 Jan 5
46 Jan 30
108 Jan 7
475 Jan 16
8
911 Jan 16
/
4
7 Apr 23
31 Apr21
4014 Jan 8
130% Jaa 2
85 Feb 17
10412 Jan 5
844 Feb 17
/
1
103 Apr 22
34% Jan 13
100 Jan 9
954 Jan 2
/
1
35% Apr 2
77 Apr 2
212 Apr 2
714 Mar 19
253 Mar 30
8
3514 Apr 21
26 Jan 7
901 Jan 5
/
4
901 Mar 31
/
4
8 Jan 5
128 Jan 5
94 Jan 7
101 Jan 2
32 Mar 30
20 Jan 5
31 Jan 5
9512 Jan 2
11312 Jan 6
47 Apr 14
92 Jan 14
9 Feb 16
/
1
4
2312 Apr 3
8738 Jan 27
1% Jan 7
107 Mar 30
/
1
4
109 Apr 11
21 Mar 24
1614 Apr 22
35 Jan 5
4012 Apr 23
60 Mar 23
383 Mar 23
4
109 Mar 18
9414 Apr 20
412 Apr 24
13 Apr 23
4
30 Jan 5
814 Jan 21
1205 J8,1 2
*
751s Feb 17
6412 Mar 31
96 Mar 25
924 Feb 11
/
1
17 Mar 31
934 Jan 10
/
1
65 Jan 3
414 Mar 31
8
175 Apr 17
1012 Apr 21
8 Apr 21
4
10012 Jan 27
237 Jan 2
8
100 Jan 2
23 Apr 23
2
45 Apr 22
27 Feb 14
62 Apr 18
100 Apr 21
5812 Apr IS
634 Jan 22
166 Jan 2
39 Jan 7
94 Feb 19
12718 Jan 7
128 Jan 7
14 Jan 14
75% Jan 14
913 Apr 24
4
8014 Jan 7
41 Feb 5
14 Jan 15
29% Feb 3
6934 Apr 24
144% Mar 6
124 Feb 16
53 8 Jan 2
3
1164 Jan 8
/
1
105 Jan 17
84 Jan 13
6614 Jan 17
594 Mar 12
1412 Feb 28
1065 Feb 10
*
1105 Feb 5
8
5434 Mar 4
112 Apr 18
7114 Apr 14
101,2 Feb 28
241 Feb 14
/
4
56 Feb 13
47 Feb 25
1367 A pr 21
93 Apr 20
106 Feb 17
923 Apr 21
8
11214 Jan 2
49 Mar 25
103 Feb 18
103 Mar 13
643 Jan 6
4
964 Jan 20
/
1
758 Jan 3
12 Jan 9
/
1
4
39 Jan 9
48 Jan 3
3514 Feb 13
9712 Apr 20
97 Feb 14
1212 Jan 28
193 Feb 28
99% Mar 12
10814 Feb 7
3912 Feb 2
4414 Apr 23
473 Mar 3
4
11712 Feb 5
11514 Mar 19
5212 Feb 24
94 Jan 9
123 Apr 21
4
3212 Jan 12
921s Mar 4
3 4 Feb 26
,
146 Feb 26
1165* Jan 31
30 Mar 3
23 Feb 6
497 Mar 4
8
5314 Feb 14
7412 Jan 10
531/ Jan 13
11612 Feb 8
102 Jan 31
7 Jan 10
358 Jan 26
3334 Feb 25
1114 Feb 24
133 Jan 7
84 Apr 8
7814 Jan 10
1003 Jan 19
1033* Jan 12
2318 Jan 14
971 Apr 16
/
4
8214 Mar 15
8% Jan 2
28% Jan 3
2414 Jan 9
2 s Jan 12
3
110 Feb 21
327 Mar 7
8
11618 Apr 8
4% Feb 19
58 Jan 7
127 Apr 22
8
24 Mar 18
60 Mar 11
143 Mar 28
4
4914 Mar 24
3112 Jan 5
9512 Jan 3
434 Mar 24
/
1
403 Mar 24
4
2812 Jan 22
8014 Mar 19
48 Mar 18
3012 Mar 30
19 Apr 23
584 Mar 17
/
1
18% Jan 5
30% Jan 23
7112 Apr 24
21% Feb 7
68 Feb 7
4712 Mar 11
983 Jan 14
4
5512 Jan 2
4834Mar 2
37% Apr 6
985 Jan 3
8
55 Jan 3
37se Jan 2
28% Feb 9
713 Jan 12
4
134 17. -134 --1-3;
2312 .2314 2312 2314 2314 2314 2314
82
6012 6112 5712 62
5818 584
99
99 99
100 100 *97 107
59
5512 5814 .56
5812 57
58
55
2
•
51,
51,
55
2
8
512
53
8 55
138 139
136 137
141 2 14112 140 140
,
7 2812
2812 2812 2812 2858 277 2812 27
8812 8412 8814 8812 88
88
"8814 89
.234
8
567
99
54
512
-1-3r4
-His
2314
2314 .23
55
57
53
107 .97 107
55 55
55
55
2
*513
*512 5 8
,
138 138 4 136 133
,
2814 2814 2814 2812
8812 8812
.885 89
8
•11512 120
.23
58
.97
55
400
5,500
400
800
1,300
2,000
2,800
700
215 Mar
8
1434 Apr
5112 Feb
23 Sept
312 June
Apr
88
- _
/
1
924 Mar
/
4
911 Apr
714 Apr
594 Jan
72 Aug
7312 Nov
17% Mar
10 May
13% May
30
Apr
7018 Apr
11614 Apr
38% June
1074 AP
/
1
9414 AP
77 Nov
/
1
4
25
Jan
5% Apr
1018 Oct
57
/ Jan
1
4
96
Jan
33 Apr
/
1
4
10114 Apr
Oct
36
Oct
77
638 July
2211 Sept
3814 Dec
12118 June
1365 Mar
8
Apr
101
135 Mar
/
1
4
106 Sept
40 Feb
8912 Mar
68 Feb
/
4
511 Sept
Oct
90
11 Apr
/
4
7 Mar
24 June
2812 May
2812 Dec
90 Dec
/
1
834 June
Oct
6
Jan
79
834 May
/
1
Jan
89
2712 July
103 Mar
4
1212 Jan
784 July
/
1
108
Oct
47
Apr
824 Feb
/
1
5 June
1812 Mar
79
Apr
112 Nov
1043 May
8
1104 June
/
1
14 Feb
10
Jan
2312 Nov
3912 May
443 Apr
4
373 Oct
4
10114 Apr
8912 June
3 8 June
,
114 Nov
30 Aug
5 Nov
1074 June
563 Apr
8
89 May
84 June
95 Dec
195 Feb
8
9518 Mar
62% Nov
3 8 June
5
17 Apr
14 May
1 Nov
80 Apr
1912 July
/
1
4
92 July
212 May
41% Mar
12 Mar
1318 May
14 Mar
4114 May
9% Mar
2914 Mar
258 Apr
4
Jan
91
40% Mar
2478 June
267 Nov
8
79% May
39 May
25% Mar
15 Mar
Oct
55
25 Bent
407 Dec
8
9312 Dee
39 Dee
Oct
7
1643 Der
4
_
1321g Dee
133 Dee
145 Dec
8
723 Dee
8
96 Feb
83 Feb
35% Nov
1214 Jae
283 Dee
4
533 Dee
8
109% Dee
12012 Sept
54 Dee
11512 Dee
136 Dec
83 Oot
48 Dee
1014 Nov
8
153 Feb
1003 Dee
8
10758 Dee
49 Deo
/
1
4
109 Nov
615 Feb
4
997 Feb
8
2812 Jan
Jan
69
43
/ Jan
1
4
13434 Deo
169% Nov
10612 July
1683 Nov
8
115 Sept
144 Dee
101 Dee
102 Nov
78% Jan
102% Jan
7 July
124 Dee
/
1
367 Dao
8
4814 Dee
29 Deo
9112 Dee
94% Dee
15
Jan
/
1
1044 Nov
94 Nov
1023 Dee
4
34% Feb
23 Dee
311 Dee
/
4
14018 Jan
118 Feb
54% Feb
93 Dec
1118 Jan
3312 Dee
91 Nov
8
/ Jan
1
4
1343 Dee
8
117 Nov
/
1
4
234 Dee
/
1
17 Dee
/
1
4
39 Des
Jan
59
72% Dee
6218 Feb
1101 Feb
/
4
97 Feb
74 Jan
/
1
6 Aug
54 Mar
15% Jan
1244 Dee
/
1
4
823 Dec
764 Dee
/
1
99% Dec
1121 June
/
4
29 Nov
9918 May
6712 Oct
914 Dec
25% Dee
/
1
4
25 Dee
414 Jan
1064 Dee
/
1
29 Feb
/
1
4
Jan
107
5% Jan
583 Dee
4
134 July
1918 Dee
35 Dee
Jan
77
21% Dee
5814 Dee
35 Nov
/
1
4
9512 July
4
563 Dee
44 Dee
/
1
4
004 Jan
100% Dee
6112 APT
38% Dec
29 Dee
7512
JD
New York Stock Record-Continued-Page 3
2123
For sales during the week of stocks usually Inactive, see third page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Apra 18.
Monday,
April 20.
Tuesday,
April 21.
Wednesday. Thursday,
April 22.
April 23.
Friday,
.4 pril 24.
$ per share $ per share $ per share $ Per share S per share $ per share
9853 99
98 100; 9912 10053 99 10012 1005a 10112 99 100%
3312 34
333 34
4
3214 3313 3214 33
3314 353
8 3434 36
.4834 4912 34734 473
4 4714 4714 .47
4713 *47
4712 47
47
553 5614 553 565
4
4
8 5512 563
3 5514 5512 5513 562
8
4 557 5634
10512 106
10514 1052 10512 1057 1057 1057 1057 1057 .10618 10612
8
3
4
8
8
8
63 .56
63
63 .57
63 .57
63
*57
63 .57
63
•101 105 •101 105 *101 105 •102 10312 *102 1033 *102 1033
4
4
129 134
•134 140
11613 127
105 115
113 11612 10112 105
.134 138
12818 13012 113 1253 105 112
4
112 116
100 112
29
297
8 2912 302
2912 287 30
297
8 29
s 29
8
27
29
8 .23
278 27
.2 4 27
4 2;
3
8 *27
8 3
*27
8 3
.2 8 3
7
2853 283
8 2812 29
28
2812 2712 28
28
28
28
287
8
.83
86 .83
*83
87
87
87
88
89 .84
•85
89
614 67
614 63
4
8
6
8;
53
8 6
512 6
5 4 57
,
3
7718 77
12 7613 78
76; 77; 77
78
78
79; 787 797
8
8
314 314
314 3 4
,
3
3 14
,
38 34
,
318 314
3
318
6312 637
633 64
4
8 623 6312 62; 633
4
8 63
6312 623 63;
4
10912 10912 10812 10812 10812 10812 1083 1043 10813 108; 10818 10818
4
4
9
87
41 9
95
8
914 93
8
93
8 912
9 4 913
,
93
8 912
3918 3913 3812 3938 3814 385
8 373 3818 373 38
4
4
365 3778
8
121 122 .121 122 *12113 122
12112 12112 12112 12112 •12I 122
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1925.
On basis of 100
-share lots.
Lowest
I
Highest
PER SHARE
Range for Precious
Year 1924.
Lowest
Highest
Indus. & Miscell. (Con.) Par $ Per share $ per share $ Per share $ per share
Coca Cola Co
No par 80 Jan 6 10112 Apr 23
61
Apr 8318 Dee
Colorado Fuel dr Iron
100 3214 Apr 21 4814 Jan 13
247 Feb 844 Aug
8
Columbian Carbon v t c No par 45 Mar 24 5134 Jan 8
393 Sept 553 Jan
8
4
Col Gas dr Elec
No par 453 Jan 21 59 Feb 28
4
33 Mar 48 Dee
Do peel
100 10414 Jan 5 107 Jan 26 10314 Dec 105 Dec
Comml Invest Trust__No par 50 Jan 2 87 Feb 16
303 May 58 Nov
3
Do pref
100 102 Mar 19 1061 Jan 19
:
93 May 103 Nov
5,650 Commercial Solvents A No par 10112 Apr 24 190 Jan 29
4313 Jan 13114 Dec
Do "B"
5,200
No par 100 Apr 21 189 Jan 29
Jan 12912 Dee
33
32,300 Congoleum Co new__ No par
27 Apr 24 4313 Jan 2
4
323 May 683 Feb
3
200 Conley Tin FollstampedNo Par
23 Feb16 17 Feb 10
4
1414 Dee
73 May
4
2613 Jan 2 323 Feb 19
3,500 Consolidated Cigar
No par
4
30 Nov
113 Mar
8
Do peel
300
100 7934 Jan 2 8978 Feb 14
Jan
5913 Apr 84
22,900 Consolidated DIstrib'rs No par
18 Jae
318 Jan 7
93 Feb 19
8
3; Dee
56,200 Consolidated Gas(NY) No Par 7418 Mar 30 797 Apr 24
8
8
79; Dec
607 Jan
3,000 Consolidated Text1le___No par
27 Mar 19
8
514 Jan 7
2; Apr
Jan
8
3,300 Continental Can. Inc__No par 6012 Mar 30 697 Jan 2
8
4312 Apr 6953 Dec
700 Continental Insurance
25 103 Jan 5 12012 Jan 26
8918 Apr 1091s Der
31,400 Cont'l Motors tern ctfs_No par
814 Jan 2 103 Jan 13
8
6
8; Dee
Apr
23,900 Corn Products Refin w I
25 30; Apr 24 4158 Feb 25
3112 Jan 43; Nov
Do pref
300
100 11818 Jan 7 12312 Mar 25 11518 Apr 12334 Aug
Cosden dr Co
No par 2613 Mar 30 3538 Feb 2
22; Sept 4014 Feb
100 83 Jan 2 903 Feb 10
Do prof
8
80 Dec 95 Feb
4
66; 6753 airs 6612 6614 667
6814 6918 -673 139
3 653 6612 9,900 Crucible Steel of America 100 6413 Mar 30 7934 Jan 17
4
48 May 78 Dec
*923 9312 •923 93
8
8
9212 9213 *9214 93
*9213 93
*9212 93
Do pref
100
100 9212 Apr 21 96 Jan 15
86 May 98 Dec
123 1212 113 1214
4
8
1134 12
12
12 .1134 12
1134 113
No par
1134 Apr 20 14; Feb 9
4 4.000 Cuba Cane Sugar
1012 Oct 18
Feb
535 555
8
8 5214 54
517 54
557 56
8
8
513 533
5213 32,100
4
8 52
100 513 Apr 21 625 Feb 26
Do Pref
4
8
53; Apr 717 Feb
8
2938 29
2914 29,
29; 29
2 29
2913 29
2918 283 28; 8.000 Cuban-American Sugar__ _10 283 Apr 21 3313 Mar 3
4
4
2814 Nov
387 Feb
8
•9614 98
•9614 98
*9614 98
.
9614 9
8
*9614 98 .9614 93
Do pref
100 9614 Mar 28 101 Mar 13
96
Jan 10014 Nov
434 47
8 .43
.434 5
4 47
8
47
8 47
8 *43
4 5
*43
400 Cuban Dominican Sug-No Par
4 47
8
4 14 Apr 3
63 Feb 27
s
4;June
812 Feb
.3812 3912 .3914 393
4
4 3812 3813 .3812 397 *3812 3978
4 383 383
8
Do peel
100 373 Mar 27 4413 Jan 6
200
4
38 Dec 52
Feb
6312 64
64
63
64
6314 .62
6412 *8312 6412 64
64
No par 62 Mar 30 73 Jan 19
600 Cushman's Sons
5612 Aug 763 Sept
4
.54
4
5412 533 54
53
53
54
54
5312 54; ' 5212 53
Vo par 50 Feb 17 54 Apr 14
1,900 Cuyamel Fruit
45; Nov
7413 Jan
213 212
214 212
213 212
2
23
8
178 218 *214
173 Apr 23
2,
2 2,200 Daniel Boone Woolen Mills_25
77 Jan 9
8
6 Nov
3214 Mar
3112 3378 32
323 33; 3213 34
4
3218 3212 33
315 33
8
8,900 Davison Chernlcal v t a_ No par 30; Mar 28 49; Jan 23
3812 Nov 6913 Jaa
4
2014 20, *2014 22 .2034 22 .20
22
205 20; •2012 22
8
200 De Beers Cons Mines No par 2014 Mar 18 2418 Jan 28
1814 Jan
2214 Dee
*11514 11612 115 11514 115 11514 116 116
11614 11614 116 11612 1,530 Detroit Edison
1110 110 Jan 5 119 Mar 7 101 14 Jan 115; Dee
4 1312 1312 1314 1312 1358 135 •1314 1312 2,090 Dome Mines. Ltd
132 1312 1312 133
8
8,
1812 Jan 19
No par
123 Apr 14
4
113 Nov
4
2014 Jan
•1612 163
4 1612 1612 1613 1612 16
1612 161
163
8. 1618 1618 1,200 Douglas Pectin
Vo par 14 Feb 16 17 Apr 15
9;June 18 Dec
4
3
906; 1073 •1063 107; 107 107 .107 10712 *107 10712 107 10718
300 Duquesne Light 1st prat _. 100 105 Jan 7 10712 Apr 11 100; Mar 10814 Sept
3
109 109
1093 109 3 109 109
8
1083 109 .109 10312 109 1093
4
8 1,000 Eastman Kodak Co._ _ _No par 10418 Mar 19 118 Jan 19, 10418 Apr 114; Nov
1514 153
4 1512 16
153 157
4
8 1514 16
•15
16
.15
153
4 9,200 Eaton Axle & Spring__ _No par
1013 Feb 13 18 Jan 31
8; Sept 2411, Jan
147 14812 14712 14834 145 145
14312 1443 145 14513 14212 145 2 7,000 El du Pont de Nem & Co_.101 13414 Jan 5 154 Mar 4 112
4
,
Dee
May 142
9612 96
9612 .96
•98
9812 .96
9634 .9612 97 .96
9812
Do pref 6%
100 94 Jan 23 9713 Mar 4
500
Apr 96 Dec
85
4
8 63 633
633 6334 623 633
4
3 6213 82 3 63
7
6312 63; 633
4 2,400 Elea Storage Battery__No par 603 Mar 30 70; Jan 3
4
5012 May 66 Dee
.8
9
*8
9
.8
10
.8 • 9
.8
9
.8
Elk Horn Coal Corp
5
718 Feb 17 1012 Jan 22
11
8
Dec 145 July
134 2
*13
4 214 .112 214 .138 218 .112 134 *112 13
900 Emerson-Bran thigham Co_ 100
4
13 Mar 9
4
212 Jan 3
June
313 July
;
66
66
66
*6412 66
8618 6512 6512 853 65; 65 65
4
1,700 Endicott-Johnson Corp.__ 50 63; Apr 2 72 Jan 9
557 May 73; Dec
8
114 114 *11334 114 *1133 114
•11314 114
8
114 114 *1133 114
8
Do Pref
100 11212 Jan 21 116; Feb lb 10512 June 115
200
Jan
*17
•17
1714 17
18
17
.1612 1714 .1678 17
1678 167
200 Exchange Buffet Corp_No pa
1512 Apr 8
8
1978 Jan 3
18 Dec 2412 14ug
.113 312 *212 312 .113 312 *112 312 *112 3 2 .
Fairbanks Co
25
,
214 Mar 27
112 312
3 Jan 5
2 Dec
412 Jan
3814 3012 38
3614 36
36
36
38
36
36
.36
No pa
3214 Jan 2 383 Mar 12
3,
6 2 1,200 Fairbanks Morse
4
2512 May 34
Dee
9812 97
8
955 973
4 9618 963
8 9618 9812, 93
993
8 9714 93; 41,900 atuous Players-Lasky_No pa
9014 Feb 17 10312 Mar 2
61
Jan 9812 Der
•105 106 *105 10612 10512 10512 *1053 10612' 106 106 *105; 107
3
100 1037 Feb 17 110 Jan b
Do pref (8%)
8
200
87; Jan 10812 Dee
•135 140
•137 140
136 136 1.137 139
136 136
Federal Light & Tract_ _Nopa 11412 Jan 3 14812Mar 6
200
7412 May 12212 Dee
163
163 *15
4 1612 1613 .15
4
*15
1618 .15
163 .15
4
1514 Mar 13 25 Jan 19
100 Federal Mining & Smelt'g.10
163
4
518 Apr 2434 Dec
*513 5412 5112 5112 5113 5112 *52
4
*5112 53
521
5114 5114
100 4913 Mar 11 6414 Jan 15
Do pref
700
4112 Jan 6412 Dee
•15212 154 *15212 154 .153 154
15412 15413 155 155 *1513 15713
120 Fidel Phen Fire Ins of N Y_.25 14712 Jan 6 18614 Jan 12 118 Mar 146 Dec
4
1412 1412 *1412 15
15
*1412
1414 1414 .1413 15
*1412 15
12 Jan 8 15 Apr 7
200 Fifth Ave Bus tem ctfs_No pa
91: Jan
1338 Jan
No pa 239 Jan 2 280 Jan 12 163
Fisher Body Corp
Jan 240 Dee
1414 15 "1453 1514 1334 - 5
11
; 1384 - 5g
I1
- 7 1118 472;5615 Fisk Rubber
1013 Mar 24 1514 Apr 20
No Pa
513 June 137 Dee
8
8514 863
85
3 817 85
84
8
*8412 85
85
8518 85
87
100 7513 Jan 16 87 Apr 21
Do 1st pref
4,400
3818 July 86 Dec
4 7814 79
,
7818 7812 7812 783
7814 78 2 7313 733
4 79
No pa
75 Mar 19 8612 Jan 2
803
4 8,100 Fleischman Co
4414 Jan 90; Noy
8
4
109; 109 1095 1093 1093 10914 10912 1093 11114 10912 1107 10,900 Foundation Co
4
10912
4
No pa
90 Jan 8 111 12 Apr 6
8
6612 Jan 94; Dec
97 1014 10
8
10, 1012 1018 1014
4
10; 10 4 103
,
4 1012 1178 16,200 Freeport Texas Co
8 Mar 18 1214 Mar 23
No pa
8
71x Sept 137 Jan
*121, 13
1212 12; 1134 12
•1212 13
.1158 12
*1112 12
No par
418 Jan 2 1614 Mar 2
800 Gardner Motor
7
Jan
314 Oct
48
46
46
4712 .47
*46
4514 46
453 463 *4512 47
4
4
100 45 Mar 30 5813 Jan 10
1,100 Gen Amer Tank Car
3512 May 53 Dec
4
4
4
•963 98 .963 98 .963 98 .96; 98
9714 9814 *97
99
100 93; Feb 16 99 Jan 19
Do peel
400
92 Feb 9912 Dee
5112 502 517
4712 49; 4912 51
51
4
8 4014 51
487 493 12,000 General Asphalt
8
100 4212 Mar 30 6334 Jan 2
31; Apr 633 Dec
8
91
91
91
9013 9012 .90
*88
9013 9012 9012 .9012 91
100 8812 Mar 17 100 Jan 2
Do peel
400
71; Apr 100 Dec
133 133 •133 136 .12934 134
•I30 138 .130 139 *131 135
100 General Baking
No par 121 Mar 7 14734 Jan 2
93
Jan 160 Sept
931s 9234 9314 9214 927 29014 9014 .9014 00's 90
8
93
901
3,200 General Cigar, Inc
100 90 Apr 24 1013 Mar 4
4
8214 Apr 98; Dee
•10414 110 *10414 109 *10414 109 *10414 109 .10114 109 *10414 109
100 1(15 Jan 3 111 14 Mar 12 101; Mar 106 Dee
Do peel
•10812 109 .10613 107
10612 10612 .106 109 *106 109 *106 109
100
Do debenture pref___.100 1061 Apr 21 10912 Feb 25 100
:
Apr 109 Dee
2677 2715s 26614 272; 265 269
8
271 273
267 27112 26612 2891 22,300 General Electric
100 227; Feb 17 320 Jan 2 19312 Jan 322 Dec
1118 11,
11 18 1113 1118 1114 1118 1114 1118 111
4 1118 1114
2,800
11 Jan 2 1114 Jan
10
Do tiPecial
1012 Apr
1113 July
,
7414 75 4 74; 7518 7312 7434 727 7412 73; 7412 72; 737 105,600 General Motors Corp__No par 6458 Jan 5 79 Feb 3
8
10
55; Oct 667 Dec
3
*8913 92
92
.8912 92 .8812 9112 .89
.89
92 .89
92
100 90 Feb 13 9411 Jan 21
Do peel
80 June 93 Dec
.8312 90 2 .89
9013 8813 881 .8812 9012 .89
,
:
91
.89
91
Do deb stock (6%).......100 881: Apr 21 94 Jan 13
500
8018 June 9312 Dec
1045 105
8
1043 1043 .1043 10514 105 1053 10512 106
4
1043 105
4
4
4
8
3,200
Do 7% pref
100 102 Jan
1087 Feb 2
8
9518 July 10312 Dee
50; 4934 5012 4913 5014 493 5114 51
50
4
513
4 50
5138 39,700 General Petroleum
25 42 Jan 16 5712 Mar 3
383 June 45 Aug
8
*4512 4612 .4512 4612 .4512 4612 45
4512 *4412 45
4412 441
400 General Refractorles___No par 4412 Apr 24 5812 Jan 14
Jan
31 June 55
483 48; 49
4
4
49
.4812 49
482 49
4853 485
3 4812 481
2,500 Gimbel Bros
No par 47 Mar 16 57 Jan 13
4718 June 647 Dee
8
4
10314 10314 .1023 105 *103 104
10414 10414 .1023 104 .103 105
4
300
Do Pref
100 10214 Mar 14 10514 Jan 20
99
Jan 107 Sent
2912 293
4 29
2934 29113 2914 2913 2912 2918 291
8
297 30
5.300 Ginter Co temp ctfs_ __No par 22; Feb 13 30; Apr 16
21
Dec 27; Nov
167 1718 1612 17
163 17
8
4
1614 163
4 1614 1612 16; 173 23,700 Glidden Co
No par 12;Mar 19 173 Apr 24
8 June 15 Nov
4
.3812 3913 .3812 39
38 3812 3818 3818 38
3912 3912 3912 2,800 Gold Dust Corp v t c_.No par! 37 Mar
42; Jan 2
2812 Apr 43; Nov
5318 64
5213 53
5114 5212 5112 5312 523 53; 52
4
523 15,200 Goodrich Co (B F)__No par: 363 Jan
4
4
5512 Apr 6
17 June 33 Dec
97
9712 9712 9713 •97
98
9734 973 •9714 973 •9714 073
4
4
4
Do, prat
800
100 92 Jan
99 Apr 16
7014 May 92 Dee
96
96
96'2 97
9514 96
9534 961
9612 9612 9513 9812 4,400 Goodyear T & Rub pf v t 0.100 88; Jan
1073 Marl)
8
Jan 90; Dec
39
8
10334 10334 1037 103; 1037 104
8
1037 1037 .103 104
8
8
10312 104
Do prior peel
1,900
100 10314 Jan
10714 Mar 6
8814 Jan 10818 Dec
15
01434 143
4 1418 1418 13; 14
15
*133 143
4
4 1312 14
1,000 Granby Cons Min Sm & Pr.100 13 Mar 30 21 14 Jan 14
1212 Apr 21; Dee
Gray & Davis, Inc_ _ _.No par
414 Jan '
718 Jan 3
9; Jan
213 Oct
-65- 1514 9414
I51- 6:53
Great Western Sugar tern at 25 91 Jan 16 9914 Mar 3
96; Dec
83 4 Oc
,
•12 1234 .12 -66- •12 1234 12 95 -64 46- 9453 0618
1212
12
1218 1213 127 127
8
8
300 Greene Cananea Copper..
.100 113 Mar 19 1914 Jan 2
4
10 May 2178 Dee
84 512 .,
.638 512
5;
5
5
5
.514 57
25
512
54
600 Guantanamo Sugar __ __No par
5 Apr 1
612 Jan 5
4; Nov
1018 Feb
7112 7153 71
6914 6912 70
68
; 71
70
71
693 7018 2,500 Gulf States Steel
4
100 6718 Mar 24 94; Feb 5
62 May 89; Feb
29
29
2812 2812 2818 2814 2712 28
29
.28
25 4 28,
3
4 4,100 Hartman Corporation.
.No par 253 Apr 24 3712 Jan 7
4
355
31 Sept
4434 Feb
34 35
345 3612 343 35
8
8
35; 3812 3514 353
35
; 35
4 8,100 Hayes Wheel
No par 30 Mar 14 4314 Jan 3
3214 May 527 Feb
8
46
.4512 4613 .4512 4612 .4512 4612 *4512 46
46, .4513 4612
4
300 Hoe (R)& Co tern ctfs_No par 45 Apr 1
4878 Jan 9
4814 De
8
517 Dee
44
*4313 94
344
44
*4312 44
44
•4313 44
4312 4312
400 Homestake Mining
100 43 Jan 2 50 Jan 12
35 July 5812 Jan
436
3614 36
36
3614 *36
3512 36 .35; 36
35; 357
8 1,200 Househ Prod,Inc,temctf No par 3413 Jan 5 37; Jan 20
313 Apr 38 Nov
8
61 14 60
6012 59
61
6012 617
60; 6112 61
8 6012 6012 5,500 llouston011of Tex tern ctfs.100 59 Apr 22
85 Jan 29
61
Apr
8212 Feb
517 5212 51; 5212 52
8
533
4 515 533
8
8 5278 5312 5112 53
63,000 Hudson Motor Car_ _ _ No par 3334 Jan 5 5418 Apr 15
2012 May 36 Dec
1634 1712 1634 1712 1653 1714 1718 1714
17
1712
17
1714 12,900 Hupp Motor Car Corp. _
10 1414 Mar 18 1914 Jan 5
Jan
18
11 13 May
- -Hydraulic Steel
No par
1 Jan 5
12 Jan
114 Jan 8
283 Dee
712 73
-;jig
4
•712 9
782
712
*718 -712 *718 0
300
Do pref
100
6 Jan 5
734 Apr 20
3;May
10 Dec
233
4 2234 2314 223 243
4
8 2412 2 12 2418 25
8
235 241s 23
5
31,600 Independent 011At Claa_No par
1312 Jan 5 3312Mar 6
1614 Dec
534 Sep
15
14
1412 1412 17
14
14
14
.14
•14
15 .14
1,600 Indian Motocycle
No par
13 Mar 24 20 Jan 3
1518 Jun
2514 Feb
712 712 *714 72
758 7 4
3
4
718 7 3 •712 77
,
78 81
1,700 Indian Refining
10
512 Jan 2 10; Feb 6
3; Ape
7;June
8518 •70
8 , •70
52
8518 •70
85, •70
8
.70
8518 .70
85 8
,
Do peel
100 77 Mar 24 95 Jan 7
60 Ma
75 Dee
4014 4014 40
4012 40 4014 397 413
41
40
8
40
41
3,400 Inland Steel
No par :397 Apr 23 50 Feb 2
8
3111 May 483 Nov
4
•10514 107 •10514 107
10514 10514 *10514 106;.10514 107
•10514 107
Do pre:
100
100 10412 Apr 13 110 Jan 22 101 14 Jan 1073 Dec
4
8 2238 22; 2214 2214 2212 223
4 22; 227
4
223 223
4 2314 24
6,600 Inspiration Cons Copper_ 20 2214 Apr 22 32; Jan 12
2218 Fe
33; Dee
11; *10
lug 12; 1218 1218 10
11
*11
11; *11
1112 1,100 Internal Agricul
No par
718 Jan 7 1313 Feb 5
3 Jun
9; Jan
118 11012 .115 117 *117 120 *116 118
118 118
119 119
400 Int Business Machlnes_No par 110 Mar 30 125 Feb 9
83 Apr 1187 Dec
8
5918 59
3
59
5912 5912 59
598. 5912 59 3 5912 59
2
5914 1,900 International Cement_ _No par
52 Jan 5 61 14 Apr 9
403 AP
4
591: Noy
8 3453
38t2 38 4 3334 377
38 338, 341, 3378 3414 33
34
,
48,900 Inter Combus Engine_.No Par 3134 Jan 21 44
6
22 Ma
39 Dec
,
,
106 106
1047 10612 6,200 International Harvester. _ _100 9618:Mar 25 1107 Mar 23
8
4
1083 110; 107 4 109 4 10512 10712 10518 106
8 Jan
78
Jan 11012 Dec
11412 11412 .11414 115
11414 115
11418 11418 •114 115 •11418 115
500
Do prof
100 114 Mar 3 11514 Feb 13 106 Fe
11512 Nov
11
11
11
1012 1012 11
4 11
1112 1034 11
1112 113
3,200 Int Mercantile Marine____100 10; Apr 13 14; Feb 5
63 Jan
4
15; Dec
4 4012 4112 405 4178 4178 42; 40; 42 4 33,200
433
8
,
8
425 4414 40
Do peel
100 3918 Mar 18 523 Feb 5
4
2612 Ma
47; Dee
2818 283
285 29
8
4 2778 28; 277 30,
8
3014 303 125,500 International Nickel (The)_25 2414 Mar 18 3034 Apr 24
4
4
2812 29
1112 May 2718 Dec
•96
*96
98
812 *9712 99
•9712 981 •9712 9812 *9712 9
98
:
Do peel
100 94 Jan 6 9912 Feb 6
7512 May 95 Noy
54
51
52
5138 5312 53
5412 53
5334 7,700 International Paper
5414 53
54
100 4814 Mar 19 62 Jan 13
3412 Apr 60 Dec
73
•7212 73 .7214 72; 7212 723
4
4 723 723
4
Do 8tamped pre:
500
100 71 Mar 9 76; Feb 11
.723 73111 73
4
6212 Ma
74; Oct
122 122
12112 12112 122 122
125 125
125 125
ROO International Shoe
No par 108 Feb 2 125 Apr 23
120 120
73
Apr 119 Nov
•117; 11912 11912 11912 .117; 120 .1175 120 .117% 120
8
201)
Do peel
100 119 Apr 18 12053 Feb 28
119 119
893
4 8813 89
89; 90 • 89
89
9014 8834 89; 5,700 Internat Telep & Taloa- -1011 8712 Apr 3 9734 Feb 19 11514 May 119; Dee
4
893 90
66
Feb 94 Dec
25 .23
25 .23
25 .23
25 .23
25
25 .23
No par 22 Apr 9 2813 Jan 5
Intertype Corp
*23
2413 Dec 3212 Mar
No par
Invincible 011 Corp
1512 Jan 2 223 Jan 9
8
1012 July
1673 Jan
90
Vci." '72 84 -72" -tif" 72 90 .72 V() Iron Products Corp
10 82 Jan 27 105 Feb 10
3912 Apr 1003 Dee
8
•1812 19 .18
19
19 .18
•18
419
19
1912
100 Jewel Tea, Inc
100 18; ar 30 217 Feb 26
8
165 Apr 231,4 Jan
8
10734 10734 *10714 108 •10714 108 •107 108 •1071 1 108
19 19
100
Do peel
100 10212 Jan 19 110 Feb 25
•10714 108
78 Mar 108 Det
- alltert prlom no Wed on LISle &J. x ws-dixidoad. 8 Par
value changed from $100 to $50 and prime on that basis beginning June
• .4144 and
3. a Ex-rights.
Shares.
32,100
14,800
500
16,700
1,300
100
_ - :65
3
2124
New York Stock Record-Continued-Page 4
or sales during the week of stocks usually Inactive, see fourth page preceding.
-PER SHARE. NOT PER CENT.
HIGH AND LOW SALE PRICES
Friday.
Wednesday Thursday.
Tuesday,
Monday,
lioitirday.
April 24.
April 23.
April 22.
April 21.
April 20.
AprO 18.
Sales
for
the
Week.
STOOKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1925.
-share lots.
On basis of 100
Lowest
Highest
PER SHARE
Range for Previous
Year 1924.
Lowest
Highest
per share $ per share 8 per share $ per share Shares. Indus. & Miscall.(Con.) Par $ per share $ Per share3 $ Per share $ Per sham
g per share $ per share
1433 Sept 271k Jan
*
1,100 Jones Bros Tea, Inc,stpd-.100 161s Mar 31 217 Feb
19
18
17
*16
1733 171
18
8
8 167 173 .17
173
17
2133 May 523* Dec
No par 42 Jan 27 5912 Mar 3
47% 7,300 Jordan Motor Car
8 47
5012 4714 4912 474 484 4812 487
3
4918 49 4 49
114 Jan 28
38 Apr 24
Kansas & Gulf
10
13
sr,
8
3
600
as
lz
1)
*3
12
8
*3
h
h
%
*12
13 Jan
4 Aug38 3 ja
16; MY
800 Kayser (J) Co v t o_..--No par 1834 Mar 17 2734 Jan 5
23
23
2212 2212 *214 2212 *2112 2334 *22% 231
2214 23
77 Aug 102% Feb
No par 83 Mar 30 90 Jan 13
Do let prof
91
*85
91
'85
91
*86
91
*85
91
*85
87
*83
Jan
934 June 35
3
4
25 1214 Mar 24 173 Jan
1612 1634 10,000 Kelly-Springfield The
1618 1718 1812 17
8 1633 17
1714 1753 167 175
Jan
33 June 88
100 41 Mar 25 5118 Apr 20
Do 8% prof
4 1,000
5118 *4812 503 *4812 5012 5014 50% *49% 503
4
51
50% 51
40 June 7812 Jan
100 43 Mar 25 53 Feb 4
6% prof
Do
400
52
5018 5018 5018 5014 *50
4
513 *5012 51
*51
51
51
76 May 104 Dec
100 88 Mar 26 101 Jan 13
800 Kelsey Wheel. Inc
92
92
*89
92
932
4
4
913 913 *88
90
90
92
*82
4
3413 Jan 573 Dee
4
No par 4612 Mar 30 573 Jan 13
25,300 Kennecott copper
4 4713 48
8 4654 473
4612 4712 4613 467
4711 471
8
475 48
43 Jan
112 Oct
17 Jan 9
314 Feb 5
214 234
214 214 1,600 Keystone Tire & Rubb_No par
24 214
214 214
214 214
233 233
52% May 8814 Dec
No par 72 Apr 21 87 Jan 3
400 Kinney Co
74
74
74
*72
74
*72
73
72
73 73
76
•74
100 375 Apr 1 532 Mar 24 28711 Jan 47514 Dee
g
200 Kresge (S El) Co
*39018 395 •3901s 395 3901s 3904 *385% 3947 390 390 *385 390
8
4211 Nov 627 Julie
4
600 Kresge Dept Stores_ _No par 314 Jan 21 453 Jan 7
34
4
3212 .33
32
33
,
33 2 3312 33% 323 323 .32
*32
Jan 113 Nov
79
800 Laclede Gas L (St Louis)-100 11014 Jan 5 178 Mar 31
148 151
148 148
154
*145 154 *145 154 *145 150 •I45
8 May 174 Jan
Rubber & Tire_ .
. _No par 11% Feb 20 15 Feb 5
8 1212 1233 1,700 Lee
8
1258 1253 125 125
13
14% 13
14
1414 143
3
50 Mar 68 4 Dec
2.900 Liggett & Myers Tob new-- 25 57 Mar 25 7111 Feb 6
*5912 61
6053 *5912 61
60
8 60
5912 5953 607
807
59
s
100 1161* Jan 16 120 Mar 3 1147 July 121 June
Do pref
200
3
41
g
7
11853 1g554 4,f3
116 120 *116 120
118 118 .1174 118 *117 120 .
1
,
7
48 4 Mar 68 Dee
25 55Ig Mar 27 703 Feb 6
Do "B" new
4
00
58% 584 53
8 58% 59
7
3
58% 59 4 598 59 8 58% 593
56 June 71 Dee
No par 8114 Mar 31 745 Jan 14
2,090 Lima Loe Wks
4
6312 633 84
8412 8413 63 6414 6212 6212 63
6478 85
1518 June 25 Dee
No per 22 Feb 17 294 Apr 21
28% 2918 55,000 Loew's Incorporated
8
4 285 291
283
3
27 4 2914 28
4
4 267 277
273
27
518 Apr
83* Jan
No par
94 Apr 6
6 Jan 28
8% 7,200 Loft Incorporated
8
8%
8
71
4 7%
73
3
3
74 7
8
74 713
50 Mar 84 Not
100 77 Feb17 9714 Mar 7
930 Loose-Wiles Biscuit
84
84
85
834 8414 *84
85
84
86
*85
3
3
85 4 854
3353 Dec 4014 July
25 301 Jan 24 377 Jan 13
4
/
3414 3453 3414 3412 5,000 Lorillard_
3414
3414 3413 34
34% 3453 3412 347
100 1084 Feb 27 112 Jan 12 112 Nov 117 Feb
Do oref
200
8 310312 110 *10812 110
s
1097 1097 '
*10714 110 .108 110 •108 110
8
173 16,200 Louisiana Oil temp ctfs_No par 14% Mar 31 231 Feb 3
4
8 1614 162
s 1614 1812 1614 1634 163 17% 17
1614 165
17 Oct "iirg 'WOO
3 39% 23,5)0 Ludlum Steel
No par 313 Feb 17 55 Mar 4
37
3712 40
4
3
321 333
4 323 36
3433 33 4 31
34
Jan 119 Aug
100 114 Mar 20 11712 Jan 24 107
200 Mackay Companies
4
11618 1163 *116 117 *116 117
*118 117''116 118 *116 117
5
s
75 Apr 1187 Dee
No par 117 Jan 16 1524 Apr 18
3 1413 14533 14414 148
4
1413 147 169,5)0 Mack Trucks. Inc
4
14218 149
14833 15214 148 152
14
prof
Feb 18
9512 Jan 107 Dee
100 104 Jan 27 1094
Do let
500
103 103
,
12
12
*107 103 •108 10812 10812 103 2 *103 10314 *107 103
87 Apr 1014 Dee
Do 2d pref
400
100 99 Jan 2 104 Feb 27
102 102 *101 10212'100% 102 *10012 102
102
8
1017 1017 *101
93 Oct 115 Dee
Do 2d paid
116 Jan 5 137 Feb 9
......
59 May 7112 Dee
4
7137 If" "iii ifirs "7612 Viii -ii" Iii" 1,3011 Macy(R ri) & Co,Ino_No per 6911 Jan 3 8412 Jan 10
264 June 453* Dee
No par 34 Mar 31 4414 Jan 2
3353 3814 3833 7,403 Maitrns Conner
3
33 8 33
3334 38
4 38
4 38 383
38 383
18 Mar 4111 Dee
lin
hfignsorpr R) & Co_No par 215
sMar 30 3712 Jan 23
8 8,133
2614 273
277
' 2733 27
26
29
8 2814 28 4 27
3
2812 285
100 81 Mar 16 92 Apr 15
3
78 4 July 93 Dee
*9012 92
92 •9012 92
*91
91
9112 91
*91
92
*91
45 July 6934 Mar
100 50 Jan 5 5318 Feb 26
200 Manatl Sugar
5212
4 *50
522
351
528 '
524 *50
*50
4
523 *50
50 50
78 Oct 87 Mat
100 7933 Mar 30 82 Feb 9
1)o pref
*797 82
*797 82
8
*797 82
8
*797 82 .797 82
2
*79 4 81
4
3314 Mar 493 J1117
930 Manh Elec Shop tern ottsNo par 421s Feb 16 59 Mar 10
3
5212 5314 .5214 5234 5214 5214 *5214 5212
53% 53
54
54
Jan
26Ig Deo 44
25 201 Mar 16 3014 Jan 3
4
/
493 Manhattan Shirt
24 •23% 21% *23% 21 1
2114 24
8
213 •
247 248 •24
4 24
4
243 Dec 313 Dee
2
4912 01,839 Manila Electric Corp_No par 28% Mar 5 4912 Apr 24
4312 45
4338 46
4112 42
8 37
372
8 37
3714 375
2438 Oct 3712 Jan
4
2712 283 2712 .263 2712 4,30) Maracaibo 011 Expl___No par 254 Apr 2 3512 Jan 31
26
4
4
8
2612 265 26% 2614 263
26
29 May 42 Feb
No par 30 Mar 17 4814 Jan 31
35% 351s 3618 36% 3712 3618 373 69,200 Marland 011
363s 35
3512 3614 35
8
No par 105 Mar 1
Jan 1733 Mar
1214 Jan 22
,
800 Marlin-Rockwell
1212
8 1112 1112 11% 118 •1114 1212 *12
8
2117 117
*1112 12
31% Nov 375 Jan
2714 *2714 2312 •271 2312 1,400 Martin-Parry Corp _ No par 251:Mar 24 37% Jan 7
2712 2812 2711 27
8
273 27% 27
Mdthleson Alkali Wkstemc050 51 Jan 6 74 Apr 18
2958 May 583* Dec
7
6912 7114 11,700
70% 6914 71
5
3
69 4 72 8 68
7118 73
74
71
4
108 10312 106 1073 47,300 Maxwell Motor Class A...100 745* Jan 27 111 Apr 2) 38 Apr 841s Dee
107 11012 106 103
7
10818 111
4 9
1083 19
3314 Jan 27 807 Apr 18
104 Apr 393* Dec
s
81 1 7518 783 337,200 Maxwell Motor Class B No pa
4
78 s 78
8612 7518 822
4 71
7
8578 89% 81
824 Apr 115 Dee
May 1)epart nent Stores_ _50 101 Mar 23 III% Jan 2
4
4
1043 105 •10414 1043 103 11012 10212 10258 10312 10312, 10233 10412 3,800 McCrory Stores Class 13 No pa
974 A 17
79 M 21 941g Jan 13
::
88 Oct108% July
*8312 8412 *82
83141 *82
*82
84
83,2
85
.82
85
'82
8
145 Dec 18% Jan
8
167 16% 1,900 McIntyre Porcupine Mines_ _5 16 Jan 2 184 Feb 24
17
17
167 17 1 1634 17
*
8
*167 17
17
17
101 Mar 17
904 Apr 101 Dec
.11Qati oower pt No pa
103 Mturo t7
9712'
971 *913
9712 *96
,
*9712 93 .9712 98 4 971 9712 •96
15 Sept 19 Dec
700 Metro-Goldwyn r'irturea pf _27 18 Jan 3 2214 Feb 5
3
1912 *1914 1913 *1914 19 41 1912 20 I
31912 2012 1912 1912 19Ig
'
144 Jan 253* Sept
1112 Mar 17 2213 Jan 6
.4esboard 011 .No pa
4
3
s 16% 17 8 16% 173 •163 1714 12.000
8 167 1712 16% 173
8
1714 175
8
97 Apr 3 245 Jan 13
20 May 25 Aug
5
7
97
97 10
97 10
9 1 5,500 Miami Copper
8 1018 1012 1018 10181
8
103 103
28 Apr 18
,
15 Jan 13
1 Aug
7 Jan
10
8
81 5,900 M',Idle States 011 Corp
4
7
7
4
4
3
2
h
8
7
8
7
Z
8
7
8
7
8
7
914 June 98 Nov
700 Midland Steel Prod pref.-100 96 Jan 2 10511 Mar 3
7
7
100 8 100 8 10012 10012'
101 10112 101 101
8
2997 101
*99% 101
234 Oct3414 Feb
50 29 Feb 2 3018 Jan 10
Midvale Steel
614 June 743* Dec
Apr 17 72 Jan 3
100
ti1 ,i
-ars i's -------------- •a- -iiii; 47% 473 ;136- 6612 ---505 Montana Power III corp_10 64 Mar 30 5553 Jan 13 213* May 484 Dec
41
46% 4712 26,000 Montg Ward & Co
4
463 478 48% 477
48
47% 4814 47
174 Oet 274 Feb
4
No par 223 Mar 19 2712 Apr 14
9
8' 7. 00 Moon Motors
8
257 26% 2512 257
5
8
8 255 28% 2553 25
283
2612 26
26
914 Feb
94 Jan 2
6 May
4
63 Apr 21
6% 7 I 4,100 Mother Lode CoalitIon_No pa
634 67
67g 873
3
4 64
63
s
137
63
8
6% 67
9 Mar 184 Dee
14% Feb 2 214 Feb 20
500 Mullins Body Corp___No pa
*1712 1812
8
18
1812 1812 *175 1812 18
19
19
19
19
2918 July 3914 Jan
No pa
301g Apr23 34 Jan 23
200 Mu nmingwear Co
31 I
3018 30% •30
31 i •3018 31
31
*3018 31
*30% 32
961* Apr 204 Dee
No pa 19312 Jan 5 38812 Apr 13
2,600 Nash Motors Co
366 368
345 353 355 365
365 36312 36612 36612 355 355
*
9814 July 1041 Nov
4
10 1033 Jan 21 106 Feb 28
Do prof
100
41
2'104% 105 *10112 1043 10412 10112 •1041* 105 *10412 105
77 Jan 13
•106 1061
3% Oct1018 Jan
4% Mar 24
909 National A11 Ile stamped____I
5% 5%
533 6
.5
512
512 6
*
512
54 5% *5
5014 Mar 7714 Bent
6512 Mar 17 75 Jan 2
2
Biscuit
3,103 National
4
853 86
4
3 65% 66Ia *853 68
3
4
•663 87 1 6614 6613 65 4 663
10 12312 Mar II 1203 Feb 10 1201: Jan 1263* Dee
Do pref
_
125 126 •12112509
12414 12414 12414 1204 *124 126
•1244 126
44 June 70% Dec
100 8812 mar 5 78 Jan 26
; 5,400 National Cloak & Sult
707
70
4
673 70% 893 71
673
67
67
67 .66
*86
9111 Mar 1007 Dec
*
100 99 Jan 13 104 Jan 29
Do prat
101 101 ,•100 102 *101 102 .101 102100
*100 101 1.100 101
3053 Apr4414 Dec
42 Jan 2 5213 Apr 24
43I3 4733 43
4 5112 5112 16,300 Nat Dairy Prod tern ctfallo pa
4912 513
4812 48
4 48
4
472 473
3614 Oct43 Jan
384 Jan 2 43 Mar 12
Nat Department Stores No Pa
8 4112 4133 2,030
8 4158 4158 4112 4112 *4112 415
s
4 415 415
4158 413
8
923 J,ine 101 Dec
10
98 Apr 15 102 Jan 2
Do pref
100
961s Ms *9618 97
*9818 9718 *961s 97% *9618 967. *9618 97
301g Aug54 Dec
521g Jan 8 6814 Feb 21
4 5,70) Nat Distil Prod pftem ctf No Pa
67 673
4
60 3 68
8134 60 60
3131
62 1 6158 62 '
62
4
1I4l*Spt 44% Jan
Stamping___100 28 Apr 21 367 Jan 21
29% 1,200 Nat Enam &
w30% 31 I *3014 3012 2953 3012 28
*3014 3011, *3014 31
4
87 Sept 89
Jan
100 81 Apr 15 893 Jan 12
Do pref
83
*80
83
*80
83
83 *80
83 .80
83 1 .80
•80
100 139 Apr 24 1887s Jan 9 12312 Apr 1694 Aug
5
3,70000
4
14413 14413 •14212 1433 139 142
145 14513 •14212 144
14414 145
100 116 Jan 5 118 Mar 4 11118May 118 Sent
Do p liead
Natilonaire
116 116 *11612 11712 11612 11612 11612 11611.11612 119
116
116
5411 Oct 7212 Feb
50 8153 Apr 2 71 Jan 29
6314 61
64 854 2,709 National Supply
64
131s1 *6212 633
63 63
1
6312 6312 •63
16,Jan 7
117 Jan
8
163* Deg
Coo'
5 5,000 Nevadam copper.... 5 121 Apr 23 56% Jan 3
123
8
8 13%
127 1318 1234 1233 •12
13% 1312 1314 133
364 Apr 67 Dee
1,2)0 NY Air Brake tom ctfs No par 434 Mar 19
41
,
4512 4118 44 8 4412 4412 44
45
*45% 46
45% 4512
471 Jan 57 Dec
par 51 Mar 19 67 Jan 7
4
/
Do Class A
209
51
*5212 5412 *52
4
55 I 523 53
•53
55
*53
55
*53
32 June 37 Dee
N p
4
/
10,530 Ni V Canners temp etfs_ato i ar 311 Mar 30 31153 Apr 13
8 37% 3318 3712 38
373
39% 37 3712 36
3
38 4 39% 38
19
100 18 Mar 24 30s Apr I 1
Jan 371e May
1,309 New York Dock
2612 27
2618 .2614 23
2612 2612, 26
3
*2512 28 •25 4 27
100 521s Jan 14 87 Apr 13
41 le Feb 5514 May
Do prey
*6314 6512 *13314 66
*63% 651s *6314 66
*6314 66
66
*63
Jan 5 58 Feb 24
42 Sept 47 May
Niagara Falls Power ___No par 4514
7
57si;_
57 *.- - 55% •---- 57
27 June 29 Sept
25 28 Jan 5 29 Jan 2
Do pref new
530
,
3
•28 8 28% 2838 2812 *2838 2312 2833 23 2 2812 2312 2812 28%
49 Mar 4
10 41% Jan
Jan 45 Dec
22
14,400 North American Co
4533
4478 45141 45
8 4434 4533 4412 45
4512 4478 453
45
49 Mar 4
50 46% Jan
437s Jan 50h July
....
Do prat ..
1,213
4812 4812 481 4814 4314 44% 48% 4812 4312 4312' 48% 4812 •
8 Jan 1
104 Jan 30
Apr
7
94 Dee
Nunnally Co (The) _ No par
9%
9121 .to
•9
912
9 % *9
9
912 •
912 *9
*9
714 Feb 26
41 Mar
83* Oct
54 Jan 2
230 Ontario Silver MID new No par
612
6
6
6
4 6% *6
612 *6
*52
612 *6
*6
23 Mar 2
1833 Jan
No par
18 May 30
Jan
Onyx Hosiery
8
8
*223 23 I *22% 23
s
*223 23 I *223 23
23
*22
23
22
•
4
s
258 Jan 1
293 Feb 27
Feb 29 Dee
Ifi
2,690 Orpheinn Circuit. inc
275s 273*
8 28
8 2734 277
2814 *2712 28
28% •27% 277
28
*
50 871 Feb 2 11812 Apr 17
6858 June 92 Dee
5,100 Otis Elevator (k)
8
11533 1173 11734 113
8
8
3
1141s 115 4 114 1147 1147 11718 115 115
8 Marl
8
117 Jan 11
No Par
4
/
61 Nov
II% Jan
8,600 Otis Steel
10
10
10
10%; 10
1014 10
1018 1011, 1018 1014 10
100 5014 Mar 1
4
613 Feb 2
44
Oct 743 Mar
4
co pref
4.000
53
58
58
581 5312 *57
60
358
60 '
*58
61
*58
4
/
25 421 Marl
507 Jan 3
3914 May 474 Jan
4512 461
46
4
46121 453 4533 5.700 Owens Bottle
8 4512 46
4512 467
465* 4712
10353 Feb 11
100 10211 Jan
9014 Jan 105 Dec
5)0 Pacific Gas & Electric
4
105 105 .105 10512 10514 1053 10514 10514
3
*105 105 8 105 105
54 Apr 1
1014 Feb 5
7 Apr 104 Jan
300 Pacific Mall Steamship.- 5
7
*6
7
7
*6
*6
6
6
614 614
512 5%
854 Jan 31
No par 5214 Mar 3
Apr 5814 Feb
45
8 5112 584 39,600 Partin° Oil
5518 57 4 5613 575
56
,
55
56
547 56% 55
Dec
10 15le Jan I 10958 A pr 22
23% uir /4
May
30.009! Packard Motor Car
4 2114 21%
8
s 207 213
3
2112 20 4 2114 2038 207
2153 21
21
100 102
r
y 1012614
Do pref
89971:
700
4
10912 10912'10912 1091 10912 10933 10912 10912 10912 10912
•10912 10933
50 64 Jan
8
837 Mar 3
4414 Feb 65 Dec
737 12,400 Pan-Amer Petr & Trans
7214
8
715 7312 7112 7312 7312 74
8
72% 7418 73% 74
50 633 Jan
84121,1ar 3
41% Feb 643* Dee
Do Clain ft
82,309
7
8 7234 74
7358 745
4
713 737
73
3 Jan
7314 7414 7312 748 72
553 Feb 26
112 Sept
44 Jan
200 Panhandle Prod & Ref.No par
4
4
/
3% 33
8 412 *314 41
8 412 *25
5
*214 412 *2 8 412 222
14 Jan!
8
17 Feb II
4
3 July
11 Dee
Pariah & Bing stamped_No par
8 178 *12
8 I%
Ds •15
8
8 I% *15
8 *15
17
8
*15
17
•128
284 Mar 3
3553 Jan 10
24 Sept 3534 Dee
400' Park & Tilford tern etts_No pa
29
•28
29
29
228
2918 2912 29% 2912 29
30
.
*29
265s Jan 2
1814 Nov 301 Jan
Penn Coal & Coke
50 14 Apr
15
•1312
•1312 15
21312 15
*1212 15
*1214 15
414 Jan
14Mar 3
*1214 15
3 Jan 9
114 Oct
13
Ily 8,100 Penn-E1eaboard 801 vto No pa
18
I%
112
112
153
13
112
13
133
138
121 Feb 11
923 Apr 11912 Dee
1.200 People's(IL h C(Chic)_.100 112 Jan 1
113 113 4 11314 11312 114 114
114
,
8
8
1137 1137 11312
4
;41133 114
4274 May 574 Dec
5234 54% 5,500 Philadelphia Co (PROM)._ 50 51IgMar 18 574 Jan 7
521g 52% 51
8
Jan
5218 5212 5218 5211 523 5212 52
50 454 Jan 5 474 Mar 3
424 Jan 47
Do pref
200
4
4612 *4614 463
46
47 •
4614 4614 *46
47
4638 463* *46
3311
344 Mar 544 Dec
8 7,000 Phila & Read C & I _No Par 483 Mar 28 524 Jan 9
4
383 393
4 3812 39
387 393
8
395 41
s
8 Feb 13 5013 Jan 23
4114 4112 41% 413
Certificates of Int.__No pa
35 Mar 52% July
d33% 40
*3812 40 4
41
,
•39
42
*41
43
4212 *39
*41
60 Apr 3 901s Jan 12
44 May 88 1u17
100 Phillips-Jones Corp____No pa
64
*83
6314 70
70 •
*63
70
*63
62% 6214 *6214 70
.10 12% Mar 19 184 Jan 5
11 July 233* Jan
2,300 Phillip Morris & Co, Ltd4
4
133 13% 13% 132 *13% 14
14
8 14
143
14
137 14
3814 Mar 30 463 Feb 2
NO Pa
e
281 Oct424 Apr
29,900 Phillips Petroleum
4
38% 393
3914 40
4
107 Mar 30 1733 Apr 20
3853 3834 3814 3853 371 383* 373 39
Car_No pa
s
618 May 16 Dee
89,100 Pierce-Arrow Mot
4
5 143 16
3
1478 1518 17 s 1514 1714 1518 1653 15 4 165
8
14
100 43 Mar 24 601 Apr 20
184 May 54 Dee
4
Do Prof
7
1
/
5914 5514 57 k 55% 57% 5312 564 56,400
50
55
54
3
60 4 56
No pa
85 Mar 18 99 Apr 20
591g June 95 Dee
Do prior prat
2,900
97
*93
97
*93
97
97% •93
98
99
9414 95
94
1% Jan 2
2
4% Jan
lls Apr
34 Feb 5
3
17 • 1,500 Pierce Oil Corporation
lie
1% 2
8 2
17
17
8
17
2
2
2
2
Jan
100 2553 Jan 2 40 Feb 26
20 Mar 36
Do prat
500
33% 3312
36
33 .34
•33
1z 3512 *31
34
55 Jan 2
35 •31
35
11
ctfs_No pa
814 Feb 5
s
43 Oct5 4 Dee
% 12.4001 Pierce Petroi'm tern
64 6
4 6%
82
4
658 63
s 7
67
8
4 7
62
2
6 4 67
477 Dec 8333 Mar
100 393 Apr 23 54% Jan 13
4012 10,400 Pittsburgh Coal of Pa
40
4
40
44
41% 393 41
*4412 45
44% 4412 42
100 85 Apr 1 99 Jan 5
4
947 Aug 100 APT
Do pref
2,000
86
86
4 85% 86
8612 863
90
•87
*87
88,
2 8612 87
100 94 Mar 26 1024 Jan 8
95 Jan 103 Aug
Pittsburgh Steel prat
97
*95
97
*95
97
*95
97 •95
•95
97
*95
97
g
100 38 Apr 3 633 Jan 17
4
587 Dec 635 Dee
200 Pitts Term Coal
38
*35
38
235
38
*35
38 38
39
*35
39 *34
4
100 8112 Apr 11 88 Jan 8
83 Dec 873 Dee
Do prof
82
*81
82
*81
82
*81
82
8112 82
•
82
*81
*81
8
97 Jan 187 Dee
8
900 Pittsburgh Utilities prof.___10 127 Mar 24 1512 Jan 2
8
133 13%
1312
,
1314 1314 *1314 1312 1312 1312 1312 13 2 •I3
1234 Mar 20 15 Jan 15
Ills Feb 164 Dee
Do pref certificates----1
100
4
133
4
133 •I3
4
133 *13
•13
1314 13
13
*131s 1314 13
481g Apr 1034 Den
4
1123 11412 15,400 Post'm Cer Co Inc tern etfNo pa 934 Feb 18 11853 Apr 17
3
8
Oct
113 11518 114 115 4 115 116
8
1167 1185 3115 117
Do 8% pref temp etfs__1 1154 Feb 3 117 Jan 13 110 Feb 117
•11618 11712 *11618 11712 •11618 11712 •11618 11712
8
*1163 ---- *1164
•Bid and asked prlees; no sales On MS day
s Ex-dividend
a Ex-new rights
• No par
a Hz-rights
New York Stock Record-Continued-Page 5
2125
Pot sales during the week of stocks usually inactive, see fifth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
A pri1 18.
linUday,
April 20.
Tuesday,
April 21.
Wednesday. Thursday,
April 22.
April 23.
Friday,
April 24.
Sales
for
the
IVeek.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1925.
On basis of 1W-share lots
Lowest
per share
Per share $ per share $ per share 3 Per share Shares. Indus. & Miscall.(Con.) Par 8 Per share
$ Per share
55
5613 5712 5513 5618 543 55
4
55
100 521. Mar 30
54% 54% *53
1,200 Pressed Steel Car
57
84
84 •82
•82
Do prof
84
84
*82
*82
100 83 Mar 25
*82
83
*82
83
22 4 223
4
3
*2212 23
2212 23 .23
4 223 23
237 *23
8
2314 1,100 Producers Az Refiners Corp_ 50 22 Mar 30
67
4
67
66
6612 66
663 87
6614 66
4,200 PubServCorn of NJ newNo par 62% Mar 30
6613 6512 66
100 100 *100 10118 10118 10113 *100 1013 *100 101% *100 101
prof
Do
100 99 Jan 7
200
4
*109 110 •10913 110
109 109 *108 110 *108 110 •108 110
Do a, prof
100 108% Apr 1
100
136 1387 135 135
8
13518 138
13313 13414 13312 13414 134 1343
/
1
4
100 129 Mar 30
4 5,000 Pullman Company
4314 4314 4213 4313 4234 43
42 3 4313 423 43
7
4
42
50 3912 Jan 2
42 4 6,000 Punta Alegre Sugar
3
26
258 26
8
26
25 4 267
2614 2
3
25 25 3 Apr 17
3
2614 26% 12,200 Pure 011 (The)
3 264 27
•104 105 .104 105 *10212 10412 *10234 104
Do 8% pref
103 103 •103 104
100 10212 Jan 5
100
8118 6313 603 64
3
5914 61% 5914 6153 61% 63% 5913 634 212,900 Radio Corp of Amer__-No par 483 Mar 27
8
5114 51
51
*51
507 507 *51
8
8
Do pref
50 4934 Jan 5
5114 *51
51
5114 51
500
12634 127
126 126
123 125 *123 125 *123 125
100 12212 Feb 17
123 124
900 Railway Steel Spring
*35
354 *35
354 3513 3513 *3613 37
3518 *35
No par 337 Jan 7
8
3713 3712
400 Rand Mines, Ltd
3 1112 1214 1153 117
1214 123
3 1153 1153 1112 117
4
15,900 Ray Consolidated Copper_ 10 11% Apr 22
8 113 12
7013 7112 69
687
3 6614 677
70% 67
8 663 67
4
6514 67
5,600 Remington Typewriter___ _100 4634 Jan 27
•102 105 •102 105
105 105 *102 110 •102 107 •10014 106
Do 1st prat
100 100 Jan 2
100
*108 112 *110 112 *110 112 *108 112 •108 112 •108 112
Do 2d prof
100 108 Mar 30
3 147 15
3
14
/ 147
1
4
144 147
3 14
1414 144 14% 14
No par 1314 Mar 24
14% 7,400 Replogle Steel
45 3 46
7
45
4512 4314 4413 4313 44
44
4412 44
100 4314 Apr 21
4412 7.6001 Republic Iron & Steel
*8583 88 8 *8633 87 .85
3
88
86
Do pref
86
100 85 Apr 22
*85
8612 *8512 87
100
15 8 16
3
16
157
1414 1512 1414 143
No par 12% Mar 30
4 1413 15
1412 1412 9,500 Reynolds Spring
747 747
3 743 748 74
4
743
4 74
74
743 74% 74
8
7414 2,800 Reynolds(It J) Tob Class B 25 7214 Mar 24
1203 12053 *120 -- *120 ____ •120
3
Do 7% Prof
100 1197 Jan 8
120% 120% •
8
200
1204 ---947 947
95
9478 948 *9313 95
95
•95
25 91 Apr 24
96
91
1.800 Rossla Insurance Co
95
484 48 4 43 3 48 4 49
3
4933 487 49
3
3
4934 5014 49
49% 7,200 Royal Dutch Co(NY ,hare*)_ 4814 Mar 24
464 4678 46
4514 4
47
/ 4534 47
1
4
10 39% Feb 17
4
813 4(13 4714 46
8,800 St Joseph Lead
47
7
65 684 648 673
4 6414 6514 6318 67
66
673
4 6478 6514 8.700 Savage Arms Corporation- 100 5212 Apr 9
1107s 111
1094 111
10312 11053 10912 110
109 10913 109 109
5.300 Schulte Retail Storeallo par 10813 Apr 21
*111 112
112 112
112 112 *111 114 •111 114 •111 114
Do prat
100 110 Jan 6
200
155 3 1564 1554 156
3
15314 15513 15213 1538 153% 1511 153 154
100 1474 Mar 30
4
3.900 Sears, Roebuck & Co
_
Seneca Copper
No par
13 Feb 20
-;Ei
t
513
512 513 - 1 -13
83
613 512 *513 6
1.83.4
700 Shattuck Arizona Copper-- 10
514 Apr 22
*3914 4114 *397 41% *4032 4214 *4013 413 •403 424 *4013 4214
3
4
3
Shell Transport dr Trading- £2 4018 Mar 31
/
1
2314 2312 2312 23 3 234 2334 234 24
7
237 241 23 8 237 18,430 Shell Union Oil
8
No par 2212 Jan 6
,
8
/
4
*101 101% 10013 10012 1007 101
3
101 101 •10013 10113 10113 10112
Do pref
100 9912 Jan 2
500
2213 23
224 227
2234 22
23
3 22
23
2333 22% 2-3 12,400 Simms Petroleum
10 1912 Mar 17
4
354 35 4 3512 358 3513 3512 3413 3553 3513 3513 35
3
No par 3114 Mar 17
3512 3,200 Simmons Co
1853 19
1812 1884 1814 1834 1814 1834 183 19% 1813 19
3
17 Jan 6
21,900 Sinclair Coos 011 Corp_No par
.88
894 88
8312 .88
8313 88 88
89
*83
Do pref
100 7834 Jan 2
83
700
881
4
23
23
22 3 23
7
22 1,
7
1
23
24
233 243
3
25 213 Mar 30
4 2313 23% 9,400 Skelly 011 Co
4
84
85
84
85
837 83 3 82
3
7
8212 82 82
8212 823
4 2,900 Slosn-Sheffield Steel & Iron 100 8014 Mar 30
•68
70
66
68
*67
70
*67
69
66
66 .6812 70
400 South Porto Rico Sugar__ _100 62 Jan 6
18% 19% 185 1914 1812 188 1814 18
No par 154 Feb 17
8
/ 183 1914 1812 19
1
4
14,400 SPicer Mfg Co
94 94
*9413 9618 9613 9618 39413 974 *96
Do prat
100 92 Apr 1
98
*9513 98
200
45
454 4434 454 4413 447
3 448 448 44% 45% 4534 464 22,500 Standard Gas es El Ca_No par 4014 Jan 2
4
68 68
*64
70 •66
70
*66
436
100 Standard milling
70
100 664 Feb 17
70
*66
70
83
*8213 84
83
*82
84
*8214 81
Do pref
100 81 Jan 20
*83
84
200
*83
84
58
5813 58
58 3 584 5813 5314 593
,
3 594 597
583 59% 12,200 Standard Oil of California_ 25 594 Mar 30
3
41
41% 41
4153 4033 41
403 413
3
3 414 421
403 414 30,400 Standard Oil of New Jersey 25 333 Mar 30
4
3
11713 11712 1173 1177 *11712 1177 •11713 118
3
Do prof non-voting____100 1168 Jan 31
1173 1177 1177 118
4
1.500
3
134 137 •1212 138 13
3
13
1112 117
1112 117
1112 1113 3,900 Stand Plate Glass Co__No par 10 Feb11
63 63
*6212 6318 *6213 8313 6253 63
No par 6214 Mar 25
*628 631
8
900 Sterling Products
634 6314
644 65
62
6414 62
633
3 6912 63
-Warn Sp Corp_No par 55 Mar 18
8212 631
6134 627 13,900 Stewart
3
68 *66
•66
68
64
66
637 6414 653 653 *64
4
66
700 Stromberg Carburetor_No par 61 Mar 18
4513 45% 454 454 4484 4613 4514 453
4513 481
45
46 142,400 Stubeb'r Corp(The)new No par 4154 Jan 28
*112 115 *112 115 *112 115 *112 115. *112 114 •112 115
100 112 Mar13
Do prof
9
9
9
914
83
9
83
8 83
No par
853 8
7
8% Apr 22
8 3 8% 6,300 Submarine Boat
,
, 414 414
434 413
44 414
413 41
No par
41 41
/
4
4 Mar 18
413 414 4,400 Superior 011
*2413 25 *2312 25
2313 2312 *234 231
100 234 Mar 24
2313 231 •2318 2312
200 Superior Steel
*64 8
.64 8
613 653
64 61
50
*6
5% Mar 19
8
•6
8
344 Sweets Co of America
1213 133
12
12
4 13
137
1313 1311 •13
1134 Mar 30
131 *13
1312 2,530 Teiautograph Corp.......No par
84 834
813 83
4
833 834
853 91
....No par
73 Apr 1
3
94 953
9
94 14.700 Tenn Copp &
44
44
43% 44
4313 44 1 4313 437
433 44
4
433 43% 14,500 Texas Company (The).- 25 4234 Jan 5
4
1095 1114 10753 110
3
1058 10812 10413 107
8
10 9713 Feb 17
106 107% 1043 107
4
45,700 Texas Gulf Sulphur
135 14
1314 137
8 13
1414 14
1312 13
15
1413 143 24.900 Texas Pacific Coal & 011___ 10 114 Jan 5
4
13113 1314 130 130
13112 132
1305 134
100 122 Mar 30
13412 1343 132% 13434 2,600 Tidewater 011
4
4133 4214 4113 42
407 417
3
4014 403
4 403 41
4
4033 41
15,700 Timken Roller Bearing_No par 3784 Mar 18
7514 7614 7512 7614 75
7 7514 9.300 Tobacco Products Corp
76
7434 751
100 70 Jan 2
7514 7514 74
9878 98 8 99 99
7
9914 9914 998 993 9913 1,500
987 99
3
99
100 9318 Jan 2
Do Class A
413 414
453
453
4
4 13
4
4
4
3% Jan 2
4
413 10,500 Transc't'l011tem ctf new No par
413
*264 2613 •2613 27
*2513 27
*2618 27
*2618 274 .2613 2713
Transue & Williams St'l No par 2512 Mar 31
40
4054 40
40% 39
3913 .3913 404 *3912 4012 3914 393
25 3818 Mar 26
8 2,000 Underwood Typew
4413 45141 45
/ 45 4 4313 4413 *43
1
4
3
45
4212 4313 41
43
5.000 Union Bag & Paper Corp100 35 Apr 1
•3
3
12
3
3
53
3
3
3
3
21 Jan 3
34
No par
3
3
8
3
Xs
*3
3
13 7.100 Union 011
37
3754 3683 37
3614 3613 3614 3753 37
373
3 3614 37
25 3614 Mar 30
7,300 Union Oil, California
*12211 125 .12213 125
12218 *122 124 *122 121
122
12213 12213
100 11312 Jan 17
400 Union Tank Car
•11534 11712 *11534 11713 *11534 11713 *11534 1174 *1153 11712 *1153 11712
8
4
100 113,Feb 18
Do prof
4
2613 2613 26
2518 26
26
*25
26
257 213
25
No par 2414 Mar 31
8
253
4 1,300 United Alloy Steel
12213 12234 1217 12284 121 12254 121 121
12114 1214 120 12112 5,200 United Drug
100 1107 Feb 4
8
•534 5313 533 5353 534 534 *5314 5.313 *5353 54
3
5312 54
Do 1st pref
50 62 Jan 16
600
*215 216 I 2147 215
215 21614 21434 215
21213 2124 21213 21312 1,600 United Fruit
100 2017 Mar 31.
8
324 33
3113 33
293 32
3
23 4 31
3
2913 3013 2914 30
17,000 Universal Pipe & Rad__No par 2814 Apr 22
75
7513 7412 7412 70
74
6313 7034 6934 7014 6812 6953 4,500
Do pref
100 684 Apr 22
'• 156 15312 147 155 1 1343 1454 13114 13913 137 1394 13314 139
4
36,900 US Cast Iron Pipe & Fdy--100 13114 Apr 22
10214 10214 1017 1017 *100 102 *100 102 *100 104 •100 102
3
8
Do pref
100 1017 Apr 20
3
200
3312 31
334 3412 3234 327
3212 3214 3234 3313 3253 3212 4,200 US Distills Corp tern ctf No par 304 Feb 17
*13014 150 •130 150 .130 150 *130 150 *130 150 •130 150
Do prof
100 130 Mar 9
287 294 29
297
3 2933 3014 2933 29% 2913 293
4 2913 29% 7,500 US Hoff Mach Corp v t o No par 23 Jan
8 834 8533 8334 864 8334 85 3 85
8314 837
/
1
,
8614 8413 8512 54,000 U 8 Industrial Alcohol----100 76 Mar 19
*10512 107 •10512 107 *10512 107 *105 107 *105 107 •105 107
Do pref
100 105 Jan 29
133 134
13511 139
13413 137% 134 13614 1364 1394 13612 1373 33,600 US Realty at Improv*i____100 11412 Mar 30
/
1
4
_
•136 138
Do pref
100 12214 Jan
4114 - 4184 AA 415e -3914 2 2
404 -5151- 111 493 4153 3933 41l 30.200 United Staters Rubber
100 3312 Mar 30
97
97
z9412 953
4 95
95
9112 94% 944 95
9412 94% 1,700
Do 1st pref
100 92 4 Mar 3f
3
344 3412 34
34
3312 34
377 377
8
34
34
34
3 33
1,300 US Smelting. Ref & Mtn__ 50 30 Feb 17
*44
45
*4412 4514 448 4438 *44
45
44% 44% 4414 4414
Do pref
300
50 44 Apr 16
11713 11814 1163 11818 11412 1164 11312 11518 114 115
4
114% 11512 139,000 United States Steel Corp .100 1123 Mar 3
8
123 123
1227 12314 123 12313 12314 1234 12318 12314 12312 12312 2,100
8
Do pref .
100 12212 Feb 16
*8312 8152 *8312 843
84
84
84
4 84
84
84
84
84
8,100 Utah Copper
10 82 Mar 19
83 4 86't 83
3
8612 82 4 8514 8112 8212 8112 8313 794 81
3
/
1
24,500 Utah Securities
100 41 18 Feb17
27
274 27 27
2634 2718 27
27
263 27
4
27
27
3,400 Vanadium Corn
No par 26 Mar 18
•1512 20
*1513 20 •1512 20 •1512 20
•1512 20
•1512 20
Van Raalte
No par 1712 Mar 1
*60
6714 *60
6714 .60
6714 *60
6714 •60
674 *60
6714
Do 1st pref
Inc 60 Apr
35
4
413 43
313 312
434
4
4%
418 412 10.500 Virginia-Caro Chem_ __No par
33
4 3%
213 Mar 23
17
7 194 178 187
8 16
1812 16
137 19
8
17
1818 193 23.200
4
Do prof
100
84 Jan
214 213
2
213 *2
214 •Ilz 212 •112 212
14 14
Do "B"
700
No par
1 Jan 17
15
15
1413 1412 1414 1419 1418 1454
14
1414 14
1414 4,500 Vivadou (V) new
No par
714 Jan 1
173 1753 17
8
1713 17
17
167 17
8
167 17
8
Ms 163
4 3,700 Waldorf System
No par
153 Mar 23
4
*50
5413 *504 5412 *5014 5413 *5014 5413 *51
5413 .51
54
Weber & Hellbr, new _e No par 51 Apr 17
*1212 12 4 *1212 123 •1212 123 •1214 123 •1212 123 *1212 1234
4
3
4
4
4
Wells Fargo
1212 Jan
1
11653 11684 *1154 11612 *11512 11612 11612 1167 •11513 1163 1167 116%
3
3
8
500 Western Eleo 7% prat
100 11334 Jan
4
12818 1288 128 12814 128 132
134 135
1303 134
4
130 13414 18,590 Western Union Telegrapb100 11614 Jan
*9918 1004 *100 101
100 100
994 100
100 100
*9912 99%
400 Westinghouse Air Brake_
50 97
68 6812 68
674 67% 673 63 3 673 6814 4,100 Westinghouse Elea & Mfg_ 50 6614 Apr
683 69
4
4
3
3
683
4
Mar 28
*8013 814 *81
*8013 84
83 .8113 83
83
83 .814 8612
100
Do 1st pref
50 7912 Mar 30
*110 115 *110 115 *111 114 *109 112
110 110
110 112
500 West Penn Co
No par 105 Mar
953 953 •9512 96
3
4
*9513 95% 9513 9513 98
*9514 96
96
400
Do 7% pf tern ctf new_100 94 Apr 3
26% 26
25
26
2614 264 26
8
263
3 257 2618 25
26
2,600 White Eagle Oil
No par 25% Mar 31
6212 6353 6112 6233 604 813
4 61% 62
6212 633
6113 614 6,600 White Motor
50 5718 Mar 31)
5
8
53
3
8
*4
8
3
3
3
8
8
"8
83
400 Wickwire Spencer Steel_No par
3
4
*8
8
3
4
3 Jan 30
3
Do prof
100 187 Feb 24
8
1113 18- - ; 1513
1 14 1534 - 6
14
-16- - 8'1 153 )11i 2- : Willys-Overland (The)
11
5
61166
9 Jan 28
/
1
4
4 8713 917
9014 913
8 904 615, 9114 93
917
89
903 92
4
Do prof
40,600
100 7214 Jan 28
64 64
6
/ 64
1
4
854 al
6
613 2,500 WII8on & Co.Inc
84 614
614 612
No par
6 Apr 24
2114 2114 224 224 2118 2114 •2012 2214 2012 2012 18
20
Do pref
1,400
100 18 Apr 24
11914 122
8
119% 1204 12012 1217 120 12112 22,800 Woolworth Co(F W)
1197 1207 11812 120
s
25 11254 Jan 28
304 513
8 5013 5112 48
49 4 4514 49
454 47% 11,400 Worthington P & M
3
463 48%
4
100 45 Mar 30
794 7953 •80
85 •80
85
*81
85
84
813 813
4
4 84
Do pref A
300
100 79 Apr 6
*7012 75 *7012 75
*7012 73
*704 75
663 7012 69 69
4
Do pref B
400
100 85 Apr 7
1853 1913 18 4 183
3
4
187 1914 18 4 19
4 1814 1812 183 18% 1,600 Wright Aeronautical_ _ No par 16 Mar 30
,
*49
50
488 48% *4812 4914 49
50
49
*487 4914
3
50
500 Wrigley(Wm Jr)
No par 4512 Mar 30
3612 35 35
3613 *35
*343 3613
35
35
354 3513 *35
4
300 Yellow Cab Mfg tern etre- 10 3312 Feb 18
67 67
667 66% 66 66
8
65% 65% 654 6514 65
65
800 Youngstown Sheet & T No Par 63 Mar 27
• Bid and asked Prices: no sales on this day. z Ex-dividend
c New stock on the bards of 1 new share for three old shares.
Highest
PER SHARE
Range for Precious
Year 1924.
Lowest
Highes1
per share
$
$ per share
Jan
69 Jaar6
Per sh n 23
89 Aug 62
9213 Jan 3
67 Aug 90 Feb
32% Feb 3
2234 Apr 4313 Jan
728
4Mar 12
39 Mar 70 Dee
102 Jan 27
964 Mar 10113 Dec
1124 Jan 28
994 Apr 115 Dec
8
11313 Apr 1513 Dec
14 44 j
% Jan 7
1
3
373 Dec 675 Mar
3
33% Feb 4
20 June 3014 Dee
10614 Feb 2
92 Jan 10514 Dee
77 8 Jan 2
7
25 s Oct Ws Dee
1
7
54 Feb 4
45 Oct 50 Dee
14134 Jan 6 106
Jan 1374 Dee
374 Apr 24
Jan 3312 Nov
30
17% Feb 9
1712 Dec
9 Mar
7234 Mar 6
3214 Jan 5412 Dee
105 Apr 21
4
904 July 993 D341
112 Feb 2
904 May 110 Dec
234 Jan 13
74 June 2314 Nov
643 Jan 3
3
42 June 6353 Dee
95 Jan 13
82 June 95 Mar
18 Jan 5
9 3 May 2234 Jan
7
783 Feb 10
3
613 Mar 795g Dee
8
121 18 Feb 25 11514 Mar 121 June
9712 Feb 20
86 Mar 96 Sept
57% Jan 31
40% Sent
5913 Feb
5112Mar 14
22
Jan
45 3 Dee
7
1083 Mar 3
8
8878 Dee
3283 Jan
1167 Feb 9
8
964 14pr 12914 Aug
115 Feb 19 105 May 1123 Dec
4
1727 Jan 13
8
78 4 May 155 Dec
3
4 May
13 Jan 5
3
614 Jan
Jan
8 July
4 Apr
4577144
30
3
33 Jan 42 Dec
28% Feb 4
1514 July
2213 Dec
10113 Jan 24
9113 Jan 994 Dee
2634 Jan 12
10 3 Jan 24 Dee
3
3812 Feb 6
22
API* 37 Dee
924471: FebE' b 3
2
15 July 271s Jan
Oct 90
Jan
75
174 July 29 Feb
3012 Feb 3
97 Feb 5
52 May 847 Dee
73 Mar 2
957 Mar
3
58
Oct
78 June 20 Dec
Jan
7* Apr 21
/
1
78 July
984 Dee
71
4734 Mar 10
314 May
413* Dec
7412 Mar 2
733 Deo
4
3913 May
70 July
84 Feb 16
65 Mar
6714 Feb 2
5.513 ApP 6813 Jan
4713 Feb 3
/
1
33 May 424 Jan
119 Feb 24 115 4 Mar 1191g Aug
3
16 Jan 16
1318 Oct
3514 June
65 Jan 23
5512 Apr6512 Nov
77 3 Jan 3
7
4813 July 1007 Jan
*
795 Jan 3
4
8
5412 May 847 Jan
463 Jan 2
4
304 May 4654 Dec
11434 Jan 19 1097 Nov 115
Jan
8
12 Mar 6
6 Nov
1253 Dee
233 Jan
Feb
84 Aug
2
1
413 Fan 3
13 8: J a. 10
23 July 35 Dee
11% Jan 7
Jan
3
13 Sept
4
143 Dec
4
614 June
934 Jan
63 Mar
4
3734 June 453 Jan
49 Feb 2
1133 Mar 13
4
574 Apr 110 Dec
g
Oct15 Feb
14
233 Feb 6
3
152 Feb 27 11614 Oct151 Feb
3113 May
41
Jan
444 Feb 13
52 Apr73% Dee
5314 Mar 9312 Oct
9854 Ja rr 24
: Pan 14
22MA
2
614 Jan
34 Apr
35 Jan 10
2853 Oct3518 Jan
42 Jan 13
3613 Sept43 Jan
45 4 Apr 20
3
3312 Sept 6442 Feb
13 Feb
100 3eb 28
42 Apr
4333 Feb 5
35 Nov 39 Nov
94
12814 Feb 27
Jan 1327 Sept
2
11618 Jan 13 10614 Feb 116 4 July
3
367 Mar 4
8
20 Oct 37 Feb
71 May 1213 Dee
12313 Apr 16
3
5412 Jan 12
4612 May 53 Dee
231 Jan 3 182
Jan 22412 Aug
13 July 48 Dee
474 Oct 79 Dec
9174 Fels 11
h
64 Feb 1693* Dee
250 Feb 11
11212 Feb 27
8
817 Jan 1044 Oct
2112 May 42 Dec
39% Jan 17
154 Jan 8
98 July 168 Dee
1652 Mar 2442 Oct
3014 Apr 21
6114 May 8714 Dec
88 Jan 2
98
Jan 10634 Dee
1054 Mar 27
90 June 14312 Dec
139 Apr 20
135 Feb 15 100 June 143 Dec
4445 A pr 6
2213 May 427 Jan
8
9773 Jan 13
664 May 957 Dee
1812 Mar 4112 Dec
39 Jan 7
4612 Jan 5
3712 Mar 4678 Dee
1293 Jan 23
3
Dec
9414 June 121
1265a Jan 26 11838 Feb 123 July
92 Jan 15
Jan 883 Dec
4
64
8612 Apr 18
163 Jan 45 Dee
8
31% Jan 3
1913 June 3312 Feb
2113 Jan 3
151 Oct 334 Jan
Jan
63 Sept 80
65 Jan 5
/
1
4
% June 1034 Jan
5 Apr 17
4
212 June 343 Jan
7
220% A r 18
Is June
7
Jan
Apr
48 July
1513 Jan
1514 Apr 15
14 AP
19% Jan 3
, 20 Nov
51 Apr 17
Oct 1212 Nov
8
13 Jan 31
/
4
1167 Apr 22 1111 Apr 117 July
8
135 Apr 23 105 May 11834 Dec
Jan ill
84
1137 Jan 7
8
Dec
5513 May 75 May
84 Jan 3
Jan 82 Dec
72
86 Jan 5
4713 Jan 127 Dec
120 Feb 7
8712 Apr 97 Dec
97 Feb 1
2358 May, 293 Feb
3134 Feb 2
3
13
7645 J an 10
1
5012 Apr 7213 Dec
14 Oct
5
Jan
32Jan 19
644 k pr 17
24 Dec 24 Dec
6 3 May
7
1414 Jan
9414'Apr 16
6113 May 88
Jan
133 Mar 7
4
44 May 28
/
1
Jan
60 Mar 7
11
Aug 724 Jan
1257 Jan 7
8
724 Apr 126% Dec
79% Jan 2
234 June 81
Dec
88 Jan 9
68 July 89) Dec
2
763 Fab 12
2345 je
4 ,1
5812 Jan 753 Dee
4
9% May 23% Dec
52% Feb 7
35
Apr 4634 Dec
42 Jan 3
32 Nov 85% Mar
7612 Feb 13
59% Oct 7, Dec
9113
New York Stock Exchange- Bond Record Friday Weekly and Yearly
2126
Jan. 1 1909 the Ezchange method of quoting bonds was changed and prices are now "and interest"-except for income and defaulted bonds.
.d.,:,
Ranee
Price
Week's
.....
Range
BONDS.
eek's
.g
"
Price
BONDS
123hb
Since
g3
Range or
Friday
N.'Y.STOCK EXCHANGE 1 v a
Since
Friday
Range or
b
N. Y. STOCK EXCHANGE u b
Jan. 1.
Week Ended Apr. 24.
re. Apr. 24.
ru
Last Sale
,Jan. I.
..,.a, Apr. 24.
Last Sale45 .5
Week Ended Apr. 24.
Hip
Bid
Ask Low
High No. Low
High No. Low
Bid
High
A sk Low
U. S. G
ment.
2 1004 103
Panama (Rep) 5345 tr reeta_1953 .1 D --------101
10134
Met Liberty Loan31
1944 A 0 99 Sale 983
97331021
4 100
Sale 101542 1011332 353 1001344 01142 Peru (Rep of) MI 88
.1 D 101,142
334% of 1932-1947
6634 79
1011134 013134 Poland (Rep of) g 68
663
4
1940 A 0 6712 68
6712 11
Cony 4% of 1932-47
J D 10115421015532 011542 Mar'25
95 96
Ext'l of g 8s Interim rects_1950 3 3 95 Sale 95
96 1074
Cony 434% of 1932-47
"n Sale 1015532 102544 144 1011042 02132
J D 101
94 9612
0115n Porto Alegre (City of) 85_,_1961 .1 D 94 Sale 94
8
1 101
9413
20 cony 434% of 1932-47
.1 D 0P°32 I021042 101,542 1011532
Queensland (State) ext a f 78 1941 A 0 1093 Sale 1093
4 11014 24 109 119
4
Second Liberty Loan25
-year 68
3 100154401142
23 10111 10512
1947 F A 10312 10414 10313 104
48 of 1927-1942
MN 101142 Sale 101132 101332
98
94
16
1946 A 0 9412 Sale 94
95
1011132 1256 1001542 01,334 Rlo Grande do Sul 85
Cony 03% of 1927-1942
MN 101532 Sale 101
9312 9712
Rio de Janeiro 25-yr a I 8a 1946 A 0 943 Sale 9312
Third Liberty Loan948 14
92
96
25-yr extl 88..21
93
1947 A 0 9212 Sale 92
M 5 1011742 Sale 10134210 Inn 895 10134401"44
434% 01 1928
Rotterdam (City) external 881964 M N 10113 Sale 1005
10113 59 100 103
Fourth Liberty Loanat
10414 22 103 105
1948 j j 104 Sale 104
44% of 1933-1938
A 0 102142 Sale 102544 102532 1730 1011, 021542 El Salvador (Rep) 8s
97 101
1952 MN
20
99
987 Sale 9812
8
1947-1952 A 0105',, Sale 105532 105"42 270 1041132 05"44 Sao Paulo (City) of fis
Treasury 43-18
Treasury 4s
1008 21 100 1031
1944-1954 J D 101,542 Sale 101532 101"n 386 1001to 01 144 San Paulo (State) ext 13 f 80...1936 j J 100 Sale 100
External of 88 WI
9912 100
23
1950 j j 998 Sale 9912
5 100",,00"32
Registered
995
1005542 1005542
8214 91
213
8
1942 J 3 853 Sale 8514
87
Panama Canal 3s gold
1961 c hi
9712 Oct'24 ------------Seine (France) ext 7s
97
8412 90
Serbs. Croats & Slovenes 80.1962 m N
4
853 Sale 8412 ' 873 182
4
State and City Securities.
8
881
8
82
5 1005 1013 Soissons (City) 68
13
82 Sale 82
1936 m N
84
10118
NY City
-433a Corp stock_1960 M S 10118 Sale 101
10014 10014 Sweden 20-year 68
1939J D 1033 Sale 103
4
Registered
10318 48 103 1041
10014 Jan'25 _
M 9
984 1005
External loan 5 345 inter etre '54 M N
9912 Sale 993
2 10114 10218
8
1134s Corporate stock
10233
1964 M 21 10214 _-- 10214
9933 122
25 113 117
41338 Corporate stock
1972 A 0 10212 103 10212 Apr'25 ____ 102 10212 Swiss Confeder'n 20-yr a f 8a 1940 j .1 11333 Sale 11333 114
9813 103
64
102
0345 Corporate stock
8
1966 A 0 10214 ---- 1023 Apr'25 ____ 10114 10233 Switzerland Govt ext 5 345_ _1946 A 0 10112 Sale 10114
ih67 1067 Tokyo City 50 loan 01 1912
8
8
6414 6714
__ 6514
6612 12
8
4348 Corporate stock
M S 66
1067 Feb'25 _
1971 3 D 107
Trondhjem (City) esti 6338_1944 j j 99 foo
97 1001
9912 100
22
410 Corporate stock_July 1967.1 .1 1063
__ 107 Feb'25 ____ 105% 107
4
4
03313 Corporate stock
11012 24 10614 1101
4
1965 J D 1063 10714 10634 Apr'25 ____ 10612 1063 Uruguay (Republic) ext 88_1946 8 A 109 Sale 109
1053 107
8
8
Zurich (City of) a 188
10934 20 1083 1111
1945 A o 108 110 10812
107 Apr'25 _
430 Corporate stock
1963m 9 1063
4
99 4
/
98
a% Corporate stock
993 Mar'25 ____
4
1959 m N
995 100
8
Railroad.
98 4 9
, 84
Registered
M N --------9814 Mar'25 ____
_
983 90 Ala Gt Sou 1st con3 A 581943 j D 101
s
8
_ _ 101
Apr'25 ____ 10024 1011
4% Corporate stock
993 Mar'25
8
8
1958 M N 995 100
Ala Mid tat guar gold 6s..1928 m N 10133 10158 10133 Apr'25 ____ 101 1010
98 100
.
1
100
4% Corporate stock
1957 in N
995 ____ 100
8312
9818 953 Alb & 91180 cony 334s
4
1946 A 0 83_ 82% Apr'25 __-82
4% Corporate stock
9814 Mar'25 _
1956 m N 99
1995 A 0 8212 - 12 813 Mar'25 ___I 814 518
9814 9814 /klieg & West 1st g 4s gu
4
80
Registered
M N --------9814 Feb'25 ____
94
98% 983 Alleg Vol gen guar g 48
4
1942 sa s 94 Sale 9214
91
94 , 38
983 Mar'25 _
4
4% Corporate stock
1955 M N
977 98
6712
_ 98
m N
Jan'25____
Ann Arbor Ist g 48_ __July 1995 Q j 6612 Sale 6512
64
Registered
6618 52
8814 911
Atch Top & S Fe
-Gen g 48_1995 A 0 907 Sale 897
8
8
9114 239
434% Corporate stock____1957 NI N lO8i2 1 - 107 Mar'25 ____ 1063 107
07
Registered
8614 891
4
3 1054 106%
8912 27
3 0 8912 Sale 883
10612
Corporate stock____1957 M N 10612 107 10612
4.34%
Adjustment geld 45_ _July 1995 Nov
8113 843
5
8434
83 Sale 8312
3
Registered
M N --------105 Feb'25 ____ 105 105
Stamped
July 199581 N
8912 904
823 84
2
83%
84 1 27
83 4 84
3
9012
9012 9018
334% Corporate stk_May1954 M N 90
797 801
Regittered
90
90
2
791
_ _ 797
8012
MN
____ 90 Feb'25 ____
335% Corporate stk _Nov 195-1 M N 90
Cony gold 45 1909
I
8338
2- 14
1955.1 D 8318 8i 8333
8133 841
New York State Canal Im- 481961 J 3 --------10233 Apr'25 ____ 10233103',
Cony 48 19(15
1955j 0 8312 8414 8312
814 837
101 18 101 18
1
8312
la Canal
1942 j 3--------!01'g Mar'25 _
Cony g 45 issue of 1910_ _1961 1 D 835 ____ 8312 Feb'25 -_4
8
4
8118 8312
434s Canal inlet
1964 j 3 --------1128 Mar'25 ____ 11214 1123
993
East Okla Div 1st g 4s_ _ _1928 tvi s 993 Sale 993
98
4
4
99% 19
48 Highway Impt regIsterd1958 --- ---------103 Feb'25 ____ 103 103
841
Rocky Mtn Div lot 48___ .1965 J 3 8512 874 8412 Apr'25 ___
84
4
Highway Improv't 43-48....l903 M $ --------1123 Mar'25 ____ Ill% 11254
881
Trans
-Con Short I. let 48_1958 1 .1 8812 Sale 88
86
7612 '7013
8812 63
Virginia 2-88
1991 j j 6414 ---- 7612 Feb'25 ____
8
Cal-Ariz is? & ref 430"A"1962 m 5 935 95
92
95
94
Apr'25 ____
8
913 913
Registered
8
M 9 8812 ____ 913 Jan'25 ____
Foreign Government.
8838 903
903 Sale 9014
4
4
4
9034
Argentine(Govt) 78
8 1025
8 53 1013 10314 Atl Knoxv & Cin Div 4s____1955 m N
8
1927 a A 1025 Sale 1023
11
4
__ 103
8112 84. All Knoxv & Nor let g 58....1114C j D 1023
1 10214 103
103 1
13
1945 hi 9 82 Sale 8112
82
Argentine Treasury 513_£
95
9612
95
9714 Atl & Chart A 1.181 A 4340..1944 j j 95 0612 9618 Apr'25 ..___
Sinking fund 68 Ber A _ __ _1957 M S 9614 Sale 96
96% 248
8
1st 30-year 5s Series B....1944 j J 1023 Sale 1025
4
1023
4 16 102 10214
9434 963
963 182
8
Extl 68 ser 13 temp._Dec 1958 j 0 96 Sale 96
947 101
89
931
52
933
933 97.4 Atl Coast Line lot con 433./11952 M 9 93 Sale 92%
4
Austrian (Govt)8178
1943.1 I) 94 Sale 9334
107 ' 46 105% 108
4
10-year secured 75
193( M N 1063 Sale 106
101 107 11014
109
Belgium 25-yr extol 7348 0_1945 3 D 10812 Sale 108
907 93
8
General unified 4 14a
1964 j D 93 Sale 9234
93 I 10
4
-year a f 88
20
1941 F A 107323 Sale 1073
s
1074 35 1063 109%
87% Sale 867
9412
8618 8812
LA N roll gold 45.___Oct 1952 \I rs.
92
8
8712 25
25-yr ext 6346 Interim rcts.1949 M 5 9314 Sale 921
9312 57
4
8
1948 .1 .1 78% 7912 787
6
80 1
A tl & Danv let g 45
8
76% 80
833 88
178
Esti 0168 inter rcts
86
1955 J 3 85 Sale 8412
4
4
3 623 701
68
69 1
63
Id 4a
1948 J J 68
7 10818 1133
113
Bergen (Norway) a 1 )33____ 1945 m N 11214 11314 113
75
773
Apr'25 ____
Atl & Yad 1st g guar 4a
1949 A 0 7614 7733 77
08
95
22
-year sinking fund (18
975
98
974
25
A 0 97
985 9912
983
4 __ 9833 Mar'25 ____
1941 j J
2 108 11112 A & N W let gu g 58
109
Berne (City of) 9185
1945 m N 108 109 1083
4
997
s
997 1001
8
2
997
997 100
8 1925 j J
8
923 9312 Balt & Ohio prior 3348
73
Bolivia (Republic of) 88
93
194781 N 923 Sale 9212
4
.1
July 1925 Q 3 --------997
995 997
7
997
Registered
853
4
80
8314 66
Bordeaux (City of) 15-yr 65_1934 MN 83 Sale 82
85 4 90
3
8
90 1 89
let 50-year gold 48...July 1948 a 0 89% Sale 883
954 98
9618 111
4
B1132111/ El. external 88
1941 3 D 953 Sale 95
8514 8814
3
4
8814
Registered
July1948 Q 3 8814 Sale 8714
8012 843
813
8 26
,
743 (Central Ry)
1952 1 D 80 2 Sale 8012
8918 931
1933 m p 93 Sale 91
934 332
10-year cony 434s
2 11)312 10712
4
7345 (coffee seem)£(ft/W.1952 A 0 1643 Sale 10434 105
853 90
4
887 341
8
Refund & gen 58 Series 14.1995 1 0 8833 Sale 8712
9512 9712
4
9614
Buenos Alree (City) ex 163451955 J J 9618 Sale 96
1948 A 0 102 Sale 101% 10214 358 100 1021
1818 53 Int etfs
,
8 1007
Canada (Dominion of) g 5.9._1926 A 0 100% Sale 005
8 33 10012 10235
8 1034 134 102% 10312
10-year ea
1929.1 J 103 Sale 1025
10212 26 101% 103
1931 A 0 10238 Sale 10214
as
10314 237 100% 1031
Ref & gen 6s tier C temp 1995 1 0 103 Sale 102
130 1112 103%
1929 F A 103 Sale 10234 103
-year 5345
10
99% 991
4
P Jet & NI I/1v lot g 3348.1925 Ni N --------903 Jan'25 ____
_
166 101% 104
8
1952 M N 1033 Sale 103% 104
iSe
8
835 8812
8812 98
8814 Sale 8712
P L E & W Va Sys ref 48.1941 m N
98,
4
96
9713 Apr'25
18
Carlsbad (City) e 1 88
1954 .1 3 97
993 1001
3
10018 28
Southw Div lot gold 3303_1925 j j 10018 Sale 100
1084
19 10614
Cblle (Repeblic) esti 81 813_1941 F A 107 10778 10712 108
6812 75
76 1 111
Tol & Cin Div 1st ref 48 A.1959 J j 7412 Sale 73
9 1.02 10312
External 6-year 8188
1926 A 0 103 Sale 10234 1.(3
60% 01
Feb'25 ____
983 11)114 Battle Cr & Stur 1st gu 3s. _1981 J D 604 6212 61
4
96
-year esti 7s
1942 m N 1007 Sale 10014
1007
8
8
20
9213 9312
2
9314
__ 934
9314
1938 j J
12 10614 11)812 Beech Creek let gu g 4s
108
-year of 8e
1946 m N 107 108 107
25
3
1951 A 0 7712 ____ 8112 Mar'25 ____1 7814 8112
413 4513 Beech Cr Ext 1st g 334s
9
Chinese(Hukuang Ry)5a
4412
1951 J D 44 2 Sale 444
,
85
87
_ _ 86 Mar'25 ____
31 1093 111 14 Big Sandy lot 48
4
1944 j D 86
Christiania (Oslo) a 188
1945 A 0 11012 Sale 1103
8
11012
731
2 67
7o
7318
71
8
9512 997 B & Is1 V Air Line let 413_1955 F A 6914 - -year 5 f 8s
30
993
4 34
1951 M S 9912 Sale 9912
93
93
9914 1004 Bruns & W 1st gu gold 45_ 19331 3 j 9314 9412 93 Apr'25 ---9
8
10012
Colombia (Republic) 634a...11527 A 0 10012 Sale 907
977 Buffalo R & P gen gold 5a 1937 M S 1014 103 10118 Mar'25 __-- 101 18 10218
9414
Copenhagen 25
-year a f 530_1944 j .1 9712 Sale 97
977 105
8112 110, 8013 8812
81 Sale 8012
1957 in N
Congo! 434s
8
9512 9
8
1944 M 8 9714 Sale 9718
9714
Cuba Is of 1904
M N ---- 8014 9614 Mar'25 _ - - -1 8514 8514
Registered
9314 9514
Eater debt 58 1914 Ser A..1949 F A
Apr'25 ___
9512 9712 95
3
10014
9933 1001
1934 A 0 10014 Sale 10014
Burl C R & Nor lid 58
87
84
2
External loan 43M
1949 F A 85
8.5
____ 85
1027
4 10013 1027
5
4
9612 993 Canada Sou cons gu A 59_ _ _1962 A 0 1024 Sale 102
1953 3 j 9918 Sale 99
993 107
g
53411
20 115 1171,
8
9814 1012 Canadian North deb of 783_1940 j 0 1165 1167 11612 117
45
4
Czechoslovak (RePub of) M-1951 A 0 993 Sale 9912 100
8 1175
8 36 115 1182
1946.1 j 11712 Sale 1165
4
20-year of deb 63413
4
973 1003
46
100
Sink fund 8s Ser B int cas_1952 A 0 9914 Sale 994
803 213
8
79
891
7 109 110% Canadian Pac Ry deb 48 stock 3 3 8014 Sale 7933
110
4
Danish Con MuniciP 813"A"-1946 F A 1093 11012 093
9314
2
93
9314
1932 M 9 9314 _ _ 934
110% Carb & Shaw 1st gold 4s
1948 F A 110 11012 0912 110
15 10812
Series B s f 8a
81
78
8314
1938 .1 D 7814 - - 78 Apr'25 __
Caro Cent 1st eon g 4s
1945 A 0 1103 Sale 1012 110% 86 109 ill
4
Denmark external a 188
Caro Clinch & 0 lot 3-yr 50-1938 .1 13 10114 Sale 10012 10112 20 100 1015
9912 103
1942 3 3 1013 Sale 0118
116
s
102
-year (35
20
4
107%' 30 1057 108
8
1952 .1 D 107% 108 1073
8
181 & con g es ser A
.
8 1023
8 10 101 1023
Domtulcan Rep Con Adm f 5058 F A 1024 103 1023
Jan'25 ___ _1 84 84
1981 j D 83% 871 84
9412 Cart & Ad 1st gu g 4s
92
9333 34
Custom Adminiatr 5345-1942 M 9 93 Sale 9212
743 791
8
3
. 7834
6 --- - 76
1948 J D 7
Cent Branch U P 1st g M
983 103
4
10114 go
Dutch East Indies eV 613___ _1947 .1 J 10114 Sale loo
64% 69
8
5
6641
1961 J j 657 Sale 65
2
98% 102, Cent New Eng 1st gu 45
1962 M 9 10118 Sale 0014
10118 111
40
-year 68
98141
0
1
9714 981
934 9914 Central Ohio Reorg 4340_1930 M S 983 9910 9814
50
195)81 9 9818 Sale 973
9814
30
-year ext 530
____ 1023 Feb'25 __' 1011 1021
4
8
923 9914 Central of Ga lot gold 543_0945 F A 101
4
58
98
1953 M NI 98 Sale 9732
-year ext 5341
30
3
1003
4 42
1945 NI N 1004 ---- 10012
994 1011
Consol gold 55
953 104%
625
102
French Repub 25-Yr ext 88-1915 51 S 10114 Sale 100%
1035
36 103 1041
June 1929 .1 D 10333 Sale 10314
10-year seetir 68
93 10112
983 502
20-yr external loan 7348-1941 1 0 97 Sale 97
10112
1959 A 0 101 111114 101
7
99 1021
Ref & gen 530 sec B
8
927
86
External 7s of 1924 temp 1949 J D 8814 Sale 8811
897 848
2
3
841
Chatt Div our money g 40_1951 I D 83 4 ____1 8414 Mar'25 ____1 84
8512 91
4
1954 A 0 8612 8711 87
87
Finnish Mon L'n 634s A _
4
993 100
8
Mac & Nor Div 1st g 543_1946 .1 J 994 ---- 993 Apr'25 __
86 4 91
,
4
87 14
External 634/3 Series B
1954 A 0 874 Sale 87
97 4
,
_ 100 Dec'24 ____ ..... _
1946 3 J
.
Mobile Division 58
8314 8712
1945 NI S 8512 Sale 8512
8612 74
Finland (Rep) ext 6s
963 - - -38 97l Apr'25 ___
4 97
95
98
9412 Cent RR di B of Ga coil g 58_1937 M N
94
943 116
8
0412 94
External 5 f 78 Int ctls__ _1950 1V1 5 94
5 107% 109
1088
93 8 95 2 Central of N J gen gold 543-1987 .1 J 10814 1083 108
,
,
944 838
German external loan 7srcts_1949 A 0 933 Sale 9333
4
s 10814
81987 Q J 1073 ____ 1077
Registered
9, 10614 1081
8
4
1063 216 1047 1116%
4
Gt Bnt & Tref (UK of) 5348_1937 F A 1063 Sale 10614
8938 411 863 8111
105 105
3
Cent Par lot ref gu g 4s____1949 F A 8933 Sale , 8814
105 Mar'25 _
F A
Registered
81929 J D 9612 Sale 1 964
Mtge guar gold 330
954 9612
9612 25
242 11512 11712
8
117
1929 F A 1167 Sale 11614
-year cony 5345
10
63
863
14
Through 9t L 1st gu 45_1954 A 0 868 Sale 1 8 4
8518 87
8
1154 1157
___
1157 Mar'25
8
Registered
82', Charleston & Savannah 7s..1036 J 3 11512 __ 11212 Feb'25 ____ 11212 1175
89
48
91
1952 M N 93 Sale 90
Greater Prague 73413
100
985 1005
8
2
8812 Chez & Ohlo fund & Mutt 5_1929 .1 3 100 1004 100
83
127
8
85
1964 M N 84 Sale 837
Greek Govt 7s Int rcta
4 '0311 31 101% 1031
1939 M N 103 Sale 1023
1st consol gold 5$
91 14 9414
1952 A 0 93 Sale 93
933
4 36
Haiti (Republic) 65
1939 M N --------101 Nov.A _ _
Registered
8
7
90'1
873
4 67
Hungary (Killed of) 8 f 7348_1944 F A 8714 Sale 87
1992 M 8 9033 Sale I 89 4
,
9012 Li
General gold 430
iii 90
3
98% 9933
9912 138
Ind Bank of Japan 6% notes 1927 F A 9912 Sale 9914
1992 M 13 8633 8714 8618 Jan'25 ____
Registered
857 871
8
8314
81
225
83
1931 1 .1 8212 Sale 824
Japanese Govt g loan 4s
942 971
974 Sale 1 963
92
9714 113
20-year convertible 4348_1930 F A
90
915 312
8
1954 F A 91% Sale 9118
30
-year s f 6340
1035 208 101% 1091
30-year cony secured 543_1946 A 0 1033 Sale 10314
,
8312 86 8
28
86
8
Oriental Development 613-1953 M S 857 Sale 88
A 0 ---- ____ 10412 Mar'25 ____ 10314 10614
Registered
4
803 864
833
4 16
-year 613..1934 M N 83 Sale 823
Lyons (City of) 15
9814 --__ 9814 Mar'25 ____
19403 J
Craig Valley bole 58
9713 991
85%
80
76
23 Sale 82 2
8314
,
Marseilles (City of) 15-yr 611-1934 NI N 8
8214 83
Potts Creek Branch 1st 48.19463 3 8312 ___ 83 Mar'25 -4
2014 2
1943 MN ..__ ____ 2014 Apr'25 ____
Mexican IrrIgatIon 430
8
R & A Div let con g 48_1989 -I .1 8412 ---- 841
834 841
1
845
8
24
23
Jan'25 ____
1943 ------------24
Assenting 5 f 434s
___ 80 Mar'25 _--1989 J J 80
2d consol gold 40
4512
45
79,2 80
Mexico(US)ext1 5s of'99 £1045 Q J --------45 Feb'25 ____
977 971
9812 977 Jan'25 ____
Warm Springs V ist g 543_1941 NI 9 934 s
32% 41
6
3612
36
37
1945 ____ 35
AmentIna 50 011899
62
66
6412 16
637 6312
8
1949 A 0 63
Chic & Alton RR ref g 30
36
36
36 Apr'25 _
Assenting 5s large
_ 6012 Jan'25 ____
A 0 ---604 601
Registered
1912 25
5
1912
Gold deb 48 of 1904
1954 J D 1912 Sale 1912
60 8 - - ; 628 Feb'25 ____
, 623
____
5834 6234
Certlfs dep god Oct 1924 Int
1812 9455
193 • 28
1912 Sale 1912
Assenting 45 of 1904
8014 621
Certli deo strnpri Apr 1925 lot ____ ---._ ____ 8212 Feb'25 ____
2812 2812
_______ ___ 2612 Jan'25 _
Assenting 48 of 1904 large
4014 581
Railway first !len 334s_ _1950 J J 6214 Sale 5112
24
533 124
4
20
Apr'25 _
__ 20
__
__ _
Assenting 48 01 1904 mall
5112 Sale 5012
____
24
45
551
48
517
Ctrs dep Jan '23dreub-coup
23
2314 24 Feb'25 ___
Assenting 4a of 1910
3 -3 -22- - 8114 86
90
8
86
4
2215 3113 Chic Burl & Q-II1 Div 33413_1949 J J 847 Sale 84%
4
2518
Assenting 49 of 1910 large..... -- -- --- _ 2518
1949 3 J 94 Sale 93
8
1111nots Division 413
8812 94
19
94
2012 287
2234 21
Assenting 48 01 1910 small
.-.. _ ____ ____ 2212
4
1927 M N 993 Sale 99523
3613 43
99 100
37
993
Nebraska Extension 4a
Tress 68 of '31 assent(large)'33 .1--.1 --------383 Apr'25 _--4
1958 M 9 914 Sale 9012
8818 911
General 45
9114 24
Small
38 Apr'25 _
93
8914 891
4
M S --------893 Feb'25 ____
88
Registered
30
92
Montevideo 75
9112 91
1952 3 D 91
1971 F A 10114 Sale 10114
1st & ref 58
44 10012 1021
4
1011
Netherlands 85 (flat prices) 1972 M 9 10433 Sale 10413 104% 32 1023 107
4
Chic City & Conn Rys 15a
1927 A 0 451 47% 4614
06
83
48
48
10338 160 10018 104
39
-year external 68 (flat)...1950 A 0 10314 Sale 10318
Apr'25___ 10514 1071
11112 54 11014 1134 Chicago & East III let 68_1934 A 0 107 10733107
Norway external at 8a
4
8
1940 A 0 1113 Sale 1103
9713 10014 C & E III RR(new co) gen 58-1951 M N 7612 Bale 1 75
9978 69
7418 79761 232
-year exti ea
20
1943 F A 993 Sale 99%
9713 1003
4
991
4 73
20
-year external (ta
1944 F A 995 Sale 9933
I
974 10014
69
993
s
30
-year °it)60
1952 A 0 9912 Sale 993
sale.
•$.53j=E. a Due Jan. la Due July. k Due Aug. 7/ Due Nov. s Option
New York Bond Record -Continued -Page 2
BONDS.
N. Y. STOCK EXCHANGE
Week Ended Apr. 24.
Price
Friday
Apr. 24.
Week's
Range or
Last Sale
.214
.48k Low
Bid
High No.
Chic .4 Erie let gold bs
9978 IC012 997 Apr'25
1982
8
Chicago Great West 1st 45._1959
6214 Sale 6114
623 429
4
Chic Ind & Loulsv-Ref 6s_ _1947
10914 ____ 10914 Apr'25
997 _ _ 100% Apr'25
Refunding gold 55
1947
Refunding 4s Series C
1947
87 Apr'25
General 58 A
1966
893
8
7
89
893
4
General 65 B
May 1966
1033 Sale 103
4
1033
4 23
Ind & Louisville 1st KU 48_1956
777 79
8
7812
7812
Chic 10d & SIM 50-year 45_1956
875 ____ 8712 Feb'25
8
Chic L S & East let 4 4s._ _1969
933
4
933 Apr'25
4
4412 Sale 44
C M & Puget tid Is! gu 4s. _ _1949
4478 30
Co H & St P gene 45 Ser A_e1989
7514 Sale 7514
753
4 91
General gold 3 4s Ser B.e1989
6614 Sale 6614
1
6814
Gen 448 Series C_._May 1989
837
8312 Sale 8312
59
Gen & ref Series A 4 45._52014
4514 Sale 4434
4512 283
Gen ref cony Ser B 55_ __52014
453 Sale 45
4
4534 227
151 sec 66
1934
10214 Sale 1013
4
1023 118
8
Debenture 4 46
455 Sale 45
8
1932
453 290
.1
Debenture 45
1925
4613 Sale 46
475 379
8
-year debenture ls
1934
25
4514 Sale 4412
453 109
Chic & Mo Bit' Div 5e..A926
98
9814 9714
27
99
7 9912 9912
Chic & N'west Est 4.8..1886-11126
98
12
993
4
9812
Regtstereci
1886-1926
9918 Mar'25
General gold 345
1987
7313 Sale 73%
7338 25
Registered
72 Feb'25
General 45
1987
823
-41E8 - 8 8112
8178 87
Stamped 48
1987
815 8.415 83 Apr'25
8
General Is stamped
1987
101% 10312 102 Apr'25
Sinking fund 65
10414 10514 10414 Apr'25
1879-1929
Registered
103
____ 104
Jan'25
Sinking fund 58
1879-1929
10014 101 110014 Apr'25
1879.1929
Registered
99
1001. Jan'25
Stoking fund deb 55
1933
____ 1017 10112 Apr'25
8
Registered
1933
101 Mar'25
10
-year secured 75 g
107 10714 107
1930
10712 38
15
-year secured 634s g
1936
109 Sale 1C7
11018 76
1st & ref g be
62037
925 Sale 923
8
8
94
52
7 8414 8312
Chic R 1 & P-Ralltray gen 451988
83
84
47
Registered
8214 8318 82 Apr'25
Refunding gold 48
1934
877 Sale 8714
8
88
541
Reel tiered
863
4
1
863
4
Chic St I. & N 0 gold 56......1951
10234 102%
3
Registered
102
10112 Jan'25
Gold 34s
7912
1951
793 Jan'25
8
Memphis Div 1st g 4s
1951
8412 8512 85 Mar'25
08k L& P let cons g 514
103
1932
103
103
Registered
1003
3
1003 Jan'25
8
Chic St P M & 0 cons (39_ _1930
103% 10312 10314
104 2 59
,
Cons 6s reduced to 33'4e1930
9212
4
92%
9212
Debenture 55
1930
66 9712 9814 97
Stamped
9812 993 Mar'25
96
Chic T 11 & So East let 56_ .196(1
793 Sale 7814
4
213
80
Inc gu 55
Dec 1 1960
6814 Sale 60
6814 47
Chic tin Sian 1st gu 445 A 1963
923 Sale 9214
4
93
25
1st be Series B
1963
1023 Sale 10218 10212 19
8
Guaranteed it 58
1944
987 Sale 977
8
987 161
let 6 Sis Series C
11738 Sale 11733 1173
1963
1
8
Chic & West Ind gen g 6s _p11132
10514 ____ 1053
1
4 1053
4
Consol 50-year 4s
7878 Sale 773
1952
151
4
79
1st & ref 51zp aer A temp.1962
98 Sale 9733
100
98
Choc Okla & Gulf cons M._ _1952
100 10014 10014 Apr'25
H & D 2d gold 4)48_ _1937
9214 ____ 9414 Mar'25
0181 1. & C 1st g 4s
915
8
915 Mar'25
k1936
Registered
91
Apr'25
k1936
CM Let, A, Nor go 4s e
8712 ____ 873
4
1942
5
8912
CMS & Cl cons 1st g Is... .1928
9812
993 Mar'25
4
Cleve Gin Ch & St L gen 48_1993
8214
1
8212 8314 8212
20
-year deb 445
98 Sale 08
98
1931
12
General Is Series B
101
____ 10118
10112
1993
3
Ref & Impt 6s Series A.....1921)
10318 Sale 10318 10312 37
68 Series C
10414 1057 10434 Apr'25
1941
56 Series D
9814 Sale 975
1963
8 '9812 186
Cairo Div 1st gold 45
90
91
Apr'25
1939
W t NI Div 1st g 45_1991
8012 8112 81
82
12
St L Div 1st coil tr g g 45_1990
8218 83, 8212
8
8212 10
Spr & Col Div let g 4s_ A940
885 ____ 8912
8
8912
5
W W Val Div ist g 45._ _1940
863 ____ 873 Jan'25
4
4
108 Sale 108
C C & I gen cons g Bs__
I934
108
Olev Lor & W con 1st g 58_1933
102
____ 10114 Apr'25
CI & Mar Mt gu g 4 48
9633 ___ 9633
1935
965
1
8
Cleve & Mahon Vail g 58
9818 ____ 9314 Apr'25
1938
99
CI & P gen gu 44e Ser B...1942
____ 8412 Aug'24
Series A
99
1942
995 Apr'25
8
Series D 3348
81
1950
__
853 Mar'25
4
Cleve nor Line 1st gu 448_1961
973 Sale 964
8
e 963
4
973
8 23
Cleve Union Term 5)4s
10512 106 10512
1972
30
1st 5 f 56 Ser B
1003 1007 10012 10034 52
4
1973
Coal River Ry 1st gu 4s_ _...1945
8412 86
8412
8412
2
Colorado & South let g 48_ _1929
981
: 7
9812 99
9812
Refunding & exten 440_1935
94 Sale 94
943
4 32
Col & 11 V Ist ext g 45
8612 8714 863 Apr'25
1948
4
Col & Tot 1st ext 45
8334_ 0412 Dec'24
_
1955
Conn & Passum Rly 1st 43_ _1943
78 94 9152 Jan'25
8712 15
Cuba RR 1st 50-year Is g _1952
8512 87
87
1037 Sale 10314
1st ref 73-45
1936
104
16
Cuba Northern Ry 1st 5s_ _ _1966
913 Sale 9114
4
92
54
96% 9714 97
Day & Mich lin cons 4 464
1931
Apr'25
9118 9114 9012
Del & Hudson let & ref 48__ _1943
9118 26
-year cony Is
30
107 Sale 10634 1083 491
1935
8
15
-year 5345
10112 Sale 10138
1937
102
13
-year secured 75
10
10812 10912 10812 10833
1030
3
9334 ____ 94 Dec'24
1936
D RR & Bdge 1st gu 45 g
-1st cons g 4s 1936
833 Sale 8234
4
Den & Ii 0
8334 120
con801 gold 445
8612 877 8612
1936
3
863
4
Im provement gold 55_
973 Sale 9712
4
1928
98
55
1955
181 & refunding 56
5812 Jan'25
Registered
4614 Nov'24
Farmers L & T dep rcts for
Aug 1 1955
4512 6012 6112 Feb'25
1st &ref fa
Bankers Tr Co aim dep
Agent to June 15 '23 agree
4512 63 60
Jan'25
Stamped
4512 63 6214 Feb'25
60% Feb'25
Am Ex Nat ilk Ws Feb '22
59% Dec'24
Am Ex Nat Bk etfts Aug '22
5712 Sale 5
Den&RO West be
1955
58
151
614
451. 16
DeeM&FtDI8tgu 45 .1935
4512 Sale 45%
9312 Feb'25
Des Plaines Val 1st 448_ _ _ _1947
72% 7314 73 Feb'25 _
Det & Mack-let lien g 48 1995
65
1995
67 65 Apr'25
Gold 45
1961
911 9214 913
4
92
4
8
net Riv Tun 41411
104
_
104 Apr'25
Dul Missabe & Nor gen 5s._1941
10112 102 10134 Apr'25
Dul & Iron Range let 56_ __ _1937
83
84
8214
8214
5
Dul Sou Shore & Atl g IS _ _1937
1st
903 _ _ _ _ 9014 Apr'25
8
East Ry Minn Nor Div 55_ 48.'48
.1038
10018
_ 9814
10014 26
East Tenn reorg lien g
997
8
10034 Mar'25
1930
East T Va & Ga Div g 5s
1017 102 10034 Apr'25
8
1956
Cowl 1st gold 58
102 Sale 162
2
6
1023
8 10
Elgin Joliet & East 1st g 5s_ _ 1941
10012 101 106
100
3
El Paso & S W 1st Is
.1930
10812 1083 10812 10812 51
4
Erie 1st consol gold 76 ext.
71
1996
8
717
Sale 707
8 88
1st cons g 45 prior
1996
67% 6912 6812 Mar'25
Registered
623 Sale 62%
8
63
226
Is:consol gen lien g 411_1996
____ 603 6214 Feb'25
1996
4
Registered
9534 963 953
4
9
4
953
4
Penn colt trust gold 4s_ _1951
65 Sale 6412
66
66
-year cony 46 Ser A 1953
50
643 Sale 64%
4
1953
6612 89
do Seriee B
1953
7114 Sale 7114
7214
Gen cony 45 Scree D
10518 Sale 10518 10614 25
1955
Erie & Jersey let s f 68
6 Due May, h Due July
Due Feb. c Due June
a Due Jan. b
Range
Since
Jan. 1.
BONDS.
N.Y.STOCK EXCHANGE
Week Ended Apr. 24.
2127
Price
Friday
Apr. 24.
Week's
Range or
Last Sale
High
Low
4
9912 100,
593 6538
4
10914 ill
9912 100,
4
853 87
4
901s
87
101% 103%
7718 79,2
8618 87%
9312 93%
43% 581s
70,4 753
4
6214 66,4
771s 83%
4312 54
44% 585,,
9612 102%
60%
44
46
781
:
5614
44
94's 99
99% 100%
983 9115
4
8
7318 75
72
7214
8112 86
83 85
102 104%
104 10412
104 104
10014 1003
4
:
1001 1001:
Bid
Ask bow
Filch No.
Erie & Pitts gu g 33.45 B__1940 J J 8418
84
Jan'25
Series C
8418
J
84
Oct'24
Fla Cent & Pen 1st ext g 543_1930 .1
995 10014 100
8
Jan'25
Consul gold Is
1943
9914 09
J 99
9938
9
Florida East Coast 1st 448_19511 in 9312 ____ 9333 Apr'25 -Is) & ref Is Series A
1974 M S 953 Sale 94
963 170
4
4
Ha West & Nor 7s Series A...1934 MN 112 Sale 1103
4
112
79
Fonda Johns & Glov 44s_ _1952 MN 69 Sale 69
23
Fort St U
Co 1st g 448_1941 J
8933 ____ 8933 Apr'25
7
Ft W & Den C 1st g 514s_ _1961 JD 1043 ____ 104%
4
104141
3
Ft Worth & Rio Or 1st g 46...1928 J
9418 9514 9312
9312
5
Frem Elk & Mo Val let 68_1933 AO 108 10812 10914 Apr'25
G II &SA M &P 1st 56_ _193I
N 100 10012 10012 Apr'25
2d extens 58 guar
1931 Si
Only Hous & 'lend 1st 5s._1933 40 93;199181 99714 A pr'25 -971
9
9
5
48
997
'
Genesee River let s I 5s__ _1957 J J 10314 Sale ,10212
10314i
9
Ga & Ala Fly let cons Is __o1945 J J 94% Sale I 9418
9418; 13
Ga Cam & Nor let gu g 58 _ _1929 J J 993 9912 9912
8
99121
1
Georgia Midland let 3s
1946 40 6538 67
66 I
1
66
Gout' & Oswegateb 58
1942 JD 993 ____ 983 Feb'241 ___ _
4
4
Or It & 1 ext Ist gu g 4 45_ _ _1941 J J 9512 9619 9512 Apr'25
Grand Trunk of Can deb 76_1940 40 11614 1163 11614
4
11134 15
/
1
'
15
-years 168
1935 MS 10712 Sale 10712 1077
81 52
Great Nor gen 7s Series A 1936 J J 10933 Sale 10914
11034 262
1st & ref 4)45 Series A
1961 J J 9133 92149114
9112 35
General 54s Series B
1952 J J 101 Sale i0012
101 I 43
General 58 Series C
4
1973 1 .1 933 Sale 92
941
98
Green Bay & West deb ctfs "A"__ Feb 70
80
76
Apr'25 _ _
Debentures etre "B"
1333 Sale 133
157 175
Feb
Greenbrier Ry let gu 4s_ __1940 1%1 N 8633 -___ 863 Apr'25 _ _ _ _
4
Gulf & S I lat ref & t g 5s_ _61952 J J 9912 Sale 9912 ' 9912
1
Harlem It & Pt Cites 1st 4s_ _1954 MN
8314
8314
2
10012 103 Hocking Val 15t cons g 448.1999 J J 904 Sale 9014
6
9033
iot 101
Registered
1999 J
88
89
88 Mar'25 _ _ _
105 1121 H & T C let g Int guar
.
1937 J J 100 102 100
100
2
107 1121
: Houston Belt & Term let 58_1937
9833 Sale 97
J
9833 17
92% 1(12
Houston E & W Tex 1st g 5E4_1933 MN 10018 ____ 100
Jan'25
82% 8434
1st guar 55 red
1933
N 10018 -___ 997 Jan'25
821s Housatonic Ity cons g 5s_ __ _1937 St N
82
938 Apr'25 _ _ _ _
933 96
4
8314 88 4 Bud & Manhat 58 Series A 1957 FA
,
894 Sale 8812
897 501
8
4
86% 863
Adjustment Income Is.
1957 A0 7212 Sale 72
7233 343
10112 103
Illinois Central let gold 48_ _1951'S 9218 ---- 92 Apr'25
10112 103
Registered
88
1951 J
9012
9012'
8
79% 79%
1st gold 3 414
1951 is 8333
83 Apr'25'
83% 85%
Registered
s
807 __-_ 83 Mar'25 _ _
J
101 18 103
Extended let gold 330_1951 40 823 __-- 8212 Feb'25 _
4
100% 1003
8
Registered
1951 A0 808
4... 8012 June'24'_ _
10314 10812
1st gold 3s sterling
1951 MS 64 72
62 Feb'25, _ _
9214 924
:
Collateral trust gold 4s
8712
1952 40 871 88
8711
2
963 10514
4
Registered
AO 8533 87
8533 Apr'25'____
99%
95
1st refunding 45
91 18 Sale 9118
1955 MN
9258 21
80
75
Purchased lines 3348
1952 Si 82
____ 83
83
1
55
6S'4
Registered
7
J J
79112
7: 3
91
913 93
4
Collateral trust gold 46___1953 MN 8433
1:
84 2
8512 33
100 102%
Registered
80% -6i _ 82 Mar'25
51 N
9714 98%
Refunding 51
1955
105¼
N 10857 108 105%
105%
3
11614118
15-year secured 5358
1934'S 10212 ____ 10218
10318 54
105% 105%
15-year secured 634s g_..1936 .1
.1 11112 Sale 111
11112
7
76% nu
4
Cairo Bridge gold 45
1050 Jo 893 ____ 893 Apr'25
4
9718 9814
Litchfield Div 1st gold 314_1951 -Ii 717 _ 7012 Feb'25
8
9934 100,4
Lotilsv Div & Term g 33-4s 1953
Si 80
j 80% 8011
93% 9412
7214 74
Omaha Div let gold 35_1951 FA
7214 Mar'251 _ 5I
It's 91%
7 1874
02
St Louis Div & Term it 35_1951 5 j 821 81 14 825 A9;'221 _51
703.8
8
015
9012 91
Gold 345
1951
j
87% 8912
Springfield Div let g 348_1951 j
7833 8112 797
80
3
993 99%
4
864 8912 88 Mar'25
4
Western Lines let g 4s_
1951 FA
813 8414
4
Registered
____ 84
1951 FA 84
Apr'25
96
98
Ill Central & Chic St L & N 0
9912 101%
Joint 1st ref 55 Series A
1963 SD 9914 Sale 9918
99141 78
103 104
Do Series B
1963 J D
95% June'24
4
4
1033 1073 Ind Ill & Iowa 1st g 48
8912 Apr'25
1950
J
981 Ind Union By gen 5a Ser A 1965 J ..1 100 11507 10012
:
9412
90- -8
Apr'25
8914 91
Gen & ret Is Series B
____ 100 Mar'25
1965
J 100
82
80
let & Grt Nor 1st 6s Ser A 1952
8
.11 10418 sale 1037
10412' 41
81 18 8314
Adjustment 6s, Series A._1952 Aprl 7012 Sale 6712
703 457
4
88% 8912 let Rya Cent Amer 1st 5s
79 Sale 78
1972 M
79
34
87% 873 Iowa Central 1st gold 5s_
4
1938 in 6014 Sale 597
8
1073 101
4
Certificates of deposit
5712 60
593 Ap45
4
6 4
10014 102,4
Refunding gold 48
1918 201 1912
1951 MS
20
7
9632. 965 James Frank & Clear 1st 441_1959 ID 88% --- 88%
8
88%
3
9814 99% KaA&0 R 1st gu g 5s
1938
J 10012_ 100 Nov'24
__
Kan & M 1st gu g 4s
gil 81%
1990 40 8112 81381
4
-i65- -6652 2d 20-year .58
2 .
1927 J J 99 100 10012 Apr'25'__
84
85% K C Ft 5,1,51 cons g 6s1928
N 10312 Sale 1033
8
10312 13
95% 9814 KG Ft S& Si Ry ref g 4s._I936 40 8518 Sale 8378
8518 156
104% 1061s KC&M R&B let gu 5s_ _1929 AO 9852 ___
9812
1
9812
991: 101% Kansas City Sou let gold 35_1950 40 73 Sale 72%
15
73
8314 &PI
Ref & impt 59
8
Apr 1950 J J 907 Sale 8978
91
152
967 983 Kansas City Term let 48_1960
8
4
4
'3 853 88's 853
8
86
16
90% 95
Kentucky Central gold 48_1987 J J 8112 Sale 8512
2
8512
8612 86% Keok & Dee H ,5s ctf dep___1934 40 8433 ___
86 Nov'24
Knoxville & Ohio 1st e 6s_1925 Si 100 1003 100
8
100
2
8133 8133 Lake Erie & West 1st g 5/1__1937 J
____ 100
J 100
100
1
831,83 8714
12
2d gold ba
1941 Si 95% 9512 9518 Apr'25
10212 106
Lake Shore gold 3348
1997 J D 808012 Sale ,938
78 4
8014 22
,
89
9314
Registered
7712 ___- 7812
1997 J D
1
7812
96
9712
Debenture gold 4s
Sate
1928 M S
985
8 32
8812 92
25-year gold 4s
1931 M N 97 Sale 9634
10114 10818
Registered
1931 M N 9412 ____ 957 Jan'25 _ _6_
3
_9
101 103
Leh Val Harbor Term 58_1954 F A 10212 Sale 102
10212, 23
107 110
Leh Val N Y Ist gu g 44s_ _1940 J J
9718 98
967
97
11
Registered
1940 J J 9114
93
Jan'25'____
8114 Lehigh Val (Pa) cons g
82
48_2003 M N 807 8114 807
81
85% 891:
Registered
M N
Ape2.5_2!
95
09
General cons 445
9012 897
2003 M N 90
9012 12
68
67
Lehigh Val RR gen 55 Ser1es_2003 M N 10078 Sale 100
100% 78
Leh V Term Ry 1st gu g 5s 1941 A 0 10178 __ 10178
102
2
Registered
8
1941 A 0 993 ____ 993 Nov'24
4
59, 70
Leh & N Y 1st guar gold 45..1945 M S 8512 ____ 853 Apr'25
4
Len & East 1st 50-yr Is Cu..1961 A 0 10614 ---- 106
10614
2
6952 6912 Little Miami 45
Apr'25,.._
1952 NI N
84
5612 7034 Long Dock consol g Os
____ 108
Apr'25'____
1935 A 0 108
603 60% Long Isld 1st con gold 53_51931 Q
3
10018 _ _ _ 993 Mar'25
4
1st consul gold 48
9333 ___ 9412 Mar'25 ___
51931 Q J
55
6612
General gold 48
4
4
90
1938 .1 D 893 9012 8912
3912 47
Gold 48
93
1932 .1 D 90
9014 Mar'25 __-..
9314 9312
Unified gold 48
1949 M S 83% 843 833 Apr'25 ____
4
4
73
73
Debenture gold 58
1234 i D 9612 98
963
4
963
4 10
65
6712
20-year p m deb 55
1937 M N 8812 8914 87's
893
4
9
91
92
Guar refunding gold 45_ 1949 51
83
8312 823
4
83
9
102 10.1
987 9912 993
Nor Sh 13 1st con g gu 55_01932 Q
8
9912 10
8
10012 10212 Louisiana & Ark 1st g 58_1927 M 5 993 101 100
4
A91.'25
85 4
,
8215 90
Lou &Jeff Bdge Co gu g 4s_1945 M S 8514 Sale 85
88
9014 Louisville & Nashville 58_1937 M N 105 10512 105
105
9
9914 10014
Unified gold 45
1940 J J 95 Sale 9412
9512 90
100 101
Registered
9112
1940 5 J
_ 913 Dec'24
4
100% 101
8 - -14
Collateral trust gold 58_1931 85 N 1007 16 1007 Mar'25
8
101 1023
s
1930 M N 1O67 107 10612 107
10-year secured 78
29
99% 100
1st refund 5.148 Series A 2003 A 0 107 108 108
108
2
107 108%
2003 A 0 104 Sale 10312
1st & ref 58 Series B
1047
14
70
7212
1st & ref 448 Series C_ _2003 A 0 9412 Sale 933
4
941 120
67% 6812
1930J J 10414 107 10412 Feb'25
N 0 dr M 1st gold 6s
613 66%
4
2d gold 135
1930 .1 J 10333 ____ 1033 Dec'24
8
6214 67
Paducah & Mem Div 43_1946 F A 62 __2
8918 6 _ 6914 Fe24
17
82 2 Al2 5
13;2
951 98
:
St Louis Div 2d gold 3s 1980 M S
6212 69
L&N&M&M Istg4428.1945 M
9614
9714 Mar'25
60 69
1952 J J 833 - 37 Q"'
8
L & N South joint M 4s
-8
:::1:0:
70% 7514
Registered
July 1952 Q J
765
8
J V27:
1011 10614 Louis / Cln AntLex gold 4 4s.1932 MN
:
,
9918 - - -1- 99 Mar'25
69 4
8 Due Aug. n Due Sept. o Due Oct. p Due Dec. s Option sale.
Range
Since
Jan. 1.
Low
84
Hipa
84
100 100
1183 99%
s
9214 9414
93
953
4
1027 1153
8
8
64% 73
89% 89%
194 8 104%
3
924 96%
108 10914
100 100%
99% 100%
9018 95
10014 104%
93 109%
9918 99%
844 661
:
9584
94
11511 116%
1063 1077
8
5
109 111
9114 9212
10014 10212
92
9514
72
78
1212 161
6
86 863
4
984 101
80 83%
8912 907
2
88
88
9911 100%
98%
96
99% 100
997 997
8
4
92% 94
8612 89%
67% 73%
91 1s 9214
9012 9012
81% 83%
83
83
8012 82%
-tii
62
86% 88
85% 85%
88
92%
783 8314
2
791/
79
83
8112
82
81
10312 106
102 103%
10412 111%
8814 89%
701
:
70
7712 80%
7012 7214
714 72%
4
70
82
79% SO
8012 88
87
84
9614 993
4
8715 -66100 101
100 100 4
3
100 104%
78
66
7612 80%
65
57
593 60
4
193 2614
2
867 88%
2
80 84
9914 10012
10212 1031s
8C5 8518
8
9918
98
70% 73
8814 91
8.333 86
84
851g
100" 10033
99 100
44
9518 9614
7814 8014
767 7812
*
9712 9872
9671 91 711
9:
5
2
100% 10218
96
9714
93 93
717
7912 88 2
7
8
88
9012
98% 100%
10118 10233
84¼ 89
10312 10612
8314 84
1077 108
8
9 8k 10015
9
9412 9412
8918 90
897 90'4
8
8214 8412
9512 9733
8712 903
4
82
8.33
8
9833 100%
83 141112
99%
100 105,1
917 9512
2
i661- 103
2
1053 10712
4
10414 10818
101% 104%
92
9412
104% 104%
8914 901,
61t
tz 93
57,4
New York Bond Record-Continued-Page 3
2128
BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr. 24.
b1
.
Price
Friday
Apr. 24.
Veers
Range or
Last Sale
ra
Range
Since
Jan. 1.
BONDS
N. Y.STOCK EXCHANGE
Week Ended Apr. 24,
S
_44
Prize
Friday
Apr. 24.
Week's
Range or
Last Sale
g,
2
Range
Since
Jan, I.
Higli
High No Low
Ask Low
Bid
High
High No. Low
Ask Low
Bid
4
703
8
MI5
657 76
71
70
99 10114 si Y Susq & W let ref M._ 19
4
1934 ii 1013 103 10118 Mar'25
Mallen Coal RR let be
6112 68
5912 6134 6414 Mar'25
2d gold 4 Sis
5912 613
4
22
6012
Manila RR (South Linea) 48 1939 MN 6012 Sale 593i
2
60 66
60
60
61
General gold 58
7 F
1940 F A
_19337 i Aj 60
6312 6512
s
663 6512 Apr'25
1959 MN 60
_ _ 9312 Apr'25
let 48
93 94
Terminal 1st gold 55
1943 M N 9512
4
973 190
D 9812 9912 9812 Apr'25
Manitoba Colonization 5.8....1934
59721 704
654 74
NY W'cties& B let Ser I 434e_'46 J J 6412 gtle 6412
8252 84
8
7912 8414
Mao G & N W let 3%s1941'Si 825 _ _ _ _ 84 Mar'25
153
82
Nord Ry 5 f 6Aewl
1950 A 0 81 Sale 81
4
1007 101
Feb'25
101
10012
1931 M
Michigan Central 58
71138 735
8
7318 58
7312 7212
Norfolk Sou let & ref A 58_1961 F A 73
1931 QM 10014
- 99 Dec'24
Registered
14
04' 9612
_ _ 9618 Mar'25
14 Norfolk & Sou let gold 5a
-91
1941 M N
611
- ;
9114 9114 Mar'25
1940 j J 91
48
5 10682 108
108
9618- Norf & West gen gold 65
1931 M N 10718 10812 108
s
1940 j J 893 9312 8612 Sept'24
Regletered
1083 1081
8
8
8
4
/
34 A A
Improvement & ext 65_ 19 2 F 0 1077 _ _ _ _ 1083 Apr'25
774 Apr'24 4
1951 MS 773 _ _ _
J L & S 1st gold 3He
106 108
10712 -- 108 Mar'25
85
New River 1st gold
81
40
85
4
1952
N 843 Sale 8314
let gold 3Silf
4
9134 67
913
88
4
1996 A 0 913 Sale 9038
N & W Ry let cons g 4a
12
9612 99
98
Sale 974
1929 AO 98
-year debenture 48
20
88
86
Jan'25 _ _ _ _
_ _ 86
Registered
1996 A 0
9312
88
9112 88 Mar'25
1940 AO 88
Mid of N J let ext be
154
92
8814 92
90
9012
Dly'l 1st lien & gen g 45_194 4J J 8712- - 8912
1 100, 100
4
4
3
8 1003
L S & Weet imp g 58._1929 FA 10014 -- 1003
Milw
13212 300 12512 134
-year cony 6s
I()
1929 M S 130 Sale 129
8512 89
_ _ _ 8512 Apr'25
Mn & Nor let ext 4 S48(blue)1934'ID 851
11
92
934
91
Foetal C & C Joint 4e
1941 1 D 92 Sale 9112
8
825 914
21934'SD 8414 8512 83 Apr'25
Cone ext 41.48 (brown)
4
1 10115 1025
102
8
1974 M 9 10214 1025 102
8
8
864 893 Nor Cent gen & ref 58 A
8812
874 883 8814
54119par & N W 1st HU 48_1947 MS
94
86
8612
8812
3
North Ohio 1st guar g 58
1945 A 0 8612 87
- -- 8612 July'24
5411w & State L let gu 354s_1941'Si
8
837 864
843
4 96
Nor Pacific prior lien 48
9858 101
4
1997 Q 1 8414 843 8414
8 40
997
8
995
2
995 100
1927'SD 80%& St L.oula let le
Minn
1
4
823
8254 844
4
4
4
815 6212
4
1997 Q J 823 8 13 823
Registered
6
60
1934 MN 60 Sale 594
let conaol gold ba
60 62
66
61
28
General lien gold 35
a2047 Q F 6012 Sale 6014
20
2014 30
1949 M
20 Sale 20
let & refunding gold 48
4
4
4
593 60
593
4
4
Registered
1312 21 14
02047 Q F 5814 593 593
8 15
135
1962 Q F 134 1312 1312
Ser A
Ref dr ext 50-yr
10
85
874
85
3
Ref & Impt 454e ser A-.__2047 .1 J _--- 853 85
8514 90
4 12
8514
853
M at P&SRM Con g 48 int gu '38 J J 8514 Sale
453 853
4
4
4
853 Feb'25 -_
95 1007
8
Registered
,
97 2 30
1938 J J 9512 Sale 95
let cons 65
s
8 10614 81 1053 1084
8
Ref & impt (is ser B
2047 1 j l055 gdie- 1053
1 J
4 66 10212 1044
1043
8
4
1033 1037 1034
1931 MS
10-ye8,r roil trust 6ISs
8
4
953 977
8 37
967
Ref & impt 5s 8er C
8
20471 J 9618 963 9614
5 1(11) 103
8
1946 J J 1037 Sale 10012 10018
let & ref 65 &Hee A
3
95 4 98
s 46
961
8
Ref & impt 55 ser D
2047 .1 J 963 Sale 96'4
4
834 9012
8412
1949 MS 8414 Sale 8414
26
-year 510
9914 Mar'24 -St Paul & Duluth let 5a 1931 Q F 10012
9212 Dec'24
let Chicago Term e f 48._1941 MN 9212
8414 Jan'23 -8
1968 J D 843 87
6614
-91 39934 Nor let cense! gold 4s
4 - 1 18
51139M & A let g 4sintgu_1926'Si 993 10/ 993 Apr'25
;
_ _ 10912 10912
7 i661
94
Pac Term Co let g 6s___193 3J J 10958
2
94
14113131881PPI Central let Se_ 1949 .1 .1 94 ---- 94
10314 Mar'25 -- 1112 10314
s
73
8014 827 No of Cal guar g ba
1938 A 0 11314
4
8
827
Ma Kan & Tex-Ist gold 48_1990 JD 82 Sale 81.3
4
100-- _ 10334
4
1033
3 1033 10412
North Wisconsin let 6s
1930 J J
9312
86
9312 190
8
Mo-K-T Rft-Pr I be Ser A_1962 ii 933 Sale 9212
7112 73 8
3
8
Og & L Cham Ist gU 48 g
51, 7114 76
1948 J J 724 7312 725 Apr'25 - - 76
1962 ii 76 Sale 7514
-year 48 Serle6 B
40
_ 9034 Dec'24 -- -16 10112 10414 Ohio Conn Ry 48
1943 M S'
4
1932
.1 1033 104 10312 104
-year 68 Series C
10
4
- -9i1- 995,
4
8
Ohio River RR 1st g 58
9034- - 1936 J D 993 10014 983 Apr'25
3
76 4 89
8
847 397
e
adluet 58 Ser A Jan 1967 AO 84 Sale 835
Cum
99 100
4
General gold 51
1937 A 0 983 9914 100 Mar'25 -Mlesouri Pacific (re•org Co)
6
8
8 59 1003 1017
1013
83 8812 Ore & Cal 1st guar g 58
19271 .1 10034 101 10034
223
87
8
let & refunding 58 Ser A 1965 FA 87 Sale 853
6
8814 893
8
8938
101
8
1946'S D 887 894 8914
8
8
C 1926 FA 1003 Sale 10012 1003 133 100 10218 Ore RR & Nav con g 4s
let dt refunding &eSer
4
8
10514
99
1 I(.35 1053
Ore Short Line-let cone g 5s'46 'S J 106 110 10514
148
1004
4
8
let & refunding 85 Ser D1949 FA 1003 Sale 993
44 1035 106
5
1946 J J 106 Sale 10512 106
Guar cons 55
6212 6612
6458 235
8
1975 MS 6414 Sale 633
General 45
1
9718 81
1
8
963 977
1929 J D 9718 Sale 964
Guar refund 45
8
4
843 895
8714 Mar'25
1938 MN
Ma Pee 3d 78 ext at 4%
8312 279 .81114 83
8
199 I J J 8312 Sale 823
Oregon-Wash 1st & ref 45
_ 9818 Dec'24
Mob & Bir prior lien g 55-1945'S'S
94
10
93
82
93
94
76 -7812 Pacific Coast Co let g 58_1946 J D 91
784 7912
1945 ii 9812- - - 7812 Apr'25
gold 48
Mortgage
9012 Mar'25 - -901s 984
4
1025 10312 Pee RR of Mo let ext g 4e.. 1938 F A 907g 92
4
Mobile & Ohio new gold 138._1027'SD 1023 10312 10314 Apr'25
1
8
9938
9814 993
- 993e
,
1938'S J 99
2d extended gold 55
102 104
let extended gold 6s____51927 Q J 10212 10312 10212 10212
4
9412 953
22
81' 90
Paducah & Ills Islet 43.4s 1955 .1 J 9514 9814 9534 Apr'25 - - - 90 Apr'25 --1938 MS 8953
General gold 42
117
77
8
8
7012 805
s
1958 F A 753 Sale 743
Parts-Lyons-Nled RR 65
2
961s 99
99
8
Montgomery Div let g 68_1947 FA 99 Bale 987
8
8014 89
8512 241
1958 NI S 8434 Sale 835
8 f external is
1927 JD 994 10014 100 Mar'25 ---- 100 10(79
Louie 111y 58
St
8012 90
8478 71
1954 M S 84 Sale 8312
Paris-Orleans RR 81 75
843 95
4
85 Feb'25 - - - 1991 MS 8514 05
Mob & Mar let au g 48
97 100
6
9818
1942 M S 9818 Sale 9818
4
1937 J J 11038 11212 1103 Feb'25 - -.- 110 1107e Paulista Ry 75
Mont C let Ku g 68
8
9I7 95
4
923 Apr'25
Pennsylvania RR-cone g 481943 M N 9214 94
1 101 12 103
4
4 1013
1013
1937 ii 10112
gold 5a
let guar
9318 22
9318 Sale 9212
8618 9312
Consol gold 4s
4 44
764 81'2
793
4
2000'SD 793 Sale 7812
& E 1st gu 312e
4
923
9012 93
9214 95
928
4
1
102
I 1949
May
11 1001$
45 stamded
Naany Chatt & St L let 5a 1928 AO 102 Sale 10112 102
61
8
9814 100
995 Sale 9982 100
Consol 4 •itt
8
1007 101
lot Mar'25
1937 FA 101
N Fla & S let gu g ba
93
9414 127
95
J D 9414 Sale 9214
General 4545
Sept'23
3
Nat Ry of 51ex pr lien 4 He-1957'S'S
1023 Sale 10112 10234 106 1014 1034
4
General bs
4
8
267 153 July'24
_
July 1914 coupon on _______
4
4
10812 81 1073 110
4
-213- 10-year secured 76
4
30 V A
96854 IFM DA
1 1 999960 'F N
196,AI O 108 Sale 1073
1714 22
17
- 17 Sale
Assent a I red June coup on
2 11082 66 11)93811112
8
1103 Sale 1103
-year secured 6S45
15
8718 July'23
-year 149_1977 AO
Guaranteed 70
8
977 325
971a 983
974 Sale 9718
4
-year gold 55
40
18 May'24
April 1914 coupon on
.8
5413 1111- Pennsylvania Co
15 18; 15 Apr'25
-7
Gen e f 4s assenting red.......
8454 Dec'24
__
S
MN
64
19
Guar 3%5 coll trust reg A.1937
3812 June'23
8315
RH Ntex prior lien 4348_1926 JJ
83
Nat
8314
8314
8314 85
Guar 3Sis coll trust Ser 13_1941 F A 8625 July'24
July 1914 coupon on _______
8218 8218
8218 Apr'25
Guar 33.4s trust ars C__1942 J D 8214 84
2
29 -Eli
29
26 16 29
8212
Assent with July '24 coup on
82
_ _ 8214 Apr'25
1944 J D
Guar 3548 trust aft) D
28 Apr'24 - - -1951 AO
8 11
955
let consol 46
9512 96
944 95118
Guar 15 -year gold 48-1931 A 0 82- - 9518
-25
Jan'25 -36
5
85
8612
A pill 1914 coupon on
864
8618
8514 87
20
48 Ser E
Guar
15
1512 - 5 1512 Apr'25 -- - 16i
7711 7278
Assent with Apr 1924 coupon
79
797
8 43
80
4
1952 A O
Peoria & East let con 143_1 9 0 M N 79
66 May'23:1954 MN
7
31323 3612
Naugatusk RR let 48
8
3212
3134 3214 313
Income 45
Wit
9512 Feb'25 --944
_
1945
99 RNA
New England cons 58
994 99 Apr'25
r
74
19
.....1990 APO 99
Peo& Pekin Un 1st5
8
8312 787 Dec'23 -- -1945 J J 81
98
974 100
Coneol 4^
100
Pere Marquette let Ser A 55_1956 .1 J 9914 Sale 9918
83 Sept'24 - - -1986 FA 8214 86
68
8
813 85
85
8
NJ June I. guar let 4s
'S 85 • Sale 827
90
let 4s Fier B
8
86
8914
8
4
8
927 945
94 18
NO& NE tstref&Imp4)28A'52 ii 893 9018 8914
8
5
93
1946 jM N 94 Sale 94
Phila Balt & W 1st g 4e
56
8014 84
84
4
1953'Si 824 8312 813
New Orleans Term let 4e
10612 32 104 10612
10018 10154
7
34 J J
9 7 F A 10612 Sale 10614
Gen be Series B
Apr'25
8
2
4178
8
s
445
40
N 0Texas & Mexico let 6e1925'SD 1004 10112 1005
4114 417 4I3
8
4
8
923 963 Philippine Ry 1st 30-yr a I 45 1
MN 33
4
1935 AO 963 Sale 9518
Non-cum income 58
10512 Mar'25
10512 10512
3
9012 95
19942 A D
19402 J 0 10558
Pine Creek regstd 68
77
95
8
1954 A0 95 Sale 935
1
8
let ba Series B temp
96
9652
9812
A 0 964 Sale 965
8
98 1007 PCC&StLgu4148A
122
8
1007
let 534e Series A temp__1954 A0 10078 Sale 10018
96
9614
9614 963 9614 Mar'25
4
9318 934
8
Series B 41•48 guar
8
_ 933 Feb'25
5
1945 J J 935
9612 Mar'25
9612 9612
N & C Bdge gen gu 454s
9414
9914 100
Series C 4 Ms guar
,
91 Mar'25
3
89 4 914
N YB& M B latcong 58_1935 A0 99 4 r-- 9914 Mar'25 644 106% 11712
D 4s guar
Series
4 109
4
901$ 9114
9114 Mar'25
N 'Y Cent RR cony deb 68-1935 MN 1063 Sale 1063
3M
119449 F NN
19942• M A 9114
Series E 31.2a guar gold
_ 10712 11512
10814 Apr'25
MN
Registered
8914 Nov'24
1953'S D 9114
Belles F guar 45 gold
8234 8614
861 1 99
4
1998 PA 853 Sale 8412
9918 9012
C001501 48 Series A
9012 Feb'25
9114
92
Series 0 4s guar
82
8878
92
4
2013 A0 914 Sale 903
Ref & impt 4 Yin
92 Apr'25
91
1.11 12
92
4
99 1013
Series H 45
285
102
4
4
2013 AO 1013 Sale 1003
8
Ref & Impt 55 Series C
953 Apr'25
964
95
9 0•
119 67 FM A
91:02 102
Series I cone guar 4}45-19653 F AN 9514 96
10118 Apr'25
A0
Registered
8
_ _ _ 945 Mar'25
943
9411 945
s
Series J 4,10
River
8
NY Central dr Hudson
89912 13
9812 101
794
75
1970 i D 9918 9912 985
General 58 Series A
27
7918
7914 78
1997'Si 79
8
Mortgage 33.01
8
8
997 101
4
2
98A O
a:96 M N 10018 1007 997 Mar'21
& L Erie 2d g be
Pitta
28
74' 78
78
8
775
5
1997'Si 775
Registered
1932 J 1 10478 _ -- 105 Dec'24
Fitts McK & Y 1st gU 68
66
9314 96
96
1934 MN 9512 Sale 9438
Debenture gold 45
103- _ _ 983 Aug'24
8
924 923
4
2d guaranteed thi
9214 Mar'25
MN 0212
Registered
2
f6618
8
9258 Pitts Sh & L E let g ba
9
1194304 A0 1005 10112 1005 Mar'25
91
8 21
923
8
1942 J J 923 Sale 92
-year debenture 4e
80
101
un 101
Jan'25
1943 J J 10018
let consol gold 55
93 93
93 Feb'25
Registered
100
100 100
Jan'25
Pitts Y & Ash 1st cons be___1927 MN 10014
7
4
743 77
77
Lake Shore coll gold 3148_1998 FA 77 Sale 77
J D 88
87 Mar'25
87 87
4
1st gen 45 series A
743
74
4
1998 PA 7512 7614 743 Mar'25
Regletered
- -4
FA 10012 166 3 10014 Apr'25
10014 102
8
773
let gen 58 series B
75
8
4
Mich Cent coil gold 3)45 1998 PA 7812 783 773 Mar'25
2
6312 57
5514
5514
119647
1 99528 MN 5514 57
48
7818 755s Providence &cur deb
754 Apr'25
1998 FA 7518 80
Registered
8
80 Sept'24
813
1956 M
5
9414 Providence Term 1st 48
923
4
4
1937 AO 923 Sale 9212
N Y Chic & St L let g 48
-oil; 98
1997 ii - - - - -- 95 Apr'25
89
Reading Co gen gold 48
89
Jan'25
89
1937 AO 8918
Registered
J J 943
4
9412
4
9412 9514
9412
Registered
'3
924 96
8 24
945
1931 MN 9412 Sale 9412
245-year debenture 48
95
88
8812 12
,
88 2
Jersey Central colt g 4a_1951 AG 8812 90
8 1037
8 38 10212 10412
8
1931 MN 1037 Sale 1033
2d6eSerleeABO
4
4
34
924 945
1997• J 943 Sale 944
943
Gen & ref 4 Ms Ser A
3 964
4
937
149
8
96
1974 AO 96 Sale 953
Ref b3412 Series A
995 1001s
__ 10012 Apr'25
4
,
93
Richm & Dam deb 55stpd_ _1927 AG 1003
99
31
93
8
FA 925 93 9218
N Y Connect let gu 41.2s A.1953
79
7514 Feb'25
,
7418 75 4
1948 MN 75 8-Rich & Meek lst g 4a
9
89 89
89
89
N Y & Erie let eat g 4a___ 1947 MN 8912 92
1952• J 10018 101 101
Apr'25
10018 101
Richm Term Ry let gu 5s
,
1933 MS 93 4 -- 96 May'24
9914 Rio Grande June let gu 5s 1939 J O 9418 9414 95 Apr'25
8d ext gold 43.45
8
8
925 963
99
99 Mar'24
1930 A0 10014 _
4th ext gold 58
7
7 Apr'25
5
6
8
Rio Grande Sou let gold 48 1940'Si
9714 Dec'24
1928'SD 98
7 Dec'24
6
6th eat gold 48
1940'S'S
66
- - - 12
Guaranteed
61
Apr'25
91
MN 8414
1946
N Y & Green L gu g be
16
$
82's 88
767 7812 Rio Grande West let gold 48_1939'Si 85 16 85
8518
8
757 Feb'25
2000 MN 794 82
7118 75
NY & Harlem g 3145
1949 AO 734 7312 734
7312 12
Mtge & coil trust 4s A
9812 Nov'24
MS 867 Sale 8612
8
884
NY Lack dc W let & ref 5a 1973 MN 993
85
5873
4 80
100T14 1.60 4 RI Ark & Louis 1st 43'4s_ 1934 J J
10012 Feb'25
s
1973 MN 72
74
74 Mar'25 74
lit & ref 4 Ms
74
1949
10712 Rut-Canada let gu g 4s
106
10712 Apr'25
1930 MS lows
ii 855 8614 854 Apr'25
8
NY LE& W let 78 ext
1
8514 8615
3
99 4 9978 Rutland1st con g 4348
994 Mar'25
1943'S'S loo
781$ 773
'S'S 774 79
Dock & impt be
4
4
773 Apr'25
8
992 10082 St Jos & Grand Tel g 4e
8
995 Apr'25
1932 PA 9958 um
J J 9314 954 95, Feb'25
954
N Y & Jersey litt be
94
8
9014 Dec'24
AO 102
101
101 101
NY & Long Branch gen g 411941 MS 9058 _ _ _ _
Jan'25
2d gold Os
NYNH& Hartford
8
8
955
94
1931 J J 9412 955 9412 Apr'25
St L de Cairo guar g 4s
68
61
6612 67 Apr'25
1947 MS 65
8
Non-cony deben 41
1
60
9914 1005
10012 110
St L Jr M & S gen con g 58_1931 AO 997 10014 100
60
Jan'25
60
MS
Registered
96
163
4
913 90
1929 J'.'S 9514 Sale 9434
8
555 604
Unified & ref gold 42
5812 5812 Mar'25
58
• J
Non-cony deben 3%e____1947 M
93 Apr'25
9112 93
55 60
Registered
3
5512
Non-cony deben 33.48-___1954 AO 55 Sale 55
834 88
185
1933 MN 88 Sale 8612
88
oo 65 8 Rly & G Div 1st g 4s
6318 63 Apr'25
1955 J J
8
993 10012
Non-cony deben 48
56 655 St L M Bridge Ter gu g be_1930 A0 9912 10014 10014 Apr'25
1
8
625
s
4
1956 MN 6212 643 625
Non-cony deben 48
7612
71
5518 594 St L &San Fran (reorg co) 45 1950 J J 76 Sale 75
7612 422
5
553
s
8
553
'Si
Cony debenture 3345.-1956'S'S 5514 55
1
741 2 7412
7412
87
92
7412
Registered
34
8
8
885
8
1948 ii 875 Sale 875
Cony debenture 136
234
8514 91
1950 ii 9012 Sale 893
90
91
3
Prior lien Ser B 58
8312
8712
8712 10
J J
Registered
95 1017 1035
s
8
1928'S'S 103 Sale 10234
103
9312
8 92 9312 Prior lien Ser C 58
92
93
1940 AG 91
Collateral trust 6s
217
8
935 994
1942 J J 984 Sale 973
4
99
97 10014
Prior lien 5y4e Set. D
9912 Mar'25
78 European loan dollare_1925 AO
,
4
843 89 8
,
/9 0
8912 645
Corn adjust Ser A 68____1 955 AG 894 Sale 874
96 10018
100 Mar'25
_
AO
78 European loan france_1925
Oct
7614 8312
823 Sale 813
8312 990
2
4
4
835 6012
Income Series A 138
8 26
557
1957 MN 55 Sale 55
Debenture 4e
4
4
2 1043 1054
105
- _ StLouis di San Fran Ry gen 68 '31 J 'S 1043 10514 10472
Apr'23
44
1930 FA
Cone Ry non-cony 48
J
10034
10018 101
10012 Apr'25
55 64
General gold 58
6318 Mar'25
'S'S 6314
Non-cony 48
1954
9038 _ _
8412 Dec'24
6
99
St Louis & 9 F RR cons 48_1931 J
62 64
- 6314 Apr'25
Non-cony deben 4a
1955 J J 6314
_ 973 Dec'24
8
Southw Div let g 58.-1947 A0
62 64
6312 Mar'25
Non-cony deben 4a
1956 J J 6314 64
2 102 - foil;
9918- - 1948 ii 102 10312 102
10214
1 100 10012 St L Peo & N W let gu 58
NY & Northern 1st g 58._ 1927 AO 10014 - - -- 10012 10012
_ _ _ _ 9338
924 934
1931 MS 93
2
8
933
65 694 St Louis Sou 1st gu g 48
8
67
6714 6612
82
NY 0& W ref let g 4s_June 1992 MS 67
80
69
82
63 694 St L 9 W let g 413 bond ctfe_1989 MN 8112, Sale 81
5
63
J D 67 Sale 63
1955
General 48
8
725 74
1
74
8614 864
2d g 48 Income bond ctfs-91989 J J 74 Sale 74
8
1942 A0 887 -- 8612 Feb'25
• D 887 Sale 8812
N Y Pros & Boston 4a
1
85 8 90
8
8918 41
85
Como! gold 4s
824
_
8412 Apr'25
N Y & Putnam let con gu 48293 AO 8518 87
8
81112 873
3
4
863 Sale 863
1 5
s
873
8 93
1st terminal & unifying ba_19 2
_ 100 100
100 Feb'25
1927 MS
NY&RBlatgoldba
85
80
8412 93
St Paul & K C Sh List 43.45_1941 J A 8414 Sale 8314
914 914
9278
9112 Apr'25
St Paul E Gr Trunk 4 Via- -1947
a Due Jan. 1 Due July. it Due Nov. 8 Op Ion sale.
New York Bond Record-Continued-Page 4
BONDS
N.Y.STOCK EXCHANGE
Week Ended Apr. 24.
St Paul Mlnn & Man 4a_1933 J A
1st consol g fis
1933 2 A
68 reduced to gold 430
1933 ,1 .1
Registered
1933 j j
Mont ext let gold 46
1937 2 D
Pacific ext guar 48_ __ _1940 .1 J
St Paul Union I3epot 5a
1972 2 3
S A & A Pauli 1st gu g 4s_1943 j .1
Santa Fe Pres & Phen 58_1942 M S
Bev Fla ilk Walt 6s
1934 A 0
58
1934 A 0
Scioto V & N E 1st gu g 46..1989 m N
Seaboard Air Line g 4a
1950A 0
Gold 46 stamped
1950 A 0
Adjustment 56
Oct 1949 F A
Refunding 18
1959 A 0
let & con8 68 Series A.
1945 M 5
Ml & Birtn 30-yr let g 48_41933 M S
Seaboard & Roan let 5a
1926 2 j
13 & N Ala cons gu g 58
1938 F A
Gen cons guar 50-yr 5a
1983 A 0
So Pac Col 4a (Cent Pac col)k1949 J D
Registered
J 13
20
-year cony 48
June 1929 M S
20
-year cony 58
1934 J D
20
-year g 58
1944 M N
San Fran Terml 1st 05_1950 A 0
Registered
- A 0
So Pac of Cal-Gu g 5s
1927 M N
Elo Pac Coast lat gu g 48
1937 J J
So Pao RR let ref 48
1955 .1 J
Southern-let cons g 58
1994 2 3
Registered
J D
Develop & gen 48 Ser A1956 A 0
Develop & gen 68
1958 A 0
Develop & gen 6341
1958 A 0
1
Mem Div let g 43013-58
1996 3 J
St Louis Div 1st g 48
1951.1 2
Mob & Ohio coll tr g 413
1938 M S
So Car & Ga let ext 554s_....1929 M N
Spokane Internet 1st g 58 1955 J 3
Sunbury & Lew 48
1936.1 .1
Superior Short L let 58 g
41930 M S
Term Assn of St L 1st g 430_1939 A 0
1st cons gold 56
1944 F A
Gen refund s f g 4a
1953J J
Tex & N 0 con gold 5a
1943.1 J
Texas & Pao let gold 5a__2000 3 D
2d gold income 56
2000 Mar
La Div B L 1st g 58
19313 .1
Tex Pac-Mo Pac Ter 5648_1964 M 5
Tol & Ohio Cent let gu 58 1935 J J
Western Div let g 58
1935 A 0
General gold be
1935 J D
Toledo Peoria & West 4a
1917 J J
L & W pr lien g 3%6_1925 J -I
Tol St
go-year gold 46
1950 A 0
T01WV&061.1431sA
1931.1 J
Series B 4 Azi
1933J .1
Series C 46
1942M 5
Tor Ilam & Buff let g 48
_1946 .1 D
Ulster & Del Ist cons g 58_1928 .8 D
let refunding g 46
1952 A 0
Union Pacific lot g 41
1947 J .1
Registered
.1 3
-year cony ga
1927.1 J
20
Registered
.1 3
let & refunding 46
e2008 M S
1st lien & ref 5.5
e2008 M 5
-year perm secured 65_1928 ..1 .1
10
U N J RR & Can gen 4a____1944 M S
Utah & Nor gold 58
1926.1 J
let extended 4a
1933 .1 3
Vandalia cons g 46 Ser AI955 F A
Congo! 48 Series It
1957 M N
Vera Cruz & P 1st gu 4%s
1934 J J
•
July 1914 coupon on
Assenting let 430s
1934
os
Verdi V I & W 1st g f
192681 s
Virginia Mid Series E 56
1926 IN S
General 56
1936 M N
Vs & Southw'n let gu 56_2003 J .1
let cons 50-year 58
1958 A 0
Virginian let 56 Series A
1981 M N
Wabash let gold 58
1939 M N
2d gold 58
1939 F A
Ref s f 5 Hs ser A temp_ 1975 M S
let lien 50-yr g term 4a
1954 J .1
Det & Ch ext let g 58
1941 J J
Des Moines Div let g 46-1939 .1 .1
Om Div lst g 3Hs
1941 A 0
Tol & Ch Div g 4s
1941 M S
Warren 1st ref gu g 3306
2000 F A
Wash Cent lift gold 48
1948 Q M
Wash Term let gu 331s
1945 F A
-year guar 48
let 40
1945 F A
W Min TV & NW let gu 51_1930 v• A
West Maryland lat g ga
1952 A 0
West N Y & Pa 1st g 56
1937J J
Gen gold 48
1943 A 0
Income g 58
Apr 1 1943 Nov
Western Pee let Ser A 581948 M S
1946 M S
B68
2361 J J
West Shore let 48 goat
Registered
2381 3 J
wheeling & L E let g 5s
19213 A 0
Wheeling Div let gold 58.1928.1 J
Eaten & impt gold M._ _(193 OF
Refunding 464s Series A1966 M S
1940 M S
RR let comet 48
19423 D
Wilk & East 1st gu g 58
1938 J D
Will & E1 F let gold 5e
Winston-Salem 8 B let 4s
19130 2 3
Wls Cent 50-yr let gen 48.__1949 j 3
& Dul div & term let 4836 M N
Slip
Price
Friday
Apr. 24.
Range
Since
Jan. 1.
Week's
Range or
Last Sale
Bid
Ask Low
Mots
96 Sale 98
9818
108 109 10814
10814
9812
9912 Apr'25
97 8'
8 99
9712 Apr'25
927 94
93
8
93
87
88 88
88
10112 1017 10112
8
1015i
833 Sale 83
8
84
100
____ 10034 Feb'25
10812 111 111 Mar'25
1011'
10114 Nov'24
893 Sale 8914
4
893
4
75
79
77
Apr'25
763 7712 763
4
4
763
4
77 Sale 7614
778
673 Salo 6712
4
68
92 Sale 91
92
86% 8712 863
4
8712
10018 10012 1003
4
100 4
8
1027
8
10218 Jan'25
1053 106 1053
4
8
1055
8
86 Salo 853
8
86313
817 83
8
81
Jan'25
97% Sale 97
9714
10012 10012 1003 Apr'25
10012 Sale 10012
100 2
,
86% Sale 8612
865g
7814
8312 Mar'25
1035 ____ 10314 Feb'25
$
937 ____ 9412 Jan'25
92 Sale 9012
92
1027 Sale 1013
8
4
1024
9812 ____ 995 Apr'25
7812 Sale 7712
7812
105% Sale 1043
4
106
11014 Sale 10978
11012
100
____ 100
Apr'25
8618
_ _ 8614
8614
84% 847 8412
85
102 103 102
102
8314 837 8312
84
0112
91
Oct'23
95 May'18
97 Sale 966
8
97
101
____ 1003
8
101
83
84
8212
8314
g
97
977 07 Mar'25
1017 10218 1013
8
8
1013
8
90 100
90 Dec'24
99 100
99
99
99
99% 9812
4
10014
100
Apr'25
995 Apr'25
9912 100
9812 993 9812
4
9812
2714 317 30 Apr'25
8
993 997 993 Apr'25
4
8
4
8512 883 8512
8
86
9814
99% Jan'25
9818
97
Jan'25
8912
89% Jan'25
86
86
913 92
4
89
92
514 523 52
8
52
9412 Sale 9312
9412
93 Sale 93
93
9918 Sale 99
995
8
98
Jan'25
90 Sale 863
4
90
14
1061 107 106
107
8
104 Sale 1034
104
9414 9412 923 Feb'25
10014 101 10118 Jan'25
935 ____ 93 Aug'24
863 - _
e
86% Feb'25
863 - 6812 Dec'24
1
20
_
Oct'24
20 Dec'24
2412 Jan'25
100
____ 100% Mar'25
10014
10014 Apr'25
10014 -___ 10014
10014
101 Sale 100
101
89 Sale 87
89
100 Sale 98
1008
4
103 Sale 1007
101
96 Sale 95
96
95% Sale 943
4
953
4
80
837 823 Apr'25
8
4
10114 10112 10012
10012
85
85
75
753 763 Apr'25
4
4
8412 8612 85 Apr'25
774 Oct'24
8418 Jan'25
8112 84
8112 8212 8512 Apr'25
893 Mar'25
s
894
9612 ____ 9612 Mar'25
8084 Sale 6312
6412
993 _
4
99%
10012
8018 Sale 7912
8184
3514 46
45 Feb'25
94 Sale 9314
943
4
10212 Sale 10214
103
823 Sale 8214
8
828
4
81
8114 82
8114
1003 Sale 1003
4
4
101
9914 100 101
Apr'25
974 ___ 093 Mar'25
4
69 Sale 69
69
7314 74
7314
7314
66 Sale 64%
66
10212 104 10214 Feb'25
8212 8312 823 Mar'25
4
7812 79% 798
8038
8412 Sale 8412
85
INDUSTRIALS
857 85
Adams Express coll tr g 48._1948 M B 85
D 99 Sale 99
Max Rubber let 15-yr s f 8s_1936
4
74 67
8
Alaska Gold M deb 88 A__1925 M 13
1926 M S
4
73
8 6%
Cony deb Bs Series B
1928 A 0 101 Sale 10012
Am Agric Chem let 58
1941 F A 100 Sale 9912
let ref s f 7348 g
American Chain deb 58 Os_ _1933 A 0 98 Sale 9714
1931 MN
9334 _
94
Cot 011 debenture 5a
Am
1938 J 3 1063 107 106%
4
Am Dock & Impt gu OS
1939 A 0 98
Am Mach &Fdy s f 88
Republic Corp deb 613_1937 A 0 9612 Sale 957
9128Am
Am Sm & 11.1st 30-yr 58 serA 1947 A 0 98 Sale 97
1947 A 0 107 Sale 10812
1st M 65 series 11
_.1037 J J 1033 Sale 103
8
Amer Sugar Ref 15-yr 6s_
Am Telep & Teleg coil tr 48_1929 .1 .1 9714 Sale 97
8
1938 M S 906 9078 903
5
Convertible 4
3
1933 M S 96
963 9538
4
-year cony 4 Ms
20
1946 J D 1003 Sale 10012
4
30-year coil tr 58
19603 J 957 Sale 9518
8
35-yr at deb 56 temp
1943 MN 103 Sale 10212
2OyearBf 5348
1925 F Al12914 Sale 1283
convertible 619
4
-year
7
1934 A 0, 9512 Sale 95
Am Wat Wks & Elec 56
High
No, Low
9414 Ws
5
3 10712 10912
9512 100
97% 98
9234 9512
3
893
8
1
88
4 100 102
845s
81
54
1003 101
4
10712 111
8
7
545
95
248
7
10
3
26
_
138
13
_
495
75
265
81
111
1
11
1
10
10
7
54
2
2
14
_ _ __
_ _
1
_ __ _
__
3
_ __
_
5
4
1
113
2
80
___
144
28
38
__
873 90
4
74 80
80
74
79
73
5911 68
843 9212
8
8
837 8818
4
993 101
10218 10218
103 105%
87
84
81
81
954 973
4
093 102%
4
100 10012
8414 8714
83 8514
103 10314
943 9412
8
8818 92
1004 1024
991,a
99
734 7812
103 10612
1063 11012
4
0012 100%
8514 8712
82% 85
10012 102,
,
8312 8 •2
,
95% 9712
100 101
82% 8414
963 97
4
007 1013
8
8
"66- "9612
9818 10014
993 101
4
954 100
4
983 993
8
30
30
ojoi 997
s
8218 86
99% 994
97
97
894 894
84% 8012
9218
89
503 82
8
903 9412
4
891a 93
9814 994
98
98
8414 90
mg% 107
10312 1008
924 9212
/
1
loils 10118
"i638
_
1
8
3
806
7
31
190
__
1
2
2413 "g12
8852 10018
10018 10012
100 10
04
9312 101
8411 91
95 1003
4
10014 10112
9412 9612
9412 96 8
,
7712 823
4
vats 10073
818 854
4
763
4
74
84% 8512
-6.11; 1412
81
12
22
102
15
47
20
15
-6
10
12
8
27
85
5
993
4 26
Apr'25 _ _ _ _
Apr'25
101
16
100
113
98
46
Apr'25
,
A14 15
97
88
98
129
107
16
1033
4 90
97 14 71
907
8
5
9512
3
10111 123
9614 1081
103
270
130
80
9512 36
8118 8512
89% 893
8
4
95 4 963
3
6318 6714
99% 10012
7912 8218
45
45
8014 9518
10014 10418
8114 8314
79% 8114
104312 1013
8
9938 101
4
993 993
4
68
713
4
72
7412
6314 6712
102 10214
824 8712
793 81
s
823 874
8
85
8712
9412 9934
34 67
8
4
878
9814 10118
9434 101
963 100
8
9118 98
10612 10812
98 100
9112 07
9512 98
1033 1084
8
994 10412
984 973
8
903 9218
8
9538115
100 102
9412 9614
101 103
125 13012
9212 9634
a Due May. • Due June. ft Due July. k Due Aug. s Option sale .
8638
BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr. 24.
125
2129
Price
Friday
Apr. 24.
Week's
Range or
Last Sale
cg 63
Low High No.
Bid
Ask
km Writ Paper a f 7-8s
1939
543
4 22
50
Temp Interchangeable Wsdep. J J 54% Sale 49
5514 80
53 Sale
Anaconda Cop MM tat 6s_ _1953
230
100
/A 99% Sale 9968
15
-year cony deb 7s
1938
1003 166
4
Sale 10014
Andes Cop Min deb 7825% pd '43 FA 10012 Sale 94
127
95
95
Antilla (Comp Acne) 730 - _1939 J J
9
9218
0212 92
Ark & Me,,, Bridge d, Ter 58.1964 33 02
8
9114
MS 9118 Sale 91
Armour & Co let real est 4 3.4a1939
866
s
874 111
Sale
Armour & Co of Del 5;0_1943 3D 8712 Sale 92
923
8 76
J J 92
Asaociated 011 temp 68
1935 MS 10234 Sale 10212 103
12
Atlanta Gas I. let 58
1947 .1 ID 984 - - - - 973 Jan'25
4
Atlantic Fruit 7s ctfs dep_ 1934
26 Mar'25
19
27
J D
Stamped etre of deposit
22
Jan'25
39
Atlantic Refg deb 513
1937
991
. 14
-94i2 Sales 99
Baldw Loco Works let 514_1940 Ji 10268 10512 1023
8 10514 20
MN
Baragua(Coup Az)7
I 937 .1 3 10514 Sale 1043
4
1043
4
Barnsdall Corp 8 f cony 8% A1931
5
105
s
'.1 10478 Sale lO47
Bell Telephone of Pa 56
1948 J J 10178 Sale 10138 102
35
Beth Steel let ext s f 58
1926• J 10038 Sale 10014
10012 43
let & ref 55 guar A
1942
21
95
96
958
9
6
30-yr p m & imp a f 5s_1936 MN 9012 Sale 9012
9112 50
3.1
Cons 30
-year 68 Series A_ _1948 J A 94 Sale 94
951 143
8
Cons 30
-year 5%s Series 13 1953 FA 8518 Sale 85
853
4 47
Booth Fisheries deb a f 68
1926
1
73
70
7312
Brier Hill Steel 1st 534s__.1942 A0 99% Sale 73
9888
99 4 24
,
A0
1Pway az 7th Av tat c g 5s1943 J D 7014 717 70
3
70 18
8
Ctfs of dep stmpd Dec '24 int
72 68 Mar'25
70
Brooklyn City RR 58
1941
3
(12
918 93
92
Bklyn Edison Inc gen 511 A...1949 J
10114 179
J 101 Sale 1004
General ets Series B
1930 J J 105 Sale 1043
7
8
8 1053
General 78 Series D
1940 J O
1073 Nov'24
8
Bklyn-Man It Tr Sec 68
1968 J J 8612 Sale 853
4
86%
Bklyn Qu Co de Sub con gtd 58'41 MN 62
5
62
617
63
1st 5s
1941 J J
Feb'25
80
7018 80
Brooklyn Rapid Trans g 5s 1945 AO
90 Nov'24
Trust certificates
98 June'24
let refund cony gold 4s___2002
81
Dec'24
3-Yr 7% secured notes_1921 J J
10912 Sept'24
Certificates of deposit
120 Mar'24
_
Ctfs of deposit stamped
121
Apr'25
Bklyn Un El let g 4-58
1950 1-A -83l 84 8112 Apr'25
Stamped guar 4-5s
376
2
833 Sa o
1950 F A 111014 8ale
Bklyn Un Gas 1st eons g 513_19451 m N
1 52 A o
10012 101
821 '
6
84
10-yr cony deb 75
1932 M N 1351,
_ 155 Mar'25
8
let lien & ref 68 Series A 1947
N 10912 111 11032
11038
Buff & Sumo Iron f 58
1932i3 D 9112 ____ 9118 Apr'25
Bush Terminal let 48
87
863
4
8712 10
Consol 514
1955.3 3 8 8 Sale 87;2
82
88
8718 16
8
8
8le
Building 58 guar tax ex
19801A
15
Cal G de E Corp 5s
I9371m N 10034 Sale 10012 101
41
Cal Petroleum 63'4e temp
1933
4
10318 Sale 1023
10318 31
Camaguey Sug let at g 7s
1942 A 0 9212 93
1
4
92%
923
Canada SS Linea let coil ef 78'42 m N
5
Cent Dist Tel let 30-yr 5s
01'2 99, 97
1943
101
98
3
D 197 1011% 101's
Cent Foundry let a f (is
1931 F A 923 053 97 Feb'25
s
8
Cent Leather 1st lien e f 68 94 F
02
:
10012 Sale 99
10012 292
Central Steel 88
11018 111 111
III
1
Ch G L & Coke 1st 1111 g 513-19632 J1 IJ 100
: it 00A
19 1 AA ;1
P
100
7
__ 993
4
19
Chicago Rye let 55
7614 Sale 764
791 177
/
4
Chile Copper 68 Set A
105% Sale 10514
106
105
Cincin Gas & Elec let & ref 58'56 A 0 100 Bale 9912
10018
3
5308 Ser B due Jan I
103 10312 103
10318
5
Clearfield 13it Coal let 48_1940 .8
.......
8014 8712.
Colo F & I Co gen s f 5s
1943 F A 91
60i2
90'
92
24
92
Col India let & coll 5s gu_..1934 F A 82 Sale 882
.
6
Registered
Feb'25
F A
82
'
25
Columbia 0 & E let 58
1927j j 10012 gale 10012 1007
150i2
8
Stamped
1927 .1
1003a Sale 1003
8
1007
15
Col & 9th Av lat gu g 5s
1993 m 5
9
14
12
Jan'25
Columbus Gas let gold 5a
1932
9918 9912 997
1
997
8
Commercial Cable let g 46._2397 4;1
72
7312 7212
2
7212
Commercial Credits f 8s
1934 A/ N 983 99
4
983
9914 38
Commonwealth Power 6t, 1947 M N 10012 Sale 10012 10118 71
ComputIng-Tab-Rec a I 68_1941
1013 102 1013
4
4
102
8
Conn Ry az L 1st az ref g
1951j j 903 9312 9012 Mar'25
8
Stamped guar 43-0
1951
903 Sale 903
6
903
4
Cons Coal of Md 1st & ref 58J950j D 8412 Sale 8318
8
44 24
Consol Gas(NY)deb 530e1945 F A 10238 Sale 1023
8 103
589
Cons'd Pr & Ltg lat 83481943 m s 102 Sale 10112 10218 21
Coot Pap & Bag 141118 630_ _1944 F A 89 Sale 89
9
89
Consumers Gas of Chic gu 551936j3 9918 9912 9912 Apr'25
Consumers Power let 59
19 4si N 9512 Sale 95%
932 M
5
9512 95
C let28 ear fg
Pr Rea f
1
g5
MN 100
____ 90% July'24
1021i Sale 10214
10214
1
Crown Cork & Seal 6e
1943
N 77
A
1
78
78
78
Cuba Cane Sugar cony 7s
1930 j
951 957 957
8
9612 20
Cony deben stamped 83i4-1930
J 997 Sale 9938 10012 70
Cuban Am Sugar 1st coil 88_1931 m s 108 Sale 108
6
108%
Cuban Dom Bug let 7343_1944 M N 9712 Sale 9714
9712 44
Cumb T & T 1st & gen 138_1937 j
99% 100
2
9912
9912
Cuyamel Fruit 1st 138 Init ctfa '42
ls413
O 99
s
9912 99
5
99
Den Gas & E L latazref f g 56'51 M N 9312 Sale 924
933
4 21
Dery Corp(D CO 76
M
76
77
5
78
76
Detroit Edison let coil tr 58_1933 .1 .1 10012 1014 1014
1013
8 11
let & ref 58 Series A_July 194 M 0 10038 Sale 10014
5 0 A E3
49
1003
8 60
Gen & ref 5s Serlea A
9914 Sale 983g
9914 73
lat & ref 68 Series BJuly 1940 M
1073 Sale 1073
26
Det United let cons g 4%s-4942 .1 N 9038 9114 90% 10812 18
3i m J
903
4
Dodge Bros deb 68 w
9918 Sale 99
9918 2015
Dold (Jacob) Pack let 88_1942 M N 853 86
22
853
4
87
Dominion Iron lc Steel 5a
1939 3 .1 53
55
11
53
55
Donner Steel 711
1942 j
9014 901 9014
8
90 4
,
du Pont(El) Powder 434a_1936 3 D 943 Sale 943
8
8
943
8 18
duPontdeNemours&Co 7648 1931 M N 10712 Sale 10712 1077
e 39
hi N
_ 10718 Jan'25
Duquesne Lt let & coll 8s___1499 .1 J 1(
queane
).ii8 Blue- 1053
4 1063
8 52
1st coll trust MO Series B-1949 J .1
__ 1104% Apr'25
East Cuba Sug 15-yr 8 I g 7%8'37 M 5 105- - 105
105% 1053
105% 148
EdEllllBkn 1st con g 413_1939 J J 9118 9212 94
94
Ed Elec III let cons g 5a____1995 J J 99 2 r-- 10238 Mar'25
,
Elec Pow Corp(Germany)0Hs 50 M s 8712 Sale 8712
8712 29
Elkhorn Coal6% notes
1925 J D
987 98% Apr'25
8
Empire Gas az Fuel 7%6_193 M N if)ii4 Sale 102
0 2m s
37
641
104
Eqult Gas Light 56
9914 _ _
99% Mar'25
Federal Light &'Tr let 5a
1042 M p24 94% Sale 9312
1 942 m
94% 26
lien
l mted i‘t3s
33
101% Sale 10078
102
med
Federated Metalsff 76
1939 J D 10214 102% 102
102% 15
Fisk Rubber let e f 88
1941 NI S 11014 111 10912 110% 11
Ft Smith Lt & Tr 1st g 50
1938 M S 783 79
4
78 Apr'25
Frameric Ind & Dev 20-yr 7348'42 J .1 91 Sale 91
913
4 28
Francisco Sugar 730
1942 M N 10518 106 105
1
105
Gas& El of Berg Co cons g 561949 J D 9918 9912 9812 Feb'25
Gen Asphalt cony 8a
1939 A 0 103 Sale 103 Apr'25
3
General Baking let 25-yr 65.1938 J D 105% 10514 10518
10518
5
1942 F A 8318
Gen Electric deb g 33011
-- 8312 Apr'25
Debenture 58
1952 al 5 105 Sale 105
1057
8 30
Gen Refr 1st f g (is Ser A
1952 F A 10012 1013 100
4
3
10014
.1945 3 .1 93% Sale 9334
German Gen Elec 7s temp..
93% 62
1947 J J 10512 Sale 104%
Goodrich Co 6348
105% 111
Goodyear Tire & Rub let 811941 M N 12014 Sale 120
12038 76
41931 F A 109 Sale 1083
10-yftr f deb g 8s
4
10914 110
Granby Cons 51 S& P con 68 102 M N 100
A2 m
'8
5
10018 Mar'25
Stamped
100
9812 Mar'25
Cony debenture Se
1925 M N 10014 Sale 100
10014 42
1932 F A 9334 94% 9312 Apr'25
Gray & Davis 78
Gt Cone El Power(Japan)76_1944 F A 88 Sale 8712
8812 65
Falls Power let 81 58..1940 M N 100% 1013 1007 Apr'25
Great
8
4
Hackensack Water 48
1952
_ 84% Apr'25
Havana El Ry L & P gen
A 154 M S 8438- 93
9334 8614
.
861, 11
-iia
Range
Since
Jan. 1
Lew
High
44
55
43
5514
994 1914
993 104
4
94 10018
9112 947
1
91
924
85
90
9112 94
10184 1034
9734 973
4
18
28
22
22
97 4 9912
8
102 10514
103 10184
10212 10614
10014 10218
10014 10114
Ms 97
92 8
7
90
3
93 4 9712
894
85
73
85
97 100
68
7514
674 754
903 934
8
9918 10114
104 10618
WI;"8838
61% 71
80
80
121 121
4
8112 848
8112 85
991 101%
4
155 1638
4
10714 1106
8
9118 93%
8712
84
851s 894
8
933 99%
98 101
100 4 1034
8
9212 9518
963 9912
4
10014 101
97
95
973 10012
8
110 114
9814 100
75 88
/
1
4
105 1114
984 1007
$
1001s 103
/
1
4
87a 93
80 831
4
82
82
10012 1014
100 1014
914 12
9813 997
,3
714 76
98 994
gm 10118
1014 1041
0
9018 904
9212
89
816 90
8
1014 103
100% 103
3712 92
18
943 994
4
90/4 954
1001, itigs
74
80
93 98
/
1
4
9104 1021
8
10712 110
964 984
97
9912
99
99
924 941
4
75 82
993 1024
4
gat, 1011
/
4
974 997
8
mg% 10812
me 9334
9912
99
82
884
50 68
/
1
4
88
/ 914
1
4
/
1
go% 943
6
1088 1084
6
10218 1074
107
8
1046
104 106
104 1067
s
9034 94
10114 102 s
6
/ 88
1
4
87
4
983 100
9714 104
994 1004
88
96
9614 102
101 107
108 11218
7612 79
8914 95
10312 106
984 9811
101 103
1041 10534
8
83 84
10112 1057
8
100 10212
(1354 9418
10038 105%
119 1203
s
10888 1093
4
95 1001s
934 9811
95 10014
95
92
8714 914
/
1
0078 10111
88 8 33
6
85% 87%
2130
BONDS.
N.Y.STOCK EXCHANGE
Week Ended Apr. 24.
Havana Elec consol g 58_1952 F
Hershey Choc 1st s f g 61)_ _.1942 MN
Hoe(R)& Co let 6%a temp_1934 A 0
Holland-Amer Line tis Wax)-1947 MN
Hudson Co Gas let g 58__1940 MN
Humble Oil& Refining 510.1932 J j
Illinois Bell Telephone 5s--- 1956 J D
1940 A 0
Illinois Steel deb 4115
1936M N
Ind Nat Gm & 01158
1952 M N
Indiana Steel let 56
Ingersoll-Rand let be
1935 J J
Interboro Metrop coil 410 1956 A 0
Ott dep stpd asstd 16% sub_
ItIterboro Rap 'Fran let 58_1966 .1 3
Stamped
1932
-year 6s
10
-year cony 7% notes...1932 51 S
10
Int Agric Corp let 20-yr 5s 1932 m N
Stamped extended to 1942_ _
M N
Inter Mercan Marine e t 58_1941 A 0
1947 j j
International Paper 58
1947j j
1st & ref 56 B
Jurgene Works 68(fiat price)_ 1947 J .1
1952 64 s
Kansas City Pow & Lt 5e
Kansas Gas & Electric 68_1952 M S
1942 F A
Kayeer & Co 76
1932 M N
Kelly-Springfield Tire ge
Keystone Telep Co let .514_1936
.1
Kings County El & P g 58_1937 A ri
Purchase money 66
1997 A 0
Kings County El let g 46_.1949 F A
Stamped guar 46
1949 F A
Kings County Lighting 58_1954 2 j
19542 J
610
19362 D
Kinney Co 7145
Lackawanna Steel be A_
1950 M S
Lac Gas L of St L ret&ext 58 1931 A 0
Coll & ref 510 Series C
1953 F A
Lebigh C & Nay t 410 A _ _1958 .1 .1
J
Lehigh Valley Coal let g 59_1933
let 40
-year lotted to 4%A933 J J
iet gu g be_1993 M S
Lex Ave P
Liggett & Myers Tobacco 78_1944 A 0
A 0
Registered
1951 F A
as
1944 A 0
Lorillard Co (P) 78
A 0
Registered
1951 F A
beLouisville Gas dc Electric 50_1952 M N
1930 J J
motility Ry let con 55
Lower Austrian Hydro-Elec Co
1944 F A
let 6 630
Magma Cop 10-yr cony g 76.1932 J D
1942 A 0
Batman Sugar 754a
Manhat Ry(N Y)cons g 45.1990 A 0
2646
2013 2 D
1912 M N
Manila Electric 7s
Manila Elec Ry & Lt s 56_1953 M S
1940 (3 J
Market St Ry 7s Series A
1934 M 8
Maxwell Motors f 75
Melt Ed 1s1 & ref g 60 ser B.1952 F A
9153J J
1st & ref 58 Series C
19532 D
Metropolitan Power 65
Met West Side El (Chic) 45.1938 F A
Mid-Cont Petr 1st 610___ _1940 M S
Midvale Steel &0cony s 166 1936 M S
Milw Elec Ry & Lt cons g 55_1926 F A
Refunding & exten 410_1931 J J
19512 D
General 5e A
1961 J D
let bs B
let & ref g 88 Series C.„.1953 M
Milwaukee Gas Lt let 48_1927 NI 51
Montana Power let Se A_ _ _1943 J J
Montreal Tram let & ref 56_1941 J
Morris & Co Isle 1434e..1939 J J
Mortgage-Bond Co 46 Ser 2.1966 A 0
I932 .1 J
10-25-yea1 be Series 3
1934 J
Murray Body let 6148
Mu Fuel Gm Ir tug5e.1947 MN
Mut Un gtd bonds ext 4% 1941 M N
Nassau Elec guar gold 46„ _1951 J J
Nat Enam & Stamps let 58_1929 J D
1931 J D
National Acme 7345
-year deb 55_1930 J J
Nat Starch 20
1952 M N
National Tube let 58
1948 J
Newark Cone& Gas 58
New England Tel & Tel 58.-1952 J D
N Y Alr Brake let cony Se_ -1928 M N
-year let g 46-1951 F A
NY Dock 50
NY Edison Ist et ref 6 40 A.1941 A 0
let lien & re' 511 B temp._1944 A 0
NYOasEl Lt & Pow g 56._i948 J D
1949 F A
Purchase money g 4e
NY L E&WeetChltRR 5%81942 M N
N Y Munic Ry 1st t M A1966 J J
N Y Q El L & P let 5101930 F A
N Y Rye ist R E & ref 4e1942 J J
Certificate* of deposit
-year mil Inc be__ _Jan 1942 A 0
30
Certificates of deposit
1951 M N
N Y & Rich Gas 1st 66
NY State Rye let eons 4345 1962 M N
M N
Registered
1962 M N
Lit con 6115 series B
N Y Steam 1st 25-yr(le Ser A 1947 MN
N Y Telep let & gen et 430_1939 MN
-year deben of6sFeb 1949 F A
30
-year refunding gold 66.1941 A 0
20
Niagara Falls Power let 58 1932 J J
Jan 1932 A 0
Ref & gen 66
NW Lock &O Pow let be-1954 M N
1955 A 0
w1
I let & ref 58 ser A
1958 F A
Refuncfing 65 Series A
1952 M S
Amer Edison 6s
Nor
Bemired 5 f g 6145 Ser B...1948 M E3
Nor Ohio Trac & Light 6s 1947 M
Nor States Pow 25-yr be A1941 A 0
A 0
Registered
1st & ref 25-yr tle Ser B_1941 A 0
Northweet'n Bell T let 75 A.1941 A A
North W T let fd g 4146 IN,71-1934 J J
Ohio Public Service 714e A 1946 A 0
1947 F A
1st & ref 75 series B
Ohio River Edison let es. 1948 J J
1944 F A
Old Ben Coal let 136
Ontario Power N F let 58_1943 F A
1945 M N
Ontario 'Transmission 56
Otis Steel 88
1941 F A
let 25-yr e t g 7146 Ser B 1947 F A
Pacific & El gen & ref 56_1942 J J
Pm Pow & Lt let&ret 20-yr 5830 F A
Pantie Tel & Tel let ise
1937 J J
Ref M 5s series A
1952 M N
Pan-Amer P T let 10-yr 76 1930 F A
MN
Cony s t 66 1934 temp
Park-Lax et leasehold 6144-1953 J J
New York Bond Record-Continued-Page 5
Price
Friday
Apr. 24.
Week's
Range or
Last Sale
High No
Ask Low
Bid
4
8612 863 93 Mar'25 -10334 Sale 10318
4 41
1033
9
8 10238
8
1015 102 1015
17
85
85 Sale 833
4
1
9934
9912 ____ 993
4
98
102
4
1013 Sale 10112
10018 166
10018 Sale 997
8
8
943 Sale 94
9412 33
____ 9134 913
4
9214
3
10214 10212 10214
4 39
1023
9914 ____ 9914 Feb'25
11
11 Mar'25 --13
1012 Mar'25 - -WE
172
65
6412 Sale 62
64 Sale 61
697 301
4
153
6814 Sale 66
8812 149
4
88 Sale 853
21
71
7112 71
71
6
6728
8
6712 673
63
8838 Sale 8814
8858 90
51
89
8
8812 Sale 883
84 Mar'24-292
96 Sale 953
97
4
9812 Sale 973
9812 136
4
1004 Sale 10012 1014 26
7
10212 Sale 10212 103
8
967 Sale 9614
97
43
86
88
Apr'25
86
8
1015
Apr'25
__ 101
-11618 117 11618
11618
3
120
77 dice_ 7714
78
7834 517
7612
7612
954 96
10114
954
5
1061
10618
1
10618
107 8107
107% 107
b
3
93
9212 9312 923
4
6
8
997 Sale 993
4 100
4
993 Sale 993
10012 165
4
_
9712 Apr'25 -4
1003 10112 101
9712- - Apr'25 - 8
895 Sept'24
Oi2
1
4012
4012
193 drde- 1193
4
9
120
8
11734 Apr'25 ----1
1166 2 10018
8 11
1007
11512 El_a_16_ 11518
11512 24
115 Mar'25
3
9612 97
97
9612
9514 Sale 9414
954 161
91
94
93 Mar'25
1
853 Sale S53
4
4
4 16
853
11412 Sale 113
1154 43
8
995 Sale 9914
9938 22
6014 Sale 593
6058 72
4
2
52
5212
53
5212
101 Sale 1003
13
4 101
16
89
4
883 89 8812
8
977 Sale 9712
21
98
Jan'25
--- 105
jai" dale 10312 10414
5
9312 93 4 94
96
3
1023 103 1024
4
8
104
71
71
71
6
9614 Sale 9614
8
965 162
3
90 4 Sale 9018
9034 51
8
1003 10012 10012 10112 25
9514 96
9512 Apr'25
9714 9712 97
972 15
4
873 Sale 8712
88
55
10018 101
8
997
101
3
99
994 9918
9914
5
9934 60
4
8
985 983 99
96 Sale 96
9618 24
4
823 Sale 823
4
83
20
77% ___ 7718 Mar'25
964 971 9618 Apr'25
:
9134 9814 98
9
9814
957 965 957
8
8
8
957
1
9918 101
99
99
2
61
59
60
5
4
983 993 98 Feb'25
4
81 Sale 81
20
83
9812 -___ 993 Feb'25
4
4
1013
10214 11
9914 Sale 9914
4
100
8
997 Sale 997
8 10018 25
104 10418 104
104
16
80
80
81
81
7
1133 Sale 1314
4
34
114
1004 Sale 997
8 10014 219
10214 10218 10288 1023
8 18
8814 Sale 8814
8 60
883
10012 ____ 10012 10012
5
8018 --__ 8112 Apr'24
10014 ____ 10014
4
10012
50 Sale 50
50
2
8
497 Sale 4914
50
137
412 Sale
5 Apr'25
_
8 4
412 47
412 129
8
995 Sale 9912
995
8 86
657 Sale 65
8
657
5
63 Apr'25
90 Sale 897
90
8
1003 Sale 10012 10114 39
4
9714 Sale 9612
9712 139
10912 Sale 10918 1097
8 39
1075 Sale 10718 1073
8
4 48
8
1005 101 1007
8
101
22
10514 Sale 105
10512
5
*
8
1097 Sale 097 Apr'25
9812
9818 17
8
097
8 18
1097
ioi Sale 10084 10112 101
10414 Sale 033
8 10414 48
96 Sale 9512
96
38
8
965 Sale 96
113
97
934 Jan'25
e
-da3 - 04
4 24
1043 --0712 Jan'25
95 Apr'25
4
11112
11112 Sale 11111
2
108 10814 1074
108
10214 21
4
1015 102 10184
36
98
4
974 Sale 963
1
100
8
995 100 100
964 ____ 9918 Apr'25
9
9912
9814 98
97
50
93
9212 Sale 91
80
97
4
963 Sale 953*
4
4 12
993
4
99, 998 99
10012 34
10012 1007 10018
220
97
9658 Sale 9610
10514 Sale 0514 10512 64
109 Sale 0712 10912 605
1
954
9512 95
95
Due Jan. d Due April. y Due Dec. a Option sale.
2
co,
Range
Since
Jan. 1.
High
Low
9213 94
103 195
3
1003 10314
8714
79
4
9818 993
9912 102
97 10012
4
923 95
8712 9214
4
10114 1023
9914 994
11
10
1012 1012
59% 7434
7312
59
4
613 80
95
85
73
67
0
6212 707
88
9i2
8712 905s
-97
88
95% 9812
5
9814 1015
8
10112 1037
4
90 1003
86
82
4
10012 1013
11412 118
76
75
8
747 783
4
89 10114
8
1035 106%
10614 10878
4
89% 943
9814 100
9514 1001z
4
953 98
100 101
"3913
43
116 120
4
1173 11734
4
973 100%
11414 11788
115 115
4
9514 973
,
s
905 95 4
93 93
8514 8612
8
113 1327
99 102
5712 64
56
51
9714 101
92
85
9712 100
105 10514
10112 10414
9112 gd
8
1003 104
7014 80
8
9514 975
8718 91 14
100 10112
4
953
95
9812
94
8
847 8914
4
983 101
9614 9912
97% 9954
,
96 4
94
4
7818 843
7718
77
',
0
955 963
4
983
97
954 964
9778 99
63
59
99
98
94
81
9934 10111
4
1003 10214
9855 100
4
994 100%
,
104 104 4
7734 81
112 115
9958 1001z
100% 102%
88%
88
10012 10012
12
9912 1110
54%
45
42% 54
41a 6
8 514
37
9982 100
6814
64
63 63
97
88
9712 10112
9712
95
ion 110
s
10614 10714
10018 10214
4
1033 10612
10412 110
%
9812 98
8
1043 110
8
967 10112
8
4
1003 1043
9218 96%
93 97
9314 9314
103 10714
8
0
1073 1077
8
943 95
108 11212
8
1078 1104
9812 103
4
963 90
98 100
9918
97
99 10012
4
89% 954
7
9312 9
4
993
98
9918 1007
a
9212 97
8
10412 1065
103 1184
95 97
BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr. 24.
Pat & Passaic & El cone 15e 1949 M S
Peep Gas & C let cons is 68_1943 A 0
Refunding gold 58
1947 M S
Philadelphia Co coll tr 65 A_1944 F A
15
-year cony deb 554s..1038 NI 8'
Phila & Reading C & I ref 66.1973 J J
Pierce-Arrow Mot Car deb 881913 M S
Pierce 011 1 8s
19312 I)
Pillsbury II mills 20-yr 66_1943 A 0
Pleasant Val Coal 1st g f 58 192R J
Pocah Con Collieries let 01581957 J J
Port Arthur Canal & Dk 68 .1953 F A
Portland Elcc Pow 1st is B_1947 M N
Portland Gen Elec let Se.. _1935 J J
Portland Ry 1st & ref 5a
1930 MN
Portland Ry Lt & P let ref 581942 F A
let I & ref 6s eer B
1947 MN
let & refund 710 Ser A 1946 M N
Porto Rican Am 'rob 88
1931 H N
Pressed Steel Car Ss
1933 J J
Prod & Ref81 8s(w1th warlite)'31 J D
Without warrants attached_ J D
Pub Sent Corp of NJ gen 518.1959 A 0
Secured R 68
1944 F A
Pub Sem Elec & Gas let 5301959 A 0
,
Pub Sery El Pow & Ltg 65_ _1948 A 0
Punta Alegre Sugar 78
1937 J J
Remington Arms Se
1937 M N
Repub I AS 10,30-yr 5e 6 1-1940 A 0
Ref & gen 510 ser A1953 J
Rims Steel let 7n
1955 F A
Robbins & Myers et 76
D
1952
Rochester Gas & El 7s ser B_1946 M S
Gen Mtge 5148 series C_ _1948 M S
Roch & Pitts Coal & Iron 66_1946 MN
-Brown Iron Co 78_1942 M N
Rogers
St Joe Ry Lt Ht & Pr M_1937 MN
St Joseph Stk Yds 1st 4'4'011930 J J
St L Reek Mt & P 5e stmpd_1955 J J
St Louis Transit 55
1924 A 0
St Paul City Cable 55
1937 J J
Saxon Pub Wks(Germany) 7s'45 F A
Saks Co 7e
1942M 8
San Antonio Pub Ser 65_1952 J J
Sharon Steel Hoop let 8seer A '41 M S
Sheffield Farms 614s
1942 A 0
Sierra & San Fran Power 58.1949 F A
Sinclair Cone Oil 15-year 75.1937,M S
let In coll tree C with wan 19271J D
let lien 610 Ser B
19382
Sinclair Crude 011 3-yr 63 A 1928 F A
3-yr 6% notes B Feb 15..1926 F A
Sinclair Pipe Line 5e
1942 AO
Skelly 011634% notes
1927 AO
South Porto Rico Sugar 78_ 1941 JO
Smith Bell Tel & Tel 1st 01581941 .1 3
Tweet Bell Tel let & ref 5e__1954 FA
Southern Colo Power 68._ .1947 3.3
Spring Val Water g 58
1948 MN
Stand Gas & El deb g 610_1933 M S
Standard Milling let be
1930 MN
Steel dt Tube gen s f 75 Ser C 1951 J J
Sugar Estates (Oriente) 75_.1942 MS
Superfor 011 let of 76
1929 FA-I
Syracuse Lfghtfng let g Se.-.1951 3D
j
Tenn Coal Iron & RR gen 53_1951
Tennestee Cop lit cony 66..1925 MN
Tennessee Elee Power 1st 618_1947 3D
Third Ave let ref 4s
19611 3 3
Aril Int Se tax-ex N Y_61960 AO
J
Third Ave Re let y Se
1937
Tide Water 011 10-yr 6146_1931 FA
Toledo Edison 1st 75
1941 MS
Toledo Trac Lt & Pr 6% notes'25 FA
Trenton CA El 1st 59_1949 M
Twenty-third St Ry ref 56_1962 / J
Underged of London 410_1933
19482 J
Income 6/1
Union Bag & Paper let M 6e_1942 M N
Union Elec Lt & Pr let g 56.1932 M S
Ref de ext be
1933 M N
19542
lets 514seeries A
Union Eiev Ry (Chic) 55_1945 A 0
Union 011 let lien s f 58_1931
J
30-yr 65 Ser A
May 1942 F A
Union Tank Car eaulp 78_1930 F A
United Drug 20-yr 6s_ Oct 15 1944 A 0
United Fuel Gas let s f 68._ _1936 J J
United Rye Inv Se Pitts Issue 1926 M N
Stamped
United Ryn St L let g 0_1934 J J
United SS Co 15-yr 13s
1937 SI N
United Storm Realty 20-yr 68'42 A 0
US Rubber let & ref baser A 1947 2 J
10-yr 714% sec notes
1930 F
U 8 Smelt Ref & M cony 66_1926 F A
U S Steel Corp(coupon ..d I 963 MN
s t 10-60-yr 5elregistered.d1963 MN
Utah Lt & Tree let & ref 513._1944 A 0
Utah Power & Lt let 6e
1944 F A
Utlea Elec Lac Pow lets t 58_19501 J
Utica Gas & Elec ref & ext be 19572
Victor Fuel let s f be
19633
19472
Va-Caro Chem let 7e
Certificates of deposit
Certificates of deposit stmpd
710 with & without war._1937
Centre of dep with warrants -Conlin of dep without wart ---Va Iron Coal & Coke let g be 1949 rd S
Va Ry Pow let 4/ ref 58
1943J J
Vertlentes Sugar let ref 78_.1942 J D
Warner Sugar Reffn let 78_1941 .1 D
Warner Sugar Corp let 7e
1939
J
Wash Wat Power f fe
1939 J J
Wenches Ltg g be ettnpd md 19502 SI
West Ky Coal 1st 7s
1944 M N
West Penn Power Ser A 5.1._1946
S
let 40
1959 .1 D
-Year 6e Series C
let 7e Series D
1946 M S
let be Series E
1963 61
let 510 Series F
1953 A 0
West Va C & C let 63
19501
Western Electric deb 58._1944 A 0
Western Union coil tr cur 58.1938 J J
Fund & real estates 4348_1950 MN
15
-year 6148 g
1936 F A
Westinghouse E & M 73-1931 M N
Wickwire Sven Steel 1st 78_1935 J J
Certificates of deposit
Willys-Oyerland5 f 610____1933 M S
Wilson & Co let 25-yr if 6/1.1941 A 0
Registered
10
19283 D
-year cony e f 66
Certificates of deposit
10-yr cony s 710
p1931
Certificates of deposit
1941 A 0
Winchester Arms 7%8
Young'n Sheet & T 20-yr 66.1943 J
Price
Friday
Apr. 24.
Week's
Range or
Last Sale
Ia
Remits
Since
Jan. 1
Ask Low
Bid
High No. Low
High
99%
96
9918 1004 9918 Apr'25 - _ 8 18 107 108%
1083
8
1083 Sale 10814
4
942 97
8
964
9614 9612 9578
8
8 53 1015 105
4
1043 Sale 10412 1047
4
933 97
33
97
97 Sale 96
9934 10154
10034 29
4
1003 Sale 10038
9814
91
97 Sale 96
5
19814 3295
8
16 1023 105
105 Sale 10438 105
8
995 102
1014 22
4
8
1013 Sale 1003
9814
97
9712 Apr'25 ____
9712 98
9212 94
4
___ 923 9212 Apr'25
99% 10111
1004 10112 10012 10112 16
1
.
6
8
9 12 99 4
9 5, 973
4 26
973
9714 Sale 9612
9518 _ -_- 995
4
993
4
95
4
4
944 953- 943
3
84 2 90994
82114
4
5
8818 Sale 873
,
88 4 14
94 9912
22
97 Sale 967
971
3
5 9 08
8
1055 10612 10512 10558 _3_ 10 18 107
____ 10238 10313 Mar'25
4
933 97
22
96
9512 Sale 9512
104 11514
112 11214 112 Mar'25
3 110 111
11014 111 11014
11014
8
19 1043 105%
10412 105 10412 105
98
95
270
4
973 Sale 963
98
8
8
987 10214
1003 Sale 1003
4
4 10214 15
:
10558 12 1021 1064
8
105 Sale 1043
4
32 1023 10712
1043 Sale 10412 105
4
8 27
873
87 Sale 8612
95 Bale 943
95%
4
2
2576
12
13068
88
8 32 99:
936174 9452 4
17043
4 23 110603:81 17141,3
913
9188 Sale 9112
89 Sale 89
89 12
6612 Sale 65
664
110 111 110
110
10418 Sale 10418
1044
91% ____ 90 Aug'24
di
9
67 Sale 65
6712
9155
90
90
91
90
8
953
9511 Apr'25
7
855' 8511a
! 571 8113
8118 Sale 805
8118 "io
8
91
75
94 87
.
Feb'25 _8
81
95
9534
96
97
9214
92
92 Sale 92
38
92
10612 Sale 1057
8 10611 27 104 107%
9918 10112
10112 Sale 10138
10112 24
4
3 10578 107
1063 107 10612 1063
4
106 107 10612 10612
1 105 10712
4 16
912
9213
90
9118 Sale 908
88 95
9112 Sale 9118
924 76
4
10618 Sale 1043
4 1063 356 1043 117
4
3
8
825 90 4
8614 Sale 86
55
88
9914 101
10012 Sale 10014
4
11103 328
6 10014 10012
10038 Sale 1003
8 10012
82 8614
85 Sale 843
4
8514 15
10812 Sale 10712 109
66 10678 1208,
104 Sale 104
10412 11 102 10514
99 10114
10018
101 14 117
8
96% 1007
ifki8 gale ao
8
1007 260
951 Sale5
9314 9712
9512 34
9712 973
97
8
9712
24
6
9 2 :
0 3 87 2
_ 3_
11712 Sale
22 18917 10012
7
4
993 100 100 Apr'25
4
1073 Sale 10712 1074 22 105 108
951: 971:
96
96 Sale 96
2
9
9878 92
100 10 54
99 Mar'25
98
97
8
9712 995
2
9912 -- -- 95%
9958
8
10112 1025 10230 Apr'25
I 100 102
100 101 100
100
9914 1024
103
101 Sale 10012 101
3
3
5158 06
9
5312 13
5812
53 Sale '53
341.1 453
12
3914 Sale 3812
3912 82
4
8
933 953 935
4
933
0
4
103 4 31 1923 104
10314 Sale 10318
,
10912 Sale 109
10912 24 10812 110%
4
10014 Sale 10014
11014 16 10018 1002
98 98
4
983 ____ 98 Feb'25
66 Feb'25
5918 61
9038
9018 Feb'25
8
873 92 8812 Feb'25
9512 Sale 9512
915
97
2 888907
8
1005 Sale 1003
8 10058
19 6951 !
869489i 1011
8
s
995 Sale 9955
9814 995
992* 19
102 Sale 1017
8
10218 34 100 10.112
7712 763 Apr'25
4
il1ii4 10012 1004
77
5
99
7 34 100%
10
10014 --1
4
1333 104
4
5 1023* 104,
10418 105 105 Apr'25
1031s 10514
103 Sale 10212 103
58 10014 104
10012 Sale 1004 10012 14
98 101
9958 Sale 995
8
99 10012
9978 16
8
995 997 995
8
8
995
9914 10018
8
8
8
697 703 7012
4
3
69 4 7514
7012 15
9214
923* 93
93
5
9
10358 1033 1035
4
8 1035
08218 08571,2
835, :
0
18
8 59 1017 105
863 Sale 86
8
8612
10512 Sale 105
,
10534 40 10412 1071
10141018e 10118 10112 72 183 182
8
00: 0
18
10518 Sale 105
1
105's 437 10414 108
1043 Sale 1043
4
4
10434
8612 Sale 8534
87
9412 Sale 9378
4
98
8
9159 95
944 12_3_
9912 ____ 985 Mar'25
8
9912 100
3 95 18
8
5
9 14 595,
1
8
9912
9912
8
555 80
8
553
5550
9212
92 Sale 8834
73
9212 582
,
4
913 Sale 8814
711 92
64
192
92
88 Sale 84
98
60 Sale 57
8 60
43 88
6
35
60
5
12 6
42 4 6 1 :
N4: 9481
5612 Sale 54
0
5612 _1.2
3
.
541: ____ 46 Mar'25
90
9112 903
4
91
9612 Sale 96
9314 9612
9612 26
4
923 Sale 923
4
4
923
9312 Sale 9214
935
4
81 Sale 7812
81
4
1003 __ 10012 Mar'25
8
1005 Sale 10018
8
1005
10214 Sale 10214
8
1025
8
977 Sale 967
8
984
807408979:1112:4 7999 7
047 11189814311115
0138 1075
1
222574391
:
8
1057 10614 10614
10714 :6 19989504 10871412124 ,
4
1063 10712 107 Apr'25
4
9318 983
5
4
973 Sale 963
4
4
983
54
10312 Sale 1025
8 10312 64 100 103%
9112 96
9212 Sale 9112
9212 12
8
,4 1000212
9
8
6
1003 Sale 100
1001j 127
101 10178 101
102
1114,
8 16
923 1198
9414 96
19
8
947
9412
111 1113 11012 11112
4
094: 85191
3
0
18
4
1073 Sale 10718 1077
8 66 17706
83 Sale 8212
8412
79 Sale 79
80
9912 10013
100 Sale 993
4 10014 70
91% 9812
9714 Sale 9714
8
983 130
93 Feb'25
3 87
5
85 73%
1
69 Sale 69
14
105
72
53 734
7112
6918 Sale 6914
4
7
31e 7
593, 7 14
1
69 Sale 6918
8
715 147
6814 7012 7114
714
1 10255
53 100,
102 Sale 1001s 102
9514 99
98% 80
98 Sale 98
BOSTON STOCK EXCHANGE-Stock Recordse.B
:er:a ge
-PER SHARE, NOT PER CENT.
HIGH AND LOW BALE PRICES
Saturday.
April 18.
-
Monday.
April 20.
Tuesday,
April 21.
Wednesday. Thursday,
April 22.
April 23.
Friday.
April 24.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Range /or Year 1925.
2131
PER SHARE
Range for Previous
Year 1924.
_
Lowest
Highest
Lowest
Highest
Railroads
100 156 Feb 18 16434 Jan 7 14578 Mar 164 Deo
217 Boston & Albany
15614 15614 15614 15614
158 159 *15614 153
159 159
100 754 Mar 17 86 Jan 2
578 Boston Elevated
4 7612 773
78
7814 768 773
78
78
4 78
78
7134 Aug 85 Dee
100 92 Jan 16 97 Jan 3
95
95
94
94
*92 ------------35 Do pref
95
.92
8714 Dec 9614 May
100 109 Mar 31 11412 Jan 16 107 Dec 11614 Jan
113 113
113 113
----------------53 Do 1st pref
112 112
24 pref
100 94 Mar 20 102 Jan 9
98
98
98
99
77 Do
93
98
____
_
98
*93
92 Sept 10114 Dec
1114 12
100 10 Apr 17 2018 Feb 26
1114 117
12
12
1112 1112
8 1114 1112 1,142 Boston & Maine
812 Jan 2514 Nov
*1214____
12
100 1112 Apr 24 20 Feb 25
*12
1214 1214 12
36 Do pref
_
1112 1112
8
12
Jan 267 Nov
1812 1738 1814 --------754 Do Series A let pref
100 1712 Apr 21 30 Feb 26
1712 1812 18
1818 183
4
13 June 3714 Nov
32
4
100 293 Apr 23 40 Mar 4
--------225 Do Series 13 lat pref
294 31
30
*__
32
3212 3212
174 Jan 48 Nov
100 2512 Apr 23 36 Fen 25
2612 2634 2614 2614 2512 26
--------275 Do Series C lot pref
26
2614
16 Feb 41 Nov
100 37 Apr 16 55 Feb 26
3712 3712 37
37
38
--------213 Do Series D let pref
38
*38 ____
23 Jan 62 Nov
100 167 Feb 26 172 Jan 16
__ ____ ---_ ____ ____ ----- _ Boston & Providence
__ *16712
•167_.._
*16712
43 Jan 172 Nov
East Mass Street Ry Co_ AGO 32 Jan 20 39 Feb 11
-- 8 34 -353
*3412 36
3412
316
35
3412 3412 -___
18 May 3812 Dec
100 65 Feb 2 71 Apr 3
•____ 69 •____ 69 •_ 69
•____ 69
Do let pref
____ ____ ---- __
5812 Jan 71 Dec
100 57 Jan 23 621/ Jan 12
61
6134 6134 61
614
61
*60
61
--------35 Do prof 13
48 May 6112 Nov
100 41 Jan 27 48 Mar 10
43
427 427 *41
8
43 43
43
--------42 Do adjustment
43
28 May 4614 Dec
*27
29
29
29
*27
29
100 25 Mar 26 374 Jan 29
*27
19 Maine Central
29
26
27
25 June 374 Apr
*3034 3114 31
32
100 28 Mar 30 3614 Feb 25
31
3214
1,005 NY N H & Hartford
______
*3012 31
14
Jan 334 Dee
Northern New Hampshire.100 70 Feb 16 78 Apr 9
62 Jan 81 Nov
110 110 *108 ____ ____ ____
*108
*108 110
10 Norwich & Worcester pref_100 100 Jan 13 110 Mar 10
80
Jan 108 Nov
10312 10312 103 103
100 96 Jan 2 105 Mar 12
341014 Colony
•10312 105
10314 1033 -- -- ---7212 Jan 98 Nov
8
100 52 Feb 12 6312 Jan 2
34 Mar 84 Nov
____ ____ _____ _ Rutland pref
--*91
94
70
_ Vermont & Massachusetts_100 87 Feb 24 93 Jan 16
_ ___
Jan 9318 Nov
Miscellaneous
414 Jan 7
*258 3
*258 3
212 Mar 25
*25
8 3
414 Dee
1 Nov
*25
8 3
25
8 23
8
30 Amer Pneumatic Service__25
*1712 18
*1712 18
1712 1712
12
50 1612 Mar 25 1918 Jan 7
17
Jan 2014 Dee
635 Do pref
1712 175 175
8
8
135 1363 1364 1363 13614 1363 1354 13612 2,786 Amer Telephone & Teleg_100 1304 Jan 2 1363 Apr 21 121 June 1344 Dec
1353 13614
4
4
4
8
4
626 Amoskeag Mfg
5712 Oct 83
No par 62 Mar 23 77 Jan 13
64 6412 65
6212 65
Jan
6512 65
65
64
65
No par 71 Mar 11 76 Jan 15
*72
*72
*71
69
Do pref
*71
_-_Oct 79 Aug
--------------_ *
*214
__ *x14
*x14
__
13 Aug 16 Feb
_ _ Art Metal Construe. Inc_ 10 14 Jan 16 15 Feb 25
117 -1218 - 8 1214
6 June 1014 Jan
4
97 Jan 6 123 Apr 24
8
No par
1112 1 112 1218 1234
12
1218 12 -907 Atlas Tack Corp
06
*106
4
Boston Cons Gas Co pref__100 103 Jan 17 1073 Apr 13 100 Dec 108 July
*1073 -*1063 1073 ____ ____
4
4
4
•____
.Oi
Jan
Boston Met Pet True_ _No par
.05 Dec .20
_ _ __ _
.07
*--__ .07 --_- .07
22
*22
2234
2214 213 22
10 20 Jan 26 2314 Apr 2
4
204 Dec 2818 Mar
221- 224 ____- 2
2212 2212 1,370 Connor (John T)
*33
*33
35
*33
35
2412 May 35 Sept
35
10 Dominion Stores, Ltd.._NO par 2814 Jan 30 35 Feb 13
*33
35
33
33
*96 .
*96
_ _ *96
Jan 884 Dee
_ . *96
84
Do pref A
100
3 Jan 2
____
2
2 *____
•
2 *
3 Feb
2 Sept
2 Mar 30
East Boston Land
10
_
*---- 2
14
ic) gasser. manufacturing
*3
412
312 Apr 11
6
812 Feb
4
Oct
659 Jan 24
*314 412 *314 412 *312 412
43 _-8 44
45
47
49
4712 45
38
Jan 5514 Mar
25 42 Mar 9 55 Feb 13
46
49
47
50
4918 1,835 Eastern SS Lines, Inc
*36
37
*3614 37
355 355
8
344 Jan 40 Feb
No par 35 Jan 15 3712 Jan 22
8 3618 3618 363 37
470 Do pref
8
*91
6 . 1st preferred
*91
100 89 Jan
91
91
8512 Jan 93 Mar
93 Feb 28
___ ____
___
20312 204
4
1(10 200 Jan 5 2073 Apr 21 16312 Jan 20412 Di.
1,794 Edison Electric Illum
201 202
20212 204
20418 2073- 20412 20512 *914
*34 4
*314 4
*314 4
____ ___
*314 4
Elder Mfg Co (v t c)
5 Deo
24 Jan
512 Mar 16
314 Feb 2
10
*34
35
33
33
13 Jan 41 D o
*33
35
*33
34 I --------10 Galveston-Houston Elec ..100 33 Feb 20 38 Jan 7
613 Jan
334 Sept
4 Jan 8 16 Apr 4
No par
___
___ ___ _____ _ Gardner Motor
•i1584 ____ *11534 ____ •11534 ____ ____ ____
Georgia Ity & Eleo
100 1153 Feb 27 1153 Feb 27 11314 Mar 11612 Sept
4
4
•721
_
Do 5% non-cum pref.. _100 7812 Apr 1
Jan
79 Aug 80
793 Feb 27
4
*7812- -- *7812 _ - *7812
__
-- 675 &i
8
1- .
663 4 68
66 - - 4 66 -5512 Oct 584 Oct
1,472 Gillette Safety Razor__No par 574 Jan 2 7012 Apr 16
663
4 66
6612 653 -12
12
*113 1212
4
*1134 1212 *113 1212 --------100 Greenfield Tap & Die
157 Jan
25 12 Apr 1 1514 Jan 24
j
1218 Nov
4
57
No par 5212 Mar 26 5812 Jan 8
55 55
*55
55
00
56
56
46 Mar 60 Dee
65 Hood Rubber
____ ____
*59
60
Internat Cement Coru_No par 5212 Jan 5 60 Apr 13
____ ____ *5812 5912 *59
____ ____
60
41
Apr 59 Nov
•
.50 +____
*____
.50
International Products_No par .35 Apr 1
.50 •_ _ __
2 Jan 3 .10 Feb
.50 ____ ____
3 Dee
Do pref
100
____ ____
55
7
7
•
7 *
6Mar2 1012 Jan 9 .25 Feb 14 Dec
Kidd r, Peabody Acceptance
*58912_
*MO
_
92 Apr 14
*x8912 -_- 8912 8912 --------10 Corp Class A pref
80
Jan 8812 Dee
100 8211 Jan
614 612 6
*614 - -364
614
10
11
812 Dee
4 June
9 8 Jan 7
3
614 Apr 16
68 64 --------138 Libby, McNeill & Libby
•___ 7014 *
•____ 7014
Lincoln Fire Insurance
20 70 Mar 18 7014 Mar 2
7014 *___ 7014 ____
_
70
Jan 71 Nov
Stock
1112 1112 1119 1112 1112 1112 1112 *51112 12
137 Jan 5
8
25 1112 Feb 17
9 Mar 13 Dee
81 Loew's Theatres
114
6934 70
6934 70
70
70
7012 7012
81 Feb
693 693
4
66 Nov
247 Massachusetts Gas Coa.....i00 68 Feb 3 75 Mar 6
4
66
66 *5693 70
664 Exchange
100 6312 Jan 9 6712 Feb 14
4
66
66
66
66
62 June 70
233 Do pref
66
Jan
*179 183 *179 183 *179 181 *179 182
*180 182
Mergenthaler Linotype
100 167 Jan 7 186 Mar 5 150 Apr 172 Dec
Closed- •10
11
11
10
1012 *10
•10
4
10
10
11
612 Jan 1759 Feb
812 Apr 4 163 Jan 15
25 Mexican Investment, Inc
1014
4112 4112 --------136 Mississippi River Power
4112 4112 4112 417
*4034 42
100 36 Jan 2 41% Apr 22
19 Feb 3614 Dec
Patriots'
*91
93
92
93
92
*91
*91
93
9214 9214
Jan 90 Sept
100 8712 Jan 10 93 Apr 21
80
30 Do stamped pref
*414 412
4
4
414
4
418 418
414 414
2 Apr
63 Jan 13
4
4 Apr 22
10
559 Nov
257 National Leather
Day
.99 1
.99 1
+.95 1
.99 1
17 Jan 6 .50 Dec
.20 Feb 9
1
1
2,775 New England Oil Corp It ctfs
511 Apr
*8
8
9
*8
8
8 Dec 3114 Mar
84 Jan 8
534 Apr
9
*6
--100
--------30 Do pref (tr OHS)
99 1033
99
9958 14,947 New England Telephone100 99 Apr 21 1077 Mar 6
993 10014 9914 100
4
10012 10312
a
98 Dec 11511 Jan
2212 2213 2212 23
2212 23
2112 Dec2259 Dec
2252 24
--------1.875 Olympia Theatres. Ino_No par 19 Mar 18 2534 Jan 16
*x2712 2812 *32734 2812 *x28
29
29
•x28
29 Mar 3
4
____
___ ___
14
Jan 2812 Dec
Orpheum Circuit. Inc_ _ 1 253 Jan 1
59
59
60
5712 60
58
59
56
100 55 Apr 14 8112 Jan 13
5812 - 8
694 Oct87 Feb
904 Pacific Mills
585
1712 *17
•17
1712 *17
*17
1712
Reece Button Hole
10 154 Feb 24 18 Apr 3
____ ____ ___
1134 Jan 17 July
*214 212 *214 212 *2
*214 25
8
234 Jan 8
214 Apr 9
Reece Folding Machine
10
____ ____ ____
3 Jan
218 May
C
.20 •____
___ _ _ _ Simms Magneto
__
.20
.20 •____
•
_
.20
5
10
Oct40 Feb
10912 10958 10914 10938 109% 1093 10914 10934 380 Swift & Co
iio no
100 10914 Apr 22 120 Feb 6 100 June 118 Dee
___- 4712 4712 *4612 474 _______
47
47
*4612 47
25 4512 Apr 13 51 Jan 14
354 June 52 Dee
25 Torrington
7 Mar 4
Union Twist Drill
5
__
712 Jan 23
5 Dec 10 Feb
4314 ,- . 43
43
43
2
427 433
4 1(
45
25 4114 Mar 19 45 Feb 14
-i2i4 ii4314
_1,206 United Shoe Mach Corp
4
34
Jan 433 Dec
*27
27
27
27
27
•27
25 264 Jan 13 28 Jan 16
2712 27
2712
202 Do pref
2714
2452 Feb 2814 Nov
224 23
2234 23
5 1912 Jan 3 25 Feb 24
*2224 23
223 23
4
228 23
1,408 Ventura Consol Oil Fields
1914 Oct 27 Jan
1638 1634 1612 165
17
1712 1712
*163 1714 17
4
4
1534 Mar 15 193 Jan 3
100 WaldorfSys,Inc,new sh No par
8
137 Apr 20 Nov
2
•1513 17
*16
*16
17
16
16
17
8 Jan 6 16 Feb 19
16
16
118 Walth Watch CI B corn _No par
611 Jan 101s Feb
2712 2712 *27(2 28
100 1714 Jan 3 2834 Feb 20
____ ____
*2712 28
*27
28
14 June 234 Feb
5 Do prof trust etre
____ ____
7312 7312 *7312 74
*7312 75
•7312 75
100 65 Jan 8 7612 Apr 1
5 Do prior pref
624 Dec 73 Feb
1734 *17
4
1712 --------120 Walworth Manufacturing- 20 17 Mar 11 203 Jan 3
1712 175 *17
•1712 178
4
1512 June 22 Feb
4
434 4412 44
44
44
4412 45
4514
44
4412 2,460 Warren Brea
51) 37 Jan 2 48 Mar 6
293 Jan 393* Nov
2
*41
*41
42
*41
42
43
____ ____
*41
42
Do 1st pref
503759 Jan 10 43 Feb 7
Jan
34 4 Apr 41
3
*43
*43
*43
45
*43
45
45
_ _ _ ___
44
Do 24 pref
38 Mao 42 Jan
50 4012 Jan 17 46 Mar 2
Mining
•.25 .40
•.25 .40 3
..25 .40 •.25 .40 *.25 .40
Adventure Consolidated_ 2 .15 Feb 16 .25 Jan 26 .15 Dec .51 Dee
+.10 .20
.--------20 +.20 .25
*.10 .20 *
Algomah Mining
2
.10 Mar 3 .25 Jan 2 .10 June .25 Dee
14', 13
*13
8 112
138
•138
112
8
13
2
f,
425 Arcadian Consolidated
14 Mar 24
159 1 3
3 Jan 10
25
311 Dee
5 June
4 10
012 10
1012 1012
912 10
1012
959 93
690 Arizona Commercial
912 Mar 28 153 Feb 6
5
8 Jan 16 Dee
2
32
32
8
8 315 315
323 323
8
8 3114 3112 3012 317
8
536 Bingham MInes
10 29 Apr 2 3614 Feb 11
2
14 June 314 Dee
13
8
1234 1318 125 1314 13
1259 1314
13
1314 3,024 Calumet & Hecht
25 12% Apr 22 1878 Jan 2
135
8May 19% Jan
*.25 .40
.30 .30 *.25 .40 *.10 .25
•.25 .40
100 Carson Hill Gold
1 .30 Mar 11 .70 Jan 5 .37 Nov
3 Feb
2118 214 22
203 20% 2018 207
8
204 21
8 21
Copper Range Co
26 2018 Apr 22 33 Jan 10
930
52
181s June 33 Dec
*.03 .07
1.
.07 .07 '.03 .07 *.03 .07 *.03 .07 5,000 Davis
-Daly Copper
1 .04 Mar 4 .78 Feb 6 .30 Dec .70 Mar
37
37
*312 4
359
359 *312 4
*312 4
125 East Butte Copper Mining- 10
672 Dec
312 Mar 25
314 July
614 Jan 2
*a.60 1
.4(.60 1
*a.60 1
.95 .95
.50 .50
2 .40 Jan 7
35 Franklin
Jan
1
13 Jan 24 .40 May
2
+.75 114
*.75 114 *.75 14 *.75 114 *.75 1
Hancock Consolidated__ 2 .75 Apr 8
2 Jan
Oct
13 Feb 8 .30
4
*1834 1914
1814 183
4 173 1814 1812 1812 1818 1818
4
210 Hardy Coal Co
1 173 Apr 22 23 Jan 24
1912 Dec 2812 Jan
4
*112 2
112 112 *112 2
112 134
112 14
745 Helvetia
14 Jan 8
25
259 Del
312 Feb 5 .30 May
8
12314 12314 123 12314 12212 124
12318 1235
124 124
515 Island Creek Coal
944 Apr 142 Nov
1 121 Mar 28 140 Feb 5
96
96
96
*9512 96
96
*954 96
*9512 96
15 Do prat
90 June 100 Sept
1 9514 Jan 5 983
4Mar 9
1012 1212
•1212 13
1059 1114 1112 113
97o 11
4 1,235 Isle Royal Copper
12 June 2212 Dee
25
97 Apr 22 2012 Jan 7
8
8
*13
8 159 *13
*132 159
8
15
8 *13
15
*14 13
Kerr Lake
4
212 Feb
111 Mar
5
13s Apr 4 11314 Feb 4
*.75 1
.75 .75 *.75 1
*.75 1
.75 .75
110 Keweenaw Copper
114 Nov
Jan
25 .75 Jan 29
114 Jan 10 .50
1
114 *114
*114
112
13
4
1
*114 13
1
165 Lake Copper Co
1 Apr 11
25
314 Dee
3 Jan 2 .90 Apr
*112 184
112
112
112
13
4 *114
112 •1
13
4
175 La Salle Copper
8 Dee
112 Mar 16
25
24 Jan 10 .70 June
*159
8
112 *13
13
8 18 *114
*138 13
112
159
100 Mason Valley Mine
11 Oct2 4 Dee
4
24 Jan 13
3
14 Apr 23
5
*.60 .80
.60 .60 *.50 .60
.
3.60 .80
.50 .50
105 Mass Consolidated
Jan
25 .50 Apr 6
13 Aug
114 Jan 2 .50
4
114
114
114 159
114
1(4
•114 14
118
340 Mayflower-Old Colony
114
6 July
80 Apr
3 Jan 2
1 Apr 4
25
26
2712 2612 2712 28
2578 27
2612 28
2812 1,052 Mohawk
231*June 41 Dee
25 257 Apr 21 41 Jan 13
1912 1912 191
1834 1012 19
1959 193
8
195 1959
4
1612 Jan 2552 Dec
679 New Cornella Copper
5 18 Mar 30 25 Jan 2
.25 .25
.25 .25
.25 .25
.25 .25 1600 New Dominion Copper
+.20 .3
.20 Apr 2 .85 Feb 18 .40 Dec
23* Apr
25
25
+___ 25
*23
25
•____ 25
---------20 New River Company
35 June 40 Mar
100 25 Apr 2 25 Apr 2
•____ 58
56
56 *--,- 5014 --------15 Do pref
• _
58
5712 Dec 75 mu
100 54 Jan 12 60 Jan 3
6
6
53
4 6
*53
4 6
---- - 51g Jan
. 2E4 6
.
64 Jan 10
135 Niplasing Mines
53 Mar 13
5
4
6 4 Dec
3
112 158
112
112
112 111
112 112 1,120 North Butte
112 112
15
17 Oct632 July
314 Jan 14
1 Mar 17
.40 .4
.35 .33 *.5() 1
.25 .35
.60 .6
138 Ojibway Mining
114 Jan 10 .40 June
25 .35 Apr 22
1 Nov
183 183
4
1812 1834 1814 19
19
19
1812 183
4
360 Old Dominion Co
25 184 Apr 22 27 Jan 10
15
Jan 2812 Dec
*459 5
.412 47
8 *412 47
*412 47
45 Jan 13
park City Mining az Smelt_ 5
512 Feb 19
34 Jan
5 Feb
12
117 117 *113 1212 1134 113 --------190 Pd Crk Pocahontas Co_No par 1034 Apr
4
1212
*12
1412 Jan 24
103 Jul
4
1512 July
193 20
4
19
20
2012 22
20
21
21
202
25 19 Apr 22 3912 Jan 10
655 Quince
14 June 34% Dee
3014 31
29
2912 30
2812 32
33
32
33
1,175 St Mary's Mineral Land
25 2812 Apr 21 48 Jan 12
28 June 49 Dee
.65 .
.65 .65 *.60 1
.65 .6
+.60 .9
Shannon
10 .60 Mar 25
112 Jan 9 .30 Apr14 Sent
•.25 .75 *.25 .7
*.25 .7
-South Lake
•.25 .7
25
.25 Jul
.75 Dee
Superior
2 Jan
25
214 Jan 27 .90
Jan
214 Dec
.95 1
•1
112
.99 .99
.99 .99
1
1
550 Superior & Boston Copper- 10 .99 Apr 22
2 Jan 5 .25 Aug
21 Dee
gag 61
618 6X
618 612
04 614 8,375 Utah-Apex Mining
37 Jan 2 8714 Jan 23
63
4 634
5
37 Dec
17 June
.52 .5
.55 .55
*.52 .60
.55 .5
510 Utah Metal OG Tunnel
..55 .65
1 .43 Jan 43 .98 Jan 29 .14 June .70 July
+.35 .6
•.35 .60 *.35 -6 ---- ---- ___ _ Victoria
+.35 .60
25 .35 Apr 16
114 Jan 31 .15 Apr
1 Aug
.15 .15 *.15 .3 --------420 Winona
.15 .1
•.15 .30
25 .10 Mar 3 .48 Jan 7 .13 Feb .71
____ _-__
3
%10 .25 *.10 .2
•.10 .2
Wyandot
•.10 .25
25 .05 Apr 14 .21 Feb 11 .10 July .25 July
July
_
-r
•Bid and askedprices; no sales on this day. I I gllti. 0 Hi-div. and rights. a Er-div.
Er-stook dl,. I Assessment paitl
•Prioe on new baste
2132
THE CHRONICLE
Quotations of Sundry Securities
All bond.prices see and overeat" except where marked "f.'
[VOL. 120.
Outside Stock Exchanges
Boston Bond Record.
-Transactions in bonds at Boston
Railroad Equipments Per Cl. Basis
Standard 011 Stocks Par Bid. Ask.
Anglo-American Oil new. . 8 2513 Atlantic Coast Line 613
El 253
5.25 5.00 Stock Exchange April 18 to April 24, both inclusive.
100 1(11 104
5.00 4.75
Atlantic Refining
Equipment Oils
Preferred
100 114 115 Baltimore & Ohio Os
5.35 5.05
Friday
Borne Scrymser Co
Equipment 454s & 55__ _ _ 5.00 4.80
100 200 210
Last Week's Range Sales
Range Since Jan. 1.
Pipe Line Co_ _ _ 50 *al
62 Buff Roch & Pitts equip Os_ 5.00 4.75
Buckeye
Sale
ofPrices.
for
Chesebrough Mfg new.. 25 •57
to Canadian Pacific 454s dr 6s_ 5.05 4.80
Bonds
Price. Low. High. Week.
High.
Low.
5.25 5.00
Preferred
100 112 114 Central RR of N J 68
Continental Oil new.... 25 *2312 238 Chesapeake & Ohio 68
5.30 5.05 A tl Gulf & W I SS L 5s 1959 6934 68
8
6934 $25,500 63
Jan 7034 Mar
5.10 4.85 Chic Jet Rys& U S Y 49'40
Rights
*83c 858
Equipment 8145
8554 8534 2.000 84
Feb 8554 Apr
5.00 4.75
1112
Crescent Pipe Line Co_ - 50 •11
Equipment 55
55
1940
9854 '99
2,000 96
Apr
Feb 99
Cumberland Pipe Line-100 143 144 Chicago Burl & Quincy 66.. 5.30 5.05 E Mass St RR Ser B 5a1948 75
7434 7554 3.100 70
Jan 78
Mar
Eureka Pipe Line Co ____100 77
79 Chicago& Eastern iii 5545. 4.50 4.10
Series I) 68
1948 86
86
86
2,100 8034 Jan 883.4 Feb
Signal 011 com___100 54
5.05 Goodyear Fabric 63_ --1935
Galena
57 Chicago & North West Os.. 5.35
9834 9834 5.000 9834 Apr 9834 Apr
Preferred old
5.15 4.90 Hood Rubber 7s
100 112 113
Equipment630
1936
103 10334 11,000 1013.4 Jan 1035E Mar
5.15 4.90 K C M & B Inc 55-1934
Preferred new
100 10012 102 Chic RI & Pac 430& 56
9634 9634 6.000 9534 Mar 9634 Apr
5.55 5.25 Mass Gas 434s
Humble 011 & Ref new
Equipment 641
25 *47
4712
1929
9834 981.4 2.000 9734 Feb 9854 Mar
5.45 5.20
Illinois Pipe Line
100 144 146 Colorado & Southern 6s
454s
1931
1,000 943.4 Jan 9634 Jan
9534 9534
5.25 5.00 MISS River Power 5.1_1951 99
Imperial 011
25 144 146 Delaware & Hudson fel
9854 9954 24,000 9634 Jan 9934 Apr
5.35 5.05 New England Tel 55_1932 1004
New when Issued
•
2858 29 Erie 454s & 58
6.000 9934 Jan 101
Jan
10034 101
5.50 5.20 Swift & Co 5s
Indiana Pipe Line Co_ __ 50 *71
Equipment 58
72
1944 9834 983E 9834 6.500 9754 Jan 9954 Feb
5.35 6.10 Warren Bros 7345_ _ _1937
International Petroleum-(I) *2488 248 Great Northern 66
8
14434 146
8,000 123
Jan 149
Feb
5.00 4.75 Western Tel & Tel 55_ _1932 9934 9944 10034 10,000 9934 Jan
Magnolia Petroleum_..100 13012 132
Equipment 55
1001.4 Feb
5.05 4.80
National Transit Co__12 50 •22
22% Hocking Valley Bo
5.40 4.80
New York Transit Co_.J00 64
Equipment Os
65
Baltimore Stock Exchange.
-Record of transactions at
4.95 4.70
Northern Pipe Line Co__100 83 84 Illinois Central 4545 & 58
5.25 5.00 Baltimore Stock Exchange April 18 to April 24, both inOhio Oil new
Equipment Os
25 *6312 64
Penn Mex Fuel Co
Equipment 75 & 634s._._ 5.05 4.80 clusive, compiled from official
37
25 •35
lists:
5.45 5.20
Prairie Oil & Gas new.... 25 *5312 54 Kanawha & Michigan 65
5.20 5.00
Prairie Pipe Line new.
Equipment 4545
..100 117 118
Friday
Sales
Solar Refining
100 215 218 Kansas City Southern 5548. 5.35 5.05
Last Week's Range for
Range Since Jan. 1.
5.25 5.00
Louisville & Nashville 65
Southern Pipe Line Co_ _100
Sale
ofPrices.
Week.
1514 1841
83 1 82 4
5.00 4.75
Equipment 6348
South Penn 011
100
StocksPar. Price. Low. High. Shares.
Low.
High.
5.20 4.95
Michigan Central 58 & 135_
89
Southwest Ps Pipe Linea 100 •
62
Standard 011 (California) 25 .58% 5914 Minn St PASSM 434s & 56 5.30 5.00 Armstrong-Cator 8% pf100
36
36
24 36
Apr 57
Jan
5.35 5.00 Arundel
Equipment 634s & 75
8
Standard 011 (Indiana)_ _ 25 *617 62
Corporation__ __50 2354 2334 2334
1,864 2034 Mar 24
Apr
3112 Missouri Kansas & Texas 6s 5.65 5.35 Baltimore Elec. pref. _50
Standard Oil (Kansas).- 25 *31
4234 4254
30 42
Feb 43
Jan
5.25
Standard Oil (Kentucky) 25 •11712 11812 Missouri Pacific as & 63,4s.. 5.65
Baltimore Trust Co
50
120 12034
80 11154 Feb 121
Apr
5.00 4.80 Central Fire Insurance_ _10 120
Mobile & Ohio 434s & 5s_
Standard 011(Nebraska) 100 242 247
36
36
39 34
Jan 40
Feb
Standard 01101 New Jet. 25 *4118 4112 New York Central 454s & 58 4.90 4.70 Cent Teresa Sugar, corn.10
.70 .70
500
.70 Mar
.75 Feb
5.25 5.00
Equipment Os
Preferred
100 117% 118
Preferred
10
15E
134
95
154 Jan
134
2
Jan
6.05 4.85 Ches
Equipment 75
Standard Oil of New York 25 .4184 4218
& Pot Tel of Balt-100 11134 1113411134
27 11034 Jan 11254 Feb
Standard 011 (01:do)___ _100 345 348 Norfolk & Western 454s- _ 4.80 4.60 Commercial Credit
•
23
2334
643 2252 Mar 26
Jan
5.15 4.90
Northern Pacific 78
Preferred
100 11714 117
Preferred
2454 2434
25
131 2434 Apr 2534 Jan
1712 Pacific Fruit Express 75_ - _ _ 5.10 4.90
Swan & Finch
100 17
Preferred
25
2454 25
266 243,4 Apr 263-4 Jan
Pennsylvania RR eq 58 A 66 4.90 4.75 Consol Gas,B L
Union Tank Car Co
100 12212 124
E & Power.• 35
116 32
349.4 35
Jan 3534 Feb
6.10 4.90
Preferred
100 116 11712 Pitts & Lake Erie 0345
100
634% preferred
66 105
10654 10754
Apr 10734 Mar
5.60 5.20
4 Equipment Os
Vacuum Oil new
. 25 *8412 848
7% preferred
100
25 109
11034 111
Mar 111
Mar
30
4.75 4.50
35 Reading Co 434s & 5s
Washington 011
10 .
123 12334
Preferred
-100
8%
66 122
Mar 125
Mar
St Louis & San Francisco 58. 5.15 4.90
Other Oil Stocks
45
363 44
Apr 72
Jan
3 Seaboard Air Line 5345 & 68. 5.60 5.25 Consolidation Coal__ __100 4454 44
Atlantic Lobos 011
(5) *23
4
205 205
100
5 201 • Jan 205
Jan
Preferred
50 .612 8 SouthernPacific Co 4545_ 4.85 4.50 Continental Trust
• 103
103 103
2 103
Apr 115
Feb
42
5.00 4.85 Eastern Rolling Mill
Gulf Oil new
Equipment 78
25 .38
111
111
8% preferred
100 111
10 111
Apr 120
Jan
6412 Southern By 434s & Si...... 5.05 4.80
Mountain Producers
10 .64
9254 9334
50
95 89
Jan 95
Mar
5.40 5.10 Fidelity & Deposit
Mail= Eagle 011
5 8 4 48
'33
EquipmentOs
4
19
280 1834 Mar 1934 Jan
1934
National Fuel Gas
100 111 114 Toledo & Ohio Central Os... 5.35 5.10 Finance Service,Class A.10
Preferred
10
260
9
954
Jan
934 934
99.4 Apr
Salt Creek Cons OH
6.00 4.80 Oa Sou
7% UnionPacific 75
10 *73
& Fla,1st pref _100
23 8134 Feb 83
83
83
Feb
Salt Creek Producers__ 10 •26
2618
Hous 011, pref tr ctfs__100
33 78
82
83
Apr 97
Jan
Public Utilities
Tobacco Stocks
Lorraine Pet Co_ _lc sharrp
234
200
254 Apr
254 281
434 Feb
75 American Cigar common 100 z74
76
Amer Gas & Elec new ._.(t) *74
Manufacturers Flnance_25
58 5334 Mar 5
5354 5334
634 Feb
(7) •84
09
Preferred
86
8% pref new
100 97
1 2234 Apr 2434 Feb
2d preferred
25 2254 2234 2234
,
Deb 135 2014
MAN 9612 9712 Amer Machine & Fdry_ _100 165 185
Trust preferred
5 2254 Apr 24
25
223.4 2234
Feb
British-Amer Tobac ord. El .2814 283
4
Amer Light & Trac corn.100 152 153
Maryland Casualty Co _.25 9234 89
9334 3,094 8234 Apr 9334 Apr
Preferred
Bearer
*2814 288
4 Merch & Min
100 95
El
143 115
Tr Co_ __I00
13034131
Jan 130
Mar
Ame•Power & Lt common.. 54
55 Imperial Tob of CI B & Irel'd 2314 2414
125 2
Monon Vail Trac, pref _25
2134 22
054 Jan 2234 Jan
80
Preferred
100 86
8712 Int Cigar Machinery.
100 75
Mortgage & Acceptance..'
90 1334 Jan 1534 Mar
15
15
96 Johnson Tin Foil & Met_100 65
80
Deb Os 2016
M&S 95
63
Mt V-Wood Mills v t r_100
954 11
934 Apr 15
Jan
MacAndrews & Forbes..100 154 157
AMer Public UM corn._.l00 75
169 55
Preferred v t r
Mar 66
100 6034 6534 6034
Jan
Preferred
91
7% prior preferred____100 87
100 100 103
4454
150 423.4 Jan 45
44
New Amsterdam Cas Co.10 44
Feb
Mengel Co
45
4% partfc pref
100 77
100 43
50 7534 7854 7834
204 7654 Jan 783.4 Apr
Northern Central
54 Porto Rican-Amer Tob 100 40
Aseioclated Gas & El pf_.(i) 52
45
110 12634 Jan 13354 Feb
Penne Water OC Power_100 12954 12934 130
43
Secured gold 654s'54..J&J 100 102 Universal Leal Tob com-100 40
30 10134 Apr 101.54 Apr
Public Service Bldg p1.190
10134 10154
Preferred
82
95
Blackstone ValG&E corn 50 *80
100 90
20 25
28
Roland Park Homeland..'
28
Jan 28
Mar
Carolina Pow & Lt corn... _ 333 338 Young (J fi) Co
100 127 130
100 13
Hilea Gel Corp
Mar 22
•
Jan
1434 1454
Preferred
Cities Service Co com
100 103 106
100 178 183
473 1634 Apr 1934 Jan
:hilted By & Electric_ _ _50 1654 1651 17
4
20 *358 3614
New stock
51 179
184 186
jS Fidelity Sr Guar
Jan 19133,4 Jan
50
17 82 4 Rubber Stocks (Cleveland)
Preferred
5
100 8
24 5134 Mar 533.4 Feb
/Vest Md Diary,Inc, pf_50 5234 52
5234
Preferred B
5
3
10 *712 7 4 Am Tire A Rub corn
•
100 44
44
44
Common
Apr 44
Apr
Preferred
35
Preferred B-B
100 *76% 7714
BondsFirestone Tire & Rub corn 10 *113 114
8
8
Cities Service Bankers Shares .177 188
3altimore Electric 518_1947
Mar 10034 Jan
10034 10034 153.000 100
6% preferred
35
Colorado Power common 100 33
100 9812 99
1,000 10354 Feb 10434 Feb
104 104
3ernhelmer-Leader 76.1943
7% preferred
Preferred
100 93
100 9814 99
1.000 79
79
Apr 81
79
3arolina Central 45..1949
Feb
18 General Tire & Rub corn. 50 •230 240
Com'w'Ith Pow Corp com(i) *116
4,000 8934 Jan 90
3har1esGonRyG&E5s_1999
90
90
Apr
Preferred
82
Preferred
100 81
100 101
Jan 10054 Jan
10034 100% 1.000 100
:Ionsolidated Gas 55-1939
93 Goodyear Tire & R com_100 29 4 30
8
Consumers Power pref_.100 91
1954 9434 9434 943.4 16.000 9254 Jan 9434 Feb
General 4%s
03 Goody'r T & R of Can pf 100
93
Elec Bond dr Share pref _100 101
7.onsolG, EL & P4345'35
9654 9634 5.000 9334 Mar 9734 Mar
Mason Tire & Rub com_(3) •23
(I) •12
14
4 314
Elec By Securities
3,000 109
1951
Jan 110
Series D 6%s
10934110
Mar
04
Preferred
22
Lehigh Power Securftles_(5) *103
100 18
1,000 i0454 Jan 10734 Apr
1949 10734 10734 10734
Series A 65
Miller Rubber
42
23
Mississippi Riv Pow corn 100 40
100 120
3,000 9354 Apr 98
94
94
)
onsol Coal ref 4%8_1934
Feb
Preferred
10112 03
93
100 91
Preferred
100
9934 9934 2,000 9854 Jan 999.4 Feb
•
3avison Sulp & Phos Os'27
993 Mohawk Rubber
4
First mtge 55 1951---J&J 99
100 35
9734 9734 40,000 9754 Apr 100
llkhorn Coal Corp 65_1925
Jan
Preferred
70 16S F g deb 75 1935...M&N 10212
78.000 963-4 Apr 983-4 Jan
9634 97
rairmont Coal 5s
1931 97
(:) *244 247 SelberlIng Tire & Rubber (5) •19% 2012
Nat Power & Lt com
923.4 9234 2,000 92
.exington (Ky) St 55_1949
Jan 93
Mar
Preferred
99
Preferred
100 991 101
(I) *97
100 10034 3.000 100
Jong West Penn 6s..1928 100
Apr 10054 Mar
Income 75 1972
J&J 101 102 Swinehart Tire & K com_100
11.000 9734 Jan 98
9734 98
Apr
Preferred
16- forfolk Street Ry 53..1944
North States.Pow com_ _100 108 10912
100
10034 10034 5,000 100
ltandard Gas Equip 081929
Jan 10034 Feb
99
Preferred
100 96
fatted E L &P 4%5_1929
9834 9834 1.000 983E Jan 9834 Jan
Sugar Stocks
45
Nor Texas Elea Co com_100 40
4,000 6834 Apr 70% Jan
8834 69
rnited fly & Elec 45..1949 69
70 Caracas Sugar
Preferred
100 65
50 •312 412
4954 50
11,000 4954 Apr 6234 Jan
1949
Income 4s
96 Cent Aguirre Sugar corn_ 20 *8412 8012
Pacific Gas & El 1st pre!_100 05
70
70
2.000 70
1936
Funding 59
Apr 74
Jan
Fajardo Sugar
12
Power Securities com
100 116 120
(5) *7
9854 99 25,000 9854 Apr 9934 Jan
1927
Os
(I) •25
28 Federal Sugar Ref com 100 47
51
Second preferred
9354 27.000 93
1940 9354 93
65
Apr 9634 Jan
Preferred
02
90
Coll trust Os 1949_ __J&D *88
100 80
5054 17.000 58
VVash Balt& Annat)551941 5854 58
Apr 6634 Feb
74 Godchaux BUM Ino (I)
Incomes June 1949__F&A •70
Preferred
52
45
100 43
Puget Sound Pow A Lt-100 50
•No par value.
Holly Sugar Corp corn-ft) *35
88
37
6% preferred
100 83
Preferred
100 104 107
93
Philadelphia Stock Exchange.
7% preferred
100 90
-Record of transactions
let & ref 634s 1949_ _J&D 9814 9914 Juncos Central Sugar_ _100 90 125
at Philadelphia Stock Exchange, April 18 to April 24, both
National Sugar Refining_100 103 105
53
Republic By & Light._.100 52
92
inclusive, compiled from official sa es lists:
79 New Niquero Sugar_
100 88
100 78
Preferred
2
5
08 Santa Cecilia Bug Corp pf100
South Calif Edison con2_100 107
Savannah Sugar corn....
Friday
Sales
8% preferred
100 118
(5) 100 103
Preferred
Last Week's Range for
99
100 100 103
Range Sinter Jan. 1.
Standard G,SE17% prof 100 96
ofPrices.
Sale
95
Week.
Tennessee Elec Power (0 •5912 6012 Sugar Estates Oriente p1_100 90
With warrants
98 100
Par. Price. Low. High. Shares.
75%
StocksLow.
Second preferred
(I) *78
High..
35
Western Power Corp__ 100 33
IndustrIsi&MiscsIlansous
95
Abbotts Al Dairy pref__100
95
91
70 93
Preferred
100 90
Jan 96
Jan
American Hardware____100 87 89
47% 48%
Alliance Insurance
10
31 37% Jan 50
92
West Missouri Pr 7% pfr __ 90
Mar
Babcock & Wilcox
100 100%
Amer Elec Pow pref...100
100 132 134
45 96
Short Term Securities
Jan 10454 Apr
17
American Gas of N J__ _100 157% 157 159%
Anaconda Cop Min 68'29.1&J 10312 10312 Bliss(E W)Co new
1,717 135
(I) •14
Jan 2175( Mar
9315
Preferred
58
50 *52
Federal Sug Ref 65'33 _MAN 93
American Stores
4,297 455( Jan 57% Mar
• 5454 54% 55
108% 109%
Hocking Valley 58 1926 MAO 10011 1007 Borden Company 180M-(t) *145 147
Bell Tel of Pa pref
146 107% Mar 110
8
Mar
Preferred
99
99
KC Term Sty 8344 31 jszr _
Brill(J G)Co pref
100 109 111
100
84 96
Jan 100
Feb
35
39% 3934
100 30
Cambria Iron
110 38
0.1.014a
50
1926 10112 10184 Celluloid Company
Jan
Mar 40
Lehigh Pow Sec Os '27.F.1414 1012* 1013
Preferred
29
Congoleum Co Inc
100 83 87
30
•
525 29
4
Feb
Apr 41
Sloes-Sheff Sdr1 Os '25.F&A 10114 1015 Childs Company pref. -100 115 117
26
26%
East Shore G & E 8% pf_25
4
12 25
Feb 26% Feb
07
30
II El Rubber 7%61930_ _ F.411 10514 10512 Hercules Powder
100 104
30
Eisenlohr (Otto)
100 30
50 30
Feb
Apr 41
Joint Stk Land Bk Bonds
Preferred
63
63
Electric Storage Batt'y..100
100 106 108
50 6154 Apr 7034 Feb
Chic Jt Stk 14 Bk 58_1951 1024 10314 International Sliver prer_100 107
27
32%
Giant Portland Cement_50 32
014
842 173E Jan 32% Apr
21
80
Se 1952 opt 1932
Preferred
10314 Lehigh Valley Coal Baled 50 078
50 513,4 5054 51%
604 46
Jan 5134 Apr
110402112 104 Phelps Dodge Corp
1
45
1518 1963 opt 1933
45
100 105 110
General Refractories
•
30 45
Apr 5854 Jan
6%5 1951 opt 1931
45
5254
Insurance Co of N A.___10 6234 52
10512 Royal Baking Pow com_100 141
627 4634 Feb 70
Jan
d3Es 1952 opt 1932
03
50% 5154
Preferred
100 101
10112 10214
Rots full paid
51
220 49% Apr 54
Mar
434s 1952 opt 1932
47
Singer Manufsoturin8---100 243
22
22
Keystone Telep pref.....50
13 20
Apr 2754 Feb
434s 1964 opt 1934
4
10084 1011s
4
Lake Superior Corp_ --100
185
4
Apr
7% Feb
45(5 1963 opt 1933
10112 10214
8734 9154 2,569 8014 Mar 100
Lehigh Navigation
Jan
50 89
Pao Coast of Portland. Ore..
Lit Brothers
2234
10 224 22
Apr 2854 Jan
82 22
J&J 10278 1037
8
5s 1954 opt 1934
63
Penn Cent LAht &
63
60
Jan 64% Mar
43% 44% 4,215 425E Apr 48% Jan
Pennsylvania RR
ao
r .Pe(share. $ No par value. b Basis. d Purchaser also pays accrued dividend. Pennsylvania Salt Mfg.
72
72%
-50
Mar 85% Jan
160 71
rNew stock. I Flat price. I Last sale. Ti Nominal. x Ex-dividend. y Ex-riglats. Phil Co(Pitt)P1
46% 46%
Apr 47
Mar
25 45
Cum %-50
oEx-stockldividend. *Bale price. r Canadian quotation.
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Coricludsd) Par. Price. Low. High. Shares.
25
Phila Electric of Pa
25
Preferred
50
Phila Gtm & Nor
Phila Rapid Transit_ _ _ _50
Philadelphia Traction_ _ _ 60
50
Praia & Western
50
Preferred
Scott Paper Co pref _ _ _100
Tono-Belmont Devel_ _1
1
Tonopah Mining
Union Pass Ry
50
Traction
Union
50
United Gas Irript
50
111Preferred
Victory Pk & 'rapt Co_ _10
West Jersey & Sea Shore_50
50
Westmoreland Coal
Bonds
Amer Gas dr Elec 53_ -2007
2007
Small 5s
1948
Bell Tel 1st 5s
Consol Trac N J 1st 58.1932
Elec & Peop tr cts 4s_ _1945
General Asphalt 6s...1939
Interstate Rys coil 4s_1943
Keystone Tel 1st 5s _ _ -1935
Lake Superior Corp 5s 1924
Phila. Co cons & stpd 58 '51
Pas Elec 1st s f 4s__ _1966
1960
s
1966
1st 55
1947
Et 555s
1947
Small 5548
a
1953
1
2 5548
1941
- 6s
Phil & Read Term 5s_ _1941
1937
York Rys 1st 55
38
4454
5874
1534
112
3934
8534
6234
10234
84
100
10134
10554
10554
9334
3754 3834
3734 3734
12454 1243.4
45
43
59
58
1534
15
36
36
98
98
he
ors
154 211,
112 112
3954 3934
8454 87
5734 5754
4
4
36
36
4554 4554
9234
88
90
90
101 101
75
76
6254
62
10254 10234
60
58
8534 87
18
18
9554 9534
84
84
9954 10054
10154
101
10534 10534
104 104
10534 10534
10734 10734
10454 10454
9354 9354
Range Since Jan. 1
Low.
High.
8,197 3734 Apr 4534
1,036 3734 Apr 45
10 12354 Apr 125
Jan 51
7,429 40
Apr 6354
320 57
Mar 1834
490 15
15 3554 Jan 37
Jan 98
110 96
Isiz
54 Jan
300
8.570
254
154 Mar
Jan 112
100 110
949 3934 Mar 44
8,245 7954 Mar 9654
397 5634 Mar 5834
4
4
Apr
120
10 36
Mar 40
100 4534 Apr 57
Feb
Feb
Mar
Mar
Mar
Jan
Mar
Mar
Feb
Feb
Apr
Mar
Mar
Mar
Apr
Jan
Jan
Apr 9234
Jan 90
Jan 10134
Jan 7834
Feb 65
Jan 103
Jan 60
Jan 87
Jan 23
Jan . 9554
Apr 85
Mar 10034
Jan 102
Jan 10534
Apr 104
Feb 106
Jan 10734
Feb 10434
Jan 9454
Jan
Apr
Feb
Mar
Mar
Mar
Apr
Apr
Feb
Mar
Mar
Apr
Jan
Apr
Apr
Jan
Mar
Apr
Mar
$5,600
4,000
500
5.000
25,200
12.000
25,000
56,000
5,000
7,000
1,000
40,500
51,600
14,000
500
3,000
11,000
2,000
2.000
87
88
101
7334
60
100
5034
8234
17
9354
82
99
10034
10334
104
10434
106
104
92
•No par value.
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange April 18 to April 24, both inclusive,
compiled from official sales lists:
Stocks-
2133
TILE CHRONICLE
APRIL 25 1925.]
Sates
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares
Range Since Jan. 1.
Low.
420 2034 Apr
2134 22
All Amerlea Radio cl A....5 22
Mar
705 89
9134 92
Amer Pub Serv prat_ _ _100 92
Apr
85 49
60
49
American Shipbuilding _100 50
Mar
731 90
91
Armour &Co(Del) pref 100 9054 90
847 8454 Apr
100 8534 85
86
Armour & Co pref
2034 2054 1,865 1934 Mar
Common cl A v t c_ _25 2
034
48 1134 Apr
1134 1134
Common cl B v t e - 25
50
15
4
4
334 Jan
Armour Leather
295 5034 Feb
5334 54
Balaban & Katz v t o_-__25 54
Jan
65 95
100
100 100
,preferred
550
434 Apr
454 534
Beaver Board v t c 13
Apr
100 27
27
27
Preferred certificates.100
Mar
550 24
13endix Corp class A.-__10 2754 2734 28
610 243.4 Mar
• 2634 2
634 2634
Borg & Beck
150 1134 Jan
13
10
13
Bro.
Bunte
Jan
92 84
87
87
Central Ill Pub Serv pf _ _•
% Apr
100
Yr
X
Chic City & Con Ry pt eh_•
334 Apr
320
4
4
•
434
Preferred
Apr
26
30 26
26
Chicago Nipple 81fg el A 15
1
Feb
1
1
200
1
Gmeago Rye part etts ser 2_
54 Mar
700
%
54
Part c tf series 3
10 400
Feb
400 400
Chicago Title & Trust_ _100
Commonwealth Edison 100 13334 13034 13334 2,245 13034 Apr
454 15,260
4
4
334 Mar
Rights
Mar
30
100 30
30
Consumers Co pref ____100 30
954 1,325
9
834 Jan
934
•
Continental Motors
Apr
56
39 56
56
25 56
Crane Co
10 113
Apr
11434 11434
100
Preferred
Jan
98
985 79
95
Cudahy Packing Co_ _ _100 98
154 Apr
154 234 2,425
Daniel Boone Wool Mills 25
Jan
97
60 83
95
100 95
prat
Deere & Co
100 11554 Feb
121 12134
100
Diamond Match
100 2334 Mar
2634 2634
& Co Inc class A..5
Evans
3234 333.4 4,708 3134 Apr
• 33
Fair Co(The)
Mar
160 104
104 10534
100
Preferred
Apr
100 12
13
12
Bros(G dr M)Co_.•13
Foote
Jan
4
100
•
534 554
Gill Mfg Co
Jan
3
300
754 754
•
Godchaux Sugar
935 947-4 Jan
12034125
& D_ _ _100 123
Great Lakes D
1634 1734 9,685 1454 Mar
10 17
um,Motor Co
160 4134 Mar
• 4434 4434 4434
Hurley Machine
775 2954 Apr
2934 2934 30
Illinois Brick new
Jan
35 85
9134 9134
Illinois Nor Utilities pf-100
Apr
225 50
5834
58
linden Pneumatic Tool__ •
Apr
435 39
4034
39
Kellogg Sw itchboard. _ _25 39
70 8534 Jan
9255
Kentucky Ilydro-Elee_100 9254 90
25 66
6534 6834 3,780 3554 Jan
Kraft Cheese Co
855 Apr
654
1,200
654 6%
Libby, McN & Lib new_10
195 3754 Apr
38
3854
McCord Radiator Mfg A_•
•
Mar
250 13
14
14
McQuay-Norris Mfg
6,310 8254 Feb
95
Middle West Utilities_ _ __• 8854 88
100 97
96
9754 3,060 9134 Jan
Preferred
Jan
2,035 98
prior lien preferred-100 10254 .10054 103
3854 3734 3834
815 3234 Jan
Midland Steel Products..
280 9834 Apr
Midland Util prior lien-100 9934 .985 9934
Mar
1,500 42
Morgan Lithograph Co_ _• 443.4 4234 45
Feb
100 120
123 124
-100
Nat Carbon pref. new- 10
454 Apr
806
4% 4%
National Leather
Apr
Corp con par A 1w a 4034 -3954 41341,800 37
Niter
gg
Apr
933440 90
-100 0334
Nor West UM pr in Pf
Jan
20 90
93
93
Omnibus pref A w 1--- -100
330 1454 Apr
15
1534
trust ctfs w 1..• 15
voting
% Jan
i
gi
400
Philipsborn's, Inc, tr ctf-1
30 1934 Apr
1954 1954
10 1954
Pick (Albert) & Co
5 5554 5154 5754 12,325 5154 Apr
pines Winterfront A
475 10754 Jan
• 11754 11234 118
Serv of Nor Ill
Pub
Jan
695 108
113 11854
_ma
Pub Serv of Nor ni.
Jan
115 92
100 95 • 9354 95
Preferred
24 10454 Jan
106 107
100 107
preferred
7%
Apr
135 95
95%
• 9554 6 95
sQuaker Oats Co
10 10254 Jan
10434 10434
100
Preferred
Mar
20.155 48
59
Mills_10 5754 51
Real Silk Hosiery
10 1634 111554 1654 2,125 1434 Mar
Boo Motor (The)_ _25 2454
Mar
975 21
2434 25
Car Co
Ryan
4654 1,805 4034 Jan
4534 44
Standard Gas & Elec._ -• 51% 50
Jan
235 50
51%
50
Preferred
61
6434 31,600 5534 Mar
Speedom _• 62
Stew-Warner
1,730 10954 Apr
100 10955 10934 11034
Swift & Co
15 2634 2654 2834 6,300 2634 Apr
Swift International
Jan
48 45
46
46
25
Thompson (.1 R)
Mar
65
Carbide & Carbon_• 6634 6554 6734 9,409
50
yi Feb
Union
3% 3A
355
Wks v t c.50
United Iron
United Light & Power
47% 45% 473.4 2.110 4454 Mar
Common cl Awl a____•
Jan
28 49
57
57
1 a. •
Common el 13 w
Apr
345 81
8154 8234
82
preferred CIA w Ia..-Jan
800 42
4854 4934
•
cl B WI a
Preferred
Feb
5,415 112
20 15134 14234 154
Jan
10 112
J iii Gypsum
11554 11554
MO
Preferred
2,050 3954 Mar
a
43
40
A_5 42
unity Theatres Cone el
1,605 2234 Mar
2334 26
26
.
. ., Lt el
Utilities Por &pro, A._'
Mar
335 14
15
15
__ •
-_
eS
High.
3654
9334
60
9634
94
24
15
534
5534
100
7
3954
36
2834
14
9154
134
934
3034
2
%
400
139
434
4934
1054
70
118
10834
754
97
122
3034
3554
10934
16%
6
9
12934
1934
56
3034
9234
70
48
9234
70
954
42
1754
10234
9836
10334
42
10034
47
124
654
4154
95
9554
1734
134
2334
74
118
11854
96
10734
400
105
7534
2234
33
47
5354
7754
12054
36
48
733.4
5
51
60
8634
50
154
118
53
26
24
Friday
Sales
Last Week's Range for
. Sale
o Prices,
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
'
Range Since Jan.
Low.
16
• 16
Wahl Co
1654
360 15
Ward(Montgomery)&Co 101 4734 46% 48%
2,085 41
114% 114%
100
Preferred
65 11254
Wolff Mfg Corp
8
5%
200
7
12
Wolverine Portl'd Cam_ _10
12
20 11
• 49
4854 50
Wrigley Jr
2.495 4654
35
Yellow Cab Mfg el 13_10 35
3854 2.210 32%
Yellow Cab Co. Inc(Chle)• 4834 4854 49%
1.362 48
Bonds
Chicago City Ry 5s_..1927
753.4 77 $15.000 74
49 157.000 46
Chic City & Con Rys 55'26 4634 46
55
55
1.000 54%
Chic Rys 5s, Ser A _ _1927
1927 38
45, Series B
3754 3854 11.000 35
101
101
Commonw Edison 55_1943 101
15.000 10054
99
99
Swift & Co 1st s f g 5s_1944
3,000 98
1.
High.
Ian 23)4
Mar 55%
Apr 115
Jan 10%
Apr 1434
Jan 5254
Feb 43
Mar 55%
Feb
Jan
Jan
Mar
Jan
Feb
Jan
Jan
Apr 84% Mar
Mar
Apr 63
Apr 69)4 Mar
Apr 4654 Mar
Jan 10954 Apr
Apr
Jan 99
• No par value. x New no par value stock on basis of 4 new shares for each old
$100 par share.
Pittsburgh Stock Exchange.
-Record of transactions at
Pittsburgh Stock Exchange April 18 to April 24, both infrom official sales lists:
clusive, compiled
Stocks
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Par. Price. Low. High. Shares.
91
585
90
Am Wind Glass Mach_ _100 90
100 95
9554
220
Preferred
94
554
995
5% 554
Arkansas Nat Gas, com_10
5% 5% 2,334
Carnegie Lead & Zinc_ _ _ _5
53,5
Citizens Traction-See Not e belo
190 190
10
Colonial Trust Co _ _ _ _100
128
Duquesne Light, pref._100 10754 10754 10754
2
140 140
Farmers Den Nat Bank.100
100
33% 3354
Federated Metals
15
400 400
Fidelity Title & Trust. _100
13
103 103
Barb-Walk Refrac, pref100
2%
211
155 2%
Indep Brewing, corn__ _50
6
6
60
5
Preferred
50
113 113
111
Jones & Laughlin. pref_ _25
220 220
3
Keystone Nat Bank
25 39
1,590
3854 39
Lone Star GM
335
12% 1354
Nat Fireproofing, corn. 50
930
3254 33%
50 3334
Preferred
25 3134 31% 32
1,857
Ohio Fuel Corp
1
50
1354 1354
Ohio Fuel 011
29
290
29
Oklahoma Natural Gas_25 29
29
10
29
PittsBess & L E RR,com.50
50
254 2%
Pittsburgh Brew,com_ _ _50
234
365
7% 754
50
Preferred
100
86% 8654
Pittsburgh Coal, pref_ _100
7
7
10
7
Pittsburgh Oil & Gas_ _ _ _5
278 280
357
Pittsburgh Plate Glass_100
39
46
39
Pitts Term Whse & Transf_
25
37% 3753
Rich & Boyn, prior pref._•
225
754 7%
10
Salt Creek Cons Oil
Standard Plate Glass, corn -See Note below.
215
9354
92
_
Stand Plate Glass, prior pf.
204
Stand Sanit Mfg, corn_ _25 10634 106% 107%
20
105% 105%
Insurance_50
Superior Fire
100
13
13
25
U S Glass
350
100 100
West'house Air Brake...50
Bonds$1,000
109 109
MononRivConC&C6s_1949
-Se e Note below.
Pitts McKeesp & Connellsv 5s
2.000
99
99
West Penn Rys 5s _ _ _1931
89
5.000
89
West Penn Traction 5s 1960
Range Since Jan. 1.
Low.
High.
88
Jan 100
94
Apr 100
5% Jan
8%
4
Jan
8%
190
105%
140
3354
390
103
134
4
111%
220
32
1154
31%
31
12
26
29
154
6
86%
654
257
39
3754
7%
Jan
Jan
Apr
Apr
Feb
Mar
Mar
Feb
Jan
Apr
Jan
Jan
Jan
Apr
Mar
Jan
Apr
Mar
Mar
Apr
Apr
Jan
Apr
Feb
Feb
200
107%
140
41
400
103
2%
6
114
220
40
1454
354
3454
16%
3154
29%
254
8
99%
8%
295
39
40
9
Mar
Feb
Feb
Mar
Feb
Apr
Apr
Jan
Mar
Mar
Mar
Apr
Mar
Apr
Feb
Feb
Jan
Feb
Mar
Feb
Jan
Jan
Apr
Jan
Feb
Feb
Apr
Feb
Feb
Feb
Mar
Jan
Feb
Feb
Feb
Feb
Jan
Mar
Jan
Jan
92
Apr 98
Apr
Jan
102
Feb 136
Jan
10554 Apr 11054 Apr
Jan
Apr 2054 Jan
13
Feb
Jan
Apr 113
97
Jan
Mar
Apr
108% Jan 109
Jan
Jan
Apr
9554 Jan 99
Jan
Feb 89
87
API.
Mar
Apr
• No par value.
Feb
-Sold last week and not reported: 16 shares Citizens Traction Co. at 37;
Note.
Jan
corn., at 1354: $2,000 Pitts. McKeesport & ConMar 20 shares Standard Plate Glass,
Jan nellsville 5s at 98.
Jan
-Record of transactions at
St. Louis Stock Exchange.
Feb
Feb St. Louis Stock Exchange Apr. 18 to April 24, both inFeb clusive, compiled from official sales lists:
Jan
jaws
Apr
trust
Range Since Jan. 1.
Apr
Last Week's Range for
Week.
Jan
of Prices.
Sale
High.
Low.
Mar
Par. Price. Low. High. Shares.
StocksMar
Mar
Feb 210
Mar First National Bank__ _100
5 205
20954 209%
148
30 14754 Feb 15054 Feb
Feb
Nat Bank of Comm'ee_100
Mar
Mar 179
Mar State National Bank _ _ _100
10 175
177
Feb
Apr 400
Apr Mercantile Trust
50 396
396 396
100
Apr
Apr 45
Jan Title Guaranty Trust_ _100
4 45
45
Jan United Railways, pref _100
454 Jan
734 Feb
32
• 434
Feb
7
Apr
Jan
50
43.4
434
Preferred certif of dem,
Feb
Apr Berry Motor
Apr 24
100 23
23
23
•
Jan
Jan Best Clymer Co
63 4254 Feb 46
4354
•
Jan Boyd-Welsh Shoe
113 4054 Apr 5054 Jan
•
4134 42
Feb Brown Shoe, prat__ ___100 99
38 9834 Apr 10054 Feb
9854 99
Mar Bruce (E. L.) common __ 38
Apr 3834 Apr
220 38
3854
38
Jan
Apr
Apr 100
70 100
100 100
Preferred
Feb Cert-teed Prod.Ist pfd. 100
Jan 9454 Mar
55 87
933-4
Jan
Feb
Jan 82
10 77
8254
Second preferred_ __ _100
Mar Ely & Walk DG,corn .25 2434
Feb
20 2234 Jan 25
2434 2434
Mar
Apr
Jan 103
20 102
103
100
First preferred
Mar Emerson Elec Pf
Jan 10054 Feb
100 96
97
100
Mar Granite BI-Metallic
Apr 30e Ap
25c
10
Mar Hussman Refr, corn
Feb
105 3734 Mar 45
3854
38
•
Feb Hydr Press Brick, corn. 100
834 Feb
Jan
6
75
7
7
Feb
Jan
Jan 95
105 81
90
8954 89
100
Preferred
Feb
Jan Huttig S & D. corn
240 3134 Mar 40
3254
•
Apr
Apr Internat Shoe, common_ • 125
Feb 125
560 115
120 125
Feb
156 11754 Mar 12054 Mar
119 120
150
Preferred
Feb
Mar 5234 Jan
50 40
42
4234
•
Johansen Shoe
Apr
Mar Johnson-S. & S. Shoe_ _.•
Jan 135
5 118
135 135
Mar
Jan Laclede Gas Light, pf _100
Jan 86
12 81
85
Jan
Jan Laclede Steel Co
25 13234 Apr 156
13254
100
Apr 3434 Feb
Jan F Medart,common
10 303.4
3054
•
Apr Missouri PortI'd Ceml.25 48
405 4154 Jan 4854 Apr
4634 4854
Mar 4554 Mar
Apr Pedigo-Weber Shoe
75 40
43
43
•
Mar
Jan 110
Apr Rice-Stlx D G,1st pref. 100
107 107
10834 10354
Apr
Mar Bkouras Bros, A
Apr 37
3,282 36
37
36
37
Mar Scullin Steel, pref
15 1013.4 Apr 10234 Mar
10154 10154
100
Feb Southwest Bell Tel, p1_100 10934 10854 10954
47 10754 Mar 11034 Mar
Feb
Feb Wagner Elea, corn
921 2654 Jan 50
3854
• 37
33
Apr 90
Mar Wagner Elec Corp,pref.100
Feb
55 SO
82
80
Jan
Bonds- ..
Mar E St L dr Sub Co
Feb
8454 84% $6,000 84% Apr 86
_1932
Apr 8334 Jan
Feb St L & Sub Ry gen M55'.23
5.000 80
80
5s_Jan
Jan United Railways 4s_ _ _1934 7054 70
7054 77,000 693-4 Mar 74
Apr 7354 Jan
Feb
6834 40,000 68
6854 68
4s real( of deposit
Jan
Apr
• No par value.
Feb
-Below is a record of the
New York Curb Market.
Jan
transactions in the New York Curb Market from April 18 to
April 24, both inclusive, as compiled from the official lists.
in our issue of July 2 1921, the New York Curb
mar As noted
on June 27 1921 transferred its activities
Apr Market Association
Jan from the Broad Street curb to its new building on Trinity
Jan
the Association is now issuing an official sheet
Jan Place, and
Jan
which forms the basis of the compilations below.
Jan
Jan
Feb
2134
THE CHRONICLE
Friday
Sales
Last Week's Range for
OfPrices.
Sale
Week.
Par. Price. Low. High. Shares.
Week Ended April 24.
Stocks-
Indus. & Miscellaneous.
Adirondack P & L com..100
7% preferred
100
•
Allied Packers.com
Amalgam Leather com_ *
Amer Car & Fdy new w
Amer Gas & Electric
Common
•
Preferred
•
10
Amer Hawaiian SS
Amer Laundry Machinery.
corn..100
Amer Lt &
Amer Multigraph,com_ __•
Amer Pow & Lt corn new_'
100
Preferred
Am Superpow Corp. Cl A-.
•
Class B
American Thread pret__ _5
25
Apco Mfg class A
Appalachian Pow com_100
Arizona Power com_ _ _ .100
Armour & Co (Ills) comB25
Armour Leather com__ _ _15
Artloom Corp, corn
•
Preferred
100
Assoc Dry Goods new w
Asaoc 0 & E Class A_
•
Atlantic Fruit & Sag__ •
Blyn Shoes, Inc, coin_ _ _10
Bolasonnault(C) Co
•
Borden Co common__ _100
Subscription stock w 1.50
Preferred
100
Botany Cons Mills CIA 50
Brazilian Tr, L dr P_ _ _100
Bridgeport Machine corn..
-Am Tob ord bear_ _£1
Brit
Ordinary registered_ £1
Brooklyn Borough Gas_ •
Brooklyn City RR
10
Brown & Will Tob cl B.10
Bucyrus Company corn 100
Buffalo General Elec new.
Car Mg dr Power, com..25
Celluloid Co prat
100
Cent Teresa Sugar,com_10
Centrifugal Cast Iron Pipe.
•
Chapin-Saari, Inc
Chatterton & Son
10
Chic Nipple Mfg,Class 1.50
Chrysler Corp w 1
One Ind & W RR v t c -1001
100
Preferred
Cities Service, com__ _100
20
New when Issued
Preferred
100
Preferred B
10
Bankers' shares
Cleveland Automobilecom•
Preferred
100
Colombian Syndicate
Com'wealth Pow Corp_ •
Corp....'
Preferred
58%
7,400
30
400
200
200
Low.
High.
Apr
Feb 59
33
Jan 101% Mar
99
Feb
Apr 10
5
835 Apr 10% Jan
Mar 114% Mar
98
74%
73
75
2,900 68% Feb 8234 Jan
8354 84%
500 83% Apr 8834 Mar
9% 951
1134 Feb 1331 Feb
100
92% 93
Apr
50 92% Apr 93
153
Jan 159
5,575 137
Apr
13831 159
1931
19
1954
200 18% Mar 21
Jan
5491 5431 56
6,000 48% Feb 6754 Jan
8654 8534 8631
Apr 89
450 84
Jan
29
700 26% Star 36
Jan
29%
2854 2834 2954
1,700 2754 Mar 3633 Jan
311r• 3'
3% Jan
200
4g, Feb
116
25
25
25
200 2451 Jan 2631 Mar
78
78
Jan
Feb 83
78
100 73
2131
100 1731 Jan 2454 Feb
2131 2155
12
12
3,100 11% Apr 15
12%
Feb
4
5% Feb
Apr
4
4
4
100
3894 3831 3831
Apr 53% Mar
400 38
9834 9835 9831
500 9854 Apr 101% Mar
46% 47
200 46% Apr 47
Apr
2831 28% 4,500 25% Mar 3()
Apr
85c
90c
85c
Jan
800 80e
1% Mar
4%
4% 4%
434 Mar
Jan
5
100
35c
35c 1,000 35c Apr
335 Feb
14531 145 14931
1,440 133
Jan 15434 Mar
69
6955
400 6735 Mar 6934 Apr
10931 10931 10931
20 106
Jan 109% Apr
4534 4431 4555 2,400 43% Mar 4834 Jan
4951 52%
900 49)5 Apr 60
Apr
8% 9
854
4% Feb
700
Apr
9
2713 273-4 2834 4,600 25% Jan
% Apr
2731 2731 2831
1,200 21% }eh 28% Apr
SO
80
100 54
Feb 80
Mar
8% 855
854
Jan
1,100
8
9% Feb
11
11
100 10
Jan 1134 Mar
130 134
225 121
Jan 142
Mar
50
50
100 50
Apr 50
Apr
4%
3% 434 13,600
134 Jan
4% Mar
83
84
40 83
Apr 97
Jan
60c
60c
100 50c
Apr 61c
Jan
15
15 • 16% 9,800 10
Mar 27% Jan
22% 21% 23
7,300 16% Jan 23
Apr
2
Feb 20% Apr
031 1931 2031 4,500 12
30
30%
200 29
Apr 33% Jan
7551 7531 8231
9,900 7551 Apr 82% Apr
Mi 12%
200 10
Apr 13
Mar
22% 22%
50 22
Apr 2231 Apr
179
1,300 175
Mar 212
17531 181
Feb
35% 3534 3
Mar 43
1,800 35
Feb
631
81% 81% 82
2,400 81% Jan 82% Feb
734 7%
7% Mar
400
7% Feb
17% 18
700 17% Mar 21% Feb
22% 21% 23
11.300 1931 Feb 23
Apr
94% 98
180 89
Apr
Feb 98
1% 1% 29,200 600
1%
Jan
231 Feb
11731 115 118
2,675 106
Apr 12633 Dui
8131 8131 8131
300 7934 Jan 82% Mar
3434 3414 3713
325 2551 Feb 50
Jan
3434 3431 35
2,400 31% Jan 35% Feb
118
117 11831 2,500 108
Mar
Jan 125
2531 2551 2631 28,500 21% Jan 29% Mar
95% 9555 96
2,100 9135 Jan 99
Mar
90
90
10 90
Apr 90
Apr
20% 21
300 20
Mar 26% Jan
3754 3755 3831 2,300 3754 Apr 39% Mar
24% 22% 25
1,800
6% Jan 26
Mar
97
97
97
100 80
Jan 108% Feb
60
60
100 55
Mar 66
Feb
26
26
100 26
Apr 3134 Jan
23% 23
24% 5,600 18% Mar 34
Feb
119 121%
275 119
Apr 130
Feb
2531 2331 2551 12,600 2311 Apr 2534 Apr
13
1331
1451
Apr 20% Jan
1,100 10
1635 1931 13,500 12% Mar 3534 Jan
1731
25% 26%
700 2533 Apr 31
Jan
70c
70c
100 50c Apr
134 Jan
17% 17
18% 5.300 15
Jan
Feb 21
2254 2,800 20% Apr 33
2131 21
Feb
730 101% Apr 104
Mar
10231 10131 10231
5631 5631 59% 10,700 55% Apr 9134 Feb
4331 4113 4311 4,400 40
Jan 48% Jan
18% 19% 85,200 13% Mar 1034 Apr
4951 49
Mar 50% Mar
5035 2,200 49
3251 3254 343-4
Feb
1.100 3213 Apr 42
831 8%
200
6% Jan 1134 Jan
480
480 495
Feb
Mar 524
40 462
16% 1755
600 1613 Apr 1851 Apr
76
82
Apr
7
Apr 82
76
8% 10% 2,200
831
7% Mar 33% Jan
12% 12
13
Jan
1,700
913 Mar 28
254 354
255
1,600
Apr 1734 Jan
2
8055 80%
150 80
Jan 8034 Apr
Cons Gas,E LAP Bait new*
Continental Baking,comA•
Common B
•
8% preferred
100
Cont Gas & El prior 0_100
Continental Tobacco__ •
•
Coty, Inc. w I
Cuban Tobacco v t c
Cudahy Packing
100
Curtiss Aero & M pref.100
Davies(Wm) Co class A..•
De Forest Radio Corp_ _ •
Del Lack & West Coal...50
Dodge Bros Inc. CIA w I. _
-Casting
Doehler Die
•
DubillerCondsr& Rad news
Dunhill International
•
Du Pont Motors
•
Durant Motors, Inc
Dus & Co. Inc. Class A_ •
Elec Bond & Share,pret 100
Elec Bond & Share Sec Cor
Leo Invest without wafts*
Electric Power & Light__ •
•
Eureka Vac Cleaner
Federated Metals Corp •
Film Inspection Machine *
Ford Motor Coot Can_100
Franklin (II H)Mfg corn.'
Preferred
Freed-Eisemann Radio_ --•
Freshman(Chas)Co
•
•
Garod Corp
General Gas & El com&pf•
Gen'l Outdoor Adverg 1ne
• 20%
Common v t o
Class A
• 46
Georgia L.P & Ry,eom.100
Gillette Safety Razor----' 65%
• 128%
Glen Alden Coal
Goodyear Tire & R.com100 30
•
Grennan Bakeries
Inc_Happiness Candy St elA_•
731
Hazeltine. Corp
• 20%
Hayden Chemical
•
2334
Imperial Tob of GB & Ire_
Intercontinental Rubb_100
6%
Inter Match non-vo t pi __- 39%
•
Int Utilities class A
Class B
5%
Inter Ocean Radio Corp. •
2
Jones(Jos W)Radio Mfg.'
Reiner-Williams Stmpg • 22%
• 24
Kelvinator Corn
10
Keystone Solether
25 66
Kralt Cheese
Landover Holding Corp A 1
Lehigh Power Securities_ - 10351
•
Lehigh Valley Coal Sales 50
Leh Vall Coal ctfs new _
3534
Libby, McNeil & Libby-10
6%
Liberty Radio Ch Stores--•
835
Marconi Wirel Tel ofCan 1
Marconi Wirel Tel of Lond
Maxwell Motors
-Cent Un
Tr ctf dep for Class B stk
McCrory Stores Corp warr
Mengel Co
100
Mesabi Iron Co
•
Middle West Utilities corn* 8851
Prior lien stock
100 103
Preferred
100 96
Midvale Co
•
Moore Drop Forging cl.A..• 6631
Motion Picture Corp
1755
Music Master Corp
• 10%
National Leather
10
5513 5813
99
99
5
631
851 834
99
9951
Range Since Jan. 1.
20% 2151
600
46
46%
600
.56
56
100
6554 67)5 5.800
128 128%
200
29
3035 13,700
17% 3.400
17
654 735 9,500
20
21% 3,200
1% 1%
600
23% 2435
400
6% 7
700
39% 3935
800
45% 46
200
854 1035
600
554 5%
700
2
291
500
22% 2251
100
24
2634 4,600
62c 70c
200
66
68
500
1355 14%
200
100 10351 3,800
80
325
8051
3535 3755 7,000
200
695 6%
855 9
13,800
155 1%
200
400
8% 8%
2031
46
3131
5714
117
24%
1534
13%
1533
113
21
554
3731
45%
8%
334
2
21%
1834
49c
66
8%
82
80
33
631
751
1%
8%
71%
43
4354
2%
8754
100%
96
24
65
1751
10
4
71%
43
30
295
8251
9854
91
24
63%
17
8%
4
76
1,000
43
100
45
380
2%
300
10,650
97
10355
970
20
96
24%
600
1,000
6635
500
17%
10% 2,900
300
431
[Vol.. 120.
Friday
Sales
Industrial and
Last Week's Range for
Miscellaneous Stocks
Sale
of Prices.
Week.
(Concluded). Par. Price. Low. High Shares
Range since Jan. 1.
Low.
24434 244 248
1,100
9735 99
50
242 244
110
6% 7% 5,200
11251 112%
175
83% 8251 8651
5,800
8251 82% 84%
500
40
3951 41% 4,900
7%
754 8
5,900
109 10955
20
97
95% 9755
120
9% 1151
994
700
15
15
1,000
93
9314
300
42
4255
600
1751 18
6,600
4331 4454
100
5255 5255
500
4354 42
44
2,300
43% 42
4334
400
39% 3954
200
51
5131
110
43
43
44
300
35
35
100
1051 1054
300
37% 3755 3951
800
4034 39
4154 1,800
110
101% 110
200
15% 1655
1651
5,200
551
5% 7
2,200
13
13
1351
1,600
1031
935 11% 4,000
13% 14
200
6
6
100
87
87
2
10651 10731
210
106 107
110
9035 9154
190
70
Sc 10c 151,000
63
62
6351
1.700
108% 10855 108%
30
22% 22%
100
92
92
92%
300
2534 2555 2595 1,600
6%
634 67-4
1,800
110
109 110
150
26% 26% 29
4,500
59
5855 60
1,600
75% 75
75%
275
8% 9
2,100
751 8
1,700
3% 354
700
4054 4034
200
7%
751 7%
100
66% 6554 67% 2,300
29
2954
200
4734
4551 4731
1,700
46
47
40
7
7
735 3,600
4334 4354
100
85c
1
1,400
235 1.200
2
2%
23
26
26
10,300
28
28
25
65
68
85
1,040
1251 1334
1,100
1535 1635 2,100
1535
1551 16% 11,600
16
34% 34
343.1
300
90% 90
9055
190
29% 2851 30
3.300
29% 28
30
3,000
3% 451 2,100
11% 11% 1354 3,600
26% 2655 2955 3,400
71% 71% 7335
2,400
14
13% 14
300
Rights.
Borden Co w I
Commonwealth Edison...
Continental Oil w
4%
83c
Former Standard Oil
Subsidiaries
Anglo-American 011_ _ El
Borne Scrymser Co_ _ _ _100
Buckeye Pipe Line
50
Chesebrough Mfg
25
Continental 011'tow 1_
Crescent Pipe Line
2
Cumberland Pipe Line_100
Eureka Pipe Line
100
Galena-Signal 011, com-100
Old preferred
100
New preferred
100
Humble Oil & Refining..
.25
Illinois Pipe Line
100
Imperial 011 (Can) new...
Indiana Pipe Line
54
Magnolia Petroleum_ _100
National Transit__ :12.50
Northern Pipe Line...-100
Ohio 011
26
Penn Men Fuel
25
Prairie Oil & Gas
25
Prairie Pipe Line
100
Solar Refining
100
South Penn 011
100
So West Pa Pipe Line.
.10
Southern Pipe Line_...l00
Standard Oil (Indlana)..25
Standard 011 (Kansas)_25
Standard Oil (Ky.)
25
Standard 011 (Neb)__--100
Standard 011 of N Y__ _ _25
Stand 011 (Ohio) tom-100
Preferred
100
Vacuum Oil
25
Mar 24% Feb
Apr
Apr 47
Jan 68% Mar
Jan 70% Apr
Mar
Feb 138
Jan 35% Mar
Apr
Mar 18
Jan
751 Jan
Mar 51% Jan
Jan
8
Apr
Jan 24% Apr
Jan
7% Apr
Jan 43% Jan
Jan 46%, Jan
Jan
Apr 17
Jan
Mar 14
Jan
9
mar
Jan 2313 Jan
Feb 3014 Mar
111 Feb
Jan
Apr
Apr 68
Apr
Other Oil Stocks
Jan 15
Jan Allen Oil
Feb 117
1
Amer Maracaibo CO
Jan
Apr 87
Mar 5031 Jan Arkansas Nat. Gas
10
934 Jan Atlantic Lobos 011 com___•
Apr
Jan Carib Syndicate
Jan
9
lute Mar Creole Syndicate
Apr
Jan Darby Petroleum
APr 10
Euclid Oil
Apr Federal Oil
Apr 78
Jan Gibson MCorp
Mar 55
1
Jan 51% Mar Gulf 011 Corp of Pa
25
433 Jan International Petroleum..'
Apr
Feb 10213 Mar Kirby Petroleum
•
Jan 10351 Mar Lago Petroleum Corp__ •
Apr Latin American Oil
Jan • 96
1
Jan 2851 Jan Livingston Petroleum_ _ •
Mar 66% Feb Marland Oil of Mexico_ --1
Mar 1834 Apr Mexican Panuco 011_ -10
Mar 21% Jan Mountain & Gulf OIL- -1
6% Jan Mountain Producers__ __10
Apr
155 2% 15,900
4%
4
900
72c 88c 175,700
25% 23% 2635
209
205 209
6051 6251
59
59
59
23% 2255 23%
10% 10%
144
143 145
78
78
7834
5454 55%
111 111
10054 10055
47% 46
4834
145 146
29
2855 2951
7031 7034
132
131 134
22
2255
83
83
6355 63
6451
38
40
54
5234 55%
117
115 118
215 215
16351 159 16431
6755 67% 6755
8155 8155
61% 61% 6351
31% 3051 31%
11855 115 11835
245
243 245
42
41% 4214
347
346 350
120 120
85% 84% 8755
65c
7%
2%
434
1335
231
6431
24%
6c
1%
4
20%
500
0%
5%
2%
334
1331
1
940
150
234
64
2334
351
8%
50
75c
3
60c
134
20%
65c
8
535
2%
5%
14%
1
970
15c
2%
65
25
351
634
To
134
4
600
1%
20%
53,290
30
160
100
32,900
100
300
40
200
10
10
10,600
110
8,100
20
290
200
10
2.800
600
7,200
1,510
20
820
10
30
35,900
500
4,100
70
5.600
260
10
7,900
10,000
53,100
800
300
13,800
12,600
100
800
5,000
2,600
2,700
30,000
800
29.100
89,000
6.000
3.400
100
1,600
4.400
High.
184% Feb
Jan
95
Jan
230
654 Jan
11055 Jan
82% Mar
8151 Mar
Apr
37
655 Mar
102% Jan
94% Feb
Feb
6
Mar
15
Apr
59
4031 Mar
15% Mar
4231 Mar
5231 Apr
Jan
33
Feb
40
3934 Apr
49
Mar
35
Apr
Mar
34
1051 Jan
Jan
35
37
Mar
96% Mar
15% Apr
5% Apr
13
Mar
934 Apr
1234 Mar
5% Apr
Apr
87
101% Jan
10434 Mar
88
Jan
Sc Mar
52% Feb
10634 Mar
Apr
22
Apr
91
25% Apr
631 Apr
109
Mar
26% Apr
48% Feb
73
Jan
654 Mar
651 Ma
334 Apr
38
Ma
5
Ma
65
Ma
25
Feb
44% Ma
41
Jan
Jat
4134 Apr
75c
Jan
114 Jan
2234 Ma
22
AP
65
AP
9
Mat
14
Feb
1434 Apr
30
Ma
8534 Jan
16
Feb
16
Jan
344 Feb
11% AD
2655 Apr
71% AD
13
AP
Apr
252
Mar
99
Jan
247
1153 Feb
114
Feb
2034 Feb
87% Jan
4134 Apr
8
API
Mar
111
99 I Feb
1134] Apr
1751! Jan
Feb
96
Feb
46
Jan
19
49% Jan
5231 Apr
Mar
46
Apr
44
Jan
44
3134 Apr
45
Mar
3753 Mar
1214 Mar
Jan
43
46 [ Mar
Apr
110
Mar
23
14% Jan
1434 Jan
1134 Mar
Jan
21
19% Jan
API'
87
Apr
108
Feb
107
Feb
92
Jan
100
Jan
66
10933 Feb
28% Feb
94% Apr
2731 Feb
Jan
10
Feb
120
3534 Jan
Apr
61
763£ Feb
2234 Jan
Jan
25
533 Jan
42 .Mar
24%; Jan
7334.1 Feb
38
Jan
5011 Jan
4933 Apr
1134 Mar
45% 1Jan
1)4 Jan
235 Jan
26
Apr
32
Apr
105
Jan
4011 Jan
16% Feb
16% Apr
38% Jan
9251 Apr
3031 Apr
3011 Apr
734 Jan
15
Apr
35
Apr
75% Apr
22
Jan
1% Apr
331 Apr
70e Mar
Nat Power & Light. corn.'
Preferred
•
National Tea
•
New Men & Ariz Land_..l
N Y Telep 635% Drat._100
Nickel Plate corn, new, WI.
Preferred, new, w
Niter Corp Class A w 1. _ _*
Northern Ohio Power Co.'
No State Pr corp com_ _100
Preferred
• 100
Nor States Pow Del war'tits
•
Omnibus Corp v t c
Series A
_100
Oppenhelm, Collins dzCo_•
preferred..
Paige-Detroit Mot Car_ _10
Pathe Exchange inc cl A.
Pines Wintcrfront Class A.
Power Corp of N V. corn.'
Pratt & Lambert. Inc_ _ _ _•
Pro-phy-lac-tic Br com_ •
Puget Sd P & L. corn_ _100
Purity Bakeries, Class A25
Class B
•
Pyrene Mfg
' 10
Reid Ice Cream Corp corn •
Rem NulselesaTypew,C1 A•
Preferred
100
Boo Motor Car
10
Rova Radio Corp tr ctfs •
Seagrave Corp,corn
•
Serv. El. Corp. cl A. w 1_ _
Silica Gel Corp.corn. v t c.•
Sleeper Radio v t c
•
Smith (A 0) Corp pref.100
Sou Calif Edison com_100
7% preferred Ser A__ 100
6% pref. Series 13_ _100
Southern Coal & Iron_ _ _ 5
S'eastern Pr dr Lt corn..'
Southw Bell Tel. 7% 1. •1•6
4
Spear & Co
Preferred
Stand Publishing Cl A._25
Stutz Motor Car
•
Swift & Co
100
Swift International
15
Tenn Elec Power. cora......•
Second preferred
Thermlodyne Radio
Thompson(RE)Radio vtc•
Tob Prod Export Coro. •
Todd Shipyards Corp_ _ ..•
Tower Mfg Corp
5
Union Carbide & Carbon.'
United G & E,corn, new.10
United Lt dr Pow corn A •
Preferred Class B
•
United Profit Sharing._ __I
United Shoe Mach'y corn 25
US Lt & Ht Corp, corn.10
Preferred
10
Utilities Pr & Lt cl A_ -•
Van Camp Packing pref _ _
Victor Talking Machine100
Ware Radio Corp
•
Warner Bros Pict, com__ •
Class A
i0
Western Pr Corp, cora_100
Preferred
100
White Rock Min Spgs corn'
Vot tr ctfs for corn stock*
Wickwire-Spencer St com.5
Wilson & Co (new) w I__ _ _
Class A w 1
Preferred w I
Yellow Taxi Corp N ___•
234 Mar
4% Apr
Pro Mar
18
205
60
4834
21%
10
132
z78
5434
108
100
4234
127
27%
70
130%
22
8134
62%
35%
50%
106
202
139
65
81
5934
3034
114%
243
41
338
117%
80%
Jan
Apr
Apr
Jan
Mar
Feb
Mar
Apr
Apr
Apr
Feb
Jan
Jan
Mar
Apr
Apr
Apr
Jan
Mar
Jan
Mar
Jan
Jan
Jan
Mar
Apr
Mar
Apr
Mar
Apr
Apr
Jan
Jan
Jan
480
2%
534
234
334
8%
50c
870
15e
133
6334
2255
2%
5
20
76e
1%
600
134
1854
Apr
Jan
Apr
Mar
Mar
Jan
Jan
Jan
Apr
Jan
Mar
Mar
Jan
Feb
Jan
Jan
Jan
Apr
Jan
Jan
26%
239
72
6431
31%
15%
150
96
65
113
105
49%
15413
3333
84
159
25%
88
7511
4433
65%
126
254
197
84
103
70
46
12433
270
4834
369
123
9631
Apr
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Apr
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Mar
Feb
Apr
Apr
Feb
Jan
Feb
Apr
Apr
Jan
Feb
Feb
Feb
Feb
Jan
Apr
Mar
Feb
Feb
Feb
Mar
2
2134 Mar
700
8
833
4
433
1413
1
970
250
3%
71
28%
634
73(
70
134
4%
Bonds
Allied Pack cony deb 65'39
88. Series II
1939
Alpine Montan St 78..1955
Aluminum Coot Am 7s '33
78
1925
Amer Beet Sugar 6s...1935
Amer 0 & E deb 68..2014
American Ice is
American Power & Light
6s old without warr 2012
644, new
Amer Roiling Mill 6s .1938
Amer Burnet Tob 7 368.1925
American Thread 6s_ _1928
Anaconda Cop Min 68_1929
Andian Nat Corp 68_ _1940
Assoc'd 81111D3008 Hardware
61.4*
1935
Atlantic Fruit 88
All G & W 1 SS L 54 1959
Bait & Ohio S W Div 58'50
Beaver Board Co 8s...1933
Bell Telep of Can be_ _1955
Beth Steel equip Th._ 1935
Boston & Maine RR 681933
Canadian Nut Rye 78
Chic RI & Pac 5318-1926
Cities Service 7s, ear B1966
Cities Service 7s Ser C_1966
Cities Service 7s Ser D 1966
Cities Serv Pr & Lt 68.1944
ConsG EL &P Bait
1951
6315 Series D
1949
Os
1941
Consol Textile 88
1935
Cuba Co 6s
Telephone 7%01941
Cuban
Cudahy Pk deb 554s_ _1937
1946
5s
1931
Deere & Co 7 358
1947
Det City Gee ets
Detroit Edison 6e _ _ _1932
Dunlop T&R of Am 7s 1942
Est RR of France 78 _ _1954
1933
Federal Sugar Cs
Gab (Robert) Co 7s_1937
.
-Signal Oil 78_1930
Galena
General Petroleum 68.1928
Grand Trunk Ry 6%8_1936
Gulf Mob & NorRa 5548'50
1937
Gulf Oil of Pa Is
Gulf Oil of Pa ser 5348_1920
1927
Serial 5348
1936
Hood Rubber 78
Internet Paper 814 w 1.1955
_1928
Italian Power 6 A s
Kan City Term fly 534s'26
Kaufmann Dept St's 68.'35
With warrants
10736
101%
97%
96%
106%
7734
90
91
107%
1013/
9754
96%
10534
79 $34,000 74
Mar 8414 Feb
91
26,000 84
Mar 94% Feb
91
12,000 91
Mar 9134 Mar
107% 12,000 106% Jan 10754 Apr
101%
1.000 101% Apr 102% Jan
9854 33.000 NA Jan 101% Feb
Jan 9754 Feb
9634 247,000 95
Mar 107
10634 52,000 103
Jan
95%
9531
102%
89
103%
103%
10436
95
95%
10134
88%
10331
10331
10331
9555
95%
1023-4
97
103%
103%
10431
107.000
54.000
9,000
49,000
2,000
22,00
89,00
935-4
95
100
88%
102%
102%
10334
Jan
Mar
Jan
Apr
Jan
Jan
Apr
9534
95%
102%
98%
104
103%
104,34
Feb
Mar
Apr
Apr
Feb
Jan
Apr
83
83%
21% 21%
66% 69%
98
98%
9334 943-5
98% 98%
10331 104%
87
88
111% 111%
101% 101%
164 164
117 118
102
101 102%
9354 93% 9431
14,00
1.00
181,00
78,00
16,00
94,00
23.000
3,00
14,00
16,00
2,00
6,00
91,00
172,00
81
1854
62
98
88
97%
103
8234
10834
10034
15031
III
983-5
92
Feb
Jan
Jan
Apr
Jan
Feb
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Feb
8454
27
70%
983-4
96
98%
10454
88
1123-4
10)3-f
178%
128
108%
9454
Mar
Mar
Mar
Apr
Jan
Feb
Jan
Apr
Apr
Jan
Feb
Feb
Feb
Mar
110 110
4,00
106 106% 10,00
85
86
16,000
9234 93% 201,00
10654 107% 8,00
9254 34,00
92
9034 91
12,00
10434 10454
1,00
10334 10334 35,00
114 115% 47.000
101 10154 27,000
81% 83 331,000
93
9334 15,000
99
0934
5,000
105 10554
5,000
101% 10134 10,000
10834 10835 22,000
9931 9931 5,000
9931 99% 2,000
100% 10034 10,000
10134 10135 1,000
,
102% 10354 4,000
96
98% 54,000
98
98% 40,000
10134 10155 3,000
10834
10434
80
9231
106
89%
90
104
102%
110%
100%
78%
92%
99
10434
10031
10531
99%
9831
10034
10131
102
95
9734
101%
Jan
Jan
Apr
Apr
Jan
Jan
AP
Jun
Jan
Jan
Jan
AP
Apr
AP
Jan
Jan
Jan
AP
Jan
Apr
Jan
Jan
Ma
Jan
Ma
110
106%
95
98
107%
95
92
105
104%
117A
10454
8855
99
1023-4
105%
10134
109
100
99%
10254
10134
103%
96%
9834
102%
Feb
Apr
Jan
Mar
Apr
Feb
Feb
Feb
Feb
Mar
Jan
Feb
Mar
Feb
Feb
Feb
Mar
Apr
Mar
Jan
Jan
Apr
Apr
Mar
Jan
9634
Apr
83
69
98%
9431
9836
103%
88
11131
10134
164
85%
92%
92
9031
10331
115%
10131
8231
93%
105
10855
9934
,
96
9851
101%
9654 9654
8,000
964 Ma
Foreign Government
and Municipalities
94
Bogota (Colombia)8s.1945
98
Gratz (City) Austria 88 '54
9834
Denmark (King)(is_ _ _1970 99
French Nat Mall SS 7s 1949 8031 7931
Indust Mtge Bk of Finland
1st M ooll e f 7s...;_1944 9231 9231
98
Medellin (Colombia) 8s'48
104%
.
Netherlands(Kingd)601.3 72
9931
Peru (Republic of) 88_1932
14%
Russian Govt 6348_ ..1919
1254
631% certificates__ _1919 13
1921
137-5
545
Switzerland flovt A As 192a 10134 10154
Vrtnrnal A ‘7. nntoa 1C150 1 nn.A Ion t,'
9431
98
993-4
8134
93
98
10434
9934
1431
13
1454
101 A
UM%
S20A8E292240.
AAAA
8Ae4A8XXEXrX
D.
XXXX AAAA X
XX
feetsIvEvezerevezEzgCteCglilil.ttvg.681.10.1MgtVitclaWaaggB
!lea
97
106
98
t.u.....p.p.4.4..t.
EEESSLIZEE
1003-4
9931
99
9834
9831
98%
98
9734
9734
1.,.W
1.., .. .0+
...
.,..
o o0
OW
oo
to .m o w. c.
q
A0A-4 w ,p OcoXOcoXmXMmXOmAWc
AAAA
AA
o.X.X.-X A A X XX XX
AX
10134
High.
00A.,
.004
3331
,
"""""*""mt""P"P'aggPlgggrgglig:41°V M504 gEtt:ggItgg
.
9031
.
9531
I
4
4E-'. °V.Egttg,
_ . .
9534
122
96
107%
X
9931
100%
101
99
AAA AA X AAAA
9331
10034
9534
AA AAAAAA
10034
10034
10036
10136
9034
10834
Low.
A
10334
1073-4
92
93
10134 10134
103 10314
10734 10734
10231 103
9934 10011
100 10035
100% 100%
10134 102
8934 9034
10634 10734
1013-4 10134
9234 9334
9531 96
100 1004
9531 96
9531 95%
100 100
99
99
99
993-4
9934 9934
10034 10054
10054 101
99
99
96% 9634
10134 102
102% 10234
9434 9534
11831 12331
9534 96
107 10754
9534 96
9534 9534
9831 98%
103% 104
9034 90%
96
9631
3436
33
1093-410914
101% 10134
101% 10134
102 102
100 10136
1003,41003-4
99% 99%
99
99 34
9834 9834
9834 9834
9834 9894
98
9834
9734 9731
97% 97%
9734 9734
97
9734
106 10634
98
99
>4>
9231
A X ASA
Mining StocksArizona Comm
IOU 1034
100 1044 Apr 1236 Mar
Arizona Globe Copper....)
180 19c
5,000
70
Jan 36c Feb
120 12e
Butte & Western
1
1,000 120 Apr 190 Feb
Calumet & Jerome Cop Co.
200 200
3,000 150 Ma
260 Mar
Canario Conner
10
3%
3% 331 11,800
4% Jan
3% Feb
Chino Extension
84c
79c 84c 16,300 40e
Jan 84e
Apr
Comstock Tun & Drain_
35c
350 35c
1,000 34c
Jan 500 Apr
Consol Copper Mines_ _1
234 3
1,100
4
Feb
2% Ma
Consol Nevada Utah_ _3
6c
60
1,000
Sc Feb
(30 Apr
21% 21%
Copper Range
100 21% Ma
3231 Jan
Cresson Cone Gold M&M.1
3% 3% 2,400
Feb
3% Jan
4
Diamond BI Butte Reorg_l
40
Sc 24,000
Jan
40
Jan
80
Divide Extension
40
1
4c 17,000
2c Ma
Jan
4c
Dundee Arizona
25c 25c
1,000 22c Feb 250
Apr
Engineer Gold Minee.Ltd 5 46% 44
52
15,300 14% Jan 52
Apr
Eureka Croesus
1
15c
120 16c 18,000
70
Feb
Jan 23o
Forty-nine Mining
1 36c
26c 37e 105,000
Sc
Jan 37c
Apr
Golden State Mining
Sc
Sc
4,000
Sc Apr 10c
Jan
Goldfield Consol Mines_ _1
4c
4c
2,000
le
Jan
Sc Mar
Gold Zone Divide
4c
4c
10c
Sc
5,000
20 Ma
Sc
Jan
Harmill Divide
be
9c 10c
5,000
8c Feb 16c
Jan
Hawthorne Mines Ine.....1
17c
1130 21c 30,000
80 Feb 23c
Apr
Heels Mining
25c 13
12% 15
22,000 12% AD
1654 Feb
Hilltop Nevada Mining...1
2c
2e
20
1,000
lc Fe
3c Mar
Hollinger Consol0M...5
14
14%
900 1354 Ma
1554 Jan
Rowe Sound Co
New vot tr etfs
•
16% 17
1,800 16% Apr 215-f Feb
Iron Blossom Con Mining 1 350
350 36c
3,000 290
Jan 36c
Apr
Jerome Verde Devel
1% 134 2.400 98o
1%
Jan
Apr
2
1
231
Kay Copper Co
1L4.4 234 59.500
134 Jan
244 Jan
Kerr Lake
1% 1%
5
100
154 Apr
134 Feb
Knox Divide
lc
10c
lc
6,000
lc
Apr
Jan
30
Lone Star 700801
1
Sc
3e
1,000
20 Mar
80 Jan
Mason Valley Mines
131
1% 1%
400
154 Mar
2% Jan
McKinley-Darragh-Say ..I
300 36c
4,000 13e
Jan 40c Mar
National Tin Corp
50c
10c
be
5,000
7c
Jan
18c Mar
New Cornelia Copp Co .5
19
1934
300 183.4 Mar 24% Jan
New Jersey Zino
100 183
183 186
650 183
Jan
Mar 199
Niplesing Mines
6
531
5.%
574 1,000
5% Apr
54 Jan
Ohio Copper
1 850
80c 90c
4,400 75c Mar
1% Jan
Plymouth Lead Mines__ .1 30c
250 33c
7,000 25e
Apr 850 Mar
Premier Gold Mining. Ltdl
2%
2% 2714
600
Jan
2
2% Jan
Red NVarrlor Mining
1 270
27c 33c
3.000 20c Feb 48e
Jan
Rochester Silver Corp
(ic
60
6c 22,000
50 Apr 14c
Jan
40
San Toy Mining
1
4c 10.000
20
Jan
7e Feb
Silver Dale Mining
lc
lc
lc
3.000
lc Feb
4c Feb
Standard Silver-Lead .. 1
15c
150 17c
5,000
Jan 30e Apr
8c
Teck Hughes
1
Pie
17n4 134
2,000
13-4 Jan
134 Feb
Tintic Standard Mining_ _ _
9%
800
934 954
931 Feb
834 Feb
Tonopah-Belmont Deve1.1
55c 57c
1,000 54c
Jan 85c Mar
Tonopah Extension
1
2114 234 6,800
2714 Apr
33a Feb
Tonopah Mining
23t4
134
5,900
Pt. Mar
254 Feb
50c
United Eastern Mining_ 1
50c 51c
1,100 39c
Jan 63c Feb
United Verde Extents...50c 2234 20% 24
6,800 20% Apr 29% Jan
US Continental Mines..
.5
10c Ilc
2,000
8c
Jan 16c Mar
Unity Gold Mines
50c 50c
2,000 50c Mar 770
Jan
Utah Apex
634
631 631 2,800
434 Jan
5
83-f Jan
Walker Mining
2%
231 2%
2% Apr
1
100
3% Feb
Wenden Copper Mining.. 1
431
4
5
28,000
2
Jan
5
Apr
Western Utah Copper__ _1
15c 15c
6,000 15c
Jan 25c Feb
White Caps Extension_ _1
2c
20
3,000
20 Apr
40
Jan
White Knob Copper pref.. _
100 67c
670 67c
Apr 67e
Apr
Krupp(Fried) Ltd 78 1929
Lehigh Power Secur 68 1927
Libby, Mc's' St Lib 78_1931
Liggett Winchester 78_1942
Manitoba Power 78_ _ _1941
Missouri Pac RR 58..1927
1930
Morris& Co 7%s
Nat Distillers Prod 78_1930
National Leather 801_1925
New Orl Pub Serv 5s 1952
Nor States Pow 6 %ni_ _1933
6%% gold notes _ _ _1933
Ohio Power 5s Ser B__1952
1936
Park & Tilford 6s
Pennok Oil Corp 6s..1927
Penn Power & Light 58 '52
1953
5s series D
1960
Phila Electric be
Phila Rapid Transit 681962
Pitts Cin Chic & St L 5s'75
Pub Serv El & Gas 531s'64
1933
Pure Oil Co 6348
1931
Shawsheen M111.1 7s
Siemens & Halske 7s_ _1928
1935
7s
Sloss-Shelf St a I 6s_ _1929
Solvay & Cie 6s
1934
South Calif Edison 58_1944
Stand Gas & El 6%8_1954
Stand Milling 5%s_ _ _ 1945
Stand 011of N Y 6%8_1933
1939
Sun 011 555s
Swift & Co 58...Oct 15 1932
Thyssen(Aug)I&SW 78 '30
Tidal Osage 011 7e....1931
Toho El Pow (Japan) 7s'55
Union 011 Cal 5s
1935
United 011 Prod _ __1931
United Rysof Hay 73181936
8sU S Rubber Ser 6 %s_ _1926
Serial 636% notes__1927
Serial 636% notes_ _1928
Serial 631% notes __1929
Serial 635% notes_ _1930
Serial 635% notes_ _1931
Serial 634% notes_ _1932
Serial 631% notes_ _1933
Serial 64% notes_ _1934
Serial 63-4% notes_ _1935
Serial 631% notes_1936
Serial 631% notes_ _1937
Serial 631% notes...1938
Serial 631% notes_ _1039
Serial 64% notes _ _1940
Vacuum Oil is
1936
Webster Mills 654s_ _ _1933
D.—W ,
wcipbamba
g =,g
Mar
Mar
Feb
Feb
Jan
Jan
Apr
Mar
Mar
Apr
Apr
Apr
Feb
Jan
Mar
Feb
888888
531
531
Sc
Jan 122
534
Jan
Mar 3434
1%
Feb
Jan 25
Mar 32%
131
Apr
9%
Jan
8%
Jan
Jan 2744
Jan
734
47
%
Jan
Apr 20c
7%
Apr
7
Ma
70
Jan
Q
050cOcCOCOCCQQ0000.W.SCOOp000000 000000000MOSWG80008:580
CROW0.00...40VPCW0W-4.QQvaso-.000.00.4NON
26
7
434
Bonds (Concluded)-
High.
Low.
20 106
114 114
1,500
5% 531
334
300 31
31% 32
I% 2,200
1
1
2231
1,900 17%
22
900 16
25% 27
990
1% 18,800
1
3%
6% 634 3,800
100
755 7%
6%
257 2834 3,400 24
%
644 734 5,100
234
4% 434 11,700
3%
12c 12c
1,000 100
531 6
7,900
700
434 5%
334
5c
Sc
50
7,000
_
Range Since /an. 1.
-4COW
-40O..JC4
1%
2231
25%
131
6%
Range Since Jan. 1.
oeee
531
Friday
Last Week's Range Sales
for
Sale
ofPrices.
Price. Low. High Week.
000000
Friday
Sales
Last Week s Range for
Week.
Sale
ofPrices.
Other Oil Stocks.
Par. Price. Low. High. Shares.
(Concluded)
•
National Fuel Gas
5
New Bradford 011
25
Ohio Fuel Corp
•
Peer Oil Corp
Pennock 011 Corp
25
Red Bank 011
Royal Can Oil Syndicate.•
Ryan Consol Petroleum_.•
Bait Creek Consol 011_._10
Salt Creek Producers
United Cent 011 Corp._..
Venezuelan Petroleum_ _ _
Western States Oil & Gas.)
1
Wilcox Oil & Gas
Woodley Petroleum Co..
1
011 & Gas
2135
THE CHRONICLE
25 1925.]
mm
om
ca .-woo
to
m to toto .
to CO
Wm .
*.mom.-opm 0=Cn.
0
.067mObbio
ob
O b b b i bbObbOb b b -obbbiobbobcolob b b b b oo0000g o o00000000o000
0
000000 00 00
88S
88 8 8
8880888808888E8E88888888888 88888888888
8
888
APRIL
Listed on the Stock Exchange this week, where
• No par value. k Correction.
additional transactions will be found. o New stock. s Option sale. w When
Issued, z Ex-dividend. v Ex-rights. z Ex-stock dividend.
CURRENT NOTICES.
-Peck & Co., members of the New York Stock Exchange, 45 Wall St..
New York, are distributing a four-page circular on the St. Joseph Lead Go.,
which contains a brief review of the accomplishments of this company and
a statistical compilation by years from 1914 to date, under such headings as
total property after depletion and depreciation, surplus and debt, the
last-named being completely extinguished in the current year.
-Ernst & Ernst are distributing a business booklet on the subject of
growth and profits protection, through budgeting, entitled "Budget Control." It shows how every detail of buying, production, financing and
selling can be planned in advance and then checked with and regulated by
actual operations to assure profits and prevent loss. Copies will be mailed
to executives on request.
-The John M.C. Marble Co., 630 South Spring St.. Los Angeles, Calif..
announces the establishment of a bond department under the management
of Herbert M. Worcester, who has been associated for the past nineteen
years with the Wm. R. Stoats Co. of Los Angeles.
-George B. Caldwell announces that he has sold his stock in Caldwell.
Mosser & Willaman, Inc., and has withdrawn from the firm. The name of
the firm has been changed to Mosser, Wlllaman & Co., Inc., and the
New York office has been discontinued.
-The Federal Commerce Trust Co. of St. Louis, Mo., which is the
Investment security end of the National Bank of Commerce in St. Louis,
has opened a New York office at 14 Wall St. under the management of
J. C. Walker, Assistant Treasurer.
-Guaranty Trust Co. of New York has been appointed registrar in
the City of New York for Bowman-Biltmore Hotels Corporation 10
-Year
7% Sinking Fund Secured Gold notes, which are registerable as to principal only.
-L. F. Rothschild & Co., 120 Broadway, New York, have organized a
foreign department under the supervision of Helmuth J. Rosenberg to
specialize in foreign bonds and stocks.
-The Seaboard National Bank of the City of New York has been appointed registrar of the Class "A" and Class "B" Capital stock of Rutley's,
Incorporated.
-A circular on Timken Roller Bearings, giving earnings for past four
years and its market prospects, has been prepared by Prince & Whitely.
-James Ward, formerly of Hallgarten & Co., has become associated
with the investment department of Auerbach, Pollak & Richardson.
-E. Lewitz & Co., Chicago, announce the removal of their
offices to
129 So. La Salle St. Telephone, Randolph 6240.
-Hill, Joiner & Co., Chicago, announce their removal to 137 So. La
Salle
St. Telephone, Randolph 0461.
-A.0. Allyn & Co. announce the removal of their offices from 1
Wall St.
to 7 Wall St.
ailroral Intelligent*.
Investment awl
2136
Electric Railway and Other Public Utility Net
-In the table which
Latest Gross Earnings by Weeks.
-The following table gives the returns of
follows we sum up separately the earnings for the second Earnings.
week of April. The table covers 14 roads and shows 5.30% ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
decrease from the same week last year.
1925.
1924.
Buffalo Rochester & Pittsburgh
Canadian National
Canadian Pacific
Duluth South Shore & Atlantic..
Georgia & Florida
Great Northern
Mineral Range
Mobile & Ohio
Nevada California & Oregon__
St. Louis San Francisco
St. Louis Southwestern
Southern By. System
Texas & Pacific
Western Maryland
278.175
3,963.395
2,745,000
101.571
32.600
1,592.000
12,392
351,869
4,583
1.713,309
461,600
3,787,620
615.661
350,119
293,270
4,472.235
3,005,000
124.182
32.200
1,791,210
10,572
402,370
5.130
1,645,646
493,844
3.731,818
592.021
360.424
Total (14 roads)
Net decrease (5.30%)
-Gross Earnings--Bet Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Companies.
Year.
$
$
8'
$
1095 Alabama
721.366 *430.880 *331,458
805,717
508.840 1E12 mosPower Co March 9,244,691 8,429,320 *4,592,273 *3,887.977
ended March 31-260,000
22,611 zGeorgia Ry & Pr Co_ _ _Mar 1,381,704 1,413,953 *440,090 *469.989
3 mos ended Mar 31_ 4,206,228__4.336,793 *1,358,761 *1,515,294
199,210
Great Western Pow Sys_Mar 637.816
627,828 *374,301 *366,067
50,501
3 mos ended Mar 31_ _ _ - 1,998,197 1,911.036 *1,220,278 *1.159,582
547
a Sou West Pr & Lt Co.. _Feb 1,122,811 1,069,885
562.638 *493,573
12 mos ended Feb 28_ _12,845,561 11,798,531 *6,147,967 *5.467,425
32,244
Increase. Decrease.
Second Week of April.
16,009,894 16,959,922
400
1,820
67,663
55,802
23,640
10.305
149,325 1,099.353
950.028
For the third week of April only one road as yet has
reported. The figures are as follows:
Third Week of April.
Buffalo Rochester & Pittsburgh..
1925.
1
292.924
1924. 1 Increase. Decrease.
346
293,270
In the following we show the weekly earnings for a number
of weeks past:
Current
Year.
Previous
Year.
Increase or
Decrease.
* After taxes.
a Earnings from operation of the properties of subsidiary companies and
not the earnings of the Southwestern Power & Light Co.
x Includes incomes of the Atlanta Northern Ry. Co. and Gainesville By.
Balance,
Pixed
Net after
Gross
Surilus.
Charges.
Taxes.
Earnings.
Companies.
77,403
153,406
Adirondack Power Mar'25
230.809
668.303
107,696
az Light Corp
120,769
228.465
628,280
'24
861,213
12 mos ended Alar 31 '25 7,595.761 2,432.767 1,571,554
975,558
'24 7,063.706 2,171.973 1,196,415
177.397
Associated Gas &
128,090
Feb'25
305,487
809.241
80.577
49,506
Electric Cos
'24
130,083
300,333
12 mos ended Feb 28 '25 6,651,094 2,541.845 1,085,627 1,456.218
675,044
579.301
'24 3,377.327 1,254,345
Atl Gulf & W I SS Feb '25 2,672.275 .1*464.776 k184.115 5280,661
69.237
Lines ar sub SS cos '24 2,152,592 P216.068 k206.831
2 mos ended Feb 28 '25 4,939.608 .I*744.180 k379.649 5364,531
516,287
'24 4,290.409 /*434,886 10418,599
146,681
Brooklyn City RR Mar'25
44.822
972.737 *191.503
187,796
Co
42.291
'24
999.219 *230.087
9 mos ended Mar 31 '25 8.458,238 *1,446.954
363,441 1.083.513
$
$
$
'24
15.199.517 15,542,805 -343,288 2.20
let week January (16 roads)
15.731.346 16.308,703 -577,357 3.54 13 1/1 Sistein .
2d week January (16 roads)
, - -T
103- 071
658.490
Mar'25'3.701,812 '1,061,581
16.863.185 17.375.859 -512.674 2.91
$(1 week January (16 roads)
370.665
645.998
'24 3,472.375 *1.016.663
22.784.700 23.080.725 -296.025 1.29
4th week January (16 roads)
9 mos ended Max 31 '25 32.085.954 *9,517,891 5.859.344 3,658.547
17,205.585 -536,234 3.11
(16 roads)
16.669.351
1st week February
'24 29,463,304 *8.439,232 5,823,025 2,616.207
17.244,485 17.670.268 -425.783 2.40
2d week February (16 roads)
3.018.150 *1,187,461339.870
3d week February (16 roads)._ 16.855 777 17.219.271 -363.404 2.11 Detroit Edison Co Mar'25116.957.292 19.300.342 -2.343.050 12.13
703,244
'24 2.854,719 *1.055.500
4th week February (16 roads)
352.255
16.523.764 18.225.842 -1,702,078 9.33
3 mos ended Mar 31 '25 8.918.367 *3.517.023 1.032.055 2.484.968
jet week March (16 roads)
March 6 roads)
18.002.499 19.134.428-1.131.929 5.91
'24 8.559,268 *3,235.845 1,054,421 2,181,424
2nd week
16,940.753 17.960.632-1.019.779 5.67
Brd week March 16 roads)
176.002
Mar'25 1,044,318
515,006
339.004
23.153.228 24.130,086 -976.858 4.04 Hudson &
4th week March(16 roads)
163,891
'24 1,028,707
503.787
339.896
Manhattan
16.462.781 17.0S1.432 -618.651 3.62
let week April (15 roads)
454,004
3 mos end Mar 31 '25 3.058.085 1.468,543 1,014,539
16.009.804 16.959.022 -050.028 5.30
nd week Anril (14 roads)
437.515
'24 3,009.462 1,453,829 1.016,314
80,286
We also give the following comparisons of the monthly Market St By Co Mar'25 835.831 *186.776 241,425 106.490
3 mos end Mar 31 '25 2,394,047 *507,029
265.604
totals of railroad earnings, both gross and net (the net before Interboro R T Co Mar '25 5,253.650 51.663.070 1.288,928 374,142
663,008
'24 5.230.743 51.926.475 1,263,467
comprehensive, they
the deduction of taxes), these being very
9 mos ended Mar 31 '2543,811,225513,758.806 11.588.873 2,169.733
include all the Class A roads in the country, with a total
967,919
24 43,220.346612,338.889 11,370,970
45.727
25.186
156,267
20.541
N N & Hampt By Mar '25
each month as stated in the footnote to the table.
mileage
23,655
44.197
157,936
20.542
'24
Ry G & El
403,312
248.499
12 mos ended Mar 31 '25 2,000,155 • 651.811
392,631
Net Earnings,
646.496
'24 2,077,766
253.865
Gross Earnings.
Month
Phil& Rap'15ran Co Mar'25 4,315.876 *1.206.626
Increase or
Increase or
272.054
863,479
'24 3.855,366 *1,135,533
1924
Decrease.
1925.
Decrease.
1924.
1925.
3 mos ended Mar 31 '25 12,427,026 *3,502,596
'24 11,211,264 *3.240.178 2,594,856
645,322
530.954
72.312
Mar'25
15.037
k15,917
Jan -- 483.195.642 167,329,225 +15.866.417 101,022,458 83.680.754 +17,341.704 Phila az West Ry
528,935
70,333
'24
13,018
k15,917
Feb- - 454.009.66i 178,451,607 -24,441,938 99,460,389 104,441,895 -4,981,506
588,737
209,974
41,198
k47,539
3 mos end Mar 31 '25
384,180
204.402
847,623
'24
36,657
-Percentage of increase or decrease In net for above months has been
Note.
January, 20.73% inc.; February, 4.77% dec. In January the length of mail Public Serv Corp
Mar'25 7,690,862
820.074
covered was 236,149 miles in 1925, against 235,498 miles in 1924; in February,
' 956,655
'24 7.305,449
of New Jersey
236,642 miles, against 238,031 miles.
7,378.765
12 mos end Mar 31 '25 89,171.644
6,315,943
'24 79,986,021
-The table ReoublicRy&
313.994 4217.787
96,207
949,170
Mar '25
Net Earnings Monthly to Latest Dates,
343,029 1248,924
94,105
938.309
'24
Light Co
following shows the gross and net earnings for STEAM
718.097
2 mos end Mar 31 '25 10.688.423 3.449,517 12,731,420
715,837
'24 10,284.284 3,506,987 12,791,150
railroads reported this week:
159.536
233.107
30.642
28,894
Isl Ed Corp Mar'25
- Statenaffil cos
-Grossfrom Railway- -Net from Railway- -Net after Tares
155,143
220,584
27,233
'24
27,910
and
1924.
1925.
1924.
1925. • 1924.
1925.
1776,284
361,872
414.412
12 mos end Mar 31 '25 2,811,976
$
1717,879
269,286
'24 2.560,274
448,593
Chicago & Alton
874,722 *329.336
Mar '25
112.267
*250,630 *522,458 Virginia Ry &
217.069
2,382,299 2,522,326
March
885,437 *343,524
*819,769 *1,105,749
'24
108.313
Power Go
235.211
From Jan 1. 7,261,781 7,554,287
334.696
734.428
3 mos end Mar 31' 25 2,679.541 *1,069,124
Chicago Great Western
'24 2,678,552 *1.051.463
731,419
320,044
•112,517 *224,622
1,865,808 2,050,167
March
*404,495 *438,379 York Utilities Co
17,481
From Jan 1 5,695,250 5,853,183
Mar '25
*12,591
84,116
--1,525
20.369
'24
*13,807
k4.164
--357
Fonda Johnstown & Gloversville
46,181
54,074
*19,482
31.271
23,431
12 mos ended Mar 31 '25
54,021
--2.623
k12,105
127,235
104,106
March
123,881
59.920
'24
'48,693
116,519
92,999
365,797
147,401
-3,801
k12.495
From Jan 1_ 347,453
Kansas City Southern (Incl Texarkana & Ft Smith)
369,703
464,351
'Includes other income. d After deducting credit to reserve for dooms.
478,716
574,509
1,762,241 1,751,900
March
sub. cos.
From Jan 1- 4,956,786 5,218,596 1,476,334 1,518,847 1,146,609 1,191,787 I Includes div, on pref. stock of rentals, in hands of public. j Before
taxes. k Includes taxes. 1 After
renewals, and replacements.
Minneapolis St Paul & S S Marie Co
47,008
363,771
213,920
196,620
1,956,141 1,875,753
March
-19,690
520,255
421,712
967,171
Promise 1- 5,841,277 5,356,660
Total System
301,232
429.534
671,632
539,867
3,514,535 3,563,998
March
526,355
From Jan 1_10,346,306 10,033,625 1,812,204 1,229,348 1,095,133
Montour
108,558 -19,203 -7,608 -21,931 -11,400
90,842
March
2,523
-An index to annual reports of steam
Financial Reports.
19,115 -18,016
-3,308
367,283
From Jan 1_ 318,637
New York Chicago & St Louis
railroads, street railway and miscellaneous companies which
a750,281 a701,945
4,604,142 4,904,579
March
a1,581,023 a1,299,415 have been published during preceding month is usually given
From Jan 1_13,336,935 13,895,024
St Louis-San Francisco
*1,677,000 *1,485.000 on the last Saturday of each month. This index will not
March
7,376,000 7,002,000
include reports in the issue of the "Chronicle" in which it is
Southern Pacific System
March
23,433,644 22,505,532 5,235,214 4,915,584 3,592,787 3.529,741
From Jan 1_65,266,886 64,584,846 12,531,764 12,890,352 7,533,380 7,195,736 published. The latest index will be found in the issue of
Union Pacific System
April 4. The next will appear in that of May 2.
March
14,012,401 15,975,677 3,443,475 4,629,469 2,220,142 3,391,874
FromJan 1_41,006,434 46,335,881 9,968,396 13,093,490 6,264,129 9,386,303
Delaware Lackawanna & Western RR.
Wisconsin Central
254,224
215,614
March
343,247
1,558,394 1,688,246
307,861
546,045
(Annual Report-Year Ended Dec. 31 1924.)
574,878
From Jan 1_ 4,505,030 4,676,965
807,636
845,033
Week.
%
FINANCIAL REPORTS.
• After rents. a After charges.
Fonda Johnstown Ac Gloversville
March 1925
March 1924
From Jan 1 to March 31 1925
From Jan 1 to March 31 1924
Income.
$
*26.295
*48.154
*100,380
*131,190
Charges.
31.584
31,323
95,501
93.756
Balance.
-5,289
16.831
4.879
37.433
The remarks of President W. H. Truesdale, together
with comparative income account and balance sheet for
1924, will be found under "Reports and Documents" on
subsequent pages. Our usual comparative tables were
given in V. 120, p. 1082.-V. 120, p. 1199.
APRIL 25.1925.]
THE CHRONICLE
2137
Salt Creek Producers' Association, Inc.
Cities Service Co., New York.
(Annual Report
-Year Ended Dec. 31 1921.)
(15th Annual Report-Year Ended Dec. 31 1924.)
The remarks of President L. L. Aitken, together with the
On subsequent pages will be found the remarks of President
Henry L. Doherty, in addition to the 14-year comparative consolidated balance sheet of the corporation and its subincome account of Cities Service Co., the consolidated in- sidiaries as at Dec. 31 1924, will be found under "Reports
come account, including all subsidiary companies, for 1924, and Documents" on a preceding page.
-V.120, p. 1758, 218.
and the consolidated balance sheet, including subsidiary
Missouri-Kansas-Texas Railroad.
companies, as of Dec. 31 1924.
•
(Annual Report
-Year Ended Dec. 31 1924.)
GENERAL STATISTICS DECEMBER 31.
INCOME ACCOUNT FOR CALENDAR YEARS.
1923.
1924.
1921.
1922.
Electric PropertiesKilowatt hours sold_1,004,181,394 993,913,613 862,066,092 647,751.497
1924.
1922.
1923.
387,260 Average mileage operated
454,945
390,390
410,204
K.W.installed ca acity3.193.14
3,737.46
3,359.76
929,798
770,428
627.794
711.453
Operating Revenue
K.W. connected load_
231.114 Freight
289,628
Customers
331,180
247.961
$42.331.705 $39,791,215 $39,198,401
Population served
1.450,000 1,450,000
1,450,000 1.450,000 Passenger
10,457,071 11,295.456 10.958,412
Electric Railways
Mall
1,189,965
1,221.101
1.241,950
84,077,050 97,199.484 93,492,405 95,274.280 Express
passengers
1,827.782 2,181,233 2,130,756
342
372
308 Miscellaneous
308
Miles of track
665,305
637.147
620,381
822
725 Incidental
776
688
Number of cars
791.352
788,634
710,075
Population served
680.000
600,000 Joint facility
650,000
650,000
46,164
73,132
175,727
Artificial Gas
7.166.345 6,908.051
5.957,787 5,849.050
Sales (1.000 cu. ft.)
Total operating revenue
$57.309,345 $55,987,918 $55,035,702
-hour capacity (Cu.ft.) 30,753.000 27,093.000 24,495,000 23,568,000
Operating Expenses
24
111,203
120.077
112,426 Maintenance of way and structures $7.563,137 $7.393,307 $7,237,276
103,537
Customers
-in. basis
1.794 Maintenance of equipment
1,721
Mains (miles) 3
1,8511,776
11.517.475 14.636.724 10,548.094
Population served
1,100,000 1.100.000
1,100,000
1,100.000 Traffic expenses
1,138.962
1,151,353
1,041,435
Natural Gas
Transportation expenses
17.363.774 18,380.268 18,780,007
Gas sold (1,000 cu.ft.)_ _ 43,278,540 40,491.897 38,606.628 36,133,082 Miscellaneous operations
381.099
362,232
337.509
produced (barrels)
9,308,239 11,286,253 10,044,648 11,565.993 General expenses
OR
1.919,777 2.053.373 2.023,709
3.918
3.807 Transportation for investment-Cr_.
2,158
2,199
Wells owned
152.190
284,331
348,939
7,103
5,564
5,604
5.678
Gas mains owned (miles)
Population served
1.700.000 1,700,000
1,650,000 1.500.000
Total operating expenses
$39,732,035 $43.628,318 $39.683.701
-V. 120, p. 2010, 1746.
Net operating revenue
17.577.310 12.359.599 15.352.000
Railway tax accruals
$3,215.687 $2.587.461 $2,926.376
Uncollectible railway revenue
Maxwell Motor Corporation.
31.403
26.091
31.354
Total
83.247.090 $2,613.552 82.957.731
(Annual Report-Year Ended Dec. 31 1924.)
Total operating income
14.330.220 9.746.046 12,394,269
877.155
1.953.603
The remarks of President W. P. Chrysler, together with Other income
999.571
the income account and balance sheet as of Dec. 31 1924,
Gross income
815.207.375 811.699.649 813.393.840
Deduct-Rentals,&c
2.182.897
1.517.981
2.565.652
will be found under "Reports and Documents" on a subFixed interest charges
4.725.955 4.781.974 4.901.846
sequent page.
interest on adjustment bonds_ _ _ _ 2,790.085 2,791,013 2,791,013
Pref. div.(154%) paid Feb. 2 1925
The income account was published in V. 120, p. 1889.
306.288
CONSOLIDATED BALANCE SHEET DECEMBER 31.
Balance, surplus
$5.202,150 $2,608,681 $3,135.329
-V. 120, p. 2008. 1199.
1924.
1923.
1924.
1923.
Assets$
Liabilities$
$
$
Cl."A" cap. stk__23,937,300 17,743.500
Land, bides., maMarland Oil Co. (and Subsidiary Cos.).
ahin'y & equip-a15,930.353 15.507,452 Class "B" stock_b33,734.789 32,728,581
25.000,000 25,030,296 Ser."C" notes
Good-will
4,564,329
(Annual Report
-Year Ended Dec. 31 1924.)
5,680,611 1,084,248 S. F. debentures_ c511,455
Cash
Car shIp'ts against
Accts. payable-- 5.244,643 2,591,425
Pres. E. W. Marland, New York, April 18, wrote in subst.:
B of L drafts_ _ _ 3,104,215 1,381,082 Prov. for Fed.tax- 489,346
Dec. 31 1924 marked the close of the fourth consecutive year
Chrysler car exp
999,305 Accr. int., tax.,&a 209,505
132,948 able conditions in the petroleum industry. These unfavorableof unfavorBank acceptances
Other liabilities_
181,250 were due to violent fluctuations In prices for petroleum and itsconditions
products,
of dep..,. 481,191
340,344 Dealers' & distill).
& ctis,
accounted for by equally violent fluctuations in
and the deNotes receivable 1,437,663
548,142 deposits
308,546
316,147 mand for petroleum during those years, althoughthe supply ofand demand
both supply
Cost's' & dealers'
Reserves
increased enormously. The supply of
Increased In 1924 42.97
accts.,less allow. 916,128
624,767 Empl. liab. ins_
54,723
44,904 over 1920. The demand for petroleumpetroleum In 1924 increased 42.14
products
Due tr. Can. Govt.
Exch. ellsc'ts &
over 1920. During this period exude oil stocks increased approximately
11,428
duty refunds
22,581
for
contingencies_ 945.726
422,668 230,000.000 barrels. Only at three brief intervals in those four years did
11,398,161 12,024,158 Surplus
Inventories
6,782
the demand for petroleum equal the supply.
1,982,473
282,455
Other assets
The close of 1924
400.589
880,922 Tot.(each side).65.442,814 58.725,752 on balance with an found the supply of and demand for petroleum nearly
Deferred
outlook for declining production and increasing cona Land, buildings, machinery and esuipment after deducting $6,306,760 sumption which was reflected shortly after the close of the year by advancing
reserve for depreciation. b Class "B (no par value) outstanding, 617.948 prices for petroleum and its products.
shares. c Called for payment Jan. 26 1925 at 105, this being amount plus
The end of the year found the company with a large Inventory of crude
premium thereon.
petroleum and refined products, 7.32C,659 barrels, which was written
-Customers' notes receivable discounted, $347,041; materials in down at Dec. 31 to the low market prices prevailing on that date.
Note.
transit not Included in either assets or liabilities, 8976,152.-V. 120, p.
After making all allowable deductions the net earnings of the company
2019, 1889, 93.
added to surplus were $354.306. While company shows only this small
•
amount of realized earnings, it added great value to its fixed assets by discovery and development which should be reflected by increased earnings
Alabama Great Southern Railroad.
with improvement in the petroleum industry, and is already shown by
earnings for the first quarter in 1925 of more than 63.500.000 available for
(Preliminary Statement Year Ended Dec. 31, 1924)
surplus after ample depreciation and depletion reserves and exclusive of
RESULTS FOR CALENDAR YEARS.
any appreciation of inventories.
During the year 1924 company improved its position in the industry and
1924.
1923,
1922.
Gross operating revenues
$10.093.450 $10,853,219 $8,524,804 expanded and increased its volume of business in every branch in which
Total operating expenses
7.335,272 7.716.378 6.565,760 it is engaged. This expansion is shown by the following table:
1924 (bbls.). 1923 Obis. .
Net revenue from operation
8,500.208 6.744.918
$2,758.178 $3,136.841 $1,959,044 Net production of crude oil
Pipe line
of crude oil
14.816.910 13.844,681
Taxes and uncollcctible railway rev...
558.211
646,751
494.448 Crude oilruns to refinery
run
Equipment and joint facility rents__. Cr.287,111 Dr.20.547 Cr.19,314
4,210,123 3,158,199
Inventory of crude oil at Dec. 31
5.874.183 2,273,673
Railway operating income
1,446,476
896.586
$2.487,078 $2,469,543 $1,483,909 Inventory of refined products at Dec. 31
Other income
11,907.884 10.721,185
331,602
323.467
315,470 Total sales crude oil and refined products
Under contracts made in 1924 company will deliver during 1925 its
• Total gross income
$2,818,680 $2,793,010 $1,799,379 current production and purchases of petroleum and the petroleum and reDeductions from gross income
26,092.
236.881
211,772 fined products in its tanks Dec. 31 1924 at the current market prices preInt. on mtged., bonded & secur. debt
629,332
525,692
505,176 smiling in 1925. These contracts amount to more than 25.000,000 barrels
for delivery during 1925 as against 11.907.884 barrels sold in 1924. This
• Balance of income over charges...._ $2,163.256 $2.030.437 $1,082.431 Increased volume will be handled through facilties installed by capital
Dividend on Pref. stock
(755 %)253,526(7%)236,625(7%$)236625 Investments already made.
Included in operating and administrative expenses are the entire expenses
Dividend on Ordinary stock
(735%)587.250(7%)548300(7%)548.100
incurred during 1924 by three new subsidiaries organized during the year,
Income balance
$1,322,480 $1,245,713
8297,706 namely, Marland Oil Cos. of California, Colorado and Texas. These sub-v. 119, p. 2874.
sidiaries expended large sums operating land and geological departments
and this additional expense was not offset by any income from these new
companies until the last quarter of the year. The California and Texas
St. Louis Southwestern Railway.
companies have both brought several oil properties into production and
during the first quarter of 1925 these companies produced over half a million
(Preliminary Statement-Year Ended Dec. 31 1924.)
net barrels of crude oil.
The company issued 417,777 10-20 shares of its capital stock in 1924, of
RESULTS FOR CALENDAR YEARS.
whim 78,014 shares were used for the acquisition of minority interests in
1924.
1923.
1922.
1921.
Marland 011 Co.
Freight revenues
$21.783,501 $24,596,071 $22,297,231 $20.837,819 shares for the of Mexico and Consolidated Oil Cos. of Mexico. 163 10-20
acquisition
Passenger
2,918,929
3.390.917 2,686,794 3.089,890 and Kay County Gas Co., of minority interests in Marland Refining Co.
and 339.600 shares were sold for $10,523,000.
1,157,549
1,085.618
Mail, express, &c
946.331
932,409
In addition the company sold $20,000,000 5% notes maturing Nov. 1
Incidental, &c
466,312
478,514
229,557
293,343 1926, retiring all funded debt.
From sales of stock and notes in 1924 the company received $30.523,000,
Total oper. revenue-426,326,291 $29,551,120 $26,159,914 $25,153,462
4.232.984 4,251.897 4,299,438 3,962,520 against which it paid $8.441,623 in retirement of existing bonds and lease
Malnt, of way & struc
Maintenance of equIpl- 5,878.093 6,798.326 4,831.412 4.415,772 obligations. It expended $7,162,536 on additions to property and added
the remainder, $14.918,839. to its workin ca ital.
848,087
Traffic expenses
784,522
740,968
800,443
Since April 1 1925 the company has pur
a substantial amount of
Transportation
7.770.502 8.984.543 9,091,609 8,764,729
Its Two-Year 5% notes.
1,298,248
General, &c
1,170.924
1,043.999
1,169.089
CONSOLIDATED STATEMENT OF INCOME FOR CAL. YEARS.
Total oper. expenses_ 420,027,914 $21,990,212 $20,007,425 $19,112.553
1924.
1923.
6,298.377 7,560.908 6.152.488 6,040,909 Gross earnings
Net earnings
$33.205.451 $32,937.410
1,286,014
1,630,624
1,261.882 1.155,912 Operating and administrative expense
Tax accruals
27,952.940 30,432,962
Unoollectibles
4,960
6,855
5,066
3,708
Net earnings
$5,252,511 32,504,447
85,007.403 85,924,429 $4,885,541 84,881,289 Dividends Comer Oil Co
Operating income
3,750,000 5,000.000
184,619
249.766
109,980
Hire of freight cars
329.679 Dividends Romarti Gasoline Co
12,033
facility rents
252,762
254.777
239.373
Joint
236.396 Miscellaneous income
255,507
127.609
income
197.170
217,397
169,074
Interest
138,936
156,350
149,129
144,499
Misc. other income
120,559
Gross income
$9,258,017 $7.644,090
Interest and amortization of bond discount
1.148,574
1.418,583
$5,798.304 86,795,498 85.548.467 $5.706,858 Reserves for depreciation
Gross income
2,183,869 1,702.111
Dedurtions
Reserves for depletion on cost
1,573,795
648,398
rents
698,396
775.001
787,116
Joint facility
674,453 Leases charged off
1.752,407
801,796
42.046
61.578
Miscellaneous rents
20.259
31,996
on funded debt_ 2,649,714 2,522,425 2.449.192 2.473,697
Interest
Net operating income
82.599,373 $3,073,203
13,873
6,110
2,874
Other interest
1,567 Reduction of crude oil inventory to market
1,077,166
29,113
29.292
32.346
1,350,203
Miscellaneous
47.457 Discount and premiums on bonds retired
876.750
Investments charged off
291.151
$2,365,162 $3,401,092 82.256,679 82.477,685
Net income
-V. 120, P. 1323.
Surplus
$354.308 81.723.000
2138
THE CHRONICLE
CONSOLIDATED BALANCE SHEET DEC. 31.
1924.
1923.
1924.
1923.
Assets
-Total property acCapital and surplus
count (net)___c35,244,874 28,082,337
equity
b70,526,235 58,227,348
Appraised value of
2
-Year 5% gold
leaseholds ____a22.011,248 23,403,726
notes
20,000,000
Investmls &adv.10
-Year gold bonds
5,052,000
Marland Oil of
Purch. money lease
Mexico stock_ 3,693,762 1,925,458
3,291,124
obligations
Consolidated Oil
8% Equip. Trust
of Mexico stock_ 2,847,520 1,495,120
696,000
521,000
certificates
Comar 011 stock 2,776,386 2,776,388 Tank car notes_
48,112
Misc.Inv.&adv. 1,882,683 2.039,968 Stock of subsid. at
Unadj.deb.drsund. 1,935,305 1,848,133
par (minority inCash
198,118
3,444,783 3,477,640
178.213
terests)
Bills receivable___ 239,902
7,156.111
99,220 Rills payable
Accts.rec.,less res. 5,855,528 3,736,571 Accounts payable_ 2,344,292 1,294,665
Crude oil
8,491.165 3,210,083 Accrued int., taxes
Refined products_ 3,604.932 2,491,950
314,898
and insurance__ 300,203
Mat'ls & supplies_ 1,569,818 1,301,623
Prepaid ins. & int- 103,318
259,741
Int.recle accrued9,222
2,182
Misc.demandltems 159,497
Tot.(each side)_93,869,943 76,278.376
128,239
a As of July 1 1920. $27,6C9,650, incl. discovery values ($8,789,121) less
extinguishments by depletion (S5.598.401) to Dec. 31 1924.
b Net equity,represented by 1,549,961 16-20 shares of no par value stock
of Marlanci Oil Co. issued and outstanding Dec. 31 1924 (1,132,183 16-20
shares, Dec. 31 1923).
c Real estate and buildings, cost, $1,895,708, less depreciation, $192,836:
refinery, gasoline plants, pipe line, storage, tank cars, distributing stations,
&c. cost, 424,175,268. less depreciation. $5,907,216; leases, wells and
equipment, cost leases. S11,191.'742; lease and well equipment. $13,135.581; less depreciation and depletion, $9.053,375.-V. 120. p. 460.
Sinclair Consolidated Oil Corporation.
(Annual Report
-Year Ended Dec. 31 1924.)
Chairman H. F. Sinclair, New York, April 20, wrote
In brief:
The earnings of the Sinclair Pipe Line Co. and of the Sinclair Crude Oil
Purchasing Co. are not reflected in the consolidated balance sheet and
Income account of the Sinclair Consolidated 011 Corp., and its subsidiary
companies for the year 1924.
The suit instituted by the Government against the Mammoth Oil Co..
in which this corporation has a stock interest, was tried at Cheyenne,
Wyo., in the latter part of March. When subjected to the cold scrutiny
of a court of chancery the inflammatory accusations so widely advertised
were shown to be of the most flimsy character. The questions of law
Involved are now under the consideration of the court, and there is confidently expected an affirmation of the validity of the lease and the acquittance
of the false charges that have been so loosely made.
Fundamental conditions affecting the petroleum industry have shown
a distinct improvement, which should bring about a more normal market
for refined products in 1925, and a resultant increase in the corporation's
earnings.
In a supplemental statement to the annual report the
company has issued a booklet reviewing the development
of the company's facilities from the date of organization May
1 1916 to the beginning of the year 1925. Extracts from this
report follow:
Practically all of the properties brought under one management in 1918
to form the nucleus of the present organization, were located in Oklahoma
and Kansas. Their scope being limited it was considered advisable to
reach a wider market, thereby lessening the corporation's dependence upon
conditions local to any one area.
Development was first focused upon the group of north central States
Which constitute one of the largest consuming districts in the world. This
Involved the building of additional refineries at Kansas City and East
Chicago. and the building of a pipe line to assure a supply of raw material.
Another step was the extension of the organization southward, properties
being acquired in Texas and Mexico.
The original plan contemplated entry into the eastern territory of the
United States, involving naturally the construction of additional refineries
and distributing facilities: but conditions brought about by the war made
this course temporarily inadvisable. In the meantime the corporation
continued to improve its existing refineries, to augment its marketing
facilities, to enlarge its pipe line interests, and to extend its holdings and
business in foreign countries.
The proposed entry Into the eastern markets of the United States was
effected during the latter part of 1924. The Marcus Hook refinery (near
Philadelphia) began operating April 1 1925, thus completing the original
program with respect to refinery construction.
The essential details of progress during this period are presented in four
main divisions, namely: crude oil supply, transportation, refining and
marketing.
The corporation's current supply of raw material, drawn from more
than 11,000 wells, consists of (1) crude oil produced by subsidiary companies, (2) crude oil bought from other producers, and (3) crude oil bought
from the Sinclair Crude 011 Purchasing Co.,in which company the corporation has a 50% interest.
The corporation's policy is to restrict its oil field development insofar
as circumstances will permit, to protective drilling, when oil can be purchased more cheaply than it can be produced.
During 1916 the net crude oil production of subsidiary companies was
4.023.281 barrels, all of %Filch was produced in the United States.
During 1924 the net crude oil production was 16017,157 barrels, of
which 6.175,325 barrels were produced in the United States. These
figures are exclusive of royalty and partnership oil.
The corporation's domestic production is much more "settled" now than
in 1916 as is clearly shown by the fact that its number of producing wells
has been increased from 532 to 2,103 on Dec. 311924.
A portion of the oil produced in Mexico is used in one of the corporation's
refineries. at Mereaux (New Orleans), the balance of the oil produced or
purchased in Mexico is sold as fuel in Cuba and Latin American countries
The corporation's Mexican pipe line, which started operations in 1920.
delivered 12.960.000 barrels of crude oil through its terminals last Year.
Total exports from Mexico during 1924 were 15,533,000 barrels.
Corporation is fortified as to its supply of raw material not only by a
supply of "settled" crude oil production, which it controls, but also by its
Interest in the Sinclair Crude Oil Purchasing Co., organized in 1921. 'This
company purchased during 1924 approximately 27.000,000 barrels of crude
oil and resold approximately 25.000.000 barrels. Its accumulated storage
on Dec. 31 1924 exceeded 42,000,000 barrels. In addition to its interest
In the crude oil stored by the Sinclair Crude 011 Purchasing Co.. corporation
has stored in its own facilities about 3.000.000 barrels of crude oil.
While steadily strengthening its position with respect to current and
stored supplies of crude oil, the corporation has always recognized the
importance of obtaining every possible assurance of a prospective supply
for future years.
Within the United States, in addition to more than 32,000 acres of
producing oil lands, the corporation has more than 200,000 acres of selected
leases. In Mexico the holdings of producing and prospective oil lands
and leases comprise more than 400,0013 acres.
The corporation has extensive oil rights in other parts of the world
which have been acquired with a view to prospective crude oil supplies.
Outside of the United States and Mexico the most active prospecting or
development operations now being conducted are in Portuguese West
Africa. The area controlled In this region is approximately the size of the
State of Oklahoma, which with many indications of oil and favorable
structures promise to give a large crude oil supply. This field Is nearer
the European markets than the Persian fields and Is about the same distance
from New York that the Mexican fields are from London.
Development of pipe line facilities has been an essential phase of the
corporation's growth, broadening the field from which current supplies
of crude oil can be drawn, and making it practicable to build refineries
many miles from the sources of supply at points from which large consuming
districts can be served most economically and efficiently.
From 1916 to Feb. 1921. this development was conducted through subsidiary companies. but from 1921 to date most of the pipe lines serving the
corporation a refineries have been owned and operated by the Sinclair
[Vol,. 120.
Pipe Line Co., in which the corporation owns a 50% Interest. The growth
of what Is now embraced in the Sinclair Pipe Line Co.'s system is shown
by the following comparisons:
May 1916. Feb. 1921. Dec. 1924.
Number of main line pump stations_ __6
38
70
Miles of trunk and gathering lines
5,724
487
3.005
This system transports oil from practically all of the Important oil fields
,
in the so-celled Mid Continent area, which is the chief producing district
In the United States, and is the only system which provides a direct pipe
line outlet from the Rocky Mountain area to the major markets of the
world. Trunk lines extend from the Great Lakes to the Gulf of Mexico,
connecting with a 700 mile line which reaches from Wyoming to a point
near Kansas City. The system collects crude oil from more producing
fields and delivers this oil direct to a greater number of consuming markets
than any other pipe line in existence.
The Sinclair Pipe Line Co. operates, as an essential adjunct of its facilities,
more than 3.600 miles of private telegraph and telephone lines.
Deliveries of crude oil through this system have increased as follows:
1916 (8 months)____ 3,713,000 bbls.11924
25,956,000 bbls.
1920
12.503.000 bbls. I
Corporation owns all of the capital stock of the Sinclair Texas Pipe Line
Co., which operates a line between Damon Mound and West Columbia
fields of Texas. and the Houston refinery. This line commenced operation
in 1921. Its deliveries last year were 1.470.000 barrels.
Corporation operates also, through a subsidiary, a relatively short pipe
line through which oil is transported to the Wellsville (New York) refinery
from nearby fields.
During the first year of operations the corporation had no ocean trans.
portion facilities. On Dec. 31 1924 it owned 101.750 deadweight tons of
tank steamships, with a complement of river equipment and barges, and
operated 17,329 deadweight tons additional on long time charters. The
tank steamships transported 15.638,000 barrels of oil cargo during 1924.
of which 13,104,000 barrels were moved in owned vessels, these figures
being exclusive of Cuban intercoastal shipments, barge deliveries in the
United States, and cargoes handled by the vessels owned by affiliated and
other companies.
The statement that the corporation's refining capacity has been almost
quadrupled in 9 years gives only a partial indication of the development of
this branch of its activities. The following comparison shows the increase
in capacity of all plants from the date of organization to the beginning of
last year and from then until April 1 1925:
May 1 '16. Jan. 1 '24. April 1 '25.
Normal daily crude oil charging
capacity in barrels
21.100
44,500
80,500
Total daily charging capacity of all
stills whether used for crude oil or
unfinished oils
31,900
134,600
279,500
The relative efficiency of refining facilities is indicated by the following
comparisons of gasoline recovery in refineries which produce gasoline, the
table excluding the lubricating unit of the Houston refinery, which operates
at present on crude oil which has no gasoline content, and the Mereaux
(New Orleans) refinery which specializes on asphalt cements, road oils
and roofing fluxes, producing relatively small quantities of naphtha as a
by-product. The table does not include casinghead gasoline plants:
1916.
1924.
No.of bbls. of crude oil refined by plants producing
gasoline (the 1916 period being 8 months)
4.501,000 12,892,000
No. of gals, of gasoline produced by these plants
50,078,000 298,652,000
Ratio of gasoline recovery
26.5
55.1
The normal crude oil charging capacity of the refineries included in the
table Just given was as follows:
May 1 1916
21,100 bbls.113ec. 31 1924
51,500 bbls.
Jan. 1 1924
33.500 bbls.'Apr. 1 1925
*64,500 bids.
*Exclusive of refineries that produce no gasoline.
Corporation's properties on May 1 1916 did not include any facilities
for extracting gasoline from gas. Several casinghead gasoline plants are
now owned, their output during 1924. deducting usual manufacturing and
loading losses, being 19.045.000 gallons of casinghead gasoline.
Broadly speaking, the Muskogee, Cushing, Coffeyville, Kansas City
and East Chicago refineries serve the north central part of the United
States, extending from the Rocky Mountains to the Alleghanies: while
Houston, Wellsville and Marcus Hook (Philadelphia) refineries. In addition
to serving contiguous territories, provide petroleum products for the
eastern markets of the United States and for export.
The direct retail marketing facilities, consisting of bulk and service
stations and pumps for lubricating oils and gasoline, are located in all of
the north central States and have been developed most intensively in
Colorado. Kansas, Nebraska, Iowa, Missouri, Illinois. Minnesota, Wisconsin, Michigan, Indiana and Ohio. Since the completion of the second
unit of the Houston refinery and in preparation for marketing the output
of the Marcus Hook refinery, active development has been under way in
Pennsylvania, Delaware, Maryland, Virginia, North Carolina, New Jersey
and New York.
The number of tank cars employed mainly in the distribution of finished
oils has been increased since organization from 1.037 to 5.248.
Ocean terminals are located at Tiverton, R. I., Tremley Point (New
York Harbor), Marcus Hook, Pa., Jacksonville. Fla.: Mereaux and Westwego. La.; Houston (Texas) Ship Channel: Tampico. Mexico; Havana,
Matanzas, Cienfuegos, Manati, Belie, Santiago, Antilla and Nuevitas,
Cuba.
In the foreign marketing field. in addition to its distribution in Latin
America, the corporation has direct representation through subsidiary
and affiliated companies in France, Belgium and England, which distribute
products not only in these countries but throughout Western Europe.
In France Sinclair gasoline, kerosene and lubricants are sold by the
affiliated Compagnie Industrielle des Petroles. which owns large bulk
storage and refining facilities located on deep water at strategic points for
economical service to all the principal consuming areas of the Republic.
Cornpagnie Industrielle des Petroles is one of the oldest and most soundly
established of the French petroleum organizations, with complete facilities
for handling products at minimum expense. The Compagnie des Hulled
Sinai, a Sinclair subsidiary, operates a large lubricating oil installation at
Rouen, France, from which it distributes lubricants at wholesale in France
and to French colonies.
In Belgium the Sinclair Union Petroleum CO.. S. A., a subsidiary Belgian
corporation, owns complete bulk storage, blending and rectifying installations, located on deep water with all needed facilities for economical distribution of gasoline, kerosene, lubricants, &c., in Belgium and to Holland.
Germany, Switzerland and the Scandinavian counties.
In England Sinclair lubricating oils are sold through the Sinclair Union
Petroleum Corp.. Ltd.
The volume of business done by these Sinclair foreign marketing agencies
In 1924 was the largest on record.
Throughout much of the period during which the corporation has been
engaged in the foregoing program the industry itself has been experiencing
a period of unusual disturbances and demoralization, due principally to
unprecedented discoveries and production of crude oil. The effects of
these disturbances have been especially severe during the past 3 Years.
but present conditions Indicate that they are likely to disappear to a considerable extent during 1925 and that the industry in general may expect
to enjoy more sound conditions. With a better balance between supply
and demand, the price for crude oil should be relatively stable at a level
that will show profit to producers. Similarly the prices of refined products
should be affected to the reasonable and profitable advantage of refining
and marketing activities.
Corporation's investment in the Sinclair Crude 011 Purchasing Co.
amounts to S30.000.000. on which no profit or interest appears in the 1924
consolidated Income account, but from which satisfactory profits may be
expected in future operations.
During 1924 the Sinclair Pipe Line Co.'s earnings were larger than during
1923, but no part of these earnings has been Included in the corporation's
consolidated income account.
The gross earnings and miscellaneous income of the corporation, exclusive of inter-company sales and charges for transportation, notwithstanding the unusually low prices of products prevailing during the y'ear,
amounted to 5123.894,048 in 1924 as compared with $107.592,665 In
1923: and this increase was accomplished although many of the increased
refining and marketing facilities in which large investments wore made
did not come into effective operation until the latter half of the year. All
of these new facilities, together with the Marcus Hook refinery, which
came into operation April 1 1925, should contribute to furtherulncrease of
gross business in 1925, and with a reasonably normal market or refined
products the corporation has reason to expect greatly impro
rnings.
APRIL
CONSOL. STATEMENT OF INCOME FOR YEARS ENDED DEC. 31
(Sinclair Consolidated Oil Corp. and Subsidiaries.)
1921.
1923.
1922.
1924.
Gross earnings & misc.
income excl. of intercompany sales & digs.
for transportation_ __ _123,894.049 107.592,665 131,016,745 122,529.188
Purchases, oper. & gen.
exp., maint., insur.,
ordinary taxes, &c_107,467.119 94,156,161 100.072,951 111,743.875
16,426,930
Net earnings
Deduct-Interest & disc_ 6,036,137
13.436.504 30,943,794 10.785.313
3,435,880
4.435.809 a5,633.756
Income available for
5,151.557
surplus and reserves 10.390,793 10.000.624 26,507.984
19.349.795 30.904.178 27.114.190 34.624.229
Previous surplus
Adjustment prior years_ Dr.324,826 Cr.276.838bDr6381,764 Cr.189.932
Total surplus
29.415,762 41.181,640 47,240,411 39,965,719
Deduct
Reserve for depreciation
and depletion. &c
12,540.060 11.289,673 11,746,242 12,038.335
21,232
1,571,172
Pref. dlr.(8% cash)__.... 1,512,990
204.382
Common dive. in cash ($1)4,486.384(52)8970,999(81)4329,094
do in stock (270)x787,836
Appropriated for redemption of pref. stock_
4.127
56.516
Surplus
10,876.327 19.349,795 30.904.178 27,114,190
a Includes Federal taxes. b Adjustments applicable to prior years and
unamortized discount and premium paid on 73i% gold notes, due May 15
1925. called for payment prior to maturity.
x In May 1920 there being outstanding 3,757,593 shares of no par value
Common stock, there were declared payable in Common stock, four quarterly dividends of 2% each, payable on the Common stock July 15 and
Oct. 15 1920 and Jan. 15 and April 15 1921 to holders of record at the end
of the preceding quarters, respectively. There were included in 1920 two of
these dividends aggregating 151,732 shares, and in 1921 two of these dividends aggregating 157,567 shares, which are rated at the arbitrary "stated"
or "declared" value of $5 a share used in the balance sheet.
-Ed.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
(Sinclair Consolidated Oil Corp. and Subsidiaries.)
1924.
1923.
1922.
Assets
Real estate, oil and gas leases, foreign
concessions, oil wells & equip., pipe
lines, steamships, tank cars, terminals, refineries, distributing stations and facilities, &c
314,284,384 291.052,553 253.094.583
Investments in other companies
60.035,238 63,737.573 48.457.539
Insurance funds,cash & securities-, 1,511,002
2.235.050
2.036.307
Cash in banks and on hand
6.174.807
7.999.608 29,458.558
& notes recelv., less reserves-. 11.028.921
Accts.
9,585.387 11,925.775
Inventories
24.304,689 23.564,717 25,382.957
Marketable secure.. at cost
2.639,385
Deferred charges to oper., &c
5.265,694
8.905.158 8.180.869
Employees' stock subscriptions
920,118
979,951
Advance payments, oil. &c
419.325
810.514
Bonds & stocks of company at cost.- 1.124.137
1.633.182
Total
431.347.163
Liabilities
Common stock
a204.052,441
Surplus
10,876,327
Preferred 8% cumulative stock
18.54i,iQO
Minority stockholders' int, in sub. cos
109,790
Rm.for deprec., depletion.
ort.. &c 85.148.177
%
lit lien coll. bonds, SF."A,"7.'37- 47.875.500
Ser. "B,' 6%%. 1938
do
24,432,000
Ser."C."6%.1927
do
15.000.000
Equip. trust notes & pur. mon. oblIg. 8,998.787
,- 3.600.000
Notes payable
Accounts payable
9.878,378
Accruals and miscellaneous
2,834,662
412.365,801 379,229,458
201,052.441
19,349,795
19,278.600
109.990
70.690.881
48.973.000
25.000,000
4.514.074
11.600,000
6,522.924
2,274,095
204,052.441
30,901.178
20.000.000
110.090
60.578.466
50,000.000
4.855.073
6.740.970
1.988.239
Total
431.347,163 412,365,801 379.229.458
a Common stock represented by 4.491,892 shares of no par value.
V. 120. p. 714, 343.
Pittsburgh.& West Virginia Railway Co.
[Including West Side Belt RR.]
(8th Annual Report
-Year Ended Dec. 31 1924.)
President F. E. Taplin, Pittsburgh, March 19, wrote in
substance:
-The operating revenue was larger than for the preceding year,
Results.
1923. by an increase of approximately 2320.000. The operating expenses,
notwithstanding this increase in revenue, showed a decrease of approximately 8120.000 under the 1923 expenses. This means that the operating
ratio for the year 1923 was approximately 79%, and for the year 1924
approximately 70%. and at the same time the property was maintained
in a high state of efficiency, the road being in A-1 cmdition and the p iwer
In better shape than at any time in the past, although several hu 'tired
cars should have been rebuilt, which work Is now being done. These
unusual expenses which have been going on during the past 18 months
have taken a largo amount of money, and the rebuilding of the above
mentioned cars will take a further considerable amount during the year
1925. After the road and equipment have been put into first-class condition, there should be no trouble in maintaining same at. a low operating
ratio, although to obtain good results it will be necessary for the coal
industry to show considerable improvement over what It has been during
the past year.
It has been very difficult for the union mine operators on this railroad
to operate their mines under the present contract which they have with
the United Mine Workers of America. which is about 50% higher than
the scale of wages paid at the non-union mines in competition with the
mines on our road. This contract runs until March 31 1927, and unless
some revision is made it leaves the revenue in a very uncertain condition.
This reacts very badly on our income from equipment rentals which shows
considerable decrease when the coal cars are Idle.
During the year 1923 the revenue on coal was about 72% of the gross
earnings, and the merchandise about 28% of the gross earnings. During
the year 1924 the revenue on coal was about 62% of the gross earnings.
0
and on merchandise about 387 of the gross earnings. At the present
time the revenue on coal is still lower, running less than 50% of the gross
revenue.
By way of comparison with preceding years: The net income of the
railroad, after deducting dividends received from its erai subsidiary and
other unusual credits, was 25% of the gross revenue &el tg the year 1922.
The same net income was 30% of the gross revenue during 1923. and the
same net income was 33% of the gross revenue during 1924.
-The capital structure of the co npany has been
Capital Structure.
revamped during the past year by having redeemed the entire outstanding
cost of $9,500.000.
the
a Preferred stock at aequipment trusts to To help raiseof necessary
Issue
the amount
53.000.000
funds for this retirement,
were issued. Other than this equipment trust there is ncw no prior lien
on the railroad ahead of its common stock, all of the earnings being applicable to the payment of dividends thereon when such action is deemed
proper by the directors.
-Regular quarterly dividends on the Preferred stock were
Dividends.
continued throughout the year to the date of redemption, Dec. 31 1924.
retirement of Preferred stock will save $544.242 per year, to be offset
This
by interest payments on equipment trusts amounting to $135,000 during
the year 1925 and decreasing one-tenth each year. was
segregated from
-The Pittsburgh Terminal Coal Co.
Segregation.
the Railway company by offering each Common stockholder the right to
his pro mta share of Coal company Preferred and Common stock.
purchase
uncertainty
that only
It can safely be saidrecognition thethe Commonof coal mine operation is
stockholders who have
of
holding back proper
2139
THE CHRONICLE
25 1925.]
been very paitent. These Common stockholders did, however, receive
rights to subscribe to the coal stock when same was segregated, such rights
having been worth approximately $15 per share.
COMBINED INCOME ACCOUNTS OF PITTSBURGH & WEST VA.
AND WEST SIDE BELT RR. FOR CALENDAR YEARS.
1921.
1922.
1923.
1924.
Railway oper. revenue-- 84.164.733 $3,844.587 $2.835.601 82.808.939
3.020 328 2.236.824 a3.660.192
Railway oper. expenses- 2.901.327
81.263.406
Net revenue
498,228
Railway tax accruals
300
Uncoil. ry. revenues._ _ _
$824,259
481,112
46
8598.777 def$851.252
365.285
321.891
17
87
$764.877
200,000
812.073
2343.101
720,000
979.483
437.746
216.070
44.597
42,237
$233.474d1$1,173,230
480.000
560.000
564,229
366.523
b870,324
387,585
50,556
33.122
30.327
Ry. oper. income_-_
Dividend income
(net)
Titre & rent ofequip.
inc.from lease of road....
Inc.from sec. & accts.Miscellaneous income_ _ _
$2,449,767 32,129.418 81,438,587
Gross income
69
120
22,727
Deduct-Interest. &c..
544.242
544,242
542.260
Dividends (6%)
161.136
253.2/5
302.617
Rent for leased road_ _ _ _
134
150
4.401
Miscellaneous charges
$964,322
123
544,242
14.201
2405.756
$733.005
81.577.762 $1.331,632
Balance. surplus
• a Includes $810.917 for rehabilitation ofroad and equipment. b Included
8720,000 received from U.S. RR. Administration.
GENERAL BALANCE SHEET DEC. 31.
1924.
1923.
1923.
1924.
$
Assets
Common stock 30,235,100 30,500.000
Investment inroad
9,100,000
and equipment_22,880,400 32,734,440 Preferred stock_
338,884 Equip. tr. ctfs___- 3,000.000
Misc. phys. prop._ 344,642
139.074
Traf..&c.,bals.pay 235,215
Inv. In affil. cos.:
420,875
Accts.& wages pay 380,888
Stks.-Pitts.Ter.
5.499
9,826
4,048.159 7,462,000 Misc. accts. Pay-Coal Corp
37,938
68,333 Divs. mat'd unpd1,551
Stk.-W.S.B.RR. 68,333
136.060
Adv.-W.13.B.RR. 5,255,415 5,255,415 Unmatured dIvs_
Unmat'd Int. accr_
22,500
-W. S. B.
Notes
1 064,585 1,064,585 Negot.rec.for coal
RR
company stock_ 3,920,700
Stocks,P.& C.C.
1 Unred. Pref. stock
1
RR
400,000 (par & prem.)_ 2,602,740
Govt.securities_
54,151
44.823
260.016 Other liabilities...
Mat'l & supplies_ 235,315
10,882 Tax liabilities_ ___ 357.859
6.925
266.990
Bal.from agts.,&c.
1.781
1,153
479,846 1,336,591 Operating reserves
Cash
Accrued deprecia2,500
Loans & bills rec._
487.312
138,051
tion equipment_ 635,117
Special deposits_ _a2,734,810
123.971 Unadjusted credits 4,199,976 4,135,874
Traffic, &c.. bats_ 146,521
131,745 Additions to prop96.868
Misc. accts. rec.42,479
erty through inInt.& diva. rec.
124,282
1,355
2.776
come & surplus_ 131,162
Adv. in transit_ __
1,806 Profit and loss bal1,178
Deferred assets__ _
489,434
2,147,292 4,476,516
ance
Unadjusted debits 594,814
47,962,288 49,859,969
47,962,288 49,859,959
Total
Total
-V. 120. P. 206.
a Includes 22,639,922 for Pref. stock redemption.
Long Island Railroad Company.
-Year Ended Dec. 31 1924.)
(43d Annual Report
President Samuel Rea, April 1, wrote in substance:
-Total operating revenue Increased $992.464, or 2.9% over
Income.
the preceding year.
-Number of rail passengers carried was 92.991.010. an inPassenger.
0. 797.106 commutation tickets were sold to and from
crease of 7.97
terminals, an Increase of 10.5%. These passengers were 54.3% of the
total passengers, the revenue from same representing 33% of the passenger
revenue. The continued growth of the commutation traffic and service
alcentuatm two important questions, first, the possibility of accommodating
the traffic, and, second, the adequacy of the revenue paid for the service.
As this tympany has heretofore pointed out. it will do its full duty, as lb
has in the past, in handling all of its passenger traffic in the best possible
manner, but even when it has done that it is impossible for it to provide
sufficient lines, terminals and equipment to accommodate satisfactorily
the extensive and constantly expanding passenger traffic, especially within
the limits of New York City. It again emphasizes the urgent necessity
for the city to provide additional rapid transit lines and service for the
Boroughs of Brooklyn and Queens, so as to provide adequate transit for
the citizens to and from the Boroughs of Manhattan and Bronx.
Excenditures.-While the company has as yet no corporate surplus and
pays no dividends, it expended almost $9,000,000 during the year for
additional facilities, new equipment, electrification and other improvements
in the desire to do its duty to the public. It has been able to do this through
the use of equipment trust certificates, the sale of property, the use of its
net earnings for the year and the use of current cash, and because Pennsylvania RR. was willing to extend its credit to the company. It has also
been able to follow a similar course in prior years due to the financial support
of an extensive character that has been continuously given it by the Pennsylvania RR.
One of the best illustrations of this constructive policy was the conversion
several years ago of over 222.000.000 of interest bearing debt of this company owned by Pennsylvania RR. into capital stock of Long Island RE..
the result of this conversion being to relieve this company from paying
interest on that amount of debt and allow the use of the money to furnish
the necessary facilities and improvements to accommodate the traffic. It
is, however, evident from the foregoing that the commutation traffic,
which is getting the larger part of the transportation service, is not contributing its equitable share of the revenues in view of the high costa of
labor, materials and taxes.
Commutation gates.
-This company's application for increasing commute,
tine rates is still before the Public Service Commission and the Transit
Commission. The traveling public will appreciate that to the extent the
rates and earnings are inadequate to that extent will the company be
unable to provide adequate facilities and conveniences. The continued
delay In allowing the company to charge fair rates for the service given in
this most expensive territory, where it must pay high taxes, high wages
and high real estate and material costs, is increasing the congestion and
adding to the public discomfort and inconvenience which this company
would largely have mitigated if it had been continuously allowed to earn
a fair return upon its investment. Without that it cannot attract the
necessary large amount of additional capital required to produce increased
transportation facilities and necessary improvements.
The people of Long Island have the determination of these questions
largely in their own 'hands. If they are willing to pay reasonable rate
increases they can have better transportation facilities and conveniences.
This company believes that the Long Island people desire the best service
and are willing to pay reasonable rates, but so long as they allow any
Individuals or interest to interfere with this company earning a reasonable
return upon its transportation investment, they are being misrepresented
and are aggravating congestion and to a large extent restricting their own
comfort and the prosperity of th's territory. This lack of adequate returns,
sod its inability to pay fair dividends upon its capital stock prevents this
CO npany from providing sufficient capital for extensive improvements aid
nom continuing the progressive policy of over 20 years, beginning with
the time when the Pennsylvania RR, purchased a large interest in this
property, which has resulted in a continuously better service, and extensive
expenditures for new steel equipment,grade crossing eliminations, electrifies,
tion and passenger and freWht transportation improvements. Freight
Improvements and facilities are just as essential to New York City and
,
Long Island as passenger facilities, as the citizens cannot exist without
sufficient food, fuel and commodities of all kinds.
The company's debt to the Pennsylvania RR. still runs into several
millions of dollars. and during the early months of the year it is still necessary
for the company to increase that debt until the seasonal traffic of the
spring and summer months begins to move, and also to borrow for improvement work, so that all of the causes combined are the result of inadequate
rates which moderate increases would gradually but surely remove.
Freight.-Prelght tonnage was 7,637.851, a decrease of 3.5%, lamely
represented by a decrease of 7.3%tin coal tonnage.
2140
T1TF4 CHRONICLE
[VOL. 120.
43,567 buildings were erected as compared with 42,628 the preceding year. and by a larger use of mechanical devices
140 new industries secured locations along the line of your road during plants are being steadily improved and for working and handling materials,
costs of manufacture reduced.
the year.
The usual Preferred stock sinking fund installment, amounting with
The tonnage of products of soil and sea moved from Long Island points accretions to $92,378, was set aside and is carried in a separate bank account.
was practically the same as the preceding year.
There was an ample supply of labor and an almost complete absence of
Operating Expenses, Taxes & Hire of Equipment.
-Operating expenses transportation, fuel,
so that
increased 3.7%, due to increase in transportation expenses, reflecting the operating conditions weather or other manufacturing difficulties,were
were comfortable throughout
an
cost of 5% increase in train mileage and increased rates of pay. Taxes important factor in producing satisfactory earnings theayear and
on rather small tonamounted to $1,569,734, representing 18.7% of the net revenue from nage output. Since the Presidential election
has been a
operation.
steady increase in orders in excess of shipments there now we haveslow but
approxiuntil
Hire of equipment decreased $303.349, or 31.7%. As company's equip- mately three times
ment increased only 2%, the decrease was due to the expeditious handling ay. Selling pricesas much unfilled tonnage on our books as we had a year
are lower, but we hope to partially
of foreign equipment on your line.
whatlower costs and a reduction in overhead charges due offset this by someto 1arger)3hipments
Investment in Road & Equipment
.-The net increase in the investment in
INCOME ACCOUNT FOR CALENDAR YEARS.
road and equipment amounted to $7,659,871.
Subsidiary Trolley Lines.
-All the capital stock of Northport Traction
1924.
1923.
1922.
1921.
Co.. owned by this company, was sold to a local organization on Aug. 18 *Earnings
$5,759,070 89,031,456 84.481,840 $1,428,188
1924.
Deduct-Depreciation _ 1,118,459
1.370.391
945,626
512,735
On Nov. 15 1924 and Dec. 31 1924, respectively, the Glen Cove RR.
and the Nassau County Ry., local trolley companies owned by this comNet profit from.oper'n
$915,453
pany. ceased operation and a receiver in voluntary dissolution proceedings Miscellaneous income- _ _ $4,640.611 $7,661.065 $3,536,214
437.044
251,506
552.678
325,885
was appointed for Glen Cove RR. and a receiver will be appointed for
Nassau County Ry. at a later date.
Total profits
$5.077,655 $7.912.571 $4,088.892 $1,241,339
The Long Island Electric Ry. and the New York & Long Island Traction Federal taxes
See *
See *
See *
126,026
Co., in both of which this company is interested through holdings of their Net earnings of sub. cos_
290,616
298,659
307.607
284,261
stocks and bonds, were placed in the hands of receivers during the past Interest charges, &c__
17,967
156,042
71.420
year because of unsatisfactory earnings for several years.
Financial.
-$19,000 Unified Mtge. 4% bonds, due March 1949, were
Balance, surplus
$4.787.039 87.595,944 83,709,866
8675.009
canceled, and a like amount of Ref. Mtge.5% bonds were issued in exchange. Preferred diva. (71
7)
626,591
607.341
586.691
593,691
The 6% Serial notes, due Aug. 1924-25, originally issued in the amount Common diva.(9%).._ 2.166,588 2,166,588 1,836,090
1,836,090
of $414.960. were further reduced during the year by the redemption of
$82,992, leaving an amount outstanding of $82,992.
Balance, surplus
$1,993,860 $4,822,015 $1,287,085df$1.754,772
There were issued and sold during the year $1,875,000 Long Island
*Earnings from operations are after
manufacturing,
Equip. Trust 5% Certificates, Series "F," the proceeds of the sale being and administrative expenses and in 1922,deducting1924 after Federalselling
1923 and
taxes.
applied to the cost of the 60 steel passenger cars and 9 locomotives. ComBALANCE SHEET (INCLUDING SUBSIDIARY COS.), DEC. 31.
pany assumed liability for $390.000 additional 6% certificates of the
'Pennsylvania RR. Equip. Trust of 1920, as part consideration for the 200
1924.
1923.
1924.
1923.
Assetsgondola cars above referred to, which are covered by that Equip. Trust,
$
$
Liabilities$
$
and were assigned to the company by the Pennsylvania RR. as lessee of Real estate, plant,
Common stock_ _624,073,200 24,073,200
equipment, goodall the equipment under the trust.
Preferred stock_ _c8,951,300 9,051,300
will, &c
Equipment Trust obligations increased, however. only $1.445,521, due
a32,528,944 32,576,363 Cap.stk.of sub.co. 4,691,362 4,672,384
Miscell. securities_ 209,400
to the redemption of earlier certificates, amounting to 5819,479.
207,020 Accounts payable_ 1,520,081),
Inventories
5,835,814 5,526,541 Pay-rolls accrued_ 585,2901 1,838,919
TRAFFIC STATISTICS YEARS ENDING DECEMBER 31.
Pref, stock sinking
Res've for Federal,
fund
1923.
172,899
1922.
1921.
183,384 &c.,taxes
1,074,490 1,386,080
Mileage operated
.
397
397
397
398 Accts.& bills rec._ 5,969,133 8,071,239 Com.div. payable. 541,647
541,647
No.of pass. carried
991.991,010 86,166,896 79.656,891 75.506,045 U.S. Govt.secure. 7.474,714 4,463.698 Reserves
518,523
No. pass. carr'd 1 mile_ _1439596563 1341075,395 1239167,160 1152026,714 Cash
6,308,993 5,632,298 Approp. surplus_ _ 465,760
160,554
250,070
Avge. rev. fr. each pass.. 23.8 eta.
Deferred charges
24.0 cts.
95,719
24.1 cts.
24 cts.
142,995 Profit and loss_ _ _16,462,413 14,560,932
Av.rev. p. pass. p. mile_ 1.536 cts. 1.554 cts.
1.551 cts.
1.571 cts.
Revenue tons carried_ _ _ 7,637,851
Total
7,917.977 6.027.860 5,572,679
58,595,615 56,803,539 Total
58,595,615 56,803,539
Rev,toms carr'd 1 mile...160,730,558 171,100,792 134.569,409 129,321.714
a Real estate, buildings, plant, machinery, tools, equipment, patents and
Average revenue per ton
$1 33
$132
$148
$1 48 good-will, as per balance sheet Dec. 31 1923. $37,193.442: plus additions
Av. rev. p. ton p. mile
6.326 cts. 6.128 cts. 6.626 cts. 6.383 cts. during year.$314.975:less reserve for depreciation,
54.979.474.
stock authorized. $25,000,000; issued, 722,196 shares of $33 b Common
OPERAT:NO RESULTS FOR CALENDAR YEARS.
33 1-3 each,
524,073.200. c Preferred stock authorized, $25.000,000: issued. 89,513
Revenuer-1924.
1923.
1922.
1921.
shares of $100 each.
-V.120, p. 1206.
Freight
$10.205,163 $10,511,943 $8,937,569 $8.273,615
Passenger
22,143,572 20,732,638 19,250,024 18.086,144
Mail, express, &c
2,729,150 '2.840,838 2,763,948 2,361.152
West Jersey 8z Seashore Railroad.
Total oper.revenues_ -$35,077,885 $34,085,419 $30,951,540 $28,720,911
(29th Annual Report
-Year Ended Dec. 31 1924.)
Operating ExpensesINCOME ACCOUNT YEAR ENDED DEC. 31.
Maint. of way & trtrue_ $4,418,567 $4,189,220 $3,317,775 $3,320,693
Maint. of equipment_ _ _ 5,733,044 5,745,004 5,118,248 4,993.378
Operating Revenues1924.
1923.
1922.
1921.
Traffic expenses
261.244
267,709
214,778
221.478 Freight
$4,425.661 $5.015,380 $5,125,703 $3,813,298
Transportation
15,338,177 14,567,095 13,591,051 13,696.486 Passenger
7,673,673 8,059,190 7,798,919 8,179,099
Miscellaneous operations
140,501
189,594
246,783
215.066 Mall
81.216
84.043
85,402
105,075
General
797.078
785,677
690.297
737.995 Express
103.038
157.476
192,114
86,715
Transp. for inv_Cr
7,757
7,211
3.112 All other transportation..
5,115
413.866
458.303
435.642
403.741
Incidental
11.4
212.043
343.984
357,959
328.906
Operating expenses__ _826.680.854 $25,737,089 $23,173,819 $23,181,985 Joint facility-Credit__ _
22,870
24.142
22.352
12.873
$8.397,031 $8,348,332 $7,777,721 $5,538,926
Net earnings
Uncollectible revenues..Total
23.702
11,417
34.361
30.570
$12,932,368 $14,142,520 514,018,092 512.929,708
Taxes
1,569,734
Operating Expenses1,788,318 1,795,861
1.535,276
Maint. of way & struc $2,017.282 $2,369.870 $2,039.717 $1,997,624
Operating income........ $6,803.595 $6,548.596 $5,951,290 83,_969,289 Maint. of equipment
2,364,430 2,632.669 2,487,917 2,486,110
Hire of equipment
$651,718
$955.068
$300,992 Traffic
$555,100
197,259
203,483
195,338
168.346
Joint facilities rents (net) 1,612.883 1,591.562
428,737
357,153 Transportation
5,921.276 6.306.870 6,367.693 6,601,461
Miscellaneous operations
32.768
148,125
150.362
116,761
Net ry. oper. income. $4,538,994 $4,001,966 $4,967,454 $3.311,214 General
329,416
331.549
335,384
313,346
Non-operating income _
642,844
1,075,128
585,313 1,158.377
Total
810.862.432 511,992.566 $11,576.412 511.683,649
Gross income
85.181,837 $5,077,094 85.552.767 $4,469,591 Net rev, from ry. oper 112,069.936 U.149.954 $2,441.670 $1,246.058
-Rents for leased
Deduct
Railway tax accruals
903,063
860.036.
900,324
711,611
roads
178,801
178.801
665.253 Uncollectible ry. revs......
204.547
5,100
971
782
688
Miscellaneous rents_ 140,025
167.449
202.026
283,851
Miscell. tax accruals
Railway oper. income. 51,161,772 $1.288.947 51.540,574
16.302
19.170
14.492
14.238
$533,779
Int. on funded debt
2,564,722 2.465,924 2,457,083 2,546,851 Hire of equip.
-Dr. bal.. $170,427
$123,918
$96,208
$89.426
Int. on unfunded debt
273,008
556,441
-Dr. bal..
412,656 .11. fact'. rents
376.302
169.496
174,203
164,666
157,717
Miscellaneous charges
32,866
29,124
33.179
51,717
Net railway oper. inc_ $821.850
5990.825 $1,279,702
5286.636
Net income
$1,976.114 U.656,559 $2.165,028
Non-Operating Income
5599.189
Profit and loss debit_ __ - $2,969,208 $4,560,762 $6,323,138 $6.779,067 Inc. from lease of road_
$170,351
$192,303
$180,435
$191.753
13.731
Add-Net deb. during yr
64,575
143,260 Miscell, rent income.....
66,673
402,652
59,007
41,445
24,503
Add'ns to prop. thro.
Misc. non-op. phys. prop
11,982
9,354
4,710
9,927
Inc. & surp
Cr.544,340 Cr.481,064 Cr.438,468 Cr.348,465 Dividend income
5.661
Inc. from funded securs_
135
2,019
Net corporate deficit_ $462,486 82.488.144 $4,122,294 $5,974,673 Inc. fr. natl.sec.&accts_
28.272
296,735
31,403
48.552
Miscellaneous income..
Dr.729
BALANCE SHEET DECEMBER 31.
Dr.3,845
36,023
1924.
1923.
1923.
1924.
Gross income
$1.099.128 81.547,494 51.533,986
$605,075
Assets$
Liabilities$
$
$
Deductions
Road & equip.- 96,927,387 89,267,516 Capital stock__ _ 34,110,250 34,110,250 Rent for leased ferries
Cr.$36,251 Cr.$44.560 Cr.$30,761
$8,076
Impta. on leased
Funded debt (see
Miscellaneous rents..
3.896
6,678
15,980
5,782
rail property_ 7,314,136 7,132,947 "Sly. as Ind."
Miscell. tax accruals_ 12,355
8.640
8,814
10,964
Inv.In afM.cos.:
Section)
48,229.426 48,312,417 Int. on funded debt ....
220.385
224,822
228,388
231,501
2,017,006 1,782,071 Penn. RR. Co.
Stocks
Int. on unfunded debt._
10,253
190,842
128,376
143,896
287,000
Bonds
287,000 advances _ _ __ 3,043,171 2,946,224 Miscell. income charges21,118
35,764
15,399
14,337
1,358,878 1,499,594 Equip. tr. oblig_ 9,105,409 7,659,888
Notes
Advances. -.- 2,346,946 2,584.185 Real eat. mtges_
196,508
425,000
Net income
$867,373 $1,125.308 $1,167,788
510,048
881,988 Acc'ta & wages. 1,528,940 2,006.08
Other Investm'ts
Approp. to sinking fund_ $111.200
$108,060
$10152
$ 045
867,980
8
744,895 1,324,332 Traf., &c., bals_ 2,434.021 3,040,881 Dividends
Cash
(415 %)521,381 (4)463.450 (2)231,725
656,055 Matured int._ __ 3,387,662 3.399,695
165,297
Special deposits.
62,728
47.009 Fund, debt maTraffic,ace.. bal.
Bal, credit of P. & L. $234.792
$553.798
$868,083
$87,483
937,807 1,003,037 lured, unpaid 1,631,082 1,631,082
Agents & cond's
GENERAL BALANCE SHEET DEC. 31.
Marls at supp.. 2,631,329 2,675,403 Accrued Interest
1,762,328
1924.
1923.
.
and rents_ _ _ _ 2,852,835
Int., diva., &c.,
1924.
1923.
Assets
190.621
78,661 Miscellaneous _. 1,588,791
44,988
LiabUtilesreceivable....
$
561,003 Road
23.731.726 24,147,820 Special guar. stock
Taxes
1,010
368,521
Loans & bilLs rec
90.100
90,000
12,938 Equipment
5,450,333 5,541,402 Common stock. 11,586,250 11,586,250
Miscellaneous.... 1,593,042 1,680,951 Maur., &c., res.
15,039
476,048 Accr'd deprec'n. 7,576,658 6,811,195 General expendiStk. habil for cony.
439,908
0th .unadj. sects
tures
204,189
58.336 of outstdg. secs_
70.968
203,188 Other unadjust.
Deferred assets_
15,605
15,305
462,486 2,488.144 accounts
Deficit
Mtge., bonded and
1,590,194 1,269,033 Miscellaneous
physical prop'y_ 260,268
255,361
Deferred liabilisecured debt_ 5,463,005 5,582,911
158,008 Investment In at162,183.
ties
Traffic at car serv.
M. cos., stocks_
48,768
48,766
balances payable 774,191
771,002
Total
1,066 Audited accts. &
1,065
118,049.051 114,068.133 Total
118,049,182 114,068,133 Other investments
Cash
357,982 wages payable. _ 277,601
486,793
-V. 120. 13• 2008, 699.
316,231
Special deposits_ _.
5,113
5,113 Miscell. accts. pay. 584,474
953,753
Traffic and car
Int. matured unpd. 106,199
American Steel Foundries.
107,961
service balance
Divs. rnatur. unpd.
2,244
2,302
receivable
(Annual Report
-Year Ended Dee. 31 1924.)
443,729
572,100 Fd.(It. mat. unpd.
48,300
46,300
Net balance reUnmet. Int. accr.
1,198
1.144
Pres. R. P. Lamont, Chicago, Feb. 27, wrote in part:
ceiv.from agents
Deferred liabilities
22,075
28,506
and conductors_ 202,702
If The tonnage of all kinds of materials produced and shipped in 1924 was
221,826 Tax liability
125,925
103,530
658.5.54. compared with 828.701 in 1923, or about80%;expressed in dollars, Miscellaneous acAcer.deprec., road 1,195,627 1,524,963
gross sales amounted to $46,088,069, compared with $63.591.962--aPProxicounts receiv.... 151,764
197,853 Accr. dep., equip_ 2,756.388 2,704,131
mately 70%.
Materials dr suppl. 545,221
557,404 Other unadj. cred'a
35.135
51,574
Net profits were 54.787,038-a little over 60% of those for the preceding Other curr. assets_
46 Add'ns to prop.thr.
year. or at the rate of about 9
81,343 Inc. & surplus 5,391,983 5,385,141
on the invested capital and surplus of the Unadjusted debits 198,815
company, and approximately 5725 per ton of output. The balance sheet
Fund, debt retired
'
shows further improvement, with a ratio of quick assets to liabilities of
thr. Inc. & surp_ 1,444,273 1.335,555
7 to 1; working capital of 822,192.263. and surplus of $16,462,413.
Sinking fund reeve 111,377
108,895
There was spent during the year $314,975 in additions to property and
Dividend payable. 289,656
231,725
$2,975,784 for maintenance and repairs
-the latter amount being charged Total (each side).31,597.269 32,046.418 Profit and loss_ _ 1.277,182 1.099,320
to operating costs. By the gradual installation of waste-heat appliances. -V. 120, p. 1324.
APRIL 25 1925.]
THE CHRONICLE
Chicago Railways Company.
(17th Annual Report-Year Ended Jan. 31 1925.)
Pres. Henry A. Blair, Chicago, March 12, wrote in subst.:
Sinking Fund.-Dtuing the year $700,000 Consol. Mtge. Series "A"
bonds were acquired in the open market at lowest prices obtainable, and
delivered to the trustee for cancellation. This completely satisfies the
requirements of the sinking fund provisions of the Consolidated Mtge.
Capital Account.
-The capital account or ordinance purchase price at
the end of the fiscal year was $93,986,705, as follows: Purchase price at
Jan. 31 1924, $93.485,088; added during the year, $501,616.
Wage Change -Wages of the trainmen's organization were increased
3 cents per hour during the first 4 months of the fiscal year over the corresponding period in 1923 and 2 cents more from June 11924,in compliance
with the arbitration award of the previous year. Trainmen are the highest
paid platform men in the street railway industry.
Dividend Litigation.
-The suit brought in the Federal Court against the
company and its directors by three holders of Series 1 Certificates to compel
the declaration of dividends and distribution thereof to the holders of
Series 1 Certificates was decided in favor of the company and its directors
by Judge Cliffe on March 22 1924. This decision was affirmed by the
Circuit Court of Appeals (Judges Alschuler, Evans and Page) on Jan. 14
1925 in an opinion which held that the plan of reorganization under which
were issued the different series of certificates contained "no intimation of
any limitation upon the right and duty of the directors to exercise a sound
discretion in the declaration or withholding of dividends, and in the administration of the railway company's affairs generally."
Concerning the,provision of the first mortgage which forbids the fixing
or distribution of dividends "until such distribution shall first be approved
by the finance committee," the Court held that "the discretion vested in
the finance committee is a valid and binding provision.'
Notice has been given that application will be made to the United States
Supreme Court to review the decision of the Circuit Court of Appeals.
Suit by Stockholders.
-About a month after Judge Cliffe's decision in the
Federal Court nine certificate holders brought suit in the State Court
against the company, its directors, the trustees under its four mortgages
and the depositaries of its stock, asking, among other things, that the
depositaries be deprived of the right to vote the stock; that directors be
selected by the votes of all certificate holders (including Series 4), with the
right to cumulate their votes; that present directors be enjoined from
taling any action as directors and from negotiating with the city looking
to the sale or other disposition of the properties of the company prior to
an election of new directors by a meeting of certificate holders.
On Oct. 24 1924 Circuit Judge Francis S. Wilson held that the suit stated
no cause of action against the company or Its directors or the City of Chicago, but granted leave to plaintiffs to amend their complaint and granted
a temporary Injunction, until the further order of the Court, against the
depositaries voting for the election of any director. The depositaries
appealed from this temporary restraining order to the Appellate Court,
where the case was recently argued and Is now under advisement.
Mayor Dever's Traction Ordinance.
On Feb. 1 1927 there will mature all outstanding bonds of the company
and there will expire the 20-year period covered by the ordinances under
which the company is operating. The present Mayor (Wm. E. Dever)
has been endeavoring to work out a plan whereby the city at or prior to
the expiration of the street railway's franchises may take over all the local
transportation properties (both surface and elevated) in the City of Chicago,
and enlarge and extend the same by the issue of municipal certificates
secured by lien upon the properties and their earnings. The Mayor has
publicly declared that the principle by which he will be guided in his efforts
to solve the traction problem will be that the city shall not pay more than
the properties are fairly worth, and that at the same time investors shall
not have their properties confiscated. [The voters on April 7 turned down
the municipal ordinances providing for the acquisition and operation of the
transit lines by the City of Chicago. See Rapid Transit Plans in V. 120.
p. 1880, 1456. 1201, 954.1
It is regrettable that the above litigation should have been interjected
into a situation so complicated and critical as that presented by the expiration of the present franchises and the maturity of all the company's
bonds on Feb. 1 1927, especially in view of the well-known fact that any
plan-no matter by whom proposed-which contemplates sale, lease, consolidation or merger of the company's properties cannot be consummated
under the participation certificate agreement "unless and until the holders
of a majority in amount of the total number of the equal parts represented
by all of the four series of participation certificates shall consent thereto"
fn the manner provided in the agreement of Aug. 1 1907, under which the
four series of participation certificates were issued.
INCOME ACCOUNT YEARS ENDED JAN. 31 OF THE CHICAGO
SURFACE LINES.
1924-25.
1923-24.
1922-23.
1921-22.
Gross earnings
858,081,678 857,655,170 856,103,062 $60,343,733
Operating expenses
46,574,960 44,839,753 44,416,070 46,516,150
2141
Chicago City Railway Co.
(Annual Report
-Year Ended Jan. 31 1925.)
Pres. Leonard A.Busby, Chicago, Mar. 16, wrote in subst.:
Dividends & Surplus.
-After payment of operating expenses and bond
nterest, the property of the company produced a net income of $1,444,188
for 1924, a decrease compared with last year of $183,276. Four quarterly
dividends of 1M % each, or 6% on the 818,000,000 capital stock were paid,
amounting to $1,080,000. The remainder of the net earnings amounting
to $264,189 was carried to surplus, which at the close of the year amounted
to $2,829,349. During the year the company paid off $136,000 of Its
loans, which represented capital expenditures in 'previous years.
Cash Renewal Reserve.
-Under its ordinance the company is required to
set aside, in cash, on or before the fifth day of each month, a sum equal
to 8% of the gross receipts for the preceding month. This sum constitutes
the renewal fund, and is kept in a separate bank account, distinct from
the company's general funds. Out of this fund on certificates issued by
the Board of Supervising Engineers, the company pays the cost of current
renewals and replacements. There has been paid into this fund since
April 15 1910, including interest and proceeds from sale of unnecessary
property, a total of $12,628,321, and there has been paid out of this fund
for renewals and replacements a total of $7,744.475, leaving in the fund
the sum of $4,883,845 on Jan. 31 1925.
Since July 1 1920, however. the 8% of the gross receipts, including
interest, amounting to $7,784,234 has been paid into a "Special Renewal
and Equipment Fund," under an order of the P. U. Commission entered
July 31 1920. There has been paid out of this fund for current renewals
the sum of $5,134,275. and for the purchase of new cars the sum of 81,863.676, and for track extensions the sum of $254,164. leaving a balance
of $532.120 in the fund.
Since July 1 1920 no funds have been withdrawn from the renewal
fund, created by the company's ordinance. These two funds amounted
on Jan. 31 1925 to 85,415.966 in cash, in addition to the sum of 81,863,676
withdrawn for the purchase of new cars, and $254,164 withdrawn to build
new extensions, the cost of which was not charged to capital account.
or an amount In cash and property equivalent to $7,533,805.
Capital Expenditures.
--Capital expenditures during the year amounted
to $268,120, making the purchase price at Jan. 31 1925 355.753.322
Valuation of the Property.
-In the negotiations resulting in the pending
traction ordinance, the parties were unable to agree upon the purchase
price to be paid for the surface lines' properties, but did gree that the
present fair value of these proeprties should be determined by three appraisers. The city selected R. F. Keller Jr. as its representative, the
bankers' committee selected William J. Hagenah, and these two selected
William Barclay Parsons, formerly Chairman of the Chicago Traction &
Subway Commission, to act as the third appraiser.
These appraisers submitted their report, dated Jan. 26 1925, and unanimously agreed that the present fair value of the surface lines' properties
was in excess of the purchase price of $162,843,584 as of Oct. 31 1924.
The majority of the board, Messrs. Parsons and Hagenah, found the
original cost of the properties to be $167,180,727; the reproduction cost
to be in excess of $235.000.000, and the reproduction cost, less depreciation,
to be in excess of $200,000.000.
Mayor Dever's Traction Ordinance.
Early in the year, at the suggestion of the Corporation Counsel of the
city, a committee of bankers representing institutions that had sold a large
part of the 1st Mtge. bonds of the street railway companies, was selected
to confer with representatives of the city and endeavor, if possible, to
formulate appropriate provisions to be inserted in the ordinance providing for and in the trust deed securing the proposed public utility certificates which in the opinion of the bankers would afford proper protection
to the security holders of the street railway companies and would be necessary to make these certificates marketable.
The committee consisted of John J. Mitchell, Frank 0. Wetmore, Melvin
A. Traylor and Albert W. Harris, who made it clear during the negotiations
that they were not speaking for the companies or the security holders.
but were endeavoring to render any assistance in their power towards the
settlement of the traction problem.
After months of negotiation an ordinance was formulated by the city
officials, passed by the County Council Feb. 27 1925 by a vote of 40 to 5
and sent to a referendum vote on April 7. [The ordinance providing
for the acquisition and operation of the transit lines by the city was defeated by the voters April 7 by over 100.000 votes. See Chicago Rapid
Transit Plans in V. 120, p. 1880, 1456. 1201, 954.]
INCOME ACCOUNT FOR YEARS ENDED JAN. 31 OF THE CHICAGO
SURFACE LINES.
1924-25.
1923-24.
1922-23.
1921-22.
Gross earnings
858,081,678 857,655,169 $56,103,062 $60,343,733
Operating expenses
46,574,960 44.839.753 44,416,070 46,516,150
Residue receipts
$11,506,718 $12,815,416 $11,686,992 $13.827,583
Chicago Railways(60%) $6,904,031 $7,689,250 $7,012,195 $8,296,5,50
5,126.166
5,531,033
4,674,797
Residue receipts
$11,506,718 812,815,417 $11,686,992 $13.827,583 South Side Lines (40%)_ 4,602,687
Chicago Railways(60%) $6,904,031 87,689,250 $7,012,195
$8,296,549 INCOME ACCOUNT OF CHICAGO CITY RY., &C., YEAR END.JAN,31.
South Side Lines (40%) 4.602.687
1923-24.
1922-23.
1921-22.
5.126.167
4,674,797
5.531.033 South Side Lines(40%). 1924-25.
INCOME ACCOUNT CHICAGO RAILWAYS YEAR ENDED JAN. 31. x Joint acct. exp., &c_ _ _ . 84,602.687 85,126.166 $4.674,797 85,531.033
3,668,028
3,567.242
3,668.400
3,852,916
1924-25.
1923-24.
1922-23.
1921-22.
Chicago Railways(60%) $6,904,031 $7,689,250 $7,012,195 88,296,549
Net earnings
$934,658 $1.273,250 $1,006,396 $1,963,791
accts. exp. & adjust_
jt.
225,000
455,000
360,000
290,000 City's proportion. 55%,
as per ordinance
514,062
700,287
1.080.085
553.518
Balance
$6,679.031 $7,234.250 86,652.195 $8,006,549
Deduct-1nt. at 5% on
Co.'s proportion. 45%,
capital valuation
as per ordinance
4,684,130
4,653.654
$420,596
8572,962
4.630,943
$883.706
$452.878
4,615,862
South St. By.proportion
23.133
48.604
24,908
31,512
Net income
81.994,900 $2,580,596 $2,021,253 $3,390,687
ohjcago Railways(45%) $897,705 $1.161,268
Company's proportion $397,464
$835,102
$909,564 $1,525,809
$427,970
$541,448
investment
.5% on
4.684.130 4,653.654
4,630,943
2,750.965
2,764.336
2,751,588
4,615,862 Int, on capital invest___ 2,780,379
Miscellaneous interest_ _
188.311
267,239
249,958
195.451
Incomefrom operation $3,177,842 $3.305,786 $3,178,934 $3,586,690
Gross income
35.770,147 86,082,161 85,790.462 86,337.124 Other income (net)
17,526
83,197
54.398 deb.2,744
Deduct
Total interest on bonds_ $4,699,571 $4.716,680 84,716,680 $4,725,386
Net income
3.3,195,369 $3,388.984 33,233,332 $3.583,946
Interest on loans
52,622
74,219
94,785
$1.751,180 $1,761,519 $1,775,085 $1,824,018
123,232 Interest on bonds
Sink, fund reserve accr_
174,036
250,000
1.080,000
1,080,000 1,080,000
1,080.000
250,000 Dividends (6%)
Fed.Inc. tax on Int.coup.
67,500
107,000
42.000
42,000
Corp.expend. & adj_ _ _
Balance, surplus
173.280
140,794
131.712
$364,189
8679.928
$378.247
$547,465
131,100
x Joint account expenses interest on capital investments of the Chicago
Net inc. for int., &c_
$777,174
$869,432
$555,285 $1,065,405 City By. and Calumet & South Chicago By. and Southern Street By.
Previous surplus
2,698,297
1.928.865
1,473,580
508,174
BALANCE SHEET OF CHICAGO CITY BY. CO. JAN. 31.
Deduct-Int. on adj. Inc.
1925.
1924.
1924.
1925.
bds.for previous years
100,000
100,000
100,000
100,000
Assets$
Liabilities$
$
$
Total prof. & loss sur_ $3,375,470 $2.698,297 $1.928.865 $1.473,580 Pur. price of prop.
Cap,stock equity_20,829,349 20,465,160
-The surplus shown above is before making provision for interest
in terms of ord._55,753,222 55,485.101 1st Mtge. 5% gold
Note.
4,753
33,926,000 33,926,000
4,832
bonds
on the Adjustment Income bonds and before providing for Federal income Accts.receivable..
Real estate
14,409
1,072,745 1,208,744
14,322 Notes payable
d excess profits taxes for the year
•
Cash on hand_ _
957,706
968,717 Accts. payable,&c. 901,997
873,069
BALANCE SHEET AS AT JAN. 31 (CHIC. RYS. CO.).
GENERAL
1925.
1924.
1925.
1924.
56.730.091 56,472,974
Total
56,730,091 56,472,974
Total
$
AssetsLiabilities-$
$
$
118, p. 1391, 1386.
a Rd_ eq.& fran.100,503,319 100.985,134 Capital stock100,000
100,000
Treasury smut'. 6,342,293 3,055,749 Funded debt_103,228,255 101,069,255
Current Rabinlet Mtge. As.
ties, including
collat. toloans 2,250,000 2,812,000
loans and City
Cons. M. bonds •
1.980
1,980
of Chicago's
held for each.
STEAM *RAILROADS.
467 55% of net
Sinking fund__
earnings
2,114,605 2,569,824
b Gen. acct. and 1,954,876
Freight Cars in Need of Repeir.-Freight cars in need of repair on April 1
2,346,871 Interest & taxes
cash items...
totaled 186,4'7, or 8.1% of the number on line, according to reports filed
accrued
2,256,793 2,992,817
nen.& depr.fd. 8,606,437 8,211.584
Car Service Division of the
644,626 Reserves
c8,999,517 8,853,972 by the carriers with the decrease of 2,502 under the American Railway
Sp.ren.& eq. M. 240.109
Association. This was a
number reported on
30,255
2,070 Surplus
3,375,470 2,698,297 March 15, at which time there were 188,919, or
Fire loss fund__
8.2%. Freight cars in
125,274
191,304
Accts.receivable
need of heavy repair on April 1 totaled 143,329, or 6.2%,an increase of 556
Maley
Inc.from
20,096
32,379 Total(each skle)120,074,640 118,284,165 compared with March 15. Freight cars in need of light repair totaled
secur. accrued
43.088, or 1.9%, a decrease of 3,058 compared with March 15.
-Class I railroads on April 7 had 344,258 surplus freight
a Certified valuation or city purchase price, $93,986.705.
Car Surplus.
b Applied Feb. 1 1925 to the payment of semi-annual int. on 1st Mtge. cars in good repair and immediately available for service, according to
bends, amounting to $1,391.375. Also applicable to the payment on or reports filed by the carriers with the Car Service Division of the American
o
before April 10 1925 of the city's 55 ' of divisible income, $1,097,195.
Railway Association. This was a decrease of 701 cars under the
c For renewals and depreciation, 8,606,852; for special renewals and reported on March 31. Surplus coal cars in good repair on April 7number
totaled
.auipment. $287.768; for fire loss. $20,383; for Injuries and damage claims, 1134,461. a decrease of 1,263 within approixmately a week,
while surplus
-4 512.-V.120. p. 1201.
box cars in good repair totaled 113,302, a decrease of 313 during the same
7.
GENERAL INVESTMENT NEWS.
THE CHRONICLE
2142
period. Reports also showed 22.994 surplus stock cars, a decrease of 227
under the number reported on March 31, while there was an increase of
1.338 during the same period in the number of surplus refrigerator cars.
which brought the total for that class of equipment to 15,356.
-No car shortage is being reported.
Car Shortage.
-Class I railroads on April 1 had 11,611 locomoRepair of Locomotives.
tives in need of repair, 18.1% of the number on line, according to reports
filed by the carriers with the Car Service Division of the American Railway
Association. This was a decrease of 388 under the number in need of repair
on March 15. at which time there were 11,999, or 18.7%. Of the total
number. 6.345. or 9.9%. were in need of classified repair, a decrease compared with March 15 of 228. while 5,266. or 8.2%, were in need of running
repairs, a decrease of 160 during the same period. Serviceable locomotives
in storage on April 1 totaled 6.241, an increase of 823 compared with the
number of such locomotives on March 15. Class I railroads during the
last half of March repaired and turned out of their shops 36,737 locomotives
an increase of 3.621 over the number repaired during the first half of the
month.
Matters Covered in "Chronicle" April 18.
-Railroad gross and net earnings
for February. p. 1942-1946.
[VOL. 120.
Cowlitz Chehalis & Cascade Ry.-Constr. of Extension.
-S. C. Commission on April 11 issued a certificate authorizing the
The I.
company to construct an extension of its line of railroad from its present
terminus at Lacamas in a general southeasterly direction, crossing the
Cowlitz River near Mayfield, and running thence up Winston Creek to
a point in section 6, township 11 north, range 3 east, W.M.. a distance
of 14 miles, all in Lewis County, Wash.
The company's existing railroad watch extends from Chehalis, Wash.,
In a southeasterly direction to Lacamas. 18.32 miles, has been in operation
since 1918. Connection is made at Chehalis with the Northern Pacific
Ry.'s Seattle-Portland line, which is used jointly by that carrier, the
Great Northern Ry.. and the Oregon-Washington RR. & Navigation Co.
The company's line also has a connection with the Chicago Milwaukee &
St. Paul By. at that point tnrough the interchange tracks of the Northern
Pacific.
It is represented that the proposed extension is necessary to serve a
large timber and agricultural region that is without rail transportation.
Detroit & Mackinac Ry.-Earnings.Cal. Year. Gross. Net aft.Tax. Tot.Inc. Int..lient...1c. Divs. Bal., Sur.
1924
$1,925.509 $196,567 $276.194 $119,065
$157.129
1.924 863
The I.
52.487 176.193
-S. C. Commission on April 8 issued a certificate authorizing the 1923
*59.289
116.904
1,868.154
company to abandon, as to inter-State and foreign commerce. its line of 1922
45.755
54.322 111.384
def57,052
1.971,128
railroad extending from Alexandria In a general westerly direction to 1921
71,083
80,129 111,188
def31.060
2.077.931 def281.046
McFarland, a distance of approximately 20.65 miles, all in RapIdes Parish, 1920
73.303 132.566 $47,500 def106,762
* Before deducting $140,416 spent for additions and betterments to propLa. Company was principally a logging road.
rety.-V. 120, p. 1744.
Alexandria & Western Ry.-Abandonment of Line.
Ann Arbrr RR.
-New Director.
-
W. P. Chrysler. President and Chairman of the Maxwell Motor Corp..
has been elected a director.
-V. 120, p. 1876.
Belt Railway of Chicago.
-Annual Report.
1921.
Calendar Years1922.
1923.
1924.
Railway oper. revenues.. $6,841,829 $7.192,498 $6.184.668 $5,495.789
Railway oper. expenses.. 4,572.321 4,588.499 4,093,253 4.028.760
340.320
By., tax accruals, &c___
531.429
417.596
476.537
Railway oper.income- $1.738.078 $2.127460 $1,673.819 $1,126.708
Non-oper. income
586,286
132.475
215.057 Dr.57,074
Gross income
$1,953,135 $2,970.386 $1,806,294 $1.712,994
Deduct-Rent for leased
road
1,560,673 1,503.391
1,518.432
1,606,561
Other rents
94,278
19,949
91,633
41,709
Int. on unfunded debt
853
844
1.664
37
Miscellaneous charges
2,855
968
Cr.1
855
Dividends paid
187.200
173.583
172.800
172.800
Balance, surplus
-V. 118. D. 1909.
$66,849
$238.144
Boston Revere Beach & Lynn
Cal. Yrs. Gross.
$1,518,271
1924
1.583,930
1923
1,519.762
1922
1.606,979
1921
- 116. p. 1531.
V.
$86.730
RR.-Earnings.-
Int. & Tax. Divs. Paid.
Net.
$158.186
$104,283
$51,000
101.240
163,265
51,000
143,422
93.951
34,000
101,511
103.537
Central Vermont Ry.-Earnings.Cal. Yrs. Gross.
1924------$8,380,752
1923
8,627.980
7,626,626
1922
1921
7.135,753
- 119,p.1509.
V.
Net.
Total Income. Char's.
$851,968 $1,013,555 $1,910,618
831.595
1,913.271
707,204
1.755,744
881.375
1,018,930
881,375 def285.764
1,347.931
Chesapeake & Ohio Ry.-Annual Report.
--
Operating income-320,463,076 $18,369,351 $14,081,127 $14,382,012
Equipment rents
Cr 1,429.844 Cr766,004 Cr329,203 dr721.086
Other income
1.886,080 2.216,048 2,478,502
1,120.750
$23,779.000 $21,351,403 $16,888,832 $14.781,676
11.677.930 12.371,973 10,365.162 10,589,075
816,302
816.302
204,070
1,255,632
2.619,500 2.591.032 2,511,264
Balance, surplus
$8,665,268 $5.572,096 $3,808.336 $2,936.969
The annual meeting has been adjourned to June 23.-V.120, p. 1744, 1582
Chicago & North Western Ry.-Equip. Trusts Sold.
Kuhn, Loeb & Co. and National City Co. have sold at an
average price of 101.05 and int.,at an average yield of about
0
4.807,$7,224,0005% Equip. Trust certificates: $5,768,000
Series "0," maturing in equal annual installments from
Dec. 1 1925 to Dec. 1 1938, and $1,456,000 Series "P,"
maturing in equal annual installments from Feb. 1 1926 to
Feb. 1 1939.
Denem. $1,000c*. Int. warrants on the Series "0" certificates will be
payable June 1 and Dec. 1, and on the Series "P" certificates Feb. 1
and Aug. 1.
-The issuance of both series has been approved by the I.
Issuan e.
-S.
C. Commission. $6,180,000 were originally issued as Series "0" certificates by Farmers' Loan & Trust Co.. as trustee under the Chicago &
North Western Equip. Trust agreement of 1923 by which there was vested
In the trustee title to equipment purchased late in 1923, costing not less
than 12.248.000. as follows: 18 Mikado type freight locomotives, 12
Pacific type passenger locomotives, 20 switching locomotives, 40 steel
passenger coaches, 10 steel baggage cars, 60 steel underframe milk cars,
-ton single sheathed, steel under and upper frame box cars.
2,000 40
The first installment of said Series"0"certificates, amounting to $412,000
matured and was paid on Dec. 1 1924, leaving outstanding $5,768.000
certificates.
The certificates issued as Series "r" certificates originally amounted to
$1,560,000 and were issued by Farmers' Loan & Trust Co., as trustee under
Chicago & North Western By. equip. trust agreement of 1923. by which
there was vested in the trustee title to equipment purchased late in 1923.
costing not lees than $2,080,560. as follows: 1,000 40
-ton steel underframe stock cars (500 single deck and 500 double deck).
The first installment, amounting to $104.000. matured and was paid on
Feb. 1 1925, leaving outstanding $1,456.000 certificates.
The gross income of the company for the year 1924. applicable to interest
on funded debt, &c., amounted to $20.221,378, while the total of such
interest amounted to $12.333.591.-V. 120. p. 2008. 1322.
Chicago Rock Island & Pacifio Ry.-Abandonment.-
The I.
-S. C. Commission on Aprll 8 Issued a certificate authorizing the
company to abandon a line of railroad extendingfrom a point near West
Davenport, Scott County. to a point near Stockton. Muscatine County,
a distance of 16.28 miles, all in the State of Iowa.
-V.120, p. 1446. 1455.
-Annual Report.
Chicago& Western Indiana RR.
Calendar YearsRailway operating revenues
Railway operating expenses
Net loss
Non-operating income
Gross income
Deductions from gross income
Sinking fund, &c., reserves
Dividendspaid
Balance, surplus
-v.120, p. 1582. 1086.
1924.
$374.533
437.157
1923.
$376,840
422.616
1922.
$320,467
383.378
362.624
4,665.585
$45.775
4.567.979
$62.911
4.487.133
$4,602,961 34.522.204 $4,424.222
3.890,587 3.767.861 3,729.747
210,709
225,518
243,192
(84%)425.000(8%)425.000 (6)300,000
$44.182
$103,825
RR. & Coal Co.-Porn/mos.-
Florirle East Coast Ry.-Earnings.Calendar Years1924
.
1923.
Total oper. revenues__320,106,910 $16.023,998
Total oper. expenses- 13.270.096 10.771.329
Net earnings
16.836,814 $5.252,661
Taxes & uncollect. rev
1,325,351
1.356,638
Railway oper.income_ $5,511.463 $33,896,031
Non-operating income
373.974
475.602
Gross income
$5,885,437 $4,371,632
Int. on funded debt
869,219
609,890
Rentals. &c
1,100.149
765.860
Other deductions
398.577
238.209
1921.
1922.
$13.427,625 113479.109
9.431.825 11,218,635
$3,995,800 $2,360,474
805,100
775.459
$3.220,341 $1.555.374
442.789
96,991
$3,317.333 $1,998,163
583,833
575.333
548.009
400.537
202,118
157,088
Balance.
Net Income
$3.507,492 12,757,673 $1,991,872
$2,903
13,346 -V. 120, P. 1199
.
17,379
Fort Smith & Western Ry.-Rarnings.2.026
Calendar Years
-1924.
1923.
1922.
Gross rev,from oper_ _ _ _ 81,909,118 11.590.871 81.692,267
Other income
de189,532
def1.355 def28.515
Bal. Def.
Total
$1,819.586 11,589.516 $1,663,752
$897,063
810116,219 11.370,250 $1,352,542
1,081,676 Operating expenses
149,863
151.640
140.549
736,814 Rentals and taxes
1.633.695
Total
$1.566.082 $1,521,890 $1,493,091
Net income
$253,504
$67,626
1170.661
-V. 117, p. 1774.
Calendar Years1923.
1924.
1922.
1921.
Operating revenue_ _ _ _$108,033,448$101.975.798 $83.511.561 $83.687,958
Operating expenses
82,781,703 78.889,777 66.118.030 66,603.077
Taxes, &c
4,788,669 4,716,670 3.312.404 2,702.869
Total income
Interest, rents. &c
Preferred dividends..
Common dividends
East Broad To
The company reports for the year 1924: Total railway operating revenues, $634,502; total operating expenses. $478,783; railway tax accruals,
&c., $19,633; net operating income, $136,086; other income, $15.501; gross
income, $151,587. Deduct: Interest on funded debt, $42.276; income to
reserve fund, $3,283: rentals, &c.. $1,100. Other deductions. $13,258:
Pref. divs. (6%). $14,805; Common diva. (6%), $41,517. Balance. $35.348.-V. 110, p. 1186.
$183,766
$766,707
1921.
$1.773.095
def11,467
U.761.628
$1,702.584
131,815
$1,834,399
def$72,771
Gulf Mobile & Northern RR.
-New Dirertnr.Donald G. Geddes has been elected a director.
-V. 120, p. 1582.
Munson & Manhattan RR.
-Div, Dishursinq A gent.
The United States Mortgage & Trust Co. has been appointed dividend
disbursing agent for the Common stock of the company. See also V. 120.
p. 1878.
Kansas City, Mexico & Orient RR.-Thwaanization.
The Commerce Trust Co., Kansas City, Mo., in a notice to the holders
-Year 6% Gold Notes states:•
of the 2
On March 24 1925, the U. S. District Court for the District of Kansas
entered a decree accepting the bid of Clifford Histed for all and sinaular
the property and assets of the road under the foreclosure sale pursuant to
the Decree of Court entered in the case of The Trustees Corp., Ltd., and
Irving Bank-Columbia Trust Co., and by Its Decree confirmed the sale to
Clifford listed and approved the reorganization agreement submitted by
Mr. listed.
Pursuant to the reorganiration agreement, the holders of the 2-Year
6% notes are given the privilege to subscribe for stock in the new corporation to be formed to take over the assets. Those desiring to avail themselves of the privilege of subscription should send their subscriptions
(with initial cash installment) accompanied by the original 2
-Year 6%
Notes, to the Commerce Trust Company, Trust Department, Kansas
City, Mo., on or before June 1 next. Those noteholders whose notes are
deposited with a protective committee may, in lieu of the notes. deliver
their deposit certificate properly assigned in blank.
Digest of Reorgization Plan,
-The properties shall be transferred and conveyed to a
New Company.
corporation to be formed for that purpose. [The new company was
chartered in Kansas on or about April 1 19251.
Capitalization.
-The issued and outstanding stock of the new company
shall be 37,500.000 (Par $100), or it may be represented by 75,000 shares
having no face or par value. The net value of the company's assets in
excess of the par value of the company's capital stock shall be carried as
capital surplus.
Extension of Government Note.
-Prior to taking over the property by the
new company William T. Kemper. receiver, will apply
I. S 0.
Commission for an extension of the time for payment of his to the
'
$2,500,000
now outstanding to the Secretary of the Treasury, dated Dec. 1 1921,note
and
maturing Dec. 1 1923 which extension shall be for such period, not exceeding 15 years from Dec. 1 1921, as the Commission may prescribe. AS
security for such indebtedness so extended, the receiver shall pledge $2,500000 receiver's certificates bearing int. from Dec. 1 1921, at the rate of 6%
per annum, payable semi-annually and maturing coincidently with
extended indebtedness, or payment of the certificate of indebtedness such
now
held by the Secretary tit the Treasury as collateral for payment of the note
likewise maturing Dec. 1 1923. shall be extended to mature coincidently
with such extended indebtedness. as the Commission may determine.
The receiver's certificate of indebtedness held by the Secretary of the
Treasury as collateral security shall by order of the Court continue, or be
made and constituted a first, prior and underlying lien upon all of the
property, real, personal or mixed, bonds, stock or other securities, and every
asset of every kind or character whatsoever of the company, and of its
Receiver, prior and superior to the lien of any and all mortgages, collateral
indentures or deeds of trust, or of the bonds or notes secured by any such
mortgages, collateral indentures, or deeds of trust, made, executed and
delivered by the company, and all other claims of every nature whatsoever;
provided that the receiver may apply current operating income toward the
payment of current operating expenses and taxes.
New Company to Assume Receiver's Certificate.
-The new company shall
take title to the property subject to the lien of the receiver's certificate
securing the note of William T. Kemper. receiver, to the Secretary of the
Treasury, which note and receiver's certificate the new company shall
expressly assume and agree to pay. The indebtedness shall be and continue
a first, prior and underlying lien upon all of the property, real, personal or
mixed. bonds, stock or other securities, and every asset of every kind or
character whatsoever of the new company and upon all property
every
sort and description hereafter acquired by new company prior and of
superior
to the lien of any and all mortgages, collateral indentures or deeds of trust,
or of the bonds or notes secured thereby, and of all other claims of every
nature whatsoever; provided that the new company may apply current
operating income toward the payment of current operating expenses and
taxes.
Equipment Loan of $1.000.000.
-The Receiver is to obtain an equipment
loan of $1.000.000 to be certified by the I. S. C. Commission under section
APRIL 25 1925.]
2143
THE CHRONTCLE
210 of the Transportation Act 1920, upon the application of the receiver
the [Proceeds of which loan are to be used in the purchase of locomotives,
freight cars and other equipment. The terms, security and form of obligation for the loan will be such as may be prescribed by the Commission and
the Secretary of the Treasury, all of which shall be equally binding upon
the new company and which It shall expressly assume and agree to perform.
The equipment mentioned, subject to any lien resting thereon as aforesaid.
BhaII be transferred to the new company.
By appropriate order of the Court, the new company shall receive, hold
and use all of the property above described, and each and every part
thereof, subject to the liens hereinbefore set forth.
Cash Payment to New Company.
-The owner [Clifford Histedl will, in
addition to the transfer of the properties, pay into the treasury of the new
company such sum in cash which, added to the cash received from the
receiver at the time of confirmation of sale (not including the $1,000,000
equipment loan) will amount to a total of $1.250.000, which payment shall
be made on or before 30 days from the date of the soproval of this agreement
by the court.
Owner to Receive Stock.
-$3,500,000 consisting of 35,000 shares (par 8100
each) or 35.000 shares of non-par stock (as the case may be) of the capital
stock of the new company fully paid and non-assessable, shall be issued to
and become the absolute property of the Owner or his assigns without any
further charge or expense therefor.
Stock to be Offered to Noteholders.
-The remaining $4,000,000 (par $100
each) or 40.000 shares of non-par stock (as the case may be) of the capital
stock shall be allotted for subscription by the several owners of the 2
-year
6% (:01(1 Notes. The subscription price shall be $80 per share payable in cash
and installments without Interest as follows:
20% in cash to accompany the subscription, 25% on or before Sept. 1
1925. 25% on or before Dec. 1 1925. The remaining 30% on or before
March 1 1926.
All subscriptions for stock must be deposited with one of the depositaries
(either the Commerce Trust Co.. of Kansas City, Mo., or the Treasurer
of the new company) accompanied by the initial cash payment on or before
June 1 1925.
Subscribers for such stock must also deliver, with their subscription, their
original 2
-Year 6% Gold Notes to the depositary. Those noteholders whose
notes are deposited with a protective committee may. in lieu of the notes,
deliver their deposit certificates. Upon payment in full of his subscription
there will be transferred to each stockholder an additional number of shares
of stock equal to 10% of the face value of the notes surrendered; prortded.
however, that no subscriber shall be entitled to receive such additional stock
in an amount in excess of 10% of the stock for which he has subscribed and
paid.
Noteholders who fail to subscribe for stock within the time provided, or
who having subscribed fail to make any payments within the time specified,
shall not thereafter be entitled to participate in the reorganization, and shall
have no further rights under the terms of the agreement.
-V. 120, p. 1583,
1199.
Long Island RR.
-Equip. Trusts Sold.
-Kuhn, Loeb &
Co. have purchased, subject to approval of I. C. Commis-S.
sion, and sold privately, $1,095,000 5% Equip. Trust Certificates, Series "0," maturing from Jan. 1 1926 to Jan. 1 1940.
-V. 120, p. 208, 699.
Minneapolis & St. Louis RR.
-Listing.
-
Duplication of facilities by both roads will be avoided by this alternative
use and unified operation. The electrification of the Virginian from'the
coal fields in West Virginia to Roanoke, Va., will shortly be completed.
The use from time to time of the Virginian's better grade line to tide will
save heavy outlay in revision of the line and grade of the Norfolk & Western to tide: and the combined use of the two roads will avoid duplication
by the Virginian of trackage and other facilities which the two railroads
in joint operation can furnish.
From the viewpoint of freight train cars, both roads are well equipped,
and this is true of locomotive power. Both are equipped with the same
electrical system, the Norfolk & Western in the coal field and the Virginian
from the coal field to Roanoke. United the car service, the locomotive
power and the electric power service should be a better service than either
road can give in separate operation. The Virginian's coal pier at Sewell's
Point will be an important alternative delivery point for bunker and cargo
coal from Norfolk & Western sources as the country and export coal take
up the overproduction of bituminous coal caused by the stimulus of the
great war.
The managements of the two roads believe that united they will afford
a better service than is possible by a severed development and operation.
-V. 120. p. 1878, 1735.
North Texas & Santa Fe Ry.-Bonds.-
The 1.-S. C. Commission on April 9 authorized the company to issue one
registered 1st Mtge. 6% gold bond. Series "A," in the denomination of
$2.200,000. the bond to be delivered to the Atchison Topeka & Santa Fe
Ry. in satisfaction of a like amount of indebtedness for advances for capital
purposes.
The company was incorp. in 1916 in Texas with an authorieed capital
stock of $100,000. All of the stock, except shares qualifying directors, is
owned by the Atchison Topeka & Santa Fe Ry. The company owns a
line of railroad approximately 85 miles in length, extending from Spearman,
Hansford County, Tex., to a junction at Shattuck, Okla., with the line of
the Panhandle & Santa Fe Ry., also a subsidiary of the Atchison Co.
Panhandle Co. operates line of company under a lease dated Mar. 1 1920.
Northern Pacific Ry.--Obituary.A. M. Burt. recently appointed Vice-President in charge of operation and
-V. 120, 9..2005. 1878
maintenance, died at Jamestown, N. D.
Pere Marquette Ry.-Annual Report.
Calendar YearsRailway operating revenues
Railway operating expenses
1924.
1923.
841.797.915 $45,965,737
30.962,930 34,871,097
Net revenue from railway operations
Railway tax accruals
Uncollectible railway revenues
Equipment rents. net
Joint facility rents, net
$10,834.985 811.094.640
2.028.020
1,848,822
7.803
13,604
919.635
1.625.249
678.697
520.593
Total
Net railway operating income
Other income, net
83,634.156 $4,008,268
7,200,828
7.086.372
406,053
357,191
Balance before deduction of interest
Interest on bonds
Interest on equipment notes
Miscellaneous interest
$7,606.881 $7.443.563
$2,197,960 81,664.974
445,246
485.881
28.652
89,898
The New York Stock Exchange has authorized the listing of $2,423,000
American Exchange National Bank temporary certificates of deposit for
1st Consol. Mtge. 5% Gold bonds with coupons maturing May 1 1924
Surplus
$4,935,022 $5,202.810
and all subsequent coupons attached, with authority to add $2.859,000 Dividends on Prior Preference stock
560.000
560.008
temporary certificates upon official notice of issuance, making the total Dividends on Preferred stock
621,450
870.030
amount applied for $5,282,000.
Dividends on Common stock
1.801,840
1.351.380
The Exchange has also authorized the listing of $1,047,000 American
Exchange National Bank temporary certificates of deposit for 1st Mtge.
Balance,surplus
$1,951.732 $2,421,400
4% 30
-Year Gold bonds of Des Moines & Fort Dodge RR. due Jan. 1 -v. 120; p. 1583.
1935, with coupons maturing July 1 1924 and all subsequent coupons
9...hoard Air Line Ry.-Bonds.attached, with authority to add $2,025,000 temporary certificates upon
official notice of issuance, making the total amount applied for $3,072,000
The I. S C. Commission on April 9 authorized the company (1) to issue
-V. 120. p. 1744.
refunding-mortgage bonds in an amount which, when taken at their fair
value at the time of pledge, will not exceed 8873.977. said bonds to
Nashville Chattanooga & St. Louis Ry.-Annual Rep1. market under company's 1st & Consol. mtge; and (2) to procure authenbe pledged
tication and delivery of 81,025.500 of 1st & Consol. Mtge. geld bonds due
Calendar Years1922.
1924.
1923.
1921.
Railway oper. revs
$23.601,646 $24.801.787 822.353.763 820.924.602 1045, 6%, series A. and to pledge and repledge, from time to time, such
-V. 120. p. 1745, 1583.
Operating expenses
19.480.969 21,453,047 19,207,688 19.607,276 bonds as collateral security for short-term notes.
Net rev.from ry. oper. $4,120,677 $3,348,740 83,146,075 $1,317,326
Net inc. after fixed chges.
but before diva
$1.955.509 $1,628,806 $1,680,522 def$259.802
-V. 120, p. 2009.
Norfolk & Western Ry.-Lease of Virginian Ry. Proposed.
-The stockholders will vote May 23 on approving, subject
to any necessary approval by public authorities, a contract
of lease to this company of the railroad, property and
franchises of the Virginian Ry., for a term of 999 years.
Pres. A. C. Needles, in a letter to stockholders April 21. says:
The Virginian Railway Co.'s line extends from Sewell's Point, Norfolk.
Va., to Deepwater, W. Va., a distance of 441 miles, and taps valuable
Coal areas. It has eight points of connection with this company's system.
The Virginian company is so located that it can be operated as a part
of this company's system with marked economies. At present the Virginian
is limited in its operations to east-bound business; with connecting lines
which this company expects to construct, an outlet over this
lines to the Lakes and Northwest will provide a long haul for company's
additional
coal tonnage and other traffic which it is believed will be of large benefit
In increasing net revenues and developing the service of both railroads.
Virginian's line is being rapidly electrified upon the same system as
The
that so successfully used through this company's coal fields.
The terms of the proposed lease provide for the payment by this company
of operating expenses, taxes, interest on funded debt, a reasonable amount
for the maintenance of the corporate organization and dividends at the rate
of 6% per ann m on the Virginian company's outstanding Preferred stock,
279.550 shares, and Common stock, 312,715 shares. These dividends
will call for an annual payment of $3,553.600. This sum was more than
earned by the Virginian in 1923 and was closely approached in 1922 and
1924, the net earnings for these three years averaging 5.85% on the outstanding stock. Large capital expenditures, recently made, but not yet
completed and in full operation, are as yet unproductive of income, these
including a modern coal pier at Norfolk, the extensive electrification program
and the construction of the Virginian & Western.
It,is believed that under this company's management of the Virginian
property and with co-operative use of the terminals and facilities of both
companies its earnings will more than take care of these rentals, and that
material advantages will accrue to our own lines. The construction of
new lines in West Virginia will not only provide a connecting link for the
westbound movement of Virginian business but will open up important
new territory. The use of the Virginian line as a third track for this
company's heavy movement to and from tidewater will postpone and,
it is believed, avoid heavy capital expenditure on your line for new trackage
and other improvement of line and grade which would otherwise be required.
Therefore, from the standpoint of increasing the traffic, both east and
west, and of moving It with the greatest economy, promptness and convenience, and of developing the territory without unnecessary expenditure
for new or duplicate lines, the lease is in the best interests of both companies and of the States and communities through which their lines run.
The management recommends the approval of the proposed lease, which
has already received the approval ofthe directors.
In addition to the announcement of the terms, President
Needles authorized the following statement:
The Virginian's tonnage for 1923 was, in round numbers, 8.250.000 tons,
of which some 7,300,000 tons were coal and coke. The two roads do not
serve the same mines or compete as coal carriers. Nor have they for other
business any substantial relationship of competing carriers.
The communities served by the Virginian and Norfolk & Western will,
under this closer relationship, have ready access by one-line haul to points
not now reached by available through routes and rates. The patrons of
the two systems and the communities they serve, both on line and more
distantly, will, It is believed, have a more efficient service. A striking
illustration would be the alternative use of the Norfolk & Western or Virginian lines to tide in times of congestion on either line.
Southern Pacific Co.
-Changes in Personnel.
-An
official statement, dated at New York April 16, says:
J. Kruttschnitt. Chairman of the Executive Committee, after nearly
48 years' continuous service with the Southern Pacific Lines, will retire
from active service under the pension rules of the company on May 31 1925.
Because of Mr. Kruttschnitt's retirement, the directors have authorized
the following changes in the organization and management of the company's
affairs, effective June 1 1925:
1. Henry W. de Forest, now Vice-President in charge of the financial
interests of the company was elected Chairman of the Executive Committee. Mr. de Forest will have general control of the company's business
and the management of its financial affairs. Mr. de Forest's office will
be at 165 Broadway, N. Y. City.
2. William Sproule, President. will have jurisdiction and direct control
over all the operations and affairs of the company, except those pertaining
to the New York organization, and the Texas and Louisiana lines, which
lines will continue in charge of W. R. Scott as President. Mr. Sproule's
headquarters will continue as at present in San Francisco, Calif.
A. D. McDonald. now Vice-President and Comptroller, was elected
Vice-Chairman of the Executive Committee. Under the direction of the
Chairman of the Executive Committee, Mr. McDonald will have charge
of the company's general office at 165 Broadway, N. Y. City.
4. J. P. Blair, General Counsel, will have immediate charge of the legal
business of the company in New York. neighboring States and Kentucky
and of the SouthernPacific Steamship Lines, Mr. Blair's office
continue at 165 Broadway, N. Y. City.
5. Paul Shoup, now Vice-President and Assistant to the President. was
appointed Executive Vice-President. Under the direction of the President, Mr. Shoup will have immecutte charge of the management, operation, and traffic of the railroads West of Ogden, Utah, and Tucumari.
New Mexico. Mr. Shoup's office will be in San Francisco. Calif.
6 T. M.Schumacher, now Executive Vice-President, was appointed VicePresident in charge of traffic. Under the direction of the'Nesident, Mr.
Schumacher will have charge of the solicitation and development of traffic
interchanged with other companies, the rates and divisions concerning such
traffic, the company's off-line agencies, and traffic relations with other
railroads. Mr. Schumacher's office will be in Chicago. Ill.
7. L. J. Spence, Executive Officer. under the direction of the President,
will have immediate charge of the management, operation, and traffic of
the Southern Pacific Steamship Lines. Mr. Spence's office will continue
at 165 Broadway, N. Y. City.
8. Hugh Neill, now Secretary, was appointed Vice-President & Secretary.
Mulks, now Assistant Comptroller, was appointed Comptroller
9. G.
W.
to succeed A. D. McDonald, elected Vice-Chairman.
10. Under the new organization, the office of W. A. Worthington. Vice.
President. will be in San Praneism instead of New York. Mr. Worthington
will be on the staff of the President.
11. F. W. Mahl, now Director of Purchases, will be appointed General
Purchasing Agent, and will be on the staff of the President in San Francisco.
'Harding, now Consulting Engineer, will be appointed Engineer
12. C. R.
of Standards, and will be on the staff of the President in San Francisco.
13. The offices of Director of Traffic, Director of Purchases, Consulting
Engineer, Assistant to the Chairman, and Assistant to the President, will
be discontinued.
All other officers not affected by the reorganization plan were re-elected
-V. 120. p. 1878.
or re-appointed for the ensuing year.
Tennessee Alabama & Georgia Ry.-Tentative Valua'n.
The I.
-S. C. Commission has placed a tentative valuation of $1,422.809
on the total used and $1,372,809 on the total owned property of the company as of June 30 1917.-V, 118. p. 2306,
Virginian Ry.-Proposed Lease of Road to Norfolk it
Western Ry.-PreRident Resigns-Earnings.
See Norfolk & Western Ry. above.
C. W. Huntington has tendered his resignation as President, to become
effective April 30.
THE CHRONICLE
2144
Results for Calendar Years.
1921.
1922.
1923.
1924.
$18,988,438 $20,328,348 $19.009,444 818.024,357
Gross revenue
5,618,629
6,570,052
6,716,927
6.778,991
revenue
Net
2,308,095
Fed. comp.(minimum)_
799,591
881.444
944,932
1,560,985
Other income
2,126,709
2.096,864
2,156,243
charges
2,818,536
Interest
310,234
417.392
649,956
815,156
Rentals, &c
$3,315,141
Surplus
-V. 119. P. 2758. 1735.
$3,671,445 $3,408,033 $5,245,827
--Earnings.
Ulster & Delaware RR.
1922.
1923.
1924.
Calendar Years$1,504.984 $1,742,002 $1,652,803
Operating revenue
1,580,579
1,447,855
1,231,687
Operating expenses
72,103
66,128
62,162
Railway tax accruals & uncoil.ry.rev.
Total operating income
Non-operating income
$211,135
12,843
$228,019
38.966
$121
109,136
Gross income
Interest on funded debt
Other deductions
Dividends
$223,978
140,000
72,753
$266,984
140,000
111,188
$109,256
140,000
81,827
(3%)57,000
Balance
-V. 118, p. 2822.
$11,125
$15,796def.$169,570
PUBLIC UTILITIES
American District Telegraph Co. (N. J.).-Report.
1922.
1921.
1923.
1924.
Calendar YearsGross operating revenue__ _$6,538.054 $6,176,258 $5,925,059 $5,517,503
5,173,735 4,767,229 4.475,230 4,548,911
xOperating expenses
$1,364,319 $1.409,029 $1,449,829
Net operating income
80,567
57,756
97,707
Inc. from divs. & interest_ _ -
$968,592
28,633
$1,462,026 $1,489,596 31,507,585
Int. on bds. of A. D. T. Co.
19,762
19.454
11,287
J.)
(N.
$997,225
Balance, surplus
Previous surplus
Maine, New Hampshire, Connecticut, Massachusetts and up-State New
York.
The company in a notice to security dealers says:
"Inquiries have been made by numerous dealers who are desirous of
trading in scrip to be issued in connection with the recently inaugurated
Policy as to dividends on Class "A" stock of this company (see V. 120,
,
p. 2010), whether the Seaboard National Bank, the transfer agent, will
Issue fractional scrip in exchange for full shares or vice versa. This will
be done.
"The company desires to facilitate in every way the consolidation of
fractional scrip acquired by stockholders in payment of the dividend on May
1 next. A large majority of the stockholders are electing to take their
dividends in stock and scrip, either with the intention of retaining the same
or of reselling it, to realize the increased amount obtainable by them at
present market prices over and above the amount they will receive if they
take directly the cash alternative."
The company, in an advertisement, says:
The directors on April 10 made the initial quarterly dividend of 50c. on
its Class "A" stock, payable may 1 to holders of record April 10, payable
not only in cash, but, as an alternative, in Class "A" stock at the rate of
1-40 of 1 share for each share of outstanding Class "A" stock. Scrip certificates will be issued for fractional shares. On the basis of the present
market value of the Class "A" stock. the stock dividend is equivalent to
approximately 70c. per share per quarter or at the present annual rate of
approximately $2 80 per share.
Stockholders not desiring to retain their dividend stock or avail themselves of market facilities for its sale may obtain cash for their dividend
rights at the rate of 50c. for each share held by them April 10 upon request
delivered to the Seaboard National Bank, 115 Broadway, N. Y. City, prior
to June 30.
Class "A" stockholders may, upon order delivered to the Seaboard National Bank, purchase sufficient additional scrip to complete a full share
at the rate of $1 per full share above the market or sell their scrip at the rate
of $1 per full share below the market. See also V. 120. P. 2010.
-Report
Associated Telephone Co., Long Beach, Calif.
for Calendar Year 1924.-Telep. oper. revenue
$670,010
Telep. oper. expenses
388,472
Taxes assignable to oper___ 51,669
Net non-oper. income
Cr41.637
21.105
Total net income
$271,506
Unappropriated surplus Dec. 31 1924
$1,450.739 $1,470,142 $1,487,823 $976,120 -V. 117,
p. 2774.
4,449,374 3.709.403 2.858.834 2.377,064
85.900.113 85.179.545 84.346,657 83.353.184
Total surplus
Cr.31,704 Dr.32,665 Dr.39,396 • Cr.3.864
Adjust. of surplus (net)
Divs. paid & declared- --(7X%)722,419 (7)697,506 (6)597,858 (5)498.215
Profit and loss surplus_ _ _ _$5.269,398 $4,449,374 $3,709.403 82.858.834
x Including repairs, reserved for depreciation, rent for lease of plants,
-V. 120. p. 327.
taxes, miscellaneous interest, &c.
[VOL. 120.
Int. on funded debt
$80,273
Other int. deductions
4,154
Dividends paid
97,788
Res. for Fed. income tax__ 26,613
Balance, surplus
362.678
$136,538
Bear Valley Utility Co., San Bernardino, Calif.-Bonds Offered.
-G. Brashears & Co., Los Angeles, are offering at 100 and int. $110,000 1st Mtge. Sinking Fund Gold
bonds 7%,Series "A."
Dated Sept. 11924; due Sept. 1 1944. Prin. and int.(M. & S.) payable
at Farmers & Merchants National Bank. Los Angeles, Calif., trustee.
Denom. $1,000 and $500 c&r. Red. all or part on 60 days' notice on any
-Listing.
int. date at 105. Company agrees to pay interest without deduction for
American Gas Co., Philadelphia.
The Phila. Stock Exchange has authorized the listing of $2,542,200 any Federal income taxes not exceeding 2%. Issue authorized by the Caliadditional Common stock, issued account of Common stock dividend of fornia Railroad Commission. Exempt from personal property tax in Calif.
declared March 17 1925, payable in Common stock to stockholders Data From Letter of Frank L. Talmadge, President of the Company
223'
of record March 311925. making the total amount of Common stock listed
Company.
-Organized in California July 21 1921. Operates electric
April 18 $13.846,300.-V. 120, p. 2009. 1879.
and telephone properties serving the Big Bear Lake territory, and is now
completing a water system which will supply the thickly populated section
-Annual Report.American Public Service Co.
on the south side of the lake. Company now serves some 2.000 houses
1923.
1924.
Consol. Earningsfor Calendar Yearsand 75 hotels and hotel camps. The population varies from a minimum of
$4,009,191 $3.288,848 not less than 1,000 people in the winter to a conservative maximum of 30,000
Gross earnings from utilities operations
Operating expenses (incl. taxes & depreciation)_ _ _ _ 2,716,540 2,133,981 in the summer.
of sale
Purpose.
Common
$1,292,651 $1.154,867 stock will -Proceeds reimburseof these bonds and additional made for
Net earnings from utilities operation
the company for expenditures
be
37,893 improvements used to
281,157
Non-operating income (net)
to its telephone and electric systems, and to supply funds
system.
31.573.808 81.192.760 for the completion of the water
Gross income
Earnings.
-Net earnings after Federal taxes for 1924 for the electric and
649.706
532,975
Interest on funded debt
112,787
101.307 telephone systerrs alone, that is, without reflecting any earnings from the
Amortization of debt discount and expense
312,726 proceeds of the sale of these bonds, amounted to over $13.912, or 1.80 times
Preferred stock paid or accrued
368,311
Divs. on
annual interest charges on these bonds. Based upon the business already
$443.004
$245.752 available, had the water system been in operation for this period, the net
Balance,surplus
company's policy with respect to Common dividends, a earnings would have been in excess of3 times the bond interest requirements.
Pursuant to the
Since its inception, the company has regularly paid 8% dividends on its
dividend of 3389,850 (10%) on the Common stock was paid in stock in
Common stock.
1924 from accumulated surplus.
Sinking Fund.
-Sinking fund, beginning Sept. 1 1926, is sufficient to
Consolidated Balance Sheet Dec. 31.
retire65% of this series by maturity. In lieu ofsuch sinking fund payments
1924.
1923.
1924.
1923.
as above, the company may apply in any one year 35% of the amount of
LiabilitiesAssets
the sinking fund payments for 13ettercnts or extensions to its properties.
CapitalizationAuthorized. Outstand'g.
Plant & equipm't..19,730,194 15,957,258 Prefeired stock- 5,737,600 5,187,600
913,342 Common stock__ 4,290,380 2,900,530 1st M. Gold bonds, Ser."A," 7%,due Sept. 1 1944
Inv.in other cos__ 276,524
11,126,500 10,074,300
256,088 Funded debt
248,056
(this issue)
$500,000
Cash
$110,000
404,645 Common stock, paying 8% dividends
329,184 Acets payable __ _ 362,427
398,592
100,000
Acc'ts receivable
100,000
155,490
9,651
Notes payable.._
Notes, warrants,
170,038
176,082
-Expansion.
33,061 Accr. Int. & &vs
29,942
Bell Telephone Co. of Canada.
receivable_
&c.,
121,498
248,781 Def'd liabilities__ _ 146,420
President C. F. Sise, in a letter to shareholders says in part.
Mat'ls & supplies_ 292,357
312,019 Pref, stock partial
Re-acquired secur_ 170,887
"Rapid progress is being made with the installation of auto natio equipPayments
113,045
133,631 ment in three of our larger cities. At Toronto two exchanges are in operDeposits, prepaid
839,553 ation, serving approximately 10,000 telephones, and before the end of the
104,248 Deprec.,&c.,res 1,337,279
accounts, &c__ _ 100,170
100,562 year an additional exchange will be in service, by which time approximately
153,715
Surplus
,
Due fr assoc. cos_ 128,581
74,234
96,312
27,000 telephones will be operated on the automatic system. At Montreal
Deferred charges_ _
the exchanges known as 'Lancaster' and 'Harbour' have just been put into
Unmatured disc't
1,975,440 1,865,675
operation. The 'Amherst' Exchange will be ready by mid-summer. Ap& expense
proximately 16,000 telephones will be served by this system in Montreal
Total
23,447,056 20,093,891 this year. The automatic installation at Quebec will be completed by the
23,447,056 20.093,891
Total
-Certain consolidations end of this year, and will serve 4,000 telephones. In all there will be apSubsidiary Operating Companies Consolidated.
were effected during 1924. In East Texas the properties of Marshall Elec- proximately 47,000 subscribers' stations working on the automatic system
tric Co., the Longview Ice & Light Co. and the Jefferson Ice & Light Co., by Dec. 31.
"The large expenditures made for additional equipment have relieved the
excepting the ice properties of the two companies last named, and all the
electric properties in 17 other Texas communities were conveyed to the shortage of facilities formerly existing. We are now in a position to supply
promptly the class of service subscribers may require, except in a few secEast Texas Public Service Co.
-V. 120, p. 1201.
New Properties Acquired.-In August the Oklahoma Power Co. took Over tions of our territory."
the operation of the electric distribution system in the town of Okemah,
Binghamton (N. Y.) Light, Heat & Power Co.
-Bonds
Okla. During 1924 there, were acquired by the East Texas Public Service
-Halsey, Stuart & Co., Inc., are offering at 97 and
Co. the electric and ice properties in the following &exas towns: Atlanta, Offered.
Bloomburg. Queen City. DeKalb, New Boston, Gladewater, Linden. int., to yield about 534%, $1,500,000 1st Ref.
Mtge. 5%
Mineola. Mt. Vernon, Cookville, Omaha, Naples, Mt. Pleasant. Golden,
Gold bonds dated Fob. 11916, due Feb. 1 1946.
Avery and Winfield.
Co. were
Early in 1924 the properties of the Stamford Ice & Refrigerator made for
Legal Investment for savings banks in the States of Maine, New Hamp1 1 contract
and Vermont.
taken over by the West Texas Ice Co. On JulyTex., and onwas
Sept. 1 con- shire
Issuance approved by the New York Public Service Commission,
the purchase of the ice properties at Coleman, Coleman was begun.
new ice plant and office building at
struction of a
for the acquisition by the company Data From Letter of Pres. W. S. Barstow, New York, April 22.
Arrangements were made in Nov.
-Has been successfully operated
Company.
Runnels and Tom
more than 33
of all of the properties et the Interstate Electric Co. inwater properties at years. Furnishes electric light and power to for a period ofJohnson City.
Binghamton,
Green counties. Tex. These embrace the electric and
cities and towns in New York, and serves a population
San Angelo, the electric and ice properties at Ballinger, and the electric Owego and 19 other
estimated at 150.000. Power
properties at Winters. Rowena and Miles, Tex. These properties are Afton-Windsor Light, Heat & is also distributed through a subsidiary, the
Power Co., to 7 additional communities in
ls
,eing operated by the West Texas Utilities Co.and the West Texas Ice Co.
Coleman
In December the electric and ice properties at Santa Anna, in the West New York State.
security.-Secured by a first mortgage on the property and franchises.
acquired by the West Texas Utilities Co. and
County. Tex., were
with the exception of a small property recently acquired (the earnings of
Texas Ice Co.
-V. 120. p. 1880, 1584.
which represent less than 6% or the gross) on
-Director. lien subject to $201,000 underlying liens. which the mortgage is a direct
Works & Electric Co. Inc.
American Water
-Controlled by General Gas & Electric Corp.
Control.
Seton Porter, of Sanderson & Porter, has been elected a director, succeedCapitalizationing Edward R. Tinker. President of the Chase Securities Corp.
Authorized. Outstanding.
110,221,673 First Refunding Mtge. 54 (this issue)
$4,679,000
The k.w. hour output of the company for March 1925 was
(a)
k.w.h., comparing with 107,124,726 k.w.h. in March 1924, an increase of Divisional liens
-----------201.000
(Closed)
--lreferred stock
Feb. 1925 was 103,69,411 k.w.h., 79 Cumulative f'aiiicipaiing
3,096,947 k.w.h. The k.w.h. output for
1,632,300
$2,936.600
comparing with 102,538.334 in Feb. 1924, an increase of 1,231,077 k.w.h.
8% Cumulative Preferred stock
48,200
63,400
For the 3 months ended March 31 1925 output totaled 327,379,102 k.w.h. Common stock------------------ 1,000,000
-500,000
against 320.376,456 k.w.h. over the corresponding period 1924: a gain of
a The issuance of additional tronalis limited by
provisions of the mtge.
7.002,646 k.w.h.-V. 120, p. 1873.
In addition to the above, the Afton-Windsor Light, Heat & Power Co.
all of whose capital stock is owned by the Binghamton company, has
-Earnings,
Associated Gas & Electric Co.
outstanding $100.000 of 1st Mtge. 6% bonds.
February gross earnings were $809,241, an increase of 169% over those Consolidated Earnings (Company and Subsidiary) 12 Mos.Ended Feb. 28 1925.
of Feb. 1924, when $300,333 was earned. After all charges, including Gross earnings (including other income)
$1,545,641
maintenance, taxes and regular and extra Preferred dividends, there was
850,902
a balance remaining of $138,633. The balance for the 12 months ended Operating expenses, maintenance and taxes (excl. of deprec'n)
Class "A" stock.
February was $1,163,278, equal to $581 a share on the
$694,738
Net Earnings
This compares with a balance for the same period in 1924 of $528,239. The Annual int. on total mtge. debt
252,010
outstanding with public requires
increase in earnings shown is accounted for by the fact that in recent months
the company acquired several new electric light and power properties in -V.120.p. 1201.
APRIL 25 1925.]
THE CrIEBONICJLE
Boston Consolidated Gas Co.
-Annual
Calendar YearsGross earnings
Expenses and reserves
Interest
Common dividends
Preferred dividends
Undivided earnings
-tr. 120, p. 208.
Report.
1924.
1923.
1922.
810,485,196 811,269.844 $10,719,562
8,740,853
9,417.363 8,830.20n
93,532
40.874
226,617
1,300,768
1,300,768
1,199.607
390.000
390,000
227,500
def$39,957
8120.839
$235,632
Brooklyn City RR.
-Permanent
Certificates Ready.
Halsey, Stuart & Co., Inc., announce that permanent coupon bonds are
now ready and exchangeable for temporary certificates of the 83,750,000
Equipment Trust 5% Gold Certificates, Series "A." (See offering in
V. 120, p. 328.)-V. 120, P. 701.
Central Power Co. (Del.).
-Annual
Calendar YearsGross earnings, including merchandise sales
Operating expenses and taxes
Report.
1924.
1923.
8683,635
$590.842
475,124
413,341
Net earnings
Non-operating income
$208,511
2.357
8177,501
6,553
Total
Deduct-Interest on bonds
Interest on notes and accounts
Rent of leased lines
Amortization of bond discount & exp. on secur_ _
Dividends paid and accrued on Preferred stock_
8210,868
110.376
26,173
2.359
8.478
37,615
$184.
054
100,008
13,115
2,346
4,372
50.978
$25,867
$13.235
Balance carried to surplus
-V. 120, p. 1456, 582.
Chicago Railways.
-Dividend
Suit.
The suit of certificate holders to compel the payment of dividends on
series 1 certificates has been decided against them by the U. S. Supreme
Court.
-V. 120, p. 1201.
Citizens Gas
Light Co.,
Calendar YearsGross earnings
Expenses and reserves
Interest
Dividends
Undivided earnings
-V. 119, P. 1398.
Quincy, Mass.
-Earnings.
1924.
$529,337
425,181
8,821
80,440
1923.
$531,351
423,118
3,072
73.440
1922.
8490,423
412,183
1.238
73,440
$14,895
$31,721
$3,562
Coast Counties Gas &
Electric Co.
-Earnings.
Calendar Years1924.
1923.
1922.
1921.
Gross earnings
$1.217,405 81,034.188
$841,804
8748.270
Oper., &c.. exp. & taxes..
846.270
855.726
556.532
483,033
Depreciation
126,160
104.379
63.289
56,703
Bond interest, Stc
90.154
93,174
84.174
83.955
Balance for divs., &c.. 4154,820
$180.909
8137,809
$124,578
,
X Before deducting. in 1924. $61,944 for jet Pref. dive, and $40,000
for
2d Pref. divs.-V• 120. P• 85•
Columbia Gas & Electric Co.
-Earnings.
-
2145
Security.
-Secured by a first mortgage lien on all of the fixed assets of
the company and by a first mortgage on the properties of each
of the
sidiary companies. Upon the completion of certain improvements, subthese
properties will have a value of more than 8600,000.
Sinking Fund.
-Company will annually purchase or
the maximum par value of the bonds of Series"A" at anycall by lot 2 cf
time outstanding.
Purpose.
-Proceeds will be used to retire divisional bonds and to provide
for improvements and additions to the property.
Consolidated Gas Co. of New York.
-$1 Gas Law Held
to be Unconstitutional.
The report of Special Master James G. Graham,sustaining the
contention
of the company that the $1 gas law was confiscatory and unconstitution
al.
was approved April 22 by Federal Judge Winslow. The
Court states that the company is entitled to 8% return ondecision of the
its investment
and that the present rate for gas, $115 per 1.000 Cu. ft., yields a
net return
of "much less than 6%-"
Reference was made in the decision to the point
New York & Queens Gas Co., that when the gasmade in the case of the
companies
rate fixed by the P. S. Commission a contract existed between theaccepted a
companies
and the State which the Legislature had no right to violate.
"The master's conclusion is that an actual test of the
statute
rate) to demonstrate its confiscatory character is unnecessary,"(fixing the
the
says. "I believe that conclusion to be amply justified by the record. Court
There
is no narrow line in this case between confiscation and non-con
In concur in the master's conclusion that the enforcement of thefiscation.
proposed
81 rate, if applied to actual operation of the plaintiff during the periods
under consideration, 1922-23, would be equivalent to the confiscation
of
its property whatever rate base be the starting point."
The Court said that it would have been proper to
operation the constantly recurring expenses of rate include in the cost of
litigation. This expense. it was pointed out, was eliminated.
Then the Court said: "It must be emphasized that it is property
not the original cost which the owner may not be deprived of without and
due
process. The present value of the property must, therefore,
be
of investigation, and present value must be expressed in terms the goal
of present
money. While reproduction cost, less depreciation
proved), is the
dominant element in determining a rate base, it is not,(if course,
of
exclusive
of other elements."
The decision says that the 8% rate of return is
nized custom in a regulated business, and adds: according to a well-recog"The return should be necessarily sufficient to assure confidence
financial soundness of the utility and should be adequate, under in the
efficient
management,to maintain and support its credit and enable it to
raise money
necessary for the proper discharge of its public duties."
It is held that the rate fixed by the Legislature and the
standard of 650
British thermal units were inseparable, and that the report of
the master
rejected both.
The master's report consisted of 180 pages of figures and facts
gathered
during hearings that ran for five months and produced
12,000 pages of
testimony and about 1.000 exhibits. His conclusion was that
company to earn an 8% return the charge for gas should be $1to enable the
cu. ft. He also found that the total reproduction cost of the25 per 1,000
the company would be 8162,658,217 and that the present valueproperty of
was $134.099,183.-V. 120, p.828, 701.
Copenhagen Telephone Co. (Kjobenhavna Telefon
Aktieselskab).-Bonds Sold.
-Guaranty Co. and Dillon,
Read & Co. have sold at 993j and int. 82,090,030 25-Year
Sinking Fund External 6% Gold bonds.
[Including subsidiaries controlled by practically 100% Common stock
Dated April 15 1925: due April 15 1950. Sinking fund, commencing
in
ownership or lease.]
1930, of $100,000 per annum, sufficient to retire entire
-3 Mos. end. mar.31- -12 Mos.end. Mar.31- to operate by purchase at not exceeding 100% or annualissue by maturity:
i.
=
at 100%. first redemption to take place April 15 1931.redemption bc
1925.
1924.
1925.
1924.
Guaranty
Gross earnings
$7,871,695 $8,979,320 $25484,051 823,893,705 Co. of New York, paying agent. Int. payable A. & 0. wihtout deduction
Oper. exp., taxes & depr. 4,132.073
5.278,078 14.592.897 13,993.940 for any tax or taxes now or hereafter imposed by the Kingdom of Denmark
or by any taxing authority thereof or therein. Principal and interest
Net earnings
$3,739,621 $3,701,242 $10,991,154 $9,899,765 payable in New York at Guaranty Trust Co., in United States gold coin of
Other income
554,579
453,501
2,246,535
1.939,033 or equal to the present standard of weight and fineness. Denom. $1,000.
Red. all or part at par and int. on any int, date on 60 days' notice.
Total income
$4.294,201 $4.154.742 $13,237,690 $11.838,797
Data From information Furnished the Bankers by Frederik
1,158,026
Lease rentals. &c
1,195,255
4.702.245
4.780,711
Johannsen, Managing Director.
Int. charges & Pref. dim
Company.
-Established in 1882. Now operates under an exclusive
186,169
of subsidiaries
80,123
636.568
• 114,150 20
-year concession granted by the Danish Government in July, 1919.
Interest charges (Columunder the terms of which the company provides telephone service
175:887
bia Gas & Elec. Co.).356,367
940,483
937,204 competition on the Islands of Amager and Zealand, which include without
the City
Sur. avail, for diva..._ $2,774,119 $2,522,998 $6,958,394 $6,006,733 of Copenhagen. The territory served has a population estimated at 1.320.000, and the company's subscribers on Jan. 1 1925 numbered 135.000, of
-V. 120, p. 2010, 1746.
which 101,000 are in the City of Copenhagen and suburbs.
Company's plant and equipment are thoroughly modern and its service
Columbus Delaware & Marion Electric Co.
-Bonds Is of a very high standard. A large part of its equipment, particularly
Sold.-Bodell & Co., New York, have sold at
96 and that for its automatic centrals, has been purchased in the United States.
A considerable
int., to yield over 6%%, $1,250,000 10
-Year Cony. Deb. development in part of the company's lines is underground. Telephone
Denmark as a whole ranks third among the nations of the
bonds, Series A 6%.
world. with 8.8 instruments per 100 population, as compared with 14.2 in
April 1 1925; due April 1 1935. Int. payable A. & 0. at office the United States and 11.5 in Canada. In the area served by the company
Dated
the development is about 10 telephones per 100 inhabitants.
of company in Boston. Denom. 81.000 and $500c*. Red., all or part, . Purpose.
-Proceeds are to be used for extensions of the company's plant
on any int. date on or before April 1 1933 upon 30 days' notice at 103 and equipment
and for other corporate purposes.
and thereafter at 100 and int. Company covenants to pay int. without
Relations With Government.
deduction for any Federal income tax not exceeding 2%. Penna.
of
and ations of the company are -Under the terms by the concession, the operclosely supervised
-mills taxes refunded.
Conn. 4
the
Kingdom of Denmark. The accounts and accounting Government of the
Capita,ization
Authorized.
methods are in acOutstanding.
cordance with regulations established by the Government which require
1st & Ref.(now 1st) Mtge. 5s and 6s_ _87.500,000
43,710,000
proper provisions for maintenance and depreciation. Rates are regulated
Cony. Deb. Gold bonds, SeriesA
-Year
_10
through the Minister of Public Works and these rates are subject to revision
6% (thisissue)1,250,000
When the profits realized, after depreciation, are not suitable
7% Cumul. Pref. stock (par $100)
3,000000
to current
61,000,000
conditions.
Common stock (no par value)
150.000 shs.
60,000 shs. ning July 1 An increase in rates amounting to 734% per annum. begin1925. was granted in 1924. Installation of new equipment
x $3.900,000 certified and sold, but $190,000 retired by sinking fund.
Series A limited to $1,250,000, and the issuance of additional Debentures and any development or change in eauipment already installed are subject
a
is subject to the restrictions of the trust agreement. b Has paid dividends to the approval of the Government. There is also provided Government inspection of the company's equipment, operation and personnel.
regularly since issuance in 1917.
All ques-Incorporated in June 1917 in Ohio. Owns and operates tions between the company and its employees concerning wages, pensions
Company.
without competition all the property incident to the central station electric or working conditions are to be taken up under the terms approved by
and power business in Marlon and vicinity, and furnishes the electrical the Minister of Public Works, and in the event of failure to reach a settlelight
ment the matter is to be arbitrated. Two members of
energy for light and power in Delaware and 22 surrounding cities
the board of directowns, serving a population of over 50,000. Also owns and operates and tors are appointed by the Minister of Public Works.
the
Any issuance of loans or stock by the company must have the approval
railways in Marion and Delaware and the interurban railroad running
street
between the cities of Columbus. Delaware and Mation (Ohio). Population of the Government, and total funded debt may not exceed the amount of
served by railroad department.including terminal cities. In excess of300.000. stock capital. The present issue has been approved by the Government.
Ownership.
-The Government owns Kr. 9.000,000 of the Kr.
Earnings
-12 Months Ended March 311925.
capital stock of the company and has the right to purchase half of50,000,000
Gross income
any future
Operating expenses. maintenance and all taxes (ex depreciation)_$1,217,268 stock issued. Upon the expiration of the present concession in 1939, the
814.850 Government has the right to
buy,on
Annual interest on outstanding 1st Mtge. bonds
205,500 for each Kr. 100 share, all or part one year's notice, at the rate of Kr. 125
-Year Debenture bonds (this issue)
Annual interest on 10
of the stock of the company then out
75.000 standing. If only part of such
stock is to be purchased, the share are to
be drawn by lot. In case the Government does not purchase a. of the
Balance
conrersion.-Convertible at any time before April 1 1935. 8121,918 stock by 1939. the concession will automatically be extended for 5 years
into the more, at
which period the Government again has the right to
Common stock, at the option of the holder on the following basis: The purchase the end ofas
the stock
above, this process to be repeated until all of the
first 8250,000 of Debentures to be presented for conversion will be con- stock has been purchased.
verted on the basis of six shares of stock for each 8100 of bonds, the next
The
$500,000 on the basis of five shares for each 8100 of bonds and the next should Minister of Public Works officially agrees that if the Government
purchase all or substantially
-V.118. p. 1910. pany, the Government will thereuponall of the stock or assets of the com8500,000 on the basis offour shares for each $100 of bonds.
redeem, or guarantee the payment of
Commonwealth Telephone Co. (Wis.).-Bonds Offered. the principal and interest of, all of these bonds outstanding.
Security -Bonds are to be direct obligations of the
-Second Ward Securities Co., Milwaukee, are offering at rank equally with the company's outstanding kronorcompany. They will
bonds. equivalent to
0
100 and int. $325,000 1st Mtge. 5M% Sinking Fund Gold about 83.000,000. bearing 4% c/ and 5 coupons. none of at
by mortgage. Company's properties. Carrie I on its bno•cs which is secured
$15.000,000.
Series "A."
Bonds,
after deducting depreciation reserve, and hal ing a conservative
value in
Dated April 2 1925, due April 2 1945. Int. payable (A. & 0.) at Second excess of this amount, are free from mortgage except for approximately
8372,000 real estate mortgages.
Ward savings Bank, Milwaukee. Wis. Denom. 81.000 and $500 c*.
Earnings Years Ended Dec. 31. •
Callable all or part on any tnt. date on 30 days' notice at 1024 if red, on
Net After
or before April 2 1930, reducing3t_of I% per annum until April 2 1940:
callable thereafter at Par• First Wisconsin Trust Co. trustee.
liable
No. of
Gross
Deprecio tion
Inte estcc
,
From Lett " of S. L. Odegard, President c:f the Company.
Revenues.
Taxes, otc. Commissio,zs. Income.
aav.-Company and subsidiaries own and operate telephone utilities 1919 _ _ _100,633
-cninv
$2,808,573
$569.733
6176,06;6392.769
kiefiland Center, Dodgeville, Barneveld, Ridgeway, Mineral Point and 1920 ___105.131
3,816,349
1.010.025
in
35.718
974,307
Edgerton, Wis., and at Belvidere, Ill., and electric utilities in Mount 1921 _114,621
4,378,271
1.149.37
28
Darlington. Wis.
8•0•-•0
1.061,316
4,263,538
Horeb and -Earnings of the combined companies for
1922 __ ..120.297
1,000 910
121.269
the year 1924 1923 _ _ _127,801
879,641
Earnings.
4,440.891
1.090.636
1 21.647
968.989
available for bond interest and depreciation were over 3 times the interest 1924 ::...134,892
4.661,629
1,374.710
for
1.234.970
Eotity.-Dividends at the rate of 6% per annu-n or139,740
charges on this issue of bonds, and be the year 1925, on the basis of rates
nearly 4 times the interest charges.
charged, earnings should
on the company's capital stock without interruption more have been paid
now being
since 1886. the rat
2146
[VOL. 120.
THE CHRONICLE
has an
since 1917 being 8% per annum. At present quotations the stock
indicated market value of more than $10,500.000.
Is expected that application will be made to list these bonds
1.isting.-It
on the :New York Stock Exchange
Prornlylu Rapid Trar pit
1924.
Calendar YearsRev, from transportation___$1,005.193
739.363
Operating expenses, &c
nnual Rcrort"-1923.
$978.433
653.227
1922.
8973.129
602.757
1921.
$939.624
635.988
Detroit Edison Co.-QuarterIv Earnings.
Net rev, from transport'n_ $265.830 8325.206 $370.372 $303.636
1923.
1924.
21.367
16.392
1925.
10.494
9.155
Rev.from other railway oper.
3 Mos. End. March 31810.000.901 39.656.900 $8.456.401
Gross revenue
5,817.152
6,483.877 6.421.055
Net rev.from railway oper. $274.985 1335.700 8386.764 1325.003
Expenses
1.064,631 Interest
1054.421
9.350
8,311
1.032.055
6 423
1.506
Interest charges, &c., deductions
68.521
107.161
135.343
Taxes
128.577
70.102
56.473
37.519
$2,484,988 $2,181,424 $1,574,618 Depreciation
45.089
Net income
160,000
160.000
190.000
75,000
Dividends
-V. 120, p. 955, 828.
$17,030
Fest Pny Water Co. (Calif.'h-Annual Report.
Balance, surplus
854,819
$24,812def.$33,585
1921.
1922.
1923.
-V. 118, p. 2304.
1924.
Calendar YearsGross oper. revenues__ _ $3.478.811 $3,202,441 $2,887.160 $2.526.184
Illinois Power & Light Corp.-Consol. Bal. Sheet Dec. 31•
1.307.775
1,453.590
1,597.059
Oper. exp., taxes. depr_ 1.812.161
1923.
1924.
1924.
1923.
$1,218,409
Assets
Liabilities
Net oper. revenue_ --- 81.666.650 $1,605,382 $1,433.570
28.961 Property acct_xI40,615,837 130,163,982 7% Pref. stock_ 24,156,350 20,000,000
25.786
9.776
19,622
Non-oper. rev. (net)__..
6%Participating
Cash held by
Pref. stock_ _ _ 1,875,300 1,875,300
trustee
984,209
$1,686,272 $1,615,158 $1459356 $1,247.370
Net revenue
813.733 Cash and due
894 219
919.354
Common stock_x20,614,091 20,798,813
961.648
Interest
320,669
387.016
404.516
from banks_ _ 4,294.030 4,127,550 Underlying bds_ 34,646,800 36,146,100
444.208
Class "A" Pref. divs
112.020
149.360
lat & Ref. Mtge.
Notes and ac149.360
Class "B" Pref. divs
50.033 (See "x")
52.184
bonds
counts receiv45,200,000 35,200,000
60.349
Federal income tax
able
3,569,328 2,803,520 Underlying Pref.
$112.968 Materials and
$16.068
stocks& bonds
$89.743
718,800
$70,707
surplus
Net to
gross
323,412
supplies
2,121,254 2,095,252 Car Trust notes_
x Federal income tax included, year 1921, as deduction from
Prepayments.. _ _
241.897 Debenture bonds 9,842,900 9,949,800
334.762
-V. 120, p. 1746. 955.
operating revenue.
1,801,248
Investment acct.
-Bankers Sinking funds._ 1,583.506 2,895,993 Notes payable_ _ 2,754,559 3.331,028
Offered.
-Bonds
3,407,419
124,639
Electrical Securities Corp.
201,383 Accts. payable..
Consumers' deTrust Co., Jackson & Curtis, and Parkinson & Burr are Undistributed
342,006
409,377
accounts
92,831
posits
121.221
Collateral Trust Sinking Unamort. bond
Accrued taxes
1,249,894 1,206,187
offering at 96 and int. $1,000,000
discount
3.942,219 2,972,407 Accr. Int. & div- 1,151.991 1,272,222
Fund 5% Gold bonds, 18th Series.
944,273
621,866
Deferred accts
Principal Mlscell. deferred
Dated April 1 1925; due April 1 1955. Denem. $1,000c*.
debits
165,763
Adv. on Prof.
income
and int. payable A. & 0. without deduction for Federal normal all or Treasury stock_
390,920
539,100 stock sales_ __
404,900
Trust Co. of New York, trustee. Red.,
tax up to 2%. at Guaranty
182,817
41,533
Unad.l. credits_ _
part, at 103 and int, on any int. date on 21 days' notice.
Retirem't res've 10,875,364 9,830,146
441,234
Total (each
Miscell. reserve_
288,734
Data from Letter of Pres. C. N. Mason, New York, April 20.
side)
158,213.278 145.962,304 Surplus
1.252,139 1,034,958
-Incorporated in 1904. Is a subsidiary of General Electric
Company.
x Represented by 400.000 shares of no par value.
Co.. owning among other securities, bonds of various public utility cos.of
The usual comparative income account was given in V. 120. p. 1746.
-From time to time, the corporation has issued series
Capitalization.
Collateral Trust Sinking Fund Gold bonds, collaterally secured by pledge
been
-Earnings.
Interborough Rapid Transit Co.
of public utility bonds. Including this issue. 18 series have Threeissued
series
Net Earnings of the Interborough System Under the Plan.
to date with an aggregate principal amount of $13,500.000. sinking funds
by operation of
aggregating $3.000,000 have been retired
Month of 9 Mos.End. 9 Mos.End.
Month of
the
and by funds received from the sale of underlying collateral, and
Mar, 1925. Mar. 1924. Mar. 31'25. Mar. 31'24.
remaining 15 series, issued to an amount of $10,500.000 principal amount. Total revenue
have been reduced in like rranner to a present outstanding amount of xOper. exp., taxes & $5,253,650 $5,230.743 $43,811,225 $43,220,346
$6.930.000. including this issue.
rentals paid city for
Corporation has outstanding $1.000.000 5% Cumul. Pref. stock on
3.338,803 29,028,299 29,330,442
3.430.813
old subway
which full dividends have been paid regularly since May 1905 and 82.500.000
Common stock, all owned by General Electric Co.. on which dividends of
$1,822.837 $1,891.940 314.782,926 $13,889,904
8% annually have been paid since January 1909.
excess of conThe corporation also had a surplus as of March 31 1925 of more than xMaint. In provisions_ _ _
159,767
Cr.34.534
1.024.320
tractual
1.551,016
$2.500.000.
bonds there will
-As security for the $1.000,000 18th Series
Security.
Income from all purp- $1,663,070 31,926.475 $13,758,606 812.338.889
be pledged in the first instance with the Guaranty Trust Co.. trustee, Interest on.
securities of various public utility companies having: a present market value
8672,347 $6.052,913 16.049,568
5% bds $672,598
I. R.T. 1st M.
of approximately $1.274.615, earnings of which have been sufficient in
150.687
150.686
1.3F6.180
1,356,180
Manhattan Ry. bonds
each instance to cover total interest requirements with a substantial margin.
187.578
198,342
I. R. T.7% Sec. notes
1,782.577
1683.676
things. that the corporation
The indenture will provide, among other
23,007
35.316
285,044
174.568
1.R.T.6% 10-Yr.notes
is required to maintain the aggregate market value of the pledged securities
6,300
14.650
119,770
53,620
Equipment trusts.,...,
held by the trustee to at least 25% in excess of the principal amount of Miscellaneous deductions
42,555
32,579
329.578
425.858
Collateral Trust bonds outstanding.
180,993
_1,662,810
184.757
1,627.500
ySk.
-Operations have been continuously profitable. For the Res. fd. on 1st M.5s_ of
Earnings.
to cover amt.
ten years ended Dec. 31 1924. earnings, after taxes. averaged 8666.869
addl rental which may
per year against interest requirements on all bonds now outstanding.
become payable to
Including this issue, of 8346.500 annually.
owners of Mania. Ry.
-A sinking fund will be provided sufficient to retire about
Sinking Fund.
stk. not assenting to
36% of the issue prior to maturity by purchase or by redemption by lot
$48.926
35,635
the plan of readJustm't
-V. 119. p. 1631.
and interest.
at 103
Div. rental on 960.000,200.000 2,250,000
250,000
1,800,000
000 Manhattan stock_
-Annual Report.Empire Gas & Electric Co.
1921.
1922.
1923.
1924.
Calendar Years$463,008 def$129.193 def$832.081
Bal. aft, actual maint_ $118,507
82.249.912 $2,101,740 $1,861.780 81,673.574
Operating revenues
x From the commencement of operations under Contract No. 3 and the
4.586
4.484
6.816
,
36126
Other income
related certificates, respecti rely, it has been the practice to include in all
reports of operating ex-enses 14% of the gross operating revenue upon the
82.286.038 $2,108,556 31.866.264 31.678.160 Manhattan Division and 17% on the Subway Division, to cover maintenTotal income
Oper. exp., incl. depredepreciation. These are the percentages fixed for the first year
81,606.995 $1,393.659 $1,207.561 $1,249.795 ance and
ciation and taxes
of operation in each case. Negotiations have been pending between the
7,360
2.109
Uncollectible bills
1,145
268.064 company and the Commission ever since the end of the first year to deter314.930
344,176
355,582
Interest on funded debt_
20.826 mine what, if any, changes in these percentages should be made for subse23.835
10.198
7.056
Other interest
28.373 quent years. Prior to July 1 1923 the amount expended in excess of 14%
Amort'n of bond disc't
630 upon the Manhattan was approximately offset by the amount under 17%
Adjustments
85.055 expended upon the Subway Division. The net expenditures for mainten139.352
228.490
302.929
Dividends paid
ance in excess of the amounts therefor, included in "operating expenses.
$25,417 taxes and rental paid city for the old subway," are shown hereinabove as
$173,227
$129,924
$12,330
Balance. surplus__
"maintenance in excess of contractual provisions".
119. p. 2070. 1400.
-V.
y Under the plan of readjustment, payment of the sinking fund is deferred
C
until July 1 1926, on condition that, prior to that date, an amount equal to
Fsll Piver Flectrtc
fund be expended on additions or improvements to the
has applied to the Massachusetts Dept. of Public Utilities the deferred sinking p. 1747.
The company
-Year 5% bonds, the proceeds to be property.-.V. 120,
for authority to issue $2.000,000 20
international Telephone & Telegraph Co.
used to retire $1,210.000 notes, and the balance to pay obligations incurred
-Listing.
-V. 118, p. 557.
in the purchase of stock in the Montaup Electric Co.
The company's capital stock has been listed on the London Stock
-Exchange.
lectr'c Cc.- /3‘ rd IRQvp
Ceerp;P
Comparative Balance Sheet March 31.
The American Trust Co. has been appointed corporate trustee for an
1924.
1925.
1924.
1925.
issue of $470.000 1st Mtge. 6J4% Gold bonds, due 1945.
$
LiabilitiesAssets$
Capital stock
Plant, property &
- concessions_ _ _ _26,914,450 24,568,961 Pref.stock of.....13.135,758 12,873,687
-To Issue New Pref. Stock.
Georgia R.& Power Co.
subs. 3,601,500 2,257,300
Commission for authority Adv. to & invested
The con pany has applied to the Georgia P. S.
MM. stockholders'
int. in capital &
to issue $4.000.000 First Preferred (Curnul.) stock, 7%. Series of 1925.
in attil. Interests 3,099.612 1,818,303
for
surplus of subs__ 554,184
The proceeds of the stock are to be used to reimburse the company
connection
839,395
betterments Exp. Innew prop's_
82,966 1,203.732 Funded debt ___ 8.880,444 8,942,752
the cost of constructing and acquiring additions, extensions,
.
am.
19,607
18,143 Due to subs.eratIll.
and improvements. &c.
Special deposits._
ratified by the stockholders, it is stated, and Deferred charges... 1,132.565 1,149,3134 cos
The proposed issue has been
1,303,114
4,623,008 1,489,033 Cub.Tel. Co. pref.
will be redeemable at the option of the company at any time on or after Cash
-V. 120, p. 1872.
24.531
25,269 stock subsc. for,
Empl. work'g fund
Jan. 1 1938 at 115 and dividends.
but not Issued_ 180,021
38,700
3,397.558
-Ann. Report. Marketable secure. 610,378 707,360 Deferred liabilities 286.822 239,941
Greenfield (Mass.) Elec. Lt. & Pow. Co.
Accts. receivable
Bills payable
1923.
Due on subscr. to
3,001,690 1,500,000
1924.
1923.
1924.
Calendar Years376,088
Accts.& wages pay 181.070
45,000
Cub.Tel.Co.pref
$582.822 $530.356 Reserve for depree'n. $80.000 $84,626
Net sales
58,154
610.108 Empl. benefit fund
890 Materials & Bunn- 563.661
1.594
79,814
Operating expense.... 368.411 327,714 Other charges
Matured Interest&
15.021 Deposits to meet
17,000
3,554 Federal income tax
5,612
Other income
88.405
diva. unpaid....
89.477
maturing int. &
99,381
116.017
13,613 Dividend paid
1,580
Interest
77,344 Dividends payable 269,925
32,573
divs. payable.... _
Can't stock subset'. 1,497,606
Balance, surplus-- $3.730 $22,570 Accrued Interest dr
-V. 120. p. 1585.
1,908 Accrued Interest._
91.780
diva. receivable.. 76,184
87,183
345.757
94
Accrued taxes,..
-Progress. Sundry curt.assets
300,055
N. J.
Hackensack Water Co., Weehawken,
10,581
Other accr. Items_
17,012
The company reports that about 9.641 000.000 gallons of water were
Adj. res. & conting 321,621
was
filtered, purified, and pumped during the past year. This water ConRes. for Fed'I tax.. 187,500
sampled and tested in the laboratory at New Milford every 8 hours. have
Res've for deprec'n 3.450.294 3,160.098
-of mains
-147,000 ft.
tinuing, the company says: "Nearly 28 miles
Surplus
3.207,212 1,324,289
new
been added to the system to supply water and fire protection for been
have
developments. Brass service pipes from street main to curb have been
40,622.186 31.708,227 Total
Total
40.822,186 31,708,227
new services
provided for 3.637 houses. Tn addition, 2,250
A comparative income account for the three months ended Mar. 31 was
installed opposite vacant property in streets about to be paved, so that the given in V. 120, p. 2012.
new pavements need not be cut for water supply. More than 1,200 old
brass service pipes
service pipes in the streets have been replaced with new
Interstate Electric Corp., New York.
-Bonds Offered.
at no expense to the users of water. Nearly 1,700 service leaks In the
Co., Inc., and Beverley Bogert St Co.,
street have been repaired without charge. Appro...imately 3.869 new meters New York Empire
being taken New York, are offering at 973 and interest, to yield over
4
were set and about 6,822 meters were charged, the old meters
to the shop to be tested, before being painted and made ready for fresh 6.35%, $500,000 First Lien 6% Coll. Sinking Fund Gold
service.
For Pones. Dated Mar. 1 1913; due Mar. 1 1933.
"For additional water storage. 87 acres of land were purchased.
the benefit of the watershed. 30.000 trees were planted."
Data from Letter of Viee•President R. W. Davidson, N. Y., April 18.
Forty-five cities and towns are embraced within the company's system
-Through its subsidiary companies company furnishes a diCompany.
in Northeastern New Jersey
versified public utility service in the States of Michigan, Missouri, Arkansas,
-V. 116, p. 2014.
of the company.
Robert W. De Forest Is President
APRIL 25 1925.]
2147
TB Fl CHRONICLE
Kansas and Texas. The important basis activity of the company is the
manufacture and distribution of electrical energy through central station
and high tension transmission line development. Company also operates
water, gas and ice companies in a limited number of situations and generally in connection with electric service.
-Based upon appraisals by Sanderson & Porter, New York,
Valuation.
engineers, compiled as a result of a personal examination of the properties,
subsequent capital expenditures and purchases of properties since the
plus
date of the appraisals, give corporation's subsidiaries a combined property
valuation in excess of 17,150,000.
-Direct obligation of company and secured upon all of its assets,
Security.
subject to outstanding securities of the subsidiary companies.
Property values on which there is no funded debt owned by the public,
amounts to $1,644,029. The values of the remaining properties are
$5,507,516. subject to only $2,401,600 of subsidiary companies' securities
outstanding in the hands of the public. The value of the properties owned
represents an equity in value. after considering the amount of all prior obligations, equal to more than 275% of these outstanding First Lien 6% Collateral bonds.
Combined Earnings of Interstate Electric Corporation and Subsidiary Companies
1923.
1924.
Year Ended Dec. 31$1,410,017 $1,542.674
Gross earnings
911,231
Oper. exp., incl. mint. and taxes (except Fed'!tax) 861,876
$548,142
Net earnings
Interest and prior charges of subsidiaries
Depreciation in addition to maintenace in operating expenses_z
Annual interest requirements on outstanding Interstate Elec.
Corp. First Lien 6s, incl. $422,500 presently to be issued_ _ _ _
$631.443
$167,996
86,794
102,780
$273,874
Balance
z$110,042 maintenance expenditures are included in the above operating expenses which, together with $86,794 reserved for depreciation,
makes a total of $196,835 deducted from earnings for maintenance and
depreciation.
-Under the liberal sinking fund established by the mortSinking Fund.
gage indenture, $128.500 of this issue have already been retired. The
provisionsofthis sinking fund are as follows: 134% of amount of outstanding
bonds Dec. 31 1921 to 1925* 2% Dec. 31 1926 to 1929' 3% Dec. 31 1930 to
1932* all dates inclusive.
Authorized. Outstanding
Capitalization32,401,600
Securities of subsidiary companies
a$2,000,000 b1,713.000
First Lien 6s (this issue)
1,500,000 c1,486,900
Ten-Year 7% debentures
077,100
1,500,000dl,
Preferred stock
1.000.000 d1.000.000
Common stock
a $128.500 retired by sinking fund, $158,500 reserved to retire underlying
bonds. b Including $422,500 to be presently issued. c $13,000 retirea by
inking fund. d Approximately 90% of the Preferred stock and 94% of the
s
Common stock owned by Commonwealth Light & Power Co.
-Operations are under the supervision of General EngineerManagement.
-V. 119. p. 2529.
ing & Management Corp.
-Income Account.
Iowa Railway & Light Co.
-Annual Report.
Lehigh Valley Transit Co.(& Subs.).
1922.
Calendar Years1923.
1924.
Total gross earnings
34.975,240 35.268.507 $5.331,305
Total operating expenses, incl. taxes- 3.677.474
3.761,723
3,691,180
Net earnings from operation
$1,297.766 $1,577,327 $1.569.581
Income from interest on bonds
3.895
4.202
1.862
Income from int. on notes & deposits
7,837
10,322
7,058
Income from dividends on stocks__ _ _
110,488
111.408
111.075
Total net earnings
81.417,761 81.703.259 81.691.801
Depreciation allowance
$492,957
3506.854
$231.453
-funded debt
Interest
662.674
600.949
625.484
Interest-floating debt
66.907
31.119
49.792
Amortization of discount and expenses
22,573
21.705
22.060
Net income
-V. 118, p. 1392.
$532,534
$4499,069
$446.683
London (Ont.) Street Ry.-Annual Rep-mt.1924.
Calendar Years3665.302
Gross earnings
$893.411
19
859 .
4.5
1923.2284
Operating expenses
546.364
572.082
494,986
43,201
Interest and taxes
37.087
34.621
37,364
Depreciation38.091
Dominion income tax_ _ _
4.712
3.743
325:489233
Dividends
(5%)31,874 (23015.937
Balance, surplus
-V. 118, p. 1773.
333.903
310,292
$10,724
1921.
$567.863
487.344
34.514
34.495
$11,513
Manchester Traction, Light & Power Co.
-Report,
Calendar YearsCoal gas manufactured. M cubic feet
Water gas manufactured, M cubic feet
1924.
1923. '
73.186.847 76,727,520
82.381.944 86.772.480
Total gas manufactured. M cubic feet
Total gas sold. M cubic feet
Meters connected at end of year
Total revenue from operations
Operating expenses
Taxes
155,568.791 163.500,000
144,496.700 144,837.600
6,449
6,161
32.511,502 $2.512,121
1.295.934
1,342.387
275.866
269,209
Net earnings from operations
Non-operating income
3939.702
50.251
$989.953
267,424
215.000
' 396,664
Gross income
Interest on bonds, &c
Reserve for depreciation (replacements)
Dividends
3900,525
48,721
$949,247
259,450
175.000
378,179
8110.865
$136.617,
4,865
100,000
15.897
Gross surplus for the year
Additions to surplus
Reserve for retirement of sub. co. obligations
Deductions from surplus
6.576
100.000
8.459
1923.
1922.
1924.
1921.
Calendar Years$3,706,170 $3,539.238 $3,282,406 $3,227,045
Gross revenues
Net increase in corporate surplus for year
$8.980
32.5.588
2,006,573
2,1 6,267
2,084.113 Surplus at beginning of year
2,090.001
Operating expenses
781.406
755,821
181,600
211,176
193,118
181.950
Taxes accrued
441,883
444,687
390.144
461,340
Interest
Surplus at Dec. 31
1790,387
$781.406
303,850
289,375
326,760
284.350 -V. 119, p.2647.
Preferred dividends._ _ _
$275,320
$502,097
$362,975
$537,280
Balance, surplus
Market Street Ry., San Francisco.
-New President.-V.118, p. 3197.
Mason 13. Starring, President of United Rye. Investment Co., has been
elected President. succeeding Col. Charles N. Black. Mr. Starring has
-Acquisition.
Iowa Southern Utilities Co.
also been elected a director, succeeding Benjamin S. Guinness of the firm
The company has acquired the local lighting system at Milton, Iowa. of Ladenburg. Thalmann & Co., New York.
-V. 120, p. 1452.
-v. 120, p. 2012.
-Stock Increased.
Iroquois Gas Corp., Buffalo, N. Y.
The company has filed a certificate at Albany. N. Y. increasing its
authorized capital stock from 320.000.000 to $22.000,000.-V'. 119. p. 1963.
Keystone Telephone Co. of Phila.-Earnings--Officers.
-Quar. End. Mar. 31- 12 Mos. End. Mar. 31.
1924.
1925.
1925.
1924.
8466.451 $1,927.701 $1.846.297
8488,477
Gross earnings
255.594 1,015,914
256.624
994,494
Op. exp., maint. & taxes
108,722
441,528
121,888
425.468
Interest on bonds
1,492
22,745
64,055
91,250
Other interest charges_
$108,473
$79,390
$406.204
Balance
$335,085
Percival E. Foerderer has been elected Chairman of the executive committee; V. Clark Durant Jr., Pres.; Joseph F. Stockwell, Executive V.-Pres.
The general management of the company will be under the direction of
Mr. Stockwell as heretofore. Gerald Ronon replaces James Collins Jones,
deceased, as attorney for the company. Nathan T. Folwell continues as
Chairman of the board. Thomas Shallcross Jr. was elected a director to
fill a vacancy.
Similar executive changes were made in the officers of the Keystone
y
Telephone Co. (of New Jersey), the holding compan, and in addition
Thomas Shallcross Jr. was elected to the board to fill a vacancy. Mr.
Durant was also made President of the Eastern Telephone & Telegraph Co.
and Mr. Stockwell V.-Pres. & Gen. Mgr.. Mr. Foerderer, former President,
continuing as a director. Clayton E. Platt was elected to the board to
-V. 120. p. 453.
fill a vacancy.
-Annual Report.
Key System Transit Co.
Massachusetts Gas Companies.-Annuol Report.-
Calendar YearsInt. on bonds. notes, &c_
Dividends received
1924.
$124,849
3,018.248
1923.
$21,004
3.417.778
1921.
$41,182
2.929,085.
Total income
$3,143,097 $3.438.782 82,947,983 $2,970,267
-Gen. expenses176,265
206,638
Deduct
204.455
185.569
432.896
561.142
465,390
Bond, &c.. Interest_ _ _
487,320
Divs. on Pf. shs.(4%) 1.000.000
1,000.000
1,000,000
1,000.000.
Common dividends_
1.250,000
1.250,000
1,250.000
1,541.666,
Balance, surplus
-V. 120. P. 1881.
3125,317
3570.317
856.329 def$263,175
Meridian Light & Ry. Co. of Miss.
-New Control.
Control of the company and its subsidiaries, which operate electric light
and power, street railway and gas properties at Meridian and Hattiesburg,
Miss., has been acquired by the Southeastern Power & Light Co. from the
Henry L. Doherty interests.
•
Thomas W. Martin, President of the Southeastern company and also of
the Alabama Power Co., said the newly acquired property would be
subsidiary. the Mississippi Power Co. Sale of the
operated through its
concerns by the Doherty interests was said to be in line with their policy
of centralizing their public utility holdings and discontinuing the operations
of isolated properties.
-V. 115. P. 2580.
Michigan Gas & Electric Co.
-Earnings.
Calendar YearsGross earnings (incl. other income)__
Operating expenses, taxes, &c
Interest on funded debt
General interest, amort. disc!., &c_.
Prior lien dividends
Preferred dividends
1924.
3742.533
517.588
98.738
55.321
19.154
24.000
Calendar YearsGross operating revenue
Operating expenses
1924.
1923.
$7.306,575 $7,219,595
5,012,764
4,877.902
Net operating revenue
Add net revenue commissary department
Total net revenue
Taxes (incl. in 1924 est. Fed'l taxes for year)
$2,293,811 $2,341,693
142.310
137,837
Balance available for Common diva.
$27,755
$2,436,121 32.479.530 -V. 120. p. 829.
465,975
418.551
Middle West Utilities Co.
-Resumes
Operating income
Add non-operating income
$1,970.146 $2,060.978
134.059
20,264
32.104,206 32,081,242
Gross profit
$650,960
$599.575
Depreciation
8,763
8.763
Amortization of franchises
220
24,000
Abandonment of obsolete equipment
822,736
818,259
Bond interest. &c
4,985
Profit and loss adjustments
Loss three quarterly Prior Preferred dividends paid_ 308.334
1922.
$22.997
2.924,987
1923.
$722,713
533.663
66,016
42,188
17.194
24.000
1922.
8610,515
462.378
64,112
30,782
11,443
24,000
$39,654
$17,801
Dividends on Common Stock-Rights.
-The directors have declared a quarterly
dividend of $1 25 per share on the Common stock (no par
value), payable May 15 to holders of record May 2. This
is the first dividend on the Common stock since April 1
1918, when a cash dividend of 50c. and I% in Common
stock were paid.
The directors have decided to offer for subscription to stockholders of
record May 15. whether holders of Prior Lien, Preferred or Common stock
additional shares of Common stock equal to 10% of their holdings of
$630,655 existing stock of all classes. The subscription price will be 372 50 a snare.
Balance. surplus
Rights expire June 15. Payments may be made in full on that date or
--V. 120. P• 1747.
or
beginning on
-$1 Gas Bill Void.
- in four quarterly installments anyten monthly installments all unmatured
County (N. Y.) Lighting Co.
Kings
that date, with the privilege at
time of prepaying any or
The $1 gas law as enacted by the State Legislature, was declared un- Installments. Interest at the same rate as the dividend will be allowed
April 20 in the findings of Special Master Almeth W. Hoff, on all payments until stock is Issued.
constitutional
-V.120, p. 1450.
brought by the company. Mr. Hoff submitted his prein the test case
Mississippi Power Co.
-Acquisition.
liminary opinion on Feb. 26 to counsel for all of the parties and on March 5
counsel stated their objections. After consideration
which
See Meridian Light te R.Co. above.
-V. 120, p. 86.
held a hearing at
objections, he now has rendered his final opinion, which will be
of these
the U. S. District Court within a short time.
Mountain States Power Co.
-Bonds Sold.
-H. M. Bylargued before reports that the fair value of the property of the company,
Ms decision
when the law was presumed to take effect, was $10,- lesby & Co. and Blyth, Witter & Co. have sold at 100 and
as of June 1 1923,
later to $11,200,656 through additions to capital int. $2,000,000 1st Mtge. 6% Gold bonds, Series "B" of
635,242, and increased
to a reasonable return
finds that
account. He valuation. the company is entitled
1918, due Jan. 1 1938.
Company.
of 8% on such master further finds that for 1924 the net return to the corn-owns and operates 4 groups of utilities in Oregon,;WashingThe special
the $1 rate would have been 3.34% on the fair value as to ton, Montana and Idaho, and is now acquiring the electric properties in
under
and a return of only 2.49% on the fair value as to 650 Wyoming formerly owned by the Natrona Power Co. Company s system,
B .
, . T U. gas
B:T. u, gas, lie therefore holds that the $1 rate is unconstitutional including the properties now being acquired, furnishes, without competition,
in that the company would not be receiving a public utility services to 57 communities having a combined estimated popubecause of confiscation, on the fair value of the property.
-V. 120, p. lation in excess of 275,000.
reasonable return of 8%
Approximately 71.6% of the present net earnings of the properties in the
1586, 1203.
system, to be directly owned, is derived from the sale of electric power and
-Stock Increase.
- light, 21.2% from gas and 7.2% from telephone,steam and water services.
Laraoka Power Corp., Corning, N. Y. stock from
Company has a total installed electric generating capacity of more than
3300.000
has increased its authorized capital
673.
The company
26,300 h. p., of which 5.250 h. p. Is hydro-electric. It also purchases under
.01)0.-V. lig, p.
to $1,300
$3308,207
g
favorable contracts steam and hydro-electric energy, which include a contract with the California-Oregon Power Co.. expiring in 1952. for the purchase of 16,000 hydro-electric h. p.. which as needed may be increased to
24.000 h. p. The electric transmission and distribution systems aggregate
755 miles of pole lines: the gas plants have a total daily manufacturing capacity of 5.330,000 Cu. ft.. and the gas transmission and distribution systems aggregate 429 miles of mains. Company furnishes electric power and
light, gas, water, steam or telephone service to 55.765 customers.
The above figures include the properties of Natrona Power Co.. with approximately 7,000 steam electric h. p. and over 71 miles of high-tension
transmission and distribution lines serving electric power and light to 6,727
customers.
-Proceeds will be used in part to reimburse the company for
Purpose.
additions and extensions heretofore made to its properties, including the
acquirement of the properties of the Natrona Power Co.
Special Trust Fund.
-Trust indenture provides for a special trust fund
equal to 123.6% of the gross earnings for each year. beginning with the year
1921 and ending with the year 1936. which shall be expended after the date
of the trust indenture for (1) maintenancs, repairs, renewals and replacements of the property; (2) extensions and additions to the property not used
as the basis for the issuance of bonds; or (3) the purchase or redemption of
bonds of this issue or of any underlying bonds outstanding on property
hereafter acquired.
Capitalization Outstanding (Giving Effect to Present Financing).
First Mortgage Gold bonds. due Jan. 1 1938:
$6.434.000
6% Series "B" (including this issue)
1,787.000
5% Series "A"x
446.000
7% Gold notes due 1938
2.165.700
Preferred stock
130,000 shs.
Common stock (without par value)
x Originally issued as First & Refunding Mtge. bonds.
Earnings 12 Mos. Ended Mar. 31 1925 (of Properties to Be Directly Owned).
$2.751,401
Gross earnings
1.789.114
Oper. exps., maint. & taxes, excluding depreciation
Net earnings
Annual int. requirements on $8,221,000 1st Mtge. bonds (ineluding this issue)
-V. 120. p. 2012.
-Quarterly Statement.Montana Power Co.
1924
.
1923.
$2.110 1162 52,154.873
1925.
3 Mos. End. Mar. 31.
52.159.957
Earnings
732.363
Oper. expenses and taxes
443 018
Interest & bond discount
752.673
438.751
775 989
452.092
$984.575
3881.980
$963.449
Results for Calendar Years.
•
1923.
1922.
1924.
58.032.201 $8.l69.210 57.356.239
Gross earnings
2,830.866
3.094,571
Oper. exps. & taxes__.. 3.059.960
Balance, surplus
54.972.241
Net earnings
1,796.008
Interest charges
265.000
Res. for depreciation_ _ _
[VOL. 120.
Tata C11.1tONICLE
2148
55.074.639
1,741.887
'265.000
54,525.373
1,768.641
200.000
3962.287
$475.390
1922.
51.727.496
679.440
436.822
$611,235
1921.
$6.106.384
2.494.168
53.612.216
1,748.222
300.000
52.911.233 $3.067.752 $2,556.732 31.563.994
Losses & invest, writ. off
119.864
a677.684 (7)677,026
Preferred dividends_ _ (7%)681.922 (7)684.922
Common dividends__(4%)1.985.332(334)1861249(3)1.488,999(35.1)1451,499
. ..._
Consolidated Balance Sheet Dec. 31 (Inchidina Subsidiary Companies).
[Inter-company securities and debts eliminated.]
1924.
1923.
1923.
1924.
Assetss
s
Liabilities$
S
Investments
36,381,817 33,511.712 Preferred stock___ 9.277.600 9,253.500
Special deposits for
Common stock__ 8,488,800 8,418,500
redemp. of bonds
2,935
2,499 Cap.stk. of subsid.
Cash
1,147.740
990,643
not held by corp.
4,956
5.456
Notes receivable
15,602
17.771 Bonds ou tstand.y20,779,300 17,500,200
Accts.receivable_ _
325,959
336.800
389,351 10-yr.6°; debs.out. 321.800
Int. receivable on
N'ot es payable. _ _ _
56,893
59,125
notes. bonds. &c.
7,204
2,775 Unpaid vouchers
U. S. Treas. ctfs
50,000
322.000
193,336
and pay-rolls_ __
239.542
U. S. bonds
321,614
98,761 Misc. accts. pay__
31.465
46,503
Other marketable
43.319
Guaranty deposits
43.787
securities
140.202
329,496
1.167 Interest due
330.669
Materials & SUM 675.341
127.654
605,038 Unpaid dividends_
162,358
Jobbing accounts.
5.152
4.977
5,771 Miscellaneous
4.815
Live stock & prod..
68,045
04,690 Taxes accrued...,
09,790
196,606
Manufactured ice_
193.381
103.339
213,531 Accruing interest_
151,715
Prepaid Items. &c_
70,121
42,424 Deferred credits
145,968
140,335
Due from employ's
Reserve for deprec. 2,201.878 1,937.570
on stk.subscrip_
17.001
121,318
62.605 Re.s.for empl.comp.
16.553
Premium paid on
Res. for fire loss,..
32.998
25.188
Inter-co.seem's_ x5,510,631 5,239,644 Rester damages,&.c
9.975
10.449
117.778
Miscell. reserve
120,372
Total (each side)..45,037.062 41.600,388 Surplus
2.522.663 2.721.416
x Premiums paid on bonds of sub-companies, $31.721; unamortized discounts and expenses on bonds of corporation and sub-companies in hands
of public, $1.496.314; unautortized expenses on bonds of sub-companies
owned by corporation. $5.223: total. $1.533.259: less discounts obtained
on bonds of sub-companies by purchasing companies in excess of discounts
set up by issuing companies. $48 175' balance. $1.485.084. Premiums paid
on stocks of sub-cos. purchased. $5.041.002- unamortized discount on stocks
of corporation in hands of public. $1.026 823: unamortized discounts on
stocks set up by issuing cos. in excess et' discounts obtained in purchase.
$36.253: total. $6,104 0,8 less discounts obtained on stocks of sub-cos.
by purchasing in excess of discrunts set up by issuing cgs.. 32.078 531: balance. $4.025.547: grand total, $5.510 631. y Nevada-Calif. El. Corp. 6%
series"A" 1st lien bonds. due Jan. 1 1946. $9.239 800* Nev.-Calif. El. Corp.
6% series "B" 1st lien bonds. due Oct. 1 1950. $8 400.000 Nev.-Calif.
.
Power Co. 1st Mtge. 6% bonds, due April 1 1927. $1.577.000 wouthern
.
Sierras Power Co. 1st Mtge. 6% bonds. due Sept. 1 1936. $1.782.500.
Note.
-Liabilities covering matured bond int, coupons and the offsetting
deposits are not included in the foregoing balance sheet.
-V. 119, p. 2647.
Nevada-California-Oregon Ry.-Annual Report.
-
Calendar YearsOperating revenue
Operating expenses
Railway tax accruals, &c.
1924,
3386.175
366.705
27.914
1923.
$385.563
342.236
24.394
Operating income_
_ def.$8.444
Total non-oper. income_
404
518.932
1.469
57.658 def.$52.837
16.941
71.791
Gross income
def.$7 950
Int, on funded debt, &c_
60.388
$20.342
59.585
579.4.50 def.$35.896
63.472
60.978
Balance
-V. 118, p. 2305.
Natrona Power Co.
-New Control.
-
-Bonds Sold.-Priester,
Nebraska Electric Power Co.
Quail Sr. Cundy, Inc., Davenport, Iowa, recently sold at
100 and int. $350,000 1st Mtge. 5-Year 6% Gold bonds,
Series "A."
1921.
$431,299
451.210
32.926
def.$68,338 def.339,243 sur.$18.471 def.$99,367
New England Fuel & Transportation Co.-Earninos.-
Calendar Years3270.185 defS564.531 Gross earnings
Balance, surplus
$521.581
3240.979
- Expenses and reserves
a 7% on $9.671,800 Pref. stock and 7-12% on $112,800 Pref. stock.
V. 120, p. 1881.
Interest
Dividends
See Mountain States Power Co.
1922.
$338.765
298.681
32.426
Undivided earnings
-V. 118, P. 560
.
1924.
1923.
1922.
38.140.011 314.220 379 $10.340.417
6,706.207 12,387.917 . 9,022.297
475
446
39.865
1,38g.000
1.750.000
1,250,000
345,329
$82,016
$28.255
Newport News & Hampton Ry., Gas & Elec. Co.& Sub.
Income Account-12 Months Ending Dec. 31.
Oper. Income1924.
1923.
1924.
1923.
Gross earnings_ _ _ _$1.987.214 $2.100,048 Divs. declared_,__
245,000
245.000
1,336,656 Depree. reserve_ _ _
100,500
100,000
Chicago Oper. expenses__ 1,223,314
Dated Feb. 1 1925: due Feb. 1 1930. Int. payable F. & A. in
121,563
Taxes
123.653
. Red. on any int. Non-oper. rev_ _ _ _ Cr.3,562
and Davenport. Denom. 31.000. 3500 and $100 c5
Cr.3,199
days' notice at 100 and int. plus a premium of Si% for each Income reductions 248.516
date on 60
254.188
Corporate Burp_
$49,793
$45,840
year or portion thereof elapsing between date of redemption and the maGeneral Balance Sheet Dec. 31.
turity of the bonds redeemed. Company agrees to pay normal Federal
1924.
1923.
Trust Co.,DavenIncome tax deductible at the source up to 2%. American
1924.
1923.
Assets
port, Iowa, trustee.
Land & pit equip_ 9.210.460 9,121.769 Preferred stock_ _ _ 1,500,000 1,500,000
Issuance authorized by the Nebraska State Railway Commission.
41.274
37,906 Common stock___ 2.800,000 2,800.000
Data from Letter of Pres. Nelson A. Smith, Loup City, Neb., Apr. 3. Investments
197,567 Funded debt
172.060
Mat'ls & supplies_
4,781.000 4,781.000
Cornpany.-Does an electric light and power business and furbishes elec- Accts.& notes rec_
177.567
203,560 Notes payable_
26,500
28,500
tricity In Lexington, Cozad, Broken Bow, Loup City. Elm Creek. Arcadia. Cash
24,116 Accounts payable_
33.876
59.924
61,877
and Cash for Interest,
Overton, Sterna, Litchfield, Hazard, Eddyville, Smithfield, Miller
Consumers' depos.
53,886
57,456
Sumner. N eb. It is planned to eventually interconnect these properties
164,096
&c
164,936 Bond, &c., Int.
dividends,
high-tension transmission lines and to add a number of towns to the Prepd. ins. & taxes
with
8.672
7,972
mat'd dr accrued 119,310
116,622
system. Several additional towns are now under contract for the purchase Def'd charges_ _
840,653
842,165 Fed. Income tax__
40,437
42,747
of power and the connecting lines will soon be constructed. Steam plants
Divs. payable____
61,250
61,250
new fuel oil
are operated at Lexington and Broken Bow and practically
Deprec. reserve.... 841,895
816,792
plants at Loup City, Cozad and Arcadia. Contracts have just been signed
Miscell. reserve___
666
to supply current to Scotia and Cotesfield. and other negotiations are pendA ppropr. surplus_ 211,446
211,446
ing.
Tot.(each 81,10.10,648,660 10,599,991 Unappr. surplus__
129,468
145,178
-Secured by a first mortgage on all the property of the com- -V. 120. p. 703.
Security.
pany now or hereafter owned. The trust Indenture will provide for an
annual Improvement fund under which 123'i% of gross earnings is to be
New York Rys.-Reoro. Plan of Central Crosstown.
expended for maintenance, used for the retirement of bonds, or set aside
The committee for the Central Crosstown RR. 1st Mtge, 6% 40
-Year
for depreciation.
bonds dated Nov. 1 1882 and of certificates of deposit therefor, in a notice
-Proceeds will be used to pay off existing indebtedness, to con- April 23 says:
Purpose.
solidate the properties and for other corporate purposes.
The committee (Henry W. George,
Authorized. Outstanding. ment dated April 20 1925 with the Chairman) has entered Into an agreeCapitalizationreorganization committee acting under
$350,000
x
-Year 6% Gold bonds (this Issue)
First Mtge. 5
the plan dated as of July 18 1924. for the reorganization of New York Rys..
Cumulative Preferred stock
$50.000
7%
holders of Central Crosstown bonds (upon the acquisition
100.000 providingthat
100.000
Common stock
by the new company of the property covered by the present Central Crossx Additional bonds issuable in accordance with provisions of mortgage.
town Mortgage) shall be entitled to receive with respect to each $1,000
Consolidated Earnings Year Ended Dec. 31 1924.
of old Central Cros.stown bonds:
$160.845
(a) $800 of new Central Crosstown bonds to be issued by such new
Gross earnings
85.810 company and to be secured by a first lien on all property covered by the
Operating expenses, maintenance and taxes_
21.000 present Central Crosstown Mortgage.
Annual bond interest charges
(5) $200 in cash.
$54,035
(c) An additional amount of cash equal to interest at 6% per annum
Balance
from May 1 1922 to the date from which the new Central Crosstown bonds
shall bear interest.
-Annual Report.
-California Electric Corp.
Nevada
The committee has approved the plan dated
the
Consolidated Income Account for Calendar Years. Including Subsidiary Cos. reorganization of New York Rys., subject as of July 18 1924 for
to the agreement dated
April 20 1925.
[Inter-company transactions eliminated.]
Any depositors may on or before May 23 1925 withdraw the bonds rep1921.
1922.
1924.
1923.
certificates of deposit upon surrender of their certificates
Gross operating earnings 54.498.840 $3.993.587 $3.344,447 $3.177,109 resented by their with a properly
1,257.442 to the depositary
executed transfer thereof and upon Pay1.304,198
1.830.855
Operating & general exp_ 2,252.223
249.676 ment of $10 for each $1.000 of bonds withdrawn, which sum the committee
283.891
230.065
193.646
Taxes
7.127 has fixed as their fair contribution toward the compensation and expenses
6.776
6,367
10.834
accounts_ _
Uncollectible
Dr.5,996 of the committee. All depositors who shall not exercise on or before said
Tot. non-op. earns.(net) Cr.53.732 Cr.170.183 Cr.135,510
date such right to withdraw their bonds shall be deemed irrevocably to
51,885,092 51.656.868 have waived any right of withdrawal and to be bound and concluded by
$2.063.917 $2.128.435
Total income
1.321,243 and to have assented to the plan.
1,442,902
1,614,256
1.125.988
Interest, deprec., &c
Further deposits of bonds will be received by the committee to and
$325.625 Including May 23 1925, but after such date no deposits will be received
$442,190
3514.179
Avail surplus for year.. $337.929
except upon such terms and conditions as the committee may determine.
Total surplus Jan. 1 plus
appr. during curr. year
Payment to Tort Creditors.
3,608,662
4.153,974
for bond redemptions_ 2,933.327
4,721,290
The reorganization committee, Harry Brenner, Chairman, in a notice
Def. of Holt. I.
-U. Ry__ def97.542
to holders of deposit receipts issued by Guaranty Trust Co. in respect of
Total
53,173.715 55.235.469 $4,596,163 53,944.287 tort claims for personal injury against New York Rys., says:
109
On and after April 24 holders of deposit receipts issued in respect of tort
127.568
Dividends declared
512.936
651,051
claims for personal injury will be entitled to receive the cash payments
Sur. transf. to cap.;sect_
2.001.116
viz.: two-thirds of the principal amount of such claims without interest
Tot.P.& L.sue. Dec.31 82,522.663 32,721,416 $4.468.595 $3,944,179 offered them under the New York Rys. reorganization plan, upon surrender
Note.
-The corporation has an interest in profits of other companies of their deposit receipts and the delivery therewith of appropriate receipts
not included in above statement. In 1923 its interest in the profits amount evidencing such payment at the office of the trust department of Guaranty
to $291, while in 1924 the operations resulted in a loss and a consequent Trust Co.. 140 Elroadway, New York.
Holders of deposit receipts who desire to exercise the option to receive the
reduction in the combined surplus of those companies. The corporation's
-Year 6% Prior Lien gold bonds, Series A, of the reorganized company
40
proportion of this loss in 1924 amounted to $106.
2149
THE CHRONICLE
APRIL 25 1925.]
amount of such claims as allowed.
(to a principal amount .,,-.,,.,t to the payment, must exercise their option
without interest) instead o such cash
0P . 0
to receive such bonds on or before May L.
P
2 will be
who do not exercise the option to take such bonds on or before May
to have elected to receive the cash payment.
conclusively deemed
Company to Emerge from Receivership May 1.-
-Ann. Report.
Nova Scotia Tramways & Pow. Co., Ltd.
1921.
1922.
1923.
1924.
Calendar YearsGross earnings
81,299.371 81,393.980 81.419.471 81,446,640
1.145,143
987.676
964.146
916.930
Operating expenses
119,858
111.109
112.136
105.302
Taxes
182.500
193.863
217,497
216.712
Bond & coupon interest_
5.802
3,118
538
Sundry interest
1.228
19,164
7,984
Amort.ofdebtdisc.&exp.
from
It was announced April 23 that the company is expected to emerge
receivership on May I, according to Joseph P Cotton, a member of the
8113.038 def.$23,143
$99.663
Bal.for res.. diva., &c.
859,194
reorganization committee and lawyer for the New York Railways Corp..
which will operate the road, as soon as it is out of the receivership. Mr. -V. 118, p. 2573.
Cotton further stated:
Public Service Co. of No. Illineis.-Riohtq, &r.
"There is not the slightest doubt about the ability of the property to pay
The stockholders of record July 3 (of 6% and 7% Pref. stock and of
its way. We have not asked for more than a 5-cent fare and are not asking
for It. There is no doubt about our ability to get along on it at present. Common stock) will be given the right to subscribe on or before Aug. 1
What the future may bring forth is a different thing. because of the drastic for 76.491 additional shares of Common stock (of no par value) at 8100
per share.
"The lines are able to pay their way to-day largely
Chairman Samuel Insult says: "The directors plan to increase the divielimination of fixed charges, but there have been many other economies.
from the
The sale of the 50th St. car barns has enabled us to escape of losing heavy dend rate on both classes of Common stock to 8% beginning with the divilines, dend due Aug. 1. Dividends on both classes of Common stock at present
taxes and costs of operation there. The abandonment
-V. 120, p. 1090, 959.
downtown especially, has reduced the property and effected a saving. are payable at the rate of 7% per annum."
There have been many other economies. The one-man cars have been
Philadelphia Rapid Transit Co.-Rorninas. ct*c.the least of these.
The company in its publication "Service Talks" says: "The following
"The great problem that we face to-day is the increasing congestion on
the streets, but the police are giving us good co-operation, and it is astonish- statement shows P. R. T. income account and passenger statistics for
March and the first three months of 1925. The 10% added wage, formerly
ing how rapidly the surface cars get along after all.
"We are in the transit game to stay, and we have placed before the city payable only after the earning of the dividend on 1'. R. T.Common stock.
We believe is has now been definitely maell8 an operating charze because of foremr misnow our plan for operating bus lines all over Manhattan. city, and weit
are understandings of its real nature and purpose: This item is therefore now
the most attractive proposal that has been made to the
exceptionally good over the in "Operation and taxes," instead of being included with "Fixed charges,
hopeful of having it accepted. I am feeling
dividends and management fee."
whole situation to-day."
Income Account.
Hugh J. Sheeran has been elected President of the New York Rys. Corpo3 Months.
Month.
ration. Mr.Sheeran Is also President of the Manhattan Surface Coach Co.. Period ended March 311925$4.315.876 $12.427.025
a subsidiary of the New York Rys. Corp. The coach company was or- Operating revenue
3,128.359
8.974.908
ganized to handle the bus business which the reorganized corporation in- Operation and taxes
operate Non-operating income (credit)
to
19.101
50.479
tends to develop. This company has applied for a franchiselink up bus
Payments to city skg. fund and Frankford Elev.__
54.010
162.030
buses in Manhattan under a comprehensive system which will
connection with this Fixed charges, dividends and management fee_ 1.029.845
3.088.290
lines with all existing transportation facilities. In
proposal the corporation proposed to abandon 46 miles (single track) of the
Surplus
-V. 120, p. 704, 583.
$252.276
$122.771
system which It now operates.
Passenger Statistics
Total passenger revenue
$4.261,038 812,266.023
-Quarterly Report.Niagara Falls Power Co.
Total passengers carried
79,336.940 227,502.156
(Including Canadian Niagara Power Co. and Niagara Junction fly.)
Average rate per passenger
5.37c.
5.39c.
1922.
1923.
1924.
1925.
Quarter end. Mar.31-V. 120, p. 1460, 1452.
revenue
82.179.711 $2 006.539 $1.734.564 $1,567.866
Operating
$250.265
$275.534
8354.507
8400.296
Operating expenses
Southwestern Utilities Corp.
-Note Issue.
148.403
190.034
212.513
226.757
Retirement exp
The Empire Trust Co. has been appointed trustee for an issue of 8250.000
192.073
221.150
238.311
293.740
Operating taxes
7% Gold notes, dated April 15 1925, due Oct. 15 I925.
-V. 119. p. 2764.
$977,128
Net operating revenue $1258918 $1.201.207 $1047846
Q Teber Ry., Light, Heat & Pr wer Co., Ltd.
-Report.
87.186
00.088
85,434
99.825
Non-operating revenue_
Calendar Years1922.
1924.
1923
Gross income
83.133.806 $2.973 004 $2.858.607
Income
$1.358.743 $1,286.641 $1137934 81,064.311 Operating expenses
Net
2.156.492
2.100.731
2,010.815
$431.755
$428,710
$453.821
$523.445
Interest on funded debt_
44.248
43.021
42.697
112.609 Per cent of city earns, pay.to Quebec..
100.038
109.497
Miscellaneous
127.144
Interest on bonds
403 081
632.652
497.128
General interest
22,184
35.742
43.133
$519.947 Depreciation reserve
$609,185
Balance, surplus
8708,153
$723,323
250.000
150.000
182,546
-v. 120. p. 1460. 454.
Discount on bonds
21,184
12.116
See below
Extraordinary repairs, &c
123.621
Ncrthern Mexico Power & Development Co., Ltd.
Back Dividends on Preferred Shares.
The directors have declared a dividend of 7% on the Preferred stock,
coverh g accumulations for the year 1923, payable May 4 to holders of
record April 24.-V. 120, p. 454.
-Annual Report.
Ncrthern Ohio Traction & Light Co.
Revenue Passengers Carried
Rail and Motor Buses.
Electric Sales
Electric
Calendar
City Systems. Interurb. Sys.
in K.W.H.
Customers.
Years820.876,115
148,081.253
$64903885
38,438
1920
16,820.442
47.799.437
102.681.834
40.103
1921
17.117.064
50.632,248
135,397.186
45,496
1922
16.784.535
54,112,423
157.468.263
48.328
1923
14,588,525
48.563,053
176,245,654
51.516
1924
Income Account for Calendar Years.
1921.
1922.
1924,
1923.
Gross EarningsRailway Department__ _ $5,364.189 85.849.877 $5,640.132 $5.376.819
3.623.020 3.214,476
Electric department_ _ _ _ 4.716.808 4.255.248
Total
810,080.997 810.105.125 89.263.152 88.591.295
Operating expenses
$7,161,533 $6.986.196 86.168.531 $5,941.702
668.000
544.250
779.400
741,900
Taxes
1,356.239
1,325.673
1,310.533
Int., &c., fixed charges- 1,441,967
374.592
336.893
412,360
431.751
Divs. on Pref. stock_.,,,
Balance
$303.846
3616.635
8695.790
$442,778
Stockholder Brings Action to Recover Large Sum Paid to Controlling Interests-President Cobb's Statement.
A suit to recover $3.658,931 alleged to have been illegally paid to controlling interests by the company has been filed by Walter D. Foss of
Wooster,on behalf of himself and all Preferred stockholders of the company.
Foss charges that since 1920 the amount In question has been paid out
to Hodenpyl, Hardy & Co.. Inc., and the Northern Ohio Electric Corp.,
and asks that all the money except $900.000 be restored. He names as
defendants Hodenpyl, Hardy & Co., New York: Northern Ohio Power
Co., Baltimore: Northern Ohio Electric Corp., New York: Northern Ohio
Traction & Light Co. and Bankers Trust Co.. Cleveland.
The Traction company Is charged with having "wrongfully dissipated"
the sum being sued for by payments to the controlling interests for engineering and construction work and Common dividends. These payments, It is
charged, amounted to 3% of the gross revenue for every year since 1920.
2% for the cost of construction and extensions from 1920 to 1923, and 6%
each year since 1923.
The electric corporation. Foss charges, after acquiring the Common stock
of the Northern Ohio Traction & Light Co.. elected a number of officers and
directors on the board each year since 1916. and the board has been under
the domination of the corporation since.
Pres. B. 0. Cobb is quoted as saying.
"The dividends to the Preferred holders have been paid regularly out
of earnings. The reference to the contract, contained In the suit, relates
to the supervision and engineering services whereby Northern Ohio Electric Corp. rendered engineering, supervisory and general services in line
with the economics of unified operation. Dividends paid upon the Common stock have, of course, only been paid from earnings. The suit is not
well founded, and it is hard to conceive of Preferred stockholders in any
number joining in such cult, as the things complained of have been for the
benefit of all stockholders and the property. The case will be contested to
-V. 120. p. 1204. 87.
the limit."
-Annual Report.
North West Utilities Co.
1924.
Consolidated Earningsfor Years Ended Dec.31-
Gross earnings from utilities operation
open expenses, incl. deprec.. taxes and rentals
1923.
$7.157.012 85,669.677
4,744,015 3,477.653
Net operating earnings
Miscell. earns, of N. W. Utilities Co. (net)
$2,412,997 $2,192.024
288,280
162.939
$2,701,277 $2.354,963
Total earnings
1,343.999 1,478.575
Interest charges
87.005
Amortization of discount and expense
68.456
Divs. on stock and proportion of undistrib, earnings
291.929
accr. to outside holders ofsub.cos.cap.stk- 379.857
paid &
N. W. Utilities Co
166.702
3,018
Prior Lien Prof. dive.
62.656
10.443
87 Prof. stock diva. N. W. Utilities Co
81.859
12.676
71,, Prof. stock diva. N. W. Utilities Co
Balance, surplus
814.672
8:1.252
386.101
-An item of 883.001 for extraordinary repairs and expense prior
Note.
Jan. 1924 was deducted from profit and loss account.
-V. 120. P• 1748.
Salem & Pennsgrove Traction Co.-S7/e.-
See Electric Co. of New Jersey in V. 120 p. 2011.-V. 110. p. 1527.
San Francisco-Sacramento RR.
-Annual Report.
1924.
1923.
8974.441 31,017.232
Revenue from other railway operations
16.108
15.720
Total railway operating revenue
8990.549 81.032.952
Calendar YearsRevenue from transportation
Railway operating expenses
Taxes assigned to railway operation
8843.652
53,779
Gross income
Bond interest
Int. on unfunded debt and miscell. deductions_ _ _ _
Dividends on Preferred stock
Balance,surplus
-V. 118, p. 1666.
$93,117
5.627
208.745
52.320
3,667
$83.722
8.193
891.915
54,840
860
43,495
$42,758
Operating income
Non-operating income
8891.906
57.323
dot
.87.279
Southern Indiana Gas & Elec. Co.
-Annual Report.
Calendar Years
Total gross earnings
xOper. expenses and taxes
Interest and other fixed charges
Dividends on Preferred stock
Common dividends
1922
1923
$2.654.614 82.578.764 82,280.
.038
1,630.064
1.494.182
1.626.932
438.530
378.992
433.418
217,537
164,297
188.803
120.000
120.000
180.000
Balance, surplus
8248.414
$209.611
$62,566
x In accordance with the accounting practice adopted by the Indiana
P. S. Commission, sales of gas residuals In 1924 were credited to operating
expenses of gas department instead of being included as heretofore in gross
earnings. The 1923 and 1922 figures have been adjusted accordingly.
Calendar
Electric Sales
Gas Sales
Heating Sales
Rev. Pass.
Years- (Kilowatt Hrs.). (1.000 Cu. Ft.). (1.000 as.).
23.224,529
1920
336.697.7
79.745.4
14.769.388
24,157.888
1921
317.354.8
67.288.6
13,329.589
28,338.294
1922
323.170.8
75.297.2
13.318.196
34.849,560
1923
354.934.4
81,495.2
13.935,605
36.428,606
1924
370.702.4
12,931,255
92,203.4
_v. 120, p. 2013. 1329.
Suburban Electric Securities Co.
-Earns. Cal. Years.
Interest and dividends received
General expense and management
Interest on bonds and notes payable
Dividends paid on First Preferred shares
Balance, surplus
-V.120,P.333.
1923.
1924.
$109.019
$103,300
7.768
5,719 .
78.856
72.530
12.456
12,456
$12,595
$0.939
Tennessee Electric Power Co.
-Balance Sheet.
Consolidated Balance Sheet Dec. 31.
1924,
1923,
1924.
1923,
Assets$
Liabilities$
$
$
1st Pt. 7.20% stk_ 1,311.000
Plant property and
277.300
franchises
60,100,307 53,272,312 let Pfd.7% stock_ 8.341.800 6,720.600
63,402
155,820 lst Pfd.6% stock_ 3.760,500 3,901,990
Invest. & adv.__
42.470
526.500 2d Prof. stock _ _ _ _x5,000.000 5,000,000
Special deposita..._
543,029 Common stock_ _ y1,404,000 1,404.000
989.766
.
Cash
859.615 Nash. fly. & Lt.
Accts.& notes rec. 1,073.595
Co. Pref. stock_ 357,600
713.666
Materials & suppl- 787,064
410,100
do Comm.stk.
355,048
Def.& prep. accts. 291,002
7,000
Funded debt
Unamortized bond
37,075,400 32,935,000
625,753 Acct's & notes pay. 213,119
diset. dz expense 994,282
274.689
410,100 Accrued accounts. 1,071,782 1,112.179
let 6% Pref. stock 357,600
Deferred items
Subscr. to 7.20%
122,939
150,420
187,349 Res.inj.& dam...4c 103,554
1st Pref.stock__ 360.080
102,210
Depreciation reeve 2,637,547 2.298.112
Contingency res've 391.214
424,083
Capital surplus__
19,129
120,100
Tot.(each side)_65.059,566 57,649,290 Surplus
3249983 2.511,597
x 2d Prof. stock. 50.000 shares, no par value. y Common stock, 156.000
3579,198 2489,966
Combined surplus earnings
-v. 118, p. 2959.
-- shares, no par value.
-Merger.
Olean (N. Y.) Electric Light & Power Co.
The usual comparative income account was given in V. 120, D. 1481.The Cuba(N.Y.) Electric Co.has been merged with the above company. V. 120, p. 1748.
p. 1882.
-y.120.
2150
THE CHRONICLE
Spring Valley Water Co.
-Report.-
Calendar Years-1924.
1923.
1922.
Revenue
$5,903.955 $5.738.638 85,233.026
Operating expenses
1.178.379
1,146,437
Taxes
855,118
903.323
830,738
Interest on bonds
1,100,000
1,050,491
714.360
Interest on 3
-Year 6% notes
14,381
150.000
Interest on loans
161,114
134.312
108.518
Interest charged to construction.. _
Cr.40.548
Cr.24,210
Cr.6.248
Depreciation and obsolescence
300.000
300.000
300,000
Amortization
162.276
162.276
131,010
Uncollectible bills and accts. reedy.5.762
5,060
4,398
Miscellaneous
9.347
7,195
1 216
,
Dividends
1,680,000
1.470,000
1,400,000
Balance, surplus
$227,197
$537,432
$452,607
-Ir. 119, p. 2764.
• Third Avenue Ry.-Earnings for Calendar Years.
-
Operating Revenue-Passenger
Freight
Mail
Other car
Advertising, &c., privileges
Rent of land. buildings, &c
Rent of equipment
Rent of tracks & terminals
Sale of power
'
1924.
1923.
$14,267,805 113,962.546
21
2.883
22,748
20.168
1,355
•
151,747
167,203
178.360
178,121
50.969
50.994
25.612
25.566
13,280
12,754
Total
Operating Expenses
Maintenance of way, &c
Maintenance of equipment
Reserved for depreciation
Operation of power plant
Operation of cars
Injuries to persons and property
General and miscellaneous
$14,711,897 $14,422,140
Total
Net operating revenue
Taxes assignable to operation
$11,309,709 $10,862,091
23,402,188 23,560,049
1.015.938
957.230
$1,872,106 $1,577,570
1,557,947
1,484.374
145,126
436.085
1,063,780
1,153.696
5.038.145
4,722.713
1,028,487
906.759
604,119
580,893
Operating income
Non-operating income
$2,386,250 $2,602.819
275,718
281,338
Gross income
-Interest
Deduct
Rent
Other
$2,661,968 12.884.158
$2,555,108 $2.674.141
22,843
22.528
117,810
95.653
Total deductions
$2,695,761
$2.692,322
[VOL. 120.
retire outstanding 6% bonds of a previous series issued under
mortgage. The new issue which soon will be offered at retail the same
nated as "Series E" under the company's First Mortgage dated is desigMarch 1
1916 and maturing in 1963. A total of $34.500,000 will
under this mortgage at the conclusion of this financing. have been issued
Company owns in all six electric generating stations and leases another.
These contain an aggregate installed capacity of 266,860
k.
pany supplies electricity for light, heat and power purposesw. The comtowns and communities located in the district adjacent to in 412 cities,
Pittsburgh, at
distances varying from 3 to 60 miles from that
lines of the company also serve the Pittsburgh city. The transmission
Industrial district.
-V.
120, p. 1750.
West Kootensy Power & Lisht Co.. Lt i.-Earnings.,
Consolidated Income Account or Calendar Years.
$683,5161922.
(
Gross revenue
$690,.575
$772.123
$791, 07
*
0
Operating expenses
241,620
211.839
194.267
205.430
Bond interest, &c
106,968
118,849
114.839
114,534
Depreciation _ _ _ _
232,655
284.265
287.048
291,994
Preferred dividends(7%)
35,000
35,000
35,000
29,750
Common dividends
(4%)128.480(8%)256.960
Balance. surplus
$67,273
$40,622
$12,487 def$107,661
-V. 112, p. 2962.
Winnipeg Electric Co.
-Annual Report.
Calendar Years1924,
1923.
1922.
1921.
Gross earnings
85.128,324 15.280.407 $5,395,223 85.418,024
Operating expenses
3,379,497
3,465.892
3,526,715
3,559,380
Net operating revenue $1,748,827 $1,814.515
81,868.508 $1.858,644
Miscellaneous Income_ _ _
139.186
127.706
121,854
161,407
Gross income
$1,888.013 11.942.221 81,990.362 82,020.051
Int. charges, taxes, &c
1,067,654
1,071.821
1,054.988
1,091.085Depreciation
201.050
201,050
201,050
201,050
Sinking fund
55,320
56,550
57,420
Preferred dividends....
210,000
210,000
182,367
210.000
Common dividends
110,000
Balance, surplus
$299,310
2404,030
2467,774
$488,129'
-v. 120, P. 1205. 89.
Wisconsin Power & Light Co.
-Acquisition.
The property of the Princeton (Wis.) Power Sc Light
Co.
purchased and will be operated by the Wisconsin Power has now been
& Light
The company is also reported to have purchased the transmission Co.
and
distribution systems of the Montello (Wis.) & Harrisville
Light & Power Co.
-V.119, p. 2649.
Worcester (Mass.) Consol. Street Ry.-To Run Ruses.
The Massachusetts Department of Public Utilities has
mission to the company to operate and maintain buses in granted Peraddition to its.
regular street car service in Worcester, Mass., and surrounding towns.
-V.120, p. 1588, 830.
Net corporate income
loss$33,793
$191,836
Miscellaneous Operating Statistics.
1924.
1923.
Worcester Electric Light Co.
Revenue car miles
-To Redure Par.
26.811,994 25,759,869
The
Revenue passengers
290.393,480 284.463.972 thoritycompany has applied to the Mass. Dept. of Public Utilities for auto reduce the par value of its capital stock from $100
Transfers
to $25a share.
59,371.680 60,151.648 -V. 119, p. 592.
Operating ratio
76.87%
75.32%
.,--v. 120, p. 1091. 584.
Twin State Gas & Electric Co.
-Report (Incl. Subs.).
-
Calendar Years
1924.
1923.
1922.
1921.
Gross earnings,including
merchandise sales_ _ _ _ 11,532,741 11.462.324 $1,340,558 $1,162,016
Oper. exp., Incl. taxes
& depreciation
949.538
959,156
847,964
761,292
Miscellaneous income._ _ Cr.15,636
Cr.24.383
Cr.10,838
Cr.12,439
Int.. anion. disc. & exp.
on bonds
244,186
254,992
265,926
261,508
Net income
Previous surplus
$354.652
76,842
$272.559
69,960
$237,506
75.842
$151,655
64.803
. Total surplus
Prior lien dividends_ __ _
Preferred dividends
Common dividends
do stocic_
do
8431.494
140.429
77.625
133,391
1342.519
110,604
77,625
2216.458
37,991
77.625
25.000
77,448
$313,348
73,070
77,625
19,793
72,900
• Profit & loss surplus__
-V. 120, p. 706.
280,049
$76,842
$69,960
$75,842
INDUSTRIAL AND MISCELLANEOUS.
Refined Sutler Prices.
-On April 21 Federal advanced vice 5 pts. to 5.75c.
per lb., McCahan, 5 pts. to 5.80e. per lb., and
Arbuckle 5. pts. to 5.75c.
per lb. On April 22 Revere Refinery reduced price 5 pt
-s.
Price of Lead Reduced.-American Smelting & Refining to 5.75c. per lb.
Co. reduced price
of lead from S to 7.75c. per lb. New York "Evening Post" Apr.
21
21.
Matters Covered in "Chronicle" April 18.-(a)"Hardware RetailerTt.warns.
against artificial expansion of business through installment selling and
other unsound practices, p. 1953. (It) Presidential
increases
duty on potassium chlorate from 156 to 211c. perproclamation
.
Changes in postal bill effective Apr. 15 p.1966. (d)pound, ro• 1965Court
U. S. Supreme
rules against Kansas Court of Industrial Relations: compulsory arbitration
invalid, p. 1971. (e) Dayl'ght saving time effective Apr. 26,
1972.
p.
Acme Steel Co., Chicago.
-New Name, &c.
See
Acme Steel Goods Company below.
Acme Steel Goods Co., Chicago.
-Name Changed.
March Shipments Record-Exchange of Stock, (ix.
-
Surplus
8346.618
$365,729
1271,745
$29.613
z Dividends of subsidiary companies actually declared during the year
and miscellaneous direct earnings (net) after deducting expenses. y Covers
period from July 20. date of reorganization, to Dec. 31 1923.
Operation of the Subsidiary Utility Properties of the Corporation.
Calendar Years-1924.
1923.
1922.
Gross earnings
$12,297,568 811.655,651 210.361,597
Oper. expenses (incl. maintenance)... 7,228.488
5,960.987
6,845,333
Taxes
666.834
609.648
640,023
'Fixed charges
1,596.030
1,455,610
1,441,571
Renewal and replacement reserve_
769,032
807,169
640.850
The Acme Steel Co., (name recently changed from Acme Steel Goods
Co.). report the largest single month's shipments for
in their more than 45 years history; also the largestMarch of any month
quarter's shipments
during the quarter just closed.
At the meeting of the board held April 6. the distribution
the new
$25 par shares of common stock at the rate of 3 shares to one of of present
outstanding common stock was ordered. Holders of the old the
stock may
turn it in to the Company's treasury and receive 3 shares of the new stock
for each share of the old.
The directors announce their intention for the present of continuing
same amount of dividend as now being paid, which will be $2 per yearthe
on
each share of the new stock, although the profits for the first quarter are
sufficient to take care of the entire year's dividend.
The company is now building a large additional rolling mill
more than double the tonnage output, and expect to be able towhich wil
pay for It
without any additional financing.
Incoming orders are being received at about the same rate as shipments
and the Company has at hand at present a large unfilled tonnage. They
therefore anticipate continued steady business for the next few months,
but no decided boom.
-V. 120. p. 831, 707.
Bal. avail, for financing and dive__ $2.037.184 81.907,516 $1,708,541
-V. 120. P. 584.
Alameda Sugar Co. (Calif.).-Consol. Annual Report.
-1
United Gas & Electric Corp.
-Annual Report.
-
Calendar Years1924.
1923.
z Receipts
$1,221,094 11,161,393
Int. & amortization_ _ _ _
592,981
649,819
Profit on securities. &c
43,475
loss1,414
Preferred dividends_ _ _ _
324,970
y144,431
United
1922.
1776.422
674,841
loss71,968
1921.
1982,680
710,935
[Including the Alameda Farms Co.)
Calendar Years
1924.
1923.
Net profit
1924.
1923.
$355.762
$233,763
Depreciation reserves
113.364
' L116,509
Common stock_ 61,029,800 61,029,800 Reserve for Federal taxes
36.816 15i
Preferred stock_ 6,103,000 6,103.000
Balance. surplus
Sink. fd. reserve 18.357,080 15,979,200
$205,582
$117,254
Accrued rents_
1,583,390 1,552,536 Profit and loss surplus Dec.31
$35,338 def$169,044
-V. 114, p. 524.
Taxes accrued,
but not due_ _
339,001
287,240
American Chicle Co.
-Quarterly Earnings.Sundry accounts
242,743
62,799
1
Quarter Ended March 31Sundry creditors
726,447
848,332
1925.
1924." i
t
Net profit after int., depreciation and Federal taxes_ _
Uninvested se$256,367 •$203.46
•Before Federal taxes.
-Vol, 120, p. 1260. 960,824,
cretions
19
12
L...1
Undiv. profits 40,259,545 36,861,729
American Coal
Gas Improvement Co.-Bal. Sheet Dec. 31.1924.
1923.
AVM$
Stks., bds., &e.,
inv.atcost_ _ - 72,716,320 73,486,567
Inv.In PhiLlease
excl. wkg.cap. 20,769,410 19,312,729
Wkg.cap., Phil_ 5.681,288 5,208,815
1,001,260 1,050,412
Real estate
7,495,153 4,449,883
Cash
Liberty bonds &
786,338
785,338
Treas. notes_ _
1,606,728
Accts.& bills ree 1,409,781
Coupons& guar.
696,894
500,116
div,. accrued _
46,204
46,196
Storeroom man
Sink. fd. secure_ 18,357.080 15,979.200
Co. of Allegheny County.
-Smaller
Dividend-Annual Report.
-
The directors have declared a quarterly dividend of
50 cents per share,
payable May 1 to holders of record
Total
128,762,902 122,602.770 terly from Feb. 1921 to Feb. 1925. April 10. The company paid $1 quarTotal
128,762,902 122,602,770
incl.
The usual comparative income account was given in V. 120. P. 831.
The reduction was made after the directors on April 17 reconsidered
their
V. 120, p. 1882.
action of March in declaring the regular quarterly
dividend of $1, payable
to holders of the same date of record,
United Railways Investment Co.
-New Directors.
le shi
Calendar Years1924.
1923.
1922.
The company on April 21 issued the following statement: "The personnel Coal produced (net tons)
1921.1 i
753,532
693.818
of the board remains largely as hitherto. All the members of the firm of Profits
747,175
708,600
1532.286 $1,112,691
Ladenburg, Thalmann & Co. were re-elected. The addition of B. W. Flood
1821.166
8751,938
40.402
10.399
Lynch and J. H. Briggs of H. M. Byllesby & Co. marks the entrance of Taxes expense, &c
8,060)55,667
46,482
41,268
new Interests into the company.'
38,636
/43,603
Deprec n & depletion._ _
169,257
143,659
The Phila. Stock Exchange on April 15 reduced the amount of 1st Lien &
133,714
158,363
1.188
1.513
Coll. Trust 5s,due 1926(Pittsburgh issue)from $12.367.000 to 810,367.000, Miscellaneous charges...
992
t1.012
Dividends
198,392
198,392
82.000.000 reported as having been canceled and cremated by the New
198,432
198,352
York Trust Co.. trustee.
-V. 120. p. 1749.
Balance, surplus
876.565
8717.460
2441.33211k $224,939
-V.112, p. 2308.
WestPenn Power Co.:
11111
-New Financing.
wil
Halsey. Stuart & Co., Inc., Union Trust Co. of Pittsburgh, W. A. HarriAmerican Hide & Leather Co.---Meetingr.Postponed.-e
man & Co., Inc.. and W. C. Langley & Co. have purchased a new issue of
The stockholders' meeting scheduled for April 22 has
$6,500,000 1st Mtge. 5% bonds. The proceeds will be used largely to May 13.--17.
beenlIpostponed:t0
120. P. 18
33. 1588.
THE CHRONICLE
APRIL 25 1925.]
2151
The canneries, according to their counsel, Frank J. Hogan, turned over to
Armour & Co. 51% of their output, amounting to more than $4,000,000
Results for Three Months Ended March 31 1925.
a year. When the plea of the canneries to intervene was first filed, Justice
Bailey overruled the plea and an appeal was noted. The Court of Appeals
Int. on current assets. $21,100; int. on securities, $48,052; Divs. on
of the District of Columbia, which was informed by the canneries that the
stocks owned, $122.595; profit on sale of securities, $280,009;
Department had allowed the various wholesale grocers' associations to beprofit on syndicate and credit participations. $21.686: miscel$495,361 come monopolists of the country's food supply, while the alleged monopoly
laneous, $1,919. total income
68,389 by the packers was deemed to be unlawful, ordered a rehearing.
$60,017; interest expense, $627: taxes. $7,745
Expenses,
The wholesale grocers' associations and the Department of Justice then
$426,972 appeared and demanded that the decree stand, while the Armour and Swift
Operating income
groups demanded that it be vacated, and the canneries also demanded that
-V. 120, P. 1750, 1462, 1449.
it be vacated or modified so as to allow them to continue to do business
-5% Stock Dividend.
American Rolling Mill Co.
with the Armour group.
It is too late now,the Court held,for the packers to attack the validity of
The directors have declared a 5% stock dividend on the Common stock,
In addition to the regular quarterly cash dividend of 50 cents per share, the decree and the method by which their signatures to it were obtained.
both payable July 15 to holders of record July 1. A stock distribution of The wholesale grocers' associations and the Department of Justice probably
5% was made on the Common stock on July 15 1924 (see also V. 118, la• will appeal from the order suspending the decree. It was contended by the
associations that any order changing or modifying or suspending or setting
2707).-V. 120, p. 1588.
-Number of Common aside the decree would operate to destroy competition and again allow the
American Steel Foundries Co.
packers to become monopolies.
Attempts to compel the packers to restrict their activities have been going
Shares Increased, &c.
The stockholders on April 22 changed the authorized Common stock from on since before 1914. when Francis J. Heney, then "trust buster" for the
750,000 shares, par $33 1-3(722,196 shares outstanding) to 1.000.000 shares Department of Justice, began an investigation. Mr. Honey remarked at
of no par value. Five shares of the new Common stock of no par value that time that "It is impossible to indict a hundred million dollars." referring
will be issued in exchange for each four shares of the old Common stock. to the financial resources of the packers. Six years later the packers found
themselves solemnly bound by the decree now in dispute to sell out everyThe unissued stock will be held in the treasury.
thing but the meat business, and that meant giving up the stock yards.
Results for Quarters Ended March 31.
stock yard newspapers, factories, canneries, railroads and everything not
1924.
1922.
1925.
1923.
connected directly with the slaughtering of meat anmials.-V. 120. p. 1884.
$1,627,700 $1,137,997 $1,883,449
$738,728
x Net earnings
-New President.Armstrong, Cator, Inc. Baltimore.
250,255
320,380
167.541
296,287
Depreciation
Cr.131.850
Cr.95.028
Cr.49,105
Cr.79,727
George E. Merrifield has been elected President and a director,succeeding
Other income
94,905 Franklin B. Cater, who has retired from the presidency to become Chairman
74,627
72,838
82,848
Interest. sink. fund. &c_
See x
See x
See x
78,570 of the Board. These changes become effective May 1.-V. 114, p. 83.
Federal taxes
-Earnings.
American International Corp.
$909,933 31.529.326
$447,439
$1.388,636
Balanee, surplus
x Net earnings in 1924, 1923 and 1922 are after deducting Federal taxes.
-V. 120, P. 1206.
-Earnings.
American Zinc, Lead & Smelting Co.
3 Mos.End. Mar.31Net profits before deprec.
and depletion
-V. 120. P. 17 .
50
1925.1924.
1923.
$214,298
$142,665
$67,834
1922.
$50,152
-Annual Report.
Atlantic Fruit & Sugar Co. & Subs.
Profit and Loss Account for Year Ended Dec. 31 1924.
Sales of fruit, $4,135,082; sales of auger and molasses, $2,438,697; steamship receipts, $2,979,275; int. received, 3214.676;
excess of amount realized on capital assets over book values,
310,112.252
3137.490; miscellaneous income, $207,032; total
Less-Exps. of prod., mfg., selling & cost of oper. steamers,
8,869,494
incl. head office administration expenses
974,647
Provision for depreciation. $653.200; int. paid, $321.447; total
-Bonds Sold.
Andian National Corp., Ltd.
-Jesup &
1..amont, New York, h ye sold, at par and interest, $10,000,000 First Mtge. 15-Year 6% Sinking Fund Gold bonds.
$268,111
xBalance, transferred to balance sheet
x Incl. exps. of Tanamo (Sugar) division for less than full year, due to
change of operating statements to end Sept. 30.
Barnet Leather Co.. Inc.-Earninos.Dated March 1 1925; due March 1 1940. Interest payable M. & S.
without deduction for normal U. S. Federal Income tax up to 2% or for any
Consolidated Statement of Earnings for Quarter Ended March 31.
present or future Canadian income tax except income tax on residents of
1925.
1924.
Canada. Denom.31,000 c*. Redeemable, all or part, by lot on any inter- itNet earnings from operation
$68,448
$17,384
26,550
26.250
est date on and after March 11927, on 30 days' notice, at 105 and interest. Dividends on Preferred stock
Principal and interest payable in U. S. gold coin at the principal office of
Bank of Commerce in New York, trustee.
National
def$8,866
$42,198
Net for period
-With each bond of $1,000 IN a detachable warrant en- Surplus as of Jan. 1
Stock Warrants.
523,542
433,452
titling the holder to purchase 20 shares of the stock of no par value of the Adjustments applicable to prior years
112,224
4.037
company at $10 per share, the rights represented by such warrants to be
exercised prior to March 1 1935. Until such privilege is exercised the war1536.811
$569,777
Surplus as of March 31
rant holders are not entitled to rights accruing to stockholders.
x After deducting charges for maintenance and repairs to plants, depreciaOrganization.
-Corporation was organized in 1919 in Canada. It has tion and estimated amount of Federal and State taxes, &c.
secured a concession from the Government of the Republic of Colombia
-The result is subject to adjustment at the end of the year wheal
Note.
for the construction of a pipe line with the necessary collecting lines and accounts are finally audited and to change incident to income tax rulings.
terminal facilities. It is expected that the pipe line will be completed early -v. 120, p. 1884. 1207.
50 years computed from Oct. 1192:3,
in 1927. This concession has a life ofbetween the interested parties. The
Bayuk Cigars Inc.-Earnings.which can be extended by agreement
1922.
1924.
'
1923.
Three Months Ended Mar. 31- 1925.
concession guarantees the company the right to operate under a tariff,
insures it an adequate earning power. Company also holds a con- Net, after Federal taxes, &c_ ___ $91,226 1127,003 3251,212 1256,425
which
Cr.19,536 0%8,410 Cr.8.923 Cr.17,511
cession giving it an exclusive right extending over a period of 20 years from Other income
19.102
25.236
22.778
34.060
July 31 1924, to load and unload at specified rates all maritime traffic in Reserves
44,190
25,610
56,357
54,881
Cartagena Harbor and to operate the wharves, warehouses, &c., necessary Preferred dividends
23,690
therefor. Company owns all wharves and warehouses now in operation in Preferred stock reserves
Cartagena Harbor and in addition over 19 miles of harbor front property
$53,820 $211,747 $186.954
$21,821
Surplus
embracing advantageous sites for the construction of other warehouses,
-V. 120. p. 1207.
docks and similar harbor improvements.
-Companyis authorized to issue3,000,000shares ofCommon
Capital Stock.
-Govern-Sued on War Contracts
Bethlehem Steel Corp.
stock of no par value. of which 1.000.000 shares have been exchanged for the
-Company
concessions, terminal properties, &c., and 500.000 shares have been under- ment Claims $11,000,000 Overpayment on Ships
110 per share. The remaining 1,500,000 shares have not been Demands Payment of Over $9,700,000 as Still Due.
written at
-The longissued and a portion thereof is reserved against the warrants attached to
.el
extended controversy between Bethlehem St; and the
the bonds of this issue.
-The Iiipe line now to be constructed
Pipe Line and Terminal Facilities.
U. S. Government over payments for ships built by Bethlewill be a 10-inch line and will extend inland about 350 miles paralleling the
Magdalena River from Cartagena Harbor to an area in which production hem during the war resulted in the filing of complaints in
has already been developed. The 15,000,000 to be realized by the sale of two suits April 17. The first was a suit and complaint filed
the 500,000 shares of stock and the proceeds from the sale of this bond issue
will be sufficient to finance the construction of the pipe line and the neces- in the U. S. District Court at Philadelphia by the Governsary terminal facilities.
ment claiming over $11,000,000 alleged overpayments on
-Secured by an indenture of first mortgage and deed of trust
Security.
contracts. In the U. S. District Court at New
and a supplementary Colombian first mortgage from the company to Na- wartime ship
•tional Bank of Commerce, New York. trustee, both dated March 1 1925, York Bethlehem Shipbuilding Corp. Ltd., a subsidiary of
covering the physical properties used in connection with the aboveand
mentioned pipe line, the entire terminal property now or hereafter owned at Bethlehem Steel, filed its complaint in a suit instituted
cartagena and of the company's present and future contracts for the trans- against the U. S. Shipping Board Emergency Fleet Corp. in
portation of oil through said pipeline. Initially the company will operate May, 1924, claiming $9,744,899 which it alleges is still owing
-the first company which
pursuant to a contract with the Tropical Oil Co.
has developed a commercial production of crude ell in Colombia-whereby it on the contracts in question. The complaint was filed by
the latter agrees to move through the said pipe line the first 50,000,000 Cravath, Henderson & de Gersdorf.
bbls. of on joroduced by it and available for export. The International
Results of Operation First Quarter of 1925.
Petroleum CO., Ltd., has contracted to take at Cartagena all of the oil
At the regular quarterly meeting of the directors April 23 a report was
delivered through the pipe line by the Tropical Oil Co. and available for
sale during a period of 15 years from the commencement of the operation submitted showing the results of the business of the first quarter of 1925.
of the pipeline, except such oil as the Tropical Oil Co. may require for its comparing with the fourth quarter of 1924 and the first quarter of 1924.
as follows:
own use at Cartagena.
1st Qu. '25. 4th Qu. '24. 1st Qu. '24.
, Tropical Oil Co. is developing a concession covering about 2,000.000
$10,399,316 $9,550,715 110.549.149
acres in the Republic of Colombia; the time elapsed since its acquisition Total net earnings
has permitted the exploration of only a small part of this concession, but Less-Int. charges incl. proportion of
competent geologists have estimated the potential production of such
3,079,598
disc. on & exp. of bond & note iss. 3,337,595
3,498,539
Prov.for depr.,obsolescence & depl. 2,990.205 3.036.314 • 2,949,676
.explored portion at more than 70,000,000 bbls. The present production is
1,075,021
1.075,323
Dividends on preferred stocks
1,075,637
the rate of about 6,000,000 bbls per annum, and drilling is being conat
2,247,571
Dividends on Common stock
ducted at a rate which indicates a production of some 10,000,000 bbls per
which adequate transportation to a seaboard
year at the earliest date at Tropical Oil Co. has up to date expended in
Surplus for the period
32,995.879 11,940.539 11,197,283
• terminal can be provided.
'development work and in laying foundations for large future development in
In making public the statement of earnings, E. G. Grace,
excess of $20,000,000.
-Beginning March 1 1927, company will set aside an President, said:
Sinking Fund.
"Earnings, after all charges and Preferred dividends, amounted to $1 66
annual sinking fund or 1500,600 to be used in the retirement of these bonds,
payable in semi-annual installments and to be used in the purchase of the per share on the Common stock or at the annual rate of $6 64. Earnings
bonds in the open market up to and not exceeding the call price. Any for the previous quarter were SI 08 per share.
"Operations through the quarter averaged 77.5% of capacity, as comof the sinking fund not used in the purchase of bonds shall be used
for the retirement at 105 of bonds drawn by lot. Hugo Baring, 0.B.E., pared with 70% the previous quarter. Current operations are at a rate
F Directors.
-Sir Herbert Holt (Pres.), Montreal;
of 70% of capacity.
"Value of orders on hand March 31 1925 amounted to 165.921,289.
• London; Sir Augustus Nanton. Toronto; J. C. Donnell, Findlay, O.; G. W.
carpenter (Jesup_ & Lamont), New York' M. Maurice Boyer, Paris; Carlos compared with $77,049,619 as of Dec. 31 1924 and 349,846,308 March 31
Hrueta (former Colombian Minister to United States), Bogota, Colombia; 1924.
Montreal; D. 0. Towl, Toronto.
Mr. Grace, when asked for his opinion as to business conditions and the
G. Harrison Smith. Toronto; C. E. Neill,
no reason
outlook to-day
- a repetition ofas compared with a year ago,said he sawduring theto expect
-Court Suspends Packers' Decree.
•Armour & Co.(MO.
the depressed conditions that existed
summer
Bethlehem
of 1924 and
consent decree of Feb. 27 1920, by which the Big Five monthsquarter of emphasized the facts thaton its bookswas entering the
The
than a year ago
1925 with 30% more orders
second
packers of Chicago, Armour & Co., Swift & Co., Morris & and booking new business at a greater rate than at that time.
There are no indications, he said, that purchasers are postponing the
Cudahy Packing Co. and Wilson & Co., Inc., were
buying of requirements in expectation of further reduction in prices. On
directed to divest themselves of all holdings but the meat the contrary,it is generally recognized that the present prices for the various
profit to
not return a
This
business under a threat of prosecution under the anti-trust steel products do be corrected fair increasingthe producer. margincondition
by
the present
between
must eventually
laws, was suspended indefinitely April 23 by Justice Bailey selling prices and cost of production.
The directors declared the regular quarterly dividend on the Preferred
the District of Columbia Supreme Court on motion of the
in
of
California Co-operative Canneries. The New York "Times" stock, payable July 1 to stock record June 1.-V. 120, p. 1579.
.
of April 24 further says: had contended that the decree was conArmour & Co. and Swift & Co. Mitchell Palmer, when Attorney-Gentherefore invalid. A.
thic tory and
packers to the decree on the theory that
a
' al obtained the signatures of the would soon be in control of the entire
they were not United States.
F- supply of therestrained they
food
-Earnings.
Beech Nut Packing Co.
1925.
1924.
1922.
1923.
3 Mos.End. Mar.31Net profits (before Fed.
3392,291
$665,294
3562,258
tax provision)
1595,737
Sales for the first quarter of 1925, as compared with the first quarter
of 1924, show an increase of 5.9%.-V. 120, p. 1761, 1207.
2152
THE CHRONICLE
[VOL. 120.
Braden Copper Mines Co.
1920.
1921.
-Annual Report.
1922.
1923.
5-Yr.Aver.
1924.
1237.841
8288.041
$179.896
$143.879
Consolidated Income Account for Cal. Years (Incl. Braden Copper Co.).
$198,139
$141,040
Annual interest requirements of First Mortgage bonds
60,000
1924.
1923.
1922.
1921.
Operating revenues
$19.8'5.349 120,455.010 $11,485,180 15,632,686
Surplus available for dividends
Operating costs
$138,140
9.680.328 11.219.415
8.928.527
5.496.089 Annual dlv. requirements of7% Cumul. Red.
Pref.shares
$70,000
In the five years ended Dec. 31
Operating profit
110.185.021 $9,235.595 12,656.652
8136.597 shown above, averaged $198,140. 1924 the net profits of the business, as
After allowing for
Other income
70.854
43.714
36.995
75.975 requirements of the First Mortgage bonds presently the annual interest
to be
these average net profits were approximately twice the annualoutstanding.
dividend reTotal income
$10.255.875 $9.279,309 12.693.647
1212.572 quirements of this issue or Preference
Taxes, interest, &c
shares.
1.486.363
2.069.907
2.699.345
2,653.682
Balance Sheet Jan. 1 1925 (After Present Financing)•
Depreciation
2,090.121
2,111.036
1.866.196
1,670,028
Loss on plantsabandoned
4.142
Assets
32.886
233,292
114.478
Liabilities
Depletion
3,446,149 3,119.835
1,909,540
915.671 Cash
$103,499 Preference shares
$1,000,000
Amortization of discount,
Acc'ts receivable, less res_
375,519 Common stock (75,000
on bonds
(net)1.413.745
124.307
96.777 Cr.127.567 Inventories
310.149
shares, no
830,252
Land, bides., plant. &c._ 2,223,209 1st mortgagepar)
1,000,000
Os.
Balance, surplus
$1,815,355 11.821,338dl$4,111,503df$5,013,720 Trade
-marks & good-will,
Accounts payable
111.178
-V. 119, p. 78.
&c
1 Ras. for 1924 taxes
15.949
Other current liabilities
55.000
Bush Terminal Co.
-1% Common Dividend.
Total
The directors have declared a dividend of 1 % on the present outstand$3.012,379
Total
S312.
Plantsto su6:000.319
ing Common stock. payable May 12 out of earnings for the first quarter to
City Dairy Co., Ltd.
-Transfers Two
holders of record May 2. In a statement following the meeting it was said:
The shareholders on April 15 authorized the sale and transfer to the
"Inasmuch as the dividends on the 7% Debenture stock, which it is proposed
to exchange share for share for existing Common stock, are cumulative Drimilk Co.. Ltd.. of the real estate. buildings plant and properties of the
from April 15 1925, this action was taken to enable the holders of these company located In Simone and in Listowel. Ontario, in consideration of
Common shares to realize the dividend for the first quarter at the foremr $105 000 and on authorizing the purchase of 4.200 shares of Preference stock
(par $25) of the Drimilk Co. See also V. 120. p. 1752.
rate." See also V. 120, p. 2015.
Butte & Superior Mining Co.
-New Director.
-
H. V. Davelor has been elected a director succeeding Charles Bocking.
-V.120. p. 1332.
(A. M.) Byers Co.
-Preferred Dividend.
-
A dividend of 1U % has been declared on the 7% Preferred stock,
May 1 to holders of record April 15. See also V. 120, p.457. 1332, payable
1884.
Caddo Central Oil & Refining- Corp.
-Deposits.
-
The bondlar lders' protective committee for Caddo Oil & Refining Co. of
Louisiana, Inc., 1st Mtge. Os, due 1927, and Caddo Central
fining Corp. 1st Consol. Mtge. 6s. due 1930. announces that 011 & Re75%
of the above bonds have been deposited with the committee. over order
In
to protect the interests of all bondholders through prompt foreclosure
proceedings the committee requests that the owners of the 'balance of the
bonds deposit them without delay with Guaranty Trust Co. of New York,
depositary.
-V. 120, p. 1751, 1463.
Central Leather Co.
-Earnings.
-
3 Mos. Ended Mar. 31.
aTot. net earns., all prop
Expenses & loss of all
cos., except bond int_
Balance
Add-Inc. from invest't
1925.
Not
reported.
1924.
1923.
$841,935 $2,643.995
769.249
1922.
$950.271
796,484
754,538
172.688 $1.847,511
17.248
103,018
$195,733
33,602
Total
Deduct-Int. on bonds
b$883,157
$89.934 $1,950,529
1229.335
304.429
459.652
459.552
459.552
Balance,sur.for quer_
11578.726 def$369.618 11,490.977 det$230.217
a Total net earnings are stated after deducting
for repairs and maintenance. b Net income afterexpenses, including those
all charges and reserves,
except interest on funded debt.
-V. 120. p. 1752.
Centrifugal Pipe Corp.
-Dividend No.3
-Directors.
-
A quarterly dividend of 375i cents per share has
the
stock, payable May 15 to holcers of record May 7. been declared on the
The amount of
dividend will be charged on the company's books against depreciation
reserve. Dividends of like amount were paid Nov. 15 and Feb. 16
last,
which were also charged against depreciation reserve.
At the annual meeting April 21, B. B. Gottsberger. Fred Hellman,
W. L. Honnold, Wm. L. Marston, Anson B. Moran. Harvey S. Mudd.
R. E. McConnell and A. Lawrence Peirson were added to the board of
directors. W. T. C. Carpenter, F. S. Gordon and Thomas H. Leggett
were re-elected. R. E. McConnell was elected President, succeeding
W. T. C. Carpenter.
-V. lk(), p. 457.
Century Ribbon Mills, Inc.
-Earnings.
-
3 Months Ended March 31Net profits for dividends
Dividends paid on preferred
1925.
$185.019
32.098
1924.
1175,983
32.900
1923.
$175,428
35,000
Balance for common
-V. 120, p. 1332, 708.
$152,921
$143,083
$140,428
Chicago Yellow Cab Co.
-Earnings.
-Quarter Ended
March 31Net after depreciation and Federal taxes
Other income
1925.
$605.052
10.801
1924.
$584.903
43.951
Total
Dividends
$615,853
400,000
$628854
400,000
$215,853
$228.854
Balance,surplus
8
Christie, Brown dc Co., Ltd.
-Stocks S•dd.-Spencer
Trask & Co. and Hitt, Farwell & Co. have sold $1,000,000
7% Cumulative Redeemable Preference shares at $98 and
divs., yielding 7.14% The lankers also received subscriptions for a limited amount of the Common shares at $22
per share.
Dividends payable Q.
-F. (beginning Aug. 1 1925) by warrant
check
Made payable either in the City of New York in U. S.funds or in or City
the
of Toronto in Canadian funds, at the option of the bolder. Preferred as
to..ssets up to $115 per share and divs, in event of voluntary liquidation,
and $100 and diva. In event of involuntary liquidation. Red. all or part
upon 60 days' notice at 115 and diva. Convertible at any time up to 10
days before any date specified for redemption into Common shares at the
rate of 3 Common shares for each Preference share. Transfer agents and
registrars, Bank of Montreal, New York, N. Y., and National Trust Co.,
Ltd., Toronto, Out.
CapitalizationAuthorized. Outstanding.
First Mtge. 10
-Year 6% bonds, due 1935
$1.000,000 11,000,000
7% Cumul. Redeemable Pref. abs. (par $100). - 1,000.000
1.000,000
Common shares (no par value)
105,000 abs. *75,000 shs.
* The remaining 30.000 Common shares are reserved for conversion of
the Preference shares at the option of the holders on the basis of three Common shares for one Preference share.
Data From Letter of Pres. 12...1. Christie, Toronto, April 18.
Company.
-Has been incorp. under the laws of the
Canada
to acquire the baking business founded 75 years ago Dominion of
by William Christie.
"Christie's Biscuits" is probably the best known trade-mark for household
products in Canada to-day. Company's products, numbering over 410
varieties, are sold in packages and in bulk throughout the
far
larger volume than any other domestic or imported brands,Dominion in
because of their
long established reputation for highest quality.
Company owns about 1% city blocks within a few blocks of the business
and financial centers of Toronto, on which its manufacturing plant is situated. The buildings have over 300.000 sq.
of modern fireproof construction, equipped with ft. offloor space and areefficient
the most modern and
baking machinery.
Earnings.
-The business has been operated at a profit every year for more
than 50 years, and since 1902 there has been only one year in which net
profits have been less than the combined annual requirements for both
interest and dividends on the amounts of bonds and Preference shares presently to be outstanding.
Net Profits Years Ended Dec. 31, After All Taxes and Depreciation.
[For comparative purposes, certain bonuse sand pensions paid to officers
have been excluded.)
•
City Ice Co., Kansas City, Mo.-Bonds Offered.
-A. B.
Leach & Co., Inc., and Hill, Joiner & Co. Chicago, are
offering at 97M and int., yielding over 6Y:%, $1,750,000
1st MITI). 6% 15-Year S. F. Gold bonds. Series "A."
Dated April 1 1925: due April 1
Int. payable A. & 0.
deduction for normal Federal income 1940. to 2°1,, at First Trust & without
tax up
Sayings
Bank, Chicago, Ill., trustee, or Commerce Trust Co., Kansas City,
Mo..
co-trustee. Red. at any time on 60 days' notice to
Oct. 1 1929 incl. at
105 and Int. thereafter to Oct. 1 19 incl.
34
Oct. 1 1939 incl. at 101 and hat., thereafterat 103 and int., thereafter to
'
to maturity at 100 and int.
Denom. $500 and $1,000 c*.
Data from Letter of Pres. A. Hardgrove, Kansas City,
Mo., April 2.
Comp/um-Company. with its predecessors, has been successfully engaged in the manufacture and distribution of artificial ice and
cold
warehouse oneration in Kansas City, Mo., and vicinity for a period storage
of over
30 years. Business consists primarily of the manufacture and distribution
of artificial ice. As a profitable auxiliary to this business, a commercial
cold storage warehouse is also °oersted. Company is the only one whose
activities cover all of Greater Kansas City, which
total
estimated at over 500.000, and supplies the greaterhas a of all population
part
that territory. The total car icing requirements of all but ice used In
railroads entering Kansas City, Mo., are likewise filled by the three of the
Company owns and operates 7 artificial Ice plants having a company.
total manufacturing capacity of 1,184 tons per day and 8 ice storage houses having
a
total capacity of 56,000 tons.
Security -Secured by a direct 1st Mtge. on all fixed
ment no i• or hereafter owned. The sound depreciatedproperty and equipvalue of the mortgaged property as shown by recent appraisals by Coats & Burchard
Co.
was $3.925.880. This is at the rate of $2,243 for each $1,000 of this series
of bonds to be presently outstanding.
Sinking Fund.
-An annual sinking fund Is provided
which will retire $35,000 bonds of this series on Oct. 1 in the mortgage
1926, increasing
to $70.000 in 1939.
CapitalizationAuthorized. outstand'o.
First Mortgage 6% Series "A"(this issue)$1,750.0
00
Purchase money notes
$20,000
b
250,000
Serial notes
500,000
500,0
00
Preferred stock (par $100)
750.000
669,700
Common stock (no par value)
20.000
20.000
a Issuance of additional bonds restricted by provisions of the mortgage.
Earnings.
-The average annual net earnings, including the earnings of
recently acquired properties,for the 2 years and 10 mos. ended Dec.311924.
were approximately $311.000. equivalent to nearly
3 times maximum
interest charges on this issue of bonds.
In spite of abnormal weather conditions in 1924. the consolidated earnings of the above companies for the year, including only 6 months' operation
of the Hammond Car Icing Co., available for interest and depreciation,
were 8278.675. or over 2.65 times the annual interest
on this issue and approximately twice the combined charges of 3105.000
the maximum sinking fund requirements in any year interest charges and
of Series "A" bonds
to be presently outstanding.
Purpose.
-Proceeds will be used to retire the entire present outstanding
mortgage indebtedness of the company, in part payment for
of the Blue Valley Ice & Storage Co. and all outstanding the properties
the Hammond Car Icing Co., for improvements to the capital stock of
company's property already made and to increase working capital.
-V. 116. p. 2770.
Clinchfield Coal Corporation.
-Earnings.
-
Three Months Ended March 31Net earnings
Net income
Sinking fund Preferred stock
ed
Preferred dividend
Surplus
$208,3i1
158.450
20,308
12 1 9 4i
6 29
7
.
206.091
10.761
21,013
$125,793 $174,317
Colorado Fuel & Iron Co.
-Earnings.
-Results for the Quarters Ended March 31.
Gross receipts
Operating expenses
Net earnings
Income from other sources
Total
Bond interest, taxes, sinking fund, &c
Depreciation
1925.
1924.
$10.995,761 410.340.609
a8.791.984
9,559,555
$1,436.205
107,490
$1,548,624
101.531
$1,543.695
716,761
257.182
51,650.155
b744.353
c257,182
Surplus
$648,621
$569.753
a Inter-company transactions eliminated
b Railroad deficit included for purpose of for purpose of comparison.
comparison. c Adjusted at
Dec. 31 1924.-V. 120, p. 1581.
Commercial Investment Trust Corp.
-Notes Sold.
Dillon, Read & Co. have sold at prices to yield from 43.%
to 5.75%, according to maturity, $10,000,000 5% Serial
gold notes. Due $2.000,000 each May 1 1926 to 1930, incl.
Dated May 1 1925. Prin. and int. (M. & N.) payable
in New York.
Denom. $1,000 c*. Callable at any time as a whole, or in part by lot,
in
equal amounts of each
maturity outstanding,on 60
lowing prices: If called on or before May 1 1926, days' notice at the fol100 and int. for
matutity and 100 and int, for other maturities; if called thereafter.1926
100
and int. for all maturities. New York Trust
Co., trustee.
Data from Letter of Edwin C. Vogel, Vice-President
Company.
of
Business.
-Corporation was organized in Jan.
capital stock of Commercial Investment Trust,1924 to acquire the entire
Inc..
companies which for many years have been engaged inand stock of other
a business supplementing the usual financing done by banks. Tb e business in large part
consists of financing manufacturers and merchants
purchasing
evidences ofindebtedness arising from the sale of a large throuAla nationally
variety of
marketed products such as automobiles, electrical appliances and machinery.
A large portion of the transactions differ from the usual bank loan or
discount in that they represent the purchase of obligations resulting from
the completed sale of merchandise for moderate
amounts to a
of purchasers throughout the United States. Such evidenceslarge number
of indebtedness are in most instances protected by (1) retention of
first lies:
(2) the obligation of the purchaser; (3) in the majority title or
of instances, the
endorsement or re-purchase agreement of the seller; and (4) where deemed
desirable, insurance against loss from fire, theft, conversion. &c.
Commercial Investment Trust, Inc.. the principal subsidiary company,
which did approximately 80% of the business in 1924. is organized under
THE CHRONICLE
APRIL 25 1925.1
the investment section of the Banking Law of the State of New York and
Is under the supervision of the State Superintendent of Banks.
Growth -Business was started in 1208 by the present management with
paid in capital stock of $100,000, and has grown through reinvestment of
earnings and the investment or additional capital to a net worth of over
$14,000.000. Obligations purchased in the course of business amounted to
$738,000 in the fiscal year ended Jan. 31 1909 and to $95,E09,475 in the
year 1924.
-Operations have resulted In substantial earnings every year
Earnings.
since the inception of the business. Gross business and consolidated net
earnings after interest and all charges other than Federal income taxes, of
the subsidiary companies for the year 1923 and of Commercial Investment
Trust Corp. and its subsidiaries for 1924, after adding to the earnings 5%
per annum upon the proceeds of this issue, as compared with the maximum
annual interest charge on this issue. were as follows:
Maximum
Net Earnings
Obligations
Annual int.
(Adjusted).
Purchased.
Calendar Years$2,664,840
$91.518.625
1923
$500.000
3.080.908
93,509.475
1924
Net earnings after adjustment as shown above for the two years averaged
a year over five times the maximum annual interest require$2.872.874
ments of these notes: in 1924 such anjusted earnings were more than six
times the maximum annual interest on these notes. For the three months
ended March 31 1925, such net earnings adjusted as above were $834,681,
compared to $398,968 for the corresponding three months of 1924.
Purpose.-Procceds will be used to reduce current bank loans of subsidiaries and for additional working funds.
Consolidated Balance Sheet March 31 1925 (After This Financing).
Liabilities
Assets$21,228,482
$8,317,047 Notes payable
Cash
Accts.pay..incl.Fed.,&e.,tax. 1,029,151
Notes and accounts receivable
465,662
and sundry loans, secured_ 40,789,769 Due to officers and empl.. &c.
10,000,000
162,064 5% Serial gold notes
Sundry debtors
1,639,520
Deferred income
Due from officers and em427,671
31,611 Reserve for contingencies_ ___
ployees
102,412
694,019 Reserve for taxes (1925)_ _..
Deferred charges, &c
5 7% Pref. stock M.A.Co...... 1,000 000
and fixtures
Furniture
Co.'s 7% Cum. Pref. stock__ 5.820,000
Stock purchased for resale to
193,419 Common stock (350,000 shs.,
employees
no par)
7,000,000
1.475,035
$50,187,933 Surplus
Total (each side)
-V. 120. D. 1333.
-Quarterly Statement.
Cushman's Sons, Inc.
1924.
1925.
3 MOriSq ending Mare" 21 Earnings before depreciation and Federal taxes___ $290.865 $352,751
78.755
83.464
Depreciation
33.664
25.457
Federal taxes
$181,944 5240,332
Net earnings
2,177,706 1.809,964
Surplus at Jan. 1
$2,359.650 $2,050,296
Total
32,699
32.044
Dividends on 7% Cum. Pref. stock
45,120
45.120
Dividends on $8 Cum. Pref. stock
71,430
71,430
Common dividends
$2.211,056 $1.901.047
March 31
Surplus
while the
Current assets on March 31 1925 amounted to $1,446.315.
current liabilities were only $315.550, leaving working capital of $1.130,765.
net tangible assets of $5.262.083.
The balance sheet of March 31 1925 showed
After deducting
or $293 for each of the 17.944 shares of 7% Pref. stock. equal to $153 for
the full par value of the 7% Pref. stock, the balance is
does not take
each of the 22.560 shares of $8 dividend Pref. stock. This
tradeInto consideration the company's exceedingly valuable good-will, 120.
balance sheet at 52,703,321.-V.
marks, &c., which are carried In the
P. 834.
Connecticut Mills Co.-Consol. Balance Sheet.Jan. 10'25. Jan. 4 '24.
AssetsReal est.,mach..&c.$2,299,019 $2,525,627
400,000
Good-will
487.907
Cash
2,002
Investments
675,772
251,607
Accts. receivable
75,745
74,651
Notes reedy., &c..
759,858 1,060,138
Inventories
29,541
26,160
Prepaid items_ __ _
643
13,538
Sinking funds
Jan. 10'25. Jan. 4'24.
Liabilities1st Pref. 7% stock $1,420,500 $1,420,500
26 Pref. 8% stock 1.065.100 1,065,100
612,500
612,500
Corn, stock, el. A
90.500
90,500
Cora. stock, cl. B
156,802
60,123
Accounts payable_
15,000
Notesdue Apr.1'24
18t M.6% bds. of
410,200
Taun. Cot. Mills 336.700
110,000
Res. for contin.&c.
965,503
501,515
Surplus
$4,086,938 54,846,106
Total
Total
$4,086,938 54,846.105
-The unpaid cumulative dividends on the 2d Prof. stock amounted
Note.
to $320.379 on Jan. 10 1925.-V. 120. p. 708.
(John T.) Connor Co.
-Sales for Year.
1922.
1923.
Years Ended Mar.31- 1925.
1924.
Sales
$15,670,149 $15,334,084 $12,167,482 $10,461,147
-v.119, p. 2414.
-Listing-Officers.
Consolidated Textile Corp.
The New York Stock Exchange has authorized the listing of 335,783
additional shares of capital stork without par value tauth. 2.000.000
'
shares), consisting of (a' 183.334 additional shares of its capital stock
-Year % Income
on official notice of issuance of san e on conversion of its 5
Subordinated Cony. Debentures; (b) 2.449 additional shares on official
-Year 8%
notice of issuance of same on conversten of its 1st Mtge. 20
Sinking Fund Cony. Gold bonds; and (c) 150,C00 additional shares on
official notice of issuance and payment in full, making the total amount
applied for 1.802.665 shares of capital stock.
Company has authorized the issuance of the 150.000 shares of capital
stock applied for at the same rate per share at which the stock is issuable
on conversion of the dabentures, namely. $3 per share, under option
contracts authorized by the directors. The proceeds of the issuance of
the stock, in case of the exercise of the options. are to be used to improve
the cash resources of the con.pany.
At an organization meeting of the board, the following officers were
elected: Andrew G. Pierce Jr. formerly President. succeeds William M.
Wood as Chairman of the Board. Frederick K. Rupprecht was elected
'
President, succeeding Mr. Pierce. Alien F. Johnson and Alfred L. Ferguson were elected Vice-Presidents. J. H. Morrison succeeded Charles
T. Main as Supervising Engineer. Henry B. Stimson was elected Secretary
and Treasurer of the company, succeeding Sherburne Prescott in the latter
position.
The Executive Committee now consists of Frederick K. Rupprecht,
Chairman: Andrew G. Pierce, E. R. Tinker. Henry B. Stimson and Sherburne Prescott.
-V. 120. p. 1752.
A. F. Johnson has also been elected a director.
-National City
-Bonds Sold.
Del Monte Properties Co.
Co., Blair & Co., Inc., and Blyth, Witter & Co. have sold
at 99M and interest, to yield over 6%, $1,500,000 First
Mortgage Sinking Fund 6% Gold bonds.
$500 co.
Dated April 1 1925; due April 1 1945. Denom. $1,000 and income
Federal
Interest payable A. & 0.. without deduction for normaldate on 60 days'
or part. on any interest
tax up to 27. Redeemable, all
premium
if redeemed on or before April 1 1938, the maturity.
notice. at 103
thereafter decreasing by Li of 1% on each interest date prior to Francisco.
Trust Co., San
Authorized issue. $2.000,000. Anglo-California
trustee.
Company.
Data from Letter of S. F. B. Morse, President of the
-Owns and operates the world-famous Hotel Del Monte and
Company.
County,
Del Monte Lodge situated on the Monterey Peninsula in Monterey
road, sand
Calif. Also owns extensive tracts of valuable real estate, toll
plant, water system, &c.
Securify.-Secured by a direct first mortgage on the Hotel Del Monte
Del
(including buildings to be constructed) and 337 acres of grounds: theland
of
Monte Lodge and 178 acres of grounds: approximately 1.691 acres Rancho
.
Monte Forest a sand plant and (deposit of 258 acres, the
In the Del
addition, the
.
Del Monte of 11.926 acres and the Del Monte pipe line. In
issued and outbonds will be collaterally secured by pledge of all of thecomplete public
Monterey County Water-Works, a
standing stock of
utility water system serving the towns of Monterey, Carmel. Pacific
Grove and adjacent territory.
-The aggregate value of the mortgaged properties (exclusive
Valuation.
by the
of the pledged stocks) based upon an appraisal recently madethe conAppraisal Co. and including a conservative estimate of
American
permanent improvements, is in
struction cost of the new hotel and other
excess of $6.500,000, or more than 4)t times the amount of the present
issue of bonds.
-Proceeds will be applied solely to the retirement of an existing
Purpose.
&sue of bonds, the construction and equipment of a new reinforced concrete
fireproof hotel and for other permanent Improvements to the mortgaged
property.
-Average net earnings of company applicable to Interest on
charges),
these bonds (after deducting depreciation and all other prior Monterey
of
and including the net income accruing to the Capital stockyears 1923-24
Water Works. were $280,744 for the two calendar
County
maxiand $194.152 for the five calendar years 1920-24, inclusive. As the
amount to
mum interest charges on the present issue of bonds would for the twothe aforementioned average annual earnings
$90.000 annually,
on this
year period. 1923-24. are over three times annual interest charges
issue and the average annual earnings for the five-year period. 1920-24.
charges.
are over twice annual interest
Continental Baking Corp.
-Purchases Occident Baking Co
The corporation has contracted to purchase all of the outstanding Capital
stock of the Occident Baking Co. a Minnesota corporation. The latter
company owns a large and modern bakery in Minneapolis. Minn.. and a
smaller modern bakery In Madison. Wis. The business of these two bakeries covers a radius of 50 miles around both points. John D. Rafert will
continue as Manager of these plants.
-V. 120, P. 1590.
Corn Products Refining, Co„-Earvingy.The company for quarter ended March 31 1925 reports net income of
$1,779,289 after all charges and Federal taxes. This compares with net
income of $3,232,060 in the first quarter of 1924.-V. 120, p. 1590. 1209.
-Annual Report.
Crown Cork & Seal Co.
Calendar YearsOperating loss
Income from other sources
1924.
1923.
$83,430prof$206,163
175,094
76,371
LOSR before subsid. co. losses, &c
Subsidiary company losses
Int. charges and amort. of bond discount. net..
Inventory adjustment and extraordinary items_ _ _
Maint., taxes, &c., on unused floor space and reclassification esp., applic. to mdse.of prior yrs_
$7,059prof3381.257
52,317
191.893
262,258
272,214
451,094
108,778
$772,728
$191,628
Loss for year
Analysis of Surplus for Year Ended Dec. 311924.
$4,096.047
Earned surplus balance at Dec. 31 1923
372,944
Deduct-Adjustments affecting prior years
772.728
Loss for the year ended Dec. 31 1924
Earned surplus at Dec. 31 1924
Appraisal surplus
Total surplus Dec.31 1924 (per balance sheet)
-‘r, 120, p. 1464.
2153
-Bonds Sold.
Detroit & Buffalo Post Offices Corp.
Love, Van Riper & Bryan, St. Louis, and McKinley &
Morris, New York, have so I. at 100 and int. $1,500,000
1st Mtge.6% Sinking Fund Gold bonds.
Dated April 15 1925. due April 15 1935. Auth. $1,750,000. Prin.
Denom.
'
and bat.(A.S( 0.) payable at Bank of America, NesaYork,trustee. 60 days'
$1,000 and $500 c*. Red. In part for sinking fund purposes uponand incl.
notice to and incl. April 15 1928 at 103 and int.; thereafter to
April 15 1931 at 102 and int., therelfter to and incl. April 15 1935 at 101
and int. Red. as a whole upon 60 days' notice to and incl. April 15 1930.
at 102 and int., thereafter at 101 and int. Int. payable without deduction
for any normal Federal income tax, not in excess of 2%. Pennsylvania
and Connecticut 4 mills tax. Maryland 434 mills tax, District of Columbia
5 mills tax and the Massachusetts income tax on int, not exceeding 634%
of such int. per annum refundable.
Data From Letter of R. D. Brown, President of the Corporation.
-Bonds will be secured by a direct first mortgage on the land
Security.
and buildings, all of which are owned in fee.
-The Roosevelt Park Post Office Station, completed in Aug.
Property.
1924, is located on Newark St., extending from 17th to 18th streets in the
Detroit. It is situated directly opposite the Michigan Central
city of
RR. Terminal, through which it Is estimated that 75% of the mall entering
Detroit is received. The building, consisting ef 3 stories, is of modern
steel frame, reinforced concrete, fireproof construction with exterior street
walls of face brick. It contains approximately 67.000 sq. ft. of working
space and 10.400 sq. ft. of trucking space, making a total rentable area of
77,400sq.ft. Thisproperty has been conservatively appraised at$825,000.
Adjacent to the Roosevelt Park Station there is now under construction
a depot to be used for the housing of all Government owned motor vehicles
employed in the distribution of mails in the city of Detroit. This building
will be completed on or about Aug. 15 1925, and will form an indispensable
adjunctto the postal service. It will consist of 2stories, brick and concrete,
fireproof construction, and will provide a total rentable area of 58.836 sq.ft.
inside dimensions. The property will have a fair valuation ofover $450,000'
The Buffalo Parcel Post Station, completed in Oct. 1924, is situated on
Swan St., extending from Oak to Elm streets in the city of Buffalo. It
consists of 2 stories and partial basement, and is of modern reinforced
concrete, fireproof construction, faced with brick. It contains approximately 73,500 sq.ft. of rentable area. This property has been conservatively appraised at $742,500.
-These buildings in their entirety are under lease to the
Earnings.
United States Government for post office purposes for a period extending
beyond the maturity of this loan, at an annual rental of$162,140, payable
quarterly. The money is deposited with Bank of America, New York,
trustee, which administers the income of the buildings in accordance with
the terms of the trust deed. The Government furnishes heat,light, water,
and maintenance of conveyor equipment at its own expense.
-Earnings.
Domes Mines, Ltd.
Approximate Statement-Three Months Jan. 1 to March 31.
1925.
1924.
$2.950.575
131,500
116,700
Number of tons milled
1.156.197
$1,053,631 $1,031,93
--- Average recovery (58 012 per ton in 1925)
526,052
565,009
$4.106,772 Oper. and general costs ($4 per ton in 1925)
26.925
26,635
Estimate Dominion income tax
$500,655
-New Control.
$440,289
Net income
Curtice Bros. Co. (Rochester).
earnings
44.012
65,183
It is announced that the controlling interest In the company has been Miscellaneous
by President Douglas 0. Townson of Rochester, N. Y., and a
acquired
$544.667
$505.472
several
group of men who have been active in the business for in the years. The
no allowance is made for depreciation or depletion.
In the above figures.
management,
change in ownership of the business brnigs no change
120. p. 1886.
The officers are: President, Dotujas O. Townson: Vice-Presidents. Henry -V.
B. McKay,Leon D. Lewis and HowardT. Cumming; Treasurer, Herbert .
-Forms New Sub. Co.
(E. I.) du Pont de Nemours & Co.
-V.73, P. 84•
Draper; Secretary, Edward 0. Shuster.
The Du Pone Everdur Co., Wilmington, Del., has been organized to
the manufacture and sale of the metal alloy
Curtis Publishing Co., Phila.-Pref. Stock Authorized. take overI. du Pont de Nemours & Co. and known asdeveloped by chemists
IC.
Everdur. Previously
The stockholders on April 15 authorized an issue of $20,000,000 7% of the
was handled by the Du Pont Engineering Co. The new company
Oumul, Pref. stock, and the issue of this stock in exchange for the 8% this operate as a subsidiary of the Du Pont company.
-V. 120, p. 1886.
will
-V. 120, p. 709.
Prof. stock now outstanding.
Coml.
2154
THE CHRONICLE
Douglas
-Pectin Corp.
-Earnings.
-
Quarter Ended March 31Net sales, less returns and allowances
Other income
1925.
$390,711
4,831
1924.
6217,361
4.352
Total income
Manufacturing costs, selling expense. &c
Depreciation
Interest
$395,542
242,962
23,334
7.122
6221,713
89,256
22,682
17,453
Net profit
-V. 120, p. 1209.
$122.124
$92.322
[Vol,. 120.
(Chas.) Freshman Co., Inc.
-50c. Common Dividend.
-
The directors have declared a quarterly dividend of 50c. per share on
the Common stock, payable May 25 to holders of record May 5. An
initial quarterly dividend of like amount, together with an extra dividend of
12%c. per share, were paid on the Common stock on Feb. 25 last (see
also V. 120, p. 91).-V. 120. p. 458.
Garford Motor Truck Co.
-New. President.-
0. M. Allen has been elected President succeeding E. R. Curtin Sr.
-V. 118, p. 799.
General Optical Co., Inc., Mt. Vernon, N. Y.
-Control.
Eaton Axle & Spring Co.
-Earnings.
See Shur
-On Standard Optical Co. below.
-V. 112, p. 474.
Three Months Ended March 311925.
1924.
Net before Federal taxes
$153,198
$113.103
Sales for the first quarter of 1925 totaled $1.931,693. Working capital
amounted to $2.155.277, while bank loans aggregating $150,000 at the end
of 1924 have been entirely liquidated.
-V. 120. P• 1465.
Goodyear Fabric Corp.
-Bonds Sold.
-Dillon, Read &
Co. have sold at 983' and int. to yield over 6.20%, $1,750,000 1st Mtge. 10
-Year 6% Sinking Fund Gold bonds.
The entire capital stock of the Fabric corporation is owned by the Goodyear Tire & Rubber Co. of Akron, 0., which will
from the Fabric
company for 11 years from April 1 1925, the entirelease property of the
fixed
Mr. latter and will pay as rentals
amounts equal to interest and sinking fund
requirements of the above bonds and all other charges of the lessor.
Electric Finance Corp. New York.
-New Officer.-
Enoch B. Seitz has been elected 1st Vice-President and director.
Seitz will maintain offices at 10 South LaSalle St., Chicago,
120, p. 709. 589.
(E. S.) Evans & Co., Inc.
-Earnings.
-
Net profits for the first three months of 1925 after all deductions. Including allowance for Federal income taxes, were $96,610: This amount
is equivalent to $2 41 per share earned on the 40,000 shares of Class "A"
stock outstanding, and indicates that the entire year's $2 cumulative dividend on the Class"A"stock was more than covered during the first quarter.
There are also 60,000 shares of Class."B" stock outstanding, and after
paying 82 on these shares, both issues share alike in any further distribntion.-V. 120, p. 1210, 91.
Great Lakes Coal & Dock Co.
-Guaranteed Bonds
Offered.
-Kalman, Gates, White & Co., and Lane, Piper &
Jaffray Inc. St. Paul are offering at prices ranging from
97.87 and int. to 100.48 and int. to yield from 5% to 6%
according to maturity. $500,000 1st Mtge. 53% Serial
Gold Bonds Guaranteed as to principal and interest by
Valley Camp Coal Co.
Everett Mills (Mass.).
-Omits Dividend.
-
Dated April 11925; due serially (A. & 0.) from Oct. 1925 to April 1
1930. Denom. $1,000 c*. Principal and int. (A. & 0.)1payable at Merchants Trust & Savings Bank, St. Paul, trustee, without deduction for
normal Federal income tax up to 2%. Red. all or part on any int, date
upon 60 days' notice at 102 and int.
Ewa Plantation Co., Honolulu.
-Annual Report.
Data From Letter of James A, Paisley, President of the Company.
Calendar Years1924.
1923.
1922.
1921.
Company.
-Is engaged in the business of handling and selling coal for
Net profit
$1,983,994 $1,378,654 $1,595,862loss$1.977,93 8 industrial and domestic purposes, at
the head of Lake
Dividends paid_ _ _(28%)1,400,000
(20)1000,000 (18)900,000 (10 )
525,000 In a trade area extending over Minnesota, includingSuperior. and operates
the Twin Cities, also
portions of Wisconsin and the Dakotas. Retail
Balance, surplus_ _- $583,994
$378,654
$695.862 def.$2.502,938 Minneapolis and St. Paul. adequately equipped yards are maintained in
with handling devices and
-V.119, p. 2415.
substantial storage capacity.
Security.
-Secured by a closed first mortgage upon all the fixed assets
Finance Service Co., Baltimore.-Riohts.
of
The holders ef record May 1 of both Class "A" and "B" Common stock as the company valued at more than three times the amount of this issue.
follows: A modern, up-to-date dock at Superior, Wis., for handling
have been given the right to subscribe on or before June 1 for additional
Class "A" Common stock (par $10) at $20 per share, to the extent of 85% and storing coal, with a capacity of 1.000,000 tons, including electrically
driven handling bridges, steam unloading tower and screening and loading
of their holdings. Stock so disposed of will be credited $10 to Class "A" equipment,
well situated on a 30
-acre tract of land occupied under a favorCommon stock and $H)to paid-in surplus.
The remainder of the Class "A" Common stock authorized by charter able lease from the Great Northern Ry. extending to 1950.
This property has been appraised on March 10 1925. by Roland 0.
which is not subscribed for by present holders of Common stock, will be Buck, Inc.,
of Duluth, as having a present sound value of $1,568.015.
offered to Preferred stockholders in exchange for their holdings in the ratio of The
yards at Minneapolis and St. Paul have been appraised at $87,718.
two shares of Class "A" Common for each Pref. share owned. This privi- and the
company, on completion of this financing, will have net quick
lege will continue until such time as all the Class "A" Common stock now assets in excess
of 6500,000. Net tangible assets of the company are thus
authorized has been issued, but not later than March 1 1926. The excess
of the par value of the Preferred stock exchanged over the par value ef equal to more than four times the amount of bonds now to be issued.
Guaranty.
-Bonds are to be unconditionally guaranteed as to principal
Class ".A" Common issued for that purpose will be credited to paid-in sur- and interest, by Valley
Camp Coal Co. The consolidated balance sheet
plus. In order to provide for the execution of this plan, the directors have of
Valley
authorized the issuance of up to 46,000 shares of Class "A" Common stock coal landsCamp Coal Co., and its subsidiaries as of Dec. 31 1924, shows
and equipment carried on the books at $8,279,337. after deductin this connection.
ing depreciation In the amount of $5,355,531. These properties are unenThe balance sheet of the company as of March 31 1925 shows total surplus of $242.817. compared with $226,304 on Dec. 31 1924. Total assets cumbered except for purchase money mortgages aggregating $1,084,995.
In addition the company has cash investments in other companies amountat the end of March stood at $2,845,615.-V. 118. D. 1398.
ing to $3.412,233.
The net worth of the company and its subsidiaries as shown by this
First Mortgage & Bond Co.
-Bonds Offered.-Tho balance sheet is in excess of 611,000.000, this entire amount representing
Century Trust Co., Westheimer & Co., J. S. Wilson Jr., actual cash paid in together with earnings reinvested in the property.
Earnings of Guarantor
-For the
con& Co., Hank B. Cohn & Co., Baltimore, West & Co., and solidated net earnings of Co. Campfive years ended Dec. 31 1924, were
Valley
Coal Co. and its subsidiaries,
Biddle & Henry, Philadelphia are offering at 100 and int. $6,360,277, after deducting depreciation, depletion, reserves and taxes
in that period amounting to 57,947.586.
$1,000,000 1st Mtge.6% Guaranteed Gold Bonds, Series B.
Average annual net earnings were thus $1,272,055, or more than ten
Dated April 11925; due April 1 1930. Interest payable A. & 0. (first times the highest amount required in any year for interest and maturing
coupons payable Oct. 1 1925). Company will agree to pay the principal principal of this issue.
Valley Camp Coal Co.
and interest without deduction for the normal Federal income tax up to
-The entire capital stock of the Great Lakes Coal
2%, and to refund any State, County, or City Taxes not in excess of 43' & Dock Co., is owned by Valley Camp Coal Co., which is one of the largest
mills. Denom. $1,000. 6500. and $100 c*. Principal and int. payable at producers of coal in the United States. This company with its subsidiaries
Century Trust Co.. Baltimore. trustee. Callable, all or part, by lot on owns in fee over 30,000 acres of coal lands and has under lease 40,000
any int, date xn 30 days' notice. at 102 and int.
additional acres with a total recoverable tonnage well in excess of 400,000.•Guarante.-Each mortgage securing these bonds guaranteed as to prin- 000 tons. 84% of this acreage is the celebrated Youghiogheny and Pittscipal and interest by the Maryland Casualty Co.. of Baltimore.
burgh gas and steam coal; 11% is Kanawha and about 5% double seam
Security.-These first mortgage guaranteed bonds are direct obligation Freeport. The company produced in 1924 from these lands over 5,600,000
• of the First Mortgage & Bond Co., Miami. Fla., and ain the opinion of tons and the mines are equipped under normal conditions to produce over
counsel are secured by first closed mortgages, created by the Miami Real 7,000,000 tons. The products of the company include gas and by-product
Estate Co., with capital and surplus of $5,340,000. The properties securing coal, railroad, industrial and domestic coal.
During 1925 contracts with six railroads and public utility companies
these mortgages are fee simple, centrally located in the business district of
Miami, and have been given an average value by three independent realtors alone will total more than 5.000.000 tons.
-The proceeds of this issue will be used to reimburse Valley
Purpose.
at 81,930,833.
-Net earnings, after taxes, from the above buildings, upon Camp Coal Co., for money advanced by it to Great Lakes Coal & Dock
Earnings.
-completion of improvements, are at the rate of $114.400 annually, or over Co.. in connection with its operations and the improvement of its property.
1% times the interest on these bonds.
The directors have voted to omit the semi-annual dividend due at this
time. Last November a payment of 2% was made, while on May 1 1924
a distribution of 4% was made.
-V. 119. p. 1961.
.
-Earnings.Fleischmann Cc'.
The company reports for the quarter ended Mar. 31 1925 net income of
$2,838,972 after charges and taxes, as compared with $2,190,598 in the
March 1924 quarter.
-V. 120. D. 1334. 1082.
Flintkote Co., Boston, Mass-Bal. Sheet Dec. 31.1924.
1923.
Liabilities1923.
1924.
Plant assets
$1,782,930 $1,717,202 let Pref. stock-. _ $533,600 $593.500
• Investments
64,600
2.0002d Pref. stock. _ _ _
175,200
15,800
roy. contr_ 511,780
Pats.&
554,996 Common stock_ _ _ 1,490,100 1,490.200
425,468
257,650 Notes payable__
Cash
250,000
Acc'ts receivable
856,918
666,274 Acc'ts pay. & aeNotesrec. (contr)_ 174.873
149,306 crued exps
148.516
296,109
477,243
Inventories
344,335 Notes rec. discfted
(contra)
Cash with sinking
133,047
160.362
11,575
267 Dividends payable
fund trustees_ _
10,386
39,338
42.870 Res. for Fed, taxes
35,449
Prepaid expenses._
143,792
cooling., &c
183,705
265,103
Surplus approp'ed.
72,111
Total(each side) $4,340,937 $3,734,900 General surplus_
525,156
1,549,713
See also V. 120, P. 1465.
Ford Motor Co., Detroit.
-May Enter Aircraft Field.
America is on the verge of greatly increased aircraft production, with
airplanes in daily use for personal purposes and landing fields everywhere
says Edsel B. Ford in an article in the May number of The Nation's Business Magazine, published by the Chamber of Commerce of the United
States.
Mr. Ford says it is conceivable that the Ford Motor Co. will some day
be engaged in the quantity production of aircraft, if not of air sedans and
air transports, at least of the motors for them.
It is suggested by Mr. Ford that since "the automobile motorized the
world and turned every other man into a mechanician, there will probably
be no need for the airplane to pass through a stage similar to the spectacular
racing stage which was necessary to keep the early automobiles in the public
eye. That preliminary work has been done for all forms of motor transportation, and aircraft will naturally benefit by it.
"The interest which my father, Henry Ford, and myself have in the
development of aircraft arises quite naturally and logically out of our
interest in all forms of motor transportation. While the Ford Motor Co.
has not yet built any airplanes, we have lent assistance to those who are
doing so, and it is conceivable that some day we shall be engaged in the
quantity production, if not of air sedans and air transports, at least of the
• motors for them. The fundamental of all commercial transportation is
speed, and the field in which greater speed can be obtained is the air. The
center of speed and security in an airplane is the power-plant, and the
motor industry, of course. Is legitimately concerned with that.
"We, with others, are interested at present in heavier-than-air machines,
and in the all-metal dirigible, a lighter-than-air machine."
-V.120,9. 1753.
•
Gulf States Steel Co.
-Earnings.
-
Quarter end. Mar.31Net operating income__ _
Taxes, depreciation, Ste_
Net income
-V. 120, p. 1466, 1335.
•
1925.
$545.584
149.237
1924.
$499,777
144,030
1923.
$705,764
171,786
1922.
$166,966
86.650
8396,347
$355,747
8533.978
$80.316
Habirshaw Electric Cable Co.
-Reorganization Plan.
On April 2 tho U. S. District
Court for the Southern District of New
York approved a proposed modified plan of reorganization for
Habirshaw
Electric Cable Co. and its affiliated companies, and the the
reorganization
committee (E. A. Potter Jr., Chairman), acting under the plan and agreement of reorganization dated Jan. 26 1924. has modified the plan
organization set forth in the plan and agreement dated Jan. 26 of reto
conform in all respects with the plan of reorganization approved 1924the
by
U. S. District Court. The committee, representing the holders of certificates of deposit for Sinking Fund Gold Debenture bonds, Series "A" of
Habirshaw Electric Cable Co. and of notes of and claims against Habirshaw
Electric Cable Co., Habirshaw Electric Cable Co., Inc.. Electric
Co., and Bare-Wire Co., Inc., issued by Guaranty Trust Co. ofCable
New
York as depositary under the plan and agreement of reorganization dated
Jan. 26 1924. recommends the acceptance of this modified plan by all
holders of certificates of deposit.
Potter Committee.
-11. A. Potter Jr., H. S. Kimball, Joseph F. McLean,
E. N. Potter, T. E. Quisenberry, with James D. Orr, Sec., 140 Broadway.
New York,and Guaranty Trust Co., 140 Broadway, New York,depositary.
The reorganization committee under plan and
tion dated June 20 1923, as amended Jan. 9 1924agreement of reorganiza(Malcolm D. Whitman.
Chairman), has also notified holders of certificates of deposit for claims
against and notes and debentures of Habirshaw Electric Cable Co., Habirshaw Electric Cable Co.. Inc., Electric Cable Co.,and Bare-Wire Co., Inc.,
that the committee has amended the plan to conform in all
the
plan approved by the U. S. District Court by decree dated respects to
April 2.
Malcolm D. Whitman Commillee.-This committee consists of Malcolm
D. Whitman, Chairman; J. B. Beaty, Wylie
Leary, with
C. E. Sigler, Sec., 80 Broadway, N. Y. City,Brown. F. J. Union Trust
and Central
Co. depositary.
Randolph Whitman Committee-Thiscommittee
creditors Is composed of Randolph Whitman, Rollin Kirby and B..1.for
Reis.
Digest of Amended Reorganization Plan.
Purchase of Properties and Acquisition by New Company.
-It is contemplated that the properties of Habirshaw Electric Cable Co., Habirshaw
Electric Cable Co., Inc., the Electric Cable Co.. and the Bare Wire Co.,
Inc., now in receivership, will be purchased by a nominee or nominees of
the Malcolm D. Whitman and l'otter committees on behalf of the committees Jointly. The properties so purchased, except such amount of cash
as may be necessary to pay the obligations of the committees not Ohnrwis •
provided for, will 130 conveyed and deliverei to and acquireejoi a
company which will be organized for such purpose under New York law
or such other State as the committees may determine.
•
APRIL 25 1925.]
2155
THE CHRONICLE
-capital Stock -It is contemplated that as consideration for the properties
to be conveyed and delivered to the new company,or which it shall acquire,
the new company shall deliver to the nominee or nominees of the committees 170,000 shares of its capital stock (one class only) without par value.
-20,000 shares of the stock of the
Disposition of Stock of New Company.
new company will be sold to W. A. Harriman & Co., Inc., at $15 a share,
funds for carrying out the plan.
to provide
The balance of 150.000 shares of the stock of the new company will be
distributed among the depositors. In the event, however, that less than
all of the creditors of Habirshaw Electric Cable Co., Habirshaw Electric
Cable Co., Inc., the Electric Cable Co. and the Bare Wire Co., Inc.,
entitled to become depositors should become depositors. a proportionately
less number of shares of stock, according to the basis of distribution, will
be distributed among the depositors, and the portion of stock not so distributed will be sold for cash to provide funds which must be paid in cash
on account of the purchase price of the properties and for other purposes
of the reorganization.
.-For the purpose of the
Basis of .Distribution of Stock Among Depositors
distribution among the depositors of the 150,000 shares of stock of the new
company (or such less number as shall be distributed in case all the creditors
do not become depositors), the claims of depositors shall be deemed to have
the following relative values:
(1) Claims of merchandise and sundry creditors and holders of unendorsed notes of Habirshaw Electric Cable Co., abirshaw Electric Cable
Co., Inc., Electric Cable Co., and Bare Wire doi. Inc.: The full amount.
(2) Claims of holders of notes made by Habirshaw Electric Cable Co..
Habirshaw Electric Cable Co., Inc., Electric Cable Co., or Bare Wire Co..
Inc., and endorsed by one or more of the companies other than the maker
thereof: The full amount plus 12%% thereof.
(3) Claims of holders of Sinking Fund Gold Debenture bonds, Series A,
of Habirshaw Electric Cable Co.(which, by reason of the pledge under the
Indenture securing the Debenture bonds of obligations of Habirshaw
Electric Cable Co., Inc., and Electric Cable Co., constitute claims against
the companies as well as against Habirshaw Electric Cable Co.): The
full amount plus 25% thereof.
The shares of stock distributable among depositors upon the consummation of this plan,shall be distributed pro rata among the depositors according
to such relative values of the respective claims, each depositor being entitled to receive his pro rata portion of such stock upon the surrender of his
certificate of deposit. properly endorsed in blank for transfer. The Malcolm
D. Whitman and Potter committees may determine that no fractional
shares of stock will be issued, and may make arrangements so that depositors and subscribers to the stock of the new company may purchase
or sell fractions at a price to be later determined by said committees.
The shares of stock of the new company, distributable to depositors
in respect of their respective claims, will be delivered at the same time
that the shares of stock of the new company purchased are delivered to the
purchasers thereof.
-It is estimated that the cash
Cash Requirements and Provision Therefor.
resources to be acquired from the receivers upon the sale will not be sufficient to pay the expenses involved in reorganization and furnish the new
company with adequate working capital, without raising $300,000 new
money. For that purpose, the Malcolm D. Whitman and Potter committees have made an agreement for the sale to W. A. Harriman & Co.,
Inc., of 20.000 shares of stock of the new company for a consideration,
among other things of $15 per share, aggregating $300,000.
In the event that less than all of the creditors should become depositors,
it will also be necessary to pay in cash the distributive share of such nondepositing creditors from the proceeds of sale of the properties. To raise
the new money necessary for this purpose, such money, however, to be
subject to use for any other purpose of the reorganization, such part of the
150,000 shares of stock as shall not be distributed among depositors will
be sold at a price of $17 50 a share, in the following manner:
(1) The Preferred stockholders of Habirshaw Electric Cable Co.. Habirehaw Electric Cable Co., Inc., and Electric Cable Co. (other than the
companies themselves or the Guaranty Trust Co. of New York, as trustee
under the trust agreement of March 1 1920) shall have the first opportunity to purchase such stock at$17 50 per share in the amount of two shares
of such stock of the new company for each share of the Preferred stock of
such old companies, provided that, if the amount of stock purchasable
shall be less than • the aggregate amount subscribed for hereunder, such
subscriptions shall be reduced proportionately. Subscriptions in writing
for such stock of the new company, accompanied by cash or check for an
amount equal to 10% thereof, and by stock certificates for the amount of
Preferred stock in relation to which the subscription is made,either standing
in the name of the subscriber or duly endorsed in blank for transfer, with
signature witnessed, must be delivered on or before May 7 to Thomas C.
Perkins. Chairman stockholders' protective committee, 30 State St.
Boston. Mass., who shall, on or before May 11, deliver to the Secretary;
of the Malcolm D. Whitman committee, care of Central Union Trust Co.,
80 Broadway, N.Y.City, or to the Secretary of the Potter committee, care
of Guaranty Trust Co., 140 Broadway, N. Y. City, a memorandum
enumerating the names of the respective subscribers to such stock of the
new company, the amount and class of stock of the old companies held
by the subscribers, the respective amounts of stock subscribed for by
them, and the amounts paid to him by them, together with a certified
check for an amount equal to 10% of the aggregate amount of enumerated
subscriptions, or, in the event that the maximum amount of stock of the
new company then appearing to be available for such purchase under this
paragraph shall be less than the aggregate amount subscribed for, for an
amount equal to 10% of the purchase price of such stock of the new company then appearing to be available for such purchase.
On or before May 15 all stock subscriptions and all stock certificates
received by Thomas C. Perkins shall be delivered by him to the Secretary
of either of the committees to whom he shall have delivered such memorandum. The committees will cause to be stamped or written on such stock
certificates a statement showing that subscription has been made hereunder
in relation thereto, and will return such stock certificates to the respective
subscribers at the time of the delivery of the stock of the new company
purchased hereunder. In case it shall at any time appear that the amount
of stock in the new company available for sale hereunder shall be less
than the amount subscribed for in respect to which 10% in cash shall
have been paid as hereinaboye provided, an amount of such cash proportionate to such deficiency shall be immediately refunded to Thomas C.
Perkins Chairman.
(2) The Common stockholders of the old companies shall have the
opportunity to purchase such stock of the new company as shall not be
subscribed for by the Preferred stockholders in the amount of one share of
such stock of the new company for each five shares of the Common stock
of the old companies, the terms and conditions of and the time and manner
of making subscriptions therefor to be in all other respects the same as
provided for subscriptions by the Preferred stockholders.
(3) All depositors under the plan shall have the opportunity to purchase,
at $17 50 per share, such stock of the new company as shall not be subscribed for by the stockholders, pro rata according to the ratio of the
respective amounts of their notes, claims or debentures subject to this
ohm, on the basis of relative values, provided that subscritpons in writing
by them or in their behalf, with cash or certified check to an amount
equal to 10% thereof, shall be delivered to the Secretary of the Malcolm D.
Whitman committee, or to the Secretary of the Potter committee on or
before May 22. In case the amount of stock purchasable hereunder shall
aggregate amount subscribed for by such depositors,
be leas than the
such subscriptions shall be reduced propostionately.
D.
the Potter committees may at any
(4) The Malcolm1925Whitman and to be sent by mail to all
cause notice
such subtime after May 22
scribers for stock of the new company requiring them to pay the balance
their subscriptions within ten days.
of
(5) Any underwriting of the balance of such stock not purchased or
subscribed for by the stockholders or depositors, as above provided, will
be at the price of $17 50 per share, without charging any commission for
such underwriting.
-In connection with the proposed purManagement of NOV Company.
Harriman & Co., Inc., of 20,000 shares of stock of the
chase by W. A.
company, an agreement has been made with W. A. Harriman &
new
furnish the services of their President. George H. Walker, as
Co. Inc., to the Board of Directors for three years from the date of its
,
Chairman of
without compensation for such service (other than director's
i-ormation,
fees).
management under John S. Worley, one of the
The present operating
receivers, will be continued in the new company, and Mr. Worley will be
1st Vice-President and Gen. Mgr.
elected as
-All of the stock to be issued by the new company shall
Voting Trust.
under a voting trust agreement for a period of three years
be depositedformation of the new company. Voting trustees shall consist
date of
from
designated by the Malcolm b. Whitman committee and one
of one person
person designated by the Potter committee, and the third of such voting
trustees sciall be George H. Walker of W. A. Harriman & Co., Inc.
Sale of Holdings May 4.
Pursuant to a decree of foreclosure and sale, Guaranty Trust Co. of
New York,as trustee, will sell or cause to be sold at public auction on May 4
the following described property:
(a) 1,583 shares of Preferred stock of Habirshaw Electric Cable Co.,Inc.
(b) 2.799 shares of Common stock of Habirshaw Electric•Cable Co.,Inc.
(c) 2,066 shares of Preferred stock of Bare Wire Co., Inc.
(d) 2,500 shares of Common stock of Bare Wire Co., Inc.
(e) 9,254 shares of Preferred stock of Electric Cable Co.
(f) 5,000 shares of Common stock of Electric Cable Co.
(0) $1,000,000 7% Demand Gold bond of Habirshaw Electric Cable
Co., Inc., dated March 1 1920, together with instrument of guaranty,
dated April 8 1920. executed by Electric Cable Co., guaranteeing the
payment of the bond as therein provided.
(h) $1,000.000 79' Demand Gold bond of Electric Cable Co. dated
March 1 1920, together with instrument of guaranty, dated April 8 1920:
executed by Habirshaw Electric Cable Co., Inc. guaranteeing the payment
of said bond as therein provided; together wfth all the right, title and
interest of the trustee in and to 3.001 shares of the Common capital stock
of Habirshaw Electric Cable Co., Inc.. as collateral security for the
-V. 120, p. 2017
$1,000.000 7% Demand Gold bond of Electric Cable Co.
-Annual Report.
Haiku Fruit & Packing Co., Ltd.
Undivided tirofit Jan. 1 1924
Profit on 1924 oper.,$222.213;less sundry losses, $32.856; bal_ -
$418,342
189.357
$607,699
Total
73,500
Cash dividend
Res. for taxes on 1924 profits, $67,000; less res. for taxes 1923, yul
MI 48.709
overestimated. $18.291; balance
'Ili 60.000
Special reserve
$425,489
Undivided profits Dec. 31 1924
-V. 120. p. 1335.
-331-3% Stock Div.
Harbison-Walker Refractories Co.
The directors on April 20 declared a 33 1-3% (29,000.000) stock div.
on the outstanding $27,000,000 Common stock, par $100, payable May 19
to holders of record April 30 (compare V. 120, p. 337).
The usual quarterly cash dividend of 1 % was also declared on the
Common stock, payable June 1 to holders of record May 21.
The stockholders have increased the authorized Common stock from
$27.000.000 to 236,000,000.
The company reports for the quarter ended March 31 1925 net profits of
-V.
approximately $731,000 after depreciation, depletion and taxes.
120. p. 1466.
-New Treasurer.
Harmony Mills, Cohoes, N. Y.
Albert Greene Duncan has resigned as Treasurer, to become effective
May 1, and will be succeeded by John Skinner, formerly Treasurer of the
-V. 120, P. 836.
West Boylston Manufacturing Co., East Hampton, Mass.
-Annual Report.
Hawaiian Sugar Co.
Calendar YearsProfit on crop
Reserve for taxes
Dividends paid
Balance, surplus
Profit and loss surplus
-V.119, p. 2294.
1923.
1922.
1924.
$992,283
$286.528
$1,044,216
340.000
235,000
185,000
(24%)720.000 (15)450,000 (12)360.000
$202,283 def$308,472
$139,216
$942,662
$1,376,383 $1.217,908
-First National Co.
-Bonds Offered.
Heinemann Corp.
and Detroit*Co., Inc., of Detroit are offering at 100 to 100.90
and int., to yield from 5.10% to 6%, according to maturity,
$600,000 1st Mtge. Serial 6% Gold bonds.
Dated Mar. 2 1925; due Mar. 1 1926 to 1935. Denom. $1,000 and
$500 c*. Red. all or part on any int. date upon 30 days' notice at 101 and
int. Prin. and int. (M. & S.) payable without deduction for normal
Federal income tax up to 2% at the office of Detroit Trust Co., trustee.
-Recently organized in Michigan to acquire a substantial part
Company.
of the timber lands and timber situated in Gogebic and Ontonagon counties,
Mich., formerly owned by the B. Heinemann Lumber Co. of Wausau,
Wis. With the exception of qualifying directors' shares, all of the stock of
the company is owned by the B. Heinemann Lumber Co., which was originally established in 1898 and incorporated in 1905.
-Secured by a direct first mortgage on 7,120 acres of land and
Security.
timber owned in fee, and on 6,200 acres of timber on which the company
has cutting rights until April 11945. The property carries over 136.000,000
feet of merchantable timber, consisting of hardwoods and hemlock, and
conservatively valued at $1,224.000.
-The B. Heinemann Lumber Co. has contracted with the mortContract.
gagor to purchase annually an amount of timber from the Heinemann Corp.
sufficient to provide funds for the yearly requirements of principal and
interest of this bond issue. Company also agrees to maintain its present
mill at Wausau during the life of the bond issue, or to provide another mill
in a suitable location. The net annual earnings of the B. Heinemann
Lumbei Co. have averaged for the past 10 years substantially in excess of
the maximum requirements of the purchase contract.
-The trust indenture provides for a sinking fund of $5
Sinking Funds.
per thousand feet, which shall be paid to the trustee before any lands and
timber shall be released from the mortgage securing the bond issue.
-Proceeds will be used to reimburse the company in part for
Purpose.
the purchase of its timber and timber lands.
(R.) Hoe & Co., Inc.
-Annual Report.
Consolidated Income Account-Year Ended Dec. 311924.
Net profit from operations, $1,053,388: int. and dividends received, $120,931: other income, $29,474; total income
$1.203,793
Income charges, including British taxes
54.007
Interest paid
105,287
Depreciation
257,182
57,435
U. S. Federal Taxes
Net profit available for dividends
$729,881
Dividends amounting to $215,604 were paid during the year on the
Preferred stock of the old company and the first quarterly dividend of $1
per share on the Class "A" stock of the new company, was declared on
.
Dec. 18 1924. payable Jan. 15 1925.
During the year the company acquired the plant of the Hall Printing
Press Co. at Dunellen. N. J., which it has since enlarged and re-equipped.
Initial shipments of Hop presses from the Dunellen plant were made in
-V. 120, p. 1754.
October.
-Annual Report.
Honolulu Consolidated Oil Co.
Calendar YearsOperating income
Other income
1921.
1922.
1924.
1923.
$4,795,954 $3.601.613 $2,767,283 $2,436,532
201.814
262,116
201,155
181,960
Total income
24,997.109 $3,783,573 $3.969.097 $2,698.648
1,480,114
Operating. &c., expenses 1,553.581
1,347,387
1,267,785
477,555
480.962
335,750
Reserve for depreciation
354,103
260,642
739,045
157,905
Depletion reserves
355,184
1.692,900 xl.379,200
Cash dividends paid_ _ _ _ 1.982,790
1.049,000
$5.088 d ef.$110.224 def.$327.724
Balance, surplus
$967,081
x In addition $925,035 was transferred from surplus for stock dividend.
-V.116, p. 2843.
-Annual Report.
Honomu (H. T.) Sugar Co.
Calendar YearsNet profit
Dividends paid
Balance, surplus
-V. 101. 1). 373.
1924.
1923.
1922.
1921.
$236.550
$237.059
$136,484 1os417.150
(12%)150.000 (14)175,000 (15)112,500
(9)87.500
$86,550
$62.059
$23.984 def.$84.650
Hotel Watson, Miami, Fla.
-Bonds Offered.
-G. L.
Miller & Co., New York, are offering at par and int. $800,000
1st Mtge. 7% Real Estate gold bonds.
2156
THE CHRONICLE
[VOL. 120.
Securitu.-The bonds will be secured by a direct closed first mortgage
The stockholders will vote May 20 on increasing the authorized capital
on the land (Nalue appraised at 8300.000); on the building (value appraised stock from 450.000 shares of no par value to 750.000 shares.
An official of the corporation stated that the purpose of issuance of the
at $810.100): and on the furnishings (value appraised at $90.000), making
a total appraised value of 51,240.100. or more than 155% of the amount new stock is for the immediate acquisition of additional property and for
of this bond issue. In addition the bonds will be secured by a first lien in others which may be acquired in the near future. The balance will remain
effect on the net annual earnings of the structure.
in the treasury for future requirements. It has not as yet been determined
Earnings.
-Gross annual income, after deducting an allowance for vacan- how much new stock will be sold or at what price it will be issued.
-V.120.
cies, are estimated at $182.900; operating expenses, incl. taxes, insurance. p.459.
&c., 859,025, leaving an estimated net annual income of $123,875. or
substantially 2 t times the greatest annual Interest charges, and more than
International Salt Co.
-Earnings.
1;4 times the greatest annual combined charges for principal and interest.
3 Months Ended March 311923.
1925.
1924.
xTotaI earnings
$241.706
$52.291
$145.396
Houston Oil Co. of Texas.
-Earnings.
Fixed charges and sinking fund
97.814
96.396
95.022
Quarter Ended March 311924.
1925.
Gross earnings from oil and operation
Net earnings
$908.612 51.918.880
$143,892
$50.374 def$44.104
Oper. and general exp., incl. taxes for the period
x After all expenses but before Federal taxes.
745.578
323.810
-V. 120. Il• 1755.
(S. S.) Kresge Co.
Net earns, before deducting deprec.& depletion- $584,802 $1,173,302
-Earnings.
Quarter Ended March 31-V.120, p. 1754.
1923.
1924.
1925.
Profit
$2,479.890 52.303.036 $2,248.719
Humble Oil & Refining Co.-Aronisition.Federal taxes
281.090
309.986
287.879
Oil Co. Preferred dividends
The company has acquired the properties of the South Vernon
35,000
35.000
35.000
in Wilbarger County. North Texas The properties include a Xths
Surplus
Interest in 294 acres, on which 11 wells are producing 1.200 barrels daily
32.134.904 51,980,157 $1,932,629
and working interests in 155 additional acres. The reported consideration -V. 120. p. 1888, 1755.
Was 51.100.000, payable partly out of oil runs.
-V. 120. p. 17$4.
Libby, McNeill & Libby.
-New Secretary.
-
-Quarterly Report.
-.=Hupp Motor Car Corp.
Consolidated Income Account, Quarter Ended March 31.
1924.
1925.
510.592.746
8.979.642
760.141
Net sales
Costs and depreciation
Expenses and Federal taxes
Net profit
Preferred dividends
Common dividends
$852,963
2392,121
5.945
228.452
5624.511
Surplus
10.428,253
Profit and loss surplus
Consolidated Balance Sheet March 31.
1924.
1220.
1925.
Liabilities$
Assets
Common stock--- 9,138,090
Property account
(less deprec.)___ 8,390,022 7,764,446 Notes payable_ _
Accts.receivable__ 1.972.229 1,703.578 Accounts payable_ 2,431,900
7,554,479 9.278.067 Accrued accounts_ 272,360
Inventories
Cash & Govt. sec_ 1,508.923 1,277,046 Fed, tax reserve__ 249,351
166.256 Reserve for lot.,
Investments
138.651
conting., &c._ _ 969.312
3,858.920 3,858,920
Good-will. &e_
55,934 Purchase obllg'ns_
Deferred charges
180.948
Mired. Pref. stock
Dealers' deposits__ 114.953
10,428253
Total (each sides.23,PO4 172 24,104,247 Surplus
-V.120. p. 1887. 1754.
$386.176
9,780,115
1924.
$
9,138,090
500,000
2,624,550
1.129.130
356,017
320,000
143.665
112.580
9,780,115
Independent Pneumatic Tool Co.
-New Chairman.
John A. McCormick. of the Chicago (III.) Trust Co., has been elected
Chairman, succeeding B. H. Sullivan.
-V. 119. 13. 947.
International Cement Corp.
-Annual Report.Calendar YearsBales, less discounts. &c
Manufacturing and shipping costs_
Prov.for deprec. and depletion
Selling, admin. and general expense
Net profitfrom operations
Miscellaneous income
1924.
1922.
1923.
$13.683,504 $11,289,117 $9,407.725
7,843,273
6,382.770 5,739.578
697,987
927.146
822,074
1.214.104
1.505,852
1,047.372
53,636.391 $2,870,169 $1.693.629
168.451
102.261
135,006
Total income
$3,771.397 $2,972,420 $1,862.080
437,033
Interest, taxes and miscellaneous- -- 549,853
723.890
Preferred dividends(7%)
103,351
193.591
107.016
Common dividends
1,164.537
1.476,006
850.633
Balance. surplus
-V. 120. p. 1467.
$1.377,910 $1,154,689
$467,398
Kennecott Copper Corp.
-To Amend Cif. of Incorp.-
D. E. Hillyer has been elected Secretary to succeed the late Harry
Williams. A new office, that of Comptroller, has been created under
J. II. Bliss.
-V. 120. p. 1888.
Lincoln Mfg. Co. Fall Riven-Omits Dividend.-
The directors have voted to omit the quarterly dividend due at this
time. Three months ago a quarterly dividend of 144% was paid.
V. 119, p. 2187.
Loblaw Groceterias Co., Ltd.-Pref. Stock Offered
Bankers Bond Co., Ltd., and McLeod, Young, Wier &
Co., Toronto, are offering at 98) and div., to yield about
7.11%, $400,000 7% S. P. Cum. Prior Preference (a. & d.)
shares.
Dividends payable Q.
-M. at any branch of the Imperial Bank of Canada.
in Canada. and to bona fide American holders at par in American funds,
except when American funds are at a premium In excess of 5%, when such
excess will be borne by recipient of dividend. A sinking fund of 10% of
the net profits after Pref. diva, each year to be used in purchasing shares
in the open market for cancellation. Under the existing income tax laws,
the dividends on these shares, in the opinion of our counsel, are free from
normal Federal income tax to residents of Canada. Transfer agent and
registrar, National Trust Co., Ltd.
CapitalizationAuthorized.
Issued.
Prior Preferred stock (par $1001
$545.000
8760.000
S.cond Preferred stock (par $100)
240.000
237.000
Common stock (no par value)
72.000 shs. 72.000 shs.
Company.-Incorp. April 1 1921 with headquarters at Toronto, and took
over the business of the Loblaw Groceterias, Ltd. During 1921 company
operated an average of 4 stores. Additional stores have been opened and
financed largely out of earnings until the company now operates 28 stores.
Of these 18 are located in the city of Toronto,3 In Hamilton and the remaining stores in Galt. Oshawa, St. Catharines, Guelph. Kitchener, Brantford
and Oakville.
Growth and Earnings Years Ended May 31
1922.
1923.
192.5.y
1924.
Average number of stores__ _
8
12
20
24
Sales
51,829.577 $3.136.672 25,066,386 $6,000.000
Net profits
67.339
124.955
211.776
250.000
Per cent of net profit to sales
3.68
4.00
4.18 (Est.)4.75
x Cefore making provision for Federal income taxes. y The actual earnings to Feb. 7 1925. being for 854 mos., are as follows: Sales, $4,102.417:
net profit. $195.036: percentage net profit to sales. 4.75.
Purpose.
-Proceeds are to be used for the retirement of an existing issue
of 8% Pref. stock, to pay off all existing mortgages on the properties of
the company and for general extension of the business.
Marland Oil Co.-Ouarterly Earnings.
Three Months Ended March 311925.
1924.
1923.
Gross earnings
516.039,305 59.568.259 55.787.698
Operating & administration expenses 12.799.970
5.710.534
2.581.352
Net earnings
$3.239.335 $3,857.835 $3.206.346
Miscellaneous income
1.816.508
46,284
23.385
Gross income
$5,055.843 $3,904,119 53.229.731
Interest and amortization discount
352.778
274.045
264,947
Depreciation, depletion, &c
1.080.995
737.237
Net income
53.622.070 $2,892,837 $2.964.784
-V. 120, p. 460.
The stockholders will vote May 5 on changing the certificate of incorporation so as to extend or otherwise change its purposes and powers in
order to enable the corporation to carry out the objects, business and
purpose for which it is formed in other States and foreign countries, and to
that end to amend Article Second of the certificate of incorporation by
striking out the words "in the District of Alaska," wherever the sama
appear therein, and to change the fourth and fifth paragraphs of Article
Second so that the paragraphs shall read as follows:
"The business or purpose of the corporation is from time to time to do
any one or more of the acts and things herein set forth as principal or as
agent for any other corporation or any individual: and the corporation may
Mathieson Alkali Works (Inc.).
-Quarterly Earnings.
exercise the foregoing powers and conduct its business in any State, territory
3 Months Ended March 31or dependency of the United States of America and in foreign countries.
1924.
1925.
and have one or more offices out of the State of New York, and may hold. Total earnings from operations
$236.635
$586.788
purchase, mortgage and convey real and personal property outside of the Provision for depreciation and depletion
138,213
164,290
State of New 'York;
Net earnings from operations
"Provided, however, that the corporation shall not do in the State of
422.408
98,421
Income charges (net)
New York any of the businesses of a moneyed corporation, or of a corpora5.163
1.987
tion provided for by the banking, the insurance, the railroad or the trans- Provision for Federal income tax
11,141
44.859
portation corporation laws, or purchase, acquire or hold the stock of any
Net income transferred to surplus
corporation of the State of New York except to the extent authorized by the
$82,118
$375.652
-V. 120, p. 966, 592.
laws of the State of New York."
Calendar Years1924.
1923.
1921.
1922.
Maui Agricultural Co., Ltd.
-Annual Report.
-Copper prod.& sold (lbs.) 42.985 532 50.945.719 63.604.194 32.404.985
Calendar
1924.
1923.
1921.
1922.
Avge,selling price per lb. 13 342 eta. 14 896 cts. 13.605 cts. 12.102 cts. Net profit Years51.219.086 $551.717 los4419.010 1oss$711,339
Silver prod.& sold (oz.)_ 326 578 13 378.572 46
390.012 Dividends paid
413,093
428.125
262.500
Avge. selling price per oz 66.869 cts. 80.587 eta. 99.515 cts. 99.438 eta.
Income Account
Balance. surplus
$790.961 5551.717 def$419,010 det1973,839
Copper revenues
55.735.057 57.588.723 58,653.921 54.245.687
Silver revenues
387.817
218,380
305.081
411,090
Maxwell Motor Corp.
-Listing.
-Ins,for ore lost in transit
449.910
The New York Stock Exchange has authorized the listing of Central
Union Trust Co. New York certificates of deposit
Total revenues
$5.953,437 $8.343.714 $9,065,011 84.633.8
04 8% Non-Cumulative Preferred stock (Class A), parrepresenting $23.969.800
2100,and 661.737 shares
Expenses
of Common stock without
1.545.813 in exchange for Common par value (Class B), on official notice of issuance
Mining and milling
1.975.380
2,565.595 2 583,725
and Preferred stock, respectively, of company
1.481.603 deposited pursuant to the plan and
Treatment, ref. & freight 1.656.40() 2,148.947
2,880.738
agreement dated April 15 1925. Worn'
211,937 pare V. 120. p. 2019, 1889.)
186.243
Selling and delivery _
225.356
327.204
119.719
262.881
General expense
361.607
121,780
$1,872.533 53.042.208 53,151,564 $1,274.432
Net earnings
Distributions received on
x143.125
8.513.951
securities owned
2.141.604
4.486.786
2,342.534
Interest, discount, &c_ - 1 869 067
2.092.443
2.123.494
19.302
Income from mines
35.526
loas5.908
28.486
Shipments During March.
-Chairman Wolter P. Chrysler
says in part:
The corporation shipped 7,633 Maxwells and 4.545 Chryslers
March, which was the largest in the history of the corporation. during
Inventories of Maxwell cars in hands of dealers
are approximately 42% lower than a year ago. and distributors at present
Retail sales in the United
Gross income
$12,291,076 59,649.923 $7,410,755 $3,779,392 States for each week showing consistent increases. The number of sales
agreements with distributors and dealers in United Stater at this time exDeductions
Taxes
131,010 ceeds by more than 30% the aggregate of such agreements one Year
122.885
275,510
215.613
ago.
Int. & disc, on lads., &c- 2,491.250
1,125.000 -V. 120. p.2019.
1,125.000
1,125.000
223.178
Depreciation
222.747
237.527
249.493
Metro-Goldwyn Pictures Corp.
2,690,062
Depletion account
5,135.947
2.006.972 4.305.487
-Earnings.
The company reports for the 16 weeks ended
yCap. distrib. fr. Utah
14 1925: Grote
profits, $1,544,219: expenses. $868.636: operating March $675,583; other
Copper Co
1,233,008
5.070.898 4,281,741
profit.
income $88,908; net profit before Federal taxes, 5764.491.-V. 120..P.
Dividends
a2.287.787
460, 1212.
Balance, deficit
$389.858
5428.832
$575.340
830,937
Midland Steel Products Co.
Profit & loss. surplus_ _ _214.698.708 514.729.645 $15,304.985 515.733.818
-Earnings.
a Not including capital distributions amounting to $9,552.920. b During
Account,
Income Account. Quarter Ended March 31 1925.
1923 distributions amounting to $9,990,071 were made from capital stock. Mfg.
profit,
8940,863
Copper Interest,&c 81,141,396: expenses, $200,533; oper. profit
x In addition to $1.541,260 capital distributions received from Utah
92,312
Co. credited investment account. y Credited to investment account. Depreciation
98.191
-V. 120. p. 1755, 965.
Federal taxes
94,000
-To
International Combustion Engineering Corp.
Net profit
$656,360
Increase Stock.
-V. 120, p. 1468.
4
-Dividend of 51.
Mohawk Mining Co.
The directors have declared a dividend of $1 per share, payable June 2
to holders of record May 2. A similar distribution was made March 2
last, the first since Oct. 13 1923.-V. 120. p. 1890, 461.
-Bonds Offered.
Monogram Realty Co., St. Louis.
Smith, Moore & Co. and Real Estate Mortgage Trust Co.,
St. Louis, are offering at prices to yield from 100.72 and int.
3
to 101.88 and int., to yield from 53,4% to 54%, according
to maturity, $1,200,000 1st Mtge. Serial 6% Real Estate
Gold bonds.
Balance Sheet December 31 1924.
I Liabilities
Assets$176,001
Land, plant dr equipment_ 1629.122 Preferred stock
255.303
1.100 Common stock
Investments (book valye).
x198.000
86.896 8.Gold notes
Cash
360.000
127.999 ortgage payable
Accounts receivable
124.332 Accounts payable. accrued
Inventories(cost)
41.711
81.905 pay-roll- and interest___
Deferred charges
20.340
Res've Fed'I Inc. tax, ace__
Dated March 25 1925: due serially 1926 to 1035. Denom. $500 and
$1.000. Int. payable M. & N. at Real Estate Mortgage Trust Co., St*
Louis, Mo.. trustee. Red. on any int. date at 105 and int. on 30 days.
notice If called for payment on or before May 1 1929. or at 103 and int. If
called for payment after May 1 1929.
Securitg.-Secured by a 1st Mtge. lien on the ground owned in fee and
-story and basement building known as the Monogram Bldg.. located at
9
the southwest corner of 17th St. and Washington Ave., which Is in the best
wholesale district of St. Louis, Mo. The building was erected in 1911
and contains approximately 309.000 sq. ft. of rentable area.
The property was independently appraised on March 12 1905 by Fred. G.
Eeibig, of Cornet & Zeibig. St. Louis. Mo., as follows: Ground. $517,000:
building. $1.960.650: total. $2.477.650.
-The entire building Is leased to Rosenthal-Sloan
Income and Lease.
Millinery Co. until Nov. 30 1940 at a net annual rental of 1117.500, which
amount Is sufficient to pay all interest and sinking fund requirements on
the bonds of this issue, the lessee paying all taxes, special- assessments.
Insurance premiums and operating expenses. The lease has been assigned
to the trustee as additional security for these bonds.
-1924 Earnings.
Mystic Steamship Co.
Gross earns.. 12.544.208: exp. & reserves. 12.126.727: net income_$417.481
344.561
Int. on bonds & notes, 194.561: dividends. 1250,000: total
• $72,920
Undivided earnings
-V. 120. P. 93.
-Earnings.
National Acme Co.
1923.
1925.
1924.
Over. End. Mar.3111.917.710 12,396.467 $2,583,448
Net sales
Net profits after all exp.
339.126
81,211
64,284
and bond interest
-V. 120. P. 1468.
1922.
1687.825
-Suit to Prevent Sale of
Pacific Mail Steamship Co.
Ships to Dollar Line Dismissed.
As a result of court action at Washington April 23 the Shipping Board,
which agreed to sell to the Dollar Lines the five President type ships now
being operated by the Pacific Mail Steamship Co. on the San FranciscoOrient route may now legally complete the deal. Justice William Ritz
dismissed the suit for a permanent iniunction brought by the Pacific Mail
Steamship Co. and dissolved the temporary injunction.
The Dollar Lines are to pay 25.625.000 for the President Lincoln, President Wilson. President Taft, President Cleveland and President Pierce.
Of this amount $1,000,000 is to be paid in cash, and the balance in installments in ten years.
This statement was made by George E. Chamberlain, counsel for the
Pacific Mail Steamship Co.:
"Pacific Mail went to court to get a prompt determination on the merits
through full disclosure of the facts of the legal propriety of the Shipping
Board's action in accepting the Dollar bid. The Shipping Board tactics,
however, were to concentrate its defense on a preliminary motion, the
decision of which leaves the merits of the controversy undetermined, the
decision apparently sustaining the Shipping Board's contention that its
actions are beyond review by the courts and that it is the sole judge of the
manner in Which the Government's fleet shall be sold."
In a statement given out. R. Stanley Dollar said:
"This now enables us to maintain weekly millings from San Francisco to
the Orient with the vessels just purchased by us and our own President type
ships which are engaged in the round-the-world service. . . .
"We feel that with this venture, involving the most extensive privately
oowned overseas pas.senger service under the American flag, we are cell
p. 2i
in Its development of the basic principles
of etreRfercwilltthWroigrrtent
g
Oil Co.-Earnings.-
The stockholders will vote May 5 on reducing the 7% Cumul. Pref.stock
from 17.279.700 to $7,054.700.-V. 1L0. p. 1468.
National Lead Co.-A quisition
The company has purchased the plant and business of the Metallurgical
& Chemical Corp., with works at Matawan. N. J. The National Lead Co.
will continue to operate the Matawan plant as a subsidiary and will introduce some of the patented process controlled by the Metallurgical & Chemi-V. 120. p. 1452.
cal Corp. into its other plants.
New England Coal & Coke Co.-Earnivos.1924.
1730.663
516,936
37
180.000
11.051.354
11 .051.354 Total
Total
x These notes were called for payment April 1 1925.-V. 119, p. 205.
Period-
-7'o Reduce Pref. Stock.
National Cloak & Suit Co.
Calendar YearsGross earnings
Expenses and reserves
Interest
Dividends
2157
THE CHRONICLE
APRIL 25 1925.]
1922.
1923.
$880.626 11.103.537
823.458
696.721
2.617
886
225.000
150.000
Gross earnings
Oper.expenses & taxes
Operating profit
Other income
-3 hfos. End. Dec.31- -Year Ended Dec. 311924.
1923.
1923.
1924.
26,439.503 15.471.727 123.448,932 119.876.001
3.284.524 10.982.489 10,040,239
3.079.422
$3.360.081 $2.187.203 212.466.443 $9.835.762
2.564.044
851.049 a3.230.978
1.042.397
14.402.478 33,038,252 115.697.421 112,399.806
Gross income
692.164
3.133.850
2.904.579
8.30.136
Depreciation & depletion
669.805
557.116
'279.549
160,692
Tax reserves
13411.650 12.066.539 111.893.766 18.938.111
Surplus
a Includes dividends of $1 50 per share on the stock of the Associated
Oil Co.: dividends of $1 80 a share on stock of Miley-Keck 011 Co.: also $25
-V,119, P.
per share paid Dec. 31 1924 on stock of Associated Supply Co.
2418.
Palace Theatre & Commercial Bldg., South Bend,
-S. Ulmer & Sons, Inc., Cleveland, are
-Bonds Offered.
Ind.
133,019
$33,689
offering at par and int. $900,000 1st Mtge Fee & Leasehold
-Frazier 6% Serial Gold Bonds.
-Notes Offered.
Norwalk Tire & Rubber Co.
Oct. 1
Dated April 1
4
& Co., New York are offering at 991 and int.. to yield over payable A. & 0. 1925. due Serially Oct. 1 1927 to Normal 1937. Interest
Federal income
Denom. $1,000, $500 and $100.
7.10%. S750.000. 10-Yesr 7% Sirkirc• Flr-r1 Gold Notos.
tax of 2% paid by borrower. Penn. 4 mill tax refunded. Red. on any int.
Undivided earnings
-v.116. p.2396.
$52,462
Dated March 11925: due March 11935. Int. payable M.& S., without
deduction of normal Federal income tax up to 24i. Company will refund
to holders of these Notes resident in any State or of the District of Columbia,
any and all taxes assessed, not exceeding in any one year six-tenths of 1%
of the principal amount of the Notes. or 651 of the Interest payable in respect
of such Notes. Denom. $1000 c•. Red. as a whole at any time, or in part
by lot on any int. date. on 30 days' notice, at 1025i and int. New York
Trust Co.. New York, Trustee.
-A sinking fund to retire $50.000 of these notes per annum.
Sinking Fund.
payable in semi-annual Installments beginning March 1 1926, will be
provided in the Indenture securing this Issue. This sinking fund is calculated to be more than sufficient to redeem the entire issue by maturity.
Data From Letter of President William B. Miller, April 17.
Capitalization After Giving Effect to Present Financing.
750.000
10 Year 7% Sinking Fund Gold Notes. due March 1 1935_ --1.184.300
7% Cumul. Pref. Stock
995.000
Common Stock (par $10)
Company.-Incorp. In Conn. In 1914, Company has successfully engaged
in the manufacture and distribution of rubber and rubber goods, pneumatic
automobile cord tires and Inner tubes for omnibuses, trucks, taxicabs.
pleasure cars. &c. Practically all of the Company's products are sold
under its well-known brand names of Norwalk tires and tubes.
-Manufacturing facilities and sales have been gradually inBusiness.
creased from an equivalent amount of 162.000 casings In 1917 to 297.000
,sings in 1924. The plant is now being rearranged with a view toward
increasing the productive capacity to an annual output equivalent to
400.000 casings.
Company owns a complete modern manufacturing plant at Norwalk.
Connecticut. of substantial brick and stone construction, containing
approximately 175.000 sq. ft. of floor space.
-For the 9 calendar years ended Dec. 31 1924. the company's
Earnings.
net profits after discounts and depreciation, but before interest and Federal
axes have averaged 1267.300 per annum, an amount equal to more than
t
5 times the maximum interest charges on this Note issue. These net profits
have averaged more than twice the combined maximum interest charge
and the extraordinarily large sinking fund provided.
-Proceeds will be used to retire bank loans and add to the
Purpose.
Company's working capital.
Consolietatea Balance Sheet Dec. 31 1924 (After Present Financing).
Liabilities
Assets
$1,184,300
$427.003 7% Cum. Fret. stock
Cash & cash funds
163.569 Common stock
995.000
Trade accep. & notes
-Year 7% Sink. Fd. Notes- 750.000
348,515 10
Accounts Rec. less ma
1,008,451 Accounts payable
152,701
Inventory
8,477 Accrued wages
5,368
Marketable investment
834,042 Dividends payable
20.725
Prop. plant & EquIp
7,500
Prepaid Exp. & Goodwill- 1,013,513 Res. for Fed. taxes
Surplus
717,977
83,833,570 Total
83,833,570
Total
--Earnings.
Olympia Theatres, Inc.
Three Months Ended March 31Net earnings after charges except taxes
-V. 120. P. 1757. 1099.
1925.
1924.
$369,905 $304,907
-Annual Report
Onomea Sugar Co., Honolulu, Hawaii.
1924.
1921.
1923.
Calendar Years
3
$683.244
10 2030
U92..
$.591.993
$67,104
Net profit
(18%)450.000 (18)450.000 (12)240,000 (15)300.000
Dividends paid
1163.030 def$232,896
1233.244
1141,993
Balance. surplus
-v. 119, P. 2771.
-First Annual StateOntario Biscuit Co., Buffalo, N. Y.
ment.199.568
1923 to June 14
1924
3
Net profit from Nov.15 1924 to Jan. 3 1925
Net profit from June
Net profit for entire period
-Reserve for taxes
Deduct
Preferred dividends paid
Surplus as at Jan. 3 1925
78.504
80 9
77 0
$12 :07
2
14.060
1137,003
date In inverse order of maturities at 102 and int. Midland Bank. Cleveland
and Joseph W. Kennedy, Cleveland, trustees.
These bonds are secured by a first mortgage on a parcel of land owned In
-the principal business thoroughfare of
fee fronting 108 ft. on Michigan St.
South Bend, by 165 ft. deep, and the 90 ft. parcel adjoining this property
-year
corner of Colfax Ave. having a depth of 165 ft. held under 99
at the
lease, together with the building erected thereon, known as the Palace
Theatre & Conumercial Building, a fIre-proof structure, built of reinforced
steel and concrete, with face brick and terra cotta exterior, completed in
1922. The building is the largest and finest theatre of the city, with
seating capacity of 2.800. The Commercial Building immediately adjoining the theatre building contains 10 well-arranged store rooms and a large
Assembly Hall and Auditorium with seating capacity of 2.000.
-Palace Theatre Corp., the owner is capitalized at
Capitalization.
1500.000 of pref. stock and 1400.000 of common stock, all of which is
outstanding.
-The theatre has been leased to Orpheum Theatre Co. of
Earnings.
South Bend-a subsidiary of Orpheum Circuit, Inc. This lease which
extends for a period of 2 years beyond the life of this bond Issue, calls for a
guaranteed minimum rent of $40.000 per year, plus 50% of the profits of
this theatre, and in addition thereto. 50% of the profits of the Oliver and
_Orpheum Theatres, both located in the city of South Bend and operated
by the Orpheum Theatre Co.
The assembly hall and auditorium is under lease to the Colfax Amusement Co. for an annual rental of $25.000, which lease also extends beyond
the life of this issue. This company is thoroughly responsible, renting its
space for conventions, concerts, meetings of all kinds and dancing. It is
operating on an extremely profitable basis.
Penn-Mex Fuel Co.
-Initial Dividend.
The director. on Apri121 declared an initial dividend of 50 cents per share
on the outstanding $10 000.006 capital stock. par $25, payable May 21 to
holders of record May 16. The South Penn Oil Co.owns a controlling inter-V. 119, P. 598.
est in the stock.
-Capital Increased-Earnings.
Phillips Petroleum Co.
The stockholders on April 21 Increased the authorized capital stock from
2.060.009 shares to 2.500.000 shares of no par value.
1924.
1925.
Results for 3 Months ended March 31Net earns, after exp.. taxes, dm., but before de14.366.401 x$6,098.977
preciation and depletion
X Includes $2.426,331 Inventory appreciation written off later in year.
The company has received contracts for the sale of about 96.000,000
-V. 120, p. 1735.
gallons of natural gasoline over the next twelve months.
1595.
Pierce Oil Corp.
-To Reduce Stock, &c.
The stockholders will vote May 4 on authorizing (a) a decrease of the
Preferred and Common stock actually issued and outstanding by the
purchase for retirement of any multiple of one share of Preferred stock
accompanied by a like multiple of 8 shares of Common stock (but not less
than a total of 25,000 shares of Preferred stock and 200.000 shares of
Common stock) tendered for purchase on July 1 1925 and that the actually
Issued and outstanding Preferred and Common stock be thus decreased
to an amount equal to the stock now issued and outstanding less the stock
so tendered for purchase, but in no event to an amount less than 11.000.
and (b) the delivery of 7.45 shares of such Pierce Petroleum Corp. stock
now held in the treasury of Pierce Oil Corp. In exchange or payment for
each share of 8% Cumul. Cony. Pref, stock accompanied by 8 shares of
Common stock of Pierce Oil Corp. now issued and outstanding.
It is proposed to amend the certificate of incorporation, as heretofore
amended, and as declared advisable by the directors. so as to effect:
(a) The decrease of the authorized capital stock, so that the capital stock
shall be of the minimum par value of $1.000 and of the maximum par value
of $44,433,000 and so that the number of shares into which the capital
stock shall be divided shall be 1.332.990. consisting of 148,110 shares of
8% Cumul. Cony. Pref. stock. (par $100 each) and 1.184.880 shares of
Common stock (par $25 each).
(b) The elimination from the certificate of incorporation, as heretofore
amended, of all references to rights of conversion of the 8% Cumul. Cony,
Fret, stock (which rights expired on Jan. 1 1923), or to exchanges of such
Pref. stock for, or the conversion thereof into Class B Common stock:
(c) The elimination from the certificate of incorporation, as heretofore
amended, of all references to Class B Common stock, and the reservation
2158
THE CHRONICLE
therein contained with respect to the conversion of $9,200,000 Common
stock in exchange for and on conversion of $9,200,000 outstanding 6%
Convertible debentures and $2.056,250 of Common stock in exchange for
and on conversion of $1,645,000 of outstanding 5
-Year 6% Cony. Gold
notes of the corporation.
[VOL. 120.
The holders of 2
-Year Secured Convertible Gold notes have been notified
by the protective committee that a plan for the realization and distribution
of collateral held by Guaranty Trust Co. of New York, as trustee ofithe
trust indenture under which the notes were issued, has been prepared and
adopted by the committee.
Over $8,650,000 of notes
P. T. Vize, Asst. Sec., in a letter to the stockholders ment, dated Jan. 15 1925. have been deposited under the deposit agreeAny holder of a certificate of deposit may, at
April 11 says:
any time within 20 days from April 15, upon surrender to the depositary
The following are some of the matters to be brought before the meeting: of his certificate of deposit, withdraw from the deposit agreement. Holders of
(1) The election of nine directors. (2) The ratification of all acts of the shall certificates of deposit who shall not exercise such right of withdrawal,
be deemed to have waived their right of withdrawal and to have fully
stockholders and directors from May 7 1924 to Aprn 9 1925.
(3) The authorization of further proceedings in respect of the exchange assented to the plan.
Holders of notes who have not already deposited their notes, may become
Pref. stock. If accompanied by Common stock. of Pierce Oil Corp. for
of
parties to the plan by depositing their notes with Guaranty Trust Co. of
stock of Pierce Petroleum Corp. in the treasury of Pierce 011 Corp.. and
(4) The further amendment or alteration of the certificate of incorpora- New York, as depositary, prior to May 11 1925.
Digest of Plan for the Realization and Distribution of Collateral.
tion of Pierce Oil Corp., so as to provide for the retirement of all Pref. and
Notes Outstanding.
Common stock now in its treasury and of all unissued Common stock and
-Company has outstanding, under a trust indenture
dated Sept. 1 1921, made to Guaranty Trust Co. of New York, as trustee.
Class B Common stock.
The further proceedings referred to above under "(3)" relate to the $9.047,800 Two-Year Secured Convertible Gold notes. The notes are in
resolution adopted at the meeting of stockholders held May 7 1924, reading default as to both principal and interest and the interest has not been
paid since June 1 1923. The total debt represented by the notes, both
ak follows:
"Resolved (1) That the Preferred and Common stock actually issued principal and Interest, as of April 1 1925, is $10,244.748.
Assets.
-Company has no assets of substantial value which are not
and outstanding be decreased by the purchase for retirement of any multiple
of one share of Pref. stock together with a like multiple of 8 shares of pledged as collateral for the notes. The value of the pledged collateral, in
Common stock (but not less than a total of 25,000 shares of Pref. stock the opinion of the committee,is so much less than the total debt represented
and 200,000 shares of Common stock) tendered for purchase on July 1 by the notes that there is no possible equity which it would be worth while
1925. and that the actually issued and outstanding Pref. and Common for the stockholders to attempt to preserve by endeavoring to reorganize
stock be thus decreased to an amount equal to the stock now issued and the company through a plan under which the stockholders would be assessed.
outstanding less the stock so tendered for purchase, but in no event to an Moreover, the holders of the notes and the stockholders of the company are
amount less than $1,000: the purchase price of such stock to be a pro rata substantially identical. Under these circumstances an attempt to reorganamount of the stock of the Pierce Petroleum Corp. to be received by Pierce ize the company seems unwise, and the plan, therefore, contemplates the
Oil Corp.. together with a sum equal to dividends, if any, received by realization of the collateral in the interests of the noteholders and its distribution among them, less the cost of such acquisition and distribution.
Pierce Oil Corp. upon such stock."
As what may be called a practical control of Indian Refining Co. rests in
This resolution was designed to permit (but not to require) a holder of
both Prof. and Common stock of Pierce Oil Corp. to tender the same the block of Common stock of that company forming part of the collateral
together in the ratios stated (that is, 8 shares of Common stock together for the notes and the committee believes that in the interest of the depositing
with every one share of Prof. stock), and, provided at least 25.000 shares of noteholders such control should be preserved, the plan contemplates the
Pref. stock accompanied by 200,000 shares of Common stock are so tendered holding together of that stock and the distribution of deposit certificates
on July 1 1925, but not otherwise, to receive in exchange the pro rata representative thereof.
Collateralfor Notes.
amount of Pierce Petroleum Corp.stock in the treasury of Pierce Oil Corp.
-As collateral for the payment of the notes, Guaranty'
There are now issued and outstanding 148,110 shares of Pref. stock and Trust Co. holds the following securities:
113 shares of 7% Prof. stock of Indiana Refining Co. (par $100 each).
1.184,880 shares of Common stock of Pierce Oil Corp. in the hands of
the public
-or exactly one share of Preferred stock for every 8 shares of 465,574 shares of Coin, stock of Indian Refining Co. (par $10 each).
7,950 shares of 8% Pref. stock of Cuban-Dominican Sugar Co. of DelaCommon stock-as against which there are in the treasury of Pierce Oil
ware (par $100 each).
Corp. 1.103.419% shares of the capital stock of Pierce Petroleum Corp..
or 7.45 shares of Pierce Petroleum stock for every one share of Pref. stock 100,200 shares of Common stock of Cuban-Dominican Sugar Co. (no par
value).
and 8 shares of Common stock of Pierce MCorp.In the hands of the public.
50,000 shares of Capital stock of Chontaies Mines, Ltd., of Canada (Dar
In order to arrive at this exact ratio. 259% shares of the Pierce Petroleum
$5 each).
stock originally received by Pierce 011 Corp. has been sold.
448 shares of Prof. stock of National Drug Stores Corp. of Delaware
Tenders for purchase. of Pref. stock of Pierce Oil Corp. accompanied by
(par $100 each).
Common stock, in accordance with the above quoted resolution, may be
448 shares of Common stock of National Drug Stores Corp. (no par
made by depositing the stock tendered with Guaranty Trust Co., depositary,
value).
140 Broadway, New York City, at any time on or before July 1 1925.
The depositary will issue to depositing stockholders receipts In respect
28.251 shares of stock of National Seal Co., Inc., of New York (no par
of the stock deposited, but only in the event that an aggregate of less than
value).
The Preferred and Common shares of Indian Refining Co. and of Cuban25,000 shares of Preferred stock accompanied by 200,000 shares of Common
stock shall be so tendered, the deposited stock will be returned to the Dominican Sugar Co. are listed on the New York Stock Exchange. The
shares of National Drug Stores Corp., National Seal Co., Inc., and Chenholders of such receipts upon surrender thereof.
The further proceedings referred to above under "(4)" are designed to tales Mines, Ltd., are unlisted securities for which there is no market at
present. The value of these unlisted securities at the present time Is
reduce the amount of annual franchise tax.
It is estimated that the proposed action will reduce taxes about $1,500 nominal only.
Prior Liens.
-The collateral is held as security for the notes, subject to
per year.
In addition to 148,110 shares of issued and outstanding Preferred stock prior liens in favor of Guaranty Trust Co. and Mechanics & Metals National
and 1,184,880 shares of issued and outstanding Common stock of Pierce Bank, New York, to secure advances aggregating approximately $343,000.
Realization and Liquidation -The committee proposes, upon not loss than
Oil Corp., in the hands of the public, there are in the treasury of Pierce Oil
Corp. 1,890 shares of its own Preferred stock and 33.2575 shares of its $8,750,000 of the notes being subjected to this plan, to reduce the collateral
own Common stock, besides unissued Common stock and Class "B" to possession by purchase (subject to the prior liens) effected through proCommon stock of the par value of $23.377,168. It is accordingly proposed ceedings taken under or in enforcement of the terms of the trust indenture
to also reduce the authorized capital of the corporation by the amount of under which the notes were issued, and to use the deposited notes in part
this treasury stock and authorized but unissued Common stock, viz., a or complete payment of the purchase price. The committee further prototal of $23,567,000, and thereby avoid any danger of the future issue of poses to liquidate by sale, or otherwise, sufficient of the collateral to procure
any part of this stock with the resulting disturbance of the existing ratio of the necessary funds with which to discharge the prior liens and to pay the
one share of Preferred stock to every 8 shares of Common stock issued and cost of the acquisition and distribution of the collateral. &c., and to distribute the remaining collateral among the depositors pro rata.
outstanding.
-V. 120, p. 2021.
Distribution of Collateral to Depositors.
-Based on the present market
Pioneer Mill Co., Ltd.
-Annual Report.
prices of the collateral listed on the New York Stock Exchange and the
committee's information as to the value of the remaining collateral, the
Calendar Years1924.
1923.
1921.
1922.
Net profit
$1.410,498 $1,294,097 loss$235.800 loss$198.991 committee estimates that upon the complete consummation of the plan its
Dividends paid
(15%)750,000 (10)500,000
(3)4)175,000 minimum distribution to depositors will have been approximately as follows:
For each $1,000 principal amount of notes. 10 shares of The Cuban-DominiBalance, surplus
$660,498
$794,097 def$235,800 def$373,991 can Sugar Co.Common stock and 50 shares of Indian Refining Co. Common
stock.
-V. 117, p. 2660.
The distribution of Indian Refining Co. Common stock may be
Producers Oil Corp. of America.
-Initial Common Div. form of voting trust, or stock trust, certifica5es.-V. 120, P• 595.in the
The directors have declared an initial dividend of 5 cents a share (1%)
Shur-On Standard Optical Co., Inc.
on the Common stork, payable July 1 to holders of record June 15. The
-Bonds Offered.
regular quarterly dividend of 2% on the Preferred stock was also declared, Hemphill, Noyes & Co., Converse,
Hough & Co., Inc., and
payable May 15 to holders of record April 30. The company has been
wart & Co., Inc., are offering at 99 and int., to
paying regular dividends of8% on its Preferred stock since the organization Taylor,
of the company in February 1924. The directors hope to declare regular
yield over 6.60%, $1,900,000 1st (closed) Mtge. 15-Year
dividends on the Common stock If the present price of oil is maintained.
The company's operating properties are in the Coalinga, Midway and 63'% Sinking Fund Gold bonds.
Dated April 11926: due April 1 1940. Int. payable A. & 0. Red. at
Kern River districts of California and in Bowling Green, Ky. The company is now drilling five wells on its Midway property and two wells in. any time or from time to time, in whole or in part, upon 30 days' notice at
Warren County, Ky.. both in proven territory and in which places the 105 and int. Denom. $1,000 and $500 c*. Int. payable without deduction for normal Federal income tax not in excess of 2%. Company will
company now has settled production.
-V. 118, p. 1676.
agree to refund the Penn., Calif. and Corm, taxes not in excess of 4 mills
(Robert) Reis & Co. and Subsidiaries.
Sales.- per annum, the Maryland securities tax not in excess of 414 mills per an-Gross
num, and the Mass. income tax on int. not in excess of 6% per annum.
• Quer. End. Mar.311925.
1924.
1922.
1923.
Gross sales
$1,924.705 $1,945.213 $1,926.307 $1,464,159 New York Trust Co., New York, trustee.
Stock Purchase Warrants.
-Each bond will bear a detachable warrant en-V. 120. p. 1214, 839.
titling the holder to purchase Common stock of the company,or voting trust
certificates thereof, at $25 per share, at any time prior to April 1 1940. in
• Rolls-Royce of America, Inc.
-Earnings.
the ratio of 25 shares for each 51,000 of bonds.
Calendar Years1923.
1924.
1921.
1922.
Gross profits
Data from Letter of Pres. Beverly Chew, Geneva, N. Y., April 16.
$379,243
$660,267
Bond interest
138,833
137,293
Not available
Company.
-Will comprise the business and properties of Standard
Depreciation
•225,110
209,734
Optical Co. of Geneva. N. Y., Shur-On Optical Co., Inc.. of Rochester,
N. Y., and Dupaul-Young Optical Corp. of Southbridge, Mass., and will
Net profit
$15,300
$313,240 loss$294,510 loss$796.402 own at least 60% of the Common stock of General Optical Co., Inc., of
Debit balance Dec. 31_ _
772.823
sur.4,849 Mount Vernon. N. Y., which owns Kryptok Sales Co., Inc. These com1,086,063
791,553
panies have a record of over 35 years of progress
completion of
Profit and loss deficit- $757,523
$772,823 $1,086,063
$791,553 consolidation, company will be the second largestand, upon
manufacturer of opthalmic products in the United States, owning or controlling 4 modern plants.
Balance Sheet Dec. 31.
These companies, with relatively little duplication of product, manufac1924.
1923.
Assets1923.
1924.
7% Prof. stock__y$3,500,000 $3,500.000 ture a complete line of spectacle frames, eyeglasses, lenses and opthalmic
mach.
Ld.
The
equipment_ _ _31,377.141 $1,558,182 Common stock_ __ x175,000
175,000 equipment and machinery. and Shur-On and Dupaul-Young companies
di
produce frames, mountings
cases. The Standard
Accts.& notes,Inel
Co. has an
Tr. name, designs,
international reputation as a leader In the designing andOptical of optical
building
models, patents.
accr. wages, Inc.
921,753 machinery and Its machines are found in approxitnately 85% of the pre524,472
1,503,776 1,525,888
ace., payable_ _
good-will, cite_
scription shops in the united States. In addition, it has created prestige
Pur. money mtge..
34,486
30,229
Cash,notes&acets.
294,686 Sk. Id. 7% bonds_ 1,950,000 2,000,000 for the superior quality of its single-vision lenses. General Optical Co.,
reedy.(trade)__ 871,841
Inc., is the principal manufacturer of Kryptok fused bifocal lenses, one of
1,817,392 2.456,041
Inventories
the best known nationally advertised specialties of the industry.
25,638
52.027
Freed. exp., insur_
Capitalization
$8,631.239
772,823
Deficit
757.623
Total each side-36,179,700
FundAuthorized. Outstanding.
-Year 6)4% Sinking
x Common stock, 35,000 shares of no par value. y Preferred stock First Mortgage 15
Gold bonds (this issue)
dividends unpaid since 1921.
9 00
0
$1:000 020 $1,900,000
succeeding Preferred stock (7% cumulative)
Henry .T. Puller, of Aldred & Co., has been elected President,
718,000
L. J. Belnap. Mr. Fuller will also remain Chairman of the Board. W.L. Common stock (no par value)
Wright. President of the Savage Arms Co., has been elected a director.Earnings.
-Combined net earnings of the com2p0a0nresipasvhasilab110e0f
effeco5tr2tolbsothide.
-V. 120, p. 839.
Interest and Federal taxes, after depreciation and after giving
elimination of certain non-recurring expenses and losses for the calendar
St. Regis Paper Co.
years 1917 to 1924, have been as
-Rights.
2
The Common stockholders of record April 15 have been given the right 1917
$ 92,74311921
(def.)$2792:379592
to subscribe on or before May 15 for 31,600 additional shares of Common 1918
stock at $25 per share, on the basis of one new share for each 10 shares held. 1919
454J,080 1923
515,317
The entire issue has been underwritten by bankers and any stock not sub- 1920
311,383 1924
447.447
scribed and paid for will be sold to them.
-V. 120, p. 1892.
Net earnings as above for the 8 years ended Dec. 31 1924 averaged over
$284.741 per annum,or equivalent to over 2.30 times annual interest charges
Scovill Mfg. Co., Waterbury, Conn.
-Expands.
on these bonds. Such earnings for the 2 years ended Dec. 31 1924 averaged
The company has purchased the Morency-Van Buren Mfg. Co. of Sturgis over $481,382 per annum,or equivalent to over 3.89 times such int. charges.
-Mortgage will provide for a minimum sinking fund of
Sinking Fund.
Mich.. manufacturers of tank fittings and shower devices.
-V. 120. p.
$60,000 per annum in monthly installments of $5,000, the first payment to
be made
Seaboard Finance & Investment Co.
-Plan for the or beforeon or before July 1 1925 and subsequent payments to be made on
the first day of each month thereafter until all these bonds shall
Realization and Distribution of Collateral.
have been paid. The mortgage will also provide for an additional sinking
calendar year while any of these
in
fund, payable on or before April 1 to each
the amount by which 20% of the net
bonds are outstanding, equivalent
calendar year shall exceed the sum
earnings (as defined) for the preceding
payment to be made on April 1 1926
of $60.000. except that the additional
which 20% of the net earnings for the
will be equivalent to the amount byexceed the sum of $30,000. The sinkmonths ended Dec. 31 1925 shall
6
exceeding 105% and
ing fund will be used for the purchase of bonds at not
price.
int., or for their redemption by lot at that
Balance Sheet Dec. 31 1924 (after Financing).
Consolidated
-Liabilities
Assets
$148.927 Notes & acc'ts payable_ __ $518,364
Cash
633,031 Accr'd wages, int., taxes
Notes & acc'ts receivable- 1.659.642
85.738
and dividends
Inventories
146,000
71.760 Res. for taxes St conting
Prepaid exp.& def. chges_
1,900,000
1st Mtge. 15-Yr. 634s
Inv. in Gen. Optical Co-- 191.334
718.000
Preferred stock
Real est., bldgs., plant az 2,487,117 7%
Common (no par value)__ 1,823,711
equipment
1
Good-will, pats.& tr.-mks.
Total
2159
THE CHRONICLE
APRIL 251925.]
$5.191,812
Total
Each bond will be unconditionally endorsed by C. N. Sweet and W. IT.
Sweet. This endorsement wlll be a guarantee to holders of bonds against
loss of principal or interest.
C. N. Sweet and W. H. Sweet have been coal operators in Utah for 19
years. They have been interested in the development of the largest
independent coal mines in this State. They have the record of never
having put out a bond issue which has had difficulties.
A sinking fund of 10c. per ton of coal mined and sold will be set aside
for the purpose of retiring this bond issue.
-Attached to each bond will be a stock warrant calling
Stock Warrants.
for the trustee to deliver to the purchaser of these bonds 500 shares of
Common stock for each $1,000 bond or 250shares for each $500 bond sold.
$5,191,812
Tennessee Copper & Chemical Corp.-Consol. Report.
[Including Tennessee Copper Co.Southern Agricultural Chemical Corp.
and Southern Agricultural Tank Line.)
1922.
1923.
1924.
1921.
Calendar Years$6,431,558 $5,947.651 $3,948,886 $4,805.478
Sales
347,052
327,515
398,109
345.616
Miscellaneous income__ _
(Isaac) Silver & Brother Co., Inc.-Pref. Stock Sold.
George H. Burr & Co., New York, have sold privately at
100 and div., $500,000 7% Cumul. Cony. Prof. (a. & d.)
stock.
-F. Red., all or part, at 115 and dig, upon 30
Dividends payable Q.
to retire annually
days' notice on and after Nov. 1 1928. Sinking fund
beginning
3% of the greatest amount of Pref. stock ever outstanding,
York Trust Co., Ls7. Y. City,
Feb. 11929. operating semi-annually. NewY. City, registrar.
transfer agent. Chase National Bank, N.
Issued.
Authorized.
Capitalization$500,000
$1,000.000
Convertible Preferred stock
113,334 shs. *100.000 abs.
Common stock (no par value)
*The remaining 13.334 shares are reserved against conversion of Pref. stock
Data from Letter of Pres. Isaac Silver, Dated April 21.
-Operates Silver's 5 and 10c. and $1 stores. The original
• Company.
From that
of this chain was located In Sylvania, Ga., in 1907. corporation
store
existed as
time until 1916 the business the name a partnership. In 1916 a
of Isaac Silver & Brothers Co. In
was formed in Georgia in
in Delaware as Isaac Silver
April 1925 the company was re-incorporated
& Brothers Co., Inc. operated are located in Brooklyn, N. Y.•, WilkesThe 13 stores now
Barre, Pa.; Atlantic City, N. J.; Plainfield, N. J.; Columbia, So. Caro.;
Charleston, So. Caro.: Atlanta. Ga.: Columbus, Ga.; Augusta, Ga.;
and
Savannah, Ga.; Sylvania, Ga.; Birmingham. Ala.,for Montgomery, Ala.
working capital and
-Proceeds will remain in the business
purpose.
the development of additional stores.
-Years Ended March 31.
Sales and Earnings
xNet &erns.
Salts.
$36,780
$1,925,434
1921-1922
110.332
2,624,511
1922-1923
207.787
2,950.505
1923-1924
107,194
2,103,994
1924 (7 months to Dec. 31)
x After allowances for taxes at 1924 rates.
to $723.716 as against
Sales for the first three months of 1925 amounted$152,592, or over
26%•
$571,124 for the same period of 1924, an increase of
The average net profits for the three years and seven months ended
at the 1924
and
Dec. 31 1924, after depreciationloans Federal tares computed were equal
saved by this financing,
rates, and including interest on
to over four times the annual dividend requirements on the $500.000 Pref.
stock, and for 1924 were about six times the annual Pref. dividends.
-This Pref. stock is convertible at the holder's
Convertible Feature.
prior
option at any time up to and Including Aug. 1 1928, upon ten days'share
written notice, at the rate of 1 1-3 shares of Common stock for each
stock.
of Pref.
Balance Sheet Dec. 31 1924 (after New Financing).
Liabilities.
Assets.
$3342.711
$453,634 Accounts payable
Cash
15,000
5,762 Reserve for taxes
Securities & other assets
633,643 7% Preferred stock
500,000
Merchandise inventory_
1,104,269 Sur. appllc. to 100,000 abs.
Total fixed assets
1.339,605
no par Common stock
Total
$2,197,316
Total
Gross income
Operating expenses
Miscellaneous expenses_
Bonn interest
Depreciation
Dividends
$6,759,073
5.979.687
237,424
42.860
385.752
203,873
$6,294,703 14.346.995 $5.151,094
4,931,007
3,414,705
4,413,079
234,456
225.243
211,667
53.315
60,865
70.335
308,761
298,780
308.838
607,946
5169.198
def$90.523
Balance, surplus
Total profit & loss surp- 51,470,536 $1,561,058
-V. 118, p. 2053.
$2,197,316
--Obituary.
Sloss-Sheffield Steel & Iron Co.
President J. W.McQueen died in.New York on April 20.-V. 120, p.2023.
-To Receive Dividends.
South Penn Oil Co.
-V. 120, p. 1598.
see Penn-Mel Fuel Co. above.
-Merger.
Standard Optical Co., Geneva, N. Y.
-V. 118. p. 2961.
see Shur-On Standard Optical Co., Inc.. above.
-To Retire Pref. Stock, &c.
Stern Bros., N. Y. City.
5337.421
51405.277
5147.175,
51,197.421
Texas Gulf Sulphur Co., Inc.-Earnings.1923.
1924.
1925.
Quar. End. Mar.31$1,413,093 $1,155,868 51,102,066
Net earnings
793,750
1,111,250
1,111,250
Dividend paid
1922.
$805,095
635.000
$44,618
$308,316
$301,843
Balance, surplus
$170.095
Sum.& res've for depl'n. $7,409,127 $7,100,386 $6,595,812 $5.779,429
During the first quarter of 1925 the company increased its reserve, inby $304,888,
cluding reserve for depreciation and accrued Federal taxes,
making the total of these reserves $5,214,127 on March 31 1925.-V. 120.
p. 697. ke1011110111111111101111-w -
-To Change Par Value of Shares.
Tide Water Oil Co.
The stockholders will vote May 6 on changing the par value of the
present authorized capital stock from $100 to no par value, and on approving the issuance of four new no par shares for each $100 share outstanding.
-V. 120. P• 1599.
--Earnings.
TonopahMining Co.
Dec. 31 '24. June 30 '24. Dec. 31 '23. June 30 '23.
6 Mos. ended$742,498
$637,565
5829.179
5539.838
Gross value ore milled__
54,823
39,696
68,261
39,001
Metal losses in mill & ref.
Gross val, of mill prod.
Mining, mill, market &
general expense
Net profit
Miscellaneous income_
5597,868
$687,674
$500.837
547.780
575.324
428.429
525.251
$50,087
126,276
$112,350
118.497
$72,408
62,422
$235.665
148,530
2760,917
$230,848
$176.364
$134.830
$384.195
Net income
Tonopah Placers Co., 8814% of which is owned by Tonopah Mining Co.
of Nevada, had a net profit for 6 months ending Dec. 31 1924 of $39.476,
compared with a net profit for 6 months ended Iune 30 1924 of $10.040.
Quick assets and invested funds on Dec. 31 1924 were reported as follows:
Cash on hand Dec. 31 1924, 5161,878; railroad and publlc utilities bonds
and stock at purchase price, $1,233,559; United States Liberty bonds at
purchase price. $413,544; due from smelter, $85,394; and demand loans on
collateral. $50,000; total, 51.944,377.-V. 120, p. 840. 715.
-Annual Report.
Utah-Idaho Sugar Co.
Feb. 28 '25. Feb. 29 '24.
Years Ending1,730.631
1,293,638
Total sales (bags)
38.757,929 513.585,453
Total net sales
Net profits for year _ _ x$348,784 $3,338,159
2,577,084
Previous surplus Mar. 1 4.832,164
Feb. 28 '23. Feb. 28 '22.
2 233 076
2.722,077
$15.252,2361oss$5862766
$1,304,361c1135.607.917
1.064.462
df4.543.454
35.180,948 35,915,243df33.239.093df$4.543.454
Total surplus
$557.217
Deduct-Discount on bds
868.60$
Pref. stock disc., &c_
2,200.000
adjustments
Property
5448.350
Add'I pay.for'22 beets
50,000
•
Add'l res. for conting_
Red. of par val. Con.
Cr9,492,009
stock
Preferred dividends_(7%)210,000(16.4)492349
Common dividends__(5%)711,900 (1)142,380
The directors have elected to redeem on May 25 the whole of the 8%
115 and dividends from March 1 1925, to wit.
Pref. stock outstanding at total
Profit & loss,surplus $4,259,048 54.832.164 52,577,085d154,543.454
making a
payment of $116 89 per share. Payment
x After payment of all interest charges, property and income taxes,
$1 89 per share,
-V. 120.
will be made at the office of Lawyers Trust Co., transfer agent. 160 Broad- depreciation overhead expenses and all charges of every nature.
way, N. Y. City.
p. 1341.
following were elected directors of
At a meeting held April 20 theLadenburg, Thalmann & Co.; John the
W.
company: Moritz Rosenthal, of
-Impromptu Remarks by
United States Steel Corp.
Prentiss, of Hornblower & Weeks; Robert C. Schaffner, of•A. G. Becker Chairman Elbert H. Gary at Annual Meeting-Outlines Safe
of Lehman
Samuel Mundheim, Julius G.
& Co.; Robert Lehman, Froelich. Brothers;
gugehnan and Isaac E.
Policy-Dividend Attitude to Be Conservative as Long as
Samuel D. Mundheim has been elected President of the corporation.
-At
Lasts-Surplus Now $517,000,000.
Julius G. Kugehnan and Isaac E. Froelich remain as Vice-Presidents, Present Management
-V. 120, p. 1893.
Richard A. Koester remains as Treasurer.
the annual meeting held April 20, Chairman Elbert H. Gary,
and
-Earnings.
-Warner Speedometer Corp.
Stewart
1922.
1923.
1924.
1925.
3 Mos.End. Mar.31Fed.tax
$1,827,974
Net after depr.&
--Vol. 120, p, 1083.
51,303,972 $1,496,700
$451.551
--Earnings.
Symington Co. (of Maryland).
Earnings for First Quarter Ended March 31 1925.
$1,180,777
Net sales-Less returns, allowances,freight and express
643,720
Cost of sales
$537,056
Gross profit
selling, $139,828; general and adminExpenses: Shipping, $9.261;
184,777
istrative, $35,688
Net profit
Other income: Interest earned. $1,354;rent, discount and miscel$2,230; total income
laneous,
$352,279
3.585
$355,863
Total income
stock and franchise taxes, $599; interOther deductions: Capital
11,458
paid, $7,419; miscellaneous. $3,439
est
43,051
Federal income tax at present rate
after taxes
Net profits 1893, 1470.
120, p.
$301,355
-Bonds Offered.
-M. G.
Sweet Coal Co. of Utah.
Chamberlain & Co.. Salt Lake City, ale offering at 100 and
7% Endorsed Gold bonds.
-int. $300,000 1st Mtge.
1 1940. Personally endorsed by 0. N.
Dated April 1 1925: due April
Sweet. Red., on any int. date at 105 and int. Denom.
Sweet and W. H.
Int. payable A. & 0. at the office of Columbia Trust
$500 and 51,000c*.
trustee.
Co.,
located In Gordon Creek. Carbon County,
Company's properties arebe a
first closed mortgage on the entire assets
issue will
Utah. This bond These assets will include 240 acres of patented land and
company.
of the acres of leased land containing in all 75 million tons of coal.
It
1.520
first mortgage on the equipment and other assets of the
will also be a
provide money for building a tipple, installing
.
r firs sue is offered to
c°,nies .
construction purposes.
electrical machinery and
among other things said that the corporation will continue
to adhere to a policy of conservatism, both in the distribution
of dividends and maintaining its strong financial position so
long as the present management continues in charge of its
affairs. Mr. Gary said in substance:
Sometimes objections have been made to our management, though I
must say In truth they have been very seldom as coming from stockholders;
occasionally we have received complaints from stockholders; they have been
few in number; and yet common honesty compels me to say that I think
our stockholders have been very indulgent, very lenient, very patient and
have waited without complaint for months and years for action on our part
that they thought should have been taken earlier.
I also must admit that it is quite probable we have frequently committed
errors in our management without intenting to make any. We do not
claim to be any better or any wiser than the managers of other great concerns; we claim nothing for ourselves except that we endeavor, from motive
of gratitude to the stockholders and from feelings of responsibility in
managing the affairs of the stockholders in their interests, to take great
pains, from the start, to keep our stockholders well informed in regard to
our affairs, to the conditions of our concern financially and otherwise, and in
regard to the principles which we have adopted for the management of the
Steel Corporation in the interests of its stockholders and to legitimately
14$
secure profits.
The best interests of the stockholder are always served, always protected,
by. first, a conservative management, which is best calculated to save the
corporation from financial harm, disaster or distress, whatever the business
conditions may be or whatever emergency may arise. There are many here
who have seen one corporation after another, railroads and other concerns,
who have gone into the hands of a receiver, who have been obliged to borrow
money from time to time, and who have finally come to the point where
credit was not good, and they had to turn their properties and their business
over to the courts for reorganization and refinancing, very much to the
prejudice and sometimes the total loss of the interest of some of the stockn
hol do .
ot think the Steel Corporation will ever get that position while its
management is the same as it is at the present time"There have been
times, not recently, when there was some disagreement between the members of our large board of directors; some believed we could pay out more
dividends, that we could manage our concern with a little more liberality
towards the stockholders; but others have stood from the beginning unblushingly and determinedly with ta viewtof protectingsour corporation
against distress, whatever might happer ,and they have had their way.
2160
THE CHRONICLE
I have nothing to say against the management of other corporations, but
I think I am justified In saying that there have been times and occasions in
places when those on the inside of corporations, having the advance information. have made fortunes by dealing in the securities of those corporations
before the general run of stockholders knew what was going on. And that
I have always deprecated and disapproved. Our statements of earnings
come out every quarter. I do not know what the earnings are for this
quarter. and I will only throw out the assertion, without being able to prove
it on this occasion, that I believe during this quarter we will make a living:
but I will not know the figures until about. the time the Finance Committee
meets. The figures are given to the Finance Committee, and when they
adjourn they go into the directors' meeting-not one of them having the
opportunity, if he had the disposition, which he has not, to go out anyWhere and trade on the basis of his information; and the figures are given
to the board of directors at three o'clock. and then at the same time they
are given to the public. The market is closed and no one has an opportunity to get to the stock market for the transaction of business until the
next day at ten o'clock.
Now that does not require any superior degree of honesty or fair dealing
it is simply the application of a principle thousands of years old, of doing
Unto others as you would like to have others do unto you. And that is
also the highest degree of intelligent transaction of business.
I have made up a few figures:
We have undivided surplus on hand
$517.061,308
From this amount there has been invested in capital-that is,
new properties necessary to be built and established if we
are to take care of our business and keep our position in the
/ trade, not only in this country but in all other countries_ _ 264.070.646
Leaving a balance of net working assets
This large sum is found in the following accounts:
Inventories
Receivables
Securities
Cash
$213.189,316
29.362.252
36.506.508
79.197,290
Making a total of
Lees current and contingent liabilities
$358,255.366
105.264.704
$252.990,662
[VOL. 120.
temperature of electrical apparatus, and its first application by Westinghouse will be in a new automatic flatiron. The Spencer thermostat consists
of a convex disc of 2 dissimilar metals welded together. When heated to a
certain predetermined temperature, this disc has the peculiar property of
snapping from the convex to a concave shape. When it cools to a lower temperature is again changes Its shape, becoming
can be used to open and close electric circuitsconvex once more. This action
and provides
of
heat control. By varying the characteristics of the disc ita new method to
can be made
act within any desired temperature ranee from below zero
degrees to 700
degrees Fahrenheit.
-11. 120, p. 1894, 2025.
Waish, Agricultural Co., Ltd.
a
-Annual Report.-
Catendar YearsNet profits
Dividends paid
1924.
1923.
1921.
1922.
$1,190.342 $1.129.414
3497.725loss$1873722
(15%)900.000 (10)600.000 (2)100,000(915)525,000
Balance, surplus
-V. 115. p. 2488.
$290,342
$529.414
$397.7251oss$2398722
Wailuku (Maui) Sugar Co.
-Annual Report.
-
Calendar YearsNet profit
Dividends paid (16%)
Balance, surplus
1924.
$645.346
480.000
1923.
3627.648
450.000
1921.
1922.
$125,379 loss$25,432
60.000
270.000
$165.346
$177.648
865.379 loss$295.432
Waldorf System, Inc.
-Earnings.
-
3 Mos. ended Mar. 31
1925.
1924.
1922.
1923.
Number of customers11.112,963 12,027.285 11,835,168 10.308,987
Sales
$3,173.153 $33.426.948 $3,334,600 $2,800,376
Net profits
3250.579
$314,735
$332.697
$285.715
Preferred dividends.._
26.827
28,670
32.841
32.592
Common dividend
138,003
138,003
100,402
100.402
Surplus for period_ _ -$85,749
$152,472
$148,062
$199.703
-V. 120. p. 1216, 840.
Warner Sugar Corp.-Consol. Bal. Sheet Dec. 31 1924.-
lIncludIng subsidiary companies and Warner Sugars.
Leaving the net as above stated
$252.990.662
illo.1
AssetsNow it might be pointed out that the company has about $100.000.000
Liabilities
of Government bonds. But those bonds are capital, because they are held Refinery prop .less lepr.$12.089.167 Capital stock of corp. _ $7,500.000
._
against and to protect and care for the depreciation accounts. And I am New Hampshire prop__ 2.744.051 Corn, stock of Warner
1
Prop. In Cuba. less dep__ 9.268 :38?
going to tell you something about those accounts a little later.
Sug.. Inc. (not owned)
5.000
Then some of you will say, perhaps that you have a large sum in that Lands
5.314 757 1st M. 7s of 'Warn. Sug.
contingent account. What are. ou going to do with that? If I knew Cane & pasture cultIv'n_ 1.144.128
Ref. Co.. due 1941_ -_- 5.250.000
exactly what we were going to do or knew what we need not do I would Live stock
51.962 I st & Ref. M.7s
5610.700
tell you. There are a good many things that we have to provide against, Stocks & other aecuritles_
479 830 Purch. money nblig
531 7'0
Due from officers
a good many things which for lack of knowledge we cannot tell about in
373.6118 % secured gold notes._ x8.206.900
advance: but if we did not provide for them and it turned out that we were Gomez Mena S. Co. notes 1,813.090 Loans & notes Payable..
616.000
170 971 Trade notes & accept. pay
wrong in guessing, we might have to pay when we did not have the money Open account
742.922
to pay with: and then where would We be? For instance, you read in the Adv.to Colonos (less res.) 1.828 526 4ccounts payable
1,154,447
2.823 333 teemed liabilities
newspapers awhile ago that the Government was claiming we owed it Inventories
641.347
5851887 Res. for Fed. Inc taxes
$64,000.000 taxes that we should have paid. I want to say first with Exp. on 1924-25 sug. crop
900.000
515 729 Res, for contingencies__ _ 4.500.000
reference to that, not by way or defeose. but as a statement of a fact, that Sundry a ccts.rec.(1ess res)
766 60? Paid-in surplus
the Government did not discover anything VIM had been hidden from it. Trade accts. rec.(less res)
7,279.001
479.583
they did not find we had neglected to expose the facts and figures with Due from U. S. Govt.__
1.410.135
respect to cur business: but we believed there might be an honest difference Cash
1.113 385
of opinion in regard to our liability: just as now has turned out to be the Deferred charges
Total (each side)
$13.003,067
x There are Wedged as security or tnese notes all the Preferred and
case: and we provided for the worst if a decision should be made against us.
In other words, we have kept on the safe side all the time, everywhere, Common stock of Warner Sugars. Inc.. and a note of that company (whose
net assets as included in this baiance sheet amount to $3.776.544) for
holding our money we we do not think we owe It, even against the Government: if law and justice entitles us to the money we fell justified In keening $4.670 738 also, subject to prior liens 82.111.000 1st & Ref. Mtge. bonds
it, telling the Government we have kept the money and we propose to keep and all of the assets of Warner Sugar Corp.
Continient Liabilito.-In respect of guarantee of advances to Colonos by
It until a fair adjudication determines otherwise.
Now, remember that this corporation is doing a business or has done Royal Bank of Canada. 837.444.-V. 119. p. 2892.
a business of from a billion and a half to two billion dollars a year, that It
White Eagle Oil & Refining Co.-Earnings.has had employed from 260.000 to 270.000 to 300.000 men, that wages
Quar. End. Mar.311925.
1924.
have been advancing, that everything has been advancing: and, more than
1923.
1922.
Sales
$2.912,726 $2,588.989 $3.536.273 $2,398,980
all that, remember that up to the time of the war competition coming from
1,514.215
foreign countries was increasing and growing more bitter and more strenu- Cost of sales
990.410 2,193.556
1,675,345
Gen.adrn.& selling exp.
564.141
534.856
ous, that that ever since the war the competition in the United States has
511.416
252,072
been increasing I will not say has been desperate, but I will say has
Profit from operations $834,369 $1,033.723
been exceedingly strenuous; new concerns have come along, concerns well
$831.?02
$471.563
Misc. income credits.-80,490
57.001
financed in the beginning, able to build the best and to buy the best,
52,719
37,176
determined to secure a place in business that would enable them to prosper,
Total income
8914.859 $1,120,724
whatever happened: and then remember with that, gentlemen, that the
$881,020
$508,739
102.006
113,135
flag of the Steel Corporation has always been up. ready to meet fairly. Misc. income charges.-93.950
40,020
decently, honestly, all competition, wherever it may come from. in this
Net Income
$812.853 $1,007,589
country or any other: and bear in mind also that it is our principle, and
$790,070
$468,719
The above represents net income before deducting reserve for depreciaour policy based on principle, that we will accord to our employees as good
treatment as like employees in similar employment receive in any other tion, depletion and Federal income tax.
-V. 120, p. 970.
business anywhere. Remember that we have established conditions among
Willys-Overland Co.
-Resumes Preferred Dividends.
our men that are not only humane, and therefore right, but also have
secured for us and are bound to secure for us continuously in the future The directors on April 21 declared a quarterly
dividend of
the selection of men who will do the best work and the most work; and
13
4% on the 7% Cum. Pref. stock, payable May 10 to
therefore it has been good business policy to do what we have done.
Now I hope we are building up our funds somewhat. I am hoping that holders of record April 30. The last distribution made on
some time. I do not know when any better than you, because it depends this
issue was 134°7 on Oct. 1 1920.
0
upon business conditions always, that they may yield some additional
profit to the stockholders. I hope so. as I said before, because I have a
Earnings Quarter Ended march 31,
peculiar interest in that question; but better than that, and principally.
1925.
1924.
because I hope to secure for the stockholders of the corporation in the
1923.
$3,171,466 $2,160,520 32,729.469
long run and as rapidly as good, prudent management permits, sufficient Net before Federal taxes
profits to justify them in concluding that the management of the Steel -V. 120, p. 1906. 1875.
Corporation, as now conducted, is fair and reasonable as well as conserva(Willian1) Wrigley, Jr., Co.
-Earnings.
tive; but only wise and prudent.
Quarter Ended March 31Of course I will admit, if I were a speculator on the Stock Exchange.
1925.
1924.
Earnings
buying to-day in the hope of selling to-morrow or next month at a profit.
$4,442,489 $3,915,989
I might be glad to have the management of a corporation that would take Expenses
1,571,230
1,507,565
Depreciation and Federal taxes
some action in the way of declaring dividends which temperarily advancid
382,861
471,126
the prices of securities, leaving that management to shoulder the trouble
Net profit
If it came afterwards by reason of their taking any action proved to have
$2,400,133 32.025,563
-V. 120. p. 2026. 840.
been improvident.
We do not manage our corporation for the stock market. I have been
Youne stow-t Sheet & Tube Co.
,
-Earnings.
too positive and too plain in repeatedly making that declaration for anyone
Quarter Ended March 311925.
to have any doubt about it. We make our securities intrinsically a little
1923.
1924.
$7,423,540 $7.322.138 $4.383.418
more valuable all the time, or at least we have done that up to date. And x Net earnings
Other income
452.350
we have increased the payment of dividends on our Common stock, by
330.841
519.429
special dividends, extra dividends, so that if it could be continued it would
Total income
37875.890 37.841.567 $4,714,259
amount to a rate of 7%. And as I started to say, we made those increases Miscellaneous
charges
$3340.060
as soon and in amounts as large as we believed reasonable and practicable Depreciation
3422.482--2.008.666
and wise, taking everything into account.
2,006.5251 $995,352
259.446
You may be assured the present management of the Steel Corporation Depletion
19.038j
1.077.093
will conduct its affairs in every respect from the standpoint of good business, Interest
54.183
1,102.888
495,000
454.000
safe management,good morals and the general public interest,just as reason Federal tag, estimated
530.000
249.219
174.552
-V.120, p. 1894, 1578 Preferred dividends
able, sensible stockholders would like to have them.
249.219
Common dividends
987,606
987,606
1.234.508
-Guaranty, &c.
Valley Camp Coal Co.
-
See Great Lakes Coal & Dock Co.. above.
-Earnings.Virginia Iron, Coal & Coke Co.
Quarter Ended March 31Gross operating revenue
Operating expenses
Nett perating revenue
Revenue from other sources
1924.
1925.
$839.252 $1,420.745
749,007
1,355.736
$80,245
229,826
$65.009
33,991
Total net revenue
Bond interest, &c
$310.071
92,765
$98,999
93.207
Net earnings
-V. 120, p. 1085.
$217,306
$5.792
(V.) Vivaudou. Inc.
-To Change Par of Common, &c.
The stockholders will vote May 19 on changing the authorized Common
stock from 340,000 shares of no par value, to 340,000 shares, par $10.
The stockholders will also vote on retiring the authorized $1,000,000
Preferred stock, of which there are about 1,500 shares outstanding.
-V.119,
p. 2773.
-New Patent.
Westinghouse Electric & Mfg. Co.
The company has acquired certain of the United States rights to a new
type of heat control device invented by John A. Spencer of Revere. Mass.,
for a consideration in the possible neighborhood of 31.000.000. The device,
known as the Spencer thermostat, will be used to regulate automatically the
Surplus
32,458.601 82.276,907 $2.048.566
x From operations after deducting allpenses, including charges for
repairs Azil maintenance.
-V. 120. p. 202r
CURRENT NOTICES.
"The Stock Exchange Official Intelligence" for 1925 (Vol. 43) has
Just been received. This volume, containing 1.902 pages, is a carefully
revised compendium of information regarding British, Indian, Colonial,
American and foreign securities. Vol. 43 contains particulars of about
1,600 more companies than were given in the 1924 edition, as well as
details of about 100 various bond issues that were not found in that volume.
Vol. 43 also contains special articles on Indian finance and company law
decisions; statistics relating to municipal finance, county finance, colonial
finance. and British and foreign finance: a list of brokers who are members
of the London Stock Exchange; also information as to stamp duties, trustee
Investments, the public trustee, income tax, company registrations. &c.,
&c. The book is published in London, under the sanction of the Committee of the London Stock Exchange, by Spottiswoode, Ballantyne & Co..
Ltd., 1 New Street-Square, E. C. 4.
Federal Securities Corp., Chicago. announce that Geo. Lee McCandless
has become associated with their organization.
TUE CHRONTCLE
APRIL 25 1925.]
2161
geports and privautents.
THE DELAWARE:LACKAWANNA AND WESTERN RAILROAD COMPANY
ANNUAL REPORT—FOR THE YEAR ENDING DECEMBER 31 1924.
The decrease in express earnings is important and disapNew York, March 1 1925.
pointing, as it further affects and depletes passenger train
Stockholders of The Delaware Lackawanna
To the
earnings. It is difficult to account for this decrease. It
and Western Railroad Company:
remarkable business and industrial activities of the probably is due to several causes, none of them important
The
country during the year 1923 continued unabated during the but all combined resulting in a loss that is significant.
The increase in mail earnings is satisfactory, and is due
first four or five months of 1924, but thereafter, due probably to the coming Presidential election and the numerous to the Company having provided certain terminal facilities
issues involved therein, many of which were of a distinctly at important points, which induced the postal authorities to
disturbing character, the situation changed perceptibly, re- route mails over this Company's lines that formerly went
sulting in a slowing down of railway business and a marked through other channels. The management expects that the
decrease in earnings, which affected the gross and net re- furnishing of these improved facilities will result in further
sults of railway operations throughout the entire country diversion of mails over the lines of this Company.
The increase in earnings on the Company's milk traffic is
for the year 1924.
After the outcome of the election had become certain there very satisfactory as showing a steady growth therein from
was an unusually sudden and strong reaction from the pre- year to year. This traffic is a valuable source of revenue
election dollits and fears which, together with the generally and is handled principally on three daily trains each way
favorable outturn of the farmers' crops and the high prices in and out of Hoboken with practically the same speed and
realized therefrom, caused an entire revulsion of feeling regularity as the Company's passenger trains are operated.
The gross transportation revenues of the Company for the
during the closing months of the year, ushering in what at
96,727.183 91 and were the second largest
this writing appears to be a period of connnercial, industriat year amounted to $
agricultural activity and prosperity such as the country in its history, those for 1923 having been greater.
and
The service rendered by the Company was performed, as
has never before experienced.
This Company and all other railways throughout the coun- heretofore, without delays or congestions of any consequence,
try benefited greatly therefrom and were enabled to, in a and to the satisfaction of its patrons. Likewise, as the demeasure, recoup the losses sustained during the earlier tails of the cost of maintenance and operation of the Commonths of the year, and their outlook for the future is very pany's properties will show, its activities were economically
prosecuted and its showing of net results has not been
promising.
The gross earnings of this Company, while showing reduc- equaled in any previous year.
tions, were on the whole satisfactory in view of the general
OPERATING EXPENSES.
business conditions that prevailed, as outlined above.
The cost of maintenance of the Company's fixed properThe reduction in earnings from the transportation of coal ties was but slightly more than in 1923, and their condition
was disappointing. It was due in part to the mining com- generally at the close of the year was in every particular
panies producing less coal and to the small or steam sizes excellent. There was a shortage of labor in different localibeing stored at the mines and not transported, owing to the ties during those months when the greater part of the mainlow prices of bituminous coal with which those sizes of an- tenance work must be done, but this has been overcome to
thracite compete; also, in some measure, to the use of othei large extent by the increase in labor-saving appliances which
fuels for domestic purposes because of the high prices at in recent years have been designed and put in use, as exwhich anthracite is held.
plained in previous reports. The management proposes durThe increase in earnings from the transportation of miscel- ing the coming year to install other appliances, the use of
laneous freight was satisfactory, under the conditions that which will Increase the efficiency and economy of the Comobtained during the year, as previously stated.
pany's maintenance work.
The decrease in earnings from the transportation of pasThe cost of maintenance of equipment for the year desengers was distinctly disappointing. It was due largely to creased in the sum of $2,539,444, this being practically
all
the falling off in immigrant travel, which has been re- due to the decrease in the cost of repairs to locomotives.
stricted increasingly for several years under the laws passed This reduction was possible owing to the
extraordinary
by Congress governing the number and character of immi- effort made in 1923 to restore the motive power of the Comgrants admitted into this country annually.
pany to the high condition it was in prio. to the strike of
To a far greater extent, however, has the Company's pas- July 1 1922. During the past year further intensive efforts
senger traffic been reduced by the increased use of auto- were made to restore its locomotives to the best possible conmobiles for travel to resorts or elsewhere, for health, pleas- dition, with the result that this most important element of
ure or business, by those who formerly traveled by train. the Company's equipment is in every respect in first-class
Furthermore, there are numerous motor bus lines making condition and it has been possible recently to reduce the
daily regular trips on highways located, in many cases, forces in some of its principal shops.
parallel to the Company's railway for many miles and chargThe cost of repairs to freight cars increased in quite an
ing somewhat lower fares than the Company's rates, with amount, due to much of this class of equipment being old
the result that the short distance travel it formerly enjoyed and needing extensive repairs. This is likely to continue
in those localities has almost all been taken from it.
during the coming year.
It will be seen, when the annual reports of the railways
The cost of repairs to floating equipment also increased
for the year 1924 have been compiled and distributed, that in a substantial amount. This was due to extensive repairs
this loss of traffic has been countrywide and presents serious being made on some of the old wooden craft used in handling
problems which it will be difficult, if not impossible to solve, freight about the harbor of New York.
the effect being chiefly a reduction in their net earnngs, they
Traffic expenses increased in the sum of $98,047, this being
finding it impossible to reduce their passenger train mile- due to increases in outside agency forces engaged in the soage to an extent commensurate with their passenger revenue licitation of traffic, much of which is highly competitive
with other companies.
' losses.
This competition is of a permanent character and will
The cost of conducting transportation was less than in the
doubtless increase with the growth in the production and preceding year by the sum of $2,658,359, a very excellent
sale of motor vehicles of every kind, as to which there now showing, and by reference to pages 16, 17 and 18 of this
[pamphlet] report it will be observed that decreases were
seem to be no bounds.
2162
THE CHRONICLE
effected in a large majority of the items of cost coming
under this heading.
The largest saving, however, was in the cost of fuel for
locomotives and floating equipment, which aggregated
$2,532,676. This reduction was accomplished by extraordinary efforts to obtain the best quality of bituminous coal
available and the measures adopted and enforced to secure
better service on the part of enginemen and others in the
use of fuel.
The cost of bituminous coal was also greatly reduced as
a result of purchases made from non-union mines and the
coal companies having union labor finding it necessary to
reduce prices to those made in non-union fields in order to
hold their trade.
The items of greater cost under Transportation Expenses
showing the highest increases were Loss and Damage—
Freight, $64,981, and Injuries to Persons, $178,636. As to
the first named, this increase was chiefly due to claims for
damage to perishable freight, notably grapes and other
fruits shipped from California to the Eastern States. As to
the other item of increase named, this no doubt was largely
due to the increase in crossing accidents and the striking of
automobiles, causing injuries to the occupants of same, at
street and highway grade crossings. These accidents in
most cases involve the Company in claims which have to be
settled and aggregate a large sum annually, and their number increases from year to year.
General Expenses shows but a moderate increase, totaling
$70,607, and includes increases in most of the items under
that heading.
Operating Expenses for the year aggregated $64,485,908,
or a decrease from the year 1923 of $4,981,944.
Net Revenue from Operations was $22,241,275, or 25.65%
of the gross revenue for the year.
TAXES.
[Vox,. 120.
sistently do otherwise in view of the fact that in no section
of the country have the railways earned in any year the percentages on their valuations which the Transportation Act
and the rulings of the Commission have fixed as reasonable
and just.
The Company's activities during the year, including its
very substantial investments in new equipment, also in new
construction on its leased lines and additions and betterments of various kinds on both its own and its leased lines,
have all been financed out of its income, and at the close of
the year it was in the same strong financial condition as in
past years.
In addition to the regular dividend of 12%, an extra dividend of 2% was declared in December, payable in January
1925.
The management desires to express its appreciation of the
loyalty and efficiency of its official staff and its employees
in every department, which have made possible the Company's excellent showing for the year 1924.
Respectfully submitted,
W. H. TRUESDALE, President.
STATEMENT OF OPERATIONS FOR THE YEAR ENDED
DEC. 31 1924, COMPARED WITH THE YEAR ENDED
DEC. 31 1923.
Increase(+)or
1924.
1923.
Revenues—
From Transportation of Coal_23,576,425 27 25.151.009
97 —1.574,584 70
From Transportation of Merchandise
39.874,878 40 39.085,363 98 +789,514 42
From Transportation of Passengers
13,600,454 02 14,185,914 42 —585,460 40
From Transportation of Mail
876.105 72
789,390 80
+86,714 92
From Transportation of Express
1,642,36976 1,834,067 78 —191,698 02
From Transportation of Milk_ 2,302.112 83 2,183,333
81
+118.779 02
Other Revenue from Trans-portation
3,365.152 84 3,396,778 42
—31,625 58
Incidental Revenue
1,489.685 07 1.611.114 78 —121.429 71
Total Revenues
86,727,183 91 88.236,973 96 —1.509.790 05
Expenses—
For Maintenance of Way and
Structures
The deduction from the earnings of the Company for
7.745,720 09 7,663,063 54
+82,656 55
For Maintenance of Equiptaxes was $6,900,101, an increase over those of the preceding
ment
18,699,630 45 21.239,07504 —2,539,44459
For Traffic Expenses
1,406,167 84 1,308,120 76
+98.04708
year of $904,404, or over 15%, and an increase of over 40% For Transportation Expenses_34,091,817 09 36,750,177
03 —2.658.359 94
For Miscellaneous Operations_ 656,537 17
681,739 01
—25.201 84
above those paid two years ago.
For General Expenses
1,924,509 70 1.853,902 55
+70.607 15
This great increase in taxes is a very serious feature of For Transportation for Investment—Cr
88,473 66
28,224 46
+10,249 10
the railway situation, as there appear to be no serious efforts
Total Expenses_ _ _ _74.35% 64,485.908 79 69.467.853 48 —4.981.944 69
being made to stem the rising tide of expenditures for GovNet Revenue from
ernmental activities, which cannot result otherwise than in
Operation
25.65% 22,241,275 12
64
Less Railway Tax Accruals... 6,900,101 85 18,769.120 48 +3.472,154 34
5.996,667 51
+904,404
further tax levies on property of all kinds; but the railways Less Uncollectible Railway
Revenues
12.510 41
22.233 25
—9.742 84
appear to be especially singled out, through the operation of
Operat.ng Income
15.328.662 86 12,751,169 72 +2,577.493 14
various devices, to carry an undue share of this great and
increasing burden.
Add Additional Income—
The total additions to income from other than transpor- Jomt Fac.hty Rent Income,_ 145,591 99
139,070 12
+6.521 87
Hze of Eqwpment—Cr. Bal
tation activities aggregated $5,700,343. The total gross in- Income from Unfunded Securi- 451,706 90 852,759 31 —401,05241
Les and Accounts
229,446 77
83,967 42 +145,479 35
come was $21,029,006, from which were paid rentals of M.scellaneous Rent Income_
267:213 30
281,083 73
—13,870 43
leased lines, rentals of New York piers, interest, additions Miscellaneous Non-Operating
Phys.cal Property
63,853 66
64,765 50
—911 84
D.v.dend Income
505,566 17
571,664 50
and betterments and dividends of 14% declared on the cap- Income from Funded
—66.098 33
Secur.ties 4,050.105 21 3,973,792 59
+76,312 62
ital stock of the Company, leaving a balance of $2,277,305 Miscellaneous Income_
11,080 85
4.755 19
+6.325 68
Income from Sinking and Other
carried to Surplus Account.
Reserve Funds
1,97250
1,468 17
+50433
Income from Lease of Road_ _
11.264 96
16,142 98
—4.87802
The amount expended during the year for new equipment Earnings Coal Department_ _ __
163 98
418 37
—582 35
was $4,391,510, the details of which are shown on Page 19 Sundry Additions and Deduc- 37,294 92
tions
331,408 67 —368,703 69
of this [pamphlet] report, as are also the details of expendi21,029.006 27 19.072,46627 +1,956,54000
tures from income for additions and betterments, amounting
Deductions from Income—
Rentals of Leased Roads
5,967,749 29 5.714,374 41
to $569,808.
+253.374 88
Interest on Funded Debt
5.856 00
5.856 00
On Page 5 [pamphlet report] will be found the operating Rental New York Piers
348,155 74
348.283 89
—128 15
Additions and Betterments
569.808 15
503,136 10
+66.672 05
results and statistics for the year as compared with 1923. Interest on Unfunded Debt
38,377 31
122.814 44
—84,437 13
This comparison is not favorable for the year under consid14,099,059 78 12,378,001 43 +1,721.056 35
11,821.754 00 10.132,932 00 +1.688,82200
eration, as respects the average freight tons hauled per train Less Dividends Declared
2,277,305 78 2.245,069 43
mile and the average earnings per freight train mile, as also _Balance, surplus
-1-32,236 35
the average tons per loaded car mile. This showing is all -.OPERATING... ESULTS AND STATISTICS FOR THE
R .
YEAR
ENDING DECEMBER 311924.
oo
due to the reduction in W
tonnage of heavy commodities,
.
Inc.(+)or Dec.(r-)
such as coal, coke and iro
linforted during the year.
Freight Statistics—
1924.
1923.
Amount.
%
Freight Train Miles—
This reduction, as is shown a12 [pamphlet report],
Revenue
6.653.343
6,431,117
+222.226 3.5
Total Freight Train
amounted to 1,962,454 tons.
Miles
7,061,078
6.752,224
+308.854 4.6
The passenger train statistics also make an unfavorable Freight Locomotive
Miles—Revenue _--8,989,001
9,176,293
—187,292 2.0
showing as compared with 1923. This is due to the decrease Total Freight Locomotive Miles
9,572,905
9,699.410
in passenger train earnings, as previously explained.
—126.505 1.3
Loaded Freight Car
Miles
205,991.178
No important changes in freight or passenger rates affect- Total Freight Car Miles 308,178,955
195.796.673 +10,194,505 5.2
295,476,003 +12,702,952 4.3
ing this Company were made during the year, the average Tons of Revenue Freight
Carried
28,139,260
29,574,608 —1,435.348 4.9
ed
revenue per ton mile was the same as in 1923 and the aver- Tons of Com pany
rent
2,964.740
2,382,724
+582.016 24.4
age revenue per passenger mile was slightly less than in 1923. Ton Ailes of Revenue
Freight
The policy of the Interstate Commerce Commission ap- Ton Mlles of Company 4.809.172,405 4.852,525,642 —43,353,237 .9
Freight
207,501,685 +122.270.085 58.9
pears to have been to stabilize rates on the basis established Gross Ton Miles (Cars 329,771.770
and Contents) All
shortly after the end of Federal control. It could not conFreight
11,483,470,105
11,018,621,875 +464.848,230 4.2
APRIL 25 1925.]
THE CHRONICLE
Freight Statistics
Inc.(+) or Dec.(-)
(Concluded)1923.
Amount.
1924.
%
Net Ton Mlles, All
Freight
5,138,944,175 5,060,027.327 +78,916,848 1.6
Average Revenue per Ton
Mile (Cents)
1.32
1.32
Average Distance Hauled
per Ton Miles)
164.08
170.91
+6.83 4.2
Average Revenue Tons per
722.82
Revenue Train Mile
754.54
-31.72 4.2
Average Revenue per
9.54
Train Mile
9.99
-.45 4.5
Average Gross Tons(Cars
and Contents) per Revenue Locomotive Mile_
1.200.77
1,277.50
+76.73 6.4
Average Gross Tons(Cars
and Contents) per Locomotive Mile_ _ _ _ _ _ _
1,136.01
1,199.58
+63.57 5.6
Average Gross Tons(Cars
and Contents) per Revenue Train Mile
1,725.97
1,713.33
+12.64 .7
Average Gross Tons (Cars
and Contents) per
Train Mile
1,626.31
1,631.85
-5.54 .3
Average Net Tons per
Revenue Train Mile_ _
772.39
786.80
-14.41 1.8
Average Net Tons per
Train Mile
727.78
749.39
-21.61 2.9
Average Tons per Loaded
Car Mile
24.95
25.84
-.89 3.4
Percentage of Loaded to
Total Car Miles
66.84
66.26
+.58 .9
Passenger Statistics
Passenger Train Mlles_ _
5,018.679
Mail and Express Miles
854.171
Total Passenger Train
Miles
5,872,850
Total Passenger Locomotive Miles
6.321,670
Passenger Train Car
Miles-Sleeping, Parlor and Coach
24,186,811
Total Passenger Train
Car Miles
44,135,881
Revenue Passengers Carried
28,918,623
Revenue Passengers
Carried One Mile___ _ 660,825.635
Average Revenue per Passenger Mile (Cents)_ _ _
2.06
Average Distance Hauled
per Passenger (Miles)..
22.85
Average Revenue per
Train Mile-Passengers Only
2.71
Average Total Revenue
per Train Mile
3.17
Average Cars per Train
Mile
8.
Average Passengers per
Train Mile
132.
Average Passengers per
Car Mile
27.
4,898.745
848,840
+119,934 2.4
+5.331 .6
5,747,585
+125,265. 2.2
+13.120
6,308,550
.2
23,231,822
+954.989 4.1
42,099,886
+2,035,995 4.8
29 231,693
-313,070 1.1
667,289,802
-6,464,167 1.0
2.13
2163
INCOME ACCOUNT FOR THE YEAR ENDING DECEMBER 318T
1924.
To Taxes
36.900.101 85
" Interest on Bonds
5.856 00
" Rentals of Leased Roads:
Morris & Essex RR
$2,387,500 00
Morris & Essex Extension RR
8,840 00
Newark & Bloomfield RR
-96,000 00
Passaic & Delaware RR
5.552 50
Passaic & Delaware Extension RR
4.000 00
Warren RR
174.790 00
Lackawanna RR. Co. of New Jersey
430,000 00
Oswego & Syracuse RR
118,836 00
Utica Chenango & Susquehanna Valley. 240,000 00
Ry.
Syracuse Binghamton & New York RR__ _ 300.000 00
Greene RR
12,000 00
New York Lackawanna & Western By...... 1.645,20879
Valley RR
37.500 00
Sussex RR
32,772 00
Cayuga & Susquehanna RR
54,600 00
New York & Hoboken Ferry
420,150 00
Rental New York Piers
348,155 74
6,315,905 03
To Additions and Betterments
569,808 15
Operating Expenses
64,485.908 79
Rentals joint Facilities
-Dr
"
60,365 51
" Uncollectible Railway Revenues
12,510 41
" Interest on Unfunded Debt
38,377 31
" Sundry Additions and Deductions
37,294 92
" Coal Mining Accounts
-Net Debit
163 98
Balance,net income for the year,carried to Profit and Loss
14.099,059 78
$92,525,351 73
By Operating Revenues
$85.237,498 84
Incidental Revenues
1,489,685 07
" Rentals Joint Facilities-Cr
205,957 50
" Income from Lease of Road
11,264 96
" Miscellaneous Income from Other Sources:
Hire of Equipment
$451.706 90
Income from Unfunded Securities and Accounts
229,446 77
Miscellaneous Rent Income
267,213 30
Miscellaneous Non-Operating Physical
Property
63.853 66
Dividend Income
505.566 17
Income from Funded Securities
4,050,105 21
Miscellaneous Income
11,080 85
Income from Sinking and Other Reserve
Funds
1,972 50
5.580,945 36
$92,525,351 73
-.07 3.3
22.83
+.02
.1
2.90
.19 6.6
3.34
.17 5.1
14.3
7.
+1.
136.
-4.
2.9
29.
-2.
6.9
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDING
DECEMBER 318T 1924.
To Dividends (12% per annum)
310,132.932 00
extra)
" Dividends C2%
1.688,82200
" Balance to Credit:
December General Balance Sheet
121,826.406 68
$133.648.160 68
By Balance Brought Forward from December 31st 1923- _$119.549.100 90
Net Income for Year ending December 31st 1924
14.099,059 78
$133,648,160 68
GENERAL BALANCE SHEET. DECEMBER 31ST 1924 AND 1923.
Investments:
Investment in Road and Equipment:
Road
Equipment
Improvements on Leased Railway Property
Miscellaneous Physical Property
Investments in Affiliated Companies:
Stocks
Bonds
Notes
Advances
Other Investments:
Stocks
Bonds
Notes
Advances
Current Assets:
Cash
Loans and Bills Receivable
Traffic and Car Service Balances Receivable
Net Balances Receivable from Agents and Conductors
Miscellaneous Accounts Receivable
Materials and Supplies
$47,422,710 42
48,379,676 48
15,968,761 44
2.263.027 15
$46,361,824 74
44,847,284 42
15,589,031 13
2,263.546 14
$1,060,885 68
3,532,392 06
379,730 31
10,857,089 25
2.310.992 50
4.053,288 54
2,447,020 27
10,856,649 25
2,304,972 50
3,849.549 16
1,987.644 31
440 00
6,020 00
203,739 38
459.375 96
1,251,002 75
95,860,381 74
4.803,874 11
8.733,806 39
$244,351.631 04
1,251.002 75
95.788.863 64
/1,518 10
4.888,224 11
84,350 00
5,272,963 27
3.460,843 12
$235.261,555 42
32,262.162 18
260 37
1.352,621 46
937.449 58
2,923,788 98
4.871,979 11
32.552,530 07
203,863 67
864.52944
991,439 33
3,167.004 89
5,869,272 48
•
$12,348,261 68
Deferred Assets:
Working Fund Advances
Insurance and Other Funds
$32,812 66
47,019 50
Unadjusted Debits:
Rents and Insurance Premiums Paid in Advance
Other Unadjusted Debits
Securities Issued or Assumed Unpledged
$79.832 16
$724,488 83
687,716 47
3,058,300 00
$44,470,505 30
$261,250,230 18
LIABILITIES.
Capital Stock:
Common Stock
Premium on Capital Stock
$87,277,000 CO
70,720 00
Long-Term Debt:
-Funded Debt Unmatured
Non-Negotiable Debt to Affiliated Companies
Deferred Liabilities:
Other Deferred Liabilities
Unadjusted Credits:
Tax Liability
Insurance and Casualty Reserves
Operating Reserves
Accrued Depreciation-Equipment
Other Unadjusted Credits
$320,000 00
213,633 80
$1,012 79
$78,819 37
$702,430 72
681.648 53
3,058,300 00
$22.058 11
6,067 94
$4.442.379 25
$253.431.393 92 $7.818,836 26
-
$87,347,720 00
$320,000 00
230,522 54
$13,572,595 88
$3,804,270 80
490.517 89
76.602 16
27,424,881 16
1.158,759 98
10,888 74
$550.522 54
$2,997,930 41
4,532.795 29
8,094 05
3,212 00
17.329 30
2,533,233 00
1,366,172 64
4.628 98
$112.839 99
186.958 66
1.303 64
209 00
1,912 55
36,370 87
1.688,82200
311.463,395 67
$62,01b 70
$50,164 20
$2,994,513 52
390.050 75
90,120 60
25,478,723 97
1,154.900 94
157,768 34
$11.854 50
$809,757 28
100,467 14
13,518 44
1,946,157 19
3,859 04
$32,955,031 99
$30,108,309 78
$44,952,823 13
$4,362,180 83
$590.642 30
121,826,406 68
119.549,100 90
2,277.305 78
$126,779,229 81
$123,911,281 73
$261,250,230 18
$290,367 89
203,603 30
488,092 02
53,989 75
243,215 91
997,293 37
$87,277,000 00
70,720 00
$3,110,770 40
4,719,753 95
9,397 69
3.003 00
15,416 75
4.222,05800
1,329,801 77
162.397 32
Corporate Surplus:
Additions to Property through Income and Surplus
silk Profit and Loss-Credit Balance
Figures in italics indicate decrease.
$13.648.639 88
387.347,72000
•
518 99
$31.799 87
47.019 50
$533,633 80
Current Liabilities:
Traffic and Car Service Balances Payable
Audited Accounts and Wages Payable
Miscellaneous Accounts Payable
Interest Matured Unpaid
Dividends Matured Unpaid
Unmatured Dividends Declared
Unmatured Rents Accrued
Other Current Liabilities
Increase or
Decrease,
1923.
1924.
ASSETS.
3253,431.393 92 37.818.836 26
2164
THE CHRONICLE
[Vol- 120.
CITIES SERVICE COMPANY
FIFTEENTH ANNUAL REPORT—FOR YEAR ENDED DECEMBER 31 1924.
When the stocks of refined products are taken into conYour Board of Directors submits herewith the Fifteenth
Annual Report of the Company, covering the operations for sideration, statistics indicate the following situation: there
were in storage at the beginning of the year 476,000,000 by the year 1924.
The financial statements shown in this report reflect the rels of crude and refined products which steadily increased
to the end of August when there were 522,000,000 barrels in
satisfactory progress made during the year.
The balance of earnings, after interest charges, applicable storage. At the end of the year there were 508,000,000 barto dividends and reserves amounted to 2.90 times the divi- rels in storage, a decrease from the peak of approximately
dends on the Preferred and Preference stocks and the 14,000,000 barrels. It is the first time since 1919 that stocks
amount remaining after dividends on Preferred and Pref- have been drawn upon for four consecutive months. The Inerence stocks was $21 14 per share on the average amount dustry entered the new year in an improved condition, and
present indications are that higher average prices (for both
of Common stock outstanding.
The position of the Company and its subsidiaries on De- crude and its products), will obtain for the year 1925, than
cember 31 1924 showed current assets of $57,408,803 34 and during 1924 or 1923.
At the beginning of 1924, Mid-Continent crude prices
current liabilities of $28,260,866 02. The excess of current
assets over current liabilities (working capital) was $29, ranged from 75c. to $125 per barrel, depending upon the
grade of oil. On March 8 the peak price for the year was
147,937 32, of which $13,697,725 85 was in cash.
The combined net earnings of the Company and its sub- reached when crude oil was worth from $125 to $225 a barsidiaries equaled 8.23% of the total capitalization and rel at the well, and at the end of the year prices had again
funded debt of the Company and subsidiaries outstanding swung to the low level of 75c. to $1 25. Since January 1 1925
in the hands of the public, as compared with 8.24% in the there have been several advances and since February 12 the
preceding year, and 7.94% for the year 1922.
posted price for Mid-Continent crude has been $135 to $235
The results of the year can be viewed with satisfaction, per barrel. During 1924 the most noteworthy fields to be
not only with respect to operations, but because of general brought in were—Cromwell, Papoose, Tonkawa deep sand in
Improvement in the Company's financial structure and credit Oklahoma, Smackover extension in Arkansas, Wortham in
position. In the operating field further progress was made Texas, Rainbow Bend in Kansas, and Cominguez in CaliforIn extending territories served by your subsidiaries through nia.
The crude oil production of the Cities Service subsidiaries
the acquisition of other companies doing business in the
same or adjacent territory. This work of rounding out in the United States was 9,308,000 barrels, as compared with
your existing properties is in accordance with the announced 9,945,000 barrels in 1923.
Crude oil in storage on leases and on tank farms at the
policies of your Company and the prevailing trend of development. As a result, greater economies will be effected and close of the year was in excess of 3,100,000 barrels, an increase of approximately half a million barrels from the prebetter service guaranteed to the public than heretofore.
The outstanding event of the year from a financial and vious year. Most of the additional oil went into storage
organization standpoint was the formation of the Cities during the period of declining prices. The usual amount of
Service Power & Light Company for the purpose of grouping oil was marketed, the pipe lines of the Company in the Midthe utility properties into one company. This plan of Continent handling a daily average of about 30,000 barrels.
During the year 1924 the industry saw further increases
grouping similar activities had long been considered as
desirable and essential, and its accomplishment with re- in the demand for all classes of petroleum products both for
spect to the utility group marks another forward step in domestic and export consumption. The export situation was
especially favorable, reflecting a record demand for Ameriyour Company's development.
The financial structures of the new company as well as can petroleum products. The exports of gasoline from the
those of a number of local operating companies have been sl United States increased 40% over the previous year.
The statistical position of the industry was very much imconstituted as to adequately provide for the new capital
that may be needed for the expansion and development of proved at the end of the year, the total stocks of petroleum
products in the country having shown consistent decreases
the business of these properties.
It has been most gratifying to your Board, since the close each month from July to the end of the year.
The total sales of refined oil products by Cities Service
of the year, to announce the redemption at par of all scrip
dividends heretofore issued on the Common Stock of your subsidiary companies to the public amounted to 613,105,430
company, and the resumption of cash dividends at the rate of gallons, or an increase of 36% over the year 1923. The total
sales of gasoline by all subsidiary companies to the public
6% per annum, and stock dividends at the same rate.
Early in the summer, a general recession of the industrial reflected an increase of 61%.
activities throughout the country resulted in a substantial
NEW PROPERTIES.
loss of power revenue among a number of the larger utility
Further progress was made during the year in rounding
operations. This condition continued throughout the sum- out and strengthening the Company's
existing properties
mer and early fall but, by the close of the year, had so im- through the acquisition of new properties.
proved that normal loads were again realized. Nevertheless,
In Ohio, the properties of The Defiance Gas & Electric
the utility operating results were better than those of the Company, The Swanton Light and Power Company and The
preceding year, which were the highest in the Company's Holgate Light & Power Company were acquired by The Tohistory.
ledo Edison Company. With these additions the Edison serThe year 1924 saw the Petroleum Industry in an almost vice is now extended to a large territory to the South and
continually depressed condition, due to the continuation of West of Toledo in which are located the towns of Maumee,
flush production from the major pools developed in 1923 as Perrysburg, Defiance, Swanton, Grand Rapids, McClure,
well as from those brought in during the year.
Holgate and other communities representing in all an addiThe production of crude oil in the United States was tion of more than 7,300 electric customers.
about 714,000,000 barrels, a decrease of 18,000,000 barrels
The properties of The Sandusky Gas & Electric Company,
as compared with the previous year. Notwithstanding the The Northwestern Ohio Railway & Power Company and The
decrease in production, crude stocks rose from 368,000,000 Port Clinton Electric Light & Power Company were acquired
barrels at the beginning of the year to 394,000,000 barrels on by The Ohio Public Service Company. These acquisitions
December 31. Crude stocks reached their peak in the monta extend the company's service to the territory along the
of September when there were 405,000,000 barrels in storage, shore of Lake Erie between Lorain and Toledo and make
from which peak there was a decline of 11,000,000 barrels by possible the physical linking together of the properties of
the end of the year. The stocks on hand at the beginning of The Ohio Public Service Company and The Toledo Edison
1925 were about the same as they were in midsummer of Company. Plans for a high tension transmission line for
1924.
this purpose are being formulated. There is a wide diversi-
2165
THE CHRONICLE
APRIL 25 1925.]
fication of industry in the newly acquired communities,
which is a contributing factor to stabilized earning power.
In Colorado, The Colorado Power Company was acquired
and merged into the Public Service Company of Colorado.
This purchase represents an important extension of the
company's territory and makes available increased capacity
to provide for extensions of business, and insures further
economies through the Joint operation of hydro and steam
plants. The property taken over through the purchase of
The Colorado Power Company includes two large hydro
plants located at Boulder Canyon and Shoshone Falls and
steam generating plants and distribution systems at Sterling,
Salida and Alamosa, Colorado.
In Kansas important extensions in territory were made,
through the purchase of a controlling interest in the common stocks of the Kansas City Gas Company of Kansas City,
Missouri, and The Wyandotte County Gas Company of Kansas City, Kansas. These two companies serve a combined
population of about 450,000 and have on their systems more
than 100,000 customers. Arrangements have also been made
for the acquisition of a substantial interest in the natural
gas distribution systems in Wichita, Hutchinson, Newton
and Pittsburgh, Kansas, which serve about 29,000 customers.
ADDITIONS TO PROPERTY.
Many important additions to physical property were completed during the year.
The Public Service Company of Colorado completed its
20,000 kw. steam generating plant at Valmont which was
connected with the company's system by a high voltage
transmission line. This plant is designed for an ultimate
capacity of 200,000 kw. and is advantageously located with
respect to adequate fuel supply. The company also added
many miles of mains to its gas distribution system in the
City of Denver and completed another district gas holder of
500,000 cu. ft. capacity. A 1,500 kw. steam turbine was also
Installed at Cheyenne, Wyoming, by the Cheyenne Light,
Fuel & Power Company, a subsidiary of Public Service Company of Colorado.
In Ohio, the 20,000 kw. addition to the Edgewater plant
of The Ohio Public Service Company and the high tension
transmission line connecting it with the company's system,
was completed and put in operation. A new substation was
built at Ashland, Ohio, an intermediate point on the new
line, to supply that community with power and light. At
Toledo, Ohio, the new 30,000 kw. turbine installation at the
Acme Plant of The Toledo Edison Company was put into
operation in March 1924. A steel tower transmission belt
line is being constructed around the City of Toledo to adequately supply the increasing demand for power service to
industrial customers. This line will be completed during
1925.
The installation of the 20,000 kw. steam turbine of The
Empire District Electric Company at Joplin, Missouri, is
nearing completion and will be used in supplying the additional power requirements of that territory. Additional
transmission lines and substation equipment were also installed by the Durham Public Service Company, Durham,
N. C., the City Light & Traction Company, Sedalia, Missouri,
and The Citizens Light & Power Company of Adrian, Michigan.
At Danbury, Connecticut, an additional plant for the
manufacture of gas was completed by The Danbury & Bethel
Gas and Electric Light Company. This plant is up-to-date
in every respect, with all modern equipment for labor saving and economical operation. The present installation has
a capacity of 500,000 cu. ft. per day, but plans provide for
an ultimate capacity of 2,000,000 Cu. ft. per day.
In the Natural Gas Department, additional reserves were
opened up and operating conditions improved generally.
One new gasoline extraction plant was added and another
enlarged. Over 10,000,000 gallons of gasoline were extracted from natural gas during the year, an increase of
50% over the preceding year.
Improvements were made at a number of the refineries.
At Boston the Cities Service Refining Company installed two
cracking units having a charging capacity of 2,000 barrels
of gas oil per day, and additional storage capacity, bringing
the latter up to 825,000 barrels. The Cushing plant at Cushing, Oklahoma, added one cracking unit, and two units were
added at Ponca City, Oklahoma. Further improvements in
the Okmulgee plant at Okmulgee, Oklahoma, increased this
plant's capacity to 3,000 barrels per day. An alcohol plant
was also installed at the Okmulgee refinery, which utilizes
the gases from the pressure stills and produces various
grades of industrial alcohol.
Early in the year the Cities Service Export Oil Company
was organized to handle all export activities, and this business expanded favorably during the year.
Transportation facilities were further enlarged during
the year by the purchase of two 10,000 barrel tank ships, the
Shreveport and Watertown, by Cities Service Transportation Company and the purchase of 370 new steel tank cars
by Empire Tank Line Company.
By the Oil Marketing subsidiaries additional retail facilities were purchased in Wisconsn, adding fourteen new communities to the Northwestern territory. Bulk facilities were
added in St. Louis and Kansas City, Missouri; Rome, Rochester, Niagara Falls, Schenectady, Syracuse and Long Island
City, New York; and Hartford, Connecticut. Service stations were added in New York City and Toronto, Canada.
By the Oil Production subsidiaries 131 new wells were
completed. For the most part the activity of these companies was confined to such drilling as was necessary to protect the various properties, and except for the development
In Burbank, Oklahoma, no drilling was done for the purpose
of maintaining or increasing production. However, eighteen
new leases not heretofore productive, comprising over 2,100
acres were successfully exploited.
GENERAL
The results attained for the year by the Customer Ownership Division have been most gratifying. More than $23,442,700 par value securities were sold to 36,393 customers
and employees.
The New Business Departments of the public utility companies sold more than $5,600,000 worth of appliances during
the year to customers as compared with $4,800,000 in the
preceding year.
The Security Holders Service Bureau further demonstrated its usefulness in its service to security holders.
Many thousands of inquiries have been answered and much
information of interest and value to security holders has
been collected and distributed during the year.
Respectfully submitted,
BOARD OF DIRECTORS,
By HENRY L. DOHERTY, President.
EARNINGS STATEMENT.
Year Ending
December 31.
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
Gross
Earnings.
8965,876 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
19.977,65077
24,698,039 43
13,461.770 13
14.658,970 81
16,602,561 94
17,463.217 71
Expenses.
943,843 52
77,034 19
85,347 95
116,908 29
172,856 15
239,389 70
357,229 09
521,485 59
703,835 03
700,472 70
517,054 25
453,296 38
508,945 50
689.473 36
Net
Earnings.
$922,032 59
1.113,73261
2,087,063 16
3.817.545 08
4.306.94429
9.870,95320
18,895.263 75
21,758.581 58
19.273,71569
23,997,566 73
12.944,71688
14,205,674 43
16,093,616 44
16.773.744 35
Interest.
_
_
-1i3,0i32 17
420.000 00
490.000 00
258.960 44
2,861 74
272,579 52
1,922.861 17
1.941.628 22
2.098.130 67
2,358,555 34
2,624,856 43
1,927,970 61
Net to Stock
and Reserves.
Dividends
Preferred
Stock.
9922,032 59
1.113.732 61
1,964.000 89
3,397,545 08
3,816,944 29
9,611.992 76
18,892,402 01
21,486,002 06
17,350,854 52
21,055.938 51
10,846,585 21
11.847.119 09
13,468.760 01
14,845.773 74
$52138709
605.875 79
908.777 60
1,635,993 50
1.570,00500
2,409,690 92
3,712,695 15
4,034.274 50
4,215,264 40
4.685.474 90
4,856,631 50
4,917,517 30
4,987.976 60
5.109.697 10
Number of
Per Cent
Times the
Net to
on Average
Preferred Common Stock Common
Dividend. and Reserves. Outstanding.
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
8400.645 50
507.856 82
1.065,22329
1,761.551 58
2.246,93929
7,202,301 84
15,179.706 86
17.451.727 56
13,135,o90 12
17,370.463 61
5.989,953 71
6.929,601 79
8,480.783 41
9.736.076 64
DIVISION OF' GROSS EARNINGS OF CITIES SERVICE COMPANY PUBLIC UTILITY AND OIL OPERATIONS.
1923.
1924.
1922.
1920.
1919.
From1921
1918.
public Utilities
011 operatl".
8.23
9.29
10.71
11.28
15.27
36.74
6013
61.67
39.09
43.09
13.04
14.88
18.28
21.14
1917.
911.559.318 01 911.278.508 39 88.347,54620 $6,918,740 77 $4,609.911 85 $4,655,945 26 $4,229.563 15 84,742,651 79
5.903,89970 5.324,053 55 6,311.424 61 6,543,029 36 20.088,127 58 18,321,605 51 18.060,50402 14,509.841 05
917.463.217 71 816,602.561 94 $14.658,970 81 813.461.770 13 824.698.039 43 819.977.55077 $22.280,067 17 819,252.492 84
2166
[VOL. 120.
THE CHRONICLE
CONSOLIDATED BALANCE SHEET CITIES SERVICE COMPANY
AND SUBSIDIARIES, DECEMBER 31 1924, INTERCOMPANY ITEMS ELIMINATED.
COMBINED STATEMENTS OF EARNINGS,CITIES SERVICE COMPANY AND SUBSIDIARIES, WITH INTER-COMPANY EARNINGS ELIMINATED, YEAR ENDING DECEMBER 311924.
ASSETS.
Capital Assets—
Plant and Investment
$466,219,377 55
Represents cost of fixed property. (All
Inter-company securities deducted at
par.)
Sinking Fund
5,856,179 93
Amount of bonds or funds deposited with
Mortgage Trustees, and debenture
fund investments.
Gross Earnings
Operating Expenses, Maintenance and Taxes
$117,207,691 84
82,452.637 88
Net Earnings
Interest Charges
*34,755,053 96
17,214,829 44
Net to Stock and Reserves
Preferred Stock Dividends
$17,540,224 52
7,281,698 85
Net to Common Stocks and Reserves
$472,075,557 48
Total Capital Assets
Current Assets—
Cash
$13,697,725 85
Money on hand and on deposit.
Securities Owned
540.188 61
Miscellaneous temporary investments.
Bills Receivable
950,934 30
Notes received in settlement for sales of
gas, electricity, oils and merchandise.
Accounts Receivable
22,440,458 19
Due from customers in payment for gas,
electricity, gasoline, lubricating oils,
crude oil, &c.
Oil in Stock
10,728,990 25
Market value of crude and refined oils on
hand.
Materials and Supplies
9.050,506 14
Construction materials, operating supplies and merchandise.
410158,525 67
SUMMARY CAPITAL STOCKS AND FUNDED DEBTS OF
SUBSIDIARY COMPANIES.
Common Stocks—
Owned directly by Cities Service Company
$176,896,036 00
*Inter-company, being securities owned by sub-holding
companies
147.654,113 00
Outstanding in hands of the Public
7,232,177 98
$331,782,326 98
Preferred Stocks—
Owned directly by Cities Service Company
$43,154,221 00
*Inter-company, being securities owned by sub-holding
companies
11,172,045 00
Outstanding in hands of the Public
41,903,726 00
$96,229,992 00
Bonds and Funded Notes—
Owned directly by Cities Service Company
828.405.75095
*Inter-company, being securities owned by sub-holding
companies
11,251,19424
Bonds in Sinking Fund
4,955.623 80
Outstanding In hands of the Public
209,044,106 88
Total Current Assets
$57,408,803 34
Other Assets—
Payments Made in Advance
63,636,065 16
Expenses paid in advance and chargeable
to future operations.
$253,656,675 87
Discount on Bonds. Debentures, &c
16.348,040 65
•
* The securities of operating companies which are owned by
Difference between par value and sale
companies are referred to above as inter-company securities. sub-holding
Such subbe amortized over the life of
price: to
holding companies are Cities Service Power & Light Company, Empire
the securities.
Gas and Fuel Company (Del.), etc.
Special Deposits
3.612,255 03
Miscellaneous funds on deposit for speGENERAL STATISTICS FOR THE YEAR 1924.
purposes.
cific
Oil and Refineries.
Total Other Assets
23.596,360 84
TOTAL ASSETS
$553,080,721 66
The above statement shows the financial position of the Company and
its subsidiaries, all inter-company items having been eliminated.
LIABILITIES.
Capital Stocks Outstanding—
Cities Service Co. Preferred Stock
*80.308.04636
4,591,920 00
Cities Service Co. Preference B Stock- 1,082,500 00
Cities Service Co. Preference BB Stock_ _ _
46.045.854 41
Cities Service Co. Common Stock
sSubsidiary Stocks Outstanding—
41,903,726 00
Preferred Stocks
7,232,177 98
Common Stocks
$181,164,224 75
Total Capital Stocks
Bonds and Funded Notes Outstanding—
Cities Service Co. Debentures Series A, B,
C. D & E (Due 1966)
626,895,415 50
*Subsidiary Bonds and Funded Notes_ _-- 209,044,106 88
Subsidiary Securities in Sinking Fund_ -_ 4,956,623 80
240,895,146 18
Total Bonds and Funded Notes
Current Liabilities—
$14,710,624 38
Bills Payable
Notes given for money borrowed, materials. supplies, &c.
7,127,528 87
Accounts Payable
Current wages, operating accounts, sup&c.
plies.
2,891,032 57
Taxes Accrued
Amounts set aside from earnings for
taxes due at future dates.
Interest Accrued
3,309,593 23
Amounts set aside from earnings for interest payments at future dates.
Preferred and Preference Scrip (not presented)
17,169 70
Miscellaneous Unclassified Items
204,917 27
Barrels of Oil Produced
Number of Oil Wells Owned
Daily Refining Capacity (Barrels of Crude Oil)
Oil Storage Capacity in Barrels
Number of Tank Cars Owned and Leased
Communities Served by Distributing Stations
Natural Gas.
Sales in Cubic Feet
Number of Gas Wells Owned
Miles of Gas Mains Owned
Casinghead Gasoline Produced (Gallons)
Population Served
9,308,239
3,918
32,000
7,816,000
2,956
2.256
43,278,540.000
2,178
7,103
10,222,563
1.700,000
Manufactured Gas.
Sales in Cubic Feet
Twenty-four Hour Capacity in Cubic Feet
Number of Customers
-inch Basis
Miles of Mains on 3
Population Served
7,168,345.000
30,753,000
120.077
1,851
1,100,000
Electric Properties.
Kilowatt-hours Sold
Kilowatts Installed Capacity
Kilowatts Connected Load
Number of Customers
Population Served
1.004,181,394
454.945
929,798
331,180
1,450,000
Electric Railways.
Number of Passengers Carried
Miles of Track
Number of Cars Owned
Population Served
84,077,050
342
688
650,000
CITIES SERVICE COMPANY.
CAPITAL STATEMENT DECEMBER 31 1924.
Authorized.
Outstanding.
28,260,866 02 Preferred Stock
Total Current Liabilities
6% Cumulative
4150,000,000 $80,308,046 36
Other Liabilities—
Preference B Stock
Cities Service Co. Common Cash Scrip
6% Cumulative
40,000.000
4,591,920 00
$9,906,472 83
(Since paid)
Preference BB Stock
Cities Service Co. Stock Scrip (Since re6% Cumulative
60,000,000
1.082,50000
deemed)
24,766,182 40
Common Stock
400.000,000
46,045,854 41
Amounts of dividends declared for which
Debentures
Convertible
scrip certificates have been issued.
Series A 5%
Closed
21,985 50
2,428,614 39
Customers' Deposits
Series B 7%
1.191,830 00
12,500,000
Amount of cash deposited by customers to
Series 0 7%
8,893,060 00
17,500,000
guarantee payment of bills.
Series D 7%
15,028,700 00
30,000.000
37,101,269 62
Series E 8%
Total Other Liabilities
1.759,840 00
$36,013,090 27
Depreciation and Other Reserves
Amounts set aside for depreciation, aze.
TRANSFER AGENTS.
29,646,124 82
Surplus
HENRY L. DOHERTY & COMPANY-_60 Wall St., New York, N. Y.
Amount of earnings accumulated to date
THE HUNTINGTON NATIONAL BANK
Columbus, Ohio
which have not been declared as diviINTERNATIONAL TRUST COMPANY
dends.
Denver, Colo.
OLD COLONY TRUST COMPANY
Boston, Mass.
65,659,215 09 COMMERCE TRUST CO.(Effective
Total Surplus and Reserves
April 11925)
Kansas City, Mo.
6553,080,721 66
TOTAL 14ABILITIES
REGISTRARS.
Company of
Contingent Liability: Guarantee by Empire Gas and Fuel
GUARANTY TRUST COMPANY OF NEW YORK_ __ New York, N.Y.
$1,625,000 Empire Tank Line Co. 8% Notes, due 1931.
The above statement shows the financial position of the Company and its THE COMMERCIAL NATIONAL BANK
Columbus, Ohio
subsidiaries, all inter-company items having been eliminated.
FIRST NATIONAL BANK
Denver, Colo.
* Does notrinclude $20,000,000 of bonds of Cities Service Power & Light STATE STREET TRUST COMPANY
Boston, Mass.
Company th4proceeds of which were not received until after the close of
NEW ENGLAND NATIONAL BANK (Effective April 11925)
the year.
x Stocks of subsidiary companies not owned.
Kansas City, Mo.
APRIL
25 1925.]
2167
THE CHRONICLE
MAXWELL MOTOR CORPORATION
AND SUBSIDIARIES
-DECEMBER 31 1924.
CONSOLIDATED BALANCE SHEET
To the Stockholdere of the Hammen Motor Corporation:
Detroit, Michigan, April 9 1925.
Results obtained this year have more than met expectations. By the manufacture and sale of 32,000 Chrysler cars,
your Company has established a record for the industry, no
other car ever having sold in such large volume during its
Capital Stock
Class A (Par Value $100 00 per Share)
Authorized
$27,500,000 00
Less: Unissued Stock and
Stock in the Treasury
3,562.700
0O$23937,300 00
Class B (No Par Value)Authorized
800,000 Shares
Treasury
Less: In
182,052 Shares
Nt
otwithstanding the fact that due to high costs of the
early production of Chrysler cars, on May 31 1924 profits to
the extent of only $30,00000 had been accumulated, the year
closed with a net profit of $4,115,540 20 after making provision against Federal Income Taxes in the amount of $489,345 65, for depreciation on plants and properties of $2,474,49317 and for the amortization of the entire discount on the
Corporation's $5,000,00000 Debentures, issued earlier in the
year and subsequently retired, of $463,730 00.
Debenture holders largely availed themselves of the privilege of converting their Debentures into the Corporation's
Class A stock on the basis of one and one-third shares of
Class A stock for each $10000 par value of Debentures converted, and the exercise of this conversion privilege gives
rise to the charge against Class B stock equity of $1,421,36667 which you will observe has been reported.
Likewise out of surplus resulting from earnings for the
year 1924 and previous years there has been appropriated to
the capital account of the Corporation by vote of the Board
of Directors the sum of $4,471,838 88 for the purpose of restoring depletions caused by losses and shrinkages for the
seven months' period ended December 31 1921 and by the
acquisition in 1922 of the assets of Chalmers Motor Corporation by this Corporation, so that the capital of this Corporation applicable to Class B Stock shall be restored to the full
sum of $33,734,789 12, the amount of the capital originally
paid in and added new capital obtained by sales of Class P.
stock in the treasury. By action of the Board of Directors
deferred charges in the amount of $1,173,306 88 were written
off against the surplus resulting from earnings for the year
1924, $500,000 were appropriated as a special reserve for
contingencies and there was appropriated the amount of
$30,296 08 as a reduction in the amount of the Corporation's
good-will, leaving a surplus of $6,782 22.
During the year a gross expenditure of $3,839,688 51 was
made on additions and improvements to your properties, and
at the same time the Net Current Assets were increasd by
$7,845,429 45 and at Dcember 31 1924 stood at $16,265,904 16.
Cash on Hand at the close of the year was $5,680,610 71, an
Increase during the year of $4,596,36192. There ;s no indebtedness to banks.
Your attention is invited to the Corporation's Balance
Sheet as of December 31 1924 and to the Summary of Class
B Stock Equity A-ccount for the year, both certified to by th2
Corporation's Auditors, Messrs. Ernst and Ernst.
The new year has begun most auspiciously, and there is
every indication that the progress already accomplished will
be continued into the current year.
W. P. CHRYSLER. Chairman of the Board.
CONSOLIDATED BALANCE SHEET AT THE CLOSE OF
BUSINESS DECEMBER 31 1924.
ASSETS.
Current
Cash on Hand,in Transit and on Deposit_ _ $5,680,610 71
Car Shipments against B-L Drafts
3,104,215 44
Bank Acceptances and Certificates of Deposit
481.191 39
Customers' Notes Receivable-Secured by
Trust Receipts
1,437,663 23
Customers' and Dealers' Accounts-Less
Allowance
916,127 66
Due from Canadian Government for Duty
Refunds
11,428 23
Inventories (at the lower of Cost or Market
Prices and after Providing for all anticipated obsolescence)
11,398,161 43
$23,029,398 09
Other Assets
Real Estate and Investments
-Less Allowance
$222,466 90
Miscellaneous Notes and Accounts
-Less
Allowance
94,944 13
from Maxwell Motors. Ltd., London,
Due
England-Less Allowance
765,062 36
1,082,473 39
Permanent
Land, Buildings, Machinery and Equipment
$22,237,112 90
Less: Allowance for Depreciation
6,306.759 56
pa Will
15,930,353 34
•
Good
25,000,000 00
Deferred
Prepaid Insurance, Taxes, Royalties, etc
400,589 27
$65,442,814 09
LIABILITIES.
Current
-Ten-Year 7% ConDebentures Payable
vertible Sinking Fund Debentures Called
for Redemption January 26 1925 at 105.
Amount to Be Redeemed for Cash Including Premium thereon
$511,455 00
Accounts Payable
5,244,642 53
209,504 93
r Accrued Interest, Taxes, etc
Dealers' and Distributors' Deposits
308,545 82
F Provision for Estimated Federal Income
Tax-Payable quarterly during 1025_ _ _ _
489,345 65
$6,763.493 93
Reserves
It Reserves (including Reserve for Contingen$945,725 89
sk cies of $755,944 22)
54,722 93-1,000,448 82
F rensurance
Outstanding
Surplus
617,948 Shares
$33,734.789 12
6,782 22
57.678.871 34
$65,442,814 09
Note "A."
-Customers' Notes Receivable Discounted, $347,040 71.
-Materials in Transit not included in either Assets or LiabiliNote "B."
ties, $976,151 78.
-This Balance Sheet is subject to the comments contained in
Note "C."
our "Certificate" included in and made a part of this report.
CONSOLIDATED INCOME SUMMARY FOR THE YEAR ENDED
DECEMBER 31 1924.
Gross Profit from Sales of Automobiles and Parts
$15,076,495 46
Interest and Brokerage
177,538 63
Total Income
$15,254,034 09
Deduct-.
Administrative, Engineering, Selling, Advertising, Service and General Expenses_ $6,777,700 25
Interest Paid, Balance of Unamortized Debenture Discount and Premium on Debentures to be redeemed for Cash
931,619 98
Portion of Deferred Development Expenses
424,124 02
of Chrysler Cars charged off
Depreciation and Amortization of Permanent Tools and Dies
2,474,493 17
41,210 82
Loss from Machinery Sold or Scrapped_--10.649,148 24
$4,604,885 85
Less: Provision for Estimated United States and Canadian
Income Taxes
489,345 65
Net Income for the Year Ended December 31 1924
$4.115,540 20
SUMMARY OF CLASS B STOCK EQUITY ACCOUNT AND SURPLUS
DECEMBER 31 1924.
Balance
January 1 1924
$32,728,580 77
Add
Net Profit from Operations
for the year ended December 311924, after providing
for Estimated Federal Income Tax
$4.115.540 20
Capital Stock Sold, less Miscellaneous Capital Stock
Adjustments
22,420 00
$4.137,960 20
Deduct
Amount of Class A Stock Issued in excess of the Principal Amount of the Convertible Sinking Fund Debentures Converted as of December 31 1924
$1.421,366 67
To charge off balances heretofore classified as Deferred
Charges including the Unamortized Portion of the
Development Expenses of
the Chrysler Car
1.173,306 88
Provision for Special Contingencies
500,000 00
Reduction of Good Will Valuation to $25,000,000 00--30,296 08
3,124,969 63
1,012.990 57
Balance-December 31 1924
$33,741,571 34
Represented by
Capital-Class B No Par Value)
Paid in or Contributed Capital
-Including Sale of Class
B Stock
$3,731,789 12
Surplus
Resulting from activities of the Corporation between
June 1 1921 and December 31 1924
6,782 22
Total
$33,741,571 34
New York
Cable Address "Ernstaudit" New York
Chicago
Philadelphia
ERNST & ERNST
Minneapolis
Boston
Audits and Systems
St. Paul
Providence
Tax Service
Indianapolis
Baltimore
New York
Denver
Washington
27 Cedar St.
St. Louis
Richmond
Kansas City
Buffalo
Pittsburgh
Cleveland
Cincinnati
Toledo
Detroit
New Orleans
Atlanta
Houston
Dallas
Fort Worth
April 9 1925.
Board of Directors and Stockholders,
Maxwell Motor Corporation, Detroit, Michigan.
Gentlemen.
-We have completed our annual audit of the books of account
and records pertaining to the assets and liabilities of the Maxwell Motor
Corporation and its subsidiaries at December 311924. and submit herewith
Balance Sheet as of that date, together with the Summary of Class B
Stock Equity Account.
Cash funds and Securities at December 31 1924 were fully verified.
Sufficient provision has, in our opinion, been made for doubtful notes and
accounts. The inventories were thoroughly tested as to quantities, pricing
and clerical accuracy by our representatives and we satisfied ourselves
that the inventory valuation had been established on the basis of the lower
of cost or market prices. In our opinion provision has been made in the
valuation of the inventories for obsolescence of materials arising from
changes of models. &c.
Additions to Permanent Assets during the year are, in our opinion,
properly capitalizable and adequate and reasonable provision for depreciation and amortization has been made out of earnings.
The investment in and current accounts with the Ma well Motors, Ltd.,
London, England. has been included after providing allowances to adjust
the accounts of that company to the same basis of values followed by the
parent company.
Full provision has been made, as far as we could ascertain, for all known
liabilities of the Company at December 31 1924, with the exception of
merchandise in transit at that date amounting to $976,151 78. which has
not been included in either the assets or liabilities.
WE HEREBY CERTIFY that, in our opinion, based upon records
examined and information obtained by us, the accompanying Balance Sheet
correctly sets forth the financial position of the Maxwell Motor Corporation and its subsidiaries at December 31 1924, and that the Summary of
Class B Stock Equity Account and Consolidated Income Summary are
correct.
ERNST & ERNST.
2168
THE CHRONICLE
[VOL. 120.
SALT CREEK PRODUCERS ASSOCIATION
INCORPORATED
ANNUAL REPORT FOR YEAR ENDED DECEMBER 31 1924.
Denver, Colorado, April 15 1925.
To the Stockholders of
Salt Creek Producers Association, Incorporated:
Attached hereto is a consolidated balance sheet as of
December 31 1924 of Salt Creek Producers Association,
Incorporated, and its subsidiary companies, The Midwest
Oil Company, Wyoming Oil Fields Company, Natrona Pipe
Line and Refinery Company, and The Southwest Oil Company.
The proceeds from oil and gas production of your companies, after deducting Government, State and other royalties, together with development expense, amounted to
$6,262,229 33. Under our operating and sales contract,
The Midwest Refining Company pays all expenses of production and development in Salt Creek Field except on a
few minor working interests. Our interest in crude storage
account was considerably increased during the year as
reflected in the balance sheet, and should prove to be a
source of additional profit when sold.
Drilling was carried forward uniformly on all of our leases
and an extensive drilling campaign is planned for the year
1925. An electric power plant of 25,000 k.w.h. capacity
was completed near the end of 1924 for the purpose of furnishing power for pumping and drilling wells in the Salt
Creek Field and this system is now working most successfully. Prior to the completion of the electrical plant the
production of a number of our wells was affected by the
decline of gas pressure in the field. Production has since
been increased on leases which have been supplied with
electric power and as additional wells are placed on the
pump the output from the first and second Wall Creek
sands should be further increased and the production held
at a stable rate for a long period.
A development of great importance to your company last
year was the discovery of oil in substantial quantities in the
Lakota Sandstone which underlies the Salt Creek area 1,050
feet below the second Wall Creek sandstone. From present
indications it seems safe to assume that the Lakota sandstone extends under at least three thousand acres of the
Salt Creek Field and our lease interests cover half of this
area, so that production in this sandstone materially increases the reserves of your company. A well is now being
drilled through the Lakota sandstone to test other deeper
sands, in which our geologists believe commercial quantities
of oil and gas will be discovered.
The Southwest Oil Company, one of our subsidiaries,
drilling in the Boundary Butte Dome in Southeastern
Utah, found a favorable showing of oil at 1,560 feet. This
well was drilled under contract on a Government permit
on 2,560 acres in the centre of the structure. Before the
well could be properly tested to determine its commercial
value, the Government initiated suit to annul the permit
on the ground that it httd been issued in error. On March 4
1925, in the Federal District Court of Utah, the suit was
decided in favor of The Southwest Oil Company, but decision was appealed by the Government. Our attorneys are
confident of a favorable decision in the Appellate Court, in
which event we can resume operations.
The Midwest Oil Company owns acreage on structures
being drilled by other oil companies in Moab, Utah, Rangeley, Colorado, and Artesia and the Dunken structure in
Southern New Mexico. Drilling operations in the Baxter
Basin structure, in which we are interested, proved up a
large gas field near Rock Springs, Wyoming.
During the year 1924 Salt Creek Producers Association, Incorporated, paid dividends amounting to $2,918,858 95.
Respectfully submitted,
L. L. AITKEN,
President.
CONSOLIDATED BALANCE SHEET, SALT CREEK PRODUCERS ASSOCIATION, INCORPORATED, AND
ITS SUBSIDIARIES, DECEMBER 31 1924.
Assets.
Liabilities.
Current Assets:
Cash
$5,827,888 85
United States Bonds and Notes
3,665,312 55
Accounts Receivable
881,589 86
Notes Receivable
2,119,071 78
Interest in Crude Storage
4,841,401 70
$17,335,264 74
Current Liabilities:
Accounts Payable
$206,032 93
Deferred Assets:
Contracts Receivable, etc..
356,965 53
Deferred Liabilities:
Contracts Payable, etc
85,983 80
Charges
Deferred
389,809 45
Permanent Assets:
Oil Land and Leases
Less: Reserve for Depletion
$34,284,608 17
17,806,013 71
$16,478,594 46
Field Investment and Equipment
Less: Reserve for Depreciation
Stock of Other Companies
$2,138,457 82
1,558,351 95
580,105 87
141,183 00
Capital and Surplus:
Capital Stock—Salt Creek Producers Association
Surplus
Reserve for Taxes and Contingencies
Minority Interest:
Midwest Oil Co.—Capital Stock not owned by Salt Creek Producers Association
17,199,883 33
14,968,597 75
19,214,546 09
400,000 00
406,762 48
$35,281,923 05 $35,281,923 05
APRIL 25 1925.]
THE CHRONICLE
2169
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES-METALS-DRY GOODS-WOOL
-ETC.
COMMERCIAL EPITOME.
The introductory remarks formerly appearing here will now be
found in an earlier part of the paper immediately following the
editorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."
Friday Night, April 24 1925.
COFFEE on the spot was lower with only a moderate
trade. Santos 4s were held at 243j to 243'c. and Rio 7s at
2
203c. Maracaibo Trujillo, 213' to 223/0.; fair to good
Cucuta, 23 to 24c.; Manheling, 34 to 35c.; Robusta washed,
20%c.; natural, 103.c.; Mocha, 283/20.; Harrar, 273/2c.
Guatemala, prime, 27 to 273/20.; good, 263/2 to 27c.; Bourbon,
253/2 to 26c.; Honduras, natural, 243/2 to 25c. To-day spot
trade was light and prices were none too steady, on the
basis, it was said, of 20c. for No. 7 Rio and 23% to 233/2c.
for No. 4 Santos. Futures declined on renewed liquidation
with Brazilian markets falling. On the 21st inst. Santos fell
75 to 200 reis net lower, with exchange off 3-64d. Rio
dropped 50 to 375 reis. There was a report that Europe
had taken a fair sized block of Rio coffee. Of futures the
sales here were estimated on the 21st inst. at 55,000 bags
with switches as follows: March-September at 110 points;
July-December at 41; May-Sept. at 15, and May-December
at 272.
Brazilian coffee feels the competitive power of mild coffee
which may continue for a month or more. Prices for mild
cut under those for Brazilian on corresponding grades; that
is where the shoe pinches and has for some time past. But
slight interest is shown in the fact that the total of Brazilian
in sight for the United States is only 612,285 bags, against
853,273 bags a year ago; it seems to be a worn out argument.
New York's stock is 296,313 bags, against 355,077 bags a
year ago in a slow market now. New Orleans has 106,094
bags, against 108,319 last year; the difference is, of course,
negligible. Rio de Janeiro's stock is only 142,000 bags,
against 237,000 a year ago. But this is an old story. In any
case it is offset by Santos stocks of 2,116,000 bags, against
954,000 a year ago. In view of the persistent competition
of mild coffee with Brazilian, it is of interest to notice that
stocks of mild coffees in the United States on April 20 were
349,461 bags, against 266,798 bags a year ago. To-day
futures closed 5 to 15 points higher than yesterday, with
estimated transactions of 43,000 bags. It was a small
market, however. Santos was unchanged to 300 reis higher;
Rio 25 to 350 reis higher. It is said that rain damaged
Santos coffee has sold at a sharp discount here during the
week to European and other buyers. For the week there is
a net decline of 17 to 30 points.
Prices were as follows:
'July
Spot (unofficial)_20Xc.
18.05c I September
May
16.93c.
'December _15.4914! 15.50
16.00c.I March _ --14.90 ©nom.
SUGAR.
-Prompt raws were more active at 23/2e. Trans.
actions early in the week included 56,000 bags of Cuba for
April shipment at 23/2c., 21,000 bags for May clearance at
5
2%c.; a little Porto Rico afloat at 4.40c. c. i. f. to the
National or equal to 29'gc. for Cubas. Fully 17,000 tons
of Cuban raw sugars were sold to foreign markets afloat
prompt and May shipment, including 6,000 tons of Cuba to
Holland at 13s. 3d. 6,000 to 7,000 tons Cuba to France at
13s. 4%d.. and 5,000 tons Cuba to the United Kingdom at
13s. 3d. Prices were 2.62 to 2.65c. f. o. b. The United
Kingdom and the Continent were apparently inclined to
overbid the United States for Cuban sugar. May shipment Cubas sold at 13s. 3d. c. i. f. United Kingdom, while
Java sugars were reported to have sold to the United Kingdom at 17s. 6d. for July-August and 17s. 6d. to 17s. 9d. for
August-September. Spreading rains have caused more
Cuban centrals to shut down temporarily. One firm increased its estimate of the Cuban raw sugar crop from
4,500,000 to 4,800,000 tons. Refined was in better demand
at one time and firmer at 5.75 to 5.80e. A large business
is expected shortly. Futures on Tuesday were active,
77,100 tons selling, the largest business in many weeks.
As to the estimates of 4,750,000, possibly 4,900,000 tons of
Cuba, the current idea is that it is a bearish factor not to be
lightly dismissed. But what about May? One argument
is to the effect that from the beginning of May with production falling and consumption rising an advance in prices
would be no more than logical, though the rise might not
be very great. The price might, however, conceivably
reach 3e. or more. The demand in preparation for the
expanded summer trade might carry the price to a point
not now generally considered. Also the foreign demand
might easily favor an advance. That demand has been a
certain restraining influence this year. It has offset in
some degree the effects of a big Cuban crop even though
refined here is 23 to 23/2c. lower than a year ago.
On the other hand, some stress the big production. It
has certainly been a force of sufficient power to carry prices
downward 'sharply. The crop movement keeps up on a
big scale. The Atlantic ports are still getting large quantities. In some directions it is supposed that refiner's stocks
of their product and also of raw sugar are piling up. Authorities estimate the crop will be 4,700,000 to 4,900,000 tons.
According to Guma-Mejer's cables to Willen & Gray a
decrease for the week ended April 20 of 26,844 tons in
exports offset a decrease of 16,962 tons in receipts. Receipts
at Cuban ports for the week were 178,188 tons, against
195,150 in the previous week, 138,388 last year and 142,891
two years ago; exports 111,682 tons, against 138,526 in the
previous week, 73,889 in the same week last year and 115,432
two years ago; stock, 983,471 tons, against 916,965 in the
previous week, 904,965 last year and 754,633 two years ago.
Centrals grinding numbered 183, against 183 lastweek, 140
last year and 109 two years ago. In futures the technical
position is supposed to be stronger and it is added that as
regards production the crest of the wave has passed.
Cuban grinding up to April 15 is stated at 3,762,186 tons
of raw sugar, against 3,371,929 tons during the corresponding
period last year, when 157 mills were grinding. One Cuban
central has completed grinding operations, according to a
cable from Himely, who reported the Colonos de Nueva Pas
had shut down. This leaves 182 in operation.
Havana cabled: "Rains have caused fifty sugar mills to
suspend grinding for about a week." Sales later were made
on the 2%c. basis for Cuban, of nearly 120,000 bags. A
cargo of Cuban raw sugar for June shipment sold to Europe
at 13s. 3d. c. i. f., and a few small lots were reported to have
been sold to the United Kingdom at 13s. 154i. An increase
of 200,000 tons in Guma-Mejer's crop estimate of 4,925,000
tons, against previous estimate of 4,724,714 tons, had little
influence except in the futures market, which opened 2to 6
points lower and rallied later. European and Far Eastern
buying of late has been on a fair scale. Sales of Cubas and
Santo Domingos have been made for May-June shipment at
13s. 3d. c. i. f. United Kingdom,equivalent to 2.62c. f. o. b.
Cuba. Java's reported sale of 100,000 tons of raw sugars to
Russia is not yet confirmed. To-day Europe bought 20,000
tons of Cuban raw for June shipment at 13s. 3d., or 2.60c.
f. o. b. Cuba; 3,000 tons of Philippine centrifugal sold for
April-May shipment at 4.43c. c. 1. f., and for the second half
of May at 4.400. delivered. Rather significantly, no notices
for May'delivery were issued here. The sales of futures
were estimated at 50,100 tons, ending at 1 to 4 points higher
for the day. For the week there is an advance of 1 point on
May and a decline of 2 to 4 points on later deliveries. Cuban
prompt closed at 25gc., a decline for the week of I-32e.
/
2.84@2.85IDecember
3.03c.
Spot (=official)- _2 Vic.I July
May
2.68c. September _2.99 ®3.00 I March
3.03C.
TEA.
-In London on the 21st inst., with offerings of
much better quality, an advance averaging lc. to 13/2c. a
pound occurred of 22,500 packages of Ceylon teas offered
19,000 packages were sold. Medium pekoes sold at from
is. 6d. to is. 8d. fine at is. 9d. to 2s. 3d., medium orange
pekoes at Is. 6d. to is. 9d. and fine at Is. 10d. to 2s. 43cl.
'
Supplementary cables received from London gave detailed
results of sales of 45,000 chests at an average a ivance of a full
cent on black leaf pekoes. Pekoes without stalk brought
firm prices or premiums. Stalky lots and rubbish were
neglected. Cables from Batavia stated that desirable
orange pekoes and pekoes of the medium and better stripe
were scarce owing to the forward contracts for 1925 crops.
Offerings are said to have decreased 40%. In London on
April 22 good buying was a feature in fine pekoes as well as
in fine orange pekoe teas at the sale of Indian teas and moderate premiums over the prices prevailing on Monday were
paid. Of 21,500 packages of Indian teas offered 19,000
packages were sold. Medium pekoes sold. at is. 33/2d. to
Is. 93/2d.; fine pekoes at Is. 83d. to 2s. 5d. medium orange
pekoes is. 44. to is. 83/2d.; fine orange pekoes Is. 9d. to
2s. 74d. The tone was firm.
3
LARD on the spot was lower with a moderate business.
Prime Western 16 to 16.10c. Middle Western, 15.85 to
'
15.95c.; city lard, in tierces, 15%c.; in tubs, 163 to 163/20.;
3
refined Continent, 16%c. to 17c.; South America, 18c.;
3
Brazil, 18c. To-day on the spot prices were weaker although
a fair inquiry was reported. Prime Western, 15.55c.;
refined Continent, 16.75 to 17c. Futures declined on liquidation, partly on stop orders coincident with lower prices for
hogs and a lack of support except from packers and shorts.
The market, had apparently become over-bought. Stocks
are large and cash demand home and foreign unsatisfactory.
On the 23d inst. prices opened steady, but later declined
15 to 18 points. Packers were selling. Speculation and
trade were both slow. To-day futures declined with grain.
Last prices show a decline for the week of 68 to 70 points.
DAILY CLOSING PRICES
Sat.
May delivery
cts_15.35
July delivery
15.70
September delivery-- -16.00
OF LARD FUTURES
Mon. Tues.
Wed.
15.15 15.25
15.27
15.47 15.57 15.60
15.80 15.87 15.90
IN CHICAGO.
Thurs, Fri.
15.10
14.82
1645 15.15
15.72
15.47
2170
TAF CHRONICLE
PORK quiet; mess, $40 50 nominal; family, $38 to $41.
Fat back pork,$37 to $41. Beef inactive; mess,$19 to $20;
packet, $19 to $20;family, $22 to $24; extra India mess,$35
to $36. No. 1 canned corned beef, $2 75; No. 2, 6 lbs.,
$17 50; pickled tongues, $55 to $65 nominal. Cut meats
quiet; pickled hams, 10 to 24 lbs., 213% to 23%c.; pickled
bellies, 6 to 12 lbs. 24c. Butter, creamery, lower grades
to high scoring, 37 to 47c. Cheese, flats, 20 to 26%c
'
:
Eggs, fresh gathered, mediums to extras, 2734 to 303/2c.
OILS.
-Linseed has been rather quiet but steady. The
movement is largely against old contracts. Stocks are
small. Paint and linoleum manufacturers are purchasing
only enough to fill immediate requirements. Spot August
raw oil in carlots, cooperage basis, was quoted at $1 04, for
tanks 98c., less than carlots $1 07, and less than 5 bbls.$1 09.
Cocoanut oil, Ceylon, bbls., 10 to 103%c.; Cochin, 1134c.
Edible, corn, 100 bbl. lots, 13c. Olive, $1 20 to $1 25.
Soya bean, crude, tanks, 113.c. Lard, prime, 1934c.;
4
extra strained, winter, New York, 1834c. Cod, domestic,
61 to 63c.; Newfoundland, 63 to 65c. Spirits of turpentine,
96 to 99c. Rosin, $7 90 to $11 75. Cottonseed oil sales
to-day, including switches, 54,400, P. Cruxe S. E. 10 asked.
Prices closed as follows:
Spot
April
May
11.66111.68
11.05§11.151Sept
10.7510.90'June
10.75 10.90 July __
_11.31 11.33 October _ _ _11.35 11.38
10.80©i0.81 August.._..-11.49 11.50 November_10.83 10.90
-Smackover crude oil prices were revised
PETROLEUM.
by the Standard Oil Co. of Louisiana early in the week. For
27 and above $1 30 a barrel is quoted, against $1 28 for 28
and above previously; 26-26.9 is now $1 25, up 5e.; 25-25.9
is $1 20, up 10c., while 24-24.9 is $1 10, an advance of 30c.
Below 24 gravity 400. is asked. Gasoline early in the week
was easier. Locally U. S. Motor was offered at 123/2c.
but it was believed 12c. could be done on a firm bid. There
was a more active inquiry from jobbers but they appear to be
buying only enough to fill immediate wants. There was
also a better export inquiry, but actual business is only of a
hand-to-mouth nature. Late in the week gasoline was
reported firmer in the Gulf district with U. S. Motor there
held at 12c. and 64-66 at 15c. It was rumored that a leading French buyer had purchased two mixed cargoes for May
shipment, but details were lacking. Bunker oil was in
slightly better demand late in the week at $1 80 for grade C.
Diesel oil was quiet at $2 30. Kerosene was dull. Waterwhite was quoted at 73%c. at the refinery and 6%c. at the
Gulf. Lubricants have been quiet. There has been some
large export inquiries of late, but exporters are not inclined
to pay present prices. For Penn. 600 s. r. in barrels, New
York, 26 to 28c. was quoted. Corning crude was reduced
15c. a barrel to $1 95 by purchasing agents in Pittsburgh.
Bellevue crude was cut 25c. in Louisiana by the Standard
Oil Co. of that State.
The American Petroleum Institute estimated the stocks
of crude oil held in the principal marketing sections of the
Pacific Coast, including British Columbia, Alaska and Hawaii, at 130,876,957 barrels at the end of March, an increase
of 1,542,347 barrels for the month. The daily average production of crude oil in California was 600,839 barrels in
March against 602,494 in February. There were
52 wells completed in California during March with an
initial flow of 19,951 barrels, against 65 wells completed in
February with an initial flow of 28,170 barrels. New York
refined export prices: Gasoline, cases, cargo lots, U. S.
Navy specifications, deodorized, 29.15c.; bulk, 15c.; export
naphtha, cargo lots, 17.750.; 62-63 degrees H., 19c.; 66-68
degrees, 20.50c. Kerosene, cargo lots, cases, 16.90c.
Petroleum, refined, tanks, wagon to store, 13d.; motor
gasoline, garages (steel barrels), 20c.; single tank cars,
delivered New York, 133%c.
Pennsylvania
$2.02
$3.30 Bradford
$3.40 Illinois
1.70
Corning
1.95 Corsicana.light__ 2.00 Crichton
()Abell
1.55
2.05 Lima
2.23 Plymouth
2.00
Somerset, light__ 2.30 Indiana
0.03 Mexia
Wyoming_ _
. 2.00 Princeton
2.02 Calif.. 35 & above_ 1.85
Smackover.27 deg. 1.30 Canadian
1.75
2.63 Gulf, coastal
Powell
2.00 Richland
2.00
2.00 Wortham
Buckeye
3.15 Eureka
335
iqclahoma, Kansas and TexasMid-Continent
.51.35
Under 28 Ma6.3olla
$1.00
Below 30 deg
1.55
31-32.9
1.55
30-32.9
1.80
39 and above.
2.25
3:1-35.9
2.00
Below 30 Texas Co
1.35
36 and above
1.80 Caddo
33-35.9
1.70
2.35
Below 32 deg
42 and above
1.85
32-34.9
2.05
38 and above
RUBBER declined early in the week on a lower London
market and lack of support. Though London stocks decreased another 900 tons during the week, it apparently
had little or no effect. Smoked ribbed sheets, April, on the
20th inst. were 433 to 44c., May 433. to 433/2c. and June
4
423/ to 423 c. On the next day London advanced 34 to
3
4
4d. and prices here followed. Nearby rubber is still scarce.
3
8
4
Smoked ribbed sheets, April, were quoted at 433 to 443/c.
on the 21st inst., May at 4334 to 43%c. and June 4234 to
London
423/gc. Later on prices declined because of lower
cables and a small demand. On the 22d inst. prices closed
at 433% to 4334c. for ribbed smoked sheets, April, 42% to 43c.
for May, 42 to 423%c. for June, 413 to 42c. for July, 40%
4
to 41c. for July-Sept. and 3834 to 39c. for Oct.
-Dec. Later
on prices here advanced slightly on stronger London cables.
4
Ribbed smoked sheets, April, sold here at 433/2 to 433 c.,
May 43 to 4334c., June 42% to 42%c., July 4234 to 4234c.,
July-Sept. 41 to 413/2c. and Oct.-Dec. 39 to 40c.London on
April 23 was %d. higher, but remained very quiet. Spot,
4
20%d. to 213./c.; May, 203/8cl. to 2134c.; June, 207 d. to
s
[Vor.. 120.
2134d.; July-Sept., 193/8d. to 2034d.; Oct.-Dec. 1834d. to
193%d. C.i.f. April-May, 21%d.; May-June, 21d.; buyers,
'
c.i.f., New York, Singapore, on April 23 prices on the spot
fell %d. and forward deliveries from 334 to 4d. Spot,
3
203.Id.; May-June, 193 d.; July-Sept., 1834cl., and Oct.
4
Dec., 17%d.
HIDES were at one time rather more active and steady.
A sale of 800 La Guayras was reported at 21c. Of frigorificos
4,000 Swift La Plata steers sold, it is said, at $42. A Jersey
City packer is reported to have sold a fairly large number of
April hides on a basis of 13c. for Colorados. Wet salted
were dull and generally unchanged. Native steers packer
1434c. Later of frigorifico 4,000 Swift Argentine steers sold
at $41 50, or 173 c. c. & f. At Chicago big packer hides
%
were quiet for a time. Native steres 16 to 16%c.• extreme
light 13%c. Tanners were not eager buyers. Independent
packer stocks were 1334 for April all.weight native cows and
steers, this being the rate secured for March productions.
Calfskins were active with one big packer reported moving
about 100,000. Northern were supposed to have been sold
at 24c. and Southern at 23c. First salted Chicago city calfskins were steady at 20 to 21c. Country hides were steady.
A few lots of choice all weights were reported at 113 c.
4
selected, delivered, but the bulk was sold at 1134c., with
badly grubby 11 to 11%c. Extreme weights were best sustained. Some hold fancy extremes at 14c. for weights to
45 lbs., with poorer lots 25-50 lb. selling at 13 to 1334c.
Heavy country hides were 1134c. and down to 1034c. for
badly grubby. Leather was generally quiet, aside from a
moderate demand for patent stocks, at 30c. per foot. The
best selections were 47 to 48c. On the 23rd inst. 515
Santa Martas and Savannilla sold at 22 to 23c. respectively
ex dock. Of frigorifico hides a sale was reported of 2,000
Guatreros at 17 5-16c. c. & f. and 4,000 Sansinena steers at
7 7-16c. Big packer hides suddenly revived and 20,000
April current light native cows sold at 1334c., an advance of
3ic• Packers also sold about 30,000 branded selections at
unchanged prices. Heavy Texas and butt branded steers
brought 14c.; light Texas and Colorado steers 1334c., and
branded cows 13c. Packers declined previous prices of
143.c. for heavy native steers. Kipsluns were active at
16c. for Chicago first salted.
OCEAN FREIGHTS.
-Recently berth freights were
active, i. e., last week 2,500,000 bushels. But rates on
various tonnages during the past 3 weeks or more have in
the main declined. There is a plentiful supply of room.
It is pointed out by Funch, Edye & Co. that sugar freights
have reflected the general apathy and had only a moderate
business. The lumber market was quiet and apparently
no fixtures were reported for foreign business except from
the Pacific Coast. There was no special demand for time
charter tonnage in any of the local trades. West Indies
charterers show sporadic interest, but here, too, tonnage
must be offered at exceedingly attractive rates. Grain
charters were more active and steady later.
CHARTERS included grain, 24.000 quarters from Montreal to Antwerp.
Rotterdam, Hamburg, Bremen, 1414c.; guaranteed 14.000 to 17,000 Oartors barley or oats at 1;ic. and 214c. more, respectively, May 2-12: grain
from Gulf to Havre, 13c. prompt.; 29,000 quarters from Baltimore or Philadelphia to Antwerp or Rotterdam, 1334c. or Hamburg 14c., April 30 cancelling; from Montreal to Antwerp, Rotterdam or Hamburg, 1434c., five
loads oats guaranteed with option up to one-half oats and(or) barley at
114c. and(or) 21ic. more May 5-25; petroleum and products from United
States Gulf to North Hatteras, 20c. or from Tampico at 24c. May; from
U. S. Gulf to North Hatteras, 20c.; nitrate from Chile to Gulf at $4 25 May:
coal from Hampton Roads to Para. $4 30, April
-May;from Wales to Buenos
Aires, 15s. 9d.; time charter, 840
-ton steamer, one round trip West Indies,
Si 55; 3.531-ton steamer delivery July, three trips North Pacific to Australia, $15; lumber from Puget Sound to Sydney-Newcastle. $14; crude
or fuel oil from U. S. Gulf to north of Hatteras, 25c., April
-May; grain,
37,000 quarters, 10% option from Philadelphia to Antwerp-Rotterdam,
Hamburg, 14c. with oats and barley options April 30, cancelling; from
'
Philadelphia to Rotterdam-Hamburg range, 1314c.•, oats option, 16c.
'
May 6 cancelling; 34,000 quarters 10% option from U. S. Gulf to BordeauxHamburg range, 151ic.. May 10-25; lumber from Columbia River to New
York, $14 50 prompt; from North Pacific to Australia, $15 50 May; grain
from New York to Antwerp, Rotterdam, Hamburg or Bremen, 133c.;
option up to half barley or oats at 1}ic. and 2c. more May 5 cancelling;
from Montreal to Antwerp, 35. 13d. prompt; coal from Hampton Roads
to Rio, $4 15, May 8 cancelling.
-On the 22d inst. red fox, badger, lynx and wildFURS.
cat were the features of the opening sessions of the $5,000,000
auction of raw furs at the Hotel McAlpin. The sale, which
will continue for eight more days, was attended by 300
dealers, manufacturers and shippers. Approximately $625,000 was realized. Some 3,700 Australian fox sold at $4.
An offering of 3,000 white fox brought prices 10% under
those of the winter sale; on 1,750 badger offered a gain of
40% was scored. Eight hundred kit foxes brought prices
up to $3 30. The chief feature was red fox, of which 32,000
were sold at irregular prices. Alaskan, Western Canadian
and foreign skins made the best showing in comparison with
winter prices. White fox sold at $49, a 10% decline from
last winter; badger at $9, a 40% rise; red fox at $42; Alaska
at 5% rise; Western Canadian at 10% up; Eastern Canadian
15% decline; Northwestern 10% decline; Northeastern and
Eastern 15% decline; other sections 10% up. Kit fox,
$3 30; Soundry fox, $6 50; lynx, $46 50, 20% advance; wild
cat brought $20,a rise from last winter of 50% On April 23
prices for beaver and otter were high. Frederick Huth &
Co. auction totaled $825,900. Ermine were higher. Some
furs have declined 20% since last sale. All of the offerings
of beaver were disposed of. The demand was slack for cross
fox, blue fox and Fisher. Seattle, Wash., wired April 23
that upward of $250,000 worth of furs were sold here on
April 22 at the annual auction of the Seattle Fur Exchange.
Beavers, silver foxes and Kamchatka sable maintained
APRIL 25 1925.]
THE CHRONICLE
2171
higher prices. Ermine declined 10%. No interest .
was Philadelphia district to $41 17 per ton. Light rails are
shown in marten or blue fox skins. Alaska furs maintained reported down $1 per ton at 1.75c. per pound. Steel bars
their standard prices.
are $2 lower per ton at 2c. per pound, Pittsburgh. Blue
TOBACCO has generally been in moderate demand and annealed and black sheets are both cut $2 per ton, blue
about steady. New Sumatra wrappers meet with a fair sale. anneal being quoted at 2.60c. Black sheets were quoted
The Porto Rican crop is reported to be small and prices are at 3.30c. Galvanized sheets remain at 4.50c. Galvanized
high. Of Havana seed the new packings are said to be very barbed wire is $2 lower per ton to 3.45c. Prices are off at
good. In general the feeling in the tobacco trade is hopeful Chicago on steel bars, beams, sheets and nalis.
even if there is no present activity. Wisconsin binders
PIG IRON has been dull and to all appearance declining.
15 to 20c.; binders, Northern, 45 to 50c.; binders, Southern, Buffalo iron has been sold recently, it is said, at the $19 50
25 to 35c.; New York State seconds, 35 to 450.; Ohio Geb- base. In Eastern Pennsylvania $22 is said to have been
hardt 'binders, 26 to 30c.; Little Dutch, 230.; Zimmer cut 50c. or more. Secrecy deepens in a dull market.
Span. 30 to 32c.; Havana first Remedios, 95c. to $1 05; cago recently fell $1. That was a thorn in the side ofChithe
second Remedios, 85 to 95c. Pennsylvania broadleaf filler, trade. Chicago had been considered inflexible.
8 to 10e.; broadleaf binder, 24 to 27c. Porto Rico, 45 to prices are now, it is said, on the base of $22 furnace. Chicago
Lower
850.; Connecticut top leaf, 20 to 220.; No. 1 sec., 80 to 95c.; prices are reported in the Valley district. Foundry iron was
seed fillers, 1204 medium wrappers, 75c.; dark wrappers, quoted at $20 to $20 50; Bessemer iron,$21; Valley and basic,
40 to 50c.; light wrappers, $1 to $1 25; Havana seed, 90 to $19 50. Foundries are operating at 50 to 60% of capacity.
$1 10.
It means a loss to some.
COAL has been steady with rather more business in anWOOL has been dull and weak. Some think the decline
thracite. Only a slight increase in trade is noticeable in may be approaching
its culmination. That, of course, is a
the Middle West. Screenings figure prominently in the matter of
opinion.
business at the Eastern seaboard. Stocks have fallen off. well supplied. But Consumers are supposed to be none too
there is no scarcity in first hands. That
Hampton Roads reported for April 21 a total of 245,600 tons
standing with vessels waiting for 27,500. Dumpings on the seems plain enough. In the West prices are quoted at 40
to 45c.
bright
previous day aggregated 45,200 tons and 114,800 were in trade is for quiet. wools. They seem merely tentative;
so
English and Australian auctions have
transit.
shown declines of 10 to 15%. Bradford is looking forward
COPPER advanced to 133 c. delivered in the Connecticut to the resumption of the auctions next month. Throughout
4
Valley. London generally has been higher. Export sales the industry confidence is lacking, however. Trade is slow.
were made at 13.35 to 13.371 c. f.a.s. New York. Early A cable dispatch from Melbourne states that the National
4
in the week about the only business done was for export. Council of Australian Wool Selling Brokers has decided to
Later on, however, most of the demand was from domestic dispose of the rest of the 1924-25
follows: May,
users. However, business could not be called active for 220,000 bales; June, 220,000 bales; clip as
bales; all
July,
either account, although the export demand is steadily im- subject to reconsideration. The rail and 97,000shipments
water
proving. Later in the week the market improved and sales of wool from Boston from Jan. 1 1925 to April 16 1925,
were made at as high as 13.450. f.a.s. New York. For inclusive, were
delivery to Connecticut Valley 13%c. was quoted. It was the same period49,535,000 lbs., against 61,477,000 lbs. for
last year.
1 1925
reported on the 23d inst. that the Anaconda and its sub- to April 16 1925, inclusive, The receipts from Jan. against
were 103,484,000 lbs.
sidiaries had decided to reduce output to the extent of about 108,160,700 lbs. for the same period last year. Boston
10,000,000 pounds monthly.
prices, largely nominal, were:
TIN early in the week declined with London off 10s. on
Ohio and Pennsylvania fleeces: Delaine, unwashed, 54 to 55c.; 34-blood
the 20th inst. Prompt Straits sold here on that day at combing, 53 to Mc.; %-blood combing, 52 to 53c.: fine unwashed,49 to 50c.
Michigan and New York fleeces: Delaine unwashed, 53 to Mc.; 34-blood
51 Yic. and futures at 51c. Demand was small both here and combing, 52 to 53c.; 34-blood combing, Si to 52c.; 3(-blood combing, 51
in London. But later on prices advanced here to 525 c. for to 52c.; fine unwashed, 48 to 49c. Wisconsin. Missouri and average
%
to 52c.: 54-blood, 50
prompt Straits. London was £2 higher on the 21st inst. New England 34-blood. 50 12 months (selected), to 51c.; 14-blood. 50c.
Scoured basis: Texas. fine
Si 40 to Si 45; fine 8
and £4 10s. on the next day. Steel makers report a better months, $1 20 to Si 25. California Northern, Si 40; Middle County,
30;
1 25
Oregon.
1 staple,
demand for tin plate. The price was established at $5 50 i40;to $1 and Southern, Si 10 to Si 15. 30 to El Eastern No. clothing,
fine iffedium combing.
fine
35; Eastern
per box second half delivery. Two oil companies, it is said, 115 to SI 20; Valley No. 1. Si 25 to51 28. Territory, Montana and
Si
similar fine staylichoice. 51 40 to $1 45: 34-blood combing. Si 25 to SI 30:
are in the market for 600,000 boxes. Late in the week prices 34-blood comb
Si 05 to
95 to 97c.
both here and in London advanced. Here prompt Straits delaine, $1 45: . 51 40; A51 10; 3i-blood combing, Mohair, best Pulled
supers, $1 20 to Si 25.
combing, 80 to 85c.; best carding. 70 to 75c.
was quoted at 533ic. and futures at 531.4c.
,
At Sydney, Australia, on April 20, 5,900 bales were
LEAD was reduced $3 per ton to 7.85c. by the American
Smelting & Refining Co. on the 20th inst. This is a small offered and mostly sold. Selection of merinos was good.
reduction as compared with recent cuts made by that com- Crossbred offerings were small. Demand good. France
pany. Later on, however, the price was lowered $2 more and Italy were the largest buyers. America bought the best
by the same company, which brought its price to 7.75c. In lines. Prices compared with those of close of March showed
the outside market prices are about $2 under this, or 7.30c. merinos superfine unchanged with broad-haired lots about
East St. Louis and 7.65c. New York. The steadily falling 5% lower and others about 25/ off. In Liverpool on April
prices in London has had a depressing effect. Of late the 21 the East India wool auctions opened at a decline of 10%
demand here has been better. March output of pig lead by as compared with the last sales of March 3. The present
companies which in recent years have produced 80 to 83% sales continue until Friday. It seems that 6,000 bales were
of the world's output was 110,555 short tons against 99,821 being offered daily for the four day period, of which total
in February and 103,473 in January. For the quarter the 9,800 bales are yellows of all classes, 2,390 vicanere, 2,230
total was 313,849 tons against 299,935 in the first three Kandahar, 1,740 Jonas, &c. Of about 14 descriptions,
four are distinctly carpet wools, which make up a large portion
months of 1924.
offerings.
ZINC was in better demand and firmer. Spot New of the advices on The next series is scheduled for June 9.
April 20 reported 135,000 bales catalogued
York, 7.20 to 7.223c.; East St. Louis, 6.85 to 6.873/ic. Cable
Zinc ore dropped $2 50 a ton in the tri-State district to $47 50, for the London wool sales, which will open May 5,of which
a new low for this movement. Late in the week prices 118,000 are Colonial. Australian, New Zealand and Capes
advanced $2, with London prices sharply up. A good and 17,000 Puntas, &c., from South America.Choice Jonas
export business was reported. Domestic business, however, on the 21st were 24d. to 24W. and Vicaneres 22d. to 23d.
was rather quiet. Prices were 6.95 to 7c. per pound East at the Liverpool sale. The home trade paid the best prices.
Quantities were later fixed in the Australian sales for May,
St. Louis and 7.30 to 7.35c., New York.
June and July as follows: Sydney, May, 79,500; June,
STEEL has been dull and weaker. Falling prices have 82,750; July, 20,250; Melbourne,
May, 73,000; June, 75,750;
accompanied falling production. April is turning out a July, 18,750. Brisbane,
disappointment. Buyers seem well supplied. They are 53,000. Adelaide, May,May, 40,000; June, 45,000; July,
looking on, hoping for lower prices. The output in the in- May, 7,500; June, 5,000. 20,000; June, 16,500. Perth,
dustry as a whole is 77% with the United States Steel CorPerth, Australia, cabled that after the wool sales of April
poration working at 85%, or 9% less than at the high point 28,further sales have
been arranged for
26, when 7.500
of the present year. March's steel ingot output was stated bales will be offered, and June 30, which Maybe the
will
clearance
at 92%. Oil companies have not bought much, though auction. Boston wired April 21 that cables from Australian
they seem to be in the market. The supply of storage tanks sales at Melbourne and Sydney
report a poor selection of
is said to be large. The Standard Oil Co. of New Jersey wools suitable for
recently bought 10,000 tons of 10-inch pipe for the Mid- wool estimated toBoston. Best 64s-70s were about 31d. for
shrink
Continent fields. The railroad buying was a feature in a $1 28 clean basis landed 46% in the Sydney sale, or about
in bond; shaft topmaking
narrow market. At Chicago it is reported that over 20,000 2834d. for wool estimated to shrink 48%, or aboutwools,
cars have been sold, calling for 200,000 tons of steel. The clean in bond with exchange at $4 80. Superior $1 24
46s-50s
St. Paul wants 6,000 cars and two Western roads 8,000 cars combing crossbreds were 72d. to 75d. clean in
each. Bridge material is wanted. The Michigan Central 44-46s, 62d. to 65d., with exchange at $4 80. bend, and
The Contiwants 11,000 tons for use at Detroit and the Nickel Plate nent was the largest buyer at both sales.
4,000 tons for Cleveland. The American Sheet & Tin Plate Sydney and Melbourne were slightly lower. Prices at both
At Melbourne
Co. confirmed its price of $5 50 per box for second half. on April 21, 5,100 bales were offered, of which
60% sold.
It seems that a French mill has secured the order for about Opening prices showed rates 15% below those at
the last
8,000 tons of 100-pound rails for the South Manchuria Ry. March sales. The Continent was the chief
buyer. Amerat close to $34 25 c. i. f. Darien. At Chicago sales increased ica, Japan and Bradford bought a little.
at $1 decline. But Cleveland and Eastern declines have
Boston wired April 23: Sydney and Melbourne off about
not stimulated business. Wire rods were later reported off 5% from the last sale and indications from
the Colonial
$46, though some producers still quoted $48. markets that a considerable volume of
$2 per ton to
surplus
Open hearth billets are quoted 50c. per ton lower in the offered during the next two or three months. wools is to be
The tone was
1
depressed. Average, 64-70s., Australian stocks was offered
at around $1, and Super 64s. combing at the same figure,
good combing stock at around $1, scoured basis in bond.
Cables received from Australia on April 22 stated that the
National Wool Council did not agree to sales being conducted in Australia on a "no instructions" basis. The
National Wool Council is not willing to have the full quantity
of unsold wool offered between now and July 1 unless the
market seems to justify this plan. Selling brokers acceded
to the buying brokers' request to offer the full quota ofwools
at the sales on April 21. This caused a slight decline in
prices. According to the present agreement, it is planned
to have the sales close June 30 at all centres unless the market
gives way too much. At the East India sales in Liverpool
the market was dull on the 22d inst. at the same prices.
Choice Joria sold at 24d.
COTTON.
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
-50,632 bales, against 74,512 bales last week and 84,105 bales
the previous week, making the total receipts since the 1st
of August 1924, 8,703,895 bales, against 6,159,854 bales for
the same period of 1923-24, showing an increase since Aug. 1
1924 of 2.544.041 bales.
Receipts at-
Mon.
Sat.
1,327
1,560
3
1,968
840
10
932
'Tows this week_
3 827
so
3.990
5,471
2,248
82
1,631
2.819
12
1,510
1,869
3.784
1,564
150
7
572
12
404
Total.
,:13suit- e°2
' r elSaD g
.
3 .'"I'clotNt':
c1.0
959
1,693
62
250
180
52
631
Fri.
Thurs.
Oczo .occ; .14
-Galveston
Houston
New Orleans
Mobile
Savannah
'Charleston
Wilmington
Norfolk
New York
Baltimore
Wed.
Tues.
1,674
1.039
1.143
2
194
329
864
--1,842
198
1,007
3.632
174
368
924
600
6.60(1 17.763
8.382
8.085
5.005 80.632
The following table shows the week's total receipts, the
total since Aug. 1 1924 and stocks to-night compared with
last year.
1924-25.
Receipts to
April 24.
Stock.
1923-24.
This 1Since Aug This Since Aug
Week. 11924. Week. 1 1923.
MI 11.22 R Infl ROA ARK.:MAIM/2Pa
1925.
1924.
219,800
1,190
127,271
41
197,657
129.246
2,214
4,899
606
29,911
130
15,931
2,533
42,377
37
21,206
32,273
67,714
10.260
62.172
181.417
1,808
1,224
3,086
17,046
4.970
1,506
4.036
7A4 061
Galveston
10,683 3.543,249 14,051 2,753,732
18,606
Texas City
62.126
---Houston
1,015,922
10,294 1.687,345
Port Arthur. &c_ _
New Orleans
10,0501,812,632 22.201 1,182,756
Gulfport
Mobile
54,566
497 145,307 1.439
Pensacola
10,212
11,227
Jacksonville
---3,875
3.347
Savannah
5.057 606.118 10,312 363.509
Brunswick
---880
539
Charleston
8.372 247,687 2,517 178,623
Georgetown
Wilmington
260 132,486 1,561 117,865
Norfolk
4.769 365,119 5,063 389,180
N'port News, &c_
New York
50
22.226
---8,818
Boston
35,077
897
34.310
Baltimore
600
29,380
507
24.661
Philadelphia
1,045
____
1,324
TYlialm
527.151111
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at- 1924-25. 1923-24. 1922-23. 1921-22. 1920-21. 1910-20.
10,683
10 294
10,050
497
5,057
Ririe. Am, I
22,201
1.439
10,312
9.069
1.677
10,435
77
7,974
8,372
260
4,769
Galveston_ _ _ _
Houston, &c_
New Orleans_
Mobile
Savannah,.... _
Brunswick _
Charleston_
Wilmington._
Norfolk
N'port N.,&c.
All others_ _ _ _
2,517
1.561
5,063
1,720
656
1,088
19,037
5,154
11,161
217
6,858
1,174
5,921
3,047
8,618
650
14.051
1,404
28,622
53,172
24.172
16,438
1,603
10.798
2.209
1,749
6,450
93
1,300
21.418
1.039
19.560
2.469
10.960
1,000
2,758
1,846
2,794
26
3,917
67.967
86,760 117,984
A ;fin ROA R 1 AR RAS A RRA 0AS A ngo 1112 522.4 057 8.310.684
50,632
58,548
35.743
The exports for the week ending this evening reach a total
of 78,559 bales, of which 17,437 were to Great Britain,
7,134 to France, 24,984 to Germany, 9,904 to Italy, 6,804
Ito Japan and China and 12,296 to other destinations.
In the corresponding week last year total exports were 82,819
bales. For the season to date aggregate exports have been
7,238,331 bales, against 4,785,588 bales in the same period
of the previous season.
Below are the exports for the week:
Exported to
GerApril 24 1925. Great
Exports from- Britain. France. many.
Galveston
Houston
New Orleans_ _ _ _
Mobile
Savannah
Charleston
Norfolk
New York
Philadelphia__
Los Angeles_ _
Seattle
Total
Total 1924
Total 1923
5.114
100
____
____
4,757
2,561
5,222
275
5,017
4,627
359
____
____
594
____
_
429
____
____
7,761
2,910
_
2,584
__
3:958
1.193
Japan&
Italy. Russia. China. Other.
3,802
3,784
2,225
Total.
--------4,221 23,125
------------ -9,255
3937 6,15
0
81
_ __ _
--------------- 10,131
------------4.-013 8.740
------------125
-----------83
-- -_
320
____
_
5.684
9.904
From
Aug.1 192410
Apr.241925. Great
GerExportsfrom- Britain. France. many.
____
17,437
7,134 24,984
21,640
58
3,328 20,704 12,176 15,356
____
____ 13,010 7,837
1,507
-83
20
5.684
6,804 12,296 78,559
5.700
7,344
3,915 82,819
1.793 30.040
Exported to
Italy.
Japan&
Russia. China. Other.
Total.
731,352 391,639 553,475 247.426 22,250 327,072 386,504 2,659,718
524,763 310,579 402,621 141,240 36,500 94.831 137,352 1,647,886
16,794
8,034
8.760
457,288 77,741 203,257 154.13110 68:6a6 123,839 107,158 1,191,378
77,375
1,518
41,010
500 34,032
315
1,443
60
1,332
51
8,648
325
6,588
-66 1,145
188,395 8,331 210,427 5:6i6
24,1365 10,326 447,999
89,412
216 72,606
28,900 15,827 206.961
85,855
32,866
36,639 16:586
108,023
435 97,504
4:666 2,250 212,212
140,967 36,059 96,359 44,25§
15,442 55,974 389,009 •
11,327
5,641
5,421
165
100
318
100
218
-656 6,368
5,328
52
216
133
55,158
37,605 1,300
15,744
507
23,811
23,211
600
5 111,962
111,957
84,111
152
83,959
Galveston_ _ _
Houston...,.
Texas City_ _
New Orleans
Mobile
Jacksonville_
Pensacola...
Savannah..
Charleston _ _
Wilmington
Norfolk
New York
BOston
Baltimore.
Philadelphia_
Los Angeles_
San Diego
SanFrancisco
Seattle
Total
Friday Night, April 24 1925.
Total thls wk_
[vol. 120.
TUE CHRONICLE
2172
2,402,321 827,542 1716749 609,701 126.836 830.944 724,238 7,238,331
Total 1924 1,532,841 635,970 1071782 452,340 42,263 544,683 505,709 4,785,588
Total 1923_ _ 1,227.316 553,298 801.497 427,138
290 531,244 519.779 4.060.502
NOTE.
-Exports 10 Canada,-lt has never been our practice to Include in the
above table exports of cotton to Canada. the reason being that virtua ly 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 districts
on the Canadian border are always very slow in coming to hand. In view, however.
of the numerous inquiries we are receiving regarding the matter, we will say that
for the month of March the exports to the Dominion the present season have
been 21.242 bales. In the corresponding month of the preceding season the exports
were 12,664 bales. For the eight months ending Mar. 31 1925 there were 153,775
bales exported, as against 116.954 bales for the corresponding six months of 1923-24.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named.
On Shipboard, Not Cleared for
April 24
Galveston
New Orleans
Savannah
Charleston
Mobile
Norfolk
Other ports *-
Great
GerOther CoastBritain. France. many. Cont'nt. wise.
4,100
3,729
4.900
3,656
450
1,200
300
600
2.000
5,000 13,900
4,014 20.827
1,500
Total.
1.000
5,000 32,900
98 32.324
500 2,000
623
623
64 1,414
2.000
Leaving
Stock.
6.200
Total 1925-- 10,279 10,356 11,514 37.027 6.285 75,461
Total 1924-- 12,392 8,466 9,408 27,397 5.573 63.236
Total 1923-- 5,838 8,397 11,025 10,786 11,404 47.450
* Estimated.
186,900
165,333
27,911
15,308
800
67,714
215,534
679,500
464,364
422.100
Speculation in cotton for future delivery has been as a
rule quiet, but it was active late in the week at a decline
of 40 to 50 points, the latter on the next crop. Much of this
decline took place on Thursday. It followed private reports
of rains in the west and northwest of Texas of 1 to 3%
inches. It was persistently reported over private wires that
the drought in those sections had been broken. Stop orders
were caught on heavy selling by Wall Street, the West, the
South and local traders. The effect of the rains was accentuated by a decline in the grain markets and more or less
irregularity and depression in stocks. Spot markets on
Thursday gave way 40 points here and at the South, with
transactions at reported markets of not quite 6,000 bales.
Exports were smaller. The quantity on shipboard showed
some falling off. Worth Street was quiet. The Everett,
Mass., mills, it was said, had passed the dividend for the
first time in 27 years. Manchester was quiet. Sir Charles
Macara takes a rather gloomy view of the outlook for Lancashire's trade. Lancashire operators have again raised the
question of higher wages and ask for a consideration of it
by the Lancashire mills to-day. In Philadelphia yarns have
latterly been quiet and rather weaker. A certain amount
of sympathetic influence proceeded from declines in other
commodities. Steel and iron were lower and dull. Wool
sales showed a decline of 10% in Liverpool and 15% in Melbourne. In Boston wool prices are the lowest since last
fall. Crude petroleum has been declining. Declines in merchandise as a rule have recently been paramount. They exceeded advances 2 to 1. Whether this has any very profound
significance or not, the fact is as stated. And speculation
has still largely favored stocks and grain to the exclusion of
cotton. Many of the cotton houses have been doing a good
business, however, for many months past over their big private wire systems in grain and stocks. It took little drilling
to get the more superficial features of these markets into the
minds of the outside public. These markets have had a big
swing. As everybody knows, that is the kind of thing that
the outside public wants. Meanwhile the thorn in the side
of the cotton business has been the depression in textiles
here and in England. The mills have had to be content with
small profits both in New England and in Great Britain, if
not at the South. Cotton mill shares in this country as well
as in England have recently been declining. Meanwhile the
fluctuations in cotton for the last six months have been
within a range roughly of something like 250 points. They
have moved backward and forward, in a kind of treadmill.
And.in some parts of the world textiles have been doing very
well, notably on the Continent of Europe. Also, big gaps
In the world's stocks have had to be filled up. These two
things offset in a measure the fact that the last crop was
some 3,500,000 bales larger than the previous one. The
price has been practically stabilized around 24%c. for
months past, awaiting some really new and decisive factor
to give an upward or downward impetus to prices. Some
have been disinclined to buy on the idea that it is usually
unwise to do so between April 15 and June 1. Despite
drought in Texas, it might be broken at any time.
May
APRIL 25 1925.]
THE CHRONICLE
might be a very favorable month. It often is. That would
mean that the June 1 Government report, the first of the
season, would very likely be favorable. June is apt to be a
,good if often deceptive month for cotton.
On the other hand, there has been the Texas drought lasting for some six months. In parts of Texas there is said
to have been inadequate rains for nearly a year. That
State plainly needs a thorough soaking from end to end.
The question is whether it is going to get it or not. Rain
Is needed, be it remembered, not only for germination, but
to replenish the subsoil storage of moisture. That is necessary to combat potential summer droughts. Liverpool has
been buying May here at unusually wide differences. That
Is to say, it has been covering straddles and in some cases
putting out new straddles by buying New York and selling
Liverpool. The continent has been steady if not precisely a
large buyer of the new crop months here for some weeks
past. Latterly, too, the technical position has been improved
by more or less drastic liquidation, especially on the rains
reported on Thursday. Stop orders were caught on the
way down. They helped to clear the atmosphere. Texas is
believed to need a good deal more rain. There was a repot.,
at one time that Japanese interests were disposed to buy
some of the New York stock. Yen exchange has recently
advanced noticeably at times. And despite the talk about
depression in the British textiles, it is said that in London a
$25,000,000 syndicate had just been formed with a view of
buying cotton mills in England. The gold basis for England
seems not far off. At one time, more inquiry was reported
at Fall River. Recent sales in Worth Street were large.
Spot houses have been buying May and selling July. May
has not fallen to more than 36 points under July and has
generally been around 34. Yet a much larger discount had
been predicted. In other words May cotton has acted very
well, in spite of the fact that notices are due next Tuesday.
Some French interests have been buying October. At times
Egyptian cotton has advanced sharply in Liverpool. On the
21st inst. It rose 115 to 120 American points. Liverpool on
the whole has acted steady. On this side of the water the
tendency has been to oversell the market. Pretty much
everybody has been bearish. They are now. New Orleans
has sold heavily as well as Chicago. Some hedge selling has
been done.
To-day prices were rather irregular within narrow limits, but closed at a small advance, the next crop leading.
Further rains were officially reported in the western
and
northwestern parts of Texas, reaching some
4 to 1% inches.
There were also later private reports of rains in those
tions. And cotton goods were still quiet. Exports sec'nothing remarkable. Fall River's sales, though larger were
than
last week, were still only 35,000 pieces for the present week.
Unsettled and cloudy conditions were forecast for
eastern
Texas. The acreage increase was put at 4.1% by one estimator, and the increase in fertilizer sales at 4%.
There is
.an idea, too, that in some parts of Texas the drought has
been at least partially relieved, if not wholly so, for
the
being. Spot sales in Liverpool fell off to 5,000 bales. time
chester was quiet. Worth Street showed no snap. ManFor
time New Orleans and the South, as well as Wall Street a
and
local interests, sold. But later on the technical
turned out to have been rather strong. Everybody position
bearish for weeks past. The trend of sentiment has been
has
fore plainly leaned to the selling side. Quite a large thereshort
interest is believed to have been accumulated.
Contracts
In the afternoon became scarce. Spot markets were
with a steady demand. It is said that some buyers are firm
making arrangements for deliveries on a liberal scale for
and July. The Amoskeag mills started up to-day, June
after Fast Day on Thursday, April 23, whereas usually right
they
do not resume work until the following Monday. The inference was that business must be pretty good at Manchester,
N. N. And in the afternoon Wall Street and New
especially New Orleans, covered. The stress wasOrleans,
on
buying rather than on the selling side. To be sure, the
the
trading was not on a large scale. The disposition
was to
await further developments in the matter of Texas
weather.
In the southwestern and central parts of Texas the country
is as dry as ever. The Texas drought is considered the
worst in many parts of the State since 1897. Finally,
though spinners' takings reveal some falling.off, they
are
still well ahead of those of a year ago. Final prices show
a decline for the week of about 45 points on the old crop
and 50 to 55 on the next. Spot cotton ended at 24.50c.
for
middling, a decline for the week of 45 points.
The following averages of the differences between grades,
as figures from the Apr. 23 quotations of the ten
markets,
designated by the Secretary of Agriculture, are the differences from middlings established for deliveries in the New
York market on Apr. 30.
1.01 on
Middling
77 on
Stria t good middling
55 on
oced mIddling
34 OD
Strict m ddling
60 off
Strict low middling
:
1.43 off
Low middling
2 47 oft
*Strict good ordinarY
3 57 off
*Good ordInarY
strict good mid."yellow' tinged-0,02 on
"yellow"
Good middling "yellow" tinged_ .34 off
tinged__ .80 oft
Strict middling
1.48 off
summing "yellow" tinged
*Strictlow mid."yellow" tinged_2.44 off
*Low middling "yellow" tinged_ .3.53 oft
Good middling "yellow" stalned.1.61 off
413triet raid."yellow"stained_
Middling "yellow" stained
2.85 off
Good middling "blue- stained__1.44 off
trict middling "blue" stained._2650ff
1..8 o n
. of
152
...Middling "blue" stained
Good middling spotted
Strict middling spotted
18 off
Middling spotted
61 off
Strict low middling sPotted____1.12 ott
2
arr
Low middling spotted
Good mid, light yellow stained._ 88 art
*Strict mid light yellow stalned-1 40 off
*Middling light yellow stained_ -2.12 ng
. 41 o
Good middling "gray"
*Strict middling "gray"
88 off
*Middling "gray"
1 40
2.11 ott •These grades are not deliverable. of
2173
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
April 18 to April 24-
Sat. Mon. Tues. Wed.Thurs. Fri.
24.90 24.95 24.75 24.80 24.40_24
Middling upland
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday,
April 18.
Monday,
April 20.
Tuesday, Wednesday, Thursday,
April 21. April 22. April 23.
Tristan.
April 2 t
April
Closing. 24.58 -24.60 -24.42 -24.51 -24.10- - May
Range __ 24.60-24.80 24.66-24.93 24.28-24.82 24.40-24.65 24.13-24.45 24.06-24.21
Closing_ 24.65-24.66 24.66-24.69 24.48-24.50 24.54-24.58 24.16-24.18 24.24-24.21
June
Closing_ 24.82 _ 24.84 -24.65 _ 24.7324.3324.40July
Range.. 24.96-25.15 25.02-25.27 24.62-25.14 24.73-24.97 24.47-24.75 24.39-24.60
Closing- 25.00-25.03 25.02-25.04 24.82-25.84 24.89-24.90 24.50-24.52 24.56-24.60
August
Range.. 25.07-25.07- - -24.48-24.52- - - - - Closing. 25.0025.00 -24.6124.80 -24.44)
24.50SeptemberRange._ 24.06-25.06 25.08-25.20 24.70-24.70 ------24.30-24.48
Closing. 25.0925.00 -24.70 -24.8424.36 -24.50October
Range.. 24.83-25.00 24.82-25.1524.35-24.92 24.44-24.73 24.15-24.53 24.09-24.34
Closing_ 24.9024.82-24.86 24.5324.67-24.70 24.19-24.25 24.31-24.34
November
Range __ - - - - - - -- - - - Closing_ 24.94 -24.88 -24.59 -24.7324.2524.38December
Range_ _ 24.95-25.13 24.95-25.25 24.46-24.97 24.55-24.84 24.28-24.65 24.22-24.41
Closing. 24.98-25.00 24.92-24.95 24.66- 4.79-24.80 24.32-24.35 24.45-24.41
January
Range.._ 24.70-24.84 24.70-24.95 24.22-24.70 24.39-24.58 24.00-24.40 24.00-24.11
24.40-24.43 24.57-24.58 24.09-24.11 24.19Closing_ 24.72 -24.66February
Range __ - - - - - - - - - -Closing- 24.8024.7424.5024.6524.1824.28March
Range.. 24.97-24.97 24.95-25.0524.48-24.72 24.60-24.73 24.38-24.62 24.15-24.34
nr....“.... 94 ea 94 13294 an
1 729107
2d 27 _
Range of future prices at New York for week ending
Apr. 24 1925 and since trading began on each option.
Option for
-
Range for Week.
May 1925_
June 1925_ Apri124
July 1925
Aug. 1925_ Apri124
Sept. 1925.. API% 21
Oct. 1925._ April 18
Nov. 1925._ Apr1124
Dec. 1925
Jan. 1926_ Apr1124
Feb. 1926_ April 23
Mar. 1926
April 1925._ Apr1124
24.06 April 20
24.39 Apri120
24.48 April 18
24.06 Apri120
24.09 Apr1120
24.22 Apri120
24.00 Apra 20
24.15 April 20
Range Since Beginning of Option.
24.02 Dec. 24 1924 25.25
24.93 21.72 Sept.16 1924 29.16
22.55 Sept.11 1924 25.55
25.27 21.41 Sept. 16 1924 27.50
25.07 22.45 Oct. 24 1924 25.76
25.20 21.89 Oct. 15 1924 25.68
25.15 21.50 Nov. 1 1924 25.71
24.07 Dec. 16 1924 24.49
25.25 23.36 Jan. 5 1925 25.72
24.95 23.74 Mar.30 1925 25.45
24.07 April 1 1925 24.53
25.115 24.10 April 15 1925 25.05
Mar. 17 1925
July 28 1924
Oct. 2 1924
Aug. 6 1924
Mar. 4 1925
Mar. 3 1925
blur. 3 1925
Dec. 27 1924
Mar. 3 1925
Mar. 3 1925
Mar.26 1925
Apri120 1925
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
April 24Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain
tock at Hamburg
tack at Bremen
tock at Havre
tock at Rotterdam
tock at Barcelona
tock at Genoa
tock at Antwerp
tock at Ghent
1925.
bales_ 937.000
3.000
136,000
1924.
588.000
1,000
103.000
1923.
728,000
4,000
64.000
1922.
915,000
1,076,000
692.000
5.000
168.000
127.000
14,000
58,000
18.000
1.000
12,000
796,000
979.000
35,000
301,000
131.000
7,000
82,000
20.000
2,000
10,000
297,000
202,000
9,000
95.000
58,000
3,000
12,000
68.000
102.000
13.000
108,000
10.000
2,000
10.000
64.000
Total Continental stocks
676,000 403,000 313,000 588,000
Total European stocks
1,752,000 1.095,000 1,109.000 1,567,000
India cotton afloat for Europe_ _ _ 183,000 153,000 149,000
95,000
American cotton afloat for Europe 362,000 214,000 148,000 367,0013
t.BrarAL&c.,afloatforEurope 67.000
E
59.000
71.000
67.000
Stock In Alexandria, Egypt
155,000 165,000 229.000 293,000
Stock in Bombay, India
920,000 904.000 789.000 1,208,000
Stock in U. S. ports
744,961 527,600 469,550 950.851
Stock in U. S. interior towns_ __ - 594,708 486,199 604.340 1,008,887
U.S. exports to-day
16.201
Total visible supply
4,778,729 3.603,799 3,568,899 5.572,909
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
bales 729,000 326,000 365.000 503,000
Manchester stock
120,000
77,000
41.000
42.000
Continental stock
596,000 311,000 250.000 511.000
American afloat for Europe
362,000 214.000 148.000 367.000
U. S. port stocks
744,961 527,600 469.550 950,851
U. S. interior stocks
594,768 486,199 604.340 1,008.857
U. S. exports to-day
16,201
Total American
3.146,729 1,941.799 1,877,890 3,398,909
East Indian. Brazil, &c.
Liverpool stock
208.000 262.000 363,000 412,000
London stock
3,000
1,000
4.000
Manchester stock
16,000
26,000
23.000
22.000
Continental stock
80,000
92,000
63.000
77,000
Europe
India afloat for
183,000 153.000 149,000
95.000
Egypt, Brazil. &c.. afloat
67,000
59,000
71.000
67,000
Stock in Alexandria. Egypt
155,000 165.000 229.000 293,000
Stock in Bombay, India
920,000 904.000 789,000 1,208,000
Total East India, &c
1,632,000 1.662.000 1,691.000 2.174.000
Total American
3,146,729 1.941,799 1,877,890 3,398,909
supply
Total visible
4,778,729 3,603.799 3.568,890 5,572.909
Middling uplands. Liverpool
13.40d. 17.70d. 15.46d. 10.21d.
Middling uplands, New York
24.50c. 31.00c, 29.05e. 18.35c
Egypt,good Sakel, Liverpool!....- 34.55d. 24.554. 18.554. 20.25d.
Peruvian, rough good, Liverpool
20.754. 23.754. 18.75d. 12.754.
Broach, fine, Liverpool
11.90d. 14.804. 12.504.
9.654.
Tinnevelly, good. Liverpool!
12.554. 15.704. 13.654. 10.554.
Continental imports for past week have been 63,000 bales.
The above figures for 1925 show a decrease from last week
of 84,791 bales, a gain of 1,174,930 from 1924, an increase
of 1,209,839 bales from 1923, and a falling off of 794,180
bales from 1922.
THE CHRONICLE
2174
[VoL. 120.
Movement into sight in previous years:
AT THE INTERIOR TOWNS the movement-that is,
WeekBales.
Bales. I Since Aug. 1the receipts for the week and since Aug. 1, the shipments for
1923
-April 27
-23
116,58411922 -April 27
10,273.502
the week and the stock to-night, and the same items for the
QUOTATIONS FOR MIDDLING COTTON AT
corresponding periods of the previous year-is set out in
OTHER MARKETS.
-Below are the closing quotations for
detail below:
middling cotton at Southern and other principal cotton
Movement to April 24 1925.
Movement to ilpyil 25 1924.
markets for each day of the week:
Towns.
Receipts.
Week.
Ada.,Rirraing'm
Eufaula
Montgomery.
Selma
Ark., Helena.
Little Rock.
Pine Bluff..
Ga., Albany__
Athens
Atlanta
Augusta
Columbus._
Macon
Rome
La. Shreveport
Mise.,Columbus
Clarksdale__
Greenwood_
Meridian_ _ _ _
Natchez
Vicksburg...
Yazoo City
Mo., St. Louis_
N.C.,(3ensboro
Raleigh
()kia. Alto/L.__
Chickasha._ _
Oklahoma _
S.(3., Greenville
Greenwood_ _
grenn.,4emphis
Nashville
Texas, Abilene_
13renharn
Austin
Dallas
Houston. _ _
.
Paris
San Antonio_
Fort Worth
Season.
Ship- Stocks
znents. Apr.
Week.
24.
Receipts.
Week. Season.
Ship- Stocks
ments. Apr.
Week.
25.
857 3,083
62,559
249
31,020
508 1,718
19.540
30 1,950
9,369
50 3,957
___
205 11,172
81.975
567 7,570
217 49,356
63,943
33,322
125 4,373
500 5,584
40
63,165
14,610
855 3,724
292 2,617
90
204,695
969 7,528
291 110,672 3,669 14,375
109,379 1,143 8,991
465 58,297 2,711 19,182
3,885
2,073
3 2,099
10 2,485
1
50,292 1,450 12,184 1,000 43,431 1,000 11,177
217,448 2,300 25,290 3,025 142,286 3,721 17.939
222,514 2,979 35,669 1,333 182,370 3,568 21,039
73,772
672 3,379
326
75,383
93: 9,786
46,858
634 8,618
591
27,767 1,454 5,342
47,019 1,400 8,013
39 29,509
250 3,769
100,000
____ 2,500
300 112,300 1,300 14,200
270 1,025
147
19,164
149 1,760
37,007
111,905
318 5,256
105 78,216 1,006 16,550
135,048
636 9,440
76 97,325 2,416 24,959
37,550
471 3,712
20,628
361 2,554
59
41,246
339
232
219
31,020
229 3,543
31,584
311 1,689
.. __ _
17,121
____ 3,599
16
19,299
421 6,858
33.081
208 1,800
710.660 7,874 5,363 5,449 525,038 5,641 9,030
59,383 1,789 12,926
63.773 1,594 14,358 1,236
161
403
23
50
8,150
75
10.982
26 218,162
536 4,622
234 118,884 1,532 18,197
11 154,014
645 2,749
112
98,424
432 5,280
27 139,831 1,178 5,706
15 62,154
709 8,850
1,911 213,982 3,750 37,105 3,000 141,696 4,000 20,915
___
13,264
4.416
___
10,752
___ 10,291
6:4691,242,361 10r,625 41.713 101,719 861,112 20.456 66,676
943
94
147
____
____
71,387
____
235
208
____
63,534
_ _ _.
9
23,172
24 3,759
90 26,359
69 5,207
33,915
87
537
____
39,71
._.
425
513 192,689 1,142 4,831 1,429 122,022 2:3 8 4,428
9
9,4284,664,454 24,006306,395 12,2423,405,966 10,881116,698
93,447
1
834
5 76,643
25
88
23 65,666
171 1,103
_. _ _
49,416
_ __ _
513
260 157,823
522 3,242
412
89,13:
505 1,265
349
5
44
68
____
'197
477
___.
890
591
1,740
371
343
288
____
5
1
106
9
23
1
4
7,514
1.584
Total. 40 towns 33.28T9.862.158 68.331594.768 43.5556.965.759 73.775486.199
The above total shows that the interior stocks have decreased during the week 35,921 bales and are to-night
108,569 bales more than at the same period last year. The
receipts at all towns have been 10,268 bales less than the
same week last year.
NEW YORK QUOTATIONS FOR 32 YEARS.
1925
1924
1923
1922
1921
1920
1919
1918
24.50c.
29.90e.
28.05c.
18.15c.
12.25c.
41.45c.
28.80c.
29.40c.
1917
1916
1915
1914
1913
1912
1911
1910
19.85c.
12.05c.
10.60e.
13.25e.
12.00e.
11.85c.
15.15e.
15.15c.
1909
1908
1907
1906
1905
1904
1903
1902
10.70e.
10.10e.
11.25e.
11.65e.
7.75e.
14.00e.
10.50c.
9.50e.
8.38e.
9.81c.
6.25e.
6.44e.
7.50e.
8.06e.
6.94e.
7.50c.
1901
1900
1899
1898
1897
1896
1895
1894
MARKET AND SALES AT NEW YORK.
Spot
Market
Closed.
Futures
Market
Closed.
Saturday___ Steady, 5 pts. dec.. Barely steady
Monday ___ Quiet, 5 pts. adv__ _ Easy
Tuesday ___ uiet, 20 pts. dec.. Steady
Wednesday_ uiet. 5 pts. adv_
Barely steady
Thursday.. Quiet. 40 pts. dec.. Barely steady
Friday
Quiet. 10 pta. adv... Very steady.
Total_ ___
SALES.
Spot.
Contr't. Total.
108
108
108
108
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
----1924-25---Since
Week. Aug. 1.
7,874 679,776
1,970 249,830
206
34,210
377
46,491
3.701 201,988
6.004 415,343
-4923-24-Since
Week. Aug. 1.
5,641 543,681
2,340 176,080
19,891
292
24,249
200
3,874 170.495
7,544 364.486
Total gross overland
20,132 1,627,638
Deduct Shipments
Overland to N. Y.. Boston, Am.__
650
89,876
Between interior towns
591
22,230
Inland, &c., from South
10,997 581,666
Week Ended
April 24.
Galveston
D,Mw Orleans__ _
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock__
Dallas
Fort Worth
69,225
21,633
567,083
24.94
25.00
25.45
25.30
24.70
Saturday,
April 18.
April
May
July
October
December_
January .._
25.50
25.05
24.40
24.84
25.00
25.25
24.94
25.00
25.45
25.30
24.70
24.70
H:85
.
24.25
24.65
24.81
25.25
24.75
24.75
§8:174
24.50
25.40
24.85
24.40
24.70
24.88
25.25
24.81
24.75
25.35
25.25
24.55
24.55 •
25.10
24.45
24.10
24.49
24.56
25.00
24.56
24.50
25.05
24.88
24.60
24.25
25.00
24.45
24.00
24.41
24.50
25.25
24.50
24.50
24.95
24.88
24.15
24.15
march
Tone
-
Spot....
Options.
Monday,
April 20.
Tuesday, Wednesday, Thursday,
April 21. April 22. April 23.
Friday.
April 24.
24.84-24.86 24.80-24.84 24.57-24.60 24.63-24.64 24.20-24.22 24.2-4-24.27
25.08-25.15 25.10-25.13 24.86-24.89 24.92-24.95 24.54-24.58 24.56-24.58
24.60-24.63 24.58-24.62 24.22-24.25 24.34-24.38 23.90-23.94 23.99-24.02
24.67-24.68 24.67-24.69 24.30-24.31 24.41-24.44 23.98-23.99 24.05-24.07
24.66 bid 24.68-24.69 24.28 bid 24.39 bid 23.96 bid 24.03 bid
24.57 bid 24.62 -- 24.22 bid 24.34 -- 23.93 bid 24.03 bid
Steady
Steady
Steady
Quiet
Quiet
Steady
Quiet
Easy
Steady
RtaAdv
fitoodly
Rts.ndl,
CENSUS REPORT ON COTTON SPINNING IN
MARCH.
-This report, complete, will be found in an
earlier part of our paper in the department headed "Indications of Business Activity."
CENSUS REPORT ON COTTONSEED OIL PRODUCTION DURING MARCH.
-Persons interested in this
report will find it in our department headed "Indications
of Business Activity" on earher pages.
WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph this evening indicate that there have been
some beneficial local showers, especially in Texas, the latter
part of the week. Temperatures have been unseasonably
high and except where it has been too dry, planting has
made excellent progress. In the central and eastern sections
of the cotton belt early planted cotton has mostly dome up
to a good stand.
Texas.
-The need for rain has further delayed planting in
many parts of this State, and the progress and condition of
planted cotton is poor except in the extreme south and
northeast. The latter part of the week there have been
many local showers, which have proved very helpful, especially in the sections that have been suffering from drought.
It remains to be seen how general and widespread the rains
have been. More rain is expected and more is certainly
needed.
Mobile, Ala.
-The weather has been generally fair with
light showers on one day in the interior. Planting is nearing
completion and a general rain is badly needed. Seeds are
not germinating well.
Galveston, Texas
Abilene
Brenham
Brownsville.
Corpus Christi
Dallas
Henrietta
Kerrville
Lampasas
Longview
Luling
Nacogdoches
Palestine
Paris
Weatherford
Ardmore, Okta
Altus
Muskogee
12,238 693,772
12,959 657,941 Oklahoma City
Total to be deducted
Brinkley, Ark
7,894 933,866
6,932 640.941 Eldorado
Leaving total net overland*
Little Rock
Pine Bluff
*Including movement by rail to Canada.
Alexandria. La
Amite.
The foregoing shows the week's net overland movement New Orleans
this year has been 7,894 bales, against 6,932 bales for Shreveport
the week last year, and that for the season to date the Okolona, Miss
aggregate net overland exhibits an increase over a year ago of Columbus
Greenwood
Vicksburg
292 925 bales.
Mobile, Ala
-----1924-25----- -----1923-24
Decatur
Since
Since
In Sight and Spinners'
Aug. 1. Montgomery
Week.
Aug. 1.
Week.
Takings.
58.548 6,159.854 Selma
Receipts at ports to April 24
50,632 8.703,895
640.941 Gainesville, Fla
Net overland to April 24
6,932
7.894
933,866
Southern consumption to April 24-100,000 3,225,000 76,000 3.147,000 Madison
Savannah, Ga
• Total marketed
158,526 12,862.761 141.480 9,947.795 Athens
226,916 Augusta
Interior stocks in excess
412,522 *29.727
*35,921
Columbus
Excess of Southern mill takings
326.053 Charleston,S.C
over consumption to April 1_ _ _
a626,290
Greenwood
Colum y
-- C n wabta
Came into sight during week_ _ _122,605
111,753
10,500,764
Total in sight April 24
13.901,573
Charlotte, N. C
North.spinners'takings te Apr.24 31.145 1,713,579
18.026 1,805.603 Newbern
Weldon
Memphis
* Decrease. a Corrected.
1.404
572
10.983
25.50
25.10
24.40
24.75
24.81
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
19.891 1,298.882
Awl/ 24ShippedVia St. Louis
Via Mounds, &e
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
Closing Quotations for Middling Cotton on
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
dry
high
high 80 low 6
l
72
2 days 0.74 in. hi
dry
hi 9
8
6 llooewww 65
8
6
8
dry
dry
low 68
w
dry
high 96 lo gg
low
1 day 0.60 in. hi ifi 103
h gh 84
dry
97 low
dry
h13 103
dry
dry
dry
dry
dry
ilih_hightggghhh_92 lowl °gwww 5"667.85
high :
9899_99
4
dry
high 94 low 64TSanyloArti
chi
,
low i
i
t
2
dry
i8hh1909091 lowlo w 65
ig
2 days 1.22 in. high 101 low
9 days 0.71 in. high
2 days 0.14 in. ,
2 days 0.85 In. highhigh 929 ieww 68g602g1
986 Il0w
000 w
dry
high 93
dry
98 low 60
dry
high
dr3
dry
high 93 low 61
dry
high 87 low 54
dry
dry
h 01 ilociwiv-6675
9
dry
high
dry
high 92 low 54
dry
high 8 lew 6509
i
9
0 lo w
dry
dry
high 85 1
64
1 day 0.09 in. Mob 88 low
dry
mean 76
ea n
mean a
mean 76
mean gi
mean
R76 mean bb
2 daysdry.72 in.
0
dry
1 day 0.90 In.
dry
1 day
1.00 in.
dry
_1 day 0.02 in.
_1 day 0.11 in.
dry
1 day 0.20 in.
1 day
1.07 in.
2 days 0.35 in.
2 days 0.38 in.
1 day 0.03 in.
meanu n 7'71
meani
meanm
Fi
mean 82
mean 8.
m nn
meanm mean 71
mean
32
ea
mean 33
mean ;1
3
4
n 77
mean
mean 73
meaneean
32
mean
mean3i
mean
2
' low 840 mmean 3.
19 io 2 eanm enn 73
90 ;
e
iM
l
li
high 84 low 58
l 08
high 94 low 58
hi
high 94 le ;
o
mean 76
B
mean
meaean 740
mmeann 776
high 92
9
2
ww 55
high 90 low 5095
low 50
high 94 low .53 mean 74
high 89 low 46 mean 70
high 92 low 45 mean 68
high 89 low 43 mean 66
high 87 low 61 mean 74
APRIL 25 1925.]
THE CHRONICLE
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
Apr.24 1924. Apr.25 1924.
Feet.
Feet.
5.4
13.0
13.8
25.2
12.1
13.8
9.7
10.9
23.0
39.4
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market trhough
the outports.
Sect pts at Ports.
Week
emit , 1925
1924
Stocks at Interior Towns.
1923
1925
1924
Jan.
30_200,371116.104138,820 1.306,792
Feb.
6_ 179.899104,226 87.381 1,248,011
13_ 204,982 101.244 83.07 1,199,953
20.- 167,066 78,924 83,536 1,170.855
27-- 159,418 69,338 96.3261.130,368
Mar.
6...199,633 69.379 83.3691,048.899
13_ 185,081 43,809 82,005 969,348
20_148.871 58,871 68.644 893,950
27_100.249 49.733 62,634 837,776
Apr.
_ 109,150 55,370 63,854 753,817
10__ 74,709 60.709 34,990 708.223
17._ 74.512 69.435 34.681 630,689
24-- 10.632 58,548 35,743 594.768
Receiptsfrom Plantation,
1923
1925
1924
1923
944.8681,150.906 123.537 83.709 65,667
898.1901189.756 121,11:
884,9181,017,568156,924
823.836 943.669 137.96
789.313 876.948118131
835.175117,964
800,678105,710
775.517 73.473
742,998 43.67.
16,194
4.358
22,214
11,540
588.349
555.542
517,534
488.199
690,825
665.834
631.758
604.340
17,887 11,48
29.902 10.191
31.427
fY
28.821 10.431
25.591
29.115
10,304
14,711
41.591
47.501
43.54:
30.111
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1924 are 9,116,893 bales;
in 1923 were 6,315,060 bales, and in 1922 were 5,494,183
bales. (2) That although the receipts at the outports the
past week were 50,632 bales, the actual movement from
plantations was 14,711 bales, stocks at interior towns
having decreased 35,921 bales during the week. Last year
receipts from the plantations for the week were 28,821
bales and for 1923 they were 10,436 bales.
WORLD SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like period.
Cotton Takings.
Week and Season.
1924-25.
Week.
1923-24.
Season.
Week.
Season.
Visible supply April 17
4.863,520
3.694,499
Visible supply Aug. 1
2,024,671
American In sight to April 24... 122.605 2.190.493
Bombayreceipts to April 23_ __ _ 100,000 13,901,573 111.753 10.500.764
2,837,000
57.000 2,881,000
Other India shipls to .April 23..
7,000
392,000
4.000
505,000
Alexandria receipts to April 22
3.400 1,389.600
9.000 1,238.600
Other supply to April 23 * b....
8,000
381.000
6.000
321,000
Total supply
5,104,525 21,091,666 3,882,252 17,471,035
Deduct
"Visible supply April 24
4,778,729 4.778.729 3.603,799 3.603.799
Total takings to April 24 a
325,796 16,312.937 278,453 13,867,236
Of which American
247.396 11,753.337 188.453 9.412,63
Of which other
78,400 4.559.600
90,000 4,454,600
* Embraces receipts in Europe from Brazil, Smyrna, West
Indies, &c.
a This total embraces since Aug. 1 the total estimated
consumption b
Southern mills, 3,225,000 bales in 1924-25 and 3,147,000 bales
in 1923-24
takings not being available-and the aggregate amounts
and foreign spinners. 13.087.937 bales In 1924-25 and taken by Norther
1923-24 of Which 8.528.337 bales and 6,265,636 bales 10,720.236 bales
American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL
The receipts of India cotton at Bombay and thePORTS.
shipment
from all India ports for the week and for the season
fro
Aug. 1, as cabled, for three years, have been as follows:
April 23.
Recetotz at
Bombay
1924-25.
1923-24.
Since
Week. Aug. 1.
Since
Week. Aug. 1.
1922-23.
Since
Week. Aug. 1.
150.5002,837.000 57,000 2,881,000 85.000 2,913.00
For the Week.
Exports.
Alexandria. Egypt,
April 22.
Great Conti- Japan&
Great
itatn. nent. China. Total. Britain.
1924-25.
1923-24.
1922-23.
17,000
7,029.481)
Receipts (cantors)
This week
Since Aug. 1
45.000
6.195,262
55,000
6,417.477
Since
Week. Aug. I.
To Liverpool
_ 178,302
To Manchester, dcr
6,000 203.242
To Continent and India_ 3,000 321.452
To Ameirca
_ 118.112
Since.
Since
Week. Aug. 1. Week. Aug. 1.
Exports (bales)-
5,000190,631 6,000 211,452
__ 176,225.._. 149.946
5,750 316.674 4.511111 265,785
3.750102.639 6,250202.551
Total exports
9.000824,108 14,500 786,169 16.750 829.735
Note.
-A cantar is 99 lbs. Egyptian ba es weigh about 750 lbs.
This statement shows that the receipts for the week ending April 22 were
17,000 canters and the foreign shipments 9,000 bales.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manche§ter states that the market in
both cloths and yarns is steady. Stocks of both goods and
' yarn are accumulating. We give prices to-day below and
leave those for previous weeks of this and last year for
comparison.
57,548 26,231
87.972 113.88/
17,842 9,641
34,815 29,60?
738,133
696.682
662.025
C23.832
2175
1925.
325 Cop
Twist
Ian. d.
30 22
reb
6 224
13 2244
20 2234
27 23
Ma
6 2334
13 234
20 23
27 22)(
AprIt
3 2234
10 2236
17 224
24 22
1924.
84 tbs. Shirt- Corn
legs. Common MM.
to Finest.
U pi'a
32. Cop
Twist.
d a d
8 0
d
d.
91 234 16 5 @17 0 12 92 28
0
91
91
0
23 166
204 167
2436 172
244 17 2
91170
@172
@174
017 5
91
Cc
84
91
243.4 178
244 17 2
244:17 2
24)4 17 2
08
@
0
91
24
24
2334
2334
17
17
17
17
I
1
1
1
d. n. d
e. d. d.
(4 2736 19 6 019 5 19.17
(5176
9117 6
017 5
@174
13 28 26
0 27% 192 190 5
13 28 2536 (4 264 190 190 3
13 68 244 40 26 184 (4187
13.9424% 0 26 17 7 @182
14.37 244 0 264 17 7 @182
14.0425
91 284 17 6 018 1
14.0825 40 27 17 5 018 0
13.8824% 91 26% 17 4 017 7
16.76
16 75
17.09
16.01
017 4
@174
017 4
017 4
13.72 25%
13 23 27
13.39 264
13.40 264
17.68
1816
18.95
17.70
0
0
0
0
Conti- Japan et
cent.
China.
Total.
Bombay
1924-25._ 4.0
5,000 23.000 32.000 51,000
443,0001,352,0001.846,00
1923-24_ 3
,
16,000 48.000 67,000 133,000 743.000
1922-23__
15,000 56,000 71,000 99,000 510,500 1.278,0002,154.00
1,536,5002,146,0
Other India:
1924-25_ L000 6,000
7.000 66.000 326,000
392,00
1923-24_ _
4,000
4,000
505.00
1922-23._ 3,666 4,000 -_-- 7,000 110,000 395,000
61,000 199,5
280,55
Total MI
-1924-25_ 5,000 11,000 23,000 39,000 117,000 769,000
1923-24_ 3,000 20,0001 48,000 71,000 243,000 1,138,000 1,352,0002,238100
1922-23- 3,00 19,0011 56,000 78,000 160,000 710,050 1,278,000 2,659,000
1,538,5002,406,550
2734 17 6
293418 1
2834 18 3
284 184
o
018 0
@184
@188
@190
18 89
17 74
17.65
17.18
SHIPPING NEWS.
-Shipments in detail:
Bales.
NEW YORK
-To Havre
-Apr. 17-McReesport, 495.
...Apr.
99
21-Suifren
594
-Apr.17
To Bremen
-America. 129
129
To Rotterdam-Apr. 17-Nieuw Amsterdam, 100
100
To Manchester-Apr. 17
-Swazi, 94
94
To Liverpool
-Apr. 17
-Adriatic, 202; Scythia,63
265
To Genoa-Apr. 18
-Salina. 300
300
To Antwerp-Apr. 20-Belgenland, 25
26
NEW ORLEANS
-To Rotterdam-Apr. 16
-Bayou Chico,914--Apr. 21--Grootendijk, 73
987
P.Porto Colombia-Apr. 18-Heredia, 500
500
-Apr. 18-Elmsport, 3,956
To Havre
3,956
To Antwerp-Apr. 18-Elmsport, 800
800
-Apr. 18-Elmsport. 1.500
To Ghent
1,500
To Bremen-Apr. 18
-Aquarius, 5,197
5,197
To Hamburg
-Apr. 18
-Aquarius, 25
25
To Japan-.Apr. 18
-Manila Marti. 800
800
To Piraeus
-Apr. 18
-West Harshaw, 150
150
To Genoa-Apr. 18
-West Harshaw, 2,235
2.235
GALVESTON-To Bremen-Apr. 16
-Brave Coeur, 2,973-'
Apr. 21
-Rio Panuco. 1,284
4.257
To Rotterdam-Apr. 16
-Brave Coeur, 542
542
To Havre-Apr. 18-Penrith Castle, 2.584
2,584
To Antwerp-Apr. 18-Penrith Castle, 250
25C
-Apr. 18-Penrith Castle, 3,429
To Ghent
3.42c
To Hamburg-Apr.21-Rio Panuco, 500
501
To Liverpool
-Apr. 23-Ena de Lan:Maga, 2.303
2.301
To Manchester-Apr. 23-Ena de Larrinaga, 5,458
5,451
To Venice-Apr. 23--Gilda, 3.202
3.201
To Trieste--Apr. 23-Gilda, 600
601
HOUSTON-To Liverpool
-Apr. 18-Ena de Larrinaga,
941
To Manchester
-Apr. 18-Ena de Larrinaga, 1,962 948
1,961
Bremen-Apr. 18
To
-Rio Panuco, 2,053
2,051
To$Hamburg-Apr. 18
-Rio Panuco, 508
591
To Venice-Apr. 21-Gilda, 3,384
3,361
To Trieste-Apr. 21--Gilda, 400
401
CHARLESTON-To Liverpool
-Apr. 16-Grelcaldy, 100
10(
To Antwerp-Apr. 16-Grelcaldy, 3,224
3,224
-Apr. 16-Grelcaldy 789
To Ghent
781
To Bremen-Apr.22-Bockmhelm.648
'
641
To Hamburg
-Apr.22-Bockenhelm,3,979
3,971
MOBILE-To Liverpool
-Apr. 17-Nortonian,
44;
To Manchester-Apr. 17-Nortonlan, 750 443
751
To am urg- pr. 20-AnUnous, 275
27'
NORFOLK
-To Bremen-Apr.22
-Hamelin, 1,000; Sudbury, 1,096 2,091
PHILADELPHIA-To Genoa-Apr. 9
-Winona. 83
8:
PORT TOWNSEND-To Japan-Apr.8
-President Jefferson, 5,009 5,001
To China-Apr. 8
-President Jefferson 675
671
SAN PEDRO-To Japan-Apr. 15
-West Carmena,
321
SAVANNAH-To Bremen-Apr. 21-Burgerclijk, 320
5,01'
5,017
To Liverpool
-Apr.22
-Norwegian, 1,040
1.041
To Manchester
-Apr.22
-Norwegian,4,074
4,07
,
Total
Since August 1.
84 Ws Shirt- Cot's
inge. Common Mid.
to Finest.
UpTs
78.551
COTTON FREIGHTS.
-Current rates for cotton fron
New York, as furnished by Lambert & Burrows, Inc., an
as follows, quotations being in cents per pound:
High StaniDensity. ard.
Liverpool .30c. .45c. Stockholm
Manchester .300. .45c. Trieste
Antwerp .35c. .500. Flume
424c. .57360. Lisbon
Ghent
.35c.
Havre
.50e. Oporto
Rotterdam .40c. .55c. Barcelona
Genoa
.400.
.55C. Japan
(Nan
San
_Rae_
Ahnnahni
High StandHigh 3taae
Density. ant.
Density. ard.
.500. .65c. Bombay
.50e. .650.
.45c. .60c. Gothenburg ___
___
.45c. .60c. Bremen
.450. .6017.
.50c. .650. Hamburg .45c. .60e.
.750. .90c. Piraeus
.60c. .75c.
.300. .45c. (Mimics
.750
.90e.
.824c. .77340
A71(n
091.(n
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
According to the foregoing, Bombay appears to
Apr. 3. Apt. 10. Apr. 17. Apr. 24.
show
of the
32,000
increase compared with last year in the week's receipts an Sales which week
25,000
17.000
38,000
American
Of
of Actual exports
26.000
21,000
13.000
31.000
43,000 bales. Exports from all India ports record a
3.000
3,000
1,000
decrease Forwarded
4,000
71,000
53.000
of 32,000 bales during the week, and since Aug. 1, show la Total stock
55.000
80.000
911,000 939.000 937.000 937,000
decrease of 421,000 bales.
Of which American
727,000 744,000 734,000 729,000
Total imports
53,000
84,000
63.000
ALEXANDRIA RECEIPTS AND SHIPMEN
80,000
Of which American
31,000
62.000
30,000
-We Amount afloat
59.000
receive a weekly cable of the movements of TS.
220,000 170,000 176,000 144,000
now
American
cotton
Of which
114,000
Alexandria, Egypt. The following are the receipts at
75,000
The tone of the Liverpool market for spots and
shipments for the past week and for the corresponding and
week each day of the past week and the daily closing futures
of the previous two years.
prices of
spot cotton have IN:len as follows:
THE CHRONICLE
2176
[VOL. 120
:
period, even though total trades on some days were les&
than 100,000 bushels; also, the net long or net short position.
Market, (
of such accounts either at the close of the market on Dec. 31
Quiet.
Quiet.
More
Quiet.
Small
12:15 i
demand.
or at the close on April 16. It also required that the stateV M. l inquiry,
.
ment cover the period from January to April 16, inclusive.
13.40
13.65
13.74
13.64
13.66
13.60
Mid.upl'
It is due to the investigation of the recent sharp break in
,
*4
5,000
8,000
5,000
6,000
5,000
2,000
Sales
wheat ordered by the Secretary of Agriculture. To-day'
Quiet
prices declined 1 to 3c. and then recovered part of the loss..
Quiet,
Quiet but
Quiet,
Quiet.
Futures. I
Market ( Steady. Ste 8 pte. 1 pt.adv.to steady, 1 to 510 10 pts. 10 to 13pt8. Export business early was reported small. Rains in the
decline.
advance. 4 pts. dec.4 pts. adv. advance.
opened [
Southwest had a certain effect. They would have had more,
st'y,
Barely. Q't but sty but for a pretty good demand, from prominent trade interEasy,
Steady.
Market, ( Steady,
Easy,
pte. 12to22pts unchanged 3 to 8 pta. 14 to 17Pts.
( 12to 13 pts. 12to 15
4
ests. Later in the day there were rumors of a'better export
decline.
o Iv
1 .rivonce
filiirMICA
dAeline
decline.
toRnts.dee
inquiry. There were some fears of frost in the Northwest.
Prices of futures at Liverpool for each day are given below: They caused buying of July and September. Liverpool,
however, was 1 to 2%d. lower. For world shipments are
Fri.
Thurs.
Wed.
Tues,
Sat.
Mon.
likely to be larger this week. Aside from North America,
April 18
to
1214 1214 12% 4:00 1234 4:00 1234 4:00 1214 4:00 12% 4:00 the exports were put at 7,145,000 bushels, against 5,263,000
p. m.p. m. p. m.p. m.p. m. p. m p. m. p. m p. m. p. m p. m. p. m. last week.
April 24.
Argentina exported 2,449,000 bushels, against
d.
d.
d.
1,871,000 last week and Australia 4,672,000, against 3,369,000
d.
d.
d.
d.
d.
d.
it.
(I.
d.
13.35 13.41 13.4913.4 13.3513.3913.35 3.40 13.27 13.15 13.11 last week. The East Indian crop was estimated at
April
319,000,May
13.41 13.47 13.5413.55 13.41 13.44 13.38 3.44 13.31 13.19 13.15
13. I 13.47 13.54 13.55 13.42 13.4613.38 3.45 13.32 13.20 13.16 000 bushels, against 361,000,000 last year, but this had no
June
July
3.48 13 56 13.6313.64 13.5013.53 13.47 3.53 13.41 13.2813.24 effect. Final prices show a rise for the week of lc. on May,
__ 3.44 13.52 13.5 13.5913.44 13.47 13.40 3.47 13.34 13.22 13.18
August
/
1
2
September --------13.41 13.49 13.5,13.54 13.3913.41 13.34 3.4303.29 13.1813.13 with other months down 114 to 1 c.
October ----------13.36 13.4413..' 13.48 13.31 13.33 13.26 13.35 13.22 13.11 13.06
DAILY CLOSING PRICES OF WHEAT IN NEW YORK,
3.25 13.12 13.0212.97
November --------13.27 13.34113.41 13.3913.21 13.22 .
Spot.
Saturday.
Monday,
Tuesday. Wednesday. Thursday.
Friday.
A fair
business
doing.
__ 3.26 i3.3313.3?13.36 13.18 13.2013.13 13.23113.10 13.0012.93
DecemberJanuary ----------13.22 13.30,13.3. 13.32 13.14 3.16 i3.10113.19113.06 12.9612.91
February ---------13.2013.2713.3 13.2913.11 3.14 13.0713.16 13.03 12.9312.89
13.18 13.25 13.3013.2813.08 13.11 13.0 13.14 13.01 12.91 12.87
March
BREADSTUFFS.
Friday Night, April 24 1925.
Flour has been quiet for the most part, especially as
erratic fluctuations in wheat have continued. They hurt
business, of course. They naturally encourage buyers to
continue their procrastinating policy. In other words, they
stick to the policy of buying from hand to mouth. It has
become practically ingrained. Export business has also
been quiet, though the clearances have occasionally made an
interesting exhibit Late last week they were 70,741 sacks,
of which 67,489 sacks were for Russian ports. On the 18th
inst. they were 88,000 bbls., or 122,845 sacks, of which 116,545 sacks cleared for Leningrad, Russia. There were shipments of 1,000 bbls. from Baltimore, making the total ex7
ported from all ports 89,000 bbis. On the 20th inst. clearances were 141,429 sacks, of which 117,425 sacks were for
Leningrad, Russia, with the rest for Hamburg, London and
Rotterdam. On the 22d inst. clearances totaled 21,658 sacks,
mostly for Germany. There were rumors that Russia had
of late bought some flour in Canada. Stocks here are not
burdensome, nor have they been for some time past. Deliveries are quick. Anxiety on the score of deliveries are pointless nowadays. It is a new era in transportation.
Wheat declined on favorable weather, lower foreign markets and heavy liquidation. Yet there were later rallies,
some of them very sharp. Crop news from the winter wheat
belt was not uniformly goad. Kansas reports were contradictory. That State still seemed to need rain, but the rather
lurid damage reports ceased. In the Northwest ideal
weather was reported. Field work made rapid progress,
though that section was said to need rain. Rains at times in
the winter wheat belt helped to lower prices. Prospects of
rain in the Southwest told. Northwestern Texas had good
rains on the 23d. Oklahoma had good rains. The growth
Also, export demand was slack.
was said to be good.
Europe seemed cool to American rallies. But the American
visible supply of wheat fell off last week 3,055,000 bushels
and is now 53,203,000, against 54,824,000 a year ago. The
world's shipments last week were only 1,092,000 bushels.
Argentine crop news was said to be unfavorable; the yield
there is estimated at 187,156,000 bushels, against 276,700,000
last year. At the West the receipts were unusually small.
A rather better cash demand was reported in the Southwest.
On the 22d inst. prices were higher, with a good demand,
especially for May and July positions. Eastern firms
bought May; the West took July. Final prices were 2% to
/
1
/
1
2
5%c. higher. Winnipeg rose 52 to 6 c. Reports from
southern Russia of famine there, dry weather in the Southwest, particularly in Texas, and a big fall in the interior
receipts, were outstanding factors in the rise. The Continent bought about 400,000 bushels, including durums and
Duluth spring. There was a decrease in the quantity on
passage of 6,768,000 bushels, bringing the total down to 78,624,000, against some 90,000,000 recently, but only 71,456,000
a year ago. The world's shipments last week were 11,979,000
bushels, against 13,869,000 in the previous week and 14,984,000 a year ago. On the 20th inst., however, Buenos Aires
fell 4 to 4%c. Canada reported good sales, supposedly to
/
1
2
England and the Continent, but the sales were made direct.
To many the sheet anchor, aside from unfavorable crop
news of late, was the smallness of the interior receipts
which on the 22d inst. were only 173,000 bushels. An estimate by a Kansas City bank placed the probable crop of
Kansas at 100,000,000 bushels, as compared with 138.000,000
bushels last year. The Grain Futures Administration has
asked all clearing house members of the Chicago Board of
Trade for a statement showing purchases and sales of wheat
futures each day by futures for all accounts for which purchases or sales are made on any one day of 100,000 bushels
or more. The statement is to be complete for the entire
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red_
cts_185g 18814 187% 19314 19114 19014
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues, Wed. Thurs. Fri.
May delivery in elevator
ets_1471 1504 14914 1558 15314 15214
July delivery in elevator
138
140
141
140
140
143
September delivery in elevator----130
133
13214 135
13314 132
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
ets_153g 1561( 1511 162
159q 159
July delivery in elevator 152
158
155
154
149% 153
October delivery in elevator
129
13114 130
13314 131
130
Indian corn advanced with the American visible supply
3,055,000 bushels less than in the previous week and the expectation of small exports from Argentina. Moreover, thecash demand in this country was at one time much sharper.
The total visible supply in the United States is now down to27,706,000 bushels, against 21,667,000 a year ago. Commission houses were fair buyers. Corn was only held back by
wheat and its frequent lurches downward. Foreign markets were firm. Argentina's crop, it seems, is considerably
smaller than the last one. Later prices reacted somewhat on.
reports of favorable planting news from the South and reports that the cash demand in Chicago from the East was.
only fair. But some were bullish. Liverpool on the 21st
Inst. advanced 1%d. net and showed a strong tone all day.
Buenos Aires opened / higher. Interior receipts were
1
2c.
small and of 133 cars received at Chicago on the 21st inst.
only 33 graded. Argentine exports this week are stated at
496,000 bushels, against 184,000 last week. Argentine's exportable surplus is estimated by Broomball at /40;000,000,
against 193,400,000 last year. To-day prices swung within a'
range of 22 to 3e., winding up, however, substantially.
/
1
lower. May corn was under pressure. Cash markets were
/
1
2
weaker. In some cases of late they have declined 2 c.
Cables were weak and Liverpool spot prices dropped id.
Final prices for the week show a rise, however, of lc. on.
1 1c.
2 2
May, if other months were / to / lower. To-day some of
the cash markets in this country were 2 to 4c. lower
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
ets-12734 130g 128
No.2 mixed
12934 12934 12734.
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs, Fri.
ets_106g 108
10834 10834 110
May delivery in elevator
107
110% 112g 11234 11234 11234
July dellvery in elevator
September delivery in elevator- -110g 112g 112
112
n x 109g.
nog
Oats price movements kept within a narrow compass. A
rise occurred. The American visible supply decreased last
week 3,830,000 bushels, against only 1,403,000 in the sameweek last year. But the total was still 54,276,000 bushels,
against 12,673,000 last year, or more than quadruple that of
this time in 1924. That took the edge off a decrease of not
very far from 4,000,000 bushels. But it was not an entirely
negligible matter. Neither was the decrease in the corn.
"visible" in this country. Exporters bought 300,000 bushels,
mostly Manitoba, on the 20th inst., and 200,000 on the 21st
inst. American oats seems to have been sold to Europe to a
small extent. Exporters did not entirely ignore them, yet
the call was mostly for Canadian. Prices advanced for a
time on the distant months, especially on September. There
was some export demand. The American visible supply fell
off last week no less than 3,830,000 bushels, against 1,403,000'
in the same week last year. The total, however, is still
54,276,000 bushels, against 12,673,000 a year ago. At one
time some bought May and sold July. Cash and commission firms did more or less of this. Meanwhile receipts.
were small. Cash prices were well sustained. Chicago re-,
ported a fair cash demand. Eastern firms wanted oats.
And exporters took 200,000 bushels of United States oats.
Southwestern crop reports were unfavorable. Other parts.
ofthe belt the outlook is said to be promising. Export
sales on the 22d inst. were 200,000 bushels at a fractional advance. Domestic trade was not at all active. On the 23d
inst. prices were steadied by the removal of hedges against
2,000,000 bushels destroyed in a fire in two elevators in
,
Chicago. To-day prices declined 1 to 12 on Southwestern.
/
1c.
rains, but recovered some of the loss before the close. Final
prices show an advance of only / for the week on May anct
1c.
2
July and %c. on September.
APRIL 25 1925.]
TH-11
CELIWNICLE
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_ 54
No. 2 white
54
54
54
54% 54
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
eta_ 41
May delivery in elevator
411.4 414 413.4 421.4 41%
42% 43% 43% 43% 43% 43%
July delivery in elevator
September delivery in elevator_
42'% 433
433.4 443's 44
433.4
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_ 483.4 503.4 503.4 514 514 51
May delivery in elevator
July delivery in elevator
504 513.4 513-i 5234 521.4 52
October delivery in elevator
493( 5034 501. 51
50% 50 4
Rye was irregular, affected by the mercurial fluctuations
in wheat. There was some decline in company with that in
wheat. Yet export demand was not entirely lacking. Foreign buyers took 250,000 bushels early in the week. The
American visible supply decreased last week 2,705,000 bushels, against an increase in the same week last year of 56,000
bushels. The total is now 17,301,000 bushels, against 21,559,000 a year ago. This is a new feature, namely a decrease
compared with last year of about 4,200,000 bushels. The
decrease is far greater as compared with last year than it
has been heretofore. On Feb. 28 the total was 23,381,000
bushels, or 2,176,000 larger than at the same time last year.
On Feb. 7, to go further back, it was 23,681,000 bushels, or
8,554,000 bushels larger than on Feb. 9 1924. On the 21st
liquidation appeared. A decline in wheat had a very perceptible effect on rye. Export demand was small. The estimated sales to foreign markets were 100,000 to 150,000 bushels. The buyers were Germany, Sweden and Copenhagen.
Seaboard exports that day were 687,000 bushels, and for
two days 960,000. Duluth reported a brisk dpiaand from the
East. Final prices show a decline for the /AA on May of
114c., though at one time it was 2% to ae, higher. July
/
ended lc. higher than last Friday
48
be Ls up %c.
10
Of the stock of rye at Duluth of
s, a local
cash broker who has sold about 2,
PO far estimates that between 3,000,000 and
bustals remain
unsold. Duluth wired: "The lead!
evator interest here
has plenty of bids for the East, but c aned up all its rye and
tried to buy some from its Minneapolis office, but it also
cleaned up and it looks like our rye is going to be well
taken care of." On the 22d inst. the export sales were 400,000 bushels at an advance. Futures rose 4% to 5c., lifted
largely by wheat. On the 23d inst. export sales were about
300,000 bushels. To-day prices declined. Final prices show
/
a decline for the week on May of 114c, though at one time
it was 2% to 3c. higher. July ended lc. higher than last
Friday and September is up %c.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_108
109
109
May delivery in elevator
112$ Ill
108
105% 107% 107
July delivery in elevator
112
110
108
September delivery in elevator- 98% 101
99% 103
101% 101
The following are closing quotations:
FLOUR
$8 15
$850 Rye flour, patents_ ___26 25(3) $700
Spring patents
S On Seminole No. 2,lb
Clears.first spring._ 7 50
544
8 50 Oats goods
Soft winter straIghts_ 5 15
2 85 ® 2 90
50 Corn flour
Hard winter straights_ 8 00
32O ® 325
8 60
9 00 Barley goods.
Hard winter patents
7 50
Nos. 2, 3 and 4._ __.
Hard winter Clears.,_, 7 PO
4 50
Fancy pearl. Nos.2.3
Fancy Minn. patents_ 9 75® 10 40
10 40
9 90
end 4
City mills
750
GRAIN
Oats:
Wheat. New York:
No. 2 white
190
No. 2 red, f.o.b
54
1633
No.3 white
No. 1 Northern
52
No. 2 hard winter. to.b--167% Rye, New York:
No. 2 f.o.b
122
Barley, New York:
Corn:
1273
Malting
No.2 mixed
112@
115
1283
No.2 yellow
For other tables usually given here, see page 2112.
2177
Weather Conditions.
The drouth has been very severe in all parts of the State
-many sections
havingilhad no rain since May and June 1924. During the months of
January. February and March good rains have fallen in some parts of the
State enabling the farmers in those sections to break their lands and plant
crops. These rains were confined to limited areas and varied in amount
from less than one-half inch to two inches, averaging one inch. The best
rains were in a few counties of southwest Texas and considerable area in
northeast and east Texas.
The greater portion of the State is still dry and the tanners have their
land in good condition ready to plant, but are unable to plant and get
their crops up because of lack of moisture. Recent raffia are reported from
some sections, and the indications are that we will have general rains during
this month in time to insure reasonably good crops. The final acreage
cannot be determined before June 1.
CANADIAN STOCKS OF WHEAT ARE SMALL.
Total wheat stocks in Canada, as of March 31, were about
80,000,000 bushels less than on the same date last year,
according to a telegram received by the United States Department of Agriculture from the Dominion Bureau of Statistics,
and made public on April 18. Last year's stocks, however,
were the highest on record, and the stocks reported for
March 31 1925 are only slightly lower than on the same date
of 1923, while they are somewhat above those of 1922.
The report of the United States Department of Agriculture
continues as follows:
Stocks in mills and elevators are estimated at 74,000,000 bushels, a reduction of 44,000,000 bushels as compared with 1924, but only 3.000,000'
less than stocks of the same date in 1923.
Stocks of wheat in farmers' hands are the lowest since 1920, the amount
retained being but little more than sufficient for the spring seeding requirements. Deliveries to country elevators during the week ending April 3
were the lowest recorded during the season, which indicates that market
supplies on the farms are depleted and that only small quantities may be
expected from this source during the remainder of the season. The supply
In commercial channels, however, is sufficient to cover domestic needs and
to allow moderate shipments during the remainder of the season.
TOTAL WHEAT STOCKS IN CANADA MARCH 31 1922 TO 1925.
On Hand March 31.
1922.
1923.
1924.
1925.
Elevators
bushels_ 58,339,000 69,620,000 111,589.000 73,555.000
Flour mills
4,000,000 7,000.000 6,000,000
Farmers'hands
"
41,649,000 54,771,000 /0,755.000 39,225,000
Transit by rail
10,999,000 8,397,090 14,149,000 8,304,000
Total stocks
"
114,987,000 139,788,000 202,493,000 121.084.000
Total stocks of oats in Canada are about 100.000.000 bushels less than
on March 31 1924 and 8,000,000 bushels below the amount reported on the
same date of 1923. Stocks of flaxseed and barley are slightly 'greater than
last year and also above the stocks reported as of March 31 for the years
1922 and 1923.
TOTAL STOCKS OF OTHER GRAINS IN CANADA MARCH 31 1922 TO 192.5.
Grain.
Oats
Barley
Flaxseed
Rye
1922.
1923.
1924.
1925.
bushels_ 175,610,000 191,718,000 283,516,000 183,486,000
"
21,554,000 25,429,000 39,119,000 30,331,000
2,188,000 1,742,000 4,265,000 6,307,000
"
5,323,000
WEATHER BULLETIN FOR THE WEEK ENDING
APRIL 21.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the
influence of the weather for the week ending April 21 follows:
At the beginning of the week pressure was relatively low over the Northeastern States and rain was general during the first two days from the
Lake region and Ohio Valley eastward and northeastward. The principal
weather feature for the period covered by this report, however, was the
passing of a depression of marked energy from the central Rocky Mountain
districts eastward to the middle Atlantic coast from the 17th to the 20th.
This storm resulted in widespread precipitation in central and northern
States east of the Great Plains and was attended by gales in many places
from the Ohio Valley eastward; snow was reported from parts of the
Northeast. Fair weather was the rule throughout the South and Southwest. but showers were frequent, practically of daily occurrence, in the far
Northwest.
Temperatures continued rather uniformly above normal throughout the
week, though it was considerably cooler the latter part from the Ohio
,
Valley and Lake region eastward and also in central Rocky Mountain
districts on the 19th. The maxima were unusually high in Oklahoma and
northern Texas on the 18th, a number of stations reporting from 96 degrees
to 102 degrees, or the highest of record for so early in the season. Previous
high records for the season were equaled also at some places in the Gulf
States on the 16th.
Chart I shows that the week, as a whole, was cooler than normal in the
Northeastern States, in much of the Lake region,
ARGENTINA TO EXPORT LESS CORN THIS northern districts west of the Rocky Mountains, and in most central and
-Argentina will have less corn to export this year. Florida. In all other sections of the country the as well as extreme southern
YEAR.
weekly mean temperatures
were above normal, the
half
In the first official forecast of the crop received by the of the country where theweek being especially warm over the southernfrom
excess in temperature
States Department of Agriculture from the inter- about 10 degrees to as much as 15 degrees. Thisin most places ranged
United
makes the fifth consecutive
Institute of Agriculture at Rome and released on week with abnormally warm weather in most of the interior and Centralnational
Northern States. Freezing occurred as far south as Washington,
April 21 the crop is forecast at 187,155,000 bushels as and Elkins, W. Va., in the East, but between the Appalachian and D. C,
Rocky
with 276,756,000 bushels produced last year, Mountains temperatures as low as 32 degrees were confined to the more
compared
northern districts.
Department of Agriculture, and adds:
says the U. S. 80.000.000
Chart II shows that moderate to fairly heavy rains fell during the week
bushels for home consumption and seed from the Missouri Valley eastward, and
Allowing some
also in some
requirements, there should be somewhat more than 100,1)00,000 bushels central Pacific coast sections. Little or rainfall was heavyin
no rain occurred
the South,
from the current crop available for export and carryover, the Department except locally in the Atlantic Coast States, while large areas of the SouthExports from last year's crop from May I 1924 to March. 1 1925 west again received no precipitation. Heavy snows were
says. 178,000,000 bushels.
reported from
parts of the Northeastern States.
totaled
Temperature conditions were generally favorable for the
TEXAS DEPARTMENT OF AGRICULTURE ISSUES tation in all sections of the country, except for the area growth of vegeextending from
the upper Mississippi Valley eastward to the Atlantic Ocean where it was
FIRST ACREAGE AND CONDITION REPORT OF too cool, with
probably
--CORN ACREAGE REDUCED AND COTTON northern portion of the some frost damage at the close of the week in the
CROPS
middle Atlantic area. In general, rain is
INCREASED BECAUSE OF DROUGHT.-Geo. B. over most of the southern half of the country, and particularly needed
in the
Southwest where the drought was intensified by abnormally high temperCommissioner of Agriculture, issued the first report atures: conditions have
Terrell,
become serious in parts of this area. especially
on April 8 on the acreage and condition of crops. New Mexico and Arizona, where the range is barren in many places.
this year
the lack of moisture is not so
This report covers rainfall, price and condition of livestock, sections, rain is now generally urgent in the east Gulf and south Atlantic
needed, except locally.
In Central and Northern States
new land taken in, and feed purchased as well as acreage able and rainfall during the weekthe condition of the soil is more favorwas very
condition of crops. This report shows conditions to tinued too dry in a few sections, particularly beneficial, although it conand
in parts of the upper Ohio
and upper Mississippi Valleys and the west-central Great Plains. ConApril 1 only. The report follows:
ditions were unusually favorable in the lower Missouri and middle MisAcreage and Condition of Crops.
sissippi Valleys where the warmth and mostly sufficient soil
Decrease 4
moisture
Corn acreaZ
promoted rapid growth. Farm work made excellent advance, except
Increase 4
Cotton acreage acreage
the Northeast and in the dry Southwest. Both work and the advance in
Increase 12
of
Orain sorghum
vegetation continue well ahead of an average season in most sections
Decrease 30
Condition 45%
of the
Wheat acreage
Decrease 32%
Condition 49% country.
Oats acreage
-Winter wheat made little or no progress,
SMALL GRAINS.
are very poor, and some of
because of
Wheat and oats cotton and feed sorghum. these crops will be plowed deficient moisture in the more southwestern portions of the belt,
includup and planted in
the acreage to be planted in some crops ing southwestern Kansas, western Oklahoma, and most of Texas. It was
These reports indicate that is subject to change.
either too dry or too dry and cool for good growth also in the
northeastern
upon the weather and
depends
portion, especially in Ohio. in the central States of the belt
Including
New LandTk
In.
Illinois, Missouri, and the eastern portions of
of new land taken in with the highest increase in , conditions were favorable and the crop advanced Kansas and Nebraska,
The reports show 9%
satisfactorily. Wheat is
18%, This new land will be mostly planted mostly being plowed up in north-central Kansas, and
Northwestern District
a large part has
the
sorghum. Had it not been for the extended drouth, I been abandoned in the more northwestern States.
in cotton and feed
Conditions
been an increase in corn acreage and of other feed crops unusually favorable for spring wheat; seeding has been largely continued
there would have cotton acreage.
completed.
and the early-seeded grain has come up to a good stand
generally.
and no increase in
2178
THE CHRONICLE
fr Oat seeding has been mostly finished in the principal producing sections
of the interior, but seeding was retarded by cool, wet weather in the Northeastern States. Early oats have a good start in the interior valleys, with
some fields reported up to 3 inches high as far north as Iowa and fields
generally green in that State. Rain is needed, however, for this crop in
some upper Mississippi and upper Ohio Valley districts. Cereals need
rain in most of the South wherever the crops are not too far advanced to
be benefited. Rice planting was delayed in Louisiana. Seeding flax
progressed in the Central-Northern States, with some early-seeded grain up.
CORN.—With favorable weather for field work, corn planting advanced
northward during the week to the Middle Atlantic States, southwestern
Ohio, north-central Illinois, extreme southern iowa, and southeastern
Nebraska. Conditions were mostly favorable for early-planted corn east
of the Mississippi River, but the drought was unfavorable in the southern
trans-Mississippi States, especially in Oklahoma and Texas, with seeding
further delayed in the latter and progress and condition of the crop mostly
poor to only fair in the former State.
COTTON.—Very little rainfall, high temperatures for the season, and
ample sunskine made ideal weather for field work throughout the Cotton,
Belt. Where it was not too dry planting made excellent advance, and
early-planted cotton has mostly come up to a good stand in the central and
eastern portions of the belt. The drought was still prevalent in Texas,
with a further delay in planting, and both progress and condition of that
planted were poor, except in the extreme south and the northeast; chopping
was advancing in the south, with some squares appearing. Planting
advanced satisfactorily in Oklahoma. Germination is reported as only fair
in Arkansas because of lack of moisture.
In Mississippi considerable cotton is up, but stands are rather unsatisfactory, while in Alabama that more recently planted needs moisture for
proper germination. Conditions were generally favorable in Tennessee
and Georgia with planting practically completed in the southern division
of Georgia. and chopping out begun in the south. Cotton is up to a good•
stand in the lower counties of South Carolina and planting made good
advance in North Carolina.
RANGES, PASTURES, AND LIVESTOCK.—Pastures are improving
in the upper Mississippi Valley and from there westward are in good
condition. In the Southwest and particularly in Arizona, New Mexico.
and western Texas they are short and stock is suffering. Large lamb losses
are imminent in New Mexico unless the drought is broken. East of the
Mississippi River pastures are generally good, except that from the Ohio
Valley northeastward the growth has been slow because of the cool weather.
FRUIT.—Fruits are generally in good condition. Strawberries are ripening as far north as Tennessee and North Carolina. Apples are blooming
almost up to the Great Lakes and cherries and plums in New England.
There has been some damage by freezing in New Jersey and Michigan.
MISCELLANEOUS_CROPS.—The planting of potatoes and garden
truck has reached the northern border and these crops are doing well,
except in the South Atlantic and Gulf States where rain is needed. Beet
planting is general in Colorado and has begun as far north as Montana;
beets and truck are in excellent condition in California. Tobacco beds are
being planted in Wisconsin and are doing well in Kentucky and Tennessee,
while transplanting is well under way in South Carolina.
WEATHER IN ARGENTINA, 9 A.
The data concluding the table on page 3 show that moderately warm
weather for the season prevailed in all the grain-producing sections of
Argentina during the week ending April 20. There was a normal amount
of rainfall in the corn and northern wheat zone, but none occurred in the
southern wheat districts. Fair weather has been continuous in the latter
section since the heavy rainfall of three weeks ago.
[Vox.. 120.
THE DRY GOODS TRADE.
Friday Night, Apr. 24 1925.
Although new business has been generally slow in coming
forward in some sections of the market for textiles, others
have been active during the past week. Staples in particular have continued more or less listless, while the highly
styled novelties in cottons and silks have enjoyed the greatest activity. In the rug and carpet division, operations were
limited and, of a hesitant character. This was due to the
announcement that, contrary to expectations, the Alexander
Smith & Sons Carpet Co. would hold an auction beginning
on Monday, May 4. Conditions in this division of the textile
markets have been so uncertain and unsettled that such a
course has been deemed advisable. In other years of uncertainty the same procedure has been followed with much
success. The auction which will continue until the complete
offering is sold, will include 92,000 bales of rugs and 6,500
bales of carpetings, the value of which is approximately
$6,000,000. These figures confirm the general impression
that the mill output has been exceeding the demand, and by
holding the auction it is hoped that many doubts will be
cleared concerning the conditions in distributing channels
Thus retalers and other factors will be given a true idea of
what buyers think of future sales opportunities. If lower
prices are made, they are expected to stimulate distribution, as they are almost certain to be widely discussed. It
was reported that a few independent manufacturers were
also planning to offer their new lines on May 4. As to what
prices will be, this will depend entirely upon the interest displayed and the way the goods move at the auction.
DOMESTIC COTTON GOODS: The uncertainty as to
the immediate course of the raw cotton market, together
with the Government reports of increased activity in producing channels checked the demand for domestic cotton
quiet. The
the
The Weather Bureau also furnishes the following resume goods during the week and the markets ruled
impression of high activity
Census Bureau, confirming
•
of the conditions in the different States:
during March, showed spindle hours average 227, compared
North Carolina.—Raleigh: Season continues well advanced. While
showers very beneficial, rain still much needed in some sections. especially with 208 in February and 187 in March a year ago. These
southeast and portions of west. Good progress planting cotton and corn. figures were taken to indicate an accumulation of stocks
Strawberry crop excellent. Peaches in sand hill section in excellent shape,
promising fine quality and heavy crop; also good prospect for apple crop and resulted in a disinclination on the part of buyers to auIn west. Wheat, oats, and truck in fair to good condition.
ticipate requirements very far ahead. Competition for
South Carolina.—Columbia: Week warm and dry with abundant sunsheetings and
shine and abnormal heat near close. Cotton and corn planting progressing business was keen and such items as wide
rapidly with good stands in lower counties. Vegetables, fruit, meadows, bleached cottons continued quiet and showed little change
and grains good, but need rain. Tobacco transplanting well under way In conditions. However, certain wanted fabrics, such as
and strawberries coming on market.
Georgia.—Atlanta: Beneficial showers at some northern and eastern print cloths and wash goods sold freely, with premiums
stations, but week mostly warm, dry, and sunny; ideal for work. Moderate obtainable for quick delivery. Wash goods were most active
drought prevails in extreme southern and southwestern counties. Planting
cotton. corn, and minor crops advanced with unusual rapidity. Planting in multi-colored prints, Printed novelties and crepes of many
practically completed in southern division, two-thirds completed in central, kinds. Ginghams, it was claimed, were becoming more popand actively under way in north. Chopping cotton begun in south and
corn receiving first cultivation in many sections. Potatoes, sugar cane, ular as it,was noticed that as some of the new styles reached
peanuts, gardens, and peaches growing well, and strawberries ripening
the retail counters, sales increased to an appreciable deWheat and oats heading rather low.
Florida.--Jacksonville: Droughtly in west and most of north: beneficial gree. The past week was observed as "National Gingham
,
rains central portion, but too much locally in Everglades. Corn, cane, Week" and is expected to materially stimulate interest in
tobacco, melons, and peanuts fair to good. Cotton planting continued in
west on lowlands; poor on uplands; stands fair to good; chopping pro- this line of goods. Many salesmen stated that advance busigressed. Setting sweet potatoes where moisture sufficient. Bulk of potatoes ness compares favorably with that of last year, though thus
shipped from central; crop damaged by drought. Berry shipments de- far orders for the most part have been confined to fancy
creased. Citrus needs rain on uplands; satsumas in west setting good crop.
Atm./amts.—Montgomery: Unseasonably warm: showers at a few scat- dress goods, which is usually the case early in the season. A
tered places in north; otherwise fair, and rain needed generally. Farm better call was noted for fine printed crepes and voiles, inwork ahead in most sections. Planting cotton and corn progressed rapidly;
early-planted coming up well; recently-planted needing moisture for cluding numerous repeat orders covering immediate requiregermination. Progress and condition of oats, potatoes, pastures, and sugar ments.
-inch, 64 x 64's construction, are
Print cloths 28
cane mostly good. Truck crops doing fairly well, but showing effects of
4c., and 27-inch, 64 x 60's, at 6%c. Gray goods
insufficient moisture, cabbage especially. Fruits doing splendidly. Dry quoted at 71
weather delaying the transplanting of sweets.
in the 39-inch, 68 x 72's construction, are quoted at 11%c. and
Misessippl.—Vicksburg: Generally dry to only light rains; very warm.
Excellent progress planting cotton; considerable up, though stands poor 38-inch, 80 x 80's, at 13c.
moisture needed for satisfactory germination. Excellent progress
as more
WOOLEN GOODS: Quietness prevailed in markets for
planting corn: early being cultivated. Gardens, pastures, and truck poor
to fair progress. Vegetation generally needs moisture.
woolens and worsteds during the past week owing to expecLouisiana.—New Orleans: Hot, dry week with only few light, scattered
showers: drought becoming serious in southwest. Planting well advanced, tations of lower prices for both men's and women's wear.
but dry soil retarding germination. Early cotton up to excellent stand; These expectations of a reduction in values were encouraged
considerable cotton chopped and cultivated. Corn holding well due to
excellent cultivation. Stubble cane corning out slowly; planted cane by the easiness for raw wool and yarn markets. Demand
doing well and some cane being Irrigated. Rice planting delayed by for new heavy weight goods was virtually at a standstill and
drought. Strawberries continue excellent.
Texas.—Houston: Unusually warm and dry with excessive sunshine a downward revision of price lists seemed to be almost inand high, drying winds. Unfavorable for pastures, winter wheat, oats, evitable should buyers continue to refrain from making purrice, and minor crops, except in northeast and extreme south where con- chases as they have been doing. Meanwhile, many manuditions were favorable. Progress and condition of irrigated crops excellent;
of corn and cotton fair to very good in extreme south and northeast and facturers who have orders on their books, have been making
poor elsewhere, with seeding further delayed by drought. Cotton chopping every effort to maintain prices as they fear cancellations
progressing in extreme south where first squares are appearing; some
increase in insect activities in south and grasshoppers appearing in west. would be encouraged by any reduction.
General condition of livestock poor with some losses reported.
FOREIGN DRY GOODS: Generally, the markets for
Oklahoma.—Oklahoma City: Very warm, with record breaking temperatures last of week. Light to heavy showers covered about half of linens continued dull and uninteresting. Even demand for
portions. Satisfac- fancy linens has been diminishing,
State, but still very dry in most central and western
and while many were of
tory progress planting cotton. Progress and condition of corn poor to
fair and mostly needing rain: still planting extreme north and west. Winter the opinion that this was only a temporary condition in concondition formity with the rest of the
wheat made very little progress, except where favored by showers:
market, others expressed the
poor to fair, except very poor in much of extreme west and northwest
portions, and considerable acreage plowed under. Potatoes generally belief that the trade was well stocked with novelty stylings.
good. Alfalfa and pastures short and slow growth.
A limited call was also noted for plain damasks, but it was
Arkansas.—Little Rock: Excellent progress planting cotton practically
all portions; germination mostly only fair owing to scanty moisture; stands said that this buying was due entirely to the substantial
where up fair to excellent. Progress in corn planting excellent; about price concessions offered. In regard to dress linens, imcompleted most portions; stands very good, but too dry. Wheat, oats, porters found themselves heavily
stocked with merchandise
meadows, and pastures not seriously injured in most portions, but need
rain badly. Fruit excellent. Rice sowing begun.
which failed to move, regardless of how cheaply they were
and vegetaTennessee.—Nashville: Warm and generally fair. Work
that
tion well ahead of normal. Corn planting almost completed in south and offered to retailers and manufacturers. It was stated
much done in northern counties and coming up to good stands. Land owing to the limited consumer demand buyers were not insome up to
generally well prepared for cotton: planting advanced and
the
good stand. Wheat poor to excellent, averaging fair to good, and spring clined to stock up with goods. Salesmen back from
oats, potatoes, and tobacco beds doing well. Strawberries good and ship- road were evidently relieved over their homecoming and
ments within next few days.
claimed that they had seldom booked less business. Burlaps
peKentucky.—Louisville: Local showers benefical to oats, tobacco plants,
and young clover, but more rain needed many places. Wheat improving continued to rule firm, though rather quiet, consumer debut much late being plowed up. Corn planting commenced generally: mand being fairly satisfied for the time being. Light
some farmers in southern counties one-third done. Tobacco plants and
weights are quoted at 7.50c. and heavies at 9.60c.
early gardens fine: potato planting finished.
APRIL 25 1925.]
THE CHRONICLE
ffitatt and Tit glevartment
MUNICIPAL BOND SALES IN MARCH.
We present herewith our detailed list of the municipal bond
issues put out during the month of March, which the
crowded condition of our columns prevented our publishing
at the usual time.
The review of the month's sales was given on page 1786 of
the "Chronicle" of April 4. Since then several belated
March returns have been received, changing the total for
the month to $110,263,707. The number of municipalities
issuing bonds in March was 397, and the number of separate issues 581.
Name.
Rate. Maturity. Amount. Price. Bans.
Page.
1650_ _Adams Co., Ind
434 1926-1935
55.200 101.02 4.27
1650_ _Akron, Ohio
41i 1926-1955 835.0001 103.836 4.37
1650_ _Akron, Ohio
5
1926-1935 400,0001
1787 __Alabama (State of)
4( 1934-1969 900,000 100.50 4.22
.
1917„Alamosa Co. S. D. No. 5,
Colo
5
8,000
1363__Alcorn Co., Miss.(2 iss.)_6 1-20 years
16,500 100.83 1917_ _Alhambra, Calif
5
1949-1958
70,000 108.07 4.50
1650__Allen Co., Ind
5
1926-1935
11.500
1650__Amherst, N. Y
414 1927-1935 1,100,000 103.151 4.20
1917__Anderson Sch. City, Ind-5
150,000 106.59
1650__Ashland, Ky
4X 1926-1965 200,000 102.50 4.37
1650_-Ashland City S. D.,Ohlo_4 X 1926-1945 200,000 100.60 4.44
1787- _Ashley S. D.,Pa
5
1926-1945
90,000 105.59 4.32
1650„Atchison Co., Kan
4j 1926-1945 154,500 100.12 4.23
1918- _Augusta, Me
4
1925-1955 124,000 99.471r 405
1363„Badger. Minn
6
1945
19,000 104.57 5.61
1650-Bay Village S. D., Ohio_ _4 y, 1926-1951 100.000 105.17 4.75
1650_ _Bayville, N.Y
414 1930-1964 122,500 100.197 4.22
1508__Beaumont, Texas(2 iss.)_
375,000 103.08
150S._Belle Plaine, Kan
4
1926-1935
6,500 100
4778
1898„Benton CO., Ind.(2 iss.)-4
1926-1930
41.500 101.20 4.06
1788-Bexley, Ohio
5X 1925-1933
90.000 102.80 4.81
1788-Bingha1fl Co. Ind. S. D.
No. 28, Idaho
514 410-20 yrs.
24,000
1788_ _Birmingham, Mich
5
1929-1944
30,000
1364-Bladen Co., No. Caro_..-514 1925-1944
20.000 104.66 4.87
1364_ _Blue Earth Co., Minn_ __4 X 1935-1943
15,826 y101.51
1508-Boise City, Ida
414 41935-1945 115,000 100.26 4.48
1364_ _Bonner Springs, Kan_
5
1926-1935
1651_ _Bonner Springs, Kan_ __ _5 1-10 years
1.66
13.03
3
10
0
1651_ _Boone Co. S. D., Neb 434
45.000 1010
4.50
1508__Bowling Green, KY
5 415-30 yrs. 125.000 105.25
1788- _Boyd S. D., Wisc
10,000
1808__Breckenridg.e S. D., Pa_ _4 X 1935-1950
50,000 105.32 4.03
1918_Brevard, No. Car
5X 1930 1954 100,000
1384__BristA31,Conn1926-1950 250,000 101.629 4.08
1918- _Bristol, Conn
0 1926-1948
90.000 100.43 4.21
1651-Brooks & Garfield Twp.
S. D. No. 1, Mich
434 1927-1945 157,000 100.54 4.44
1788-Brown Co., Kan
414
14,396 100
4.25
1788-.Brown Co. S. D. No. 3,
Colo
53( 1930-1937
8,000
.Buncombe County S. D.,
1788.
No. Caro
534
115,000 101.57
1651--Burlington, Iowa
434
4.900
1364„Burlington. Vt
434 1950-1954 350,000 100.29 4.24
1788-Burlington, Vt
434
1940
50,000 102.06 4.07
1384__Burlington Twp. S. D.,
Ohio
5
1926-1940
45,000 101.70 4.75
1364_ _Burnham S. D.,Pa
414 41935-1955
50,000 101.47 4.41
1851„Butier Co., Kan
434 1926-1945 150.000 100.75 ---1788_ _Cameron, Texas
5%
50.000
1508- _Campbell County, Ky_ _ _5
1942-1946 200,000 106.33 4.50
1508-Canton, Ohio (3 issues)-5
1927-1936
59,957 102.77 4.50
1508-Carbondale, Colo
20,000
r
1651-Carroll County,Ind
434 1926-1935
32,000 101.18 4.25
1508-Carteret, N.J
434 1927-1955 125.000
1651--Carteret Co., No. Caro._534 1945-1959
75.000
1788--Cassandra S. D.,Pa
5.
1931-1945
8.000 107.13 4.29
1788-.Cass County, Ind
5
1926-1935
4,000 104
4.25
1651--Catawba, No. Caro
6
1927-1956
15,000 100
6.00
1239- _Cheektowaga, N. Y
4.40 1926-1935
41,600 100.20 4.37
1239--Cheektowaga, N. Y
4.40 1925-1945
43.000 100.86 4.30
1508-Chehalis, Wash
4
35,000
1651--Cherryvale, Kan
4
1925-1945
25,000 101.10r
1239-Chicago, Ill.(2 issues)_--4
1927-1944 6,825,000 99.219 4.10
1508--Choctaw Basin Drainage
District, La
1926-1947 100,000 100.75
1509-Cincinnati, Ohio
414 1925-1935 133,100 100
1789--Clatsop Co. S. D. No. 1,
Ore
1928-1941 100,000 101.35 --5
1651--Clearwater, Neb
12,000
1509-Cleveland City S.D.,Ohio4 X 1926-1945 4,800,000 100.17 4.24
1509-Clutier S. D. Iowa
414
35.000 102.04
0
6
1926-1934
6.000 101.25 5.72
1239-Coast Union H.8.D.,Cal-5
30,000 102.68 4.51
1926-1935
1789--Coitsville Two. S. D.,0_5
1927-1950
25,000 103.34 4.64
1789-Colfax S. D.No.3, Wis.
70,000
1919--Columbia Co..N.Y.(2iss)4X 1945-1948
67,000 100.89 5.30
1239-Columbia County. N. Y.
(2 issues)
414 1925-1948
67.000 106.23 4.06
1919_ _Comanche, Texas
5
70,000
1919-_Corry, Pa
5
1926-1936
30.000 104.87 4.01
1651--Coventry Twp. R. S. D.,
Ohio
120,000 102.32 4.70
1509-Craig, Colo
5 41935-1940
35,000
1919- _Crawford Co., Ind
5
1926-1935
14,264 103.51 4.28
1789-Crawford Co., Kan
4
1-10 yrs
420.533
1364__Cuyahoga Co.,0.(5 iss.).5
1926-1935 149.476 103.35 4.40
1364 _ _Cuyahoga Co..Ohio
5
1926-1935
9,868 102.69 4.43
1809_ _Cuyahoga Co.,0.: iss.1.434 1926-1935 530,000 100.95 4.35
srl
1509--Cuyahoga Co.,0. 8 iss. .5
1926-1935 210.996 103.21 4.34
-Darlington S. D. o.
1789
So. Caro
,
5
45,000 102.11
1945
1681_Daviess County, Ind-- _4X 1926-1935
28.000 102
-76171
4
1739_ _Delaware, Ohio
6
1926-1929
2.000 100.64 5.72
1789--Denver (City and county
of Moffat 'runnel Imp.
Dist.), Colo
534 1964-1973 2,500,000
1509-Denver (City & County
of) S. D. No. 1, Colo--414 1934-1953 1,750,000 104.05 4.18
1789-Donna, Texas
125.000 100.32 _.:__
1365-Dormont S. D., Pa
414 1934-1954 150.000 103.19 4.26
1926-1955
1651--Dos Palos San.D.,Calif_ _6
30.000 100.003 5.99
1789-Douglas Co. Community
Con. S. D. No. 158,111_6
1929-1944
9,000
1789_ Douglas Co.S. D.No.38,
534
Colo
30,000
434 1926-1945 200,000 102.69 4.16
1789_ _Duluth, Minn
1681__Dundy Co. S. D. No. 1,
5
Neb
27,000
-1919-East Deer Twp. S. D.,
434 1930-1950 175,000
Pa
Feliciana Parish Rd.
.East
1365.
5
Dist, No.2, La
1926-1955 100.000 y100.50
1790.._East Moline, Ill
15,000
534 30 years
45.000 102.50
1510-Eldorado. Texas
434 19264945
24,000 103.17 4.14
1510-Elkhart Co.,Ind
434 1926-1945
16,000 103.75 4.07
1510.. _Elkhart Co.,Ind
2179
Page.
Name.
Rate. Maturity. Amount. Price. Basis.
1510 _ _Elkhart Co.,Ind
414 1926-1945
20,000 103.17 4.14
1919__El Paso Co. Corn. S. D.
No. 10, Tex
514 1-35 yrs.
50,000 103.53 ---1365--Elton R.D.No.10-A,La_6
1926-1945
75,000 105.18 ---1651-Emporia, Kan
434 1-10 yrs.
123,867
1790_ _Erie County, Pa
434 1930-1941 430,000 103.72 4.03
1790__Erie S. D., Pa
434 1927-1952 150,000 102.89 4.01
1510-Erwin Union Free Sch.
Dist. No. 1, N.Y
434 1930-1964 250.000 103.79 4.25
1919--Eufaula, Ala
5
1955
25,000 96.50
1365--Farragut, Ia. (2 iss.)5
1928-1937
9,500103.27 4.44
103.27
1919_ _Fayetteville, Tenn
5 41938-1953
80,000 102.15
1790-Fergus Falls, Minn
4
1928-1942
15,000 100.46 :X8
1
1365_ _Findlay, Ohio (2 issues)_ _5
1926-1935 101,170 103.91 4.58
1651- _Florence Twp., N.J
5
1926-1936
17,000 101
4.80
1365_ _Forest City, No. Caro_
250,000 101.92
1790_-Fort Edward, N. Y
5
1926-1937
48.000 103.10 4.43
1652__Fort Scott, Kan
414 1926-1945 185,000 100
4.50
1790--Fort Wayne School City,
Ind
4% 1926-1945 850,000
1365_ _Franklin Co., Ohio
4Y 1926-1932
6,700 100.16 4.72
1652_ _Franklin Co.,0.(4iss.)._43
62,900 101.48
1652_ _Franklin Co.,Pa
4
1929-1936 800.000 101.03 Zog
1920„Frederickstown, Mo
434 5-20 years
85,000
1365_ _Freeborn Co., Minn
434 1936-1945
18,178 101.65r 4.11
1652 Freeman's Creek District,
W.Va
5
1934-1943 365,000 101.16 4.89
1365-Frostproof, Fla.(4 iss.) 6
1954
65.000 101.55
1790_ Fulton Co.,Ohio
5
1926-1934
91.500 102.33 4.51
1652-Gallitzin S. D., Pa
434 1940-1955
50,000 106.42 4.11
1920_ _Garfield Co. S. D.No.10.
Colo
434
7.000
r
1920-Garrettsville, Ohio
5
1928-1933
8,134
1652__Garvey S. D., Calif
5
1926-1964
75.000 106
4.59
1652_ -Giddings, Texas(2 iss.)_ _6
1926-1965
91.000 107.50 5.43
1790__Gloucester, Mass
4
1926-1946
20,000 100.58 ---1920.-Gloversville, N. Y
434 1926-1930
77.000 100.95 4.15
1652--Greene Co., Iowa
6
1934
55,000 102.27 --1920- _Greene Co., Incl. (4 iss.)-5
1926-1935
32.000 103.56 4.33
1510_ _Greene Ind. S. D.,Iowa _4 X 1938-1944
60.000
S. D.,Pa_ _ _ _4
1790--Greensburg
1926-1955 600.000 100.37 3.97
1652-Greenville, Texas
5
1927-1965 400,000 103.02 4.78
1366_ _Grinnell,Iowa
5
1925-1936
11,500 100.25 4.95
1920- _Groveland, Fla
5
1944-1954
30.000 102.62
1790- _Haddon Heights, N.J_ _ _5
1925-1934
91,000 100
1366_ Hamilton Co., Ind
414 1926-1935
4.200 101.52
1790--Hamilton Co.,Ind. iss.)4X 1926-1935
(2
13.000 101.46
1790--Hancock Co., Iowa
-1933
575,000 101.04
1791--Hanover, Pa
1652- Harriman, Tenn
'
I§ 1926-1945
1:55
1920_ Hartville, Mo
8.500
1791-Hast1ngs, Neb
5
1935
81,000
-1791__Havcrhill, Mass
4
1926-1945 165.000 100.94-r 4.55.
1652_ _Hays, Kan
5
1-10 yrs.
31,781
1510-Haverstraw. N. Y
5
1925-1930
13.400 101.105 4.61
1791_-Hazleton, Pa
4% 1935-1954 6 00 105.91 4.05
1 0
7 00
1510-Henderson, Texas
6
1366-Henry Co., 0.(3 iss.) _ _ _5
1926-1932
82.400 102.18 4.58
2186_ _Henderson Co., No.Caro.5
1930-1947
90.000
1510--Hewitt, Minn
434 1930-1949
5,000
d,Ka
4
1925-1944
ig,522:-JiigHighihlaannd
62,193 102.77 _-Co. Ohio
o
5
1926-1933
11,300 102.82 4.53
.
spborraz9
1366_ _HilIsec.ough CoeFtiera_b_a_Y,
1927-1953 100,000 107.18 5.34
1791__Hitchcock Co.S. D.No.1,
Neb
434 1931-1950 110.000 100.03 4.49
1366-Hoke County, No. Caro_5
1935-1954
20,000 102.73 4.79
1366--Holton, Kan
434 1925-1934
42,508 100.30 ---1652-Homer, Neb
8.500
r
1791--Hopewell, Va.(2iss.)---'50 & '60 375,000
1791_ _Hopewell, Va
1955
150,000
r _
1791_ _Hornell, N. Y
4
1926-1930
24.692 100.41 4.11
1652- _Howard County, Ind_ _ 4
1926-1935
10.660 101.39 4.23
1652_ _Howard County, Ind_ _ _ _4
1926-1935
5,050 101.78 4.12
1920--Hudson, N. Y
414 1926-1945 100,000 103.30 4.11
-Southern
1652-Humphreys Co.
Sep. Road Dist., Miss_6
1926-1950 140.000 106.33 5.35
1791-Huntsville. Ala
6
10.000 100
6.00
1791-Huntsville, Ala
5
150,000 98.02 ---1652-Huntington, N. Y
4X 1930-1939
20.000 100.39 4.20
1510--Huntington Fire D.,N XA X
1933
27,000 100.671 4.35
1791__Huron Ind. S. D. So. D-414 19264940
69,000 99.71
4.54
1510--Idaho(State of)(3issues).4 X 1926.1945 663,500 100.63r 4.18
1510-_Idaho (State of)
4.1041927-1945
35.000 100
4.10
4 41935.1945 265.000 100
1510_-Idaho (State of)
4.00
1511_ _Idlewood, Ohio
5
1926-1934
53,200 101.71 4.64
1511- -Illinois (State of)
4
1944
1,650.000 99.07 4.08
4 X 1927-1937 110,000 102.35 4.11
1398161____frIneddiadniappoounlisiyI.nNo. Caro A X 1929-1950 1,000,000 101.169 4.69
1653_ _Irwin. Iowa
5
1927-1936
4.000 102.52 ---1653- _Italy I.S.D.,Tex.(2 iss.)-5%
50.000
1511_ _Jackson, Mich
4X 1926-1954 524.500 101.01 4.18
1920__Jackson Co., Ky
5
1935-1955
,
000
1653--Jamestown.N.Y.(3iss.).4 X 1926-1940 203,9801 100
1653- _Jamestown, N. Y
4
1941-1960 200,0001
6 93 jJ annen,wn ,. D..
1 53: ohs sto Neb
,
27,000
Pa_ _ _ _4 X 1929-1950 500.000 104.33 4.04
1241_ _Kahoka, Mo
5
1931-1945
20,000 103.07 4.70
_Kalamazoo Mich
1791_
434 1926-1935 245,000 100.08 4.22
1791__Kankakee ibo. S. D. No.
13, Ill
5
1926-1935
15,000
1920-Karnes Co. Rd. Dist.
No. 3, Texas
534
125.000
1653- _Kauffman Co. Road Dist.
No.4, Tex
65,000 y100.22 --1653-Kendalville Sch. City,Ind4 X 1929-1940
95,000 102.31 4.27
1791--Kenosha Co., Wise
414 1926-1945 360.000 102.08 4.24
1511--Killeen, Tex.(2 issues)- -6
Serially
52,000
1653„Klowa Co. S. D. No. 1,
Colo. (2 issues)
45,000
1653-le/Iowa Co. S. D. No. 1,
Colo
15,000
r
1921-Klamath County. Ore_ - _4 X 41935-1955
22,0001
1921_ _Klamath County. Ore_ _ -4X 41935-1955 103,0001 100AS --1921--Kosciusko Co..Ind
5
1926-1935
55,000 103.83 4.22
1921--Kosciusko Co.,Ind
5
1926-1935
16,000 103.85 4.21
1921-Kosciusko Co.,_Ind
5
1926-1935
64.700 103.80 4.22
1511-Lake View S. D.. Ga---6
1926-1943
18,000
1653_ _Lake Worth,Fla
6
1.250,000
var.
1511_ _Lancaster, Ohio
5
1926-1935
5.000 100
Yoe
1511--Lancaster, Ohio (2 h3s.) 5
1926-1935
26,241 101.91 4.60
1367-.Lancaster S. D.,Pa
434 1949-1954 450.000 105.09 3.95
1387_ _Lapeer Co., Mich
1927-1935
90,000 101.16
1792_ _La Porte Co.,Ind
5
1926-1935
39,000 103.80 4.22
1792_ _La Porte Co.,Ind
5
1926-1935
9,000 103.82 4.21
1792..-La Porte Co.,Ind
5
1926-1935
19,000 103.85 4.21
1792_ _La Porte Co.,Ind
5
1926-1935
22,000 103.84 4.14
1921-Larimer Co.S.D.No.10.
51
19,000
1511-Lauob°cIale Co., Tenn--_5
Cder
200,000
1367_ _Lawrence. Kan
434 1926-1935
28.670
1683__Lawrence, Kan
434
1955
115,000 100
4.25
1511_ _Le Claire Ind. S. D.,1a_434 1927-1944
30,500
1792__Little Rock, Ark
434 1926-1951 1.900,000 100.04 4.49
1921_ _Little Rock, Ark
73.000 101.77 _
1792 Long Beach City High
S. D., Calif
1925-1954 500,000 103.67 4.66
1511_ _Lsr o 3 .
el .
i isr es M,
un iniPt 5X 1926-1964 275,000
Cilif_ _:
_ 5
100
5.50
1792- _Los Angeles Sanitation
Dist., Calif. (3 issues)_514 1926-1965 4,560,000
104.105 --1792__Lowell S. D. Ohio
5
1926-1945
20,000 101.62 4.80
1653 LyndhurstTwp. S. D.,
N. J.(2 issues)
414 1926-1965
4.50
1511-McDowell Co., No.Car--4X 1930-1954 405,000 100
250,000
19:82 MN&
Rate. Maturity. Amount. Price. Basis.
Name.
Page.
1921_ _McColl° Co. S. D. No. 1.
17.500 101.07
Mont
5J..S 1926-1935
25.000 y100.089r
4
20 years
1654--McPherson, Kan
25.000 y100
4
1945
1721- _Madison, So. Dak
1792-Madison, Wls.(3 iss.)_ - _4% 1926-1945 525.000
1511-Magnolia Park. Texas (4
700.000
Issues)
1654--Manatee, Fla. (4 issues)-5Si 1935-1955 142.000 102.06
18.000
4%
-Manly S. D., Iowa
1922
7.350 100.53 5.68
6 1 to 3 yrs
1241 _ _Mansfield, Ohio
r
30,000
1922_ _Manson, Iowa
55.000 100.45
1926-1945
53
1241_ _Mansura. La
66,366 102.85
1926-1935
1241--MapieHeights,Ohlo(7 is.) 5
150.000 102.94
1511- _Marengo Ind. 8. D..1a4141945
1926-1945 133.000 103.33 1.11
53
1792-.Marion. Ohio
1367-Marlborough Fire Dist.,
1.000 112.60
N. Y.
1-10 yrs.
44.000 100.22
5
1654-Martinsville. Va
25.722 102.72
1792-Marys‘ Me. Kan
1.50
12.000 100
1921--MarYsville Ind. S.D..Ida.5% d1935-1945
5.50
21.000 100r
1922__MarysvIlle Ind.S.D..hia-5% d1935-1945
1513_ _Mecklenburg Co., No.
1926-1955 100.000 105.33 4.55
5
Caro
750.000 100.34 3.80
434
1513-Memphis. Tenn
Co. 8. D. No. 11.
1792-Mesa
10.000
Cob
.58
4
1926-1955 1.500.000 99.299 -1654-Miand. Fla
4.45
28.500 102.84
1926-1935
5
1512-Miami Co.. Ohio
17.000 101.92 4.60
1926-1935
5
1512-Middletown, Ohio
4.10
434 1935-1943 675.000 104.09
1512-Milwaukee. Wise
1512--Milwaukee Co.. Wisc._ --4 Si 1936-1945 2,670.000 103.09 4.24
1512-Monmouth Co., N.J.--4% 1927-1945 595.000 102.73 4.21
1512--Monmouth Co., N.J _...-4% 1927-1955 162.000 103.46 4.15
14,000 103.59 4.62
1926-1945
5
1654-Monona,Iowa
3.97
1931-1944 350.000 100.37
4
1792- _Monroe Co.. N. Y
4.29
33.000 101.54
1368.. Montgomery Co.. Md.-.434 1926-1942
1926-1935 105.000 102.69 4.43
1654_ _Montgomery Co.. Ohlo 5
25.000 100.77 4.22
1792-Montgomery Co.. Ohio--4 Si 1926-1950
4.51
10.000 102.31
1926-1935
1792--Montgomery Co., Ohlo-.5
40.000 100.02
44
1792_ _Mount Shasta,Calif
75.000 105.17 4.01
1654_ _Mount Pleasant Twp..Pa.4% 1030-1054
15.000 101.90 - -1923_ _Musk(gon Heights. Mich. _- 1926-1931
.41
414 1926-1955 500.000 101.17 4
1792- _Nashy,lie. Tem)
534 1931-1945 145.000 105.27 4.46
1242-Nashville. Tenn
51
1926-1030 235.000 103.19 4.36
,1242-Nashville. Tenn
4.96
60.000 102.94
534 1927-1936
1923-Nashwauk, Mina
1926-1935 800.000 100.16 ---4
2187- _New Bedford, Mass
1793- _Niles City S. D., Ohio.- _4fi 1926-1935 183.313 102.67 4.20
8.640 105.03 3.98
1925-1934
5
1512-_Noble County. Ind
15.800 105.12 3.96
1925-1934
5
1512- _Noble County. Ind
28.000 102.60 4.74
1926-1953
5
1242-Northfield. N. J
1931-1936
17.500 104.28 4.88
1512- _North Olmsted. Ohio_ .534_
4.50
60.000 100
1793-Northumberl Ind, N. H..-4 Si 1926-1935
4.62
27.000 101.61
1925-1934
5
-Norwalk, Ohio
16541925-1949 135.000 105.30 4.47
5
1654. _Norwalk. Ohio
50.000
1923._Nowata County. Okla- _ _54 1929-1949
3.90
1926-1940 100.000 100.74
4
1512- _Norwood. Mass
r
18.500
1923-Nuckolis Co. S. D.. Neb-4.4
434 1926-1945 600.000 102.76 ---1512--Oakland. Calif
1945
35.000
1654--Oakley, Idaho
4.47
1929-1941 155.000 100.31
43
1242- _Oak Park, Ill
94,000
1926-1945
1368--Ogden, Utah
1368-Ogden. Utah (2 issues)_ - ..434 1935-1945 125.000
1654-Oktibbeha County Sup'r
12.000
Road Dist, No. 1, Miss
44 1930-1939 350.0001 100.001 4.07
1242--Oneida, N. Y
1940-1945 450,0001
4
_Oneida. N.Y
1242_
4.200 101.45 4.20
434 1926-1035
1513-Orange County. Ind
434 1930-1949 1,000.000 101.17 4.14
1654 - -Oregon (State of)
5.00
25.000 100
5
1513__Oregon City, Ore
3.234 101.02 4.27
434 1926-1935
1368-Owen County. Ind
43.600 102.69 4.18
414 1926-1045
_Owen County, Ind
13684.20
9.000 101.48
434 1926-1035
1368 _ _Owen County. Ind
1513_ _Oyster Bay S. D.12,N.Y _4 Si 1928-1944 230.000 101.63 4.32
190.000
Tex. (3 Issues). -1793__Paducah,
9s
246.000
1923..Pahokee Drain. D.. Fla.-6
.51
5
50.000 107.13 -d1945-1955
6
1793_ _Palmetto. Fla
50.000 103.38
514
1793-Panola Co.. Miss
20.000 101.65 4.86
d1930-1045
179.3- _Pawnee Co. S. D., Neb_ -5
1925-1944 104.000 100.95 3.89
4
1369-Peabody, Mass
31.000 103.85 4.15
1955
5
1242--Pen Amyl. Pa
1930-1952 20000.000 101.807 3.871
16M - -Pennsylvania (State of)..-4
4.00
1935-1954 3,000.000 100
-Philadelphia S. D., Pa
4
1513.
95.000 101.32 4.84
1930-1945
1791_ _Pierre Ind. S. 1)., S.0_ _ _5
r
24,500
1513_ _Pierson Cons. S. D.. h._ __
1242__Pinellas Co. Spec. Road &
520.000 96.65 ---Bridge Dist. 8. Fla_ - -6
.
1369__Pinellas Co. Spec. Road &
95.32 ---400.000
Bridge Dist. 4. Fla_ _ _ _6
1513-Pinellas Co. Spec. Road &
Bridge that. 7, Fla- _ -.6
1926-1950 356,000 97.59 --1655-Pinellas Co. Spec. Road &
75,000 95.03 ---Bridge Dist. 9, Fla_ __ _6
r 13.000
1930-1940
5
1923...Pineville, Ky
29.500 102
25 years
6
1793. _Pittsburgh. Okla
4.86
8.000 100.29
5
1926-1930
1242__Pleasant Valley. N. Y
5.00
2.936 icor
1935
5
1655_ _Polk Co.. Minn
1242_ _Pony Creek Drain. Dist.
28.000
5
23. Iowa
No.
4.88
23.000 100.44
1925-1932
5
1369-Portage Twp., Ohio
1,030.500 104.97 ---1923_ _Port Arthur. Tex.(11138.)5
16.000
434 1926-1929
1513 __Port Chester. N. Y
1928
30.000 101.367 4.27
434
1513__I'ort Chester. N. Y
15.000 101.097 4.34
434 1926-1930
1513-Port Chester. N. Y
22.655 100
1655_ _Port Huron. Mich
1369__Port Huron S. D., M1ch-434 1926-1945 200.000 101.58 4.32
50.000 105.89
1794-Portland. Ore
10.427 105.89
1794-Portland. Ore
5,000 105.77 ---1794__Portland, Ore
5.000 105.71
1794--Portland, Ore
75.000 106.03
1794-Portland, Ore
75.000 105.94 ---Ore
1794-Portland.
75.000 105.85
1794--Portland, Ore
5.000 106.19 ---1794--Portland, Ore
5.000 106.14
1794-_Portland, Ore
2.000 105.90 --- 1794-Portland. Ore
5.000 105.90 ----Portland, Ore
1794_
15.000 100.83r _
5
1923__Potter, Nab
30.000
1655__Power Co.. Idaho
70,000 100.001 ---1655__Pratt, Kan
14.000 102.03 ---434
1794_ _Preston. Iowa
Conservancy Dis1923_ _Pueblo
4.75
1.000.000 100
trict, Colo
4.000 102.83 4.22
1369__Raccoon Sch. Twp., Ind-I4 1935-1938
Road Dist.
1655„Refuglo Co.
150.000
534
No. 2, Texas
1655__Refugio Co. Road Dist.
142.000
534
No. 4, Texas
4.39
1926-1945 105,000 105.15
1794-Rhinelander. Wis.(2 is.) _5
Tvrp. Rur. Sc.h.
1243__Richland
50.000 101.62 4.74
1926-1939
5
Dist.. Ohio
5.04
9.000
1655...Richmond Heights, Ohlo.534 1926-1934 175.000 102.01
106.36
1936-1937
5
1655_ -Rock Co., Wis
35.000
19261940
._.6
1923._Rock Springs, Texas..
5.98
30.000 100.06
1926-1935
6
1369__Ronda, No. Caro
4.94
75,000 100.54
1926-1955
5
1655-_Roxboro, No. Caro
1243--Royal Oak, Mich. (26
328,024 100.15 ---44
Issues)
r _
45.000
d10-20 yrs.
5
1513-Rupert, Idaho
4.09
9.500 102.01
4% 1926-1935
1243_-Rush County, Ind
5.11
11.802 103.53
1926-1933
6
1794-St. Clairsville, Ohio
5.10
11.147 103.60
1926-1933
6
1794--St. Clairsville, Ohio
500,000 100
1513-_St. Paul, Minn
4-Ji
64,917 101.51
1925-1935
1655__Salom, Ohio (4 issues)___5
35,00011.198.31 J 5.95
1370--San Augustine, Texas_ _ _ -5Si 1926-1955
[VoL. 120.
THE CHRONICLE
2180
14
i4
Nrnie.
Rate. Maturity. Amount. Price. Basis.
Page.
1513-_Salt Lake City. Utah (2
Issues)
98.537 4.11
1926-1955 950.000
4
1795__Sayre S. D. Okla
48.000 101.35 ---5
1655-_Scott Co., Ky
5
1930-1950 135,000
1243-Scottsbluff Paving Dist.
No. 2, Neb
17.000
534 1926-1933
1655__Seagraves I. S. D., Tex.
75.000
1370- -Seattle, Wash. (3 iss.)_ _ _44 1927-1955 1,230.000 101.94
1655-Selma. No, Caro
17.500 101.53
534 1927-1961
1795-.ewickley S. 1)., Pa
4.10 1926-1955 350.000 101.64
1513__Shackleford Co.. Texas 534
400.000 100.81
1795-Shadyside, Ohio
13,000 105.79
6
1926-1935
1795-S1-eridan. Wyo
24.300
1924- _Sbrla, Colo
12,000
534 1929-1941
1795- _Sn it ifield Road Dist.,
W. Va
230.000 100
1655--Solomon, Kan434
10.000
1655.-So Ath Euclid. Ohio Twp..
4.90
63.900 103.01
5% 1926-1935
1243-Solth Huntington
Pa
4.08
44 1930-1939 100.000 104.14
5.44
1370__Southport, No. Caro.._ _5Si 1925-1952
38.000 100.68
1795-Souto Portland, Me
60001) 101.51
4!.j 194-1945
1514--Springfield San. Dist.,I11.4 Si 1926-1944 500.000 102.318 1.58
1514„Spring ValleY, Wis
29.000
1656- _Starke Co.. Ind
7.800 103.96 4.22
5
1926-1935
1 5
ter ing, Kan
6.00
34.398 100r
434
192L.-Stillwa ter. Minn
35 000 100.85
434 1926 1932
1514_ _Stratford. Texas
20.000
6
1656_ _Sullivan Co.. N. Y
434 1926-1945 164,000 103.03 4.12
1 /95-Sumter Co. S D., Fla_ -6
35 000 y105.52
1795_ _Sumter Co. S. D.. Fla_
-6
20.000 y102.28
1243__SwIft Co., Minn
- .
-1fi3 -36.000 101.57 p4.31
434
1370_ -Sylvania S. D.. Ohio_ __ _5
1926-1950
30.000
1924.-Tacoma, Wash.(9 issues) 6
12,995
1932&1937
1656-Tallahatchie Co. Road
Dist., Miss
1925-1949 300.000
1514-Tarrant Co. Common Sch.
Dist. No. 60. Tex
5.000 100
55.00
1924-_Tensas Parish Sch. Dist.,
La
30 years
60.000 101.91 ---1924-Texarkana. Tex
P
280.000
1514__Texas (State of)
8
3.500
1514.._Texas (State of)(
s
:Iss.)--5
8.000
1514- Texas (State o
%
3,000
534
1370-Thordenskyold
p. Dr.
1)Ist. No. 1, No. Dak.-6
6.00
1926-1940
7,500 100
1656-Tippo Swan Lake Road
Dlst. No. 4. Miss..... __ 1925-1949
36.500
1514- _Toledo City S. D.. Ohlo_44 1926-1950 1,500.000 102.48
4.26
1243_ _Tombstone. Ariz
6
1945
25.000 101.17
1370„Tonawanda. N. Y
Zig
434 1931-1935
50.000 101.077 '
70.000
1370.-Tonkawa, Okla
1656_ _Toronto VII. S. D., 0h1o.534 1926-1900 275,000 106.54 -- 76
.
4
_ ...
36.,00 95.55
1795_ _ Troy, Mont_ _ ___ _ ... .-4si 1926-1945 100.000
„Troy, N. Y.(2 Issues)
5
13701636_ _Ulysses, Neb
10.000 181:65 71:64.
d1930-1945
0 767
44 1926.1942 343.0001.54
1636__Union, N. J
434 1926-1950 114.000 181 9 4.34
1656-_Union, N. J
1.16
1795_ _Union (Town). Union Free
5
S. 1). No. 2, N. Y
1926.1942
60.000 105.18
1795_ _Upper Arlington. Ottio-54 1945-19.14
0
8, 0
91.4::0 102.55 1".§§
5Si 1925-1934
4.98
10.000 102.61
1795-Upper Arlington, Ohlo
6
1924--Valley Head, Ala
15.000 104.07
434 1926-1940
1371--Vancouver, Wash
1921-11M5
89.9z0 105.70 3.84
.
1795- Vanderburgh Co.. Ind._.5
128.000 101.508 4 19
434 1-10 ye ,r
1924_ Vermillion Co.. Ind
1926-1950 142.000 103.28
4.67
1514- _Vermillion VII. 8. 1).. 0..5
6
1926-1935 126.000 102.27
5.51
1371-_Vero, Fla
6 5( 0
(1 . 0
1926-1935 127.5 10 102.32 5.50
6
1792_ _ Vero, Fla
1656__Vienna, Oa
28.000 103.85 4.21
1925-1936
1656_.Wabash County. Ind___ _5
1926-1936
28.000 103.70 4.24
1656_ _ Wabash County. Ind_ _ _ _5
2.600
1925-1941
5
1656. Wacorna, Minn
5
c/5-'40 yrs.
24.000
1746...Wakeheld, Neb
4.066
serially
6
1924. Walla Walla, Wash
1026-1934 240.850 101.70
4.08
1514_ _Warren, Ohio (6 Issues). _5
1244._ Warrensburg Fire Dist..
70.000 100
44 1926-1935
4.75
N. Y
30.000 101.47
5.23
1244_ _Warrick County. Ind__ - _44 1926-1935
16..600
1244..Warrick County. Ind_ ---44 1926-1935 500 0 0
5.23
100
101.47
4.41)
:033_ Washington (state of).- -4%
1924_ _ Washington Co. S. D.,
1930
6
Va.(4 issues)
52.000
1024_ _ Washington Co. S. D.No.
1927-1942
49. III
41.000
434 1930-1944 330.000 102.197 4.02
1514_ _Waterbury. Conn
4.58
1926-1945 128.000 102.98
1656_ _ Watts City S. D., Callf_.5
1 45
5
1924_Wayne. Neb
5 00
112.000 100r
5
1926-1934
4.59
1656_.Wayne County, Ohio_
9.000 100.28
434 d1945-1955
1656_ _Weedsport. N. Y
45.000 102.197 4.28
1796-Weld Co. S. D. No. 24,
Colo
434
20,000
1796--Weld Co. S. D. No. 107.
8
Colo
16.000
4% 1926-1935
1796- Wells Co.,Ind
c
14.000 102.57 - oo
4% 1927-1933 107.000 100.97
4.28
1656- _West Orange, N. J
6
1796__Whate l'o.. Ind
1925-1929
5.51
8.260 101.27
I:36)434 1935-1959 1,410.000 102.339 4.09
1245__White Plains, N.Y.(3
1514_ _Wichita. Kan.(2 issues)-4 4 10-20 years 169.054 102.82
1514__Wilmington.0.(2 issues).5
9.637 100.68 158
1514_ _Wilson. No. Caro.(2 Iss.).4
192-1962 465.000 100.139 4.74
534 1940-1955
5.22
1656_ Winslow. Ariz
50.000 103.67
5
1515_ Wood County, Ohio
4.50
1926-1930
25.000 101.37
5
1515_ _Wood County. Ohio
1926-1930
10.000 101 02 4.62
5
1515...Wood County, Ohio
4.52
1926-1930
20.000 101.33
5
1515.-Wood County. Ohio
4.52
1928-1930
20.000 101.33
5
1515_ _Wood County. Ohio
4.52
1926.1930
20.000
5
1515_ _Wood County. Ohio
1926-1930
01 3 3
70.000 101..33 4.52
1656__Wyoming Vii. S.D.,Ohlo_5
4.61
1927-1950
25.000 103.80
5
1656__Youngstown, Ohio
1926-1935 100.000 103.72 4.28
:i4
Total bond sales for March (397 municipalities, covering 581 separate issues)
k110.253,707
d Subject to call In and during the earlier year and to mature in the later
year. But may be redeemed two years from date. k Not including
$8,250.827 temporary loans. r Refunding bonds. y And other considerations.
The following items included in our totals for previous
months should be eliminated from the same. We give the
page number of the issue of our paper in which reasons for
these eliminations may be found.
Amount.
Name.
Page.
$35,000
1508_ _Chehalis. Wash.(December llst)
72.500
1791-Johnson City, Tenn. (February 125 list)
20.000
1791_ _Kaufman,Tex.(February 11125 list)
17.500
1792__Lewistown, Mont.(Feoruary 19 5 ii.st)
300.000
19 8__ *McDowell Co. W Va.(Feb. 1925 list)
40.000
1654„Pharr. Texas (Feb. 1925 list)
400.000
1655-Saglnaw, Mich. (Julylist)
* See item under "Big Creek Sch. Dist., W. Va.," on page 1918.
We have also learned of the following additional sales for
previous months:
•
5
(Dec.) Si
2908_ _Aberdeen, No.Car.
1508_ -Ada,0.(2 Ws.) (Sept.)_ -6
6
1787--Allegheny S. 1).. Va
6
1787_ _Auburn S. D. Va
1018__Big Creek S. ID., W.Va..5%
1508_ _Biscayne Dr. Dist., Fla-6
1788__Blacksburg S. D., Va----6
1918_Blue Ash 8. D., Ohio---5%
1925-1934
1925-1934
1926-1930
1928-1930
1926-1945
1929-1944
1926-1930
1928-1943
60,000 100.31
15,000 102.54
11.000
5,500
300,000
95
12.000
11,500
1.867
5.69
4.46
THE CHRONICLE
APRIL 25 1925.]
Rate.
Name.
Page.
3037 __Bremen S.D.,Ohlo(Dec.)
4
1238-Buffalo. N. Y
1090-_Carterest Co. Dr. Dist.
No.2. No.Car.(Apr.) _ -6
2555- _Clarke Co.. Ga.(Nov.)_ _ __
1789- _Christiansburg S. D., Va_6
1651--Daytona Bch.. Fla.(Oct.)6
6
1919--Fairmont. No. Caro
1653_ _Jordan Val. Irr. D.. Ore
1923...Lotatt. Ohio (2 issues).--5
5)4
1921...Logan. Ohio
1653-McPherson, Kan.(Jan 25)4.Si
6
1792-Malinta, Ohio
1921__Manchester, N. H.(Sept.)4
--Mesa Co. S. D. No. 19.
236
4U
Colo. (Jan. 1924)
2208-Michigan (State of) (9 is43(
sues) (Nov.)
4S4
1654-Millvale.Pa
2208__Montpelier. Vt.(Nov.).._4
2208-Newark City S. D.. Ohio
5
(Nov.)
414
1923-Oxford. Kan
1654_ _l'harr, Texas(2 issues) _ - _6
1655-Pittsburg. Nan. (Jan.
434
1925)
1655-Plankinton Ind. S. D.
5
No. 1. So. Dak
2559-_Pt. Angeles, Wash.(Nov.)6
5
2319._ Russell. Kan.(Sept.)1655-Russell. Kan. (Dec.)_-_ 5
1655-St.John. Kan.(Oct.)._ -45i
1924-Sower. 01. (December)..6
2210...Summit Co.. Ohio(Nov.)534
5
1924„Tiffin. Ohio
6
1514-Troy. Ala
1655-Santa Barbara Co.. Calif.
(Jan. 1925)
534
1244-Vernon Twp. Rural S. D..
5
Ohio
5
1656-Westmont S. D., Pa
Maturity. Amount.
160.000
40,000
1926-1945
1930-1945
1926-1954
1926-1910
1925-1934
1928-1945
1926-1936
1926-1935
serially
)
1426-14 30
1925 1944
Price.
100
81.000
250,000 106.88
15.000
94.000
18,000 101.75
400.000
10.903
3.000
48.500 100 08
1.065 100.98
130,000
1940-1955
39,000
1930-1954
1925-1944
119.000
200.000
100.000
1926-1940
1926-1935
1927-1965
serially
100.06
106.31
100
15.400 103.37
35.000 100
45,000
69.498 100.01
1928-1944
I' 26-1929
1926-1933
1935
43.000
315.000
92.000
95.164
18.500y
225.000
40.000
4.000
98,000
1926-1946
31.500
48.000
4.00
1930-1945
1927-1938
1944
30 years
100.30
100
100
"Attorney Taylor agreed to the proposal that the scrip Indebtedness may
be included in the redemption provided that 36,400 of the $43.000 bond 5,sue be excluded from reuemption contending that no county has the right
to pay that amount in fiscal agents fee or commiss.on to Gunther & Company and Hogan Oliver for the part they played in financing the transaction."
-Suit
Henderson County (P. 0. Lexington), Tenn.
Brought by Modern Woodmen of America to Collect Interest
Alleged to Be Due on $350,000 Road Bond Issue Sold in 1920
-It develops that suit has been filed
to Be Tried This Month.
on
5.60 by the Modern Woodmen of America of Omaha, Neb.,
the $350,000 road bond issue sold in 1920 and mentioned
in V. 120, p. 982, for interest alleged to be due. It was
announced on April 13 by Felix M. Davis, Judge and
the case will
Yee Financial Agent of Henderson County, that Federal Court
4.00 come up for trial before Judge J. W. Ross in
which meets in Jackson (Tenn.) this month and that the
4.52
4.50 proposed county suit to establish that the bond issue was
without proper authority will be held in abeyance pending
the decision in the present case in which the validity of the
bonds will be tested. The whole bond issue is held by the
reporting
5.95 Woodmen. On April 13 the "Memphis Appeal" in
5.00 Judge Davis's announcement said:
5.79
210.000
1926-1946
1930-1955
Basis.
2181
5.00
105.08
101.37
100
3.4
4.66
6.00
101.23
112.06
4.86
4.06
r Refunding. y And other considerations.
All of the above (except as indicated) are for February.
These additional February sales will make the total sales (not
including temporary loans) for that month $79 206,628.
BONDS SOLD BY CANADIAN MUNICII'ALITIES IN MARCH.
Rate. Maturity. Amount. Price. Basis.
Name.
Page.
$15.000 100.013 5.36
534 20 years
1515--Aylmer. Qua
54.0001 101.302 5.06
20 years
5
1371.--Barrie. Out
1371._Barrie. Ont.(3 issues).-.5 Si 15 to 15 yrs. 64,050;
12.409 103.60
-Barton Twp.. Ohio
534 10 year
1657
110.000 99.83
1657-Collingwood. Ont
514 30 Inst.
1925__Essay Border Utilities
5.70
534 30 Install. 382.500 100.56
0
Co• Ls I
97.67 --150.000
5
1925-Fort William. Ont
5.23
100.000 97.68
1939
5
1657-Fort William. Ont
29.097 '07.71
5)4 40 Install't
1925.-Galt-Ont
1.38
37.000 101.735
534 30 year
1515-- Kenora. Ont
99.19 5.09
80.009
20 instalrt
1925._Montmorency Co.. Quo_ _5
8.2001 29.23
534 20 years
1371--Niagara Fails. Ont
331.6701
(3
1371 -Niagara Falls, Ont. Is.) 5
35.000 99.80
15[again
1921_ _Norfolk County. Ont.__ _5
1657...North Grimsby Twp..
30.800 y101.91 -dint
5)4
210.154 104.29 -1371--North York, Ont.(5 les.)-5ii
98.271 -5 10.15.20.301ns 410.249
1925-Oshawa, Ont
5.07
35.000 99.54
20 Inst.
.5
erth. Ont
lig& _1
46.923 103.53 _
434
1796-Preston. Ont
40.000 101.813 5.38
.5)440 yrs.
1796..St. Lambert. Que
2.500
1923__Saskatehrwan, 8. 0
634 15 Years
36.055 ------ ---.5%
1657„Sudbury, Out. (3 Issues)
800.0001 99.182 40 years
5
1925..Vancouver. B.0
200.0001
15 years
.5
1925_ _ Vancouver, B. C
139.672 99.61
I 515__Waterloo. Ont.(3 issues) _5 10-20 inst.
1857_ _Win n I nog and Greater
Winnipeg Water Dist.,
r
1.211,000
Man
Judge Felix M. Davis. the County Judge and Financial Agent of Henderson County. made a statement to-day relative to the suit which is pending
in the Federal Court. styled the Woodmen of the World vs. Henderson
County, in which the plaintiff company IR seeking to collect interest alleged
to be due on road bonds issued by the county and bought by the Woodmen
of the World Company. In the suit is Involved the question of the validity
of the bond issue of $350,000 made by Henderson County, for road building
purposes and sold to a local bank, the Citizens Bank of Lexington, which
closed its doors on Sept.-18. the bond issue being among the bank's holdings.
Judge Davis was granted authority by the County Court at the October
term to employ counsel and incur any other expense necessary to the conduct of a suit to establish that the entire bond issue was without proper
authority. This suit will be held In abeyance pending the decision of the
Woodmen of the World case, as the validity of the bond issue will be tested
in that case. The case will come to trial befare Judge .1. W. Ross in the
Federal Court which meets In Jackson this month tho Henderson County
docket being reached May I. Backing the defunct Citizens Bank of
Lexington in the negotiation of the $350,000 bond iSRUP were 99 citizens
of the county, who personally signed the bonds. For this reason the outcome is awaited with eager expectancy by the populace.
-The Iowa Legis-Legislature Adjourns.
Iowa (State of).
lature, which went into regular biennial session on Jan. 12,
adjourned sine die April 9.
-Governor's Veto of Bill to
Massachusetts (State of).
Permit Savings Banks to Invest in Certain Railroad Equipment
-On April 21 the House of
Securities Sustained by House.
Representatives voted, 211 to 10, to sustain Governor
Fuller's veto of the bill which provided that savings banks
of Massachusetts may invest not more than 10% of their
deposits in railroad equipment securities, no more than 2%
in the securities of any one railroad. The bill had been
vetoed by Governor Fuller on April 11 and the Senate on
April 13 had passed the measure over the veto by a vote
of 29 to 8 (see V. 119, p. 2052). The action taken by the
House kills the measure.
Minnesota (State of).-Governor Christianson Signs Bill
Authorizing .$30,000.000 Additional Rural Crn.lit Bonds.
Governor Christianson on April 21 signed the bill, mention of
which was made in V. 120, p. 2053, extending the operations
of the State Rural Credits Bureau for two more years and
Total amount of bonds sold during March__-- $4,t01.279
--authorizing $30,000,000 bonds to supplement the $40,000,000
y And other considerations.
authorized by the 1923 Legslature.
-Legal Investmentsfor Savings
Massachusetts (State of).
NEWS ITEMS.
-We publish in full below a list, issued by the State
Banks.
-City's Present Population Put at 772,184. Bank Commissioner on Feb. 1 1925, showing the bonds and
Boston, Mass.
-The population of Boston, as listed by the police for the notes which, in the opinion of the Banking Department, are
State Census, is 772,184, according to the returns made now legal investments for savings banks in Massachusetts
public on April 22. This compares with the 1920 Federal under the provisions of clauses second, third, fourth, fifth,
Census figure of 748,060.
sixth and seventeenth of Section 64, Chapter 168, General
-To Vote on Con- Laws. Clause second, relating to investments in public
East Gadsden, Etowah County, Ala.
-An election will be held in East Gadsden on funds, has been applied only to those counties, cities, towns
solidation.
April 30 to vote on the question of consolidating with Gads- and districts which appear to have bonds or notes outstandden.
ing, and from which debt statements could be obtained.
-Votes for Consolida- Clause third is the general law relating to railroad bonds, as
Fairfield, Camden County, N. J.
-At a special election held on amended by the addition of subdivision "o," continuing
tion with Haddon Heights.
April 21 Fairfield voted 158 to 96 to become part of the as legal investments bonds of certain railroads during the
borough of Haddon Heights. Reporting the result of the period of Government op...ration, and for two years after the
cessation of such control, during which time the dividend
election the "Philadelphia Record" on April 22 said:
been under
At a spirited election yesterday the people of Fairfield voted In favor of requirements of certain railroads which had
vote of 158 to 98. This Federal control were waived. Clauses fourth, fifth and
annexation to Haddon Heights Borough by a
means that Mount Ephraim will not he a borough thls year. but will remain sixth
relate to investments in street railway bonds, telephone
a part of Centre Township, despite the fact that Monday every one of the
303 voters cast ballots In favor of incorporation. The people of liaddon company bonds, and gas, electric and water company bonds,
Heights by a vote of 617 to 177 favored taking In Fairfield. so the latter respectively. Clause seventeenth provides that. issues which
place will now be a part of the borough, with all its advantages.
law shall continue, under certain
-Suit Filed Against the complied with the old investments, and that banks may
Gallipolis Gallia County, Ohio.
- conditions, to be legal such bonds but may further invest
$75,000 Municipal Electric Light Plant Bonds.
Issuance of '
not only continue to hold
The Ohio Utilities Co. has filed suit in the Common Pleas in them. In this list the bonds which do not comply with
Court in Gallipolis to enjoin the city from issuing bonds for clauses second and third, but continue legal through clause
$75,000 to build a municipal electric light plant, which have seventeenth, are printed in italics, the reason in each ease
been advertised to be sold on May 1 (see V. 120, p. 1920).
being explained in the footnotes.
-Bond Suit
Investments in bonds or notes of cities, towns and districts
Greene County (P. 0. Paragould) Ark.
-We quote from mentioned in the list should not be made, the Bank Com-New Bond Issue Proposed.
Virtually Settled.
missioner says, "without further inquiry, as both their
the "Memphis Appeal" of April 10 as follows:
The celebrated bond issue of $43,000 that passed through a court process indebtedness and their valuations for the assessment of
political campaign involving redemption and cancelatIon of county taxes are constantly changing."
and a
scrip during the last administration of County Judge J.0. Honey and former
before J. M. Futrell this
The issues added to the latest list are designated below by
County Clerk George Rogers, came up for hearinga portion of the
suit, the
morning. While an agreement was reached upon
means of the word "new" in black-faced type, while those
be finally
case was continued to a future date when it will P. Taylor.threshed out.
who
The county or state Is represented by Attorney R. in question. has filed that have been dropped are placed in black-face brackets.
of the bonds
an injunction against the redemptionNo. 11 to the state constitution allowPUBLIC FUNDS.
"Since the adoption of amendment
ing counties to Issue bonds for the redemption of scrip, the original case has
(Covering counties, cities, towns and districts which apbeen altered to some degree to the end that the court this morning agreed
issue
that the original scrip and subsequent bond of theso far as those relate to pear to have bonds or notes outstanding, and from which
proposed $90,000 bond
county indebtedness may be redeemed out
debt statements could be obtained.)
esue now in prospect for Greene County under amendment No. 11.
2182
THE CHRONICLE
(Ver.. 120.
Publicfunds of the United States and of the following States:
NEW YORK NEW HAVEN & HARTFORD SYSTEM.
California
Maine
Boston & Prov. RR., plain. 5s, 1938
New Hampshire
Rhode Island
Old Colony RR.
Connecticut
Massachusetts
Holyoke & Westfield RR. 1st 43t5, 1951
New Jersey
Vermont
Plain. 45. 1925
Michigan
Delaware
NorWich& Worcester RR.deben.4s, 1927
New York
Washington
Plain, 48, 1938
Illinois
Minnesota
Prov. di Worcester RR. 1st 45, 1947
Ohio
Wisconsin
Plain. 334s, 1932
Indiana
Missouri
Oregon
Dist. of Columbia
1st 5345, 1944
Iowa
Nebraska
Pennsylvania
ATCHISON TOPEKA & BANTA FE SYSTEM.
Bonds or notes of the following counties, cities, towns and Atchison Topeka &
Santa Fe Ry.Chicago Santa Fe di Cal. Ry.1st 55, 1937
General mortgage 48, 1995
districts in New England:
Hutchinson & Southern Ry. 1st 5s, 1928
Trans. Short Line 1st 4s. 1958
Ban Francisco & San Joaquin Valley R.Y.
Maine.
East Oklahoma 1st 48, 1928
1st 58, 1940
Counties.
Portland
Mt. Desert
Rocky Mountain Div. is, 1985
Androscoggin
[Rockland]
Pittsfield [new]
Cumberland
ATLANTIC COAST LINE.
Saco
Sanford [new]
Kennebec
Atl. Coast Line RR. 1st cone. 45, 1952
South Portland
[Old Orchard]
Ad. Coast Line RR.of So. Caro. 45. 1948
Washington
Rich. & Pet. RR. consol. 4148, 1940
Waterville
Waidoboro
Northeastern RR. consol. 8s. 1933
Cu.
Petersburg RR. Ss, 1928
Westbrook
Alabama Midland Ry. 5s, 1928
Auburn
Petersburg RR. fls, 1928
Water Districts.
Brunswick & Western RR. 49. 1938
Augusta [new]
Norfolk & Carolina RR. 1st 58, 1939
Towns.
[Anson]
Charleston & Savannah Ry. 75, 1938
Bangor
Bar Harbor
Norfolk & Carolina RR. 2d 5s, 1948
Augusta
Savannah Fla. & Western Elf. 85, 1934
Bath
WIlm. & Weldon RR. gen. 5s, 1935
Boothbay Harbor
Bath
Savannah Fla. & Western Ry. be, 1934
Biddeford
Camden [new]
& Weldon RR. gen. 4s, 1935
[Brunswick & Topsham]
Florida Southern RR. 1st 4s, 1945
Brewer
Wilm. & New Berne RR. 45, 1947
[Caribou]
[East Livermore Falls]
Calais
Dexter [new]
Gardiner
CENTRAL OF GEORGIA SYSTEM.
Easport [new]
East Livermore
Kennebec
Central of Georgia Hy.Ellsworth
Fairfield
Kittery
Central of Georgia Ry., Macon & North1st 5s, 1945
Lewiston
Kennebunk [new]
[Madison]
ern Division 1st 58, 1948
Mobile Division 1st Ss. 1946
Old Town
Mars Hill [new]
Portland
New Hampshire.
CENTRAL OF NEW JERSEY SYSTEM.
Central RE.of N. J. general 55, 1987.
Counties.
Nashua
Milford
Coos
Portsmouth
[Northumberland]
CHICAGO & NORTH WESTERN SYSTEM.
•
Hillsborough
Rochester
Pembroke
Chicago & North Western Ry,[Rockingham]
Somersworth
Peterborough
Princeton & N. W. Ry. 1st 3345, 1928
1st & refunding 5s & 811, 2037
Pittsfield
Peoria & Northwestern Ry. 1st 3tis, 1928
General 334e, 1987
Ciller.
Towns.
Raymond
Fremont Elkhorn & Missouri Valley RR.
General 4s, 1987
Berlin
Charlestown
Salem
cons. 8s, 1933
General 58, 1987
Concord
[Claremont]
Stratford
Minn. & So. Dak. Ry. 1st 3345, 1935
Extension 48, 1928
[Dover]
Derry
[Walpole]
Iowa M.& N. W. Ry. 1st 3345, 1935
Sinking fund mortgage 5s, 1929
Franklin
Gorham
Whitefield [new]
Sioux City & Pacific RR. let 334s, 1938
Sinking fund mortgage 8s, 1929
Keene
[Henniker]
Wolfeboro
Manitowoc Green Bay & N. W. By.
Debenture 58, 1933
Laconia
Jeffery
Fire Districts.
1st
,
Milwaukee Lake Shore & Western Ry.- Milw.334 , 1941
Manchester
[Littleton]
[Meredith Village]
Sparta & N. W. Ry. 1st 48, 1947
[Michigan Div. 1st fis, 1924]
St. L. Peoria & N. W. By. 1st bs. 1948
Vermont.
Ashland Div. 1st Os, 1925
Des Plaines Valley Ry. 1st 4348. 1947
Counties.
Rutland
Richford
Ext.& impt. mortgage 58, 1929
Milw. & State Line Ry. 1st 334s, 1941
[Washington]
St. Albans
[Rockingham]
[Minn. & Iowa Ry. 1st 3345, 1924]
St. Paul Eastern Grand Trunk By.
Springfield
1St 44, 1947
Mee.
Towns.
Swanton
CHICAGO BURLINGTON & QUINCY SYSTEM.
Barre
Bennington [new]
[Windsor]
Chicago Burlington & Quincy RR.Burlington
BrattleboroUgh
Winooski [new]
Illinois Div. mortgage 3345, 1949
[Montpelier]
General 45, 1958
Hartford
Mortgage 4s, 1949
Nebraska Ext. mortgage 45. 1927
Massachusetts.
Bonds or notes of any county, city, town or incorporated district of the ComCHICAGO BT. PAUL MINNEAPOLIS & OMAHA SYSTEM.
monwealth of Massachusetts.
Chic. Bt. Paul Minn.& Omaha Ry.[Northern Wisconsin Ry. 1st fla, 1930];
[Consolidated 3345. 1930]
Rhode Island.
[Consolidated Os, 1930]
•
Oftles.
Towns.
[North Providence]
Cranston
Barrington
South Kingston
DELAWARE & HUDSON SYSTEM.
Newport
Cumberland
Tiverton
Del. & Hudson Co. 1st ref. 4s. 1943
[Schenectady & Duanesb.RR.Ist8s,'24
Pawtucket
[Jamestown]
Warren
Adirondack Ry. let 434s, 1942
Albany & Stmt. RR. cony. 3%s, 1946
Providence
[Warwick]
Lincoln
[Narragansett]
DELAWARE LACKAWANNA & WESTERN SYSTEM.
West Warwick
North Kingston [new]
Morris & Essex RR.let ref. 3345. 2000
Connecticut.
GREAT NORTHERN SYSTEM.
Counties.
Bloomfield (new]
Montville
Great North. Ry. 1st & ref. 43(8. 1981 Montana Central R3'.
Fairfield
Branford
New Canaan
St. Paul Minn. & Man. Ry.First 5s, 1937
Cities.
Brooklyn
[New Hartford]
Consolidated 4s, 1933
First 85, 1937
Ansonia
Canton
Norfolk
Consolidated 4345. 1933
Willmar & Sioux Falls Ry.Bridgeport
Cheshire
Norwich
Consolidated Os, 1933
First 5s, 1938
Colchester
Danbury
Orange
Montana ext. 48, 1937
Spokane Falls & Northern Ry.Derby [new]
Cromwell [new]
Plainville
Pacific ext. 45, 1940
First 8s, 1939
Hartford
Danbury [new]
Saybrook
Eastern Ry. of Munn.
Darien
Meriden
Seymour [new]
Northern Division 48. 1948
Middletown
[East Haddam]
Southington
ILLINOIS CENTRAL SYSTEM.
East Hampton
New Britain
South Windsor
East Hartford
Illinois Central ER.-Stafford
New Haven
Blinciie Central (Con.)
Sterling extended 4s, 1951
East Haven
New London
Stamford
St. Louis Div. 1st Is. 1951
Putnam
East Lyme
Gold extended 3345, 1950
Washington [new]
St. Louis Div. 1st 334.1. 1951
[Rockville]
Enfield
Sterling 3s, 1951
Watertown [new]
Purchased lines 1st 3345. 1952
Shelton
[Fairfield]
Gold 45, 1951
Westport
Collateral trust 1st 3145. 1950
Stamford
Farmington
[Wethersfield]
Gold 3348, 1951
Western Macs, 1st 45. 1951
Torrington [new]
Greenwich
Gold extended 3345, 1951
[Wilton]
Louisville Div., let 3345. 1953
Waterbury [new]
Groton
Windsor
Springfield Div. 1st 3345, 1951
Omaha Die., let 3s, 1951
Willimantic
Guilford
Fire Districts.
Refunding 45, 1955
Litchfield Die., 1st 38, 1951
Towns.
Kent
Refunding 58, 1955
[East Hartford]
Collateral trust, 45, 1952
Berlin
[Litchfield]
Kensington]
Cairo Bridge 1st 45, 1950
Bethel [new]
Manchester
Watertown]
LEHIGH VALLEY SYSTEM.
Legally authorized bonds for municipal purposes, &c., of Lehigh Valley RR. 1st 48. 1948.
Penn.& N.Y.Canal& RR.(Con.)
Lehigh Valley RR.lat 4%s,1940 [new]
[Cons. 410, 1939]
the following cities outside of New England:
[Penn. & N. Y. Canal & RR.[Cons. hs. 1939]
Hamilton, 0. [new]
[Pittsburgh, Pa.]
Akron. 0.
Cons. 45, 1939]
[Hammond, Ind.]
[Albany, N. Y.]
Pontiac, Mich.
LOUISVILLE & NASHVILLE SYSTEM.
Hamtramck, Mich.
Allentown, Pa.
Quincy, III.
Louisville & Nashville RR.Mobile & Montgomery 4348, 1945
Hazeiton. Pa.
[Amsterdam. N. Y.]
Racine. Wis. [newi
i
Unifled 45, 1940
N.0. & Mobile Div. 1st Os, 1930
Highland Park, Mich.
Auburn, N. Y.
Reading, Pa. [new
First 5s. 1937
N. 0. & Mobile Div. 2d Os, 1930
Indianapolis, Ind.
Baltimore, Md.
[Rochester. N. Y.
Trust 58, 1931
Mugu% Flor.& Sheffield Ry. 1st Ss, 1937
Jackson, Mich.
Rockford, Ill.
Battle Creek, Mich.
1st & refunding 4394. 2003 [new]
Bo. & No. Ala. RR. 1st cons. 5s, 1938
Jamestown, N. Y.
Bay City, Mich.
Saginaw, Mich.
let & refunding 58, 2003
So. & No. Ala. RR. gen. cons. 5s, 1983
Jersey City, N. J.
Buffalo. N. Y.
St. Joseph, Mo.
1st & refunding 5394, 2003
Lex.& East. Ry. 1st Ss, 1985
Johnstown, Pa.
Camden, N. J.
St. Louis, Mo.
Loulsv. Ctn. & Lax. Ry. gen. 4394, 1931 Paduc. & Mem. Div. let 48, 1948
Kalamazoo, Mich.
Canton, 0.
St. Paul, Minn.
Southeast & St. Louis Div. 68, 1971
Atl. Knox. & Cin. Div. 4s, 1955
Kansas City. Mo.
San Francisco, Calif.
Cedar Rallids. la.
Kenosha, Wis.
Chicago. Ill.
Scranton, Pa.
MICHIGAN CENTRAL SYSTEM.
Kokomo, Ind. [new]
Cincinnati, 0. [new]
Seattle. Wash.
Michigan Central RR. 1st 3348, 1952
M. C.
-Joliet db Northern Indiana lilt.
La Crosse, Wis.
Cleveland, 0.
Sheboygan, Wis.
M. C.
-Mich. Air Line RR. 1st 45. 1940
let 4s, 1957
[Lancaster. Pa.]
Sioux City, Ia.
Columbus. 0.
M.C.
-Detroit& Bay City RR.1st 5s, 1931 M. C.
-Kalamazoo st South Haws RR.
Lansing, Mich.
South Bend, Ind.
Council Bluffs, Is.
M. C.
-Jackson Lansing & Saginaw RR.
1st 58,1939
[Lorain, 0.]
Spokane, Wash.
Davenport. Di.
iis, 1951
Springfield, Ill. [new]
[Los Angeles, Calif.]
Dayton, 0.
MINNEAPOLIS ST. PAUL & SAI1LT BTE. MARIE
Louisville, Ky.
Springfield. Mo. [new]
Decatur, Ill.
SYSTEM.
Madison, Wis.
Springfield. 0.
Minn. St. P.& S. S. Marie Ry.Des Moines, Ia.
I [Minneapolis Baulte Ste. Made
Superior, Wis.
Milwaukee, Wis.
Detroit, Mich.
[1st cons. 4s, 1938j
Atlantic Ry. 1st is. 1928]
Minneapolis, Minn.
[Syracuse, N. Y.]
Dubuque, Is.
[1st cons. 58, 1938]
[Terre Haute, Ind.]
Moline, Ill. (new]
[Duluth, Minn.]
MOBILE & OHIO SYSTEM.
Toledo. 0.
Muskegon, Mich.
East Chicago. Ind.
Mobile & Ohio RR. 1st mtge.65, 1927.
Trenton, N. J.
Newark, N. J.
[East St. Louis, Ili.]
Utica, N. Y.
Newburgh, N. Y.
Easton, Pa.
NASHVILLE CHATTANOOGA & ST. LOUIS SYSTEM.
Waterloo, Ia.
New Castle, Pa.
Erie, Pa.
Nashville Chatt. & St. Louis Ry.-lst cowl. 58. 1928
[New Rochelle, N. Y.] Wilkes-Barre, Pa.
Evanston, Ill.
Williamsport, Pa.
NEW YORK CENTRAL SYSTEM
Oakland, Calif.
Evansville, Ind.
(Yonkers, N. V.
Omaha, Neb.
[Flint, Mich.]
N. Y. C.& Hudson River RR.
N.Y.& Nor. Ry. 1st 58, 1927
York, Pa. [new]
Fort Wayne, Ind. [new] Paterson, N. J.
Debenture 48, 1934
N. Y.& Putnam RR. let cons.
Youngstown, 0.
Peoria, Ill.
Gary, Incl.
Debenture 4s, 1942
Little Falls & Doldgev. RR. 15148. 1993
38, 1932
Philadelphia, Pa.
Grand Rapids, Mich.
Consolidation 45, 1998
Kai. & White Pigeon RR. let
Ref. & impt. 4348, 2013
Pine Creek Ry. 1st 85, 1932 I 58, 1940 •
RAILROAD BONDS.
Ref. & impt. 5s, 2013
Chicago Indiana & So. RR. 4e, 1956
Ref. & impt. 88, 2013
BANGOR & AROOSTOOK SYSTEM.
Jamestown Franklin & Clearfield RR
Mortgage 334s. 1997
181 45, 1959
Bangor & Aroostook ER. 1st 5s. 19
B. & A. RR. cons. ref. 4s, 1951
43
id. D.& Pt. M. RR. 1st 33411, 1959
Ind. Ill. & Iowa RR. let 48, 1950
Piscataquis Div. 1st 55, 1943
Washburn Ext. 1st Ss, 1939
Lake Shore coll. 334s. 1098
Cleveland Short Line Ry. lit 4345,
Van Buren Ex. 1st 58, 1943
St. Johns River Ext. 1st 58, 1939
1961
Michigan Central Coll. 3345. 1998
Sturgis Goshen de St. L. Ry, 1st 38, 1989 Medford Ex. let 5s, 1937
North Maine Seaport RR.
Lake Shore & Mich. Southern Ry.Kalamazoo Allegan & Grand Rapids lilt
Aroostook Northern RR. 1st 58, 1947
RR. and term. 1st 58. 1935
First general 3348, 1997
1st 5s, 1938
Debenture 4s, 1928
Mahontnp Coal RR. 1st 55, 1934
BOSTON di MAINE SYSTEM.
Debenture 4s. 1931
Pittsburgh McKeesport et Youghiogheng
Connecticut & Passumpalc Rivers RR.- [Sullivan Co. RR. plain, 48, 1924]
Beech Creek RR. 1st 45, 1938
RR. 1st 88, 1932
1st 4s, 1943
Sullivan Co. RR. 151 8s, 1944 [new]
Mohawk & Malone Ry. 1st 45, 1991
Boston & Albany RR.
Como'. 3394, 2002
Plain, 334s, 1952 Plain, 4348, 1937 '
MAINE CENTRAL SYSTEM.
N. F.& Harlem RR., Mtge. 3348, 2000
Plain, 3345, 1951
Plain, 5s, 1938
Dexter & Piscataquis RR. 1st 45. 1929
European & No. Amer. Ry. 1st 40, 1933 Carthage Watertown & Sackett's Harbor
Plain. 4s, 1933
Plain. 53, 1942
Upper Coos RR.
Portland dc Rumford Falls By. consoliRR. cons. 5s, 1931
Plain. is. 1934
Plain. Ls, 1983
Mortgage 45, 1930
dated 48. 1928
Carthage & Adirondack Ry. let 45. 1981
Plain, 48. 1935
Extension mortgage 434,. 1930
Gouverneur* Oswegatchie RR.let 5s,'42
APRIL 25 1925.]
TECE CHRONICLB
NORFOLK es WESTERN SYSTEM.
Scioto Valley & New England RR. 1st
Norfolk & West. Ry. consol. 4s. 1996
45. 1989
Norfolk & Western RR.—
General 6s, 1931
New River 65, 1932
Improvement Az extension 6s. 1934
NORTHERN PACIFIC SYSTEM.
St. Paul & Duluth Div. 45. 1996
Northern Pacific Ry.—
Prior lien 45. 1997
Ref.& Mint. Series A 434s, 2047
St. Paul dr Duluth RR. 1st 59. 1931
Ref. es impt. Series B 65, 2047
Consolidated 45. 1968
Ref. & inapt. Series C Is, 2047
Washington dr Columbia River Ry. 1st
Ref.& Insist. Series I) 5s. 2047
4s. 1935
General lien 3s, 2047
PENNSYLVANIA SYSTEM.
United N. J. RR.& Canal Co.—
Pennsylvania RR.—
General 45, 1929
Consolidated 45, 1943
General 48, 1944
General 55, 1968
General 48. 1948
General 45ia, 1965
General 3348. 1951
General 65, 1970
General 434s, 1973
Consolidated 3345, 1945
Cleveland & Pittsburgh RR.—
Consolidated 4s, 1948
General 4345, 1942
Consolidated 4345, 1960
General 334s. 1942
Sunbury & Lewistown Ry. 1st 45. 1936
-B. Ry. 1st Is, 1928
General 3345. 1948
Sunbury Haz.& W.
General 334s, 1950
2d 68, 1938
Clearfield & Jefferson Ry. let 65, 1927
W.Penn. RR. cons. 4s. 1928
Pitts. Va. & Charleston Ry. 1st 45, 1943 Pennsylvania & Northwestern RR. genJunction RR.gen. 354s, 1930
eral 58, 1930
Delaware River RR.dbl3r. Co. 1st 45, 1936 Hollidaysburg Bedford & Cumberland
RR. 1st 45, 1951
Erie db Pittsburgh RR. gen. 3345. 1940
Harrisburg Portsmouth Mt. Joy & LanAllegheny Valley Ry. gen. 45. 1942
caster RR. 1st 48. 1943
Cambria & Clearfield RR. 1st Is. 1941
Cambria & Clearfield Ry. general 48,
1955
PHILADELPHIA BALTIMORE & WASHINGTON SYSTEM
Phila. Bait. Cent. RR. 1st 48. 1951
Phila. Bait. & Wash. RR. 48. 1943
General 68, 1960
Wilmington dr Baltimore RR.
-48, 1926
General Is. 1974
45. 1932
Col.& Port Deposit Ry. 1st 4s. 1940
READING SYSTEM.
Philadelphia ez Reading RR.1st 18.1933
SOUTHERN PACIFIC SYSTEM.
Southern Pacific RR. 1st ref. 48, 1955
Northern California Ry. 1st 58. 1929
Is. 1937
So. Pacific Branch Ry. 1st 6s. 1937
181 consol.
Northern Ry. 151 Is. 1938
UNION PACIFIC SYSTEM.
Union Pacific RR. let Mtge. 45, 1947.1Unlon Pacific)RR. 1st hen & ref. 50,2008
Union Pacific RR.181 lien & ref. 45, 2008.1
MISCELLANEOUS.
New London Northern RR. 1st 48, 1940I Bridgton & Saco Riv.RR.eons. 4.8, 192b
Boston Terminal Co., 1st 334s. 1947
New York db New England RR.—
Boston Revere Beach & Lynn RR., 1st
Boston Terminal. 1st 45. 1939
4)§s. 1927
STREET RAILWAY BONDS.
BOSTON & REVERE ELECTRIC STREET RAILWAY CO.
Boeton & Revere Electric Street RY. Co. ref. let Mtge. 55. 1928.
UNION STREET RAILWAY CO.
Union Street Ry. Co. mtge. 434s, 1934
BOSTON ELEVATED RAILWAY CO.
Plain 434s, 1937 [new]
Debenture fis, 1933 [new]
Debenture 5345, 1934 [new]
Plain Ois, 1941 [new]
Plain 55, 1942 [new]
Debenture 65, 1934 [new]
Plain 45, 1935 [new]
HOLYOKE STREET RAILWAY CO.
list mtge. 6s, 1935 [new]
let mtge. Is, 1935 (new]
WEST END STREET RAILWAY CO.
430. 1930 (new]
Debenture
Debenture Is, 1944 [new]
Debenture 4s, 1932 [new]
Refunding 631s, 1927 [new]
Debenture 58, 1932 new
Refunding 68, 1927 [new]
Debenture 58, 1936 new
Debenture 7s, 1947 [new]
1
TELEPHONE COMPANY BONDS.
American Telephone & Telegraph Co.— New England Tel. & Tel. Co.—
Collateral trust 4s, 1929
Debenture 4s, 1930
Collateral trust Is, 1946
Debenture 58, 1932
1st mtge. gold Is, 1952
GAS, ELECTRIC AND WATER COMPANY BONDS.
[Amherst Gas Co. 1st Is. 1924]
Arlington Gas Light Co. 1st 5s, 1927
Brockton Gas Light Co. 1st Is, 1928
[Boston Elec. Light Co. let Is 1924]
[Central Mass. Elec. 1st 65, 1924]
Charlestown Gas & Electric Co. 1st 55,
1943
[Clinton Gas Light Co. 1st 434s, 1925]
Dedham & Hyde Park Gas & Elec. Light
Co. 1st 68, 1938
East. Mass. Elec. Co. let 6s, 1933
Edison Electric Ilium. Co. of Brockton
181 Is, 1930
[Greenfield Electric Light & Power Co.
1st 58, 1923]
Greenfield Gas Lt. Co. 1st 55, 1937
Hingham Water Co. 1st 55. 1943
Lawrence Gas Co. 1st 7s, 1940
Leominster Gas Lt. Co. 1st Is 1932
Leominster Elec. Light & Power Co. 1st
4;49. 1926
Marlboro-Hudson Gas Co. let 5Sis, 1937
Milford Elec. Lt.& Pow.Co.181 Is, 1929
Northampton Elec. Ltg. Co. 1st Is. 1927
New England Power Co. 1st Is. 1951
New Bedford Gas& Elec. Light Co.
1st 65, 1928
1st Is. 1938
151 13345, 1938
let 7s, 1928
Newpuryport Gas& Elec.Co.1st Is.1942
Old Colony Gas Co. 1st Is. 1931
Plymouth Electric Light Co.—
(let Is. 1923i
1st 55, 1924
1st 55, 1925
Pittsfield Electric Co. 1st Os, 1933
Quincy Elec. Lt.& Pow. Co. let Is, 1947
Spencer Gas Co. 1st Is, 1929
Turners Falls Pow.& Elec.Co. 1st 5s,'52
West Boston Gas Co. 1st 78, 1926
Worcester Gas Light Co. 1st 534s, 1939
Worcester Gas Light Co.let 65, 1939
Webster & Southbridge Gas & Elec. Co.
1st 5s, 1929
Weymouth Light & Power Co. 1st 534s,
1934 [new]
Montana (State of).—Friendly Suit to Test Constitutionality of Measure Providing for the Issuance of $3,750,000
43i% Treasury Notes Proposed—Injunction Applied For.
-On April 17, E. G. Toomey, a Helena attorney and Secretary
State Public Service Commission, applied to the State
of the
Supreme Court for an injunction to prevent the issuance of
the $3,750,000 43/2% treasury notes authorized to be sold
by authority of an Act passed at the session of the Legislature
this year. The action is a friendly one and is for the purpose
of testing the constitutionality of the measure. The Montana "Record" of even date said regarding the proposed suit:
2183
It is further questioed on the ground that it attempts to appropriate
and authorizes the expenditure during the two fiscal years ending June 30
1927 more than the total tax provided for by law and applicable to such
appropriation. It is pointed out that, in addition to the $3,750,000 carried
by the bill in question, there was appropriated by the Legislature for the
general expenses of the State government, an amount in excess of $3,000,000
and the total tax applicable for all purposes in the two-year period will
not exceed $5,750.000, of which $3,000.000 will result from the general
levy and the remainder from licenses, the inheritance tax and like sources.
Debt Question Raised.
It is argued, also, that the bill creates a debt in excess of $10.000 without
having been submitted to the voters of the State at a general election as
required by the Constitution and that the indebtedness sought to be funded
is itself void for the same reason.
Attention of the Court is called to an alleged failure of the Legislature to
make the terms of the bill definite in that, the application says, it is not
possible to ascertain whether the amounts appropriated for the general
expenses of the government are to be paid before the transfer of the general
fund to the treasury note redemption on fund or whether the fund takes
precedence.
Montana (State of).—State Oil Tax Law Upheld by U. S.
Supreme Court.—The Montana law imposing a tax of 1%
on the gross value of oil produced annually, was on April 13
upheld by the U. S. Supreme Court in the case of the MidNorthern Oil Co. against J. W. Walker Treasurer of the
State of Montana. The decision of the Supreme Court of
Montana is affirmed by the present decision.
New York (State of).—Governor Smith Signs Bill Limiting
the Staten Island-Brooklyn Tunnel Now Under Construction
to Passengers.—On April 22 Governor Smith signed the
Nicoll-Hofstadter bill confining the Brooklyn-Staten Island
tunnel now under construction to the transportation of
passengers. The law providing for the construction of the
tunnel was passed in 1921 and then carried provision for
both freight and passenger service, but under the bill just
signed, which is an amendment to the law, the tunnel will
be built for the transportation of passengers only. The
object is to reduce the cost of the tunnel. Governor Smith,
in his statement approving the bill, declares that "the tunnel
as designed calls for an expenditure of approximately $60,000,000, while a tunnel designed for rapid transit would call
for an expenditure of about $22,000,000, making a difference of $38,000,000, which money could well be applied
to the construction of additional subways and thereby do
away in part at least with the disgraceful crowding and
jamming of men and women going on in the present subway
operation." The Governor also says:
The business thing to do Is to give Staten Island her rapid transit tunnel
at the earliest possible moment; let the freight feature be cared for under
the comprehensive plan of the Port Authority drawn to feed all ifve boroughs
of the city, having behind it the sanction of law in this State as well
in New Jersey. and having further behind it the force and power of the
Inter-State Commerce Commission to make it effective.
Governor Smith Vetoes Bill to Increase Teachers' Salaries in
New York City—Also Seventeen Others for Increases in City's
Payroll.—The reader is referred to our "Department of
Current Events and Discussions" on a preceding page of
this issue, for information regarding these measures and
also for the full text of the Governor's memorandum explaining his reasons for vetoing the several bills.
Port Authority of the Port of New York.—Port Authority Not Yet Decided as to the Issuance of the Bonds.—In answer
to rumors that the Port Authority was proposing to sell
$16,000,000 bonds for the construction of a Staten Island
toll bridge, Julian A. Gregory, Chairman of the New York
Port Authority, has issued the following statement:
The Port Authority has as yet come to no decision in regard to the terms
of the bridge bonds it will eventually sell, nor has it decided in what way it
will undertake to sell its bonds.
Schenectady, N. Y.—Commission Manager Form of
to be Voted On.—At a special election to be held June 15 the
voters of this city will vote on the adoption or rejection of a
proposal for the Commission Manager form of government.
Utah (State of).—State Tax on Gasoline Ritised one Cent
a Gallon.—Governor George H. Dern has signed the bill
passed by the Legislature raising the State tax on gasoline
from 2
cents to 3 cents a gallon. The State Road
Commission is authorized by the measure to use any surplus
from the gas and motor vehicle registration fees, above
adrainistration requirements, for sinking funds and interest
on road bonds and for construction and maintenance of State
highways. The surplus was originally limited to maintenance only.
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
AGUA DULCE INDEPENDENT SCHOOL DISTRICT (P. 0. Ague
Dulce), Nueces County, Tex.—BONDS REGISTERED.—The State
Comptroller of Texas on April 11 registered $10,000 534% 10 40
- -year bonds.
ALAMANCE COUNTY (P. 0. Graham), No. Caro.—BOND OFFER/NO.—Sealed bids will be received until 2 p. m. April 28 by B. M. Rogers,
Clerk Board of County Commissioners, for $600,000 coupon road bonds
to bear interest at a rate not exceeding 6%. Date May 1 1925. Denom.
$1,000. Due May 1 as follows: $18.000 1928 to 1932, incl.; $30.000 1933
to 1937,incl., and $45,000 1938 to 1945, incl. Interest payable(M.& N.).
Legality approved by Reed, Dougherty & Hoyt of New York. A certified
check for 2% of bid is required.
ALTAMONT, Albany County, N. Y.—BOND SALE.—The
$14_,000
For the purpose of testing the coastitutienality of the measure passed 4 M % registered water supply bonds offered on April 21—V. 120, p. 2054—
the Nineteenth Montana Assembly authorizing the State Board of were sold to the Fidelity Trust Co. of Buffalo at 102.386, a basis of about
by
Examiners to issue treasury notes to refund the State's registered warrant 4.29%. Date July 1 1925. Due $500. July 1 1927 to 1954 incl. Other
indebtedness, E. G. Toomey Friday applied to the Supreme Court for an bids were as follows:
injunction to prevent the issue. Mr. Toomey, a Helena attorney. is
Rate.
First National Bank, Altamont
Secretary of the Public Service Commission. The action is a friendly one.
100.25
The bill provided for the issuance of $3,750,000 in treasury notes, bearing Geo. B. Gibbons & Co., Inc., New York
101.07
payable semi-annually. Part of the principal is to be Farson, Son & Co., New York
at
Interesteach six months by the use of money in the State General
100.694
Fund. R. F. De Voe & Co., New York
retired
101.674
the interest Sherwood & Merrifield. Inc., New York
The effect of the measure would be to reduce from 6 to
101.74 ;
State general fund warrants registered prior to April 1 1925.
charge on
AMHERST INDEPENDENT SCHOOL DISTRICT
Tex.—BONDS
REGISTERED.—On April 14 the State Comptroller of'Texas
Constitution Cited.
registered
Several conflicts with constitutional provisions are asserted in the applies- 5110,000 6% serial bonds.
ANDERSON SCHOOL CITY (P. 0. Anderson), Madison County,
tlOn for injunction. It is argued that the bill authorizes payment of money
Ind.—BOND DESCRIPTION.—The $150,000 5% school bonds sold
from the State treasury without warrants drawn by the proper officers.
to
04%,
434%
2184
THE CHRONICLE
[Vol,. 120.
15%. $1,015.80 per $1,000.
the Fletcher American Co.of Indianapolis at 106.59(see V. 120. p. 1917)are
4!4(%, 51.000 per $1,000 less charge for handling
described as follows: Denom. $1.000. Date 0.1arch 30 1925. Int. M. &
$3.10 per $1.000: or
8. 30. Due March 30 1935. The bonds were awarded on March 30 1925. Boise Title &
Trust Co.
(4% %. $1.000 per $1.000 bond, less handling charge
Net income basis about 4.11%.
of $20.50 per $1.000: or
Okla.
-BOND
ARAPAHO SCHOOL DISTRICT, Custer County,
4 J(t %. 2 l. r 61per $1,000 bond, less handling charge
)f 335pe 0 ., 0.
00 0
-During February the Town of Arapaho purchased an issue of
SALE.
$3.000 6% coupon school-building bonds. Date Dec. 1 1924. Denom. Burr, Conrad &Broom•
.
$500. Due in five years. Interest payable J. & J.
Ralph Schneeloch Co
0 5i
e
{$42;0 0 5%% b100.016
73 000 45F
ARKANSAS CITY, Cowley County, Kan.
-BONDS REGISTERED.
$226.55
The State Auditor of Kansas registered $9,606 27 sewer 5% bonds and Murphy, Fevre & Co
Freeman. Smith & Camp Co
b100.573
5%
$18.562 22 paving 5% bonds on March 4.
Childs Bond & Mortgage Co. and Federal
4,656.50
15%
ARMSTRONG INDEPENDENT CONSOLIDATED SCHOOL DISSecurities Co
TRICT, Emmet County, Iowa.
-BOND SALE.
-The $35.000 4% Geo. W. Vallery &Co.and Seasongood &
May
er
refunding school bonds offered on April 20-V. 120. p. 1917
-were awarded Marine National Co__43
1u
1:50
55 8
,
1%. $100.68 for each $100, or A % p;e 976 m
l45st7
i 82 :
to Geo. M. Bechtel & Co. of Davenport at a premium of $510, equal to Central Trust Co
1.650.00
43 %
101.45.
1.007.77
54(%
4 0
1,025.68
-Kaufman, Smith Bosworth, Chanute & Co
ASH GROVE, Greene County, Mo.-BOND SALE.
b100.10
& Co.. of St. Louis, on April 18 purchased an issue of 550,000 53i% water
($74 000 4$%
:
works bonds at a premium of $2.860, equal to 105.72. Due serially in
E. H. Rollins & Sons
$82.80
°5°
20 years.
W. H. Silverman Co. and Prov. Say.Bk.&Tr6,952.52
6
ASHLAND, Ashland County, Ohio.
-BOND OFFERING.-Lotta Mississippi Valley Trust Co
1,
910.00
Westover, Director of Finance and Public Record. until 12 m. May 2. will Jas. Stewart & Co. and Thompson, Kent
290.00
4%
n
receive sealed bids for $35.160 5% prnnerty owners' portion street improve& Grace
ment coupon bonds. Denom. $1 000 and one for $1,160. Date May 1 Boise City National Bank
1,641.50
5%%
1925. Interest A. & 0. Due yearly on Oct. 1 as follows: $3.000 1926 Otis & Co. and Walter S. Bruce
1,79721:0000
and 1927, $4.000 1928. 53.000 1929. $4000 1930. $3.000 1931. $4.000 1932. Ferris & Hardgrove
4)4%
$3,000 1933. 54.000 1934 and $4.160 1935. Certified check for 2% of the United States National Co. and Gray, Emery,}
290.00
434%
amount of bonds bid for, payable to the city required.
Vasconcells & Co
ATCHISON, Atchison County, Kan.
-BONDS VOTED.
-The,
* Successful bid: see V. 120, p. 1508. a Discount bid. b Rate bid.
voters authorized the issuance of $125,000 school bonds at the election
held on April 9-V. 120. p. 1238-by a vote of 3.378 for to 715 against.
BOSTON, Mass.
-LOAN OFFERING.
-The City Treasurer will receive
ATHENS TOWNSHIP (P. 0. New Athens), Harrison County, Ohio. sealed bids until 11 a. re. April 27 for the purchase at discount of a tem-BOND OFFERING.
John W. porary loan of $4,060.000. Date April 28 1925. Due Nov. 3 1925.
-Sealed proposals will be received by
Ritchey, Clerk Board of Trustees, until 12 m. April 25 for $10.000 6%
BOURBON COUNTY (P. 0. Fort Scott), Kan.
-BONDS REGISRoad Impt. No. 156 coupon bonds. Denom. $500. Date April 15 1925. TERED.
-The State Auditor of Kansas regiatered $95,000 434% road
Principal and semi-annual interest (M. & S. 15). payable at the Fourth improvement bonds on March 2.
National Bank of Cadiz. Due $500 every six months from March 15 1926
BOULDER, Jefferson County, Mont.-130NDS VOTED.
-The voters
to Sept. 15 1935. incl. Certified check on some solvent bank in Harrison
authorized the issuance of $6,000 water and fire bonds at the election held
County for 5% of the bonds bid for, required.
on April 6-V. 120. p. 1651.
BAKER, RaVer Cour ty, Ore.
-BOND SALE.
-The Freeman, Smith &
BOYD COUNTY SCHOOL DISTRICT NO. 17(P. 0.Spencer), Neb.
-improveCamp Co. of Portland, has purchased an issue of $55,900 street
-BOND SALE.
-The Omaha Trust Co. of Omaha has purchased an issue
ment bonds at 104.11.
of 531.0005% school bonds. Date March 15 1925. Due March 151945.
BARBER COUNTY (P. 0. Medicine Lodge), Kan.
-BOND SALE.
- optional in 1930.
An issue of $20.000
% building bonds has been sold at par to local banks.
BRADFORD, Miami County, Ohio.
-BOND OFFERING.
-Sealed
BARDWELL SCHOOL DISTRICT, Carlisle County, Ky.-BOND proposals were received by R. F. Brown, Village Clerk, until April 23 for
SALE.
-J. C. Mayer & Co. of Cincinnati. have purchased an issue ef $1.c00 67 fire truck bonds. Denom. $500. Date March 1 1925. Int.
0
58.0006% coupon school bonds paving a premium of $408 equal to 105.10 semi-ann. Due $500 yearly on March 1 1928 to 1932. Incl
-a basis of about 5.44%. Date April 1 1925. Denom. $500. Due $500
BREVARD COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 4
yearly 1930 to 1945 inclusive. Interest payable A. & 0.
-BOND OFFERINO.-W. F. Allen. Chairman of
(P. 0. Titusville), Fla.
BARRY COUNTY (P. 0. Hastings), Mich.
- Board of Public Instruction, will receive sealed bids until 2 p. m. May 4
-BOND OFFERING.
Sealed bids until May I will be received by the Board of County Commis- tor $100 000 6% school bonds. Date April 1 1925. Denom, 51.000.
sioners for $37.800 6% Assessment District road bonds.
Due $3 000. 1928 to 1942: 54.000. 1943 to 1952. and $5 000. 1953 to 1955.
Principal and
BARTON COUNTY (P. 0. Great Bend), Kan.
-BONDS REGIS- incl. York City. Asemi-annual Interest payable at the National City Bank.
certified check for 2% of bid, payable to the Board of
New
TERED.
-The State Auditor of Kansas registered $6,757 61 43i% road Public Instruction. Is required.
bonds on March 26
BRIARCLIFF MANOR, Westchester County, N. Y.
-BOND OFFERBATAVIA, Clermont County, Ohin.-BOND OFFERING.
-Sealed
-Sealed bids will be received until 4 p m. April 30 by Alfred H.
bids will bo received tiN R. F. Eveland. Clerk Board of County Commrs., ING.
Pearann, Village Clerk, for the following Issues of 4 J•6 %, coupon bonds:
until 12m. April 30 for $31.600 514 %, coupon bridge bonds. Denom.
water extension bonds. Due 51.000. April 1926 to 1958
$1,000 and one for $600. Date April 1 1925. Prin. and semi-ann. Int. 533.000 fire apparatus bonds. Due 51.000, April 11 1920 to 1931 incl.
o 000
incl.
(A. & O. payable at the County Treasurer's office. Due yearly on Oct. 1
Denom.$1.000. Date April 11025. Prin. and semi-ann. Int.(A. & 0.)
as follows. $4.000. 19'26 to 1932 Incl., and $3.600. 1933. Certified payable at the Irving Bank-Columbia Trust Co. of New York. Leaality
check for $632, payable to the County Treasurer, required.
approved by W. Woodward Baldwin of New York. Certified check for
BEAUFORT COUNTY DRAINAGE DISTRICT NO. 14 (P. 0. 5% of the bonds bid for required.
Washington), No. Caro.
-BIDS REJECTED.
-All bids received for the
-BOND SALE.
BROWNSVILLE, Linn County, Ore.
-An !ague of
518,000 6% Pantego Run District bonds offered on April 11 (V. 120, P. 512.190 40 6% refunding coupon bonds was purchased by the Warren
1508) were rejected.
Construction Co. of Portland at par. Date Dec. I 1924. Denom. $500,
BELLINGHAM, Whatcomb County Wash.
-The except one for $190 40. Due in 10 years. Interest payable J. & D.
-BOND SALE.
$265,000 water bonds offered on April 20(V. 120,_p. 1238) were awarded
-BOND SALE.
BUHL, St. Louis County, Minn.
-The following
to Blyth, Witter & CO., of Portland and Ferris & Hardgrove, of Spokane. bonds aggregating $120 000 offered on April 7-V. 120, p. 1788 6%
-were
Jointly, as 5s at 100.53. Date April 1 1925. Due serially April 1 1928 to awarded to Kalman. Gates. White & Co. of St. Paul:
1945, optional on any Interest-paying date after April 1 1930.
5100.000 livht. heat and power bonds. Due April 1 as follows: $8,000.
BELTRAMI COUNTY (P.O. Bemidji), Minn.
1928 to 1935 incl., and $9 000. 1936 to 1939 Inci.
-BOND OFFERING.
20 000 water bonds. Due $2,000 yearly April 1 1928 to 1937 incl.
A. D. Johnson. County Auditor, will receive sealed bids until 2 p. m.
Date April 1 1925.
May 5 for $100.000 6%, refunding drainage bonds. Date July 1 1925.
Denom. 51.000. Due in 5 to 10 years.
BURKE COUNTY (P. 0. Morganton), No. Caro.
-BOND SALE.BENTON COUNTY (P. 0. Fowler), Ind.
-BOND SALE.
-.T. F. Wild Heiry D. Lindsley & Co. of New York were awarded the following 5%
& Co. of Indianapolis purchased the two issues of 4Si% coupon road bonds public improvement coupon bonds offered on April 21 (V. 120, p. 1788):
offered on April 20-V. 120. p. 2054-as follows:
$75 nno schools.
$12.000 Herbert L. Harrington et al. road bonds, at a premium of $173.
15 000 general county expenses.
equal to 101.44, a basis of about 4.20%. Denom. 5600. Date
10 ono court house and jail repairs.
Date April 1 1925. Due April I as follows: $5.000. 1930 to 1935, incite,.
April 15 1924.
22,400 Ralph Stembel et al. road bonds, at a premium of $290, equal to iver. and 57.000. 1936 to 1945, inclusive.
101.29. a basis of about 4.24%. Denom. $1,120. Date April 20
BUTLER, Johnson County, Tenn.
-BOND SALE.
-Walter, Woody
1924.
Interest M.& N. 15. Due one bond of each issue every six months from & Heimerdinger of Cincinnati have purchased an Issue of $30,000 water
bonds at a premium of $50, equal to 100.16.
May 15 1926 to Nov. 15 1935 inclusive.
CAMDEN COUNTY (P. 0. Camden), No. Caro.
-BOND OFFERING.
BERLIN, Coos County, N. H.
-BOND SALE.-Hatris Forbes & Co.
of Boston have purchased the 5700.600 41i% coupon water bonds offered -S. B. Seymour. Register of Deeds, will receive sealed bids until June 1
on April 22-V. 120. p. 2054 -at 100.24. a basis of about 4.24%. Date for 525.000 road bonds.
April 1 1925. Due yearly on Apol 1 as follows: 510.000. 1926 to 1930
CAMPBELL COUNTY (P. 0. Newport), Ky.-BOND OFFERING.
8nci., $15.000. 1931 to 1940 ind.: 520.000. 1941 to 1950 incl., and $30,000, Sealed bids will be received until 10 a. m. May 18 by William Minim,
1951 to 1960 incl.
County Clerk, for $200.000 5% bonds. Date May 11923. Denom. *500.
1952, inclusive. Principal and interest (M• &
BERNALILLO COUNTY SCHOOL DISTRICT NO. 22 (P. 0. Old Due 540.000 May 1 1948 to National
Bank of Newport. A certified check.
Albuquerque), N. Mex.-BONDS VOTED.
-At the election held on N.) payable at the Newport
-the voters authorized the issuance of $12.000 drawn to the order of the County Treasurer, for 2% of bid is required.
April 10-V. 120. p. 1650
school building bonds by a count of 121 for to 4 against. We are informed
CANTON, Starke County, Ohio.
-BOND SALE.-Dianchett, Thornthat these bonds will he offered for sale on or about June 15.
burgh & Bowman of Toledo have purchased the three issues of coupon bonds
BERTRAM INDEPENDENT SCHOOL DISTRICT, Burnet County, offered on April 20-V. 120. p. 1651-as follows:
-L. E. Turnstall, Secretary of Board of Edu- 5250.000 00 paving, city's share bonds as 55 at a premium of $30,084,
-BOND OFFERING.
Tex.
equal to 112.03. a basis of about 4.17%. Dated Dec. 1 1920.
cation, will receive sealed bids until May 1 for 515.000 school bonds.
Due Dec. 1 as follows: $35,000 1945, $45,000 1946 to 1949
and 535.000 1950.
BIG CREEK SCHOOL DISTRICT (P. 0. Berwind), McDowell
Ccunty, W. V .-PLACE OF PAYMENT ON PRINCIPAL AND IN3,866 78 Tuscarawas St. Impt. assessment 5% bonds at par and accrued
-The principal and semi-annual Interest of the
Interest. Dated March 1 1925. Due March 1 as follows:
TEREST CHANGED.
546678 1927, 5400 1928, $500 1929, $400 1930. $500 1931
5300.000 5% school bonds being offered on May 30-V. 120. p. 2055
Tuscar0w 1 932 t l 935
.
692 73 an d $4a0as 5t.to m,t . citv,s
will be payable at the office of the Secretary of State or at the National
City Bank. New York City, instead of at the office of the Secretary of State
portion, 5% bonds at par and
accrued interest. Dated March 1 1925. Due March 1 as
or at the National Bank of Commerce, as originally advertised.
follows: 592 73 1927, 5100 1928, $50 1929. $100 1930. $50
-BOND OFFERING.
-Sealed
BIG SPRING, Howard County, Tex.
1931. $100 1932, $50 1933. $100 1934 and $50 1935.
bids will be received until May 7 by Mrs. Louise Middleton, City Secretary.
for 530,000 5% water works extension bonds. Date July 11925. Denom.
CARROLL COUNTY (P. 0. Delphi), Ind.
-BOND OFFERING.
yearly Jan. 1 1930 to 1959. incl. Principal and int. Wm, H. Ashba, County Treasurer, will receive sealed bids until 2 p. m.
$1,000. Due $1.000
(J. & J.) payable at the Hanover National Bank, New York City.
April 25 for S11,000 454% Wm, R. Barnard highway construction bonds.
March 3 1925. Int. M. & N. 15. Due $5,500
-BONDS DEFEATED.
-The propo- Denom. $550. Date
BLAIR, Jackson County, Okla.
sition to issue $30.000 6% water works bonds submitted to a vote of the May 15 1925 to Nov. 15 1934, incl.
people at the election held on April 13-V. 120, p. 1238-falled to carry.
CASTLEROCK, Cowlitz County, Wash.
-BOND OFFERING.
-Following is a list of Sealed bids will be received until 4 p. m. Apr. 25 by the Town Clerk for
-BIDS.
BOISE CITY, Ada County, Idaho.
bids received for the 5115.000 station approach coupon bonds awarded $11,000 6% municipal building bonus. Due in 1 to 10 years. A certified
to the Palmer Bond & Mortgage Co. of Salt Lake City and High & Friteh- check for 5% of bid required.
CHAMBERS COUNTY ROAD DISTRICT NO. 1 (P. 0. Anahuac')
man Co. of Boise, jointly, on March 17-V• 120. p. 1508:
-BOND OFFERING WITHDRAWN.
$9.50 Tex.
Western Bond & Mortgage Co. and Lumber-1352,000 4%7
-BONDS TAKEN BY SINKING FUNDS.
-The 515.000 5)5% road bonds scheduled to be offered for
man's Trust Co
63.000 4%
4
$885.50 sale on April 13(V. 120, p. 1788) were withdrawn from the market and taken
2,449.50 over by the County Sinking Funds. Date Feb. 1 1925. Denom. $500.
4% 0
4Si%
High & Fritchman Co. and Palmer Bond &
299.00 Coupon bonds. Due $500 yearly Feb. 1 1926 to 1955 incl. Interest pay
4 70
2,001.00 able F. & A. The official name and number of this district Is "Chambers
Mortgage Co
4%
5,981.00 County Road District No. 1.
5
Ralph Blanchard Co
2,415.00
CHATTANOOGA, Hamilton County, Tenn,
-The
-BOND SALE.
1,383.00 following bonds, aggregating $855.000. offered on April 18 (V. 120, p. 1918).
Fred Emert & Co
4.117.00 were awarded as follows:
First National Bank of Idaho
4 %
1,013.00
To Caldwell & Co., Nashville, and Harris Trust & Savings Bank, Chicago:
Sidi°, Simons, Day & Co. and C. W. McNear
4355
a993.40 $500,000
% suburban improvement bonds at a premium of $30.950 60.
& Co
1$35,000
equal to 106.19 a basis of about 4.39%. Date April 1
1,010.00
1 80,000 4%%
1925. Due April 1 1955.
5%
•
5%
APRIL 25 1925.]
THE CHRONICLE
260,000 4H% public school bonds at a premium of 316,094 59, equal to
106.19 a bas's of about 4.39%. Date May 1 1925. Due
h ay 1 "55.
To Eldredge & Co.of New York:
$95,000 5% paving bonds at a premium of $4,364 30, equal to 104.59,
a basis of about 1.10%. Date April 1 1925. Due April 1
as follows: $5.000 in 1930 and $10,000 in 1931 to 1939 incl.
Following is a list of the bids received:
550,000
3260.000
395.000
Improv't.
&hoot.
Paving.
Halsey, Stuart & Co
Dillon, Read & Co., Chicago
$26,493 50 $13,779 50
$3,929 75
Hibernia Securities Co
National City Co.. Chicago
Northern Trust Co
23,595 00
12.270 00
3,894 00
Stranahan. Harris & Oatis
Austin, Grant & Co
24.785 00
3,607 15
12,888 20
H. L. Allen & Co.. New York
Prov. S. B.& Trust Co., Cincinnati___ 19.150 00
9,984 00
3,401 00
B. H. Rollins & Sons. Chicago
27.790 00
14.45080
4.10400
*Chattanooga Savings Bank.for
Bros., New York
Lehman
Keane, Taylor & Co., New York
Mississippi Valley Trust Co.. St. L_
Barr Bros.& Co
W.H. Newbold's Son & Co., N.Y_-_ 2834500
14,775 80
3,846 55
A.B.Leach & Co.. Chicago
Illinois Merchants Trust Co.. Chicago 27.350 00
14,222 00
3,619 50
Second Ward Secur. Co., Milwaukee..
Smith, Moore & Co.. St. Louis
a I. B. Tigrett & Co.. Nashville
Geo. H.Burr & Co.. St. Louis
Eldredge & Co., New York
27.975 00
14.547 00
4,364 30
Breed Elliott & Harrison
N.5.1-1111 & Co.. Cincinnati
No bid
8.606 00
No bid
Wm. R. Compton Co., Chicago
23.006 00
11.964 00
3.441 00
Seasongood & Mayer. Cincinnati ____1
A. M.Lampert Corp., New York_ __ _1 26.705 50
3.49675
13.887 50
First National Bank, Chattanooga.- _ - 26.395 00
13.725 40
3,656 55
b First Tr. & Says. Bk.. Chattanooga_
National Bank. Chattanooga 27.945 00
Hamilton
14,531 40
4,120 06
Caldwell & Co., Nashville
Harris Tr. & Says. Bank, Chicago _ _} 30.950 60
16.094 59 . 4,477 06
* This bank bid a premium of $40,128 for the $500,000 improvement and
the $260.000 school bonds together, and a premium of $4,114 for the $95,000
paving bonds.
a These companies offered to take all three issues as 4 Hs for a premium
of $8,400: also bid a premium of $44.000 for all three issues as advertised
Each bid was made for all or none."
b This bank submitted a bid for the bonds of par plus a premium of
$37,970 55 for "all or none."
CHOWAN COUNTY (P.O. Edenton), MI, Caro.
-BOND OFFERING.
-Sealed bids will be received until 10 a. m. June 1 by M. L. Bunch, Clerk
Board of County Commissioners, for 330.000 not exceeding 6% road coupon
or registered bonds. Date June 1 1025. Denom. $1.000. Due June 1
as follows: $4.000, 1930 to 1934: 32.000. 1935 to 1930. and $3,000. 1,140 to
1949 Incl. Legality approved by Reed. Dougherty & Hoyt, New York City.
A certified check for 2% of bid is required.
CLACKAMAS COUNTY UNION HIGH SCHOOL DISTRICT NO. 4
(P. O. Molalla), Ore.
-BOND SALE.
-Ferris & Hardsrrove of Portland
have purchased an issue of $80,000 5% school bonds at 102.40.
CLIFTON FORGE, Allegheny County, Va.-BOND OFFERING.
Sealed bids will be received until 2 p. m. May 15 by C. P. Nair, Chairman
of Finance Committee, for the following 5% bonds. aggregating 375.000:
$23.000 refunding.
345.250 street impt.
$6.750 land purchase.
Date June 1 1925. A certified check for 1 H% of bid is required.
COLEMAN, Coleman County, Tex.
-BOND SALE.
-J. E. Jarratt &
Co. of San Antonio have purchased an issue of 3125.0006% water improvement bonds at 102. Date Dec. 1 1924. Denom. $1,000: Due serially.
Interest payable J. & D.
COLUMBIA COUNTY UNION HIGH SCHOOL DISTRICT NO. 3
(P. 0. Ranier), Ore.
-BOND SALE.
-The $125.000 5% school bonds
offered on April 17 (V. 120, p. 1789) were awarded to the Lumbermen's
Trust Co. a Portland at 102.40. a basis of about 4.81%: Date April 1
1925. Due April 1 as follows: 35.000 in 1930: 35.500. 1931: $6.000. 1932
and 1933: 36.500. 1934 and 1935: 37.000. 1936: 37.500. 1°37: $3.000.1933:
58.500. 1939 and 1940: *9.000, 1941: 39.500. 1942: $10,000. 1943: $10.500
1944. and $11.000, 1945. Other bidders were:
Peirce Fair & Co
102.385
Freenian. Smith & Camp Co
101.04
.
Ferris & Flardgrove
101.06
Blythe, Witter & Co
.34
COLUMBIA DRAINAGE DISTRICT NO. 1 (P. 0. Cortland),Multnomah County, Ore.
-BOND OFFERING.
-Lawrence A. McNar,v,
Secretary Board of Directors, will receive sealed bids until 2 p. m. May 21
for 390,000 6% drainage bonds. Date June 1 1925. Denom. $500.
Interest payable J. & D. A certified check for 32.000 is required.
COLUSA COUNTY RECLAMATION DISTRICT NO. 103 (P. 0.
Colusa), Calif.
-BOND SALE.
-Carstens & Earles. Inc.. of San Francisco
have purchased an issue of 31.500.000 6% reclamation bonds. Denom.
$1,00(i. Due Jan. 1 as follows: 3200.000, 1935 to 1939. and $250.000.
In 1940 and 1941. Prin. and i
mt. (J. & J.) payable at the office of the
County Treasurer. Legality approved by Goodfellow. Ells, Moore & Orrick of San Francisco.
CONDON, Gillian, County, Ore.
-BOND OFFERING.
-John Stewart,
City Recorder, will receive sealed bids until 8 p. m. May 9 for $30,000 not
exceeding 6% coupon city bonds. Date June 1 1925. Denom. $1,000,
$500 or $100. A certified check for 5% of bid is required.
CORNING INDEPENDENT SCHOOL DISTRICT, Aden,' County,
Iowa.
-BOND ELECTION.
-An election will be held on May 7 for the
purpose of voting on the question of issuing $160.000 school bonds. C. J.
Mercer, Secretary Board of Directors.
COULEE MATON DRAINAGE DISTRICT (
P. 0. Abbeville)•
Vermillion Parish, La.
-BOND OFFERING.
-A.0. Langlinals. President
Board of Commissioners, will receive sealed bids until May 7 for $16,000
6% drainage bonds.
COWLITZ COUNTY SCHOOL DISTRICT NO, 110 (P. 0.
Kalama).
Wash.
-BOND OFFERING.-Untll 2 p. m. May 2 sealed bids will be received by the County Treasurer for $35.000 not exceeding 6% school bonds.
Date May 15 1925.
CRAWFORD, Rice County, Kan.
-BONDS REGISTERED.
-On
Mar. 13 the State Auditor of Kansas registered $16,170 5% Judgment
funding bonds.
CRAWFORD COUNTY (P. 0. Girard), Kan.-FiONDS REGISTERED.
-The State Auditor of Kansas registered $1(34.050 28 4% Judgment funding bonds on March 21.
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
-BOND SALE.
The following three issues of 5% coupon bonds offered on Apr. 18(V. 120,
p. 1919) were sold to Tillotson, Wolcott & Steele of Cleveland at a premium
of $11.432 55, equal to 103.32. a basis of about 4.32%:
$27.869 83 Bean Road No. 3 assessment bonds. Due yearly on Oct. 1 as
follows: $1.869 83, 1926: $2.000, 1927, and $3,000. 1928 to
1935. Inclusive.
136,784 87 State Road No. 8 assessment bonds. Due yearly on Oct. 1
as follows: 312.784 87, 1926: $13.000, 1927 and 1928, and $14,000. 1929 to 1935 incl.
178,768 30 State Road No.8 county's portion bonds. Due yearly on Oct.1
as follows: 316.768 30, 1926, and 318.000, 1927 to 1935, incl.
Date May 11925.
DANVERS, Swift County, Minn.
-BOND SALE.
-The $5.000 light
bonds offered on April 18(V. 120, p. 1919) were awarded to the State Bank
of Danvers as 55 at par. Date April 1 1925. Due April 1 as follows:
$1.000, 1927, 1931, 1933 and 1935.
DAVIESS COUNTY (P. 0. Washington), Ind.
-BOND SALE.
-The
following two issues of 434% coupon bonds offered on April 15-V. 120.
-were sold to the City Securities Corp.of Indianapolis at a premium
1789
p.
of $2,184, equal to 102.33:
2185
$65,000 Otten W. Barr et al. highway bonds. Denom. $650.
28.480 Jesse F. Leming et al. highway bonds. Denom. $712.
Date April 151925. Lat. M.& N. 15. Due every six months beginning
May 15 1926.
DEAVER, Big Horn County, Wyo.-BOND SALE.
-James N. Wright
& Co. of Denver have purchased an issue of $5.500 municipal bonds.
DIAMOND SCHOOL DISTRICT(P.O.Santa Ana),Orange County,
Calif.
-BOND SALE.
-The $19.000 5% school bonds offered on April 14V. 120, p. 1789
-were awarded to the Bank of Italy of San Francisco. at
a premium of $358, equal to 101.88. a basis of about 4.75%. Date May 1
1925. Due $1,000 yearly 1926 to 1944, Inclusive. Other bidders were:
Aronson & Co
$201 00IThe First National Bank____ $.59 00
Dean Witter & Co
301 00 The Capital National Bank__ 31300
Anglo-London-Paris Co
57 00
DILLEY, Frio County, Tex.
-BONDS REGISTERED.
-The State
Comptroller of Texas registered $30 000 6% 20 -year water works im-40
provement bonds on April 10.
DODGE CITY SCHOOL DISTRICT NO. 1, Ford County, Kan.BONDS VOTED.
-The voters authorized the issuance of $33.500 411%
school building bonds at the election held on April 7-V. 120, D• 180 9
by a count of 928 for to 398 against.
DUQUESNE, Allegheny County, Pa.
-BOND OFFERING.
-The City
Clerk will receive sealed bids until 9:30 a. rn. May 18 for $190.000 4 %
coupon or registered water works bonds. Denom. 11.000. Date Jan. 1
1925. Prin. and semi-ann. int. (J. & J.) payable at the office of the City
Treasurer. Due 510.000 Jan. 1 1941 to 1947 incl. and $15,000 1948 to 1955
incl.
The above bonds were offered on Apr. 6 together with $250,000 bridge
bonds, but all bids received for these laonds ($440.000) were returned unopened (see V. 120. p. 919).
EAST LIVERPOOL, Columbiana County, Ohio.
-BOND SALE.The Potters National Bank of East Liverpool purchased the $4,254 4()
5% fire department equipment bonds offered on April I7
-V.120. p. 1790
at a premium of $40. equal to 100.94. a basis of about 4.79%. Date April
15 1925. Due yearly on April 15 as follows: $654 40 1927 and $600
1928 to 1933, inclusive.
ELKtrART COUNTY (P. 0. Goshen), Ind.
-BOND SALE.
-J. P.
Wild & Co. of Indianapolis have been awarded the four issues of 434%
coupon road bonds offered on April 16-V. 120. p. 1919
-as follows:
310.000 Jacob 11. Loucks et al. bonds at a premium of $257.60. equal to
102.57. a basis of about 4.19%. Denom. $250.
14.000 Elmer Eby et al. bonds at a premium of $355 55, equal to 102.53,
a basis of about 4.19%. Denom. $350.
27,000 Josiah Miller et al. bonds at a premium of $68/ 60,equal to 102.55.
a basis of about 4.19%. Denom. $675.
15,000 Harvey Hartman et al. bonds at a premium of $382, equal to
102.54. a basis of about 4.19%. Denom. $375.
Date April 15 1925. Due one bond of each issue every six months from
May 15 1926 to Nov. 15 1945. inclusive.
ELLSWORTH, Ellsworth County, Kan.
-BONDS REGISTERED.
On Mar. 27 the State Auditor of Kansas registered $23,500
% water
works bonds.
EMPORIA SCHOOL DISTRICT (P. 0. Emporia), Lyon County,
-BONDS REGISTERED.
Kan.
-The State Auditor of Kansas registered
$100.000
% Junior high school bonds on March 20.
ESKRIDGE, Wabaunsee County, Kan.
-BONDS REGISTERED.
The State Auditor of Kansas registered $8,000 5% electric light bonds
on March 5.
-BOND SALE.-Estabrook &
ESSEX COUNTY (P. 0. Salem), Mass.
Co. of Boston purchased the $165.000 4% coupon bridge bonds offered
-at 100.679. a basis of about 3.79%. Date
on April 21-V. 120. p. 2057
May 1 1925. Due 327.500 May 1 1926 to 1931. inclusive.
EUGENE, Lane County, Ore.
-BOND SALE-The $13.698 78 street
improvement. Series X. bonds offered on April 13 (V. 120. p. 1790) were
awarded to Peirce, Fair & Co.. of Portland, as 5s at 101. Date Feb. 11925.
Denom. $1,000. Coupon bonds. Due in ten years. Interest payable
F. & A.
-The
FAUQU1ER COUNTY (P. 0. Warrenton), Va.-BOND SALE.
Fauquier National Bank of Warrenton purchased on April 20 $50,000 5'7e
coupon building bonds at a premium of $351. equal to 100.70. a basis of
about 4.93%. Date July 11924. Due July 11939. Redeemable at par
and accrued interest on July 1 1929 or any interest date thereafter or at the
option of the Board of Supervisors on any interest date prior to July 1 1929,
at 102 and accrued interest. Due to a typographical error we gave the date
of offering of the above bonds in V. 120. p. 2057, as April 30. Instead of
April 20. Following is a list of other bidders:
$50.206 00
Seasongood & Mayer. Cincinnati
50.13000
Robert Garrett & Son. Baltimore
50,025 00
Weil, Roth & Co., Cincinnati
49.825 00
Baker, Watts & Co., Baltimore
49,36000
Marshall National Bank, Marshall
48.857 50
J. C. Mayer & Co., Cincinnati
-BOND OFFERING.-Seqled
FERNDALE, Oakland County, Mich.
bids will be received until 2 13. m. (Eastern standard time) April 20 for the
following bonds not to exceed 5% interest:
$235.000 general obligation bonds.
800.000 special assessment bonds.
Denom. $1.000. Int. semi-ann. Bids to be made for both issues, as
Issues will not be sold separately. Certified check for 2% of the amount
bid for required.
FOREST CITY, Rutherford County, No. Caro.
-BOND DESCRIP-The 5250.000 street improvement, sewerage, water works and
TION.
electric light bonds purchased by W. K. Terry & Co. of Toledo at 101.92V. 120. p. 1365-a basis of about 5.72%. bear interest at the rate of 6%
and are described as follows: Date April 11925. Denom.51.000. Coupon
bonds. Due $6.000 1928 to 1937. Incl.: 310.000 1938 to 1947, incl., and
315.000 1948 to 1953, incl. Interest payable (A. & 0.).
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
-Following
-BIDS.
Is a list of the bids submitted for the purchase of the two issues of 5%
bonds, aggregating 365.800, sold to the Detroit Trust Co. of Detroit at
103.05. a basis of about 4.34%:
.Truro
S.D.Ctinton Si)
No. 2 Water No.1 Wider
Main Imp!. SerricePipes
No. 61 ImIl.No.68 Both Issues
365.800
31.886 82
Provident Says. Bk. & Tr. Co., Mein__ 31,817 01
3978$
1.629 00
Assel, Goetz & Moerlein, Cincinnati__ 1,61600
13 00
2,01100
Detroit Trust Co. Detroit
_ __
Breed. Elliott & Harrison, Cincinnati_ _ _ 1.547 52
'
1,912 50
Seasongood & Mayer, Cincinnati
3 -50
4
1.87800
976 00
Citizens Trust & Says. Bank,Columbus_
Guardian Trust Co.• Cleveland
1,626 46
ff3
153 Y88
0
Stranahan, Harris dr Ostia, Toledo
.
1.850 50
The Herrick Co., Cleveland
1,90000
-.-Otis & Co.. Cleveland
1,87I22
45156
9
0
1.82832
FRAZEE, Becker County, Minn.
-BOND SALE.
-The $10.
a
refunding bonds offered on April 17-V. 120. p. 1920
-were awarded to
the Wells-Dickey Co. of Minneapolis at a premium of $235, equal to 102.35,
a basis of about 5.03%. Date April 1 1925. Due April 1 as follows:
52.000. 1938 to 1942, incl.
FREDONIA, Wilson County, Kan.
-BONDS REGISTERED.
-The
State Auditor of Kansas registered 55,500 5% electric light bonds on
March 16.
GARLAND INDEPENDENT SCHOOL DISTRICT (P. 0. Garland),
Dallas County Tex.-BONDS REGISTERED.
-The State Comptroller
of Texas on April 10 registered 545.000 5% serial bonds.
GEORGETOWN COUNTY (P. 0. Georgetown), So. Caro.
-BOND
DESCRIPTION.
-The 560.000 434% bridge bonds awarded to R. S.
-V. 120, p. 2057-are described as follows:
Dickson & Co. of Greenville
Date April 1 1925. Denom. $1,000. Due serially. Interest payable
A. & 0.
GLOUCESTER, Essex County, Mass.
-TEMPORARY LOAN.-Tne
Gloucester National Bank of Gloucester has purchased a temporary loan
of 3100,000 on a 3.30% discount basis. Due Nov.30 1925. Date April 21
1925.
2186
THE CHRONICLE
rirou 120.
arr
GONZALES COUNTY ROAD DISTRICT NO. 5 (P. 0. Gonzales),
-BOND DESCRIPTION.
Tex.
-The $109.000 534% coupon road bonds
awarded on April 13 to a syndicate composed of Taylor. Ewart & Co. of
Chicago, Detroit Co. of Detroit, and Braun, Bosworth & Co. of Toledo
at 103.54-V. 120. p. 2057-a basis of about 5.20%. are described as
follows: Date Aug. 15 1924. Denom. $1,000. Due Aug. 15 as follows:
$4,000 1929 to 1949, incl., and $5,000 1950 to 1954, incl. Interest payable
(F. Sc A.).
Financial Statement (as Officially Reported).
Assessed valuation for taxation
$3.09608600
078
:
Total debt (this issue included)
Less sinking fund
111.979
Net debt
78.621
Population, estimated, 4,000.
HOLDENVILLE Hughes County, Okla.
-BOND OFFERING.Marie L. Payne, City Clerk, will receive sealed bids until May 5 for the
GRAND JUNCTION, Mesa County, Colo.
-BONDS DEFEATED.
- following 0% bonds. aggregating $221,000:
The proposition to issue $13,000 paving bonds and $61000 street and alley $128.000 water.
paving bonds,submitted to a vote of the people on April 7-V.120, p. 1790
93,000 sewer.
-was defeated.
Due in 25 years.
GREELEY COUNTY SCHOOL DISTRICT NO. 2, Kan.
-BONDS
HOOKS INDEPENDENT SCHOOL DISTRICT (P. 0. Hooks),
REGISTERED.
-On March 17 the State Auditor of Kansas registered Bowie County, Tex.
-BONDS REGISTFRED.-On April 10 the State
$2.1100 434% Judgment funding bonds.
Comptroller of Texas registered $5,000 6% 10 -year bonds.
-40
HAINES CITY, Polk County, Fla.
-BOND SALE.
-The $30.000 6%
HUMBOLDT,Gibson County, Tenn.
-NOTE SALE.
-J.W.Hillm.an,
improvement bonds offered on April 15-V. 120, p. 1790
street
-were of Fulton, has purchased an issue
awarded to the State Bank of Haines City at 103.40, a basis of about 5.25%. premium of $1,300, equal to 101.04.of $125.000 improvement notes at a
Date April 1 1925. Due $3,000 yearly April 1 1926 to 1935. incl.
HUNTINGBURG SCHOOL CITY (P. 0. Huntingburg), Dubois
HADDON HEIGHTS, Camden County, N. J.
-ADDITIONAL County, Ind.
-BOND SALE.
-The $44,000 4% coupon school bonds
INFORMATION.
-We are now in receipt of the following additional offered on April 4 (V. 120,
Information regarding the $91,000 5% coupon street improvement bonds of Huntingburg for $44,001.p. 1366) were soldato the Huntingburg Bank
equal to 100.002, basis of about 4%. Due
sold to 11. M. Grant & Co. of New York at par as was stated in V. 120. $1,000 every six months from July 15 1928 to Jan. 15
p. 1510. Denom. $1,000. Date April 1 1925. Interest A. & 0. Due $1,500 July 15 1935 to Jan. 151945,inclusive. There 1935, inclusive, and
were no other bidders.
yearly on April 1 as follows: $3,000, 1927 to 1937. inclusive, and $4,000,
1938 to 1965, inclusive.
HUNTINGTON COUNTY (P. 0. Huntington), Ind.
-BOND.
OFFERING.
--Guilford Morrow, County Treasurer, until 10 a. in. April 24
rirANOVER,'York
will receive sealed bids for the following issues of 431% coupon bonds:
We are now in receipt of the following information regarding the 8100,000 113,500 Pyrl J. Harpham et al. road bonds. Denom. $675. Due $675
431% coupon or registered refunding bonds sold to John A. Hoober, of
every six months from May 15 1926 to Nov. 15 1935, inclusive.
York, at 103.50 (see V. 120, p. 1791). Denorns. $500 and $1,000. Date
66,000 E. W. Shultz et al road bonds. Denom. $500 and one for $300.
April 1 1925. Interest A. & 0. Due April 1925 to 1946, inclusive.
Due $3,300 every six months from May 15 1926 to Nov. 15 1935.
inclusive.
HARRISON COUNTY(P.O. Gulfport), Miss.
-BOND OFFERING.
Date April 15 1925. Interest M. & N. 15.
Until 11 a. in. May 6 sealed bids will be received by Eustis McManus,
Clerk Board of Supervisors, for the following bonds. aggregating $108,000:
HUTCHINSON, Reno
-BONDS REGISTERED.
-On
$75,000 road and bridge bonds bearing interest at a rate not exceeding Mar. 18 the State Auditor County, Kan.
of Kansas registered $64,479 39 431% paving
6%. Denom. $1,000. Due June 1 1926. A certified check for bonds.
$1,000 is required.
21.000 6% Hansboro Rural School District bonds. Denom. $1,000.
HYANNIS, Grant County, Neb.-BONDS DEFEATED.
-The
Due $1,000 June 1 1926 to 1946, inclusive. Certified check re- proposition to issue $5000 water extension bonds submitted to a vote
quired (amount not stated).
of the people at the election held on April 7-V. 120, p. 1510
-was defeated.
12,000 69' North Biloxi Consolidated School District bonds. Denom.
INDIANAPOLIS PARK DISTRICT, Ind.
-BOND OFFERING.
$500. Due $500 June 1 1926 to 1949, inclusive. Certified check
Bids will be received by Jos. L. Hogue, City Comptroller, until 12 m.April
required (amount not stated).
29 for the whole or any part of $56,000 bonds of the park district, which are
Date June 11925. Interest payable J. & D.
designated "Park District Bonds of 1925. Issue No. 2," and will be dated
HAYS,Ellis County, Kan.
-BONDS REGISTERED.
-The State Audi- April 29 1925. Bonds will be 56 in number and will be for $1,000, with
tor of Kansas registered 532,271 435% internal improvement and condem- interest coupons attached. The bonds will bear interest at 434%. payable
nation bonds on March 13.
semi-annually on the first day of Jan. and July of each year. The first
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 12 (P. 0. coupon on each bond will become due and payable on July 1 1926 and will
Lynbrook), Nassau County, N. Y.
-BOND OFFERING.
-Sealed bids be for the interest on such bond from the day of issue to said date. Bonds
will be received until 8:30 p. in. Apr. 30 by Prank B. Whelden. District shall mature in series of 2 bonds each, and one series shall fall due on Jan. 1
Clerk, for $100.000 431% school bonds. Denom. $1,000. Date Apr. 1 of each year for 28 years, beginning Jan. 1 1927. Beth prin. and int. are
1925. Prin. and semi-ann. int.(F.& A.) payable at the Lynbrook National payable at the office of the City Treasurer, and constitute an obligation
Bank of Limbrook. Due yearly on Feb. 1 as follows: $1,000, 1931 to 1934 of the park district of the city of Indianapolis. Bidders may bid for all
incl.; $3,000. 1935 to 1939 incl.; $3,000, 1941; $4,000, 1942 to 1944, Incl.; or any part of said bonds.
$5.000. 1945 to 1950 incl.: $6,000. 1951 and 1952; $7,000, 1953 and 1954,
IOLA, Allen County, Kan.
-NOTE REGISTERED.
-The State
and $10,000. 1955. Purchaser to pay for legal opinion. Certified check Auditor of Kansas registered a $9,039 07 4 X% temporary note on Mar. 7.
for 10% of the amount of bonds bid for required.
IRVING SCHOOL DISTRICT (P. 0. Irving), Montgomery County,
HENDERSON COUNTY (P. 0. Hendersonville), No. Caro.
- 111.
-BOND SALE.
-White-Phillips Co. of Davenport
BOND DESCRIPTION.
-The $90,000 531% bonds purchased by the 815.000 6% school bonds for $15.100, equal to 100.66-a has purchased
basis of
Bray Bros. Co. of Greensboro
-V. 120, p. 1791-are described as follows: 5.93%. Denom. $1,000. Date June 1 1925. Interest J. & D. about
Due
Date Feb. 11925. Due 15,000 yearly Feb. 1 1930 to 1947, incl. Interest 11,000 June 1 1933 to 1947. inclusive.
payable F. & A. In above reference we gave the amount of bonds as
ITHACA, Tompkins County, N. Y.
$80,000, which was incorrect.
-Following Is
-DESCRIPTION.
a description of the $100,000 43j9 oupon (registerable as to principal and
c
HENRY COUNTY (P. 0. Napoleon), Ohio.
-BOND SALE.
-The interest) improvement Series "106bonds sold to B. .1. Van Ingen & Co.
Herrick Co. of Cleveland purchased the following issues of 5% coupon of New York at 101.60 (see V. 120, p. 1720)-a basis of about 3.75%.
Property owners portion road improvement bonds offered on April 17- Denom. $1.000. Date April 1 1925. Principal and semi-annual interest
V. 120, p. 1791-at a premium of $5,671, equal to 103.06. a basis of about (I. & J.) payable at the Mechanics & Metals National Bank of New York.
4.35%0:
Due $10.000 July 1 1928 to 1937, inclusive. Legality approved by Reed,
$60.000 Blue Road No. 230 in Marion and Bartlow Twps. bonds. Due Dougherty & Hoyt, of New York.
$6,000 Sept. 1 1926 to 1935. incl.
Financial Statement.
Bales Road No. 227 in Napoleon Twp. bonds. Due yearly on Assessed valuation
125,000
$21,637,740
Se t. 1 as follows: $12,000 1926 to 1930, incl.; $13,000 1931 to Total bonded debt
2.079,500
195. incl.
Less water bonds
Date April 15 1925. Bids were as follows:
Net debt
19 0 0
1215 9
0
Total Prem.
Population (1920 Census). 17,004; 1924 (estimated), 18,000.
Bid.
JEWELL JUNCTION INDEPENDENT SCHOOL DISTRICT (P. 0.
Herrick & Co., Cleveland
15.671 00
-BOND ELECTION.
-An election will
Continental & Commercial Trust & Savings Bank, Chicago
5,655 45 Jewell), Hamilton County, Iowa.
Bonbright & Co.. Chicago
5.505 60 be held on May 6 for the purpose of voting on the question of issuing $60.000
William R. Compton, Chicago
5.487 00 land purchase bonds. E. W. Knudson, Secretary Board of Directors.
Stranahan, Harris & Oaths, Toledo
5,325 40
JACKSON TOWNSHIP, Nash County, No. Caro.
-BOND SALE.
Detroit Trust Co., Detroit
5,206 00 The $10,000 6% coupon road bonds offered on April 21 (V. 120, p. 2058)
3,644 50 were awarded to the Provident Savings Bank & Trust Co. of Cincinnati
Title Guarantee & Trust Co., Cincinnati
Stevenson, Perry dc Co., Chicago
4,730 00 at a premium of $319,equal to 100.31,a basis of about 5.95%. Date May 1
Provident Savings Bank & Trust Co.. Cincinnati
5,138 00 1925. Due $500 yearly May 1 1926 to 1945 Md. Other bidders were:
Seasongood & Mayer, Cincinnati
5,164 00
Premium.
4.738 50 C. B. Fetner Company, Cherryville
Breed. Elliott & Harrison, Cincinnati
4,907 00 White, Phillips Co.. Davenport
W. L. Slayton & Co., Toledo
$ 72 00
211 10
4,480 94 Ryan, Sutherland Co., Toledo
R. M. Grant & Co., Chicago
195 00
273273 00
5,244 75 First National Trust Co., Durham
Federal Securities Corp., Chicago
5.144 00 White, Phillips Co., Davenport*
Second Ward Securities Co., Milwaukee
1000
Emery, Peck & Rockwood, Chicago (Blue Road only)
1,716 00
* For 531% bonds: all others for 6s.
Halsey, Stuart & Co., Inc.. Chicago
4.868 00
JEFFERSON COUNTY (P. 0. Birmingham), Ala.
W. X. Terry & Co.. Toledo
-BOND OFFER4.147 77
-Sealed bids will be received by C. M. Sullivan, Clerk Beard of
4.941 00 ING.
A. T. Bell & Co., Toledo
Braun, Bosworth & Co., Toledo
4,949 00 Revenue, for the following two issues of 5% bonds, aggregating $1,000,000:
$500,000 hospital bonds. Due $100,000 yearly Jan. 1 1955 to 1959, incl.
HENRY SCHOOL TOWNSHIP (P. 0. Newcastle), Henry County,
500.000 school bonds. Due $1,000 yearly Jan. 1 1960 to 1964, inclusive.
-Until 1 p. in. April 27 sealed bids will be
-BOND OFFERING.
Ohio.
Date Jan. 1 1925. Denom. 11.000. Principal and interest payable
received by James 0. Crim, School Township Trustee, for $6,000 434% the Central Union Trust Co., New York City. A certified check for 2% at
of
coupon school bonds. Denom. $500. Date July 15 1925. Interest bid, payable to the County Treasurer, Is required.
j. & J. Principal and semi-annual interest (J. & J. 15) payable at the
JONES COUNTY SUPERVISORS ROAD DISTRICT NO. 3 (P. 0.
Citizens State Bank of Newcastle. Due every six months as follows: $500
-The $75.000 534% road bonds offered on
-BOND SALE.
July 15 1927: 11.000 Jan. 15 1928 to Jan. 15 1930, inclusive, and $500 Laurel), Miss.
April 6 (V. 120. p. 1511) were awarded to the First National Bank of
July 15 1930. Certified chock for 5% of the bonds bid for, required.
Laurel at a premium of $2,382 equal to 103.17. a basis of about 5.28%.
HIGHLAND PARK SCHOOL DISTRICT (P. 0. Highland Park), Due April 15 as follows: $1,500, 1926 to 1930;$3,000,
-BOND OFFERING.
-Sealed bids until 5:30 p.m. 1941 to 1948: $4,500 in 1949, and $5,000 in 1950. 1931 to 1940;$UM.
Wayne County, Mich.
April 27 will be received by Fred E. McEldowney, Secretary Board of
JONESVILLE, Catahoula Parish, La.
-BIDS REJECTED
-BONDS
Education. for $300.000 coupon school bonds not to exceed 4 X% interest.
-All bids received for the 140,000 6% public
Denom. $1,000. Date May 1 1925. Principal and semi-annual interest SOLD AT PRIVATE SALE.
-were rejected.
payable at the Highland Park State Bank of Highland Park. Due May 1 improvement bonds offered on April 14-V. 120, p. 1920
to furnish legal opinion and blank bonds. Certified check The bonds were then sold on April 16 at a private sale to L. E. French &
1955.
Co. of Alexandria at a premium of $600, equal to 101.50. Date March 1
for $7,500, payable to the District Treasurer, required.
1925. Due serially 1926 to 1945.
Financial Statement.
property
$235,000,000 00
Estimated valuation of taxable
JORDAN VALLEY IRRIGATION DISTRICT (P. 0. Danner),
$184,826,000 00 Malheur County, Ore.
Assessed valuation, 1924
-BOND DESCRIPTION.
-$400,000 irrigation
50,000 bonds purchased by Miller Bros. & Co. of San
Population estimated
Francisco (V. 120 'I?. 1653)
School District co-terminus with City of Highland Park.
bear interest at the rate of 6% and are described as follows: Date Jan. 1
1.895 acres 1924. Denom. $1,000 and $500. Coupon
Area
bonds. Due serially in 20
$4,242,000 00 years. Interest payable J. & J.
Total bonded indebtedness May 1 1925
Not including $300,000 00 now offered.
KANSAS CITY, Wyandotte County, Kan.
790,228 78
-NOTES REGISTERED.
Sinking fund
On Mar. 10 the State Auditor of Kansas registered $19,900
% tem$3 451,771 22 porary notes.
Net bonded debt
8650.000 00
Bonds authorized, not issued,including above $300,000
KEARNEY, Buffalo County, Neb.-BOND SALE.
-The United
HILLSBOROUGH COUNTY SCHOOL DISTRICT NO. 50 (P. 0. States Trust Co. of Omaha has purchased the following paving bonds,
TamPa), Fla.
-The $65,000 6% school bonds offered on aggregating $79.876 11:
-BOND SALE.
April 21 (V. 120, p. 1791) were awarded to the Hillsborough State Bank of $39.237 23 431 intersection paving. Due March 11946,optional in 1930.
7,188 93 531 Paving District No. 62. Due March 1 1927 to 1935.
Plant City at a premium of $4,667. equal to 107.18-a basis of about
5.21%. Date April 11926. Due April 1 as follows: $2,000, 1927 to 1931.
15.484 12531%Paving District No, 63. Due March 1 1927 to 1935.
Inclusive: 83.000, 1932 to 1936, inclusive: $4,000. 1937 to 1941, inclusive,
17.965 83 534%Paving District No. 66. Due March 1 1927 to 1935.
Date March 1 1925.
and $5.000. 1942 to 1945, inclusive.
-Bosworth, Chanute & Co. of Denver have purchased
BOND SALE.
-BOND
HOIS1NGTON SCHOOL DISTRICT,Barton County, Kan.
SALE.
-The 150.000 434% school bonds offered on April 20 (V. 120. P. an issue of $156,000 434% refunding bonds. Date March 1 1925. Due
March 1 1926 to 1945, optional in 1930.
2058) were awarded to the Harris Trust & Savings Bank of Chicago.
Date April 11925. Due April 1 as follows: $1,500, 1926 to 1929; $2,000,
KENOSHA, Kenosha County, Wis.-BIDS.-Following is a lisp of
1930 to 1933; 12,500, 1934 to 1937; $3,000, 1938 to 1941: $3,500. 1942 to other bidders for the $400,000 434% high school bonds awarded on April 3
1945. all inclusive.
to the William R. Compton Co. of St. Louis
-V. 120, p. 1791:
APRIL 25 1925.]
TEI2 CHRONICLE
2187
BidderPremium.
Bidder
MARGATE CITY (P. 0. Ventnor), Atlantic County, N. J.
Premium.
-BOND
A. B. Leach & Co
$11,308 00 Second Ward Securities Co$12.113
SALE.
-The issue of 5% coupon or registered water-works bonds offered
First Trust & Says. Bank_ 11.049 00 Illinois Mercantile Tr. Co_ 10,131 00 on April 16 (V.
00
120, p. 1922) was awarded to Fairservis & Co. of New York,
Guarantee Trust, N. Y__ 11,436 00 Harris Tr.& Sava. Bank__
11,411 00 bidding $101,727 50, equal to 102.75-a basis of about 4.79%, for $99.000
E. H. Rollins & Sons and
Henry(3. Quarles
10.300 00 5% bonds ($101.000 offered). Date April 1 1925. Due yearly on April 1
A. G. Becker & Co____ 10.388 80 Paine, Webber & Co
10,600 00 as follows: $2,000, 1926 to 1938, inclusive; *3.000, 1939 to 1962, inclusive.
National City Co
11,252 00 Halsey, Stuart & Co
9,40/1 00 and $1,000, 1963.
The Detroit Co
9,809 44 Taylor, Ewart & Co
11.436 00
All bids include par and accrued nterest.
MARION, Crittenden County, Ky.-BOND SALE.
-The TTarme
Bank & Trust Co. of Marion has purchased an issue of $50,000 wa or wor
The above list of bids appeared in V. 120, p.
caption of "Kenosha, Kenosha County, Wash." 2059, under the incorrect bonds at a premium of $2.130. equal to 104.26.
KILEEN, Bell County, Texas.
-BONDS REGISTERED.
MARSHALL, Harrison County, Texas.
-On April 13
-BONDS REG STERED
the State Comptroller of Texas registered $16,000 6% water works
bonds. The State Comptroller of Texas on April 14 registered $273,500 4,1%
On April 14 $36,000 6% sewer bonds were also registered.
serial refunding bonds.
61KING COUNTY SCHOOL DISTRICT NO.1(P.O. Seattle), Wash.
MASSENA St. Lawrence County, N. Y.
BOND SALE.
-BOND OFFERING.-The $1,000,000 school bonds offered
p. 179I-were awarded to a syndicate composed on April 20-V. 120. Sealed bids will be received until 8 p. m. May 4 by Harry A. Little, Villag
of
Conrad & Broom, Seattle National Bank and Carstens Geo. H. Burr. Clerk, for the following issues of 44% street bonds:
Seattle, as 4s. paying a premium of $21,410, equal & Earles, all of $22,000 Centre Street improvement bonds. Due $2,000 June 1 1926 to
to 102.14. Date
1936, incl.
May 1 1925. Due in 2 to 25 years.
11,000 Phillips Street improvement bonds. Due $1,000 June 1 1926 to
KING COUNTY SCHOOL DISTRICT NO. 164 (P.
1936,incl.
0. Seattle),
Wash.
-BOND SALE.
Denom. $1,000. Date June 1 1925. Int. J. & D. Certified check for
-The $28,000 coupon school bonds offered on
April 11-V. 120, p. 1791-were awarded to the
5% of the bonds bid for required.
merce of Seattle as 4 Ais at a premium of $56, equal National Bank of Comto 100.20. Date May 1
MIAMI BEACH (P. 0. Mianii), Dade County, Fla.
1925. Due in 23 Years.
-BOND
ING-C. W. Tomlinson, City Clerk, will receive sealed bids until OFFERMay 15
KING COUNTY SCHOOL DISTRICT NO. 171
(P. 0. Seattle), for $939,000 public improvement bonds.
-BOND SALE.
Wash.
-The $15,000 coupon school bonds offered on
April 11-V. 120, p. 1791-were awarded to the National
MICHIGAN (State of).
-BOND OFFERING.
-Frank
merce of Seattle as 4
at a premium of $46, equal to Bank of Com- Highway Commissioner, will receive sealed bids at his F. Rogers, State
100.30. Date
office,
May 1 1925. Due in 23 years.
up to 12:30 le. in., Central standard time, April 28 for the saleLansing
of-road
assessment district bonds as follows:
KLAMATH FALLS, Klamath County, Ore.
-BOND OFFERING.
- Road Assessment District No. 460 in Lapeer and Genesee counties. ApSealed bids will be received until 8 p. in. May 18 by
Lem L. Gaghagen.
proximately $43,000, maturing serially in from two to ten years. Bonds
Police Judge, for $50.000 public library bonds, to bear
interest at a rate
are the obligation of Marathon Township in Lapeer County, Forest
not exceeding 6%. Date Feb. 2 1925. Denom. $1,000.
Due Feb. 2 as
Township in Genesee County, the counties of Lapeer and Genesee and
follows: $5,000, 1928 to 1937. Inclusive. Principal and
an assessment district.
payable at the office of the City Treasurer at Klamath interest (F. & A,2)
agency of the State of Oregon in New York City. Falls, or at the fiscal Road Assessment District No. 1004 in Washtenaw County. Approximately $59,000 maturing serially in from two to five years. Bonds are
printed bonds and pay for attorney's opinion. A Purchaser to furnish
certified check for 5%
the obligation of Pittsfield, Lodi, Saline, and York townships in Washof bid is required.
tenaw County, the County of Washtenaw, and an assessment district.
KNOBS TOWNSHIP SCHOOL
Road Assessment District No. 1107 in Macomb County. Approximately
villa), Yadkin County, No. Caro. DISTRICT NO. 1 (P. 0. Yadkins$416,000 maturing serially in from two to five years. Bonds are the
-BOND OFFERING.
be received until May 4 by T. R. Eaton. Clerk Board of -Sealed bids will
obligation of Warren Township in Macomb County, the County of
Commissioners, for
$12,000 6% school bonds. Denom. $500.
Macomb, and an assessment district.
The bonds are being issued under the provisions of Act 59, Public Acts
LAFAYETTE PARISH SCHOOL DISTRICT
NO.3(P.O. Lafayette), of 1915,
-BOND OFFERING.
La.
-J. W. Faulk, Secretary Parish School Board, semi-ann.as amended, known1as the Covert Act. Int. will be payable
on May 1 and Nov. in each year. Each bidder will be required
will receive sealed bids until May 1 for $250.000 5% school
bonds. Denom. to name the rate of int. (not exceeding 6%) and premium for each $1,000
$1.000.
he will pay in his bid. A certified check in the sum of 2% of the amount
LAKE COUNTY (P. 0. Tavares), Fla.
of bonds bid on, payable to the order of the State Highway Commissioner,
bids will be received until 2 p. m. May 11 by-BOND OFFERING-Sealed will be required with each bid.
D.H. Moore, Secretary
of Public Instruction, for the following 5 % school district bonds Board
aggreMILWAUKEE COUNTY (P. 0. Milwaukee), Wis.-COUNTY BUYS
gating $300,000:
IN ITS BONDS.
-The County of
$30,000 Special Tax School District No.6. Due Jan.
1 as follows: $1,000, Patrick McManus, has purchased fromMilwaukee, through its Treasurer,
1..28 to 1954 incl., and 33.000 in 1955.
the Harris Trust & Savings Bank of
Chicago the Metropolitan Sewerage Issue of 1925, amounting to $84,125,000 Special Tax School District No. 10. Due Jan. 1 as
1-28 to 1951 incl.: $7.000. 1952 to 1954 incl., and follows: 14.000, 639 50. Notice that the county wanted to purchase back its bonds was
$8.000 in 1955.
given in V. 120, p. 1792.
85,000 Special Tax School District No. 16, Due Jan. 1 as
follows: $3,000,
1928 to 1954 Incl.. and $4.000 in 1955.
MINGO JUNCTION, Jefferson County, Ohio.
-BOND SALE.60,000 Special Tax School District No.21. Due Jan. 1 as
follows: $2,000. Seasongood & Mayer of Cincinnati Were the successful bidders for the
1928 to 1951 incl., and 33.000, 1952
350,000 6% crematory bonds offered on April 18-V. 120, p. 1654-for
Date Jan. I 1925. Denom. $1,000. Theto 1955 incl.
principal and interest of the '55,515, equal to 111.03, a basis of about 4.85%. Date
bonds of Special Tax School District No.6 will be payable
April 1 1925
Exchange National Bank. N. Y. City, and the principalat the American Due $1,000 each April and October from April 1 1926 to Oct. 1 1950 inci
and
the other issues of bonds will be payable at the National Bank of interest of
MISSOURI VALLEY SCHOOL DISTRICT, Harrison County,
Commerce,
N. Y. City. Legality approved by Caldwell & Raymond, N.
-BOND SALE.-Geo. M. Bechtel & Co. of Davenport
Y. City. Iowa.
A certified check for 5% of bid is required.
chased an issue of $50,000 414% school bonds for a premiumhave purof $481.
LAKE COUNTY (P. 0. Tavares), Fla.
equal to 100.96.
-BOND OFFERING.
-D. H.
Moore, County Superintendent of Schools, will receive sealed
MITCHELL COUNTY (P.O. Bakersville), No. Caro.
May 11 for $125,000
-BOND OFFER% school bonds. Date Jan. 1 1925. bids until
-W, B. Ellis, Chairman Board of Road Commissioners, will receive
ING.
LAKE COUNTY (P. 0. Painesville), Ohio.
sealed bids until 5 p. in. May 5 for 36.000 6% Bakersville
-BOND
L. J. Spaulding, Secretary, Board of County CommissionerOFFERING.- bonds. Due in 10 to 30 years. A certified check for 10% ofTownship road
bid is required'
s, will receive
sealed bids until 11 a. m. Apr. 28 for $44.000 5% Madison Sewer
Dist. No. 1
bonds. Denoms. $1.000 and $500. Date Apr. 15 1925.
MORGANTOWN, Monongahela County, W. Va.-BOND SALE.Prin. and semiann. int. (A. & 0.) payable at the County Treasurer's office.
The following 5% bonds. aggregating $750,000, have been sold to the
Due
six months as fellows: $1.500 Apr. 1 and 111.000 Oct. 11926: $1.000 each State Sinking rand at par:
ond Oct. 1 1927:$1,500 Apr. ancir .000 Oct. 1928: 51.000 Apr. and A p- 3600.000 sewer construction.
Ocr 1
1929; $1,500 Apr. and $1.000 Oct. 1 1930: $1.000 Apr. and
150,000 city hall.
$1,500 Apr. and $1.000 Oct. 1 1932; $1,000 Apr. and Oct. 1 Oct. 1 1931:
1933: $1..50fi
MORRAL, Marion County, Ohio.
Apr. and $1,000 Oct. 1 1934: $1,000 Apr. and Oct. 11938;
-BOND OFFERING-Sealed bids
$1.500 Av. arc' until 12 m. April 25 will be received by P. A. Parker,
sf,000 Oct. 1 1036: $1.000 Apr. and Oct. 1 1937:
Village
-improvement bonds. Denom. $500. Date Clerk, for
Oct. 1 1938; $1.000 Apr. awl Oct. I 1939: $1,500 $1.500 Apr. and $1,000 $2,000 6% street
Apr. and $1.000 Oct. 1 1925. Interest semi-annual. Due
March 1
19.40, and $1,000 Apr. and Oct. 1 1941 to 1945. Certified check
$500 March 1 1930 to 1933, inclusive.
for $1,000 Certified check for 10% of the bonds bid for,
required.
payable to the Village Treasurer, required.
LAKE PRESTON SCHOOL DISTRICT, Kingsbury
County,
Dak.-BOND OFFERING.
-Sealed bids will be received until 7.30 p.So.
MORRISVILLE, Lamoille County, Vt.-BOND OFFERING.
en.
-Sealed
April 28 for $60,000 4% school bonds. Due $4,000 yearly
bids until 2 p. m. May 1 will be received by R. L. Barrows, Village Treas1931 to 1945,
inclusive.
urer. for $185,000 4% coupon electric loan bonds. Issued in denom. of
LAWRENCE COUNTY (P. 0. New Castle),
51.000 each, dated Feb. 1 1925, and payable $10,000 Feb. 1 1931 to 1948,
Pa.
-BOND OFFERING.
-Sealed bids will be received by James R. Lamoree, Chief
Clerk Commis- inclusive,and $5,000 Feb. 11949. Interest payable semi-annually(F.& A.)
sioners until 2 p. m. May 11 for
$250.000 414% coupon or registered Poor Both principal and interest are payable at the First National Bank of Boston.
District bonds. Denom. $1,000. Date July 1 1925. Int.
Boston. These bonds are
semi-ann. eral Assembly of the Stateissued under the authorizy of an Act of the GenDue Jan. 1 1928 to 1943 Incl. Certified check for $1,000, payable to
of Vermont approved March 19 1925, entitled:
the "An Act in addition to Section 5 of No. 313 of the
County Treasurer, required.
Acts of 1910 relating to
the Village of Morrisville and to enable the village to issue bends." The
LIMA, Allen County, Ohio.
-NOTE OFFERING.
-C. H. Churchill, proceeds from the sale of this issue of bonds
City Auditor, will receive sealed bids until 12 m. Apr. 25 for the following of notes issued to pay for the Improvement are to be used in the payment
of the electric light
i
ssues of 6% notes:
bonds are engraved under the supervision of and certified as toplant. The
genuineness
$14,000 Metcalf Ave. paving. Denom. 31.000.
by the First National Bank of Boston, their legality will be approved
5,600 Metcalf St. paving. Denom. $1,000 and one for $600.
Ropes, Gray. Boyden & Perkins. whose opinion will be furnished the by
22.000 street cleaning, sprinkling and sweeping bonds. Denom.
purchaser. All legal papers incident to this Issue will be filed with,saidbank
$1.000.
Prin. and semi-ann. Int. (A. & 0.) payable at the office of the
Sinking where they may be inspected at any time.
Fund Trustees,
Financial Statement.
LINCOLN, Lincoln County, Kan.
-WARRANTS REGISTERED.
- Last assessed valuation of the Incorporated Village of MorrisThe State Auditor of Kansas registered $56,825 41 5% judgment funding
ville, Vt. (exclusive of electric plant costing $526,962 96)
warrants on March 21.
basis of60% actual value
$1.418,343 00
LINCOLN COUNTY SCHOOL DISTRICT NO.12(P.O.
Bonded debt exclusive of this issue
71:0000
0000
4
0
-BOND OFFERING.
-E. A. Bowler, District Clerk,Shoshone), Outstanding village orders, electric department
Idaho.
will
sealed bids until 12 m. May 2 for $15,000 6% school bonds. Date receive The total of the last two amounts to be retired before 1931
Jan. 1
with electric earnings; net earnings of the electric depart1625. Due in 1945; optional hl 1935.
ment 1924
LOUISVILLE, Jefferson County, Ky.-BOND OFFERING
26,788 06
-Sealed Floating debt wholly for fire equipment purchased in 1924 to
bids will be received until 12 m. Central standard time May 14 by P. H.
be paid for by earnings of water department
12,322 31
Jr., Secretary, Commissioners of Sewerage, for $2.000.000 4%
ge
or Net earnings of water department. 1924
3,71437
ml sewer bonds. Date Feb. 11925. Due Feb. 1 1965. Principal
e
Population, approximately 2,000.
and
imi-annual interest payable at the National Bank of Kentucky,
Louisville,
MULTNOMAH COUNTY HOME WATER DISTRICT (P. 0.
er at the First National Bank, New York City. A certified check for 2%,
Portland), Ore.
-BOND OFFERING.
if bid is required.
-C. T. Larson, Secretary Board of
receive sealed bids until 12 m. May 1 for $95,000
LUBBOCK, Lubbock County, Texas.
-BONDS REGISTERED.- Directors, will Date May
531%
water bonds.
1 1925. Due $9,500 yearly, May 1 1936 to
State Comptroller of Texas registered $25.000
On April 11 the
1946 incl. Int. payable J.
$75,000 water works, and $125,000 street impt. 5% serial bonds. sewer, & McCulloch of Portland. & J. Legality approved by Winfree, Johnson
A certified check for $1,000 is required.
•
McDONALD, Rawlins County, Kan.
-BONDS REGISTERED
r Auditor of Kansas registered 323,000 5%
.The
NEWAGO SCHOOL DISTRICT (P. 0. Newago), Newago
water works bonds on
State
County,
County, Mich.
-PRE
-ELECTION SALE.
-An issue of $157,000
March 12.
%
school 'building bonds on March 23 was sold to the Illinois
MAGNOLIA SCHOOL DISTRICT (P. 0. Santa Ana),
Merchants
Trust Co. of Chicago, subject to being
-BOND SALE.
-The 348.000 5% school bondsOrange When put before the voters at this voted at an election held on April 6.
County Calif.
offered
election, the bonds met with SlICCCSS.
-V. 120, P. 1792-were awarded to the Capital
.35 .
ei enonente at a premium of $1.007. equal to 102.09, a National Bank by a count of 299 to 65. The issue extends over a period of 20 years.
--Pr11.21
basis of about
Date May 11925. Due $3,000 yearly, 1927 to 1942 inclusive.
NEW BEDFORD, Bristol County,
ing is a description of the 3800,000 4% Mass.-DESCRIPTION.-Pollowhighway bonds sold to Estabrook
MALHEUR COUNTY (P.0.Vale),Ore.
-BOND SALE.
-The $10.000 & Co. of Boston at 100.16, as was reported in
V. 120, P. 1793: Denom.
wen bridge bonds offered on April 15-V. 120, P. 1792-were
,agded - the Portland Bridge (Jo. at par. Date Jan. 1 1925. Due $1,000. Date March 1 1925. Int. M. & S. Due March 1 1926 to
6S c°u
w
'io
1935 inclusive. The bonds are in registered form.
Jan. 1 1935.
MANHASSET-LAKEVILLE WATER DISTRICT OF THE
NEWBURG INDEPENDENT SCHOOL DISTRICT,
TOWN OF
-BOND SALE.
-The $40,000 school bonds offeredJasper
NORTH HEMPSTEAD (P. 0. Manhasset), Nassau County. N. Y,_ Iowa.
on April 15
Count,.
120, p. 1654)
B. Gibbons & Co.,
POND SALE.-Geo.coupon or registered Inc., of New York have been at a premiumwere awarded to Geo. M.Bechtel & Co. of Davenport as 431'
of $90, equal to 100.25. Date May 1 1925.
water bonds offered on Apr. 20
22
the $50,000
awarded
4.15a at 100.10, a basis of about 4.13%. Date Jan. 1
)as
NEW LONDON, New London County,
.
(.120iri•
V
-BOND SALE.
$10,000 Jan. 1 1930 to 1934 incl.
1925, Duel9
The $60,000 431% coupon or registered school Ohio.
refunding bonds offered
r.72%.
--
2188
THE CHRONICLE
-were sold to Roosevelt & Son of New York
on April 21-V. 120, p. 1793
for $61,323 60. equal' to 102.206, a basis of about 9.10%. Date May 1
1925. Due $2,000 May 1 1926 to 1955 inclusive.
NEWTON,Catawba County, No. Caro.
-BOND OFFERING.
-Sealed
bids will be received until 2 P. m. May 12 by Clarence Clapp. Town Clerk.
for $35.000 public improvement bonds. Date May 1 1925. Denom.
31,000. Due May 1 as follows: 31.000, 1927 to 1997. and 32.000, 1948 to
1954. inclusive. Principal and interest (M. & N.) payable in New York
City. Coupon bonds with privilege of registration as to principal only.
Interest rate to be bid. Legality approved by Caldwell & Raymond. New
York City, and J. L. Morehead, Durham. N. C. Preparation and certification of bonds by the United States Mortgage & Trust Co.. New York
City. Certified check for 2% of bid required.
NEWTON COUNTY (P. 0. Kentland), Ind.
-BOND SALE.
-The
Newton County State Bank of Kentland has been awarded the $4.290
5% Claudia Anderson et al. road bonds offered on April 15-V. 120.
p. 1654-for a premium of $165, equal to 103.89. a basis of about 4.20%•
Date Nov. 15 1924. Due $212 May 15 1926 to Nov. 15 1935 incl.
NEW YORK, N. Y.
-BOND OFFERING.
-Sealed proposals will be received by Chas. L. Craig. City Comptroller, until 12 m. May 5 for $60.000,000 in serial bonds to provide for construction of schools, payable both
as to principal and interest, in gold in toe City of New York, In series
maturing In one to forty years, as described below:
$3.000,00C due on May 1 1926 to 1935. inclusive.
9.000.000 due on May 1 1926 to 1990. inclusive.
48.000,0(10 due on May 1 1926 to 1965, Inclusive.
Interest payable semi-annually on May 1 and Nov. 1. Bonds issued in
coupon or registered form in denominations of $1.000. Bids will be
received in series at a single bid price per bond.
Conditions of Sale ,Zs Provided for by the Greater New York Charter,
1. Proposals containing conditions other than those herein set forth will
not be received or considered.
2. No proposal will be accepted for less than the par value of the amount
bid for.
3. Every bidder, as a condition precedent to the reception or consideration of his proposal, shall deposit with the Comptroller In cash, or by a
certified cheek drawn to the order of said Comptroller upon a trust company
or a State bank Incorporated and doing business under the laws of the State
of New York or upon a national bank. 244% of the par value of the bonds
bid for in such proposal.
No proposal will be received or considered which is not accompanied by
such deposit.
All such deposits shall be returned by the Comptroller to the persons
making the same within three days after the decision has been rendered
as to who is or are the highest bidder or bidders, except the deposit made
by the highest bidder or bidders.
4. If said highest bidder or bidders shall refuse or neglect, within five
days after service of written notice of the award to him or them, to pay
to the City Chamberlain the amount of the bonds awarded to him or them
at the par value thereof, together with the premium thereon less the amount
deposited by him or them, the amount or amounts of deposit thus made
shall be forfeited to and retained by said city as liquidated damages for
such neglect or refusal, and shall thereafter be paid Into the sinking fund
of the City of New York for the redemption of the city debt.
5. Upon the payment into the city treasury by the persons whose bids are
accepted, of the amounts due for the bonds awarded to them including
accrued Interest from May 1 1925. certificates thereof shall be issued to
them in such denominations provided for by the charter as they may desire.
6. It is required by the charter of the city that in making proposals
"every bidder may be required to accept a portion of the whole amount
therefor bid by him at the same rate or proporticnal price as may be specified in his bid; and any bid which conflicts with this condition shall be
rejecteel. provided, however, that any bidder offering to purchase all or any
part of the bonds offered for sale at a price at par or higher may also offer
to purchase all or none of said bonds at a different price, and if the Comptroller deems it to he in the interests of the city so to do, he may award the
bonds to the bidder offering the highest price for all or none of said bonds:
provided, however. that If the Comptroller deems It Co be in the interests
of the city so to do, he may reject all bids." Under this provision, the condition that the bidder will accept only the whole amount of bonds bid for
by him, and not any part thereof, cannot he inserted In any bids, except
those for "all or none' offered by bidders who have also bid for "all or any
part" of the bonds offered for sale.
7. The proposals, together with the security deposits, should be enclosed
in sealed envelopes, endorsed "Proposals for Serial Bonds," and said enenvelope enclosed In another sealed enveloye, addressed to the "Comptroller of the City of New York." (No special form of proposal is required,
therefore no blanks are furnished.)
NOBLE COUNTY (P. 0. Albion), Ind.
-BOND OFFERING.
-Sealed
bids will be received by J. Herbert Cockley, County Commissioner. for
$99,520 5% coupon John W. Harvey et al. road bonds. Denom. $622.
Date May 15 1921. Int. M. & N. 15. Due one bond every six months
beginnina May 15 1922.
Although part of these bonds have already matured, the maturity is given
as it appeared in the official notice.
NOBLES COUNTY (P. 0. Worthington), Minn.
-BOND SALE.
The Minnesota Loan & Trust Co. of Minneapolis has purchased an issue of
376,000 4.45% drainage bonds at a premium of $25, equal to 100.03.
NOME, Barnes County, No. Dak.-BOND SALE -The $7.00ö6%
village bonds offered on April 11 (V. 120. p. 1793) were awarded to the Nome
State Bank of Nome at par. Date May 1 1925. Coupon bonds. Due
May 11945.
NORCATUR, Decatur County, Kan.
-BOND OFFERING.
-Until
2 p. m. Apr. 29 sealed bids will be received by 0. E. Furman. City Clerk,
for $90.000 43 % water works improvement bonds. A certified check for
2% of bid Is required.
NORTH HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 1
(P. 0. Westbury), Nassau County, N. Y.
-BOND OFFERING.
-Sealed
proposals will be received by Francis J. Kiviighn. Clerk Board of Education,
until 8 p. m.(daylight saving time) May 7 at the school building on Post
Ave. at Westbury for the purchase of the following Issues of bonds:
r
//19,601- School District bonds, dated Feb. 1 1925, bearing interest at
%. maturing $3.000 on Feb. 1 1928 and $9,000 on Feb. 1 in
each of the years 1929 to 1957. both inclusive.
96.000 School District bonds, dated Aug. 1 1923, bearing interest at
434%, maturing $4.000 on Feb. 1 In each of the years 1926 to
1944, both inclusive, and 85.00000 Feb. 11945 to 1948. both incl.
All of bonds will be of the denomination of $1.000 e ich, with the interest
payable semi-annually on Feb. and Aug. 1 In each year, and both principal
and interest will be payable in gold coin of the United States of America of
or equal to the present standard of weight and fineness at the office of the
Wheatley Hills National Bank, Westbury. The bonds will be coupon
bonds, with the privilege of registration as to principal and interest. The
bonds will not be sold for less than par and in addition to the amount bid,
the successful bidder must pay accrued interest at the rate borne by the
bonds from the date of the bonds to the date of payment of the purchase
price. All bidders are required to deposit a certified check payable to the
order of the Treasurer for 2% of the amount of bonds bid for, drawn upon
an incorporated bank or trust company. Interest at the rate borne by the
bonds from the date of award to the date of delivery will be allowed upon
the amount of the check of a successful bidder and such check will be
retained to be applied In part payment for the bonds. The bidder may bid
for either or both issues, and in the latter case may condition his bid on the
award to him of both issues. The most advantageous bid or combination
of bids for all bonds offered for sale will be accepted. The successful bidder
will be furnished with the opinion of Hawkins. Delafield & Longfellow, of
New York City, that the bonds are binding and legal obligations of the
Board. The bonds will be prepared under the supervision of the United
States Mortgage & Trust Co., which will certify as to the genuineness of
the signatures of the officials and the seal impressed thereon.
t raw*
+sad Financial Statement.
$623,500
Total bonded indebtedness (including these issues)
No floating debt
4,765.230
Assessed valuation of real property
167,100
Assessed valuation of personal propertY
$9,932,330
Total assessed valuation
6,500
Estimated population
The School District includes within its boundaries (in addition to other
property) a portion of the village of Old Westbury, incorporated on or
about May 10 1924. The School District and the village of Old Westbury
are not co-terminus.
[Vor.. 120.
NORTH PLATTE, Lincoln County, Neb.-BOND SALE.
-The
Omaha Trust Co. of Omaha has purchased an issue of $48,128 20 paving
bonds at par.
NORTHUMBERLAND, Coos County, N. H.
-DESCRIPTION.
-We
are now in receipt of the following description of the $60,000 4349' bonds
sold to Harris, Forbes & Co. of Boston at par (see V. 120. p. 1793): Denom.
$1.000. Date Feb. 11925. Int. F.& A. Due $6,000 Feb. 1 1926 to 1935.
incl. The bonds were awarded on Mar. 28 1925 and are in coupon form.
NUTLEY, Essex County, N. J.
-BOND SALE.
-The Issue of 9$1%
coupon or registered assessment bonds offered on April 21 (V. 120. p. 1793)
was sold to the West Side Trust Co. of Nutley on a bid of $60.272 69, equal
to 101.61-a basis of about 4.39%, for $79.000 bonds 380.000 offered)
Date May 11925. Due yearly on May 1 as follows: 39.000. 1926 to 1931.
inclusive; 38.000, 1932: $6.000. 1933 and 1934, and $5.000, 1935.
OAKLAND, Pottawattamie County, Iowa.
-The
-BOND SALE.
Union Construction Co. of Des Moines have purchased an issue of $7,500
5% improvement fund bonds at par, which company in turn sold them to
Ballard. Hassett & Beh, of Des Moines.
OCALA SPECIAL TAX SCHOOL DISTRICT NO. 1 (P. 0. Ocala),
Marion County, Fla.
-BOND OFFERING.
-11. . Shealy, Superintendent Board of Public Instruction, will receive sealed bids until 2 p. m. May 15
for $20.000 5449' school bonds. Date May 1 1925. Denom. 31.000.
Due May 1 as follows: $3.000 in 1928 and $1,000, 1929 to 1945, inclusive.
A certified check for 1% of bid, payable to the Board of Public Instruction,
is required.
OGDEN,Riley County, Kan.
-BONDS REGISTERED.
-On March 21
the State Auditor of Kansas registered $3.000 5% funding bonds.
OMAHA, Douglas County, Neb.-130N1) SALE.
-The $800.000
coupon (non-registerabie) street inapt, bonds offered on April 20-V. 120,
P. 2061-were awarded to a syndicate composed of Stevenson, Perry,
Stacy & Co. of Toledo. the Detroit Co. of Detroit. and Taylor, Ewalt &
Co. of New York, paving a premium of $56, equal to 100.007. a basis of
about 9.152%, as follows: $240.000 as 4s and 3560.000 as 441s. Date
May 11925. Due May 11945.
OSAGE CITY, Osage County, Kan.
-BONDS REGISTERED.
The State Auditor of Kansas registered $2,000 43(% refunding bonds on
March 6.
OSWEGO, Labette County, Kan.
-The
-BONDS REGISTERED.
State Auditor of Kansas registered $2.550 5% sewer bonds on March 27.
OWEN COUNTY (P. 0. Spencer), Ind.-110ND OFFERING.
-Sealed
Ws will be received by Jeptha B. Meetk, County Treasurer, until 2 p. m.
Apr. 28 for 39.800 944% coupon Emery Rumple highway in Washington
Twp. bonds. Denom. $290. Date Apr. 7 1925. Int. M.& N. 15. Due
$240 every 6 months from May 15 1926 to Nov. 15 1935 incl.
OZAUKEE COUNTY (P. 0. Port Washington), Wis.-BOND SALE.
-The First Wisconsin Co. of Milwaukee has purchased an issue of $60.000
5% road bonds at a premium ef $5.517. equal to 109.19. Due April 1 1944.
PACIFIC COUNTY SCHOOL DISTRICT NO. 116 (P. 0. South
Bend), Wash.
-BOND OFFERING.
-Sealed bids will be received until
10 a. m. May 9 by the County Treasurer for $100.000 not exceeding 6%
school bonds. Date May 11925. Due in 25 years; optional in 10 years.
PANOLA COUNTY (P. 0. Sardis), Miss.
-BOND DESCRIPTION.
The 350.000 545% Como-Crenshaw road bonds purchased by the Central
State National Bank of Memphis at 103.38 (V. 120, p. 1793), a basis of
about 5.15%. bear interest at tbe rate of 534% and are described as follows:
Date Mar. 15 1925. Denom. $500. Due Mar. 15 as follows: 31.000. 1926
to 1930. Incl.; 32.000, 1931 to 1990, incl., and $5,000. 1941 to 1944, incl.,
and $5,000 in 1996. Prin. and int. (M. & S.) payable at above named
bank. Legality approved by Charles & Rutherford of St. Louis.
Financial Statement.
Actual value of property In district
$2,000,000
Assessed value for taxation
765
Total debt. including this issue
96:000
.
Population, approximately 9,000.
PARK PLACE (P.0. Houston). Harris County, Tex.
-BOND SALE.
-The following 6% bonds. aggregating 8100.000, were recently purchased
by A. AV. Snyder of Houston at a premium of $9.890. equal to 109.89:
$$15.000
sewerage system.
street.
Purchaser agreed to pay for the printing of the bonds and attorney's
850
.00
opinion.
-BONDS REGISTERED.
-On
PARK PLACE, Harris County, Tex.
April 13 the State Comptroller of Texas registered 385.000 street and
bridge and 315.000 sewer 6% serial bonds.
-BOND OFFERING.
PARMELE, Martin County, No. Caro.
-Until
10 a. m. May 1 sealed bids will be received by J. T. Wildman. Clerk Board
of Commissioners. for $5000 electric light and power coupon bonds to
bear interest at a rate not exceeding 6%. 'Date MaA 11925. Denom.$500.
Due $500 yearly May 1 1927 to 1936. Incl. Principal and interest(M.Lk N.)
paA able at the Hanover National Bank, New York City. A certified check
upon an Incorporated bank or trust company, payable to the order of
J. L. Williams, Town Treasurer. for 2% of bid is required.
PEEKSKILL, Westchester County, N. Y.
-DESCRIPTION.
-The
340.000 coupon or registered park bonds sold as 44(s to Geo. B. Gibbons,
;
Inc.. of New York. at 100.329, a basis of about 9.22% (see V. 120._p. 2061)
are described as follows- Denom. $1 COO. Date May 1 1925. Principal
and semi-annual Interest (M. & N.). payable at the 'Westchester County
National Bank of Peekskill. Due $2.000 May 1 1926 to 1995, inclusive.
Legality approved by Clay & Dillon of New York.
Financial Statement.
Assessed valuation 1924
$16,521,487
412.536
debt, including this Issue
$1.050.758
Total bonded
Less water bonds
Net bonded debt
3638.222
Population, present official estimate
17.000
PESCADERO UNION HIGH SCHOOL DISTRICT, San Mateo
-The $40.000 5% school bonds offered on
Calif.
-BOND SALE.
County,
-were awarded to Peirce, Fair & Co. ofSan FranApril 13-V. 120. p. 1793
cisco at a premium of $1.226. equal to 103.06, a basis of about 9.60%•
Date April 1 1925. Due April 1 as follows: $2,000, 1926 to 1945, incl.
Following is a list of other bidders:
Premium.
Premium.
Blyth, Witter & Co
Aronson & Co
657 Capitol National Bank
Anglo-London-Paris Co
911
751 Mercantile Securities Co
CaYaller & Co
Wm.
938
712 E. H. Rollins & Sons
Bickel. Tietjen & Co
-BOND SALE.
PHILADELPHIA, Pa.
-The $3.750.000 4% impt
$ .
l M83268
-were sold to the Sinking Fund
bonds offered on April 22-V. 120. p. 1659
Commission at 101.597, a basis of about 3.86%. Date April 16 1925.
Due April 16 1990.
Bids were as follows:
Name
Rid.
Amount.
Penn National Bank,Philadelphia
100.00
8200.000
Commissioners of the Sinking Fund
101.597
3.750.000
E. R. Barnard_
100.125
10.000
A. B. Leach di Co., Inc
100.279
3,75(1.000
Central National Bank
100.25
1.000.000
W. H. Newbold's Son & Co.; Edward B. Smith
dr Co.; Townsend, Whelen & Co.; Peoples All or any
Savings & Trust Co.. Pittsburgh: First Nat.
100.29111
part
Bank. Pittsburgh
3.750.000
First National Bank, N. Y.; Redmond & Co.:
For all
Biddle & Henry: Stroud & Co., Inc.; and
but not 1 100.20
Edward Lowber Stokes & Co
any part
The National City Co.; Harris. Forbes & Co.;
Jannes & Co.; Graham. Parsons & Co.: West & All or none of)100.197
Co.. and Bank of North American & Trust Co_
3.750,000
Drexel & Co.: Brown Bros. & Co.: Guaranty(All or none off
Co. of New York, and the Union Trust Co. Oft the 3 750 0001 100.1758
Pittsburgh
lhondsoffered1
PHILIPPINE ISLANDS (Government of).
-BOND OFFERING.
received until 2 p. in. Apr. 29 by Frank McIntyre,
Sealed bids will be
Major-General, U. S. Army and Chief of Bureau of Insular Affairs at his
office in the War Department, Room 3042. Munitions Bldg.. Washington.
D.C.,for $1,000 0006% coupon bonds to be used In the purchase of an equivalent amount offirst mortgage bonds of the Metropolitan Water Disctj
APRIL 25 1925.]
THE CHRONICLE
which furnishes water and sewer service to Manila and adjacent towns.
Date Apr. 1 1925. Denom. $1,000. Due Apr. 1 1955. redeemable at par
at option of the Philippine Government on Apr. 1 1935 or any interestpayment date thereafter. Prin. and int. A. & 0.) payable at the Treasury
of the United States in gold coin. Each bid must be accompanied by a
bank draft or certified check for 2% of bonds hid for, payable to the Chief.
Bureau of Insular Affairs, in New York City ufnds. Failure by any bidder
to make payment of the purchase price of bonds awarded to such bidder at
the time and place designated by the Bureau of Insular Affairs for such payment will forfeit all right to such bonds and to the check accompanying his
bid. Accepted subscriptions will be payable on May 6 1925 at a bank
In N. Y. City to be designated by the Bureau of insular Affairs. War Department, and the bank so designated will make delivery of the bonds,
or Interim certificates exchangeable for definitive bonds as soon as the
bonds can be prepared.
lupine .tat st cs.
Population of Philippine islands (estimated 1923)
11.305.001)
Assessed valuation of property as at Dec.31 1924
$759.047.709 00
Current receipts for year ending Dec. 31 1923
32,899269 22
Current expenditures for year ending Dec. 31 1923
.52.852.617 98
Imports for year ending Dec.31 1924
108.010.89000
A:sports for year ending Dec.31 1924
135.339,665 00
Total bonded Indebtedness on Feb. 1 1925
72.250 nan on
Balances in sinking funds, Dec.31 1923
8.822.65828
Cash on hand. Dec.31 1923
68.323.426 57
PIERCE COUNTY (P. 0. Pierce), Neb.-BOND SALE.-.Tamen T.
Wachob & Co. of Omaha have purchased an issue of $25.000 514% sehool
funding bonds. Date Mar. 11925. Due serially Mar. 1 1930 to 1937.
PITTSBURGH, Allegheny County, Pa.-130ND OFFERING.
Sealed proposals will be received at the office of John IT. Henderson,
Comptroller. until 2.45 p. in.. Eastern standard time, May 6 forCity
the
purchase of the following issues of bonds:
$390.800 funding bonds. 1925.
12255.000 public works bonds,
150.0o0 funding bonds. ser. B.1925.1 255,000 water bonds. 1925. 1925.
All will be dated as of March 1 1925 and each issue thereof will mature
In 30 equal annual installments on March 1 of each year. The hoods will
bear Int. at the rate of 4)4 0 payable semi-ann.(M.&
;
Without deduction
for any taxes which may be levied thereon by the State of Pennsylvania
pursuant to any present or future law. The bends will he coupon bends
of the denom. of 21.000 and $500. exchangeable at the option of the holder
at ally time for a registered bond or bonds of the game maturity and of the
denom. of $100 or a multiple thereof not exceeding the aggregate principal
amount of the coupen bond or bonds surrendered in exchange therefor.
Unless all bids are rejected the bonds will be sold to the highest responsible
bidder complying with the terms of sale. No bid for such bonds at less
than par and accrued interest from the date of bonds to the date of delivery
will be accented. Any bidder may condition his bid upon the award
to him of all or none of the bonds for which he bids. All biddees are
required to deposit a certified check drawn to the order of the
City of
Pittsburgh, on a national bank or trust company for 2%
amount of bonds hid for. Checks of unsuccessful bidders of the principal
will
upon the award of the bonds. No interest will be allowed upon he returned
the amount
of the check of the successful bidder and such
will be retained and
applied In part payment for the bends. Bids cheek be made upon blank
rust
forms which may be obtained from the City Comptroller. The successful
bidder will be furnished with the opinion of Hawkins. Delafield &
Longfellow of New York. that the bonds are binding and legal obligations of
the City of Pittsburgh.
2189
RANDLEMAN, Randolph County, No. Caro.
-BOND SALE.
-The
226.000 pubic improvement bonds offered on April 20 (V. 120, p. 2061)
were awarded to the Carolina Securities Co., Inc., as 530 at a premium of
$104, equal to 100.40. a basis of about 5.20%. Date Apr. 1 1925. Denom.$1.000. Due Apr. 1 as follows: $1.000. 1927 to 1934 incl. and $2 000
1935 to 1943 incl. Coupon bonds (convertible into fully registered bonds).
Legality approved by Reed. Dougherty & Hoyt of New York.
Financial Statement.
Total bonded debt, including this issue
$86,800
Net debt, including this issue
63.500
Assessed valuation of property. 1924
1.393,300
Estimated actual value
2,500,000
Population, 1920 Census, 1.967: 1925. estimated, 2.220.
RAPIDES PARISH SCHOOL DISTRICT NO. 28 (P. 0. Alexandria),
La.
-BOND SALE.
-The $20.000 coupon Pineville School District bonds
offered unsuccessfully on Mar. 11 (V. 120. p. 1513) were awarded at private
sale to L. E. French & Co. of Alexandria at par. The bonds bear interest
at the rate of 51,1%.
RAWLINS COUNTY COMMUNITY HIGH SCHOOL DISTRICT,
Kan.-710NDS REGISTERED.
-The State Auditor of Kansas registered
2110.000 5% school bonds on March 10.
RESERVE, Brown County, Kan.
-NOTES REGISTERED.
-The
State Auditor of Kansas registered a $500 6% temporary note on March 4.
R IVERDALE, Morris County. N. 3.
-BOND SALE.
-The New Jersey
& Plate Glass insurance Co. of Newark was awarded the $22,000 5%
coupon or registered water distribution system hoods offered on April 17
-V. 120, p. 1794. Date April 1 1925. Due $1,000 April 1 1926 to 1947.
inclusive.
RONCF.VERTE, Greenbrier County, W. V5.--novn SALE.-Tbe
State of West Virginia has purchased an issue of 51 on ono 5% refunding
bends at nar. Date May 11925. Denom.$500. Due serially. Interest
payable M. & N.
ROTTERDAM UNION FREE SCHOOL DISTRICT NO. 4 (P. O.
Schenectady), Schenectady County, N. Y.
-BOND SALE.-Geo. B.
Gibbons & Co.. Inc., of New York have purchased the $125.000 coupon
school bonds offered on April 18-V. 120. n. 2061-as 4 14s at 100.069, a
about 4.25%. Date June 1 1025. Due yearly on June 1 as
basis of
follows: 25.000, 1933 to 1941. Incl.. and $20,000, 1942 to 1945, incl.
ROYAL OAK, Oakland County. Mich.-RMS.-Following are the
bids received for the *180000 water main bonds geld as 414s to Whittlesey,
McLean & Co. and the Union Trust Co. oe Detroit at 100.35, a basis a
about 4.24%. as was given in V. 120. p. 2061.
At 4 X % bids were:
WhIttlesey. McLean & Co.. and Union Trust Co_--- $525 00
100.35
First State Bank. Royal Oak
115 00
100.07
Security Trust Co
2850
Kean. Friable & Co
7 00
At 414
bids were:
Security Trust Co
23.651 00.
13.16
Bank of Detroit
5,761 99
4
103.842
Royal Oak Savings Bank
4.456 on
102.97
John Nuveen & Co
4.6'15 00
105.09
Halsey, Stuart & co
.
E. E. McCrone & Co.. Matthew Finn and 1Tornblower & Weeks .07
bid
premium $76 for $77.000 of 4 ifs and $75.000 of 434s.
Analysis of Funded and Flontino Del' March 31 1925.
Harris, Small Sr Co. and Fidelity Trust Co. bid premium $57 for 2141.000
The actual Indebtedness of the City of Pittsburgh is as follows:
of 4 145 and 29.000 of 4 Vs. Poyal Oak Sayings Bank bid premium 2166
(j) Gross amount nf indebtedness
for 2110.000 of 4 Ifs and $40 OM of 4 us.
(a) Bonded debt
Stranahan. Harris & Oaths and Watling, Lerchen & Co. bid discount
•248 153 Son 00
(b) Floating debt
(b)
$210. price 99.86 (4.25% basis).
4.670.661 78
SAN ANGELO. Tom Green County, Tex.-730WD OFFERING.
(2) Credits to be deducted from said gross Indebtedness:
r. F. Jackson, City Manager, will receive sealed bids until April 30 (a) Bonds of city included In groat; bonded
for
2300.000 5% improvement bonds.
debt, which have been purchased by
the Sinking Fund Commiselon, and
SAN AUGUSTINE. San Augustine County, Tex.-1301MS REGISare held in the several sinking funds_ _ $1.173.000 00
TERED.
-The State Comptroller of Texas registered $35,000 5;i% serial
(b) Cash held in the several sinking funds
sewer bonds on April le.
for the redemption ef the bonded debt
SAND SPRINGS SCHOOL DISTRICT.Tulsa County, Okla.
of city last mentioned
2.558.435 78
-BOND
.-C1
LE
3.531,435 78 54$24.500. Edgar Honnold of Oklahoma City recently purchased an Issue
6% funding bonds.
of
13) Net debt
$49.293.025 98
SAN GAIFIRIEL SCHOOL DiSTRiCT, Les Angeles County, Calif.
•include.; $6.612.000 authorized by electoral vote. and $510.000 author- BOND OFFERING.
-Sealed bids will he received until 2
ized by ordinance of Council but not yet issued, of which 2519J100 of the L. E. Lampton. Clerk Board of Runarvisers. for 205.001) n m. April 27 by
5% school bonds.
$1.058.000 described in this notice of sale is a portion.
Date April 1 1925. Denims. $1.000. Due April 1 as follows: 23,000.
Water bonds outstanding
$8.160.900 CO 1926 to 1054 inel.: $2 ono. 1955 and 1936* 24.000. 1057 to 1942 incl.: $5.000,
Cash in water bond sinking funds
sc05.75n Si
1943 to 1950 incl. Prin. and int. nayahie at the Treasury of Les Angeles
Bonds in water bond sinking funds
County. A certified cheek for 5% of bid. payable to the order of the
260.100 00
955.850 Al Chairman of the Board of Supervisors is rettelred. The assessed
Net water debt
7.21)506(1 49 of the taxable property for 1924 is $7.125.481. and the amount valuation
of bonds
Schen] total debt
19.1150 700 nn previously issued and now outstanding is $155,000. Estimated populaSinldng fund
1.496.822 68 tion. 4.190.
Net school debt
SAN LORENZO SCHOOL DISTRICT (P. 0. Oakland). Alameda
$18.534.077 32
-PRICE PAID -The price paid for the $60.000 5%
Last assessed valuation of taxable property in the City of Pittsburgh, County, Calif.
about 85% of real valuation: Valuation of land. $547 475.280: valuation school bonds awarded to Heller, Renee & Co. of San Francisco on April 6-was a premium of $3 515. equal to 1(15.52, a basis of about
of buildings $441 354.840. total. $988 810 100, Population. U. S. Census V. 120. p.21)112
192(1.594.277:estimated population, 1924 (Department of Health).626 015. 4.61%. Date March 1 1925. Due $2 nnn yearly March 1 1927. to 1956
There is no litigation nor controversy pending nor threatened concerning inclusive. Following Is a list of other bidders:
Wm. R Staats Co
the validity of these bonds, the boundaries of the municipality or the titles Hunter. Dulin & Co. and
$
Rehwahacher & Co
$2876 11. H. Moulton & Co
of the officials or their respective offices, it Is stated.
2:48 0
1 5
6
8
Dean. Witter & Ca
2 745 Wm. Cavalier & Co
2,410
PLATTSMOUTH, Cass County, Neb.-BONDS DEFEATED.
Freeman. Smith & Camp Co__ 2.247 Bank of Italy
-The
1,618
propositinn to Issue s10.000 Street Improvement bonds submitted to a Waite H. Stephenson Co
1.740 neiree Fair & Co
22:343541
vote of the people at the election held on April 7-V. 120, p. 1793
1 13131 E. TT. Aniline & Sons
-was American Bank
defeated.
Mercantile Securities Co
2.811 Myth, Witter &Co
2.932
Anglo London Paris Co
2.538
PLYMOUTH, Wayne County, Mich.
-7101W) SALE.- WhIttlesey,
McLean & Co. of Detroit have purchased $50.000 434% fire and water
SA.N MARCOS. Hays County Tex.
-norms REOLSTERED.-On
bonds at 101.24. Bids were as follows:
April 10 the State Comptroller of Tans registered 220.000 534% 20 -year
-40
44%
5%.
.
01%.
Whittlesev. McLean & Co
101.24
boSAATOGA UNION FREE SCHOOL DiSTRICT NO. 1 (P. 0.
nds
E
Security Trust Co
101.13
10 W3
4
10/81 Schuyleryille), Saratoga County, N. Y.-ROND
A. T. Bell & Co
OFFER TKO.-Sealed
101.04
bids will he received until 4
Detroit Trust Co
101.91
lorad
IO2.:45 not to exceed 5% interest. p. m. Ap-ii 25 for $181 001 coupon school bonds
A. B. Leach & Co
Denom. 21 000. Date May 1 1925. Interest
100.ng
102.28 M.& N. Due yearly on Nov. 1 as fallews•
Peeples State Bank. Plymouth
52.000. 1927 to 1935. Inclusive;
100.07
alai
102.53 5..3 non. 1956 to 1944. InclusIve'$5 000
Stranahan. Harris & Oaths
1945 to 1953. Inclusive. and 210,000,
100.06
1954 to 1962. Inclusive. Legality
Harris Trust & Savings Bank
100.04
10iAC
10 1i§ York. Certified check for $3,000. appeeved by (lay & Dillon. of New
2
)l'. 1. MeetIrene & Co
payable to Allen F. Tefft, Treasurer,
I00.03
required.
Keane. Ritchie & Co
99.69
:12
10
101.41
Bank of Detroit
- ___
101.98
SECAUCUS, Hudson County N. 3.
-BOND OFFERIP70.-Sealed
POLK COUNTY (P. 0. Des Moines), Iowa.
-BOND OFFERING.
'
- proposals will be received by the Town Council until 8 p. in. on April 28 at
H. Hunter. Pholeensn. Board of Supervisors, will receive sealed bids until the Town Hall, Paterson Plank Road. In the Town of Secaucus, for the
for $500.000 road bonds.
May 1
purchase of $34.000 Park and County Ave. widening bends. Bonds will
be dated April 1 1925. will he of the denims. of 22.000 each and $2.000
POLK COUNTY (P. 0. Benton), Tenn.-710ND OFFERING.
Sealed bids will be received until 12 m. May 5 by W. V. Davis. Acting Chair- will mature on April 1 in each of the years 1926 to 1945 incl. The bonds
man. County Court, for 2150,000 5% coupon bonds. A certified check for will bear int. at the rate of 534%. payable April 1 and Oct. 1 in each year.
Both prin. and int. will be payable in gold coin of the United States of
$5,000 is required.
America of or equal to the present standard of weleht and fineness at the
POPLAR BLUFF SCHOOL DISTRICT, Butler County, MO.
-BOND First National Bank of Secaucus. The bonds will be coupon bonds with
-The Harris Trust dr Savings Bank of Chicago has purchased an the privilege of registration as to principal
SALE.
Issue of $75,000 434% coupon school bonds. Date May 1 1925. Denom. The amount necessary to be raised at sale only or as to both prin. and int.
Unless all
$1.000. Prin. and semi-ann. int. payable at office of District Treasurer rejected, bonds will be sold to the bidder is $34.000. complying bids are
or bidders
at Poplar Bluff. Dee Feb. 1 as follows: $5,000, 1934, 1935, 1936, 1938 terms of sale and offering to pay not less than $34,000 and to take with the
therefor
and 1939, and $10.000. 1942 to 1945 incl.
the least amount of bends offered, commencing with the first maturity,
Financial Statement (as Officially Reported).
and if two or more bidders offer to take the same amount of bonds, then
Assessed valuation for taxation. 1924
$6,936,560 to the bidder or bidders offering to pay therefor the highest additional
Total debt (this issue Included)
243,000 price. No more bonds will be sold than will produce the sum of $34,000
Less sinking fund
$3,000
and an additional sum of less than 51.000. ,All bidders are required to
Net debt
240,000 deposit a certified check payable to the order of the Town of Secaucus for
Population, estimated. 12.000.
2% of the amount of bonds bid for, drawn upon an incorporated bank or
QUAKER, Guernsey County, Ohio.
-BOND SALE.
-A. E. Aub & trust company. No interest will be allowed upon the amount of the check
Co. of Cincinnati have been awarded the $4,
8006% village's portion paving of the successful bidder, and such check will be retained to be applied in
bonds offered on April 15-V. 120, p. 1655
-for $5,051. equal to 105.22, Part payment for the bonds.
a basis of about 4:81%. Date May 1 1025. Due yearly on Oct. 1 as
SHAWNEE,
ie County, Okla.
follows: 2500. 1926 to 1933, incl., and $800, 1934.
-BOND SATE
---7
Pottawatom
=DCLIFF INDEPENDENT SCHOOL DISTRICT (P. 0. Radcliff), Edwards & Co. of Oklahoma City have purchased an issue of $53.000.fund-BOND SALE.-Geo. M. Bechtel & CO. of ing bonds. its
Hardin County, Iowa.
have purchased an issue of 212,000 434% refunding school
Davenport
SIDNEY,
County, Neb.-BOND SALE-The Western
bonds. Date May 1 1925. Denom. $500. Due May 1 1935. Interest Securities Co.Cheyennehas purchased
of Omaha
an issue of 5169.000 refunding bonds
payable (M. & N.).
at a premium of $2,300, equal to 101.38.
2190
THE CHRONICLE
SHOSHONI, Fremont County, Wyo.-BOND SALE.-Benwell &
Co. of Denver have purchased the following two issues of 6% water bonds:
$40,000 refunding water bonds. Date Jan. 1 1925. Denom. $1,000 and
$500. Due Jan. 1 as follows: $500, 1926 to 1935 incl.; $1,000,
1936 to 1940 incl.; $1,500, 1941 to 1945 incl.; $2,000, 1946 to 1950
incl., and $2.500, 1951 to 1955 incl. Prin. and int.
&
payable at Kountze Bros., N. Y. City.
18.000 water bonds. Date March 1 1925. Denom.$1,000. Due March
1 1955; optional March 11940. Prin. and Int.(M .& S.) payable
•
at Kountze Bros.. N. Y. City.
Legality approved by Pershing, Nye, Fry & Tallmadge of Denver.
Financial Statement.
Actual valuation, estimated
$800,000
Assessed valuation, 1924
441.192
Total bonded debt, all for water
70,600
Population, estimated. 600.
SILVERTON SCHOOL DISTRICT (P. 0. Salem), Marion County,
-BOND SALE.
-The Lumbermen's Trust Co. of Portland has purOre.
chased an issue of $35,000 4h' and 5% coupon school bonds. Date March 1
1925. Denom. $1.000. Due serially, 1937 to 1945.
SOLOMAN, Dickinson County, Kan.
-BONDS REGISTERED.
The State Auditor of Kansas registered $45,842 54 4% internal impt.
bonds on March 20.
SOUTH CAROLINA (State of).
-NOTE SALE.
-A syndicate composed
of Goldman, Sachs & Co., Scholle Bros., Curtis & Sanger and R. W. Pressprich & Co., all of New York, have purchased an issue of $5,000,000
%
tax anticipation notes on a 3.89% basis. Date April 24 1925. Denom.
$5,000, $10,000 ad $25,000. Due during 1926 as follows: $300,000 on
Jan. 6, 13, 20, 27. Feb. 3. 10. 17, 24, March 3. 17, and $1,000.000 on
March 31 and April 14. Legality approved by Reed, Doughtery & Hoyt
of New York City.
SOUTHEAST (TOWN) UNION FREE SCHOOL DISTRICT NO. 13
(P. 0. Brewster), Putnam County, N. Y.
-BOND OFFERING.
Sealed bids will be received by Arthur G. Strang. Clerk Board of Education,
until 12 m. May 9 for $250.000 43 % school bonds. Payable serially from
June 1 1926 to June 1 1965 incl.
SOUTH SAN FRANCISCO HIGH SCHOOL DISTRICT, San Mateo
County, Calif.
-PRICE PAID.
-The price paid for the $54,000 5% school
bonds awarded on April 6 to Bond. Goodwin & Tucker of San Francisco
-was par plus a premium of $2.002, equal to 103.70, a
V. 120, p. 2062
basis of about 4.54%. Date Feb. 1 1925. Due Feb. 1 as follows: $2,000,
1926 to 1930, incl.; $3,000. 1931 to 1935, incl.,• $4.000, 1936 to 1941, incl.,
and $5,000 in 1942. Following is a list of other bidders:
Premium.
Premium.
Mercantile Trust Co
$1,811 R. H. Moulton & Co
$1,431
Capitol National Bank
836 W. R. Stoats Co
1.082
1,275 Dean Witter & Co
Wm. Cavalier & Co
1.650
Anglo-London-Paris Co
1,813 Blyth, Witter & Co
1.812
fichwabacher & Co
1,455 Citizens National Bank of
1,367
South San Francisco
E. H. Rollins & Sons
1,042
SOUTH SAN FRANCISCO •SCHOOL DISTRICT, San Mateo
-The price paid for the $120.000 5%
County, Calif.----PRICE PAID.
school bonds awarded on April 6 to Bond, Goodwin & Tucker of San Francisco
-V. 120, p. 2062
-was par plus a premium of $6,006, equal to 105,
r basis of about 4.51%. Date Feb. 11925. Due Feb. 1 as follows: $4,000.
1926 to 1940, incl., and $6,000, 1941 to 1950, incl. Following is a list of
other bidders:
Premium.
Premium.
Mercantile Trust Co
$5.138 W. R. Stoats Co
$3,267
Wm. Cavalier & Co
3.350 R. H. Moulton & Co
4,524
Anglo-London-Paris Co
5,064 Dean Witter & Co
4,864
Schwabacher & Co
4,410 Citizens National Bank of
Rollins & Sons
E. H.
4,297
South San Francisco
3,383
SPRINGFIELD SCHOOL DISTRICT, Bon Homme County, So.
Dak.-BOND OFFERING.
-Lulu B. Monfore, Clerk Board of Education,
will receive sealed bids until April 27 for $23.000
% school bonds.
Due in 20 years.
STRUTHERS, Mahoning County, Ohio.
-BOND SALE.
-The
$19,641 83 6% coupon street Impt. bonds offered on April 22-V. 120, P.
1795
-were sold to the Herrick Co. of Cleveland for a premium of $712,
equal to 103.62, a basis of about 4.84%. Date May 1 192.5. Due yearly
on Nov. 1 as follows: $4,000, 1926 to 1929, incl., and $3,641 83, 1930.
Bids were as follows:
Premium.
Premium.
Title Guar.& Tr. Co., Cin__*$832 81 Otis & Co., Cleveland
$66400
The Herrick Co., Cleveland- 712 00 The Well, Roth & Irving Co.,
Ansel, Goetz & Moerlein,
Cincinnati
660 00
Inc.,Cincinnati
709 07 David Robison & Co., Toledo 649 35
Seasongood & Mayer, Cinc
708 00 Ryan,Sutherland & Co., Tol. 634 43
The Provident Savings Bank
Stranahan, Harris & Oatis,
& Trust Co., Cincinnati_ _ _ 701 21
Toledo
*601 30
A. E. Aub & Co., Cincinnati_ 676 00 The Guardian Savings &
W.L. Slayton & Co.. Clue__ 665 00
Trust Co., Cleveland
*491 05
Bids marked * were rejected on account of not having complied with the
condition which calls for certified check on some solvent bank in Mahoning
County.
SUMMIT COUNTY (P. 0. Akron), Ohio.
-BOND OFFERING.
Sealed proposals will be received by E. C. Jarvis, Clerk Board of County
Commissioners, until 12 m. (Central standard time) April 29 for $20.000
5% road impt. I. C. H. No. 12 and 91 bonds. Denom. $1.000. Date
April 1 1925. Prin. and semi-ann. int. (A. & 0.) payable at the °firm
of the County Treasurer. Due $4,000 Oct. 1 1926 to 1930 incl. Certified
check for 6% of the amount bid for, on some solvent bank, payable to
the Board of County Commissioners, required.
SUMMIT SCHOOL DISTRICT (P. 0. Ventura), Ventura County,
-L. E. Hallowell, County Clerk, will receive
-BOND OFFERING.
Calif.
sealed bids until 11 a. m. May 5 for $5,600 5% school bonds. Date April 1
1925. Denom. $200. Due $200 yearly April 1 1926 to 1953, inclusive.
Principal and interest (A. & 0.) payable at the County Treasury. A certified check for 3% of bid, payable to the order of above named Clerk, is
required.
SUMTER COUNTY (P. 0. Bushnell), Fla.
-BOND SALE.
-The
$650,000 highway coupon bonds offered on April 21-V. 120, p. 1795
-were
awarded to Prudden & Co.. Seasongood & Mayer and Stranahan, Harris
& Oatis, Inc.. all of Toledo, jointly, as 6s, paying a premium of 311.375,
equal to 101.75, a basis of about 5.84%. Date Jan. 11925. Due July 1
as follows: $100.000 in 1933. 320.000 1934 to 1959, incl., and $30,000
In 1960.
TALBOT COUNTY (P. 0. Talbotton), Ga.-BOND OFFERING.
I. A. Smith. Chairman Board of Education, will receive sealed bids until
May 2 for $30,000 school bonds. Date May 11925.
TALLAHATCHIE COUNTY(P.O. Charleston), Miss.
-BOND SALE.
-The Mississippi Bond & Securities Co. of Jackson has purchased an issue
of $80,000 Best No. 3 road bonds.
TAVARES, Lake County, Fla.
-BOND SALE.
-The Florida National
Bank of Jacksonville recently purchased an issue of $12,000 6% general
obligation bonds. Denom. $1,000.
TEXAS (State of).
-BONDS REGISTERED.
-The State Comptroller
of Texas registered the following bonds:
Amount.
Int.Rate.
Due.
Date Reg.
Place.
April 11
$2.000 Cass Co. Common S. D. No. 28.. 6%
Serially
2,000 Live Oak Co. Corn. S. D. No. 13- 6%
April 11
Serially
3,000 Robertson Co. Corn. S. D. No.29 5%
5 -years April 14
-20
THE DALLES, Wasco County, Ore.
-Ralph Schnee-BOND SALE.
loch Co.of Portland has purchased an issue of $30,000 4x% street improvement bonds at a premium of $193, equal to 100.64. Date April 15 1925.
Denom. 31.000 and $500. Due serially April 15 1927 to 1939.
Financial Statement.
Assessed value 1924
$5.034,149
Total bonded debt
498.418
Less-Sinking funds
$60.611
Improvement bonds
111.168
171.779
Net bonded debt
Population estimated
$326,639
7,500
[Vox,. 1St
THURSTON COUNTY SCHOOLMISTRICT NO. 17(P. 0. Pender),
Neb.-BOND SALE.
-James T. Wachob & Co.'of Ornaba,have purchased
an issue of $57.000 5% refunding bonds.... Date Feb. 15 1925.1mDue
Feb. 15 1945, optional in 1930.
-The two
-UNION COUNTY (P.0. Marysville), Ohio.
-BOND SALE.
issues of 51 % bonds offered on April 17-V. 120, p 1924
-were awarded
to the Illinois Merchants Trust Co. of Chicago as follows:
$142,000 Marysville-Bellefontaine Road construction bonds, I. C.'‘11.
No. 235, Sec. "D" and "E," for a premium of $4 544, equal to
103.27, a basis of about 4.32%. Due 335,500 yearly on Nov. 1
from 1926 to 1929, inclusive.
26,000 Union County bridge construction'bonds for a premium of $842,
equal to
a basis of about 4.34%. Due $6,500 yearly on
Nov. 1 1926 to 1929, inclusive.
103.23.
Date May 1 1925. Bids were as follows:
Bridge
Road
Premium.
The Herrick Co
CrOo
S. Hill Co
PremN. 3.209 00
g96 00
Breed, Elliott & Harrison
630 00
3.850 00
The Title Guarantee & Trust Co
608 40
3.322 80
W. L. Slayton Co
746 00
4.06400
842 00
Illinois Merchants Trust Co
4,544 00
R. M. Grant Co
4.23948
61166
Assel, Goetz Co
3,991 00
449 80
Ohio State Teachers' Retirement System
2,456 60
Halsey, Stuart Co
4,767 00
741 00
4,132 00
Provident Savings Bank
736 00
Seasongood & Mayer Co
4.078 00
Stranahan, Harris & Oatis Co
Braun, Bosworth Co
A. T. Bell Co
4,552 80
312 00
Citizens' rrust & Savings Co
1,704 00
W. K. Terry Co
3,381 00
962 00
Second Ward Securities Co
3,865 00
UPLAND TOWNSHIP, Divide County, No. Dak.-CERTIFICATE
SALE.
-The $2,500 certificates of indebtedness offered on April 14-were awarded to Anton Sandberg and Bert Sandberg as
V. 120, p. 1924
6)4s. Date April 14 1925. Denom.$1,000, except one for $500. Coupon
certificates. Due Oct. 14 1926. Interest payable A. & 0.
-BOND OFFERING.
UTICA, N. Y.
-William S. Pugh. City Comptroller, until 11 a. m. Apr. 28 will receive sealed bids for the following
issues of 4 and 4h% bonds:
$117,941 91 Deferred assessment, registered bonds. Date March 13 1925.
Denom. $1,000 and $941 91. Due 317,941 91 1926 to 1935.
8,00000 Public improvement coupon bonds. Date March 1 1925.
Denom. $1,000 and $600. Due 31.600 March 1 1926 to 1930.
8,000 00 Public improvement coupon bonds. Date April 1 1925.
Denom. $m. Due $8,000 April 1 1926 to 1935.
28.000 00 Hospital coupon bonds. Date April 11925. Denom. 31,000
and $400. Due $1,400 April 1 1926 to 1935.
50,00000 Sewer coupon bonds. Date April 1 1925. Denom. $1,000
and $500. Due $2,500 April 1 1926 to 1945.
100.000 00 Public improvement coupon bonds. Date April 1 1925.
Denom. $1,000. Due $5.000 April 1 1926 to 1945.
25.000 00 Canal land improvement coupon bonds. Date April 1 1925.
Denom.$1,000 and $250. Due $1,250 April 1 1926 to 1935.
100,000 00 Street improvement coupon bonds. Date April 1 1925.
Denom. $1,000. Due $1,000 April 1 1926 to 1935.
Form of proposal furnished by City Comptroller upon request. Legality
approved by Clay & Dillon of New York. Bids at different rates of interest
other than 4% and 4h% not considered.
-The $140,000 6%
-BOND SALE.
VERO, Saint Lucie County, Fla.
coupon bonds offered on April 16 were awarded to the Farmers Bank of
Vero at a premium of $1,582, equal to 101.13-a basis of about 5.90%•
Date May 11925. Due May 1 as follows: $2.000, 1930 to 1934, inclusive;
and $8,000.
$4,000, 1..35 to 1939,inclusive; $6,000, 1940 to 1944. inclusive,appeared in
1945 to 1954, inclusive. Notice of offering of these bonds
Fla..
V. 120, p. 1792, under the incorrect caption of "Nero, St. Lucie County.
' Following is a list of other bidders:
Bid.
maw.
$141,372 00
Wright, Warlow & Co
140,938 00
Hanchett Bond Co
141,500 00
Robinson, Humphrey Co
140,726 00
Seasongood & Mayer
140,726 00
J. C. Meyer & Co. and Vandersall & Co
140,771 50
Stranahan, Harris & Oatis, and G. B. Sawyers Co
-BOND OFFERING.
VIGO COUNTY (P. 0. Terre Haute), Ind.
Sealed bids will be received by R. F. Davis, County Treasurer, until
10 a. m. April 28 for $102.500 5% Walter C. Ely et al. coupon road bonds.
Denom. $1,000 and $125. Int. M. & N. 15. Due $5.125 every six
months from May 15 1926 to Nov. 15 1935 inclusive.
BOND SALE.
-The $4,000 5% coupon 0. 11. Whitesell highway construction bonds offered on April 7(V. 120. p. 1796) were sold to J. F. Wild
& Co. of Indianapolis at a premium of$146,equal to 103.65, a basis of about
4.25%. Date Apr. 15 1925. Due $200 May 15 1926 to Nov. 15 1935.
inclusive.
VISITATION SCHOOL DISTRICT, San Mateo County, Calif.
-The $10,000 55" school bonds offered on April 6-V. 120.
BOND SALE.
p. 1796-were awarded to Dean Witter & Co. of San Francisco at a premium
Feb.
of $87 50, equal to 100.87, a basis of about 4.82%. Datewere 1 1925.
Due $1,000 yearly Feb. 1 1926 to 1935, incl. Other bidders
$71Anglo-London-Paris Co
$79
Bank of Italy
27
Weeden & Co
-BOND SALE.
Wabash), Ind.
-The City
WABASH COUNTY (P.O.
Securities Corp. of Indianapolis has purchased the $10,000 5% coupon
Albert Leffel et al road bonds offered on April 15 (V. 120, p. 1924) at a
premium of $377, equal to 103.77-a basis of about 4.23%. Date Apr. 15
1925. Due $500 May 15 1926 to Nov. 15 1935, inclusive.
WAGONER INDEPENDENT SCHOOL DISTRICT NO.19, Wagoner
-R. J. Edwards, Inc., of Oklahoma City,
-BOND SALE.
County, Okla.
have purchased an issue of $100.000 5% coupon school bonds at 102.75.
Due in 25 years.
Denom. $1.000.
WALKER COUNTY COMMON SCHOOL DISTRICT NO. 3, Tag.
-On April 13 the State Comptroller of Taxa
BONDS REGISTERED.
registered 320,000 5% serial bonds.
•
-BOND SALE-Graham,
WARREN COUNTY (P. 0. Warren), Pa.
Parsons & Co. of Philadelphia were awarded the $90,000 4h% coupon
-for
court house addition bonds offered on April 21-V. 120. p.1796
$93,645 90, equal to 104.05, a basis of about 4.02%. Date June 11925.
Due $5,000 1930 to 1933, incl. $1,000 1934 to 1937, incl., and $15.000
1938 and 1939.
Rate.
Premium.
104.051
33.645 90
Graham, Parsons & Co., Philadelphia
103.965
3,568 50
Mellon National Bank, Pittsburgh
103.909
3,518 10
M. M. Freeman & Co., Philadelphia
103.867
3,480 30
E. H. Rollins & Sons, Philadelphia
103.80
3,425 00
Lewis & Snyder, Philadelph a
103.77
3.393 00
Guardian Savings Bank & Trust Co., Cleveland
103.74
3,373 00
Halsey, Stewart & Co., Inc.. Philadelphia
103.594
3.234 60
A B. Leach Co. Inc., Philadelphia
103.566
3,208 50
Union Trust Co., Pittsburgh
103.489
3,140 10
Redman & Co., Pittsburgh
103.476
3.128 40
Sheffield National Bank
103.42
3,078 00
Yarnell & Co., Philadelphia
WASHINGTON SCHOOL TOWNSHIP (P. 0. Albion), Noble
-On April 18 the 321.800 5% coupon school
-BOND SALE.
County, Ind.
-V. 120, p. 1796
-were sold to the Mier State
bonds offered on that day
Bank of Ligonier at a premium of f855. equal to 103.92. a basis of about
1 1925. Due every six months as follows: $1.000
4.35%. Date May
Jan. 1 1927 to July 1 1936, incl., and $1.800 Jan. 1 1937.
WAYCROSS, Ware County, Ga.-BOND SALE.
-The $125,000 5%
coupon school bonds offered on April 14 (V. 120. p. 1656) were awarded
to the Robinson-Humphrey Co. of Atlanta at a premium of $9,112 50,
equal to 107.29-a basis of about 4.47%. Date Nov. 21 1923. Due
May 1 as follows: $1,000. 1925 to 1939, inclusive; $2,000 in 1940; $3,000 in
1941; $5,000 in 1942, and 310,000, 1943 to 1952, inclusive. Following is
a list of other bidders'
RIO 88
BA 88
APRIL 25 1925.1
TH 144 CHRONICLE
Premium.
Premium.
The National City Co_---$9.107 50 Mist Company of Georgia $5,137 50
2,905 50 Well, Roth & Irving
N. S. Hill & Co
5,60000
5,20800 Citizens & Southern Co___ 8,787 50
A. T. Bell & Co
5.637 50 The Hibernia Securities Co. *109.00
J. S. Hillsman & Co
Seasongood & Mayer
5.053 001
* Rate bid, less a commission agreed upon not to exceed 2%%.
All bids included accrued interest.
WELLSTON, Jackson County, Ohlo.-BOND OFFERING.
-Sealed
proposals until 6 p. m. April 27 will be received by H.0. Kessinger. Chairman Finance Committee. for $17,688 39 555% West Broadway street impt.
assessment bonds. Denom. $1,000 and one for $688 39. Date April 1
1925. Int. A. & 0. Due yearly on April 1 as follows: $2,000, 1927
to 1934 Incl., and 11.688 39. 1935. Certified check for 5% of the amount
of bonds bid for, payable to the City Treasurer, required.
WHITE PLAINS, Westchester County, N. Y.
-BOND SALE.
A syndicate composed of Roosevelt & Son, Remick, Hodges & Co., and
Geo. B. Gibbons & Co., Inc., of New York, purchased the following issues
of 44% registered bonds offered on April 18 (V. 120, p. 2064):
$50,000 municipal building bonds. Due $2.000 April 1 1935 to 1959.
50,000 street inipt. bonds. Due April 1 as follows: $7,000, 1928 to 1934
and $1.000, 1935.
50,000 storm water drain bonds. Due April 1 as follows: $7,000, 1928
to 1934. and $1,000. 1935.
50,000 highway bonds. Due April 1 as follows: $7.000. 1928 to 1934
and $1.000 1935.
Dated April 1 1925.
WICHITA, Sedgwick County, Kan.
-BONDS REGISTERED.
-The
State Auditor of Kansas registered $169,153 82 44% bridge bonds on
March 16.
WINDSOR, Hartford County, Conn.
-BOND OFFERING.
-John C.
Conklin, Town Treasurer, will receive sealed bids until 5 p. m. May 15 for
$160.000 44% school bonds. Interest J. & J. Due yearly on July 1 as
follows: 127,000. 1927 to 1930, inclusive, and 226,000. 1931 and 1932.
Certified check for 2% of the par value of bonds bid for, payable to the
Town Treasurer, required.
WISNER, Cuming County, Neb.-BOND OFFERING.
-Until p. m.
April 27 sealed bids will be received by William Armstrong, City8Clerk,
for the following 5% paving bonds, aggregating $126,000:
538.500 Paving District No. 1 bonds.
25,000 Paving District No. 2 bonds.
7,500 Paving District No. 3 bonds.
55,000 intersection paving bonds.
Due serially.
WOODMERE FIRE DISTRICT (P.0. Woodmere), Nassau County,
-BOND SALE.
-Sherwood & Merrifield, Inc., of Now York, purN. Y.
chased the $60.000 5% coupon fire bonds, offered on April 16 (V. 120,
P.
1925) at 103.03, a basis of about 4.35%. Date Sept. 1 1924. Due yearly
on Sept. 1 as follows: $4,000, 1926; 15.000, 1927 and 1928; 56,000, 1929, an
1934, inclusive. Bids were:
$8,000, 1930 to
Bid.
Bid.
Sherwood & Merrifield,Inc--103.03 1Geo. B.Gibbons & Co.,Inc_ _102.637
101.635 D. T. Moore & Co
R.F. De Voe & Co
102.003
WYANDOTTE COUNTY (P. 0. Kansas City), Kan.
REGISTERED.-On March 5 the State Auditor of Kansas -NOTES
registered
552,181 60 5% temporary notes.
YEADON, Delaware County, Pa.
-BOND OFFERNIG.-Sealed bids
will be received by Geo. R. Anderson, Secretary Board of Education, until
% coupon school bonds. Denom. $1.000.
8 p. m. May 13. for $53.000
Date April 11925. Principal and semi-annual interest (A. & 0)payable In
.
lawful money of the United States of America. Due April 1 1955. Bonds
may be registered as to principal only. Certified check for $1,000 required.
Subject to the opinion of Townsend, Elliott & Munson, of Philadelphia.
The above bonds were offered on April 22 (V. 120, p. 1925), but offering
was canceled, owing to an error in advertising.,
• lise.see.,•• rt.et
it
MCCIri
lrgiaiyou etitudif.-130ND OFARING.-Sealed
bids willhe received until 8 p. m. May 7 by U. F. Brown, Clerk Board of
Trustees, for $56,000 534% reservoir, water supply and septic tank bonds.
Date May 11925. Denom. $700. Due $1.400 1926 to 1965. incl. Prin.
and int.(M.& N.) payable at the office of the Town Treasurer. A certified
check for 10% of bid, payable to the order of the Town Treasurer,required.
YUBA COUNTY RECLAMATION DISTRICT NO.784(P.O. Marys-BOND SALE.
-The $50.000 6% reclamation bonds offered
ville), Calif.
-were awarded to the West Coast Life Inon April 20-V. 120, p. 2064
surance Co. of San Francisco at 95, a basis of about 6.58%. Duo Jan. 1
follows: $43,000in,1938 and,$7,000 in 1939. IN "Dilkieel#1101t0444044.
as
FINANCIAL
2191
CANADA, its Provinces and Municipalities.
BROMLEY TOWNSHIP, Ont.-BOND SALE.
-An issue of $3,000
534°,'. 10
-installment school bonds has been sold to W. H. Collins at
102.0, which is equal to a cost basis of 5%. Bids were as follows:
W. H. Collins
102.50 C.
Burgess & Co
100.00
J. Ireton
102.00 Mrs. M. J Puver
H.
100.00
Harris, MacKeen & Co
101.10 A. Bennett
100.00
Toronto Bond Exchange, Ltd..100.34 W. C. Brent & Co
98.13
Zimmerman & Malloch
100.00
DELISLE TOWNSHIP, Que.-BOND OFFERING.-Bidg are invited
up, to 1:30 p. m. April 27 for the purchase of $61,000 5 or 514% and 10 or
20
-year serial bonds. Bonds are in denom. of $100 each and are payable
at Delisle and Montreal. Xavier Larouche, Sec.-Treas., Delisle, Que.
DONNACONNA, Que.-BOND SALE.
-Reports say that an issue of
$5,000 535% 15
-year serial bonds has been sold to Bray, Caron & Dube.
Ltd., at 99.62, the money costing 5.55%.
HULL, Que.-BOND OFFERING.
-Bids will be received up
p. m. April 28 for the purchase of 5200.000 5% local impt. bonds to 4
Nov. 1 1924, and maturing in 1945. The bonds are in denom. of dated
each and are payable at Montreal. Quebec and Hull. H. Boulay, City $1,000
Clerk.
LACHINE, Que.-BOND OFFERING.
-Bids are invited up to 8 p. m.
April 28 for the purchase of $6.000 6% 15
-year bonds dated May 1 1925
and $54,000 6% 25
-year bonds dated May 1 1925. Both issues are
at Montreal and Toronto, and are in denom. of 51,000 each. H. payable
Daoust,
Secretary-Treasurer.
MONTREAL, Que.-BOND SALE.
-A $902,600 4%% bond issue has
been purchased by the Sinking Fund Commission. This new loan
redeems
a similar loan which falls due on May 11925.
LOAN APPROVED.
-The "Financial News" of Boston of April 18
reports that "a loan of 52.500.000 by the City of Montreal to be
used as
working capital in connection with public works such as
sewers, &c.,
has been approved by the Montreal City Council. The loan
does not
become part of the city's consolidated debt, being repayable
prietors' taxes are paid in. An additional 510.000 for paving when proSherbrooke
St. East was voted on a report from the Executive Committee."
ONTARIO (Province of).
-$20.000.000 TREASURY BILLS SOLD.
On April 22 $20.000.000 334% coupon Treasury bills were sold
to a
cate composed of Blair & Co., Inc.; Equitable Trust Co. of New syndiYork:
Halsey, Stuart & Co.: Salomon Bros. & Hutzler; Bank of
Nova Scotia;
Matthews & Co., Ltd. and Cochrane, Hay &
Payable $10.000,000 (denom. $5.000) April 22 Co., Ltd., at 98.6533.
1926. and $10.000.000
(denom. $1,000) April 22 1927. Date April 22 1925. Prin. and
semi-ann.
int. (A. & 0. 22) payable at the option of the holder in
of the present standard of weight and fineness at the agentsU. S. gold coin
of Ontario in N. Y. City, or in gold coin of lawful money of the Province
at the office of
the Provincial Treasurer.
' POINTE AU PIC, Que.-BOND SALE.
-Reports say that L. G.
Beaubien & Co. were the successful bidders for $2,500
-year bonds.
paying 100.25, which is equal to a cost basis of 5.45%. 534% 5
Bids were as follows:
L. G. Beaubien & Co
100.25 Bray
Credit Anglo Francaise, Ltd_ 99.63 CreditCaron & Dube. Ltd____ 99.03
Municipal, Ltd
98.42
Versailles, Vidricaire & Boulais, Ltd
99.05
ST. JEROME DE MATANE, Que.-BOND SALE.
-It is reported that
Versailles, Vidricaire & Souls's. Ltd.,
bonds at 97.55. Bids were as follows: purchased $138,000 5%% serial
Versailles, Vidricaire & Donis's,
Hamel, Mackay & Fugere
97.28
Ltd
97.55 McLeod, Young, Weir & Co95.14
L. Deaublen & Co
97.44 Credit Municipal, Ltd
93.89
J. A. Desjardines
97.32
ST. THERESE, Que.-BOND SALE.
-An issue of $45,000 534% 5
year serial school bonds, we are informed, has
Ltd.. at 101.015, which is equal to a cost been sold to Credit Canadien.
basis of 5.25%. Bids were
as follows:
Credit Canadien, Ltd
101.0151Rene T. Leclerc, Inc
100.10
L. G. Beaubien Lk Co
100.10 [Bray, Caron & Dube, Ltd_ _ _100.08
SUMMERLAND DISTRICT,B. C.
-BOND SALE.
-R. P. Clark & Co.
have purchased $25,000 534% 15
-installment
March 1 1925. At the purchase price of 99.55, theirrigation bonds, dated
money is costing 5.56%.
TRAIL, B. C.
-BOND SALE.
-An issue of $8,000 local improvement
bonds has been sold to Royal Financial Corp. at 97.25. Another
issue of
525.000 water works bonds,it is stated, has also been sold to
Royal Financial
Corp., the price being 97.62.
VERCHERES SCHOOL DISTRICT, Sask.-BOND
SALE.
-C. C.
Cross & Co. have been awarded $2,500 6%% 15
-year bonds.
We Specialize in
City of Philadelphfie
38
318
/
2
48
41 48
/
418
/
2
58
/
51 48
51/
28
Biddle & Henry
104 South Fifth Street
Philadelphia
NEW LOANS
$300,000
monr--
NEW LOANS
$160,000
Big Creek School District McDowell Co.
W. Va. (P. 0. Berwind).
TOWN OF WINDSOR
SCHOOL BONDS.
Until 10 a. m. May 30th, sealed bids
received by the Board of Education of Bigwill be
District, E. M. Cooley, Berwird, WestCreek
Va.,
Secretary, for $300.000 school bonds
interest at 5%%. Dated Jan. 1,1925. to bear
Denomination $1,000. due in one to twenty years.
Fifteen bonds retired each year. Principal
semi-annual interest payable at the officeand
of
Secretary of State of West Virginia or at the
National City Bank of New York. A certified check for 5% of bid is required. All
bids
must be made for either of the following
of delivery: Proposition No. 1: On the methods
basis of
delivery of bonds covered by bid
Proposition No. 2: On the basis ofon July 1st.
the amount of bonds covered by bid one-third of
ered July 1st, and delivery of a liketo be delivamount at
intervals not to exceed six months each.
Private Wire go New York
Cali Canal 8437
$250,000
Union Free School District No. 13
Brewster, Putnam Co. N. Y.
BALLARD & COMPANY
School Bonds
Members Nets York Stock &change
Union Free School District No. 13, as consolidated, of the Town of Southeast, Putnam
County, New York, is offering for sale $250.000
of 434% bonds, maturing serially from June 1,
1926 to June 1, 1965. Bids will be received by
the Board of Education of said Union Free School
District at its office, Putnam County Savings
Bank. Brewster, N. Y., up to Saturday, May
9th.
1925 at 12 o'clock noon.
For further particulars
Strang, Clerk, Brewster, N. address Arthur G.
Y.
SCHOOL BONDS
Sealed proposals will be received
Treasurer at his office in the Townby the Town
until MAY 15, 1925, at 5 o'clock P.of Windsor,
M., for the
purpose of the sale of the whole or any
part of the
following described Bonds:
School Bonds amounting to $160,000.
with
Interest at 44% per annum, payable
nually (January and July), in six (6) semi-anSeries: the
first four (4) series maturing
from July 1, 1927, to July 1, $27,000 annually
and
two series maturing 526,000 on1930, 1, the last
July
1931, and
July 1, 1932, respectively.
Payment in full must be made by certified
checks, and Bonds will be delivered on July
2;
1925, at the office of the Town Treasurer in Windsor. Conn. Proposals should be endorsed on
envelope, "Proposals, Town of Windsor School
Bonds." The right is reserved by the Town
of
Windsor. acting through its Treasurer,
any or all bids. Bids should be made on to reject
the basis
of
Proposals must be accompanied by certified
check, payable to the order of the Treasurer of the
Town of Windsor, for two (2) per cent, of the par
value of the Bonds bid for. On acceptance
of
bid or bids, all checks so deposited will be returned
to the depositors, except those of the successful
bidders, which will be held, considered and accepted as part payment for the Bonds
and sold. Interest will not be allowedas awarded
on
of successful bidders to date of delivery deposit
of the
Bonds.
JOHN C. CONKLIN,
Town
Windsor, Conn., April 22, 1925. Treasurer.
HARTFORD
Connecticut Securities
Inquiries to Buy or Sell
Solicited
Calvin 0.Smith Co.
MUNICIPAL BONDS
105 SO. LA SALLE STREET
CHICAGO
2192
THE CHRONICLE
[VOL. 120.
COTTON, GRAIN, SUGAR AID COFFEE MERCHANTS
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