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The
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INCLUDING
Railway& Industrial Compendium
Public Utility Compendium
Railway Earnings Section
State & Municipal Compendium
VOL. 121.
SATURDAY, AUGUST 8 1925.
_ Ixt Thx.outclt
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The Financial Situation.
The reduction of the Bank of England discount
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rate from 5% to 4 %,announced on Thursday, was
foreshadowed by the decline in the rate on 3
-month
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bills in London from above 4 % a few weeks ago to
just over 4% at present. The Bank of England rate
stood at 3% from the middle of 1922 to the middle of
1923, when it was raised to 4%, remaining there
until advanced to 5% in March of this year, the
latter move being practically simultaneous with the
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increase from 3 to 3 % by the New York Federal
Reserve Bank. These increases were just prior to
the stabilization of sterling at par. During the past
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five months the London discount rate has been 1 %
higher than in New York. The spread between commercial rates on 90-day paper has been nearly as
great as this most of the time, but recently has contracted to a little less than 1%. The present change
in the London discount rates reduces the spread
between the discount rates to 1%. It has been estimated that the higher rates in London have attracted
large amounts of American cash balances, and they
have also helped to divert much foreign investment
from Great Britain to the United States, foreign issues in Great Britain having been £61,000,000, or
only about $300,000,000, in 1924, whereas those
floated in the United States, according to our special computations, were $1,248,000,000. The lowering of the London discount rate may be taken to indicate that money conditions throughout the world
are continuing easy, that the position of sterling is
strong, with the elements of the situation thoroughly
in hand, and that lower rates are desired as an aid
in reviving British industry.
Bank and Quotation Section
Bankers' Convention Sectiol
NO. 3137.
adjustment of great importance. It is now nearly
seven years since the cessation of hostilities, and as
yet the whole world is far from normal, but one by
one the primary industries are getting back to a
basis of free play between demand and supply, with
world facilities and needs in approximate balance.
No industry suffered more from the war than shipping. Tonnage prices soared to unreasonable heights
under war demand for transportation and then
slumped to the merest fraction of cost under pressure of idle shipping in every port. This situation
was complicated by ownership by the United States
Government of a vast tonnage of vessels, good, bad
and indifferent. The direct losses to the Government represent a very considerable portion of American war cost, but this loss has been of small consequence compared with the depressing effect of hundreds of idle vessels and the competition from Government operated vessels. Mr. Ford is reported to be
paying $1,706,000 for vessels that are understood to
have cost nearly one hundred times this amount; he
purposes to recondition a few of the better vessels
for his own industries and scrap the remainder, thus
returning to industry a large amount of material,
and relieving the world's shipping industry of its
greatest incubus. This transaction apparently
brings considerable promise of better conditions.
The sale on Tuesday of $24,000,000 Tokyo Electric
Light, Ltd., 3
-year 6% gold notes by a Guaranty
Trust syndicate on a 6.40% basis, calls attention to
the magnitude of the electric development in Japan.
The Tokyo company is exceeded in electrical output
by only six companies in the United States. In 1924
it sold 1,350,271,000 kilowatt hours, as compared
with 2,858,000,000 by the Niagara Falls Power Co.,
the largest, and 1,461,000,000 by the Detroit Edison
Co., the sixth largest. The company's experience
with the earthquake of 1923 is most enlightening and
illustrates the inherent strength of corporate ownerships of widely scattered properties. There was no
vital damage to either its operating system or its
financial structure. The damage, while important,
was largely the result of fire and mainly confined
to substations and overhead distributing lines in
Tokyo. Most of its hydro-electric stations were outside the earthquake area and only three of the thirty
hydro-electric plants in operation at the time were
seriously injured. In fact, the generating machinery in every case escaped injury. The damage
amounted to only about 10% of the book value of the
fixed properties and was actually less than the net
income available for interest for the 12 months' pesale of 200 vessels by the United States Ship- riod ended Nov. 30 1923—the period including the
The
ping Board to Henry Ford marks another post-war earthquake. Within six months after the earthquake
624
THE CHRONICLE
[VoL. 121.
the company was selling more current than in the cepted principles have already been pretty fully
clarified by the Supreme Court.
month before the earthquake.
On Friday last it was announced that Messrs.
J.P. Morgan & Co. had decided to purchase the final
installment of Marland Oil Co. shares, which they
have had under option. With this last installment
there will have been acquired 635,000 shares at a
cost of $22,500,000 and comprising more than onethird of the total. Simultaneously the company has
called for payment Nov. 1 at 101 its $13,695,000 5%
notes, which otherwise would have matured Nov. 1
1926. A purchase of this kind into an industry that
has not much participated in the stock market boom
affords an illuminating contrast to a large volume
of purchasing now going on in issues that have already been bid up several hundred per cent in price
and that in many cases are yielding not much more
than 1%.
A simultaneous advance in telephone rates in New
England'and decrease in electric rates in Boston and
vicinity calls attention to the greatly improved public control now being accorded our public utilities,
rate adjustments being made, upward or downward,
to meet changing costs and conditions. The Massachusetts Public Utility Commission is to be complimented on its excellent decisions. It should not escape attention, however, that this Commission, in
approving the telephone rate increases, argued that
they were necessary in order to enable the company
to procure capital by sales of stock, and indicated
that rates should be raised or lowered so as to make
it possible to sell stock by a small margin and no
more. In this it has made a fundamental error. The
broad principle that has gained approval in the
United States is that rates shall produce a reasonable return on investment.
In determining what a reasonable return at any
time and place may be, the necessary yield in order
to sell stock may be a factor, but the reasonable rate
having been determined, the company is entitled to
that rate on its whole investment. If that rate be
8%, for instance, and the company borrows large
sums at 5% by means of bond issues, it can pay more
than 8% on its stock. Furthermore, if a policy of reinvestment of surplus be followed, a company might
earn the prescribed rate on all property represented
by bonds, stock and surplus, and because it paid a
small rate on bonds and nothing on surplus, be in a
position to pay a very large rate on its stock. Where
that is the case, rates should not be reduced. In such
a contingency the dividend rate has nothing to do
with the question. The criterion is the reasonable
rate earned on all invested capital. There is some
possibility that this local situation may result in
another United States Supreme Court case, as counsel of the City of Boston threatens to make formal
complaint against the new rates under.United States
anti-trust laws. Governor Fuller of Massachusetts
has suggested that because the situation involves
largely inter-State transactions and contractual relations with the American Telephone & Telegraph
Co. and the Western Electric Co. it should be referred to Congress for a complete Federal inquiry.
There never was a better time for the final thrashing out,of the principles involved in investment in
public utilities, but it is hardly clear as yet that
there is need for a Congressional investigation. Ac-
June earnings of railroads and those of the first
six months, as currently reported, reveal most gratifying results and indicate a continuation of growth
in net income toward a reasonable return. The promise for the year is for a larger return than at any
time since the present railroad law went into effect
in 1920. This improvement in earnings contrasts
favorably with the failure of the roads to bring
about any major consolidations as yet or of the
Inter-State Commerce Commission to formulate a
national plan. It was, however, a matter of great
encouragement that President Coolidge was reported
during the week as planning to make railroad consolidations one of the major issues of his remaining
term, especially because he hopes this can be accomplished without further legislation, and on the initiative of the railroads themselves. Because of this
fact the proposed Nickel Plate merger now before
the Commission assumes added importance. However, too much should not he predicated on the outcome in that particular case. Every proposition of
merger or consolidation must be determined on its
own particular circumstances, and it might well be
that the Commission's decision in the Nickel Plate
proposition might not at all be indicative of its
probable course on other proposals of consolidation.
The Commission's action in turn should be governed by broad considerations of public interest.
Business insolvencies in the United States during
July were somewhat less numerous than in recent
preceding months, and a slight reduction in the
amount of indebtedness also appears, as is generally
the case for this mid-summer month. There were during that month 1,685 commercial defaults, with liabilities of $34,505,191, these figures contrasting with
1,745 failures in June this year for $36,701,496 and
1,615 similar defaults in July 1924, with liabilities
of $36,813,238. The increase in the number of insolvencies in July this year. over July last year is considerably less than it was in June; also in April and
January. These figures are compiled from the records of R. G. Dun & Co. They show 418 defaults of
manufacturing concerns last month with liabilities
of $10,931,798; 1,184 failures of trading concerns,
owing $15,961,174, and 83 insolvencies among agents
and brokers, with an indebtedness of $7,512,219. In
July 1924 there were 416 manufacturing failures for
$20,022,429; 1,124 trading defaults with liabilities
of $12,420,599 and 75 failures of agents and brokers
having an indebtedness of $4,370,210. As in recent
preceding months, insolvencies in July for the trading class, both as to number and liabilities, make
scarcely as good a showing compared with a year
ago, as the return for manufacturing concerns. In
the case of the latter, however, there is this time a
trifling increase in the number of defaults this year
as compared with July 1924, whereas for practically
every other month since last September a considerable decrease was shown, both in the number of
manufacturing insolvencies and the liabilities reported, as compared with the corresponding month
of the preceding year, and the decrease in manufacturing liabilities in some months, as it was in
July, has been extremely heavy. On the other hand,
an increase in trading defaults, both as to number
AUG. 8 1925.]
THE CHRONICLE
and indebtedness, has been shown during the greater
part of this same period of time, and this is true regarding the July return.
A decrease appears, both as to the number and indebtedness of most of the leading classes of manufacturing defaults into which that section of the statement is divided, and this is especially true as to the
amount of liabilities for each classification. The
decrease in the number of manufacturing failures in
July this year is notable in the leather class, including in the latter shoes and harness, while a reduced
number also appears for July this year for the lumber class, for drugs and for tobacco. In the trading
class fewer failures occurred last month in general
stores, in dealers of shoes, and of drugs, but as to
most of the other trading classes there is an increase
in the number of trading defaults in July over a year
ago. Liabilities were also larger as to nearly all of
the important trading classifications last month as
compared with July last year, and a large clothing
failure made the indebtedness reported for that division more than double what it was a year ago. There
were several large failures among agents and brokers.
The number of the larger failures in July, those
where the indebtedness reported exceeded $100,000,
was again considerably reduced, as it has been for
some months past, there being 42 such defaults last
month, involving $16,810,000, whereas in July 1924
it was 54 with $19,715,819 of liabilities. Not since
July 1919 has the number and indebtedness of the
larger mercantile defaults in July been as low as in
July this year. For manufacturing concerns there
were 24 of the larger defaults last month, owing
$6,017,900, whereas a year ago the number was 36
and the indebtedness reported $14,149,800. There
were 14 of the larger trading failures in July this
year, owing $4,153,000, which is the same number as
reported a year ago, but the liabilities shown at that
time were only $2,340,919. Last month four defaults
among agents and brokers aggregated $6,639,100 of
indebtedness.
As already indicated, the outstanding and most
surprising development in European financial circles has been the reduction, on Thursday, in the
Bank of England discount rate from 5 to 4 %. Ac/
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cording to a special London dispatch to the New
York "Times" yesterday morning, "financial circles
were taken completely by surprise." The situation
was further outlined by the correspondent in part
as follows: "The news aroused enthusiasm on
'Change and caused some excited bidding. The general impression here seems to be that the reduction
in the Bank rate means England's financial position
is improving. In some banking quarters it is pointed
out that the main effect of a high Bank rate is to keep
foreign money—especially American—in London,
but it is believed in this case that the reduction of the
Bank rate will not cause that money to leave here
immediately, since much of it was lent on time deposit and hence cannot return to New York or elsewhere until its time is up. Estimates vary on how
much American money is now in London—some
reckon it as high as $400,000,000, but this probably
is exaggerated. The effect of the reduction of the
Bank rate on market discount quotations was minimized by the fact that clearing banks while lowering
their deposit rates by a full one-half per cent—from
3 to 2 %—only reduced the rate at which they
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625
lend to discount market by a quarter of 17-34 to
0 3
3 %. When this was realized the discount rate
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stiffened a little. The margin between the Bank rate
and the market rate was thus narrowed from three.
fourths to half of 1%. Money was obtainable at
31 % in the afternoon from lenders outside the
4
group of clearing banks, since the bank return indicated that market balances had benefited from the
recent Government disbursements. It was promptly
realized here that the reduction of the Bank rate
would probably aid Chancellor of tke Exchequer
Churchill in defending the much criticized subsidy
to the coal industry whereby the coal strike was
averted last week. The following analysis of the significance of the Bank rate reduction was obtained
to-night from an exceptionally well-informed source.
'The reduction in the Bank rate from 5 to 4 % is a
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direct outcome of the restoration of the gold standard. It will be remembered that in March the rate
was raised from 4 to 5%, following an advance in
the New York rate from 3 to 3 %. It was felt that
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it was wise, aa a measure of precaution, to widen
the margin between the New York and London interest rates, in view of the possible early effects of
restoration of the gold standard.'" It was pointed
out also that, instead of the Bank of England losing
a large amount of gold, as one effect of that step,
and as had been feared in advance, the net influx
since April 20 has been £8,600,000. The further suggestions were offered that "it would not have occurred but for the wide margin between the interest
rates here and in New York, which has caused a considerable amount of American money to be invested
here. Other foreign moneys have also sought investment in London but, as the state of exchanges indicates, less on account of the rates of interest than of
the confidence now felt in the future of the pound
sterling."
While an official statement was not issued by
either side that threw much light on the situation,
the general understanding in both London and Paris
appeared to be that the negotiations between France
and England relative to the former's war debt to the
latter, were not likely to be resumed in the near
future. In fact, the Paris correspondent of the New
York "Times"said that such action was unlikely until after negotiations were taken up between France
and the United States. In a cable dispatch on July
.
31 he asserted that "it is now entirely unlikely there
will be a debt settlement between Paris and London
before debt negotiations between Paris and Washington. That is the main conclusion to be drawn
from the suspension in London yesterday of conversations relative to the French debt to England."
Continuing, he said: "The French Finance Ministry
states there has been no break. While there is no
good reason to doubt that statement, it could not be
translated into meaning there has been any agreement, except an agreement to disagree for the time
being. Between the lines one may see that in the
circumstances the British Government is quite content to wait to see what progress Washington makes
with Paris. That this is a good surmise is indicated
by the fact that the maximum annual payment from
France ever mentioned by the English was £20,000,000, and in recent talks they stood on that figure."
The correspondent admitted, however, that, "of
course, if the unexpected had happened and France
had made an offer close to British desires it would
626
THE CHRONICLE
have been accepted, and,on the other hand,if France
had found at London a chance to settle on a basis
which she would have regarded as a good lever to use
at Washington a settlement might have been found.
But a considerable gulf separated what England
asks and what France offers, and it may now almost
be assumed England will tarry in expectation of applying to the French debt proportionate, pani passu
treatment of a possible Franco-Amer. agreement."
It was claimed in a French communique that,
"while the English and French points of view differed materially, the first step toward a rapprochement had been realized." It was asserted
also in the statement that "the French delegates returned to Paris to inform the Finance Minister of the progress of the negotiations." According to a statement issued by the
British Government about the same time, "there remain differences of opinion to be reconciled, but it
is fully expected that further discussions will take
place." It was suggested by the London representative of the New York "Herald Tribune" that "the
purport of this statement is quite different from the
Caillaux declaration in Paris, to the effect that,
though appreciable differences exist between the
French and the British viewpoints, a preliminary
rapprochement has been reached." •
In describing the situation, the Paris correspondent of the New York "Evening Post" said in a long
dispatch on Aug. 1: "Another bright idea has fallen
flat in the international war debt muddle. The
French Government's financial experts have come
back from London without having obtained a 'whip'
to crack over the heads of the United States Debt
Funding Commission in the forthcoming debt negotiations in Washington. The idea had been a sud-den inspiration born of the hope to negotiate a quick
advance settlement with the British Treasury upon
France's war debt to England. Then, with this in
hand, the French experts had expected to say to Secretary Mellon: 'Surely you will do as well by us as
England has.' But Great Britain is reported to have
declined to be used as a catspaw in such a maneuver.
After four sessions with the British, which ended
abruptly, the French experts are here again, their
return covered by this meaningless official announcement: 'Progresq has been made.' It is said the
British prefer to await the result of the FrancoAmerican official negotiations, standing pat upon
the notice served on France:'We expect from France
annual payments proportionately equal to those
made by France to the United States.' In the back
of the British mind is a purpose to make France settle first with the United States and, if France gets
better terms than England did, to have the AngloAmerican debt settlement reopened and readjusted
on the basis of whatever terms France obtains from
Washington."
It is perfectly apparent that the French Government realizes the importance of arranging a plan
to the United
for the settlement of it war debts, both
and Great Britain. The problem is how to do
States
In a speech at
it on terms most favorable to herself.
Premier Painleve was
Autun, France, on Aug. 3,
interquoted as saying that "the question of the
before France can enjoy
Allied debts must be settled
full liberty in her foreign policy."
[Vol.. 121.
The assertion was made in a special Paris dispatch to the New York "Evening Post" on Aug. 1
that "politics and rival ambitions have entered into
and are delaying selection of the French Debt Funding Commission to visit the United States. Premier
Painleve wants the Commission to be headed by his
personal friend, M. Franklin-Bouillon, Foreign Minister Briand is eager to have it led by Victor Henri
Berenger, the prominent financial light of the French
Senate." It was further asserted that "members of
the Left Bloc of the Chamber of Deputies demand
an important place on the Commission for Vincent
Auriol of the Socialist Party, which selection M.
Briand favors, as it would give the Socialists of the
Chmber their share in the responsibility for what
is done at Washington. Other aspirations to the
Commission's membership are being shepherded by
the owners of the big newspapers and leaders of the
various factions in Parliament." Continuing, the
correspondent said: "If a settlement especially favorable to France should be made with America,
everybody would be eager to draw down its political
values, which is unfortunately turning the composition of the Commission into a political scramble for
representation rather than a Commission composed
of leading bankers and sound business men. Finance
Minister Caillaux has not spoken openly his preferences, but he is known to have had his Treasury experts working for two weeks so that France's 'capacity to pay'can be presented at Washington in tabloid
form, clear and concise. M. Caillaux still insists
that he cannot leave France for longer than three
weeks, and, therefore, that he cannot go as a member
of the Commission. He apparently is waiting for
M. Painleve and M. Briand to come to some accord
before having his final say on the Commission's membership. French statesmen and leading bankers are
no longer in the dark about the position of America
with respect to their hopes for another big loan from
private interests in the United States. They have
been plainly told: 'Not one cent until the war debt
has been taken up and satisfactorily adjusted.'"
What purported to be the situation was outlined
in part as follows by the Paris correspondent of the
New York "Times" in a dispatch on Aug. 3: "Finance Minister Joseph Caillaux will not go to America to take part in the debt funding negotiations if
his part therein is to be that he must sign on the dotted line. He is anxious to go and negotiate. He believes he has several good arguments to advance and
several good propositions to make. But if the attitude of Washington is that there is nothing to negotiate but only terms to be accepted, then it is probable M. Caillaux will find that more important matters are keeping him. That is his attitude, according to those in close touch with him, and it is well in
the character of the man. If, however, the discussion of the debt problem is to be between equals engaged in making a friendly settlement and not between a creditor and a debtor who is considered as
nearly if not quite defaulting, M. Caillaux is not only
prepared to go himself but has planned to have with
him a very important delegation. He wishes it to
include members of both the Senate and Chamber,
representing all political parties, and in addition
some of the foremost business men of France whose
names are internationally known. For the present
it is not possible to give all the names, but it is practically certain that the delegation will include the
heads of the Finance Commissions of the Senate and
AuG. 8 1925.1
THE CHRONICLE
Chamber, Henry Berger and Vincent Auriol, who
belong to the Left parties, M. Auriol being what is
called in France a Socialist, though the party name
has not anything of the significance it has in America. Deputy Pietri will represent the Centre Party
of the Chamber and Franklin-Bouillon, President of
the Foreign Affairs Commission, will represent the
majority party of Radical Socialists."
627
cial Rome dispatch to the New York "Evening Post"
on Aug. 1 it was stated that "developments regarding the Italo-American debt negotiations are being
discussed at the Foreign Office. It is probable Premier Mussolini will announce in a few days the
make-up of the Italian commission which is scheduled to reopen conferences in Washington on Aug.
16. It is reported in financial circles that either
Signor de Stefani, the former Finance Minister, or
It has been apparent also that France would like Senator Corrado Ricci will head the commission.
to defer, as long as possible, the beginning of actual Ricci is an advocate of a considerable cut in the total
payments under the terms of a plan for the settle- indebtedness."
ment of her war debts that might be worked out and
agreed upon. This was indicated afresh only a few
In an address before the Institute of Politics at
days ago by Robert Masson,"French banker and vir- Williamstown, Mass., on Aug. 1, Count Antonio Ciptual head of the Credit Lyonnais," in an address be- pico, Italian Fascist Senator, provoked considerable
fore the Institute of Politics, at Williamstown, discussion by asserting that Italy should be given
Mass., on "Peace Problems of France." He was re- colonial territories in different parts of the world to
ported to have "suggested that the United States and relieve the over-population at home. He was quoted
England give France a five-year delay in the settle- in part as follows on this subject: "Agriculture and
ment of the debt question, in order that France industry have been making very rapid progress in
might apply her first billion dollars in reparations Italy during the last three years, especially since
under the Dawes plan to the completion of recon- the Fascist Government came into power. Unemstruction work in the devastated French provinces." ployment, in spite of the great reduction in emigraHe was said to have added that "the fundamentals of tion, has gradually been falling, until it is now only
our situation have improved markedly. Roughly a little over 100,000, practically a normal figure.
speaking, 90% of the work of reconstruction is done But if the population goes on increasing at its presas regards factories, agricultural soil, transporta- ent rate, some outlet for it must be found. Othertion, etc. Only as regards homesteads is the result wise a serious crisis may occur. It is not enough that
less satisfactory; there are still 140,000 homes to be foreign countries should reopen their doors as a
rebuilt. Out of the 1,500,000 persons entitled,to ma- gracious fayor to Italian labor. Pre-war Italians
terial reparations about one-third have been entirely might be satisfied to be hewers of wood and drawers
satisfied. The total up to now, of our expenditure of water for foreign taskmasters. But post-war
on reparations, pensions and compensations, at the Italians will not be so satisfied. One of the worst
successive rate of exchange can be put at 0,500,000,- errors of the Paris peace treaty was that no provi000. About $1,000,000,000 more would be needed to sion was made for giving Italy more colonial terriclose the chapter of material reconstruction." Re- tories, Italy, who has the largest and the most laboferring to the Dawes plan, he said: "It is your child. rious emigrant population of any country in the
We are sure you are in sympathy with it and that world and the smallest colonial dominions. There
we will not witness, as in the case of the Covenant are all over the world waste areas under-populated
and of the protocol, a fresh case of cruelty to chil- and under-developed, crying for labor. Italy is aldren."
most the only country that can supply it. But if
Italian labor is to be secured, measures must be
Conferences with the Belgian Debt Commission taken whereby these emigrants shall not lose their
are scheduled to begin Monday of next week. Ac- nationality and their absence from Italy shall not
cording to the "Petit Parisien," the French Debt result in the cutting off of all political ties with
Mission to the United States will leave for Washing- Italy. Either colonial territories should be given to
ton in the first fortnight of September." The Bel- Italy, where her sons can settle under the Italian
gian Debt Commission is headed by Baron de Car- flag and increase the production of the world for the
tier, Ambassador to the United States, and former benefit of the whole world and not of Italy alone, or
Premier Theunis. It arrived in New York on the Italian emigrants in foreign and thinly populated
White Star liner "Olympic" late Wednesday after- countries must be grouped together and remain Italnoon. Members of the American Debt Commission ian citizens. The advantages of securing Italian
returned to Washington early in the week. The labor are so great that the country which receives
Commission held a meeting in Washington Thursday it should be prepared to make generous concessions.
morning,"the first for several months, to discuss the If neither of these measures is taken and the doors
problems which will come up next week, when for- of foreign countries remain closed to Italian labor
mal negotiations will be started with representa- and industrial products, a very serious and even
tives of the Belgian Government." Announcement critical situation may arise, affecting not Italy alone
was made later that the first session would be held but the whole world."
at 10 o'clock next Monday morning. The Belgian
Dr. Edward M. East, a professor of plant morphCommission left New York for Washington at 1.50 ology at Harvard University, and who is spoken of
o'clock Thursday afternoon. The Belgian Commis- as "an authority on population problems," gave an
sion, according to Washington dispatches yesterday interview to the newspapers in which he attacked
morning, expect to remain there about two weeks, Count Antonio Cippico "for urging that Italy be perand have made arrangements to sail from New York mitted to relieve its over-crowded population by
sending emigrants to other counfries and his charge
on Aug. 22.
that Italy was'spawning children on the world with
Italy is scheduled to discuss her war debt to the haphazard recklessness." Dr. East took the ground
United States in Washington this month. In a spe- that "the logical remedy for Italy's overcrowding
628
H
.11 ICON TULE
jVUJ 1M.
coal industry that so nearly resulted in a strike.
The London correspondent of the Associated Press
cabled on Aug. 3 that "a curious feature of the situation has been the sudden growth in the amount of
criticism of the hasty restoration of the gold standard as the main cause for the slump in the coal industry. This criticism, formerly confined to a few
newspapers, has taken a new lease of life from the
strictures of Sir Josiah C. Stamp, the well-known
economist, in the port of the Government Court of
Inquiry into the coal dispute. Premier Baldwin was
asked in the House of Commons to-day whether the
Now that the threatened strike of British coal Government purposed to investigate this matter.
miners, which might have embraced the transport He replied that it was receiving examination and
workers and brought on a general tie-up, has been consideration." In the House of Commons on Wedpostponed, and, it is believed, averted, political op- nesday (Aug. 5) Winston Churchill, Chancellor of
ponents of the Baldwin Ministry have busied them- the Exchequer launched upon a vigorous defense of
selves with attacking the terms of the plan by which his financial policy. Lee Smith, Labor Party econoit was accomplished. It will be recalled that the mist, had made the accusation that the Treasury, not
chief features were the agreement of the mine own- daring to risk depletion of the gold reserves nor raise
ers to withdraw,for two weeks, the notices that they the Bank rate ,had sought to conserve its gold standhad posted at the pitheads that "new conditions of ard position by an embargo on foreign and colonial
wages and working hours would become effective on loans. In reply the Chancellor of the Exchequer,
Aug. 1," and that, for a period of nine months from according to a copyrighted cablegram to the New
that date, "assistance is to be given by the Govern- York "Times," said that Sir Josiah Stamp had
ment to the coal mining industry to take the form caught the currency fever, but it was unwise to atof a subvention in aid of wages." It was explained tribute, as he had done, all the evils of the coal indusalso that, "during this time wages will be paid on try to the gold standard when Sir Josiah himself had
the basis of the 1925 agreement, but in any months given so many excellent reasons for them in the same
in which wages, calculated in accordance with the report on the subject. The gold policy could only
recognized ratio of divisions between wages and be judged over a period of years. Meanwhile the
profits, would be lower in any district than wages Government had been encouraged in unrepentance
payable at the minimum percentage under that agree- by th efact that there had been no exodus of gold and
ment, the deficiency will be made up by the Ex- no need to raise the Bank rate or use the dollar credchequer. This follows the same lines as the wages its prepared in the United States. Currency equisubvention of 1921, but on this occasion it is stipu- librium had been achieved within the Empire, an imlated that in any month in which the estimated aver- pulse to stabilization had been given the franc and
age profit of a district in which the subvention is the tendency of wholesale prices to approximate
payable would exceed 1 shilling 3 pence a ton the ex- those in England and America had been confirmed.
cess will be nsed in reduction of the amount of the Mr. Churchill asked the Labor Party whether it
really wished to follow J. M. Keynes in advocating
subvention."
manipulated currency as a means of reducing wages
Lloyd George for the Liberals, and Ramsay Mac- without the workmen knowing it. It would be posDonald for the Labor Party, have led the attack on sible for the Conservative Government to cut wages
the terms. Premier Baldwin, in the House of Com- in half by manipulation of the currency or for a Somons on Thursday moved "the Government's supple- cialist Government to liquidate all private property.
mentary estimate of £10,000,000 to finance the sub- Inflation and manipulation of currency was no betvention plan in the coal mining industry." He de- ter than a grocer's juggling with his weights and
fended the action of the Government in agreeing to measures. The subsidy for coal, objectionable
give it and declared that,"while the Government was though it was, was greatly to be preferred to a veiled
reluctant to interfere, the affair came to a point subsidy on exports achieved at the expense of the
where it was forced either to countenance a stoppage whole community. The view of the Government was
in the coal industry that would further depress Great that whatever Britain's troubles were, it was better
Britain's trade or 'find a way out.'" Continuing, that she face them with open eyes. In conclusion Mr.
the Prime Minister said that "the first consideration Churchill said: "If instead of restoring the gold
which finally influenced the Government to reach standard we had regulated credit with exclusive reits decision in the coal crisis was the fact that all gard to industry without troubling at all about forBritain was suffering from unprecedentedly bad eign exchanges, we could no doubt have kept our
trade. The Government, he said, could not honor- export trade continuously booming at a loss until
ably allow the country to be plunged into a struggle one exchange crisis after another had so undermined
which must not only paralyze all trade for a time but our international credit as to send the pound in the
must throw back for months and possibly for years same direction in which the old German mark has
course and we
any solid chance of a trade revival." The proposal gone. We have chosen a different
responsible political party
was approved by a vote of 351 to 18. It was stated await the day when any
justice and prudence
that "the Laborites and a majority of the Liberals, will challenge the soundness,
of our decision."
headed by David Lloyd George, voted with the Government.
Developments in the Moroccan campaign have not
been particularly striking. The French appear to
The restoration of the gold standard in Great
advantage, due largely to the
Britain has been blamed for the conditions in the have held their recent
was birth control." The attack led Dr. Garfield,
President of Williams College, and Chairman of the
Institute, to say that "it would be doing scant justice to those newer citizens of ours if we did not take
occasion to say in an assembly like this that we owe
them much, that they have contributed much to the
well-being of the commonwealth, and therefore, if
Senator Cippico sees anything in the papers appearing to reflect upon the value of the service performed
for America by his fellow citizens, let me say that it
does not reflect properly the opinion here."
Am.8.1925.]
THE CHRONICLE
presence and plans of Marshal Petain and others
and to the sending of reinforcements, and also to
have made still further gains. Marshal Petain returned to Paris from Morocco on Aug. 1 and "presented a report on the situation to Premier Painleve." It was announced in Paris dispatches also
that "afterward the Premier gave a statement to the
press praising the Marshal's work in co-ordination
of the Moroccan command and preparing the way for
General Naulin, with whom he prepared plans for
future operations. M. Painleve added: 'Our energy
in the conduct of the war will not be less than our
desire for peace. Every precaution is being taken to
prevent heavy losses to our troops, but the Riffians
and Djebalas must submit and accept the just and
generous terms which France and Spain are offering them.'" The Paris representative of the Associated Press declared that "Premier Painleve declared to-day that Marshal Petain and General Primo
de Rivera, head of the Spanish Military Directorate,
reached an agreement at their recent conference on
Morocco for joint Franco-Spanish operations against
Abd-el-Krim 'if he prefers to fight rather than to negotiate.' M. Painleve intimated the combined offensive would take place soon. This is supposed to
mean the French desire to finish the Moroccan campaign before the rainy season, which commences in
October and during which military operations would
be almost impossible. Marshal Petain said: 'The
military situation in Morocco is daily becoming more
favorable. I bring back an excellent impression
from my visit to the front.'"
In a dispatch the next day the same correspondent
said that "in the absence of any fighting of importance between the French and the rebellious tribesmen in Morocco, attention has turned chiefly to the
reported approaching French offensive."
From Fez came an Associated Press dispatch stating that "tanks, which are now available in considerable numbers, are proving highly effective in French
reconnoissances, and provide the sole form of military activity along the Franco-Riffian battlefront at
the present time. A flying column, supported by a
detachment of tanks, is feeling the lay of the land
toward Azjen, northwest of Ouezzan. It has scattered with little difficulty the rebellious tribesmen,
among them Djebalas, who sought to oppose its progress. The task of attacking the Riffians ensconced
in their mountain positions and decisively beating
them within a month is one of considerable proportions, for which still further French reinforcements
are needed. It is understood that Marshal Petain,
who returned to France several days ago after an
extensive survey of the French forces, holds this
view, and will ask Premier Painleve that additional
troops be dispatched at once."
629
fining territorial arrangements which Abd-el-Krim
will have to recognize." The terms include the following: "1. Recognition by Abd-el-Krim of the religious sovereignty of the Sultan of Morocco, Mulay
Yussef, or his legitimate successor. 2. Recognition
by France and Spain of the administrative autonomy of the Riff. 3. The Powers will recognize the
right of the Riff Government to maintain a sufficient police force to guarantee preservation of order
within its territories. The police force in the Riff,
however, is to be under control of French officers."
It was added that "the final clause of the peace
terms declares the arrangements which they create
shall be placed under control of the League of Nations."
One unfortunate incident after another occurs in
Europe, largely as a result of racial and national
animosities. The latest development has been the
expulsion of Poles from Germany and of Germans
from Poland. The chief cause of this movement was
explained as follows by a special Berlin representative of the New York "Times" in a dispatch under
date of July 31: "Ancient racial hatreds—Poland's
craving to purge her soil of all non-Polish elements
and Germany's similar move to retaliate—and the
blind and stupid pride of the two Governments have
combined to bring about this state of affairs that recalls the dark ages of European history." In rather
dramatic style he outlined the movement briefly as
follows: "Imagine 20,000 Pennsylvania coal miners and their wives and children being torn from the
homes in which they had lived for scores of years and
over night being shunted down toward the middle
of Texas. Then imagine a like number of Texans
forcibly moved North into the State of New York.
Suppose, also, that all this occurred at a time of
economic depression, and add to your supposition
the hypothesis that many of these deported Pennsylvanians could not speak the language used in Texas.
This imaginative process may convey a vague idea
of what is going on here, on the border line between
Germany and Poland, across which 50,000 human beings to-day are being herded from one country into
another against their will and under the most distressing circumstances."
Further explanation of the situation was given in
an Associated Press dispatch from Berlin the next
day. The correspondent said that "Poles in Germany will not be evicted by the Reich Government
unless Poland forcibly ejects the Germans still remaining in Poland. If Poland does this Germany
is prepared to make immediate reprisals. Germans
in Poland who voted for Germany in the plebiscite
in 1921, which resulted in the division of Upper
Silesia between Poland and Germany, have been
ordered by Poland out of the territory awarded to
her. Forcible eviction was expected to start to-day,
but thousands of Germans began leaving Poland
several days ago and have been assembled at Schneidemuehl on the German side of the frontier. There
still remain in Upper Silesia Germans who voted
against Poland. If they are forcibly evicted Germany will retaliate by sending out of Germany all
Poles who voted against Germany in the plebiscite."
Peace, however, between France and Morocco appears to be in the air. On Aug. 4 the Paris correspondent of the New York "Times' cabled that "details of the peace terms which were transmitted by
General Primo de Rivera on behalf of France and
Spain to envoys of Abd-el-Krim last Saturday
reached Paris this evening through the correspondent of the 'Mein' at Tetuan, who claims to have obtained his information from 'official' sources. The
peace conditions as described by the 'Malin' correSome of the most unfavorable and even frightful
spondent are six in number, the first three disposing features of the affair were cabled the same evening
of the question of sovereignty and the last three de- by a special representative of the New York "Times."
630
He said that "conditions in the Schneidemuehl concentration camp, where the Germans expelled from
Poland are quartered, have become so frightful that
Carl Severing, the Prussian Minister of the Interior,
plans a personal visit there. In tumbledown sheds,
once used for housing prisoners of war, and more recently as storehouses for an aircraft factory, some
10,000 men, women and children are huddled together
like so many sheep in a space scarcely large enough
for one-third of that number. And still the flood of
unhappy people, who have been ousted from their
homes, continues to pour across the frontier. Last
night many late arrivals had to sleep in the open air
on the bare ground. To-day several schools and other
public buildings were placed at their disposal, and
several thousand were shipped off into the interior
of Germany." Still a day later the correspondent
cabled that "the wretched reception extended to the
Germans expelled from Poland by the Prussian authorities at Schneidemuehl has become the foremost
issue in German domestic politics. As a result living conditions of the refugees in the concentration
camp now bid fair to become bearable." A representative of the New York "Herald Tribune" cabled
from Berlin Aug. 3 that "Foreign Minister Stresemann in a statement to the press said that according
to the Vienna agreement of Aug. 30 1924, the alien
citizen is obliged to emigrate only in cases where the
Governments of the State in which he is living calls
upon him to do so, and that the German Government
would have refrained from making use of this right
of expulsion if Poland could have been persuaded to
adopt a similar policy. As, however, the Polish Government at the beginning of 1925 gave the German
sympathizers notice to depart, Germany had no alternative than to follow suit and expel the Poles
living in Germany, Dr. Stresemann added. Such
wholesale expulsions of foreign nationals from their
homes smack of medievalism and would not have
been necessary had Poland not clung so obstinately
to the letter of the law, the Foreign Minister declared."
The position of the German Government was further set forth in a special Berlin cablegram to the
New York "Times" yesterday morning. It stated
that, "rejecting the Junker extremists' demand for
unrestricted retaliation, Foreign Minister Stresemann declared in the Reichstag this afternoon that
the German Government in its treatment of Poles living in Germany would duplicate, but on no account
exceed, the severity exercised by the Polish authorities in their expulsion measures against Germans
resident in Poland. The Parliamentary majority approved the Ministerial attitude in this respect, but
strong criticism of the conditions originally prevailing in the Schneidemuehl refugee camp was voiced
by speakers of all parties." According to a special
Berlin dispatch to the New York "Evening Post"
last evening, "Foreign Minister Stresemann announced in the Reichstag that all Poles in Germany
who signified their preference for Polish citizenship
in the 1920-21 plebiscites 'must leave Germany
within 48 hours.'"
As previously stated, the Bank of England on
/
Thursday lowered its minimum discount rate 1 2 of
2
1
/
1%, to 4 %. The previous rate of 5% had been in
effect since March of this year. The action of the
Bank officials came as a complete surprise, since,
though money rates had shown a disposition to ease
[VoL 121.
THE CHRONICLE
off of late, the possibility of a reduction in the Bank
rate had not been mentioned as probable in the near
future. Aside from this change official discount
rates at leading European centres continue to be
quoted at 9% in Berlin; 7% in Italy and Denmark;
6% in Paris and Norway; 5 % in Belgium; 5% in
2
1
/
Madrid and Sweden and 4% in Holland and Switzerland. In London open market discounts were distinctly lower. Short bills finished at 4%, against
2
1
/ /
4 @414 last week, while three months' bills closed
at. 4@4 1-16%, against 414@4 5-16% last week.
/
Money on call at the British centre was earier, dropping to 378%, but clsing at 4%, as compared with
/
/
41 8% a week ago. On Paris the open market discount rate remains at 578% and in Switzerland at
/
21-16%, the same as the previous week.
Another addition, this time of £242,345, to gold
reserves was shown by the Bank of England statement for the week ending Aug. 5, although this was
again accompanied by reduction reserve (£1,326,000)
as a result of further expansion in note circulation
of £1,569,000. The proportion of reserve to liabilities declined to 31.21%, which contrasts with a high
point of 31.67% established last week, and 31.36%
the week before that. In the corresponding week of
1924, however, the ratio stood at only 1678% and in
/
0
1923 at 187. Notable changes were shown in deposits. Public deposits, which had been heavily expanded a week earlier, declined £9,653,000, while
"other" deposits increased £7,234,000. Loans on
Government securities fell £992,000 and loans on
other securities £944,000. The Bank's stock of gold
aggregates £164,500,152, as against £128,307,507 a
year ago (before the transfer to the Bank of England of the £27,000,000 gold formerly held by the Redemption Account of the Currency Note issue) and
£127,645,821 in 1923. Reserve totals £37,924,000, in
comparison with £20,951,272 in 1924 and £21,304,656
a year earlier. Note circulation has reached a total
of £146,318,000, against £127,106,315 last year and
£126,091,165 in 1923, while loans stand at £68,229,000, as contrasted with £78,137,020 in the corresponding week of 1924 and £68,723,507 the previous
year. As noted in detail in another column, the
2
1
Bank this week made a reduction of/ of 1% in its
/
minimum discount rate to 412%. The previous rate
of 5% had prevailed since last March. We append
herewith comparisons of the different items of the
Bank of England return for a series of years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1925.
Aug. 5.
£
Circulation
b146,318,000
Public deposits
11,035,000
Other deposits
110,500,000
Governm't securities 32,606,000
Other securities
68,229,000
Reserve notes & coin 37,924,000
Coin and bullion a164,500,162
Proportion of reserve
to liabilities
31.21%
Bank rate
.5%
1924.
.483. 6.
E
127,106,315
13,310,943
110,936,442
43,242,467
78,137,020
20,951,272
128,307,587
1923.
Avg. 8.
£
126,091,165
10,427.839
108,317,879
46,783,731
68,723,507
21.304,656
127,645,821
1922.
Aug. 9.
£
125,542,210
16,238,919
104.500,212
43,032,505
75,450,390
20.307,670
127,399,880
1921.
Aug. 10.
£
127,564,270
18,258,625
114,196,547
50,115,365
81,107.097
19,266,384
128,380,654
1634%
4%
18%
4%
164%
3%
14.54%
514%
•Rate was reduced to 4;4% on Thursday. Aug. 6.
a Includes, beginning with April 29 1925. £27,000,000 gold coin and bullion
previously held as security for currency note issues and which was transferred to
t lie Bank of England on the British Government's decision to return to gold standard.
b Beginning with the statement for April 29 1925, includes £27,000,000 of Bank
of England notes Issued in return for the same amount of gold coin and bullion
held up to that time in redemption account of currency note Issue.
According to the weekly statement of the Bank of
France, a further large expansion occurred in notes
in circulation this week, namely 897,757,000 francs.
The total outstanding is thus brought up to the new
high level of 45,333,812,25 .: ancs.
he p v ous
AUG. 8 1925.]
THE CHRONICLE
high record was 44,532,375,250 francs, reached July
16. Last year at this time notes in circulation
amounted to 40,571,700,005 francs and in 1923 to
37,426,071,090 francs. A further small gain of
18,000 francs was recorded in the Bank's gold item.
Total gold holdings, therefore, now aggregate 5,546,931,450 francs, comparing with 5,543,589,138 francs
for the corresponding date last year and with 5,537,892,683 francs the year before; of the foregoing
amounts 1,864,320,907 were held abroad in both
1925 and 1924 and 1,864,344,927 francs in 1923.
'During the week bills discounted were diminished
458,047,000 francs and Treasury deposits fell off
46,830,000 francs. On the other hand silver was
increased 28,000 francs, advances increased 22,674,000 francs and general deposits rose 151,544,000
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.
Aug.6 1925. Aug. 7 1924. Aug.9 1923.
Francs.
Francs.
Gold Holdings—
Francs.
Francs.
Inc.
18,000 3,882,610,543 3.879,288,230 3,673,547,755
In France
Unchanged
Abroad
1,864,320,907 1,864,320,907 1,864,344,927
Inc.
18,000 5,548,931,450 5,543,589,138 5,537,892,683
Total
Inc.
28,000
312,221,141
300,280,432
Silver
294.073,814
discounted...Deo. 458,047,000 3,180.847,798 3,582,888,578 2,470,254,859
Bills
Inc. 22,874,000 2,928,521,185 2,800.788.895 2,184,039,137
Advances
Note cIrculatlon Inc. 837,757,000 45,333,812,250 40,571,700,005 37,428,071,090
Treasury deposits-Dec. 46,830,000
12,018,183
12,524,463
18,971,469
General deposIta—Inc. 151,544,000 2,603,888,313 2,158,785,337 2.011,125,234
The weekly statement of the Imperial Bank of
Germany,issued as of July 31, reflected preparations
to meet month-end settlements and indicated an expansion in note circulation of no less than 329,453,000 marks, which compares with declines recorded
for the three preceding weeks. As against this, however, contraction was accomplished in other maturing obligations of 179,129,000 marks, in loans from
the Rentenbank of 154,000 marks, and in other liabilities of 58,700,000 marks. Moreover, the Bank
reported gratifying gains in its assets, comprising
301,669,000 marks in bills of exchange and checks,
-while advances increased 38,668,000 marks. Reserve
in foreign currencies expanded 378,000 marks, although silver and other coins declined 4,964,000
marks. Notes on other banks fell 23,547,000 marks
and other assets were reduced 221,943,000 marks.
Investments increased slightly, 74,000 marks. There
was a further addition to gold and bullion of 1,135,000 marks. Total gold, therefore, now is 1,104,136,000 marks. Outstanding note circulation amounts
to 2,530,329,000 marks.
A substantial loss in gold reserves, combined with
exceptionally large additions to rediscounting operations were the features of the Federal Reserve Bank
statements issued on Thursday afternoon. The report of the System showed that gold reserves had
fallen off $13,000,000. Rediscounts of Government
secured paper expanded $55,000,000 and other bills
$20,400,000; the net result was a gain in total bills
discounted of $75,400,000, to $543,837,000, as compared with $273,638,000 at this time last year. Holdings of bills bought in the open market increased
$1,500,000. Material additions were recorded in
total earning assets and deposits, $80,300,000 and
$65,400,000, respectively. Federal Reserve notes in
actual circulation increased $7,000,000 and member
bank reserve accounts were $59,000,000 larger. Very
similar conditions were indicated by the statement
631
of the New York Reserve Bank, which reported a
loss in gold of $38,000,000, mainly through its operations with the Gold Settlement Fund, while rediscounts of all classes of paper expanded $70,000,000, and now aggregate $180,670,000, in comparison
with $31,720,000 a year ago. Open market purchases expanded slightly, $900,000. In total earning assets an increase of $72,500,000 was shown and
$32,100,000 in deposits. An increase in the amount
of Federal Reserve notes in actual circulation of
$4,200,000 occurred, while member bank reserve accounts expanded $30,200,000. In both local and national statements, declines in gold holdings and
larger deposits served to lower reserve ratios. For
the System as a whole there was a decline of 2%, to
75.3%, while at New York the ratio dropped to
79.5%,6% off.
Last Saturday's statement of New York Clearing
House banks and trust companies was featured by a
heavy reduction in surplus reserves, amounting to
more than $56,000,000, probably the result of shifting of funds to meet Aug. 1 disbursements. Loans
expanded no less than $63,341,000. Demand deposits
increased $64,050,000, to $4,432,589,000, which is
exclusive of $7,533,000 in Government deposits.
Time deposits aggregate $574,036,000, a gain for the
week of $2,213,000. A reduction of $1,854,000 was
shown in cash in own vaults of members of the Federal Reserve.Bank, to $41,607,000. This, however,
is not counted as reserve. State bank and trust company reserves in own vaults were reduced $131,000,
but reserves kept by these institutions in other depositories gained $680,000. Member banks drew
down heavily their reserves at the Reserve institution—$48,862,000, and this, coupled with the additions to deposits, was the means of reducing surplus
reserve $56,798,210, leaving an excess reserve of only
$5,046,970, as compared with $61,845,180 a week
ago. The above figures for surplus reserve are based
on legal reserves of 13%, against demand deposits
for member banks of the Federal Reserve System,
but not including cash in vaults to the amount of
*41,607,000 held by these member banks on Saturday
last.
The local money market was devoid of sensational
features. 'While firmness prevailed, the range of
quotations was not wide. For several days the tendency was upward during each business session.
Within that period, however, the renewal rate was
41 % and the afternoon and closing quotation 41 2%.
4
/
Quotations for time money remained practically
unchanged and the demand was not especially active.
The degree of firmness that was noted in both departments of the money market was attributed
largely to expansion in general business rather than
to increased activity in security operations. Trading in stocks continued on a good-sized scale, but
transactions in bonds already on the market were
not large, relatively, while the offerings of new issues slackened somewhat. Trustworthy reports relative to the steel industry show that ingot production
is increasing. For the United States Steel Corporation it is now practically at 70% of capacity, a gain
of 2% for the week, and up from 61% a month ago.
For still another week the aggregate car loadings of
the railroads of the United States were well in excess of 1,000,000, and 18,633 cars above the preceding week. For both of these periods the increase
632
[Vol, 121.
THE CHRONICLE
was chiefly in coal, because of the threatening labor
situation in the anthracite industry. The movement
of other important commodities is holding up well,
however. The carrying of this year's crops will
swell the volume of traffic and is expected to have
some effect on the money market. The reduction in
/
the Bank of England discount rate from 5 to 41 2%
came as a surprise. No change was made in the rediscount rate of the New York Federal Reserve Bank
from 31 2%. None is looked for soon, now the
/
Bank of England rate has been reduced. It is expected that the tendency of funds will be from the
British capital to New York. On Thursday the Government withdrew $2,872,000 from depositories in
this Federal Reserve district.
Dealing .with specific rates for money, loans on
call this week ranged between 4Yi. and 432%,although
during the greater part of the time quotations were
practically motionless. For the first half of the
week—that is, Monday, Tuesday and Wednesday—
%
the high was 43/2%, the low 43.% with 43.i the
renewal rate. On Thursday and Friday there was
no range at all; a flat rate of 43.% was the only
figure named, being the high, the low, as well as
renewal rate on both days. For fixed date maturities
the trend was upward and toward the close of the
week quotations for sixty and ninety days and four
months were marked up to 43'1.@43/2%, against
, 0,
4@431 7 while five and six months' money advanced
to 43/2@4%%, in comparison with 498@43/2% last
week. Light offerings and a slightly broader inquiry
were held responsible for the firmness, although the
market was inactive and no important trades reported.
Commercial paper, on the other hand, eased off a
trifle and rates went back to 3%@4% for four to
six months' names of choice character and 4@431%
for names not so well known, as against 4@431%
and 43i@432% named at the close of last week.
New England mill paper and the shorter choice
names are being dealt in at 3%%. A good demand
was noted, particularly from country banks.
Banks' and bankers' acceptances were moderately
active. A fair demand was reported from both local
and out-of-town institutions, so that the week's
turnover was larger than for quite some time. The
undertone was firm, but quotations were not changed
from the levels prevailing a week ago. For call loans
against bankers' acceptances the posted rate of the
American Acceptance Council has been advanced
to 3% from 33/2% 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
g%
running 30 days, 31 1% bid and 31/ asked for bills
/
running 60 days, 3%% bid and 331% asked for bills
running 90 days, 33/2% bid and 34% asked for bills
running 120 days and 34% bid and 33/2% asked
for bills running 150 and 180 days. Open market
quotations are as follows:
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
AUGUST 7 1925.
Paper Maturing—
After 90 After 6
bid
Days, but
Within 6 Within 9
Months. Months.
Within
90 Days.
FEDERAL RESERVE
BANK.
Com'rcial Secured
Agric't et by U. S. Bankers' Trade Agricul.* Agricul.
and
and
Livestock Governnet Accep. AccepPaper. Obliga- lances. lances. Livestock Livestock
Paper. Paper.
n.e.s.
lions.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
316
316
334
316
4
4
4
4
4
4
4
316
316
316
354
316
4
4
4
316
316
334
316
4
4
4
4
4
4
316
316
334
316
4
4
4
4
4
4
4
4
4
4
334
4
4
316
316
316
316
4
4
4
4
4
4
4
314
316
334
316
334
4
4
4
4
4
4
4
314
314
355
* Including bankers' acceptances drawn for an agricultural purpose and secured
by warehouse receipts, kc.
Very little in the way of news developed in sterling
exchange this week up till Thursday, when the unexpected lowering in the Bank of England's discount
.
rate caused a small temporary flurry in quotations.
Prior to this development, which was the most important feature of an otherwise dull and uneventful
week, sterling rates remained almost motionless, ruling for several days between 4 851 and 4 859/i for
%
demand, on an exceptionally small volume of transactions. Labor conditions in Great Britain were
uppermost in the minds of the banking fraternity
and continued a depressing influence, since miners
were reported as still dissatisfied, while on the other
hand fears were expressed that other key industries
of the United Kingdom would be encouraged to make
demands upon the Government for concessions similar to those granted to workers in the coal mines.
Possibility of action of this sort led to some criticism
of the method adopted by the authorities to avert
the strike, and the result was a general feeling of uneasiness and nervousness. In a word, the market
waited upon labor developments and trading was at
a minimum. Still another factor calculated to restrict operations is the approach of the season when
cotton and grain bills should normally make their
appearance. Financial interests look for inauguration of the movement in about three weeks, though
in many quarters it is thought that pressure from this
source will not be as heavy as last year, partly owing
to the counteracting influence of firm money rates in
London, which is still having the effect of drawing
capital to that centre, and partly to greatly improved
crop prospects in Europe, which will do away with
the necessity of considerable wheat imports this winter. In the latter part of the week announcement of
the reduction in the Bank of England rate momentarily distracted attention from other matters and operators began to wonder whether this would lead to a
break in price levels, especially coming as it did just
after a period of financial strain incidental to the
month-end settlements. The first effect was a fairly
large outpouring of offerings, which forced the rate
down a fraction to 4 85 3-16, but as there were quickly
absorbed, the market rallied very soon and then relapsed into dulness. After the first shock of surprise
SPOT DELIVERY.
had subsided, dealers began to take a more favorable
30 Days.
60 Days.
90 Days.
31603
31“4316
view of the change and it was intimated that a reducPrime eligible bills
316@e316
FOR DELIVERY WITHIN THIRTY DAYS.
tion of only % of 1% would not be sufficient to cause
316 bid
Eligible member banks
336 bid a withdrawal of American capital from London. The
Eligible non-member banks
British Bank rate is still 1% over the New York
There have been no changes this week in Federal Federal Reserve Bank rate; therefore no marked
Reserve Bank rates. The following is the schedule change in underlying conditions is looked for. Some
of rates now in effect for the various classes of paper of the more optimistically inclined expressed the
opinion that easier money in Great Britain should
at the different Reserve banks:
AUG..8 1925.]
THE CHRONICLE
act as a stimulant to business activity and thus tend
to strengthen confidence in the outlook.
As to quotations in greater detail, sterling exchange
on Saturday last was quiet but still unchanged, and
demand again ranged at 4 853'@4 8534, cable
transfers at 4 85%@4 853 and sixty days at 4 82®
4
4 823/ On Monday trading continued much re8
.
stricted, owing to the Bank holiday, but the undertone was firm and rates were a trifle higher,at4853-16
@4 853 for demand, 4 85 11-16@4 85% for cable
%
transfers and 4 82 1-16@4 8234 for sixty days.
Price levels were maintained .on light trading on
Tuesday; demand sold at 4 853@4 85%,cable-transfers at 4 853%@4 85% and sixty days at 4 823/g®
4 8234. Wednesday's market was dull and uneventful, and quotations were not changed from 4 8534@
4 85% for demand, 4 85%@4 85% for cable transfers and 4 821 s@4 8234 for sixty days. Announce/
ment of a % of 1% reduction in the Bank of England
discount rate on Thursday had only a trifling influence on sterling values. For a time increased offerings induced a fractional decline, but later on the loss
was regained and demand ranged between 4 85 3-16@
4 85 7-16, cable transfers 4 85 9-16@4 85 13-16, and
sixty days 4 81 15-16@4 82 3-16. Friday a steadier
tone was noted and prices were a shade firmer, at
4 85 5-16@4 85 7-16 for demand, 4 85 11-16@
4 85 13-16 for cable transfers and 4 82 1-16@
4 82 3-16 for sixty days. Closing quotations were
4 823/i for demand, 4 853 for sixty days, and
%
4 853 for cable transfers. Commercial sight bills
4
finished at 4 8534, sixty days at 4 81%, ninety
days at 4 79 8, documents for payment (sixty days)
at 4 81%, and seven-day grain bills at 4 84 9-16.
Cotton and grain for payment closed at 4 853.
No gold engagements were negotiated this week.
either for export or import. The Bank of England
continues to report small purchases and sales of the
precious metal. It is understood that the Bank of
France has arranged to ship $6,000,000 French gold
to the Federal Reserve Bank as part payment of
semi-annual interest falling due Aug. 1 on France's
debt for war supplies from the United States.
As to Continental exchange, trading was featured
chiefly by a repetition of the spectacular movements
in Danish and Norwegian currencies that have figured
so prominently in dealings the past two weeks. French
francs covered a range of only about 7 points, moving
between 4.7334 aid 4.663 , on narrow, irregular
4
trading operations. Fears of another unfavorable
Bank of France statement, owing to the heavy
strain of meeting Aug. 1 payments, exerted a depressing effect on francs, while announcement' that
$6,000,000 French gold was to be shipped to New
York was not liked. Although M. Caillaux's financial program is said to be progressing fairly well,
it is clearly understood that France has still a
long way to go before financial stability is achieved.
Approach of the close of the tourist season was
also responsible for a diminution in the inquiry
for franc exchange. All told, the week was not favorable to the franc, although the decline was small.
Italian lire also displayed a tendency to sag and after
opening at3.66, receded to 3.56%, mainly as a result of
falling off in tourist requirements and increased offerings incidental to seasonal commodity imports.
Belgian francs, which in the first week of July were
almost parallel to Paris checks, were heavy, and the
spread between them and French francs increased
633
from 13 to 20 points, the quotation having declined
to 4.46, a drop for the week of 14 points. Bankers in
close touch with Belgian affairs reported a movement
of capital from the country of sizable proportions.
German and Austrian exchange remain stationary, at
the old _levels. Greek drachmae ruled dull and weak.
In the minor European currencies no changes of
importance were noted. The Polish zloty appears to
have resumed its habitual quiet, only one change being recorded-an advance of 25 points to 19.00,
followed almost immediately by a recession that
carried the quotation back to 18.75.
The London check rate on Paris finished at 103.35,
against 102.45 a week ago. In New York sight bills
on the French centre closed at 4.67, against 4.7332
cable transfers at 4.68, against 4.743/2; commercial
2
sight at 4.66, against 4.723/, and commercial sixty
2
days at 4.613/, against 4.6734 last week. Closing
rates on Antwerp francs were 4.49 for checks and
4.50 for cable transfers, which compares with 4.593/2
and 4.603/2 a week earlier. Reichsmarks have not
been changed from 23.803/i for checks and cable
transfers. Austrian kronen continue to be quoted
/
at 0.00141g. Lire finished the week at 3.563 for
4
3
bankers' sight bills and at 3.57% for cable transfers.
Last week the close was 3.6634 and 3.6734. Exchange on Czechoslovakia closed at 2.9634, against
%
2.961 ;on Poland at 18.75, against 18.50; on Bucharest at 0.513/2, against 0.513%, and on Finland at 2.53
(unchanged). Greek exchange finished at 1.5434
for checks and at 1.543% for cable remittances, as
contrasted with 1.55 and 1.553/ the preceding
2
week.
The week's trading in the neutral exchanges, formerly so called, was again marked by sensational
strength in the Scandinavian currencies. Following
a partial setback at the close of last week, due to
profit-taking, Danish kronen once more shot up to
new heights and after opening at 22.40 rose to 23.01,
although the close was under this figure. Norwegian
krone moved similarly and scored an advance of
18.54, which is 48 points above the opening level.
Renewed buying on a large scale and from a variety
of sources was held responsible for the strength.
While some of this was said to be speculative, the
greater part was claimed to be for account of the best
interests in the trade and to represent continued transference of funds from other countries to Denmark and
Norway for safekeeping. Swedish exchange was
stable and not changed. Guilders were firm but inactive, with the quotation slightly above the levels
of a week ago. Swiss francs were neglected and remained around 19.41. Spanish pesetas were dull and
weak, the quotation ruling at a point or two under
the low levels established a week ago.
Bankers' sight on Amsterdam finished at 40 173/2,
.
2
against 40.123/, cable transfers at 40.193/2, against
40.14%; commercial sight bills at 40.093/, against
2
40.043/,and commercial sixty days at 39.7332 against
2
,
39.683/2 last week. Swiss francs closed at 19.4134 for
bankers'sight bills and at 19.4234 for cable transfers,
in comparison with 19.413/ and 19.423/ the week
2
preceding. Copenhagen checks finished at 22.72 and
cable transfers at 22.76, against 22.05 and 22.09.
Checks on Sweden closed at 26.84 and cable transfers
at 26.88, against 26.85 and 26.89, while checks on
Norway finished at 18.37 and cable transfers at 18.41,
against 18.06 and 18.12 a week earlier. Spanish
pesetas finished at 14.41 for checks and at 14.13 for
[VOL 121.
THE CHRONICLE
634
cable remittances. This compares with 14.44 and
14.46 last week.
With regard to South American exchange, very
little change is to be noted. Argentine exchange
showed a firmer tendency and closed at 40.48 for
checks and at 40.53 for cable transfers, as against
40.33 and 40.38 last week, but Brazilian milreis, after
ruling around 11.93 most of the week, declined and
finished at 11.90 for checks and at 11.95 for cable
transfers, against 11.96 and 12.01 a week ago. Chilean exchange was firm and closed at 11.84, against
11.81. Peru turned weak and dropped to 3 89,
against 4 03 last week.
Far Eastern exchange was fairly stable at close to
last week's levels, notwithstanding silver price
changes and political unsettlement in China and
Japan. Hong Kong finished at 57/@57%,against
3
57(4)573.; Shanghai at 77@78, against 773/g; Yoko/
hama at 4138@41% (unchanged); Manila at 49%@
49% (unchanged); Singapore at 5734@573/2, against
573'@
,579"s; Bombay, 373'@)374,against 37@373,
3
and Calcutta, 37(4)3731 (unchanged).
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES •CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
AUG. 1 1925 TO AUG. 7 1925. INCLUSIVE.
Noon Buying Rate for Cable Transfers in New York
Value in United States Mona
country and Monetary
Unit.
Aug. 1.
Aug. 3.
Aug. 4.
Aug. 5.
Aug. 6.
Aug. 7.
$
EUROPE.14053
Austria,schilling
Belgium, franc
.0461
Bulgaria, ley
007319
Czechoslovakia, krone .029624
.2230
Denmark, krone
England, pound ster4 8568
ling
025210
Finland, markka
.0474
France,franc
Germany, reichsmark .2380
015635
Greece, drachma
.4014
Holland, guilder
.000014
Hungary. krone
.0366
Italy, lira
.1816
Norway. krone
.1890
Poland. zloty
.0515
portugal, escudo
005130
Rumania,leu
.1446
Spain. peseta
2687
Sweden. krona
Switzerland, franc___ .1942
Yugoslavia, dinar__ .018135
ASIAChina.7925
Chefoo, tail
.7834
Hankow.tadl
.7696
Shanghai, tadl
.8054
Tientsin, tadl
Hong Kong, dollar_ .5675
.5629
Mexican dollar._
Tientsin or PelYalig.
.5625
dollar
.5729
Yuan, dollar
.3665
India. rupee
.4120
Japan, yen
Bingspore(0.13.), dollar .5663
NORTH AMER.1.000583
Canada, dollar
.998646
Cuba, peso
.496667
Mexico, peso
Newfoundland, dollar .998031
SOUTH AMER.Argentina, peso (gold) .9165
.1182
Brazil, milrets
Chile, peso (paper).- .1184
9976
Uruguay, peso
$
.14063
.0461
.007322
.029618
.2252
$
.14074
.0457
.007361
.029627
.2284
$
.14049
.0451
.007359
.029626
.2284
$
.14051
.0450
.007358
.029624
.2278
$
.14048
.0453
.007357
.029620
.2275
4.8573
4.8570
4.8577
4.8575
4.8559
.025254 .025229 .025213 .025223 .025223
.0474
.0474
.0470
.470
.470
.2380
.2380
.2380
.2380
.2380
.015634 .015725 .015566 .015560 .015475
.4019
.4019
.4016
.4019
.4019
.000014 .000014 000014 .000014 .000014
.0366
.0366
.0364
.0363
.0363
.1823
.1845
.1849
.1846
.1841
.1875
.1866
.1874
.1868
.1878
.0513
.0513
.0515
.0517
.0516
.005145 .005226 .005208 .005133 .005153
.1442
.1446
.1446
.1446
.1444
.2688
.2688
.2688
.2688
.2688
.1942
.1942
.1942
.1942
.1942
.018113 .018123 .018079 .017990 .017948
.7942
.7822
.7693
.8054
.5673
.5642
.7942
.7834
.7693
.8054
.5677
.5627
.7925
.7822
.7685
.8038
.5668
.5627
.7925
.7822
.7684
.08046
.5669
.5622
.7938
.7822
.7689
.8050
.5673
.5627
.5625
.5733
.3666
.4124
.5663
.5629
.5738
.3662
.4129
.5663
.5617
.5725
.3665
.4133
.5666
.5817
.5725
.3665
.4133
.5681
.5625
.5733
.3664
.4122
.5667
•
1.000753 1.000479 1.000292 1.000234 1.000156
.999063 .999193 .998438 .998646 .998542
.497000 .496833 .496500 .496433 .496233
.997695 .998250 .998000 .997250 .997500
.9162
.1180
.1179
.9988
.9167
.1179
.1182
.9972
.9174
.1176
.1181
.9950
.9179
.1175
.1181
.9920
.9186
1.179
.1180
.9950
•One schillIng is equivalent to 10.000 paper crowns.
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $4,116,565 net in cash as a result of the currency movements for the week ended Aug. 6.
Their receipts from the interior have aggregated
0,029,165, while the shipments have reached $912,600, as per the following table:
NEW YORK BANKING
CURRENCY RECEIPTS AND SHIPMENTS BY
INSTITUTIONS.
Week Ended Aug. 7.
Banks'interior movement
• Into
Banks.
$6 029.165
OW of
Banks.
Gain or Loss
to Banks.
8912.600 Gain 84,116 565
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. ,The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday.
Aug. 1.
Monday, 1Tuesday, Wednesd'y, Thursday,
Aug. 3.
Aug. 4.
Aug. 5.
Aug. 6.
Friday,
Aug. 7.
Aggregate
for Week.
$
I
$
$
3
68.000.000 99.000.000 69.000,000 62.000.000 80.000.000 79,000.000 Or 457,000,000
.
Note.
-The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve Systems' par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
House Institutions, as only the items payable in New York City are represented In
the daily balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
Aug.6 1925.
Banks of'
Gold.
England _ 164,500,152
France a_ _ 147,304.422
Germany c 49,045,000
Aus.-Hun _ b2,000,000
Spain
101,465,000
Italy
35,587,000
Netherl'ds. 34,950,000
Nat. 13eig _ 10,891,000
SY/Its-land. 20,320,000
Sweden__ _ 12,993,000
Denmark _ 11,636,000
Norway -- 8,180.000
Silver,
I
1 1
Aug. 7 1924.
Total.
I
Gold.
Silver.
Total.
£
£
1
2
164.500,152 128.307.587
128,307,587
12,480,000159.784.422147,169,589 12,000,000159,169,589
d994,600 50,039,600 24,216,100 1,436,550 25,652,650
b
I b2,000.0001 b2,000,000
b
132,000,000
26,291,000 127,756,000 101,381,000 26,428,000127,808,000
3.339,000, 38,926,000 35,449,000 3,415,000 38,864,000
1,879,000 36,829,000 44,300,000
907,000 45,207,000
3,281,0001 14,172,000 10.819,000 2,644,000 13,463,000
3,566,000 23,886,000 20,232,000 3,946,000 24,178,000
12,993.000 13,845,000
13,845,000
1,140,000 12,776,000 11.642.00
975,0
12,617,000
8,180.000 8,182,00
8,182.000
1
Total week 598.871.574 52,970,600651,842,174547,543,278 51,750,550 599,293,826
Prey. week598.067.240 52.915,600 648,982.840 546,785,87 5i,504.0001598,290,273
a Gold holdings of the Bank of France this year are exclusive of £74,572,836 held
abroad. b No recent figures. c Gold holdings of the Bank of Germany this Year
are exclusive of £6,160,000 held abroad. d As of Oct. 7 1924.
Governments and Strikes.
England, dealing out doles to the unemployed;
shivering now and again in dread of a labor strike;
and its Prime Minister holding parleys with mine
owners and miners, and finally agreeing to pay a
subvention to the mine owners until next spring
estimated to cost £10,000,000 in order to gain time;
is this the same England that fought the Boer War
and the World War,and now sends her young Crown
Prince on his famous colonial tours with gloved glad
hand not entirely concealing the mailed fist? But
for that matter, we have a threatened coal strike at
home, though the Government so far has not appeared as a go-between to try to harmonize! In many
places and in many ways Government is changing
the very elements and purposes of its being. It is
fast becoming a commercial and industrial arbitrator. Is this its province? How does it govern a
whole people when it enters into disputes between industrial factors? Are the organized workers in a
single occupation or business stronger than an organized people? How long can these minorities continue to take their troubles to the Government for
the adjustment of disputes as to wages and working
conditions and the liberties and protection of all
the citizens remain? Is nationalization the end?
We talk of Socialism as a system, to be feared, it is
true, that may come about by peaceful constitutional methods. But what is this hybrid formed by
the entrance of Government into contractual relations of independent industrial parts?
What is the clear meaning of "protection" to the
citizen in our own form of Government? "Life, liberty, and the pursuit of happiness," our emblazoned
motto, is not a cabalistic utterance to be interpreted
in the light of opportunism. What has Government
to do with the mining of coal and the profits of operators, the wages of miners more than with the
AUG. 8 1925.]
TILE CHRONICLE
heating of a million homes? This "third party in
interest" we talk about, what is it, how constituted,
how recognized in and under our constitutional
guarantees? If a frenzied mob undertakes the wanton destruction of property we acknowledge the
right and duty of the local police power to put it
down. If men conspire to steal and rob in the dead
of night, the "protection" accorded alike to all citizens is invoked in behalf of those threatened. But
neither the people as a whole nor the Government as
a whole becomes a party to parleys between the robbers and the robbed. This idea of intervention in
industrial disputes, as in the case of threatened
mine strikes, because, forsooth, large numbers of
our citizens burn coal and suffer when they cannot
buy it or its normal price is enhanced, is a form of
"protection," so-called, born of modern conditions
and theories and is not contemplated in our fundamental law. If Government by intervention and
negotiation is in duty bound to obviate one strike it
is in duty bound to obviate all strikes, large and
small; and to interpret by its presence all contracts
between free citizens before they reach the courts!
This "third party in interest" in fact is greatly
overrated, for in no industrial dispute between owners and workers are all the people either directly or
indirectly affected by the immediate issue and outcome. "Protection" of all the people cannot come in
this way. The only protection contemplated, the
only protection that can be afforded, is in the right
to pursue a lawful occupation either as a personal
or a business right. Given this protection and there
need be nothing more; and in its last analysis it is
the protection afforded by the police power of Government. If men gather together by peaceful means
or otherwise to interfere with the lawful continuance
and operation of a business, large or small, necessary or not, it constitutes a conspiracy against a
fundamental right and demands the only protection
the Government can afford pending the settlement
and interpretation of courts—the police power. The
right to be protected (and a right which violated
does have lateral interest to the people collectively)
is the right to do business, to continue a business
once it is founded; and not the right to buy coal, at
any price. If the public cannot get coal it must take
oil or some substitute. The Government is not instituted to see that the people get coal, or for that
matter wood, to burn. Half or all the owners may
'quit, half or all the miners may quit, in an orderly,
considerate way—there is no power in Government
to make either continue.
But once men have built up a business and desire
to continue it they are entitled to Governmental
protection against bands of conspirators who, refusing en bloc to work, would prevent others from working. The great Government of England is temporizing with evil,is compromising with conspirators,when
it intervenes and undertakes to settle strikes. And
so of any Government, regardless of its form. The
province of Government must be closely adhered to
—the police protection of business, of the right of
the individual to work when and where he desires,
the right of men and corporations to carry on business for profit. Must the Government force farmers to plant wheat because the people want bread,
or raise beef because men would eat meat? It has
never been so claimed. But under the urge of making a living, to meet a common demand, wheat is
raised; and in the raising of it conspirators may not
635
lawfully interfere. The line must be drawn somewhere. If our Governments are to continue to bargain with the parties to a contract, if they are to try
to compromise every so-called labor dispute, the
time will come when no business can be conducted
save under the immediate direction and control of
Government. Boards and Commissions having to
do with industry are increasing all the time. But
the national Governments are changing into the
tools of quarreling factors of single industries.
A greater law than that of any Government causes
men to work. They may work or starve. "Thou.
shalt eat thy bread in the sweat of thy brow" is a
divine ordinance. Every man is answerable to this
,
higher law for the conduct of life. And in this law'
exists the duty to mankind. And through it arises
,
the custom of "doing business." And out of it proceeds the elements of civilization and even culture.
The urge is sufficient for every human need. To
live and enjoy life is a natural right. And to live
we work. This life requires the liberty of pursuit
and possession. And this is the life, liberty and happiness Government undertakes to protect. Not the
right to operate a coal mine when it does not pay;
not the right to go on working at an occupation the
wages of which are insufficient to feed a family. Not
the right of a people to burn coal when they might
burn something else. And•it is necessary to make
this distinction. For the very assumption of a duty
to intervene by way of negotiation between operators
and miners, if carried to a logical conclusion, would
set Governmental limits on all business, suppress
initiative, and destroy the liberty to produce and to
choose in occupations. The lives of guilds and
unions are ephemeral, but the life of a Government
is coextensive with that of a people. All the processes of production and the products in kind change
according to circumstances, but Governments abide
either as protectors or as tyrants.
And the very attitude of unions tends to their own
undoing. In every country where they exist they
have forced men by thousands to change their occupation. For one thing the demands of the union are
often inordinate. For another, constant strikes for
higher wages compel the introduction of labor-saving
machinery which does away with the need for human
toil. How can Government ever circumvent this
without taking over industries? How can it take
them over without enslaving employees? Competition, what is it but the surge of effort into profitable
endeavor? And what in the end is profitable endeavor but true co-operation? Monopolies die by
their own hand. Large profits induce large investments. All the time, everywhere, men are striving
by cheapening processes, by the discovery of substitutes, by utilization of waste, by the promotion of
latent resources, to supply the necessities of life
that they may make a profit and in so doing contribute to the general welfare. Take away wages
and profits and what is left as primal factors of control? Governments have naught to do with these
natural conditions of life either as operators, promoters or providers, and by so much as they intervene they become interferences. And by destroying
the natural laws of industry they ultimately destroy
themselves.
The best protection, therefore, to the people at
large is the protection to operate and to work. It is
true that this so-called "third party in interest, thepeople," is inconvenienced by strikes and lockouts
636
THE CHRONICLE
but these will be prevented, for the most part, by a
proper protection of the right and principle to engage in business for a livelihood, in a word, by the
natural law. Strikes without "union" orders resolve themselves into the "turnovert." Lockouts
never occur while profits are sufficient and the liberty to operate is unimpaired. The right to work
and to operate is not the right to strike. There is no
right to strike. A strike is a conspiracy. Thousands
of men left to their own best interests do not quit
work together at a given hour. A conspiracy is a
recognized crime. But admitting that men may quit
and mills may close simultaneously without conspiring—Government has no right to say them nay.
Those who suffer as a consequence have no appeal to
Government; and if they had Government is powerless unless Government takes over the industry and
the life of the worker. Interference thus takes on
the nnture of compromising with crime. But when
under an established industry, which of itself may
change or desist, operators desire to employ nonunion labor they are entitled to police protection.
It is time to readjust our point of view. We are
slipping into the belief that because coal and transportation are necessities and because the people
suffer from the lack of them it is the duty of Government to intervene. The only duty is to "protect"
those who want to operate and want to work. Prices
and wage scales are outside of Governmental prerogative. A suffering people with full liberty to
own, operate and work will not long be without orderly redress. One would imagine that coal and
steam as now constituent parts of all life are to remain so fixed forever. As a matter of fact they are
continually changing, meeting new competition.
Government intervention in "labor disputes" tends
by
to prevent natural advance and in the long run
standardization tends to diminish enfixation and
terprise and decrease the public welfare. Government by mere intervention places itself in the toils
of minorities. Beset from two sides by the demands
of strikers and of blocs and sections for control Government is fast becoming an agency of the disgruntled. Every concession made by Government to this
class is an added weakness. Political control of industry in any form is contrary to constitutional protection of life, liberty and pursuit of happiness.
Courts are provided to construe contracts. Coercion
in any form is abhorrent to freedom.
Some of the White Man's Burdens.
Life is so full of mystery and progress, so full of
eccentricity, that the more we are awake the more
we are filled with wonder. Just now, for instance,
y
France is fighting to hold her colonies. German
Crown Prince is
has none to fight for. An English
touring the world to show to even half-savage tribes
what a benevolent despot his Kingdom is. China is
in revolt at outside interference. Japan is demandpeoples.
ing standing room inside the gates of older
sometimes charged that if the United
And it is
Dutch
States should release the Philippines, the
There is
would be thrown out of the East Indies.
All this
smouldering unrest in India and Egypt.
conquering one.
indicates that the white race is a
Europe this
Yet when the telescope is turned upon
upon ancient
same white race is in constant turmoil
in the
battlegrounds and has recently been involved
may then conclude
most terrible of all wars. We
[Vol, 121.
that it is also a crusading one. if we examine a
little further we will find that this conquering and
crusading spirit sends the white man into remote
places to carry, in missionary spirit, the banner of
religious reform; and a portion of the white race
has recently been engaged in a tremendous war that
political theories of freedom might "save the world
for democracy."
We make no comment upon the right of the most
intelligent race to rule the world. We cannot conceive of the world to which humanity has now attained in the clutch and control of a yellow, or
brown, or black race. But is it the burden of this
great Cause that the white races shall mould all
others now existent to their manners and customs
in life, to their principles of political sovereignty,
and to their social, religious and economic policies,
or views, or beliefs? Is there not concealed in this
call to "leadership" a disguised benevolence that
amounts to intolerance? Is there not herein a basic
assumption of superiority which leads to contest,
conflict, war? Not a few statesmen have envisioned
another "barbarian" invasion of Europe. Marcosson
only the other day in his latest adventure, "Beyond
Panama," says in effect that revolutions in the Central and South American States are due to a lack
of appreciation of the fundamental principles upon
which republics are founded. And, of course, democracy is not safe in a world where ignorance prevails. But can education grow in any soil save
tolerance? There is no doubt that the English conception of national duty is to spread liberal ideas in
the world by territorial dominance. Yet, save for a
small portion, Africa is a new continent, though a
"dark" one. And whether it be because of the "Monroe Doctrine," and despite revolutions, South America in a new world is more free than Africa in an old.
This does not prove, but it suggests, the truth, that
the peaceful penetration of Ideas is more desirable
than the political. And if ideas do permeate the
world of men by their own insistent worth, then is
not a part of the white man's burden lifted? Must
he gird his loins for "leadership"? Must he use an
educational crusading force to lift up the backward
races; must he, even, when pressed by the forces of
barbarism into his present dominions, use military
force to sustain his right to rule? What is it to be
tolerant to disbelief, to be considerate of inferiority,
to be submissive to conditions beyond control? Nationalism is a political reagent, if it is anything.
And internationalism in its true spirit spreads itself
as naturally as light. It is not a product of combined
territorial activities—a result of political leagues
for the exercise of force by compacts or wars. And
when a cry arises against so-called isolation, is it not
a mere whipping of the wind? There is no such
thing as isolation when a people is alive and industrious. Not only is commerce a natural result of
man's necessary effort to sustain life, not only does
the thing carry the thought, but the mere contact of
races, ideas, and ideals, is a peaceful enlightenment
that must in time penetrate all darkness and diffuse
all light. So that a people striving in its own way
toward its own aims cannot fail to influence all
others for the common-world good.
We can bring these thoughts nearer home into our
own social and religious and political atmosphere
to advantage. We may put it this way: If an idea
or a principle cannot make its way in the consciousness of men on its merits, why seek by constant agita-
AUG. 8 1925.]
THE CHRONICLE
637
tion to force it upon others. We cannot any more contents. There would still be as many worlds as
escape from the law of individualism than we can there are peoples. And these super-plans for buildjump out of our skins. Every man lives alone, and ing amity and peace are seriously proposed before
dies alone. Character is personal. Duty is out of a Governments have developed into the best form, besingle mind,a single heart. The only means of unity fore continents are fully occupied, before war has
is by the slow erosion not of individuality, but of been banished from the national or racial consciouseccentricity. If one stands where the crowd is end- ness. It is proposed to teach children what the
lessly passing he must be struck by the prevalence "best minds" everywhere think they know but have
of dissimiliarity. The inner nature must be as di- not yet learned. Not that universal education is not
verse as the outer. Thousands of years must elapse to be welcomed as fast as it can come, but that the
before any of our social or political nostrums can R's of a lowlier knowledge nearer at home will give
"standardize" these figures passing like phantoms every people enough to do for decades to come.
through the transitoriness of life. In fact, they
In the realm of thrilling ideas and blazing ideals
never will be alike. And yet how much in the realm many would be big-game hunters and stock our special
of human thought these human figures have in corn- museums with rare specimens of their own capture.
mon! Despite all their faults and selfishness, what Dead or alive, these serve to enhance the fame of the
kindness, respect, and good-will they show to each discoverer. We establish a League of Nations and
other! Each is an unconscious teacher of the other. a World Court but refuse to surrender our tariff and
All are students seeking knowledge of life. And not immigration laws, holding these to be as sacred as
more certainly does electricity travel through all our honor and as indestructible as our sovereignty.
things than the influences of these lives cross each This proposed universal blending process through
other and commingle. Forcing others to think as you the broadcasting of "planetary consciousness" and
do by insistence upon principles, theories, ideas, has the dissipation of national "solidarity" by means of
an opposite effect.
education in the primary grades might have a hard
One may ask here why, then, do we talk so much time explaining why goods must pay toll at every
and write so much? A natural self-expression, a de- port, and free men must have a passport at the will
sire to spread knowledge and truth for its own sake, of every small State before they are free to travel or
is not crusading. Liberty is not for one, but for settle abroad. But it is a "grand and glorious idea,"
all. Perhaps we do, as a people, talk and write too nevertheless! We come, then, to this—that we are
much. But if we stop short of evoking the law to forever planning some master-way in which to make
impale our ideas on others, if we have a little of the men perfect, forgetting to perfect ourselves as indiquality of humility that respects another's opinion, viduals and peoples. And having evolved the masterhowever antagonistic, there is no harm done, or at plan, we attempt to organize a means for its accomleast not much. Words, it is true, are too often idle plishment by the use of Governmental force, either
things. We waste a large part of life saying nothing. political or military. And inside our Governmental
Yet taciturnity is not a component of good-will. or racial environment we are forever arguing that
That must have voice, though it carries no weighty this or that plan is the only one and must be accepted
thought. But we are forever arguing, quarreling, by all. We refuse to be tolerant. We do not believe
warring. And whether it be nation or individual, in the peaceful penetration of the ideas and ideals
we can "have our say," and letting it go at that we we conjure up. It is said of woman that convinced
will not cabin or control any man. It may be stated against her will she is of the same opinion still.
as a fact no one can dispute: You cannot make a Perhaps the same psychology applies to man. At
man think your way by any device. Mysterious as any rate, laws are difficult of enforcement unless
are the processes of thought, they are individual, preponderantly accepted. And free thought is beMob psychology is invoked to explain many things, yond political legislative control.
reiteration is like the dropping that wears away the
In the United States we seem to have turned our
stone, perhaps there is thought transference on a backs upon the petty efforts of our pioneers to demass scale, but no truth lives that men do not ac- velop a continent and build a nation, for some heroic
cept voluntarily and by the light of their own reason. enterprise worthy of our higher education and peWe are unwilling to make haste slowly. The tele- culiar genius. We are in revolt. It is not that,
graph and radio bring the world to our doors. War where, in former times some good old grandmother
sent us upon an errand of succor, upon a crusade for smoked a pipe, now seventeen flappers smoke cigarfreedom. But the world is actually far away from ettes, it is the contempt for the homely qualities of
our daily paths and Governments have multiplied, the former who knew how to manipulate the spin
Now,there is talk of universal education, of uniform ning wheel and carding machine. Who would go
primary text books for all peoples that there may back to that trivial employment in this machine age?
come about "international mindedness" and a A writer tells of binding wheat by hand on the prai"planetary consciousness"—so, at least, the World ries of Iowa in his boyhood and of the revolution
Federation of Education Associations, sitting in the twine-binder made. But incidentally, he tells of
Edinburgh, has just suggested. But the world we how in those early Middle West days they used to
know begins in a neighbor's backyard and, as some- "spell" each other at the hard work on the farm.
one has said, the fate of nations hangs upon conver- Somehow, this quality of industry and helpfulness
sations over the backyard fence. The trouble is we does not accompany us in full into this machineconstantly measure this vaunted internationalism by made civilization with its dream of world-culture.
our own national tape-line, when we do not let our We are very busy with our profits and pleasures,
imaginations run riot in dream-ideals. We cannot and we really have no time for these personal equasee this world of political, social, economic and corn- tions. It is so much better, so much easier, so much
mercial perplexities in our national youth by means more effective, to organize our helpfulness on a
of elementary teaching. Suppose man had these grand scale. We like the very sound of "internatext books, he has not racial capacity to absorb their tional-mindedness" and "planetary consciousness."
638
THE CHRONTCLE
We may forget to pay our grocery bill, but how we
do love the people of Mars! We are nothing if not
large. With a consciousness swelled to planetary
proportions we look upon the infantile paralysis of
nations and peoples as a childhood disease we shall
at once eliminate by relinquishing our "solidarity."
And this may be true—at least it is one way of dying that others may live. Yet we quarrel over prohibition in school and out of it, though we have set
"world-leadership" as the mark of our new high
calling.
[VOL 121.
lations was further to be "held to be a dispute of an
international character under Article 14 of the Covenant," and to be subject, at the demand of the party
opposed to Poland, to reference to the Permanent
Court of International Justice, whose decision was
to be final.
As a consequence of the plebiscite held in Upper
Silesia in 1921, under the direction of the League, a
considerable number of Germans elected to resume
German citizenship. As the Permanent Court of International Justice did not hold its first session until
June 1922, the expulsion of the Germans which the
Racial Minorities Under the Peace Treaties—
Polish Government desired was delayed, but in SepThe Polish and German Deportations.
tember 1923, in an advisory opinion, the Court supThe spectacle of thousands of men, women and ported the Polish contention. In an agreement bechildren being "driven like cattle," as a correspond- tween Germany and Poland, concluded at Vienna in
ent of the New York "Times" describes it, across the August 1924, Poland declined to relinquish its right
Polish-German frontier, and "penned up in rude, to expel the German nationals, and Aug. 1 1925 was
filthy barracks" until such time as the German Gov- fixed as the date by which they must leave.
ernment shall be able to make better provision for In the course of the past few days some 20,000 Gerthem, has called attention vividly during the past mans are reported to have been herded at Schneideweek to the possibilities of racial and national irri- muhl, a former prison camp near the Polish border,
tation, and in this case of positive inhumanity, which and the deportation from Germany of an equal numstill lurk in the Paris peace treaties. The Treaty of ber of Poles, most of them miners and mill workers
Versailles, in assigning to the new Poland a consider- in the Ruhr, has begun in retaliation.
As was perhaps to be expected, each Government
able portion of the German province of Upper Siksia, provided that within two years after the treaty blames the other for the deportations and for the
should go into effect "German nationals over 18 misery which has accompanied them. The Polish
years of age habitually resident in any of the terri- Government, relying upon the advisory opinion of
tories recognized as forming part of Poland shall be the World Court, claims to have acted within its
entitled to opt for German nationality," and that right under the treaties, and to have given sufficient
"Poles who are German nationals over 18 years of notice of its intention to enable the German populaage and habitually resident in Germany shall have tion in Poland to withdraw without being forced to
a similar right to opt for Polish nationality." When go. The German Government, on the other hand,
the right of option should have been exercised, the while not denying the right of the Polish Government
persons who had made their choice might, within to act, appears to have thought that the policy of fortwelve months, transfer their place of residence to cible expulsion would not in fact be carried out, at
the State whose allegiance they had elected to accept, least in a harsh or ruthless way, and on that account
retaining in full right their real or immovable prop- seems to have made no preparations to receive the
erty, but with the privilege of carrying with them, refugees until the pitiable stream began actually to
without customs duties or charges of any kind, such flow. It is of course to be remembered, by way of
contrasting the refugees of the two nationalities,
personal or movable property as they possessed.
The treaty provisions just quoted, it will be ob- that large numbers of the Germans who have been
served, did not make it obligatory upon German or driven from Poland were born there during
Polish nationals concerned to change their residence the former German rule, passed their lives there, and
from one State to the other because of their choice had acquired property, built up businesses, and conof a new allegiance. The language of the treaty at tributed to the economic development of the country,
this point is permissive, not mandatory; the choice while the Poles in Ruhr, many of whom appear to
of allegiance must be made, but residence may be have voted to retain Polish nationality in 1920, are
transferred. In the treaty between the Principal for the most part of Polish birth who have entered
Allied and Associated Powers and Poland, however, Germany since the war in search of employment; but
signed on the same day as the Treaty of Versailles while the property loss may be greater in the one
and dealing particularly with the treatment of ra- case than in the other, the personal inconvenience
cial or religious minorities by the new Polish State, and wretchedness affect all alike.
Whatever the legal merits of the question, the
a different language was employed. Article III of
the Polish minorities treaty, after recognizing the spectacle which has been presented is shocking. The
obligatory option for which the Treaty of Versailles transfer of large populations from one allegiance to
provided, declares that persons who have exercised another without consulting them has been, unforthe option "must, except where it is otherwise pro- tunately, an all too common incident of wars of
vided in the treaty of peace with Germany, transfer conquest. Historic Poland itself has been three
within the succeeding twelve months their place of times partitioned, Alsace-Lorraine has passed from
residence to the State for which they have opted." France to Germany and from Germany to France,
What was permissive in the Treaty of Versailles, in and a part of the present population of Italy was for
other words, became mandatory in the minorities many years under the rule of Austria-Hungary. The
treaty of the same date. The latter treaty further political status of the Saar Valley and its inhabitprovided that the stipulations relating to minorities ants is to he determined by a plebiscite in 1934.
were to be recognized by Poland as constituting "ob- With the exception of the recent expulsion of Greeks
ligations of international concern," and as such to from Turkey and of Turks from Greece, the changes
be "placed under the guarantee of the League of Na- of political control which have been so numerous in
tions." Any dispute arising in regard to the stipu- Europe have rarely involved the forcible transfer of
Auo. 81925.]
THE CHRONICLE
639
men, women and children from their homes to other "Recollections," by Count Burian, Minister of Forcountries as a result of treaty stipulations which eign Affairs for Austria, recently brought out by
transferred territory, and such scenes are in Doran. It is no.rattling of dry bones or unearthing
any case more suggestive of the age of bar- of skeletons, but a section of an influential life lived
barism than of a time that we like to call civil- in stirring days.
ized. The right of people to live where they choose
The break-up of the social life of Austria and the
and work where they may, meantime retaining the destructi cf its aristocracy, the proudest in Euallegiance into which they were born and which, for rope, was vividly depicted in an exceptionally w 11reasons satisfactory to themselves, they prefer to any informed and powerful recent novel,"Old Wine," by
other, has been so far sanctioned by custom and rec- Phyllis Bottome, lately published by the same house.
ognized by international law that a violent depar- The destruction of the monarchy, and the final disture from it passes beyond the moral exigencies of solution of the Eastern Empire,is now told by Count
politics or treaty stipulations, and becomes an of- Burian in connection with his efforts in his country's behalf. He has no tilt. Ight of anticipating the
fense to humanity and accustomed social lights.
It is to the credit of the German Government that judgment of history, or of presenting a partisan plea.
it has appeared to hesitate about the complete ex- but recounts the events in which he had a part, depulsion of the Poles within its borders, in the scribed at first hand, and by one who has had achope,it would seem, that the Polish Government may cess to original sources not only in Vienna, but in
stay its hand. Looked at as an economic matter, London and in Washington
On the personal side it i. interesting, and indeed
there is little reason why Poland should invite the
sudden addition of twenty or thirty thousand peo- pathetic, as the story of the prolonged efforts of a disple to its present numbers. Poland has a redundant tinguished statesman of the older generation who
population, the coal mines and steel works of Upper in a large and open-minded way, with entire unselSilesia are suffering from industrial depression, and fishness, strove for the peace of Europe, and more
the demand for Polish workers in Germany and immediately for the saving of his country.
France has only partially relieved an acute condition
Its immediate value lies, however,in its account of
of unemployment at home. Germany, too, has a re- events bearing upon conditions to-day, and, in pardundant population for which, as a result of the ticular, of the great forces which in fact led to the
war and the loss of the German colonies, an outlet war, and which continue unarrested. The ambianywhere is difficult to find, and while industrial tions, the rivalries, the unsettled territorial controconditions on the whole are better than in Poland, versies, the traditional antagonisms, the economic
the refugees who are being forced across the border competitions, above all, the fears which in varying
represent a surplus labor supply that is not wanted. degree existed everywhere, were nowhere so full of
Back of the whole lamentable proceeding, how- danger as in Austria-Hungary. The successive Balever, is the large question of racial minorities, a kan crises which were the beginning of the world
question which the Paris conference did little to ease convulsions emphasized the need in that limpire of
and much to aggravate. The almost innumerable radical reforms which were pressing as well in he
racial groups which dot the map of eastern Europe neighboring nations, and were widely recognized.
represent not only a great variety of languages, reli- After the war broke out it was too late.
Then his story begins. There was neither time nor
gions, customs and social culture, but also historical
antagonisms which no plan of political consolida- strength for altering the structure of the Empire.
tion has yet succeeded in allaying. The geographical The one concern was to stop the conflagration. The
arrangements which the peace conference enforced, Austro-Hungarian monarchy, the last form of the
after the disruption of the Austro-Hungarian em- Eastern Empire, was the result of many natural
pire, redressed some grievances and relieved some forces, geographic, racial, economic. These had crestrains, but the political disorders which have ated groups of peoples naturally clinging to tradicropped out repeatedly in eastern Europe since the tions and customs which were sure in time to prove
World War are very largely the result of the strug- inadequate and outgrown. Change and disturbance
gles of racial minorities against control by other ra- were not symptoms of decay but of exuberant expancial groups or coalitions. The British Government did sion and development in a political frame work which
well in making clear recently that while it was will- required expansion. He had recognized this condiing to co-operate with Germany and other Powers in tion in the earlier years of his administration of
guaranteeing security in the west, it could not un- Bosnia and Herzegovina, but little had been done.
dertake to guarantee the permanence of Germany's Similar conditions existed in the countries lying
frontiers in the east. The distressing events that between Germany and Russia and those along the
have been taking place on the Polish-German border Rhine. He had clear understanding of the divisive
serve to emphasize once more the unstable political forces and a single purpose. He held to this in all
conditions in eastern Europe whenever racial antag- his dealing with the hesitancy and bargaining neuonism or jealousy come into play, and the need of trals nearest him, especially Italy, and, as the situasome better safeguard of minority and human rights tion developed, with Russia, Germany and the Allies.
With all his concern over foreign matters he had
in that region than the peace treaties afford.
to keep in close touch with internal problems and to
The Dissolution of Austria—The Recollections see that estrangements within did not grow. Controversy was inevitable among the diverse members
of Count Burian.
The time has not come for writing the history of of the Kingdom. Nationalism did not tend to unity.
the war; but the narrative of a man in high official Bitterness and rivalries increased with the demand
position throughout the period striving in vain to for complete independence. A speedy termination
save his country from what he foresaw would be its of the war was the only hope, as the whole structure
destruction cannot fail to be of interest. This is the was shaken. The nation had been led into the war
subject of the volume with the above title and of against its inclination, and it asked only to be left
640
THE CHRONICLE
[vol. 121.
undisturbed. He strove first and last for peace, and things in common. This union will be achieved by
after the failure of Germany's initial attack and the independent action as they rise above national disBattle of the Marne, he had no illusions. The mul- cord and in view of their common interest seek an
titude of conflicting interests which produced the orderly development. Hitherto even Austria and
war became daily more evident. The world was Hungary have been held to the earlier moulds of
alarmed, and the consciousness of terrible responsi- their life and thought, and only the future can show
bility for possible evils which could not be forecast what value remains in these.
As to the policy and method pursued at the final
gave a sense of relief to every effort to secure agreement. As this could not be reached, and outstand- Peace Conference in Paris the book furnishes a
ing disputes inci:casc:1, the suspense became intoler- basis of fact quite necessary for those who would
form a sound opinion. Count Burian regards a
able, every one had feared war; and it had come.
Al] subsequent attempts at peaceful diplomacy, League of Nations a necessity, but it should be a
which were many, proved futile. Germany would League freely accepted by all. He has the highest
not give up Alsace-Lorraine nor guarantee the in- opinion of President Wilson and believes that
dependence of Belgium, and this was the vital issue "whether he was upheld or not his principles were
with England. Denmark tried to bring about peace the only ones in which peace for the world could be
in 1915, and failed. In the summer of 1916 Count maintained." "Even since he entered the ranks of
Burian felt that when the actual offenses had ex- the Allies," he says that "the views of the President
pended themselves without result, and the real mo- of the United States have not failed to be permeated
tives of the Powers were concealed in controversial with the spirit of true humanity."
In the subsequent relations of our people to the
phrases and the growing hate, the attempt must be
made to get the situation fairly stated so that it Austrians this testimony is surely no trivial asset.
could be made clear to the whole world whether Our author's final word may well be this: "Much
anything essential to humanity, or even to one na- of the condition to-day is pathological and not fundation, justified continuing the slaughter, but his ut- mental. This will be outlived and the path smoothed
for the return of humanity with all those achievemost efforts were ineffective.
He heartily adopted President Wilson's declara- ments of civilization which have become the endurtion in his peace note of December 1916 in which he ing possession of mankind. The civilization of the
sought a friendly conference of the nations and said: West may at times have to retreat into places of
"If resentments must be kindled that are never to cool refuge where it can assert itself, so as to be availand despairs engendered from which there is no re- able once more for humanity which when restored by
covery, hopes of peace and of the willing concert work will soon desire it again. Work for all and
of free peoples will be rendered vain and futile." by all is the mighty law of advance. Their labors
This expressed his own deep conviction. He had inspired by the will to live can achieve much."
"Europe, who cannot allow explosive matter to lie
already approached Germany with a plan to join in
proposals for peace with conditions stated as wit- about at her very centre and on her principal highness to its sincerity. When this was not accepted ways, will achieve the rest."
Singularly, out of the turmoil of the Far East in
by Germany and the "U" boat attack was approved
felt compelled to resign office; only, the little poem sent by the Empress of Japan to the
and pushed, he
however, soon to be called back as the chief reliance. annual meeting of their Red Cross Society is the appeal for the intercourse and the spirit needed by all:
of his country when the plot thickened.
"Through the loving ties between nations
America was inevitably to be drawn into the war.
Let the spirit of help grow
Soon even the German leaders recognized the truth
To lead the unfortunate to happiness infinite."
of the French statement that the war was to be one
The statement of Mr. S. Parker Gilbert, Agentof "exhaustion," and that in spite of the courage and
even heroism of the soldiers. Want fell bitterly upon General of the Reparations Commission, as to the
Austria-Hungary; earlier and more severely than success of the Dawes Plan may be accepted as the
upon Germany. She was fighting for her existence; response. The success of the plan will be deterGermany only for position as a world Power, and mined by the extent to which it helps to replace distrust and discord with confidence and conciliation.
"intoxicated with the Hindenburg victories."
The story of the struggle for peace in the two
years following, as told by a large-minded patriot
W. L. Partner Made Manager of Salt Lake Branch of
facing inevitable defeat but never faltering, is long
Federal Reserve Bank of San Francisco.
but heart-stirring and enlightening. Men of similar
W. L. Partner, formerly Manager of the Spokane branch
patriotism and devotion were to be found in other of the Federal Reserve Bank of San Francisco, has been
lands, though few if any were set to such a Sisyphean made Manager of the Salt Lake City branch. Mr. Partner
task. Revolution at last broke out in Budapest and fills the vacancy created through the transfer of R. B.
Motherwell to the Los Angeles branch.
in an hour the reins slipped out of the hands of the
Governments, and all further attempts to save the
monarchy were too late. Success was withheld from W. M. Jardine, Secretary of Agriculture, to Take Brief
Rest in Hospital.
the patriot statesman in all he had at heart from the
W. M. Jardine, Secretary of Agriculture, entered Walter
beginning, but his convictions and courage are still
Reed Hospital on Aug. 4 for a brief rest, according to an
unshaken.
announcement made from his office in the United States
He shows that none of the great problems that Department of Agriculture. Secretary Jardine has been
convulsed the world is yet solved. The centripetal suffering from a slight stomach disorder for a number of
forces which then prevailed still remain and a state years, and although it has responded satisfactorily under
a short
even of equilibrium is yet unreached. Forces of treatment, he felt it advisable to take a rest foris stated
time in order completely to restore his health. It
union are, however, still strong among the smaller that there is nothing disturbing about his condition and
States, as in those of the Danubian basin, who are plans have been made for him to handle his official duties
largely dependent on one another and have many during his stay in the hospital.
AUG. 8 1925.1
THE CHRONICLE
641
_E
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Aug. 7 1925.
A more hopeful tone is manifest in the business of this
country. It has been noticeable from time to time during
the last 60 days without, however, any marked change as a
rule in actual business. Competition has admittedly been
sharp, with costs high and margin profits none too satisfactory. But there is a growing disposition to believe that
things are on the mend. There is less pessimism. Men are
more inclined to take a cheerful view of things. If it is true
that business is largely influenced, after all, by psychological considerations, or in other words, by a state of mind, this
is a matter of no small importance. And what is ordinarily
termed business sentiment does undoubtedly have no small
influence in the channels of business throughout this country, not to say the world itself. At the present time manufacturers are doing a better business: Wholesale transactions are larger. The trade in structural steel has increased.
Railroads show a little more disposition to buy steel. Rubber manufactures are selling more readily. There is also
an increased business reported in automobiles, silks and
radio manufactures. Some branches of the leather trade
are taking part in the improvement. Some reports from
the cotton manufacturing industry are not unfavorable.
though, to be sure, there is still more or less curtailment.
But some North Carolina mills which discontinued their
dividends last spring have just resumed them. If in the
print cloth branch of the cotton goods business at Fall River
the mills are running on only half time, those which manufacture fine goods are said to be operating at close to 100%.
It is significant, too, that prices for New England cotton
mill shares are rising. The natural inference is that the
feeling is more hopeful as regards the future. The same
tone is noticeable in Manchester, Eng. Liverpool is inclined to believe that there has been too much pessimism at
Lancashire. Yet for weeks, and even months, past the forwardings of raw cotton from Liverpool to the mills have
greatly exceeded the total for the same weeks for at least
two years past. The tendency of business in copper, lead,
tin and zinc is to increase at rising prices, the sales of lead
being especially large. Wool has been quiet and without
much change in prices. There is said to be a good demand
in New England for new style woolen goods, although staple
fabrics are quiet. Silk mills are still active. They are still
in the best condition of any branch of the textile industry.
The crude oil production has increased. Gasoline prices
have declined.
The grain markets have moved upward, wheat rising some
15 to 17 cents per bushel, despite a rather slack foreign demand. The weather recently in Canada has not been favorable and there is some possibility that the world's supply of
wheat may not be quite so large as was at one time expected.
A wet harvest in Europe and dry weather on this Continent
account for some lowering of the crop estimates. Corn,
however, has not advanced much, because the outlook for
the crop grows steadily more favorable. Rye, as being at
too great a discount in price under wheat, has advanced
during the week some 10 cents per bushel. The belief is
that the prospective foreign demand for both wheat and
rye is good. Coal has advanced recently some 10 to 50 cents
per ton. Jewelry is selling more freely in various parts of
the country and Boston reports sales 10% larger than those
of a year ago. This may have a certain significance, for in
really bad times such luxuries are naturally not in demand.
Coffee has advanced during the week, and of late quite
sharply, partly because of rising Brazilian markets and
partly because of steady buying by Europe as well as by
shorts on this side of the water. Raw sugar has advanced
during the week, with at times a better business. Trade
in
refined sugar gives some indications of a revival. Cotton,
which recently declined 2 cents per pound, mainly on Texas
and Oklahoma rains, has latterly been steadier on the idea
that the better crop outlook lias been discounted. It is surmised in some quarters that even if the Government report
to-morrow should be of a distinctly favorable character, the
recent drop of $10 a bale within the space of a week would
be a sufficient offset. Yet, in most parts of the belt the
cotton crop prospects are believed to be good, and the crop
is to all appearances some two weeks early.' The weather
in August will be perhaps very largely a decisive factor in
determining the size of the crop, and with it the direction of
prices. Collections in general trade are somewhat better.
The prospects point to building on a very large scale, following a high record for the first half of the year. Rubber
has been lesss active at sharply declining prices. Car loadings. continue to mount. July bank clearings break the
record for that month. Failures are smaller than a year
ago. That has been the vase for nearly a half year. One
cloud ahead is the danger of a coal strike. And retail trade
,
of late has fallen off somewhat. Merchants are interested
to note that the stock market has been active and- rising, although money rates have shown an upward tendency. They
are also interested to see that the June railroad earnings
showed promising totals, and that prices of merchandise
have recently been generally stronger. One of the big
events of the week was the sudden and unexpected reduction
in the Bank of England discount rate from 5 to 4%%. It
has put new life and courage into London and has not been
without its effect on this side of the water.
A hard coal strike of 158,000 miners has been predicted
for Sept. 1. Mr. Hoover may be asked to act as mediator.
President Coolidge is watching the situation and will confer
with Mr. Hoover. He consulted with Attorney-General Sargent. Washington wired: "An explanation of the strike
situation which has resulted in the walkout of bricklayers
on construction jobs at New York and Some other cities was
given to-day to local unions of the Bricklayers, Masons and
Plasterers' International Union by its Secretary. He declared the situation to-day is exactly like that of 1910 and
charged that contractors on the work were responsible, because they had signed an agreement or treaty of alliance
with the plasterers' union. Meantime the- public must suffer."
At Fall River, Mass., the curtailment is still said to average 50%.. A number of mills are experimenting with rayon.
Fine goods mills are doing better than print cloth mills and
are operating close to capacity. At the Pacific mills of Lawrence, Mass., about 100 workers struck against the 10%
wage cut. The Pacific mills of Boston reported a profit for
six months ending June 30 of $530,303, against a loss during
the same period last year of $1,368,930. At Ludlow, Mass.,
the plant of the Ludlow Manufacturing Associates has been
placed on part time schedule, three days a week in certain
departments and four days in others. At Clinton, Mass.,
the Lancaster mill, with 2,000 hands, will be closed fgom
Aug. 15 to Sept. 14. At Manchester, N. H., the Amoskeag
Co. mills, it is rumored, will .close from Aug. 28 until after
Labor Day, Sept. 7. At Hartford, Conn., at the beginning
of the 21st week of the strike at the American Thread Co.
the strikers voted to continue it. At Greensboro, N. C., the
White Oak, Proximity and Revolution mills have closed and
will reopen Aug. 17. Dulness of trade is understood to have
caused the shutdown. At Henderson, N. C., payment of
dividends by both the Henderson and Harriet cotton mills
has been resumed following the passing of dividends last
spring for the first time in recent years. The outlook for
the coming fall and winter is said to be very good. Officials
state that they have orders ahead and that the textile industry shows signs of a somewhat brisk revival in the next
few months. At Paterson, N. J., a strike in the ribbon industry has been averted, according to a union report. Several manufacturers had settled with employees and others
were in conference on the 5th inst. and the threatened walkout of weavers in 45 shops did not take place at noon on that
day. About 1,500 weavers were affected. The unions withdrew their demand for $36 per week minimum and allowed
individual shops to settle with the workers. At Clifton,
N. J., on Aug. 2 300 striking weavers of Henry Doherty Silk
Co. agreed to return to their looms after the increase in
wages demand had been granted. All their demands were
not granted, but they were satisfied with the increase.
Weavers asked 1 cent increase on every job where a cut of
3/ cent was imposed two weeks ago. Both sides compro4
mised on % cent on some jobs and 1 cent on others. Weavers on taffetas, messalines and georgettes were content to
return to work after the % cent cut was removed. Some
loom fixers are still out. They want an increase of $5 a
week. The old scale was $45 a week. •
642
THE CHRONICLE
Montgomery, Ward & Co.'s sales for July amounted to
$10,842,762, an increase of 25.3% over July 1924. Sales for
the first seven months of this year amounted to $93,268,537,
an increase of 10.5% over the corresponding period of 1924.
Sears, Roebuck & Co. sales for July amounted to $17,073,406, an increase of 27.3% over July 1924. Sales for the first
seven months of this year amounted to $135,313,866, an
increase of 14.3% over the corresponding period of 1924.
F. W. Woolworth & Co. chain store system reported gross
sales in July of $17,828,930, a new high figure for July.
They compare with gross sales of $15,950,572 in July last
year, a gain of $1,878,358, or 11.78%. For the seven months
the company reported gross sales of $119,125,211, against
$107,242,852 In the same period last year, a gain of $11,882,359, or 11.08%.
The weather was sultry here at the opening of the week,
with the temperature on the 4th inst. 86. The average for
46 years on that date is 74. At Chicago it was 78; at Cincinnati 84, at Boston 82, at Cleveland 76 and at St. Paul 86.
Texas and Oklahoma had further beneficial rains, and
there was a heavy fall In Georgia on the 4th inst. On the
5th it was showery here, with the temperature 66 to 72. At
Chicago and Cincinnati It was 82; at Minneapolis 80; at
Bismarck 96. Reports of frost from Chadron, Neb., and of
snow at El Paso, Texas, emphasized the freakishness of the
summer. To-day was mostly clear here with a passing
Light shower at 5 p. m. The thermometer at 3 p. m. was 76;
It was 88 at St. Paul yesterday and 86 at Chicago.
Biggest July Building Volume on Record—F. W. Dodge
Corporation's Review of Construction Activity
During the Month of July, 1925.
Last month's construction contracts reached the highest
July total on record, according to F. W. Dodge Corporation.
Contracts in the 36 Eastern States (which include about
of the total construction volume of the country) amounted to
$529,000,100. In only two previous months has this total
ever been exceeded, April and June of this year. The
decrease from June was only 2%, while the increase over
July of last year was over 53%. There is usually a fairly
considerable seasonal decline in July. The statement
proceeds as follows:
[VOL 121.
Last month's record included: $28,710,300, or 59% of all construction,
for residential buildings: $5,398,700, or 11%, for public works and utilities;
$4,706.800. or 10%, for commercial buildings; $3,701,500, or 8%, for
industrial buildings; and $2,368,800, or 5%, for educational buildings.
Contemplated new construction reported in July amounted to $80,423,700, a substantial increase over the amount reported in June and in July
of last year, indicating a continuing building demand.
Record Month in Southeastern States.
Last month's building contracts in the Southeastern States(the Carolinas
Georgia, Florida, Tennessee, Alabama,Mississippi, Arkansas and Louisiana)
amounted to 887,701,800, the highest monthly total yet recorded for this
district. The increase over June was 18%; over July of last year, 53%•
Construction started in the district during the past seven months has
reached a total of $422,824,200, an increase of nearly 19% over the corresponding period of 1924.
The July record included: $36,399,600, or 42% of all construction, for
residential buildings; $16,470,800, or 19%, for public works and utilities;
$11,563,800. or 13%, for educational buildings; $10,322,500. or 12%, for
commercial buildings; and $4,988,700, or 6%, for industrial buildings.
Contemplated new work reported for the Southeastern States last month
amounted to $157,054,500. This was 25% more than the amount reported
In June and 68% more than the amount reported in July of last year.
Pittsburgh District.
Last month's total of building contracts in the Pittsburgh district
(Western Pennsylvania, West Virginia, Ohio and Kentucky) amounted to
$103,570,600. This was not only the highest July on record, but the
second largest monthly total on record, having been exceeded only in March
of this year. The increase over June was 65%;over July 1924. 135%. The
July volume brought the total of construction started during the first
seven months of this year up to $516,978,100, an increase of 60% over the
corresponding period of last year.
Included in last month's record were: $34,992,500, or 34% of all construction, for industrial operations (including a 30
-million dollar power
development in Ohio); $25.334.600 or 24%, for residential buildings:
$16,293,000, or 16%, for public works and utilities; $13.429,300, or 13%.
for educational buildings (including the 10
-million dollar skyscraper building
for the University of Pittsburgh); and 86.355,100, or 6%, for commercial
buildings.
Contemplated new work reported in July amounted to $72,528,000, about
the same as the amount reported in June and 60% more than the amount
reported in July of last year.
The Central West.
July construction contracts in the Central West (Illinois, Indiana, Iowa,
Wisconsin, Southern Michigan, Missouri, Kansas, Oklahoma and Nebraska)
amounted to $100,264,700. While this was a 45% drop from June, it was
a 29% increase over July of last year. Construction started in this district
during the past seven months has amounted to $846,609,500, which is a
38% increase over the corresponding period of last year.
Last month's record included: $40,457,900, or 40% of all construction,
for residential buildings; $20,763,200, or 21%.for public works and utilities;
$11,849,400, or 12%, for commercial buildings; $9.458,700, or 9%, for
educational buildings; and $5,051,800, or 5%, for industrial buildings.
Contemplated new work reported in July amounted to $152,192,800.
This was a decrease of 18% from the amount reported in June, but 28%
over the amount reported in July of last year.
The Northwest.
Contracts awarded during July in Minnesota, the Dakotas and Northern
Michigan amounted to $8,957.900. This was a 28% decrease from June,
but an increase of 27% over July of last year. New construction started
In this district during the past seven months has amounted to $60,013.800.
The increase over the corresponding period of last year was nearly 6%.
Included in the July record were: $3.885,100, or 43% of all construction,
for residential buildings; $1,214,500, or 14%, for industrial buildings;
81.068.400, or 12%, for educational buildings; and $907.500, or 10%, for
public works and utilities.
Contemplated new work reported for the Northwest during July amounted
to $13.483.800, an increase of 26% over the amount reported in June and
of 87% over July 1924.
Texas.
All Previous Records Broken in New England.
July building contracts in Texas (which is not included in the 36 Eastern
July building contractc in New England reached the highest monthly States) amounted to $18,106,300. This was a decrease of 11% from June
total on record, representing,$58,259,300 worth of new work started. The and an increase of 61% over July of last year. New construction started in
increase over June was 36%; over July 1924, 98%. The July building Texas during the past seven months has amounted to $106,627,400, which
record included: 320.456.500, or 35% of all construction, for residential was an increase of 9% over the preceding seven months.
Last month's record included: 87,568,000, or 42% of all construction,
buildings; 813,416.200, or 23%, for educational buildings (including a
-million dollar project for Harvard University and a 1-million dollar for residential buildings; $4,866,200, or 27%, for commercial buildings;
5
for Yale University): $9,833,100 or 17%, for commercial buildings; $3,111,600, or 17%, for public works and utilities; and $1,218.200, or
project
$4,728.200. or 8%, for public works and utilities: $3,438,300. or 6%. for 7%, for educational buildings.
Contemplated new work reported in July amounted to $11,198,500.
social and recreational projects; and $3.026.500, or 5%. for industrial
Since this was less than the total amount of work started, it indicates a
buildings.
building volume brought New England's total form the first of falling off in building demand.
k The July
the year to date up to $270,646,700, an increase of 31% over the first seven
months of last year;
Contemplated new work reported in July amounted to only $42,770.900. New York Building Congress on Building Conditions
in New York—Decrease First Half of This Year
considerably under the amount of contracts awarded, an indication that the
current building volume is running ahead of the current demand.
Compared With 1924.
Last month's record included: $224,712.500, or 42% of all construction,
for residential buildings: $72,743,400, or 14%,for public works and utilities;
$67.165,900, or 13%, for commercial buildings; $58,148,000. or 11%, for
-million dollar power development in Ohio);
Industrial plants (including a 30
and $57,572,000. or 11%.for educational buildings (including large building
and Pittsburgh Universities).
projects for Harvard. Yale
Last month's figures brought the year's total of construction started to
date up to $3,189,173,800. an increase of nearly 20% over the first seven
months of 1924. At the end of June this year was only 15% ahead of last
year.
Contemplated new work reported in July amounted to $702,431,300.
This was an increase of 6% over the amount reported in June and 63%
over the amount reported in July of last year.
New York State and Northern New Jersey.
Contracts awarded last month in New York State and Northern New
Jersey amounted to $121.973,900. This was the highest July total on record
for the district, being 40% greater than that of July 1924. Last month's
contract total was practically equal that of June. It included the following
important items: 869,468.500. or 57% of all construction, for residential
buildings; 823.467.600. or 19%, for commercial buildings; $8,182,000, or
7%, for public works and utilities: $6,246,800, or 5%, for educational
buildings; and 85.172,500, or 4%. for industrial buildings.
The big July construction volume brought the total of work started since
January 1 up to 5747.030,200, which is only 11% behind the total volume
of the first seven months of last year. On July 1 this district was 17%
behind last year.
Contemplated new work reported in July amounted to $183.977,600,
which is not only considerably above the amount reported in June. but is
more than double the amount reported in July of last year.
Middle Atlantic States.
Construction started last month in the Middle Atlantic States (Eastern
Pennsylvania, Southern New Jersey, Maryland, Delaware, District of
Columbia and Virginia) amounted to $48,271,900. This was an increase
of 8% over June and of 16% over July of last year. The total construction
volume of this district for the first seven months of this year has amounted
increase over the corresponding period of
so 8325.071,300. which is a 20%
last year.
A summary of building conditions in New York for the
summer of 1925 has been prepared by the Committee on
Building Conditions of the New York Building Congress.
The committee, which consists of A. J. Post, chairman;
Thomas S. Holden and H.H.Fox sets out its views as follows:
Last year's 880
-million-dollar building program very nearly filled the
immediate building needs of New York City. In 1924, while there was a
continuous increase in the amount of building contracts, there was at the
same time a proportional decrease in the volume of new work planned.
This was equivalent to a drop in building demand relative to the current
rate of supply. All indications at the opening of the current year pointed
to a smaller building volume than that of 1024.
Consequently, the course that has been followed in this year's construction record has not been surprising. Comparing the first half of 1925 with
the first half of' 1924, there was a decrease of 28% in the total dollar value
of building contracts, and a decrease of 36% in the total floor space contracted for. While these are very considerable declines, it is important
to note that this year's buildings volume to date is larger than that of any
other year except 1924. The first-half
-year dollar totals of building contracts during the past seven years have been: 1919, 90 millions: 1920.
205 millions; 1921, 146 millions; 1922, 300 millions; 1923. 281 millions;
1924, 514 millions; 1925. 370 millions. The same general statement
applies to the floor space record.
AUG. 8 1925.]
THE CHRONICLE
This has been the first year since 1921 that was free from the Influence
of the Tax Exemption Act. This year there was not, as in each of the
previous three years, a very high peak in March, followed by a big drop;
instead of this, April, May and June have all had bigger building volumes
than March had.
There has been an increasing amount of new work planned, in proportion
to the amount awarded, during the past six months. This may be considered as a growth in building demand, after the period of slack demand
which lasted from May 1924 through April of this year. At present there
Is sufficient volume of planned work to indicate a demand for a continuing
volume of construction at a fair rate. The rising demand has been accompanied by a fair improvement in work started during the second quarter
of the year over the first quarter. Both May and June of this year have
had larger building totals than the corresponding months of last year.
Building in New York has followed a course this year that has been
strongly at variance with that of building in general throughout the country.
In the country at large there has been a general increase in building volume.
New York led In the revival in 1921. If there is to be any reaction in
general building activity throughout the country, which is not yet evident,
then New York is again leading the movement.
The present threatened jurisdictional dispute between the carpenters
and plasterers may cause considerable curtailment in building operations
in the next three months. Otherwise the prospect seems good for a volume
of work somewhat larger than that of the third quarter of 1924. It is
interesting to note the building revivals of the past four winter seasons,
and see how short-lived and small the last one was in comparison with the
three previous ones. This example does not hold out great promise for
any extensive revival in the coming winter, though, of course, the situation
may change greatly before the winter season develops.
Building costs seem to be fairly stable and mortgage money seems to be
plentiful and cheap. There is at present no check on building from these
factors.
If current building needs had not been so nearly met, there would probably be a larger building volume this year. There is probably a latent
demand that would become active, for residential buildings at lower cost
than those which prevail at present. Since no considerable cost changes
seem imminent such a demand is not likely to be stimulated at an early date.
Tables based on statistical records of F. W. Dodge Corporation.
BUILDING STATISTICS FOR NEW YORK CITY (FIVE BOROUGHS).
-Total Contracts AwardedContemplated
New Floor Space
New Work
in Square Feet.
Cost.
Reported, Cost.
15,862,700
January 1924
875,064,000
3182,179,200
February •
14,789,400
71.898.400
98,370,400
24,188.600
March
131,611,100
"
182,126,100
April
17,832,500
129,697,900
114,431,100
May
10,381,300
55,774,200
65,126,500
8,649,900
June
50,443,900
44,067,400
half 1924
1st
91,704,400
8514,489,500
8686,300,700
1924
6,751,100
July
$44,091,400
$46,738,100
"
August
8,480,300
53,747,700
57,784.400
September "
7,958,600
52,239,000
51,611,400
"
October
9,517,500
73,111,100
81,191,600
November "
11,026,000
76,171,900
81,833,200
December "
10,350,900
65,485,100
195,208,500
half 1924
2d
54,084,400
$364,846,200
5514,367.200
January 1925
11,503,400
378,357,700
390,062,700
February "
6,877,100
38,368,800
112,501,300
March
7,677,800
48,558,600
117,115,200
April
11,695,500
68,375,700
107,794,800
11,248,800
May
60,444,100
122,229,100
June
9,659,000
76,173,000
115,367.600
1st half 1925
58,661,800
8370,275,800
5665,070,700
CONTRACTS AWARDED.
First Half 1925.
First Half 1924.
Commercial buildings
$95,144,700
389,535,800
Educational buildings
13,068,300
29, 79, 00
Industrial buildings
12,134,300
42,782,000
Public works and utilities._ 16,099,400
3,609,900
Residential buildings
195,159,200
328,132,400
38,669,900
20,950,000
All other classes
Totals
8370,275,800
3514,489,500
Gain or Less.
+85,608,900
-16,411,100
-30,647,700
+12,489,500
-132,973,200
+17,719,900
--8144,213,700
of Real Estate Market Activity for June
17 Points Above Last Year-Business
Barometer Indicates "Fair Weather."
"Fair weather" for the real estate market for the coming
fall season is the indication of market activity issued
monthly by the National Association of Real Estate Boards.
The index for June, just ascertained, stood at 164, says the
association under date of Aug. 1, and it adds:
Index
This, despite the
natural summer decline, is only four points lower than
the figure for May, and is 17 points higher than the figure for June of last
year.
The index, constituting a baormetric reading for real estate conditions,
is prepared from reports received from county recorders, real estate boards
and members of the American Title Association in 41 of the largest cities of
the country. The index presents a comparison of the activity of the real
estate market with the average activity over a period of eight years, 19161923, inclusive.
Taking the average number of instruments recorded in June of these eight
years as 100, the number recorded in June 1925 is represented by the index
figure of 164. In other words, there were recorded, during the month of
June 64% snore instruments in these 41 cities than were recorded on the
average in June 1916-1923.
Although the reports show areas of slow business activity, favorable conditions are shown to preavil in a majority of cities of the country. Comparison of the trends for the first six months show that on the whole the
line of activity is higher in the present year than it was last year. Activity
has been more evenly distributed throughout the period. The phenomenal
peak of activity in February of last year, however, when the index reached
183, brings the total number of transfers for the first six months of that
year almost equal to the total number for the corresponding period of the
current year.
Total number of instruments recorded in the 41 cities during the first six
months of 1925 was 869,716. During the same period of 1924 there were
869,193 instruments recorded. The increase in this year has been 523 instruments. The index of the real estate market follows very closely the
Index of building construction. This index, as prepared by the F. W. Dodge
Corporation, stood six points higher in June than in May, but on the whole
similarly. Real estate activity, is, of course,
the two indexes behave very
usually followed or accompanied by building activity.
Both the total number of instruments recorded and the total amount of
six months in 1925 exceed those for 1924.
new construction for the first
643
This is pointed out as a striking fact, since 1924 was an excellent year both
for real estate activity and for building.
There are many reasons for believing that the autumn months will see a
large volume of new construction, and general businesq conditions are apparently on the up-grade. General business indications which point to a continued large volume of real estate transactions are cited by the association,
as follows: credit is both abundant and cheap; the bond market is very
active; money is available for legitimate enterprises in as great, or greater,
quantities than are being demanded; interest rates are low • there is no
political uncertainty on the horizon; high wages' prevail throughout the
industrial structure; the farmer is in a better position financially than ha
has been for many seasons. While crops are poor in many sections, on the
whole a large crop will probably be harvested' for a market which will
readily absorb it.
Department of Commerce Report on Business Conditions
-Manufacturing Production in June
Slightly Under That of May.
In its survey of current business, made public Aug. 3, the
United States Department of Commerce says:
Manufacturing production in June was slightly less than in May at 125%
of the 1919 average, according to the index number of the Department of
Commerce, and was 2% higher than in June 1924. All groups, except
foodstuffs and tobacco products declined slightly from May, while compared with a year ago all groups increased tbeir output except foodstuffs,
lumber and tobacco.
Raw Materials Output.
The output of raw materials was the same as a year ago, minerals increasing 12% over June 1924, while the marketings of animals decreased
6%, crop marketings 4% and forestry products showed no change.
Unfilled Orders.
The index of unfilled orders of iron steel and building materials declined
4% during June, but was 19% higher than a year ago, both the iron and
'
steel and building material groups being higher on June 30 than a year age.
Stooks of Commodities.
Stocks of commodities held on June 80 showed no change from May, bat
were 7% higher that on June 30 1924, when allowance is made for law
sonal tendencies. Raw materials and raw foodstuffs declined from may,
while manufactured goods, both foodstuffs and others, increased. Compared
with a year ago, all the raw commodity groups had larger stocks on hand,
while manufactured commodities showed a decline.
1925.
1924.
AFr• May. June. May. Jun,.
Production (Index numbers: 1919=100)
Raw materials, total
86
91
Minerals
116 131
Animal products
115 115
Crops
49
55
Forestry
129 132
Manufacturing, grant total(adjusted)
129 127
Total (unadjusted)
129 127
Foodstuffs
' 101
''
Textiles0:
Iron and steel
'
.... 11'
Other metals
184 .1.I..
.
Lumber
'152 150
Leather
93
82
Paper and printing
: 116 113
Chemicals
156 164
Stone and clay products
141 166
Tobacco
107 112
Automobiles•
203 254
Miscellaneous
134 252
Commodity Stocks (Index numbers, 1919=100)
(Unadjusted)
Total
145 136
199 181
Raw foodstuffs
Raw material for manufacture
105
94
Manufactured foodstuffs
69
64
Manufactured commodities
173 171
(Adjusted for seasonal element)
141 144
Total
Raw foodstuff's
116 201
Raw materials for manufacture
120 101
Manufactured foodstuffs
75
74
Manufactured commodities
171 171
Unfilled orders
Total (based on 1920 as 100)
54
53
Iron and steel
42
39
Building materials
104 107
•Included In miscellaneous group also.
89
131
110
54
120
125
125
114
95
107
184
127
80
112
159
149
113
241
150
04
120
124
60
132
108
112
111
isl
92
174
146
80
117
147
139
114
190
115
121
70
71.
153
132
72
106
137
189
115
151
96
136
171
91
8e
168
129
154
90
74
168
127
137
84
87
169
144
187
98
31
168
141
178
105
86
169
134
157
93
87
169
51
37
106
47
35
98
43
32
87
89
117
117
56
120
104
Ito
Business Indexes of the Federal Reserve Board.
The Division of Research and Statistics of the Federal
Reserve Board has issued under date of Aug. 1 the following
statement giving current figures of its various business indexes:
INDEX OF PRODUCTION IN BASIC INDUSTRIES.
(Adjusted for seasonal variations. Monthly average 1911100.)
June May JuneJune
1925 1925 1924
gg ftg 1924
Total
110
Ill
94 Bituminous
99
15
101
Pig iron
107
113
81 Anthracite
109
101
106
Steel ingots
115
121
74 Copper
124
133
137
Cotton
98
103
70 Zinc
111
127
117
Wool
88
91
88 Sole leather
66
64
64
Wheat flour
102
88
107 Newsprint
103
110
112
Sugar melting
115
111 Cement
117
193
173
197
Cattle slaughtered__ 95
104
86 Petroleum
210
212 •187
114
Calvesslaughtered_ _ _126
108 Cigars
91
88
Sheep slaughtered__ _105
117
102 Cigarettes
175
163
101
HOla3
92
116 Manufactured tobacco _.
98
94
117
116
Lumber
104
INDEXES OF EMPLOYMENT AND PAYROLLS IN MANUFACTURING
INDUSTRIES.
(Not adjusted for seasonal variations. Monthly average 191£=100.)
-Employment-Payrolls
June '25. May '25. June '24. June '25. May '25. June '24.
Total
94.2
95.0
92.6
99.9
105.2
107.8
Iron and steel
86.3
87.5
94.0
84.8
84.9
90.4
Textiles-Group
95.4
96.4
105.0
91.9
94.0
101.6
97.5
Fabrics
99.1
109.9
92.0
93.4
103.9
92.8
Products
92.9
99.0
91.8
94.7
98.8
100.1
Lumber
99.8
109.7
108.6
101.'7
109.5
Railroad vehicles
84.7
90.4
34.9
91.6
89.6
97.1
Automobiles
122.8
128.5
163.9
99.8
109.3
151.2
Paper and printing
103.5
103.8
136.7
135.5
103.3
133.3
Foods.&c
105.1
101.8
90.7
104.2
83 8
.
88•4
Leather, &c
83.0
86.8
90.3
80.5
81.7
86.1
Stone, clay, glee's
125.9
125.5
124.1
154.3
154.6
157.1
Tobacco, toi
85.8
87.0
86.9
90.3
90.9
92.8
Chemicals. 6.0
72.9
73.2
69.1
95.7
98.4
90.6
644
[Vol. 121.
THE CHRONICLE
INDEXES OF WHOLESALE AND RETAIL TRADE. •
May
June
May
June
Retail
June
Wholesale
1925 1925
Trade1925 1924
1925
Trade83 Dept.storesales-79
Groceries
84
124
126
64
75
Meat
80
Adjusted
128
126
82
Unadjusted
70
77
Dry goods
52 Dept. store stocks
55
65
Shoes
135
134
Adjusted
96
101
Hardware
105
135
128
Unadjusted
105
107
110
Drugs
76 Mall order sales
79
Total
83
106
119
Adjusted
95
101
Unadjusted
is exceeding one million cars a week, the railroads on July 22
had more than 296,060 surplus freight cars in good repair and
ready for immediate use. They also had 6,500 serviceable
120
120 locomotives in storage. Other details follow:
June
1924
Coal loading totaled 178,030 cars, an increase of 7,288 cars over the
preceding week and 31,378 cars above the same week last year. Compared
with the corresponding week two years ago, however, It was a decrease of
104
89 16,786 cars.
Miscellaneous freight loading totaled 376,838 cars, an increase of 1,598
cars above the week before and 40,397 cars above the same week last year.
It also was an increase of 30,554 cars above the same week two years ago.
Increase in Postal Receipts at Fifty Selected Cities in
Forest products loading totaled 70,134 cars, 1,785 cars above the week
before and 4,025 cars above last year. Compared with the same week two
July as Compared With Same Month Last Year.
years ago, it was a decrease of 7,681 cars.
Two noteworthy facts were presented on Aug. 5 in conGrain and grain products loading amounted to 48,946 cars, an increase of
week last year
nection with a statement given out by Postmaster-General 4,990 cars over the week before but 915 cars below the samedistricts alone,
and 4,211 cars under the same week in 1923. In the western
fifty selected cities grain and grain products loading totaled 30,127 cars, a decrease of 5,434
New showing the postal receipts of the
throughout the country for the month of July, 1925 as com- cars under the corresponding week last year.
over the precedOre loading
pared to the same month of 1924. One was that every one of ing week and totaled 66,494 cars, an increase of 3,774 carsIt was, however.
month a decrease of 11.971 cars above the same week last year. ago.
the fifty cities showed an increase in receipts for last
17,139 cars under the same period two years
Loading of merchandise and less than carload lot freight amounted to
over July 1924 while the other showed a greater percentage
cars
253,526 cars, a decrease
the week before
of increase in receipts for July 1925, over the same month above the same week last of 68 cars undercars over the samebut 15,097years
week two
year and 13.391
since 1908 with the exception of 1918, the year in which this ago.
Live stock loading for the week totaled 26,450 cars, a decrease of 534 cars
country engaged in the World War, when its postal business
under the week before and a
the corresponding
768 cars
assumed huge proportions. The total Postal receipts of the week last year as well as 4,860decrease of the same belowtwo years ago. In
cars under
week
fifty cities for July 1925 were $25,706,943, as compared with the western districts alone, 20,174 cars were loaded with live stock during
$22,727,689 for July 1924. This shows an increase of $2,979,- the week,24 cars below last year.
Coke loading totaled 9,185 cars, a decrease of 200 cars under the preceding
254 in last month's receipts over those for July 1924, or week but 2,109 cars above the corresponding period in 1924. Compared
13.11%. Jacksonville, Fla., with ari increase of 33.44%, led with the same period in 1923, it was a decrease of 5,080 cars.
this year,increases in the
the fifty cities. Fort Worth,Tex., with an increase of 24.16% ofCompared with the preceding weekall districts. All districtstotal loading
reported inall commodities were reported in
came next, while Detroit, Mich., with an increase of 22.46 creases over the corresponding period last year while all reported increases
over the same week in 1923 except the Eastern, Allegheny and Northfollows:
ranked third. The summary
western.
STATEMENT OF POSTAL RECEIPTS AT FIFTY SELECTED OFFICES
Loading of revenue freight this year compared with the two previous Years
FOR THE MONTH OF JULY 1925.
1925 1924 1923 follows:
Over Ores Over
July
July
1923.
1925.
1924.
Increase. 1924. 1923. 1922.
1924.
1925. '
4,239,379
Five weeks in January
4,450,993
4,294,270
% %
%
$
$
8.
Offices3,414,809
3,619,326
3,631,819
4,871,443 82 4,319,075 10 552,748 72 12.80 5.81 6.82 Four weeks in February
New York, N.Y
3,662,552
4.284.144 84 3730,885S3 553,259 31 14.83 10.27 7.26 Four weeks in March
Chicago, Ill
3,694,916
3,661.922
• 1432,484 00 1,216,984 05 215,499 95 177.1 8.02 3.48 Four weeks in April
Philadelphia, Pa
3,764,266
3,721,662
3,498,230
1;187,345 17 1,056,380 48 130,964 69 12.40 7.52 5.26
Boston, Mass
4,876,893
4,854,720
4,473,729
47,433 00 5.50 11.24 6.68 Five weeks in May
862,192 99
.909 6 5 99
St. Louis, Mo
7.02
4,047,603
9.00
3,956,011
3,625.182
729,941 01 669,696 69 60,244 32 12.13 12.86 8.61 Four weeks in June
8.88
73,005 95
601,689 78
3.940,735
"y
etveland
Four weeks in July
l'neasC 6hAir
3.023,382
3,524.909
79,428 19 13.25 11.12 5.41
599,518 27
San Francisco, Cal_ _ _; 1678,946 46
85,028 14 16.60 1.94 9.77
512,360 86
'597,389 00
Brooklyn. N.Y
27,946,237
Total
28,185,462
26.710.061
610,354 59 137,090 08 22.46 5.05 19.28
74,6'
Detroit. Mich
31,407 68 5.13 11.42 24.36
611,872 63
ees
l Angeles, Cal__ _•,.._ .643,28031
68,555 17 13.57 1.87 18.31
505,20862
• ,873763 79
Pittsburgh. Pa
41,485 86 9.22 2.69 6.31
449,917 53
Minneapolis, Minn_ 491.403 39
78,477 19 17.14 13.14 11.94
457,854 47
536 331 66
Cincinnati, Ohl
Increase in Paper Production in June.
48.917 39 12.69 5.72 5.15
385,57808
i.t '434:495 47
Baltimore, Mt?
46,484 76 14.74 *1.03 18.51
315,332 21
Washington, D. 0__... 361,816 97
The June production of paper in the United States as re55,575 18 16.74 9.73 12.95
331,941 45
387.516 63
Buffalo, N. Y
:379,17s87
40,596 16 11.99 11.04 9.59
338,579 71
Milwaukee, Wire
35,309 17 12.91 4.11 9.39 ported by identical mills to the American Paper & Pulp Asso273,424 80
308,733 97
8t. Paul, Minn
42,472 82 13.21 11.37 16.56 ciation and co-operating organizations, showed an increase
323,744 88
fodianapolls, Ind_ __ _ 366,217 70
33,08550 12.99 5.71 8.93
254.73990
287;825 40
4tlanta, Ga
39.810 87 16.70 6.29 0.51 of 0.5% as compared with May's production (following a
238,285 30
278,098 17
Denver,Colo
7.18690 3.20 8.64 *5.10
224,883 40
34
232,072
Omaha, Nob
36,135 67 14.23 13.39 12.38 5% decrease in May from April), according to the associa253,993 10
290,128 77
Newark, N. J
38.220 51 17.68 9.80 3.02 tion's
206,208 24
244.428 75
Dallas. Tex
monthly statistical summary of pulp and paper in28,237 94 13.06 7.83 12.18
216,142 50
,244,380 44
Seattle, Wash
20,471 28 10.76 7.35 3.95 dustry, made public July 27. All grades showed a decrease
190,169 95
210,641 23
tees Moines.Iowa__ _ _
35.212 01 16.55 4.35 8.58
208,066 76
•
Portland, Ore
19,588 41 10.09 7.96 6.30 in production as compared with May, with four exceptions.
194,183 62
e 213,772 03
New Orleans, La
5,29551 2.89 9.43 8.48
182,907 45
l 188,20290
Rochester, N. Y
10,081 38 5.02 6.79 7.79 The summary is prepared by the American Paper & Pulp
200,789 92
Louisville. KY
;.,, '210,871 30
10,093 79 4.94 17.90 4.60 Association as the central organization of the paper indus204,376 41
214,470 20
Columbus, Ohio
17,726 68 11.79 3.55 15.18
150,295 24
Toledo, Ohio
• .188.02192
14,650 35 10.44 0.71 14.40 try, in co-operation wira the Binders' Board Manufacturers'
140,33363
Richmond,Vs
• 154,983 98
129,591 80• 11,317 71 8.73 *0.54 9.68
Providence, R.I
I 140,909 51
22,091 20 17.19 3.90 20.48 Association, Converting Paper Mills Association, Cover
128,49209
150,583 29
Memphis, Tenn
21,479 05 16.34 9.46 6.36
131,438 31
Hartford, Conn
.,. 152,917 36
Service Bureau, Wrapping
11.72284 9.946.36 9.01 Paper Association, Newsprint
117,91450
Nashville, Tenn
129,637 34
'16,08239 11.89 35.22 1.08 Paper Manufacturers' Service Bureau and Writing Paper
135,234 16
Dayton, Ohio
'151 3 6 55
21,331 25 24.16 2.75*42.27
Fort Worth. Tex....
88,299 14
;1,09,6 39
7,729 19 6.67 12.72 8.99 Manufacturers' Association. The figures for June for same
115.899 18
Syracuse, N. Y
.123;628 37
11.54439 9.49 14.27 3.18
Houston, Tex
121,669 55
133,218 94
14,135 55 12.97 5.01 3.94 mills as reported in May are:
New Haven, Conn
109,004 98
123,140 53
13,19604 12.78 14.53 6.15
Grand Rapids, Mich_ ' 116.421 26
103,225 22
9,628 02 10.98 6.35 4.02
Josey City, N. J
97.25464
87,656 62
Number
Stocks on
19,019 16 18.81 7.98 *1.93
Oron Ohio
120,149 92
101,130 76
of
Production, Shipments. Hand End
Grade.
11,866 36 12.68 10.19 *0.85
Salt Lake City, Utah_ 105,433.81
93,567 45
Mills. Net Tons. Net Tons, of month.
Springfield, Mass.__
12,44455 14.68 11.18 1.59
. 97,228 85
84,75430
Net Tons.
13,866 16 18.24 1.43• 6.54
Worcester, Mass
'89.80982
76,033 66
22,017 40 33.44 18.46 4.05
Jacksonville, Fla
87,857 03
65,839 63
- Newsprint
66
128,430
31,864
126,456
61
83,617
43,328
81,108
Total
25,706,943 28 22.727,68949 2,979,253 79 13.11 7.99 7.69 Book....
100
Paperboard
36,967
117,751
113,823
79
61,582
48,130
46.650
Wrapping
*Decrease.
8,473
23
9,874
9,355
April 1925 over April 1024, 8.04%. May 1925 over May 1924. 5.94%.lune 1925 Sag
82
41,442
Fine
29,372
27,161
over June 1924, 14.72%.
14,228
47
'Hume
11,969
11,613
2,835
2,395
8
2,133
Hanging
3,909
20
18,389
Fetus
18,640
Railroad Revenue Freight Again Exceeds a Million Cars. Other grades
64
13.949
17,836
17,699
133
127
For the second consecutive week,loading of revenue freight
exceeded the million mark the week. of July 25 when it'
amounted to 1,029,603 cars, according to reports filed by the
carriers with the Car Service Division .of the American Railway Association. Compared with the week before, when it
amounted to 1,010,970 cars, the total for the week of July
25 was an increasea.18,633 cars. The increase over the week
before was due principally to seasonal Grain movement and
heavier coal loading with slight increases in the loading of ore,
forest products and miscellaneous freight. Slight decreases
under the week before were reported in the loading of live
stock, coke, and merchandise and less than carload lot freight.
The total for the week of July 25 was an increase of 103,294
cars over the same week last year but a decrease of 11,812
cars under the same week in 1923. It was, however, considerably larger than 'the corresponding weeks in 1920, 1921
and 1922. Despite the 'fact that loading of revenue freight
Total, all grades
467,763
258,577
454.638
During the same period, domestic wood pulp production
decreased 9%,this decrease being distributed over all grades,
with four exceptions. The June total (mills identical with
those reporting in May), as reported by the American paper
& Pulp Association, are as follows:
Grade.
Groundwood pulp
Sulphite, news grade__
Sulphite, bleached_
Sulphite, easy bichg___
Sulphite. Mitscherlich.
Sulphate, pulp
Soda Pulp
Other than wood pulp_
Total, all grades_
Number
of
Production.
Mills. Net Tons.
100
38
20
6
10
11
97,183
34,025
20,483
3,377
6.212
13,083
16,994
101
191.458
Used.
Net Tons.
90,911
31,975
17,519
2,896
5,101
12,027
12,318
oo
172,837
Stoat on
llhitnnents. Hand. End
Net Tons. of Month.
Net Tons.
189,707
8,096
2,665
1,313
839
2,044
2,593
52
3,265
2,844
2,868
279
1,085
1,258
4.225
15,824
I
207,309
AUG. 8 1925.]
LELE CHRONICLE
Weekly Lumber Summary.
Reports received by the National Lumber Manufacturers'
Association from 334 of the larger softwood mills of the country for the week ended Aug. 1, as compared with 362 mills
reporting for the previous week,show increases in production,
shipments and new business with 28 fewer mills reporting
than for the preceding week. There were also increases in
production and shipments, and a fair gain in new business
in comparison with the reports for the same period last year.
The unfilled orders of 238 Southern Pine and West Coast
mills at the end of last week amounted to 595,124,427 feet
as against 554,005,848 feet for 236 mills the previous week.
The 124 identical Southern Pine mills in the group showed
unfilled orders of 233,345,480 feet last week asTagainst
234,179,080 feet for the week before. For the 114 West
Coast mills the unfilled orders were 361,778,947feet as against
319,826,768 feet for 112 mills a week earlier.
Altogether the 334 comparably reporting mills had shipments 110% and orders 109% of actual production. For the
Southern Pine mills these percentages were respectively 107
and 106; and for the West Coast mills 126 and 121.
Of the reporting mills 326 (having a normal production for
the week of 213,919,172 feet) gave actual production 105%
of normal, shipments 118%, and orders 117% thereof.
Reports from 14 Southern Cypress Association mills are
included in these totals.
The following table compares the national lumber movement as reflected by the reporting mills of seven regional
associations for the three weeks indicated:
645
Texas, Humble Oil & Refining and Sinclair Oil companies.
The Standard Oil Co. of Louisiana reduced the price of
Bellevue crude oil 25e. a barrel to $1 65.
Gasoline prices, both wholesale and retail, also showed a
tendency to decline. In Hartford, Conn., the first break
in several months accurred when the general manager of the
Dixie Filling Stations, Inc., announced that beginning
Aug. 1 and until further notice, his company will establish
its retail price to consumers at 26c., whereas it has been
selling at 28c. per gallon.
Reports from Tulsa, Okla., on Aug. 2 stated that price
cutting and rebate giving were met Aug. 1 by the Marland
Refining Co. with a 2c. reduction for Oklahoma. The new
tank wagon price is 19c. and the service station price 22c.
All competing companies met the cut. The Marland company has adopted the rebate plan of the Standard Oil Co. of
Indiana for customers in Oklahoma, while others have met
it in Kansas and other States.
In New England, the Jenney Mfg. Co. established a flat
retail price of 24e. a gallon for gasoline at its filling stations,
while the Gulf Refining Co. reduced the retail price from
26 to 24c. a gallon. The tank wagon price remained unchanged at 22c. The Standard Oil Co. of New York
followed the reduction.
Oklahoma refiners on Aug. 5 were offering their gasoline
at'lie, for Navy grade, while at the same time fuel oil has
gone to $1 15 a barrel. The wholesale gasoline market
continued at 11M to 113 e. a gallon for 58-60 gravity.
4
U. S. motor gasoline, or Me. lower, up to Aug. 7.
Corresponding Preceding Week
Week, 1924. 1925 (Revised).
354
362
209.070.721
233,583,865
235.914,810
233.773,455
251,535,492
239,476,734
Price Reductions and New Models of Automobiles.
Reductions in prices continued in the automobile industry
throughout the week, in addition to the introduction of
several new models. The Studebaker Corporation on Aug.1
The following revised figures compare the lumber move- announced a new price list, with prices ranging from $50 to
ments for the first thirty-one weeks of ,1925 with the same $405 below the former schedule. New price list compares as
period of 1924:
follows:
Mills,
Production
Shipments
Orders (new business)
1925
1924
1925 Increase
Past Week.
334
237.516.744
262,048,482
259,883,296
Production.
Shipments.
Orders.
7,517,727,727 7.453.286.419 7,298,424,835
7.224,478,933 7.180.784.360 6,886,277,035
293,248,794
272.502,059
412,147,800
Standard Six Models
Country Club coupe
Coach
Sedan
Special Six Models—
Duplex roadster
Sport roadster
Duplex phaeton
Coach
Brougham
Victoria
Sedan
Mg Six Models
Duplex phaeton
Coupe
Brougham
Sedan
Berline
New Price.
$1,295
1,195
1,495
old Price.
39455
$11:5295
1,
Reduction.
$50
100
100
$
$1,450
$55
The mills of the California White & Sugar Pine Manufac11:539955
50
1,645
1,445
turers Association make weekly reports, but for a consider1,495
50
1: 45
49
6
1,595
150
able period they were not comparable in respect to orders
1:89 .
5
1,750
1796
141
with those of other mills. Consequently, the former are not
1,895
150
2,045
represented in any of the foregoing figures. Seven of these
$1,795
80
$1,875
mills reported a cut of 8,033,000 feet, shipments of 5,473,000
22:041955
I05
22;457550
380
feet, and orders 3,951,000 feet. The reported cut repre2,245
330
2,575
325
2,325
2,650
sents 20% of the total of the California Pine region. As
W.C. Sills, President of Sills-Chevrolet Co., the Chevrolet
compared with the preceding week, with reports from eleven
mills, there were notable decreases in all three of these items. distributor for New England, announced price reductions
on all Chevrolet closed models. The new prices are $40 to
Weekly Lumber Review of West Coast Lumbermen's $50 below the old list, and compare as follows:
Old Price
New Price.
Model—
Association.
Coupe
$675
One hundred and twelve mills reporting to West Coast Coach
695
$77255
8310
775
Lumbermen's Association for the week ending July 25, Sedan
Durant Motors, Inc., on Aug. 3 announced a reduction of
manufactured 92,384,231 feet of lumber; sold 98,204,385
$55 with the:following prices on Star cars: Commercial
feet; and shipped 97,269,886 feet. New business was 6% $15 to
chassis, $425; roadster, $525; touring, $525; coupster, $595;
above production. Shipments were 1% below new business.
Forty per cent of all new business taken during tho week was for future coupe, $675; coach, $695, and Sedan, $775. The Paigewater delivery. This amounted to 39,164.678 feet, of which 28.061,678 Detroit Motor Car Co. has made numerous improvements
feet was for domestic cargo delivery; and 11,103.000 feet export. New on the Jewett line 6
-cylinder models, including lengthening
business by rail amounted to 1,793 cars.
Forty per cent of the lumber shipments moved by water. This amounted the wheel base from 112 to 115 inches. All models bear
to 38,800,179 feet, of which 31,362,506 feet moved coastwise and inter- balloon tire equipment and four-wheel brakes.. De luxe
coastal; and 7,437,673 feet export. Rail shipments totaled 1.774 cars.
models are furnished with steel wheels and the standard
Local auto and team deliveries totaled 5,249,707 feet.
Unfilled domestic cargo orders totaled 108,598,333 feet. Unfilled export coach with wood wheels only. The prices have been reorders 78.148,435 feet. Unfilled rail trade orders 4,436 cars.
duced and a new de luxe coach has been added to the line.
In the first thirty weeks of the year, production reported to West Coast
The following list compares the new and old prices:
Lumbermen's Association has been 2.977,174,918
3,075,955.173 feet and shipments 3,123,312.795 feet.
feet, new business
Prices of Crude Oil Show Some Reductions—Gasoline
Prices also Decline Somewhat.
Although not widespread, price reductions in the crude oil
fields showed the trend of market conditions throughout
the week. The Midwest Refining Co. on Aug. 1 announced
substantial increases in the post price of Salt Creek, Wyo.,
crude oil, placing it on a par with prices of similar grades
in the mid-continent district. The new schedule quotes
$2 04 and $2 12 a barrel for Salt Creek crude oils, according
to gravity. Previously it was posted at $1 60 a barrel,
but the company was paying as much as $2 to companies
with which it had contracts. A reduction of 25e. a barrel
in the price of Grade A. and B Gulf Coast crude oil was
announced Aug. 3 by the Gulf Production Co. The new
price for the former is $1 50 a barrel and for the latter
$1 25. The reduction in prices was immediately met by the
AO.
Model—
De luxe touring car
De luxe roadster
Standard coach
De luxe sedan
De luxe coach, new model,_ _ _
New P2ice.
$1, ro
3
Old Price.
40
$1:590
13
Reducacm.
90
20
$
1:2545
00
1,680
1,400
1,260
1,800
15
120
---
It is reported that the Ajax Motors Co.-Wf-Racine, Wis.,
a Nash Motors subsidiary, will exhibit the new Ajax car in
New York soon. It has heretofore been on exhibition in
cities near the factory. The Ajax plant has been completely
remodeled and all equipment, tools and mechanical devices
were newly purchased. The factory list prices on the Ajax
are $865 for the touring car and $995 for the sedan.
Current Crude Oil Production Makes Trifling Gain.
The American Petroleum Institute estimates that the daily
average gross crude oil, production in the Smackover heavy
oil field was 201,400 barrels, an increase of 1,050 barrels for
the week ended Aug. 1. The daily average production in
the United States for the week ended Aug. 1, was 2,114,400
•
646
(VOL. 121.
THE CHRONICLE
barrels as compared with 2,111,750 barrels for the preceding on hand May 31 1925. Both domestic demand and exports
week, an increase of 2,650 barrels. The daily average of wax fell off during the month.
FIELDS AND
production in the United States excluding Smackover, heavy, PRODUCTION OF CRUDE PETROLEUM BYGRAVITY. STATES, WITH
CLASSIFICATION BY
(Batrelq o 42 U. R. gallons.)
increased 1,600 barrels. The daily average production east
of California was 1,444,900 barrels, as compared with
May, I925.(a)
AIM. 1925.
-June
-June Jan.
Jan.
1,444,250 barrels, an increase of 650 barrels. California
Total. Daily As
1924.
Total. Daily As
1925.
production was 669,500 barrels as compared with 667,500
Fieldbarrels, for the preceding week, an increase of 2,000. Santa typalchlan___ 2,268,000 73,161 2,350,000 78.333 13,532,000 13.425,000
5.900
Lima-Indiana. 183,000
198,000
6,600 1.085,000 1,175,000
Fe Springs is reported at 53,000 barrels against 52,000 [11.-81. W. Ind- 715.000 23,065 722,000 24.067 4,231.000 4,372,000
barrels; Long Beach, 106,000 barrels, no change; Huntington 1,11d-Continent 10,156,000 1,295,345 38 515 001 1,283,820 109,338,000 177,451,000
99,411
3,082,000
13,807,000
Beach 44,500 barrels; no change; Torrance 34,500 barrels :WU Coast.-- 2.858,000 92,194 2,810 001 93,667 15,123,000 23,677,000
Ftocky Mtn___
2.792,000
93.067 16,569.000
18.820,000 607,107 19,288,000 642,930 110,307,000 118,109,000
against 36,000 barrels; Dominguez 28,500 barrels against 3allfornist
17.S.Total-- 38,082,000 2,196,194 16,675,000 1,222,500 370,185,000 352,016.000
30,000 barrels; Rosecrans 19,000 barrels against 18,000
Stale-barrels; Inglewood 110,000 barrels against 107,000 barrels.
krkansas
10,032,000 323,613 9.166.000 305,533 34,097.000 21.659,000
The established daily average gross production of the Mid- 3alifornia
18,820.000 607,107 19288.000 642,930 110,307.000 118,109.000
43,300
379.000
2,250
3olorado
1.800
70,001
54.001
Continent field including Oklahoma, Kansas, North, East Illinob;
22,167 3,904;000 4.032,000
661,000
665.001
21,320
483,000
426-000
2,467
74,001.
2,250
70,000
Central and West Central Texas, North Louisiana and [Juliana
Arkansas, for the week ended August 1, was 1,099,400 Southwestern
340,000
327,000
1,901
57,001
1,741
54,000
143,000
17.001.
99,000
567
510
Northeastern
16,000
barrels, as compared with 1,102,700 barrels for the preceding
3,441.000 111,001 3,554.001 118.467 17,717,000 13,632,000
week, a decrease of 3,300 barrels. The Mid-Continent Kansas
Kentucky
18,910 3.441,200 3,719,600
567,301
18,700
579,700
55,230 9,884,000 10.233,000
56,741 1,657,000
1,759,000
production, excluding Smackover, Arkansas, heavy oil, was Louisiana
898,000 barrels, against 902,350 barrels, a decrease of 4,350
1,078,000
6.800 1,276,000
204,000
Gulf Coast.,
8,000
248.000
48,430 8,608,000 9,155,000
Rest of State 1,511,000
48,741 1,453,000
barrels. The following are estimates of daily average gross
10,700 1,546.000 1,222,000
Vfontana
321.000
9,320
289,000
production for the weeks ended as indicated:
223,000
2,300
Slew Mexico,.
69,000
1,645
51,000
DAILY AVERAGE PRODUCTION.
Kew York-- -135,000
591,000
(In Barrels.)
Aug. 1 '25. July 25'25. July 18'25. Aug.2'24. Ohio
487.950
Oklahoma
441.250
445.400
445,800
Cent.& east_
424,000
81.000
Kansas
100.050
104,000
105.350
Northwest'n.
167.000
74.600
North Texas
83.600
82,100
80.150
128.100
East Central Texas
100.950
99.900
97.650
48.200 3klahoma
14,711,000
West Central Texas
78.550
81.700
79,100
55.250
North Louisiana
49,250
49.350
50.050
OsageCount3 2,451,000
144.950
Arkansas
253.750
241.300
239.850
Rest of State 12,260.000
99.900
100,1100
Gulf Coast
93.500
95,400
44.350
46.500
Southwest Texas
45.150
45,200
enneylvanla- 107.300 ,
650,000
103.000
Eastern
103,000
104,000
112.100 Tennessee
1,300
Wyoming
81.000
82.250
82.300
Texas
9.450
13,295,000
15,500
Montana
12,450
12,050
3,650
2,600
Colorado
2.450
3.150
Gulf coast- 2,834,000
2.850
New Mexico
2,700
3,450
Rest of State 10,461,000
628,300
665.500
California
667,500
669.500
4,350
19,064
140,001
630,001
4,677
21.000
782,000
3,531,000
666.000
3,366,000
13,677
5,387
449,000
181,000
14,967
6,030
2,545,000
986,000
2,334,000
1,032,000
474,530 14,629.000
487,629 87,809,000 79,035,000
79.064 2.429,000
395,474 12,200,000
80.967 14,614,000 19,914,000
406,662 73,195,000 59,121.000
680,000
20,968
1,701
41
428,871 12,319,000
22,667 3,863.000 3,723,000
3.400
5,800
56
410,630 74,954,000 66,699,000
91,419 2,606,000
337,451 9,713,000
86,867 13,847,000 12,729,000
323,760 61,107,000 53,970,000
2,114.400 2.111.750 2,115.150 2.005,100
Vest Virginia.
478,000
vyoming
2,448,000
512,000
15,419
78,968 2,348.000
17.066 2,895,000 2,979,000
78.267 14,421,000 22,411,700
June Petroleum Production the Largest on Record.
The production of crude petroleum in the United States,
as reported'by G. R. Hopkins, Petroleum Economist, to the
Bureau of Mines, during the month of June 1925 amounted
to 66,675,000 barrels, a daily average of 2,223,000 barrels.
This represents the highest rate of production ever recorded,
it being an increase of 27,000 barrels per day over the previous record figures of May 1925. California and to a lesser
extent Kansas and Oklahoma were responsible for the increased production. East of the Rockies crude stocks decreased 1,350,000 barrels as compared with an increase west
of the Rockies of 2,070,000 barrels. In the Mid-Continent
field, exclusive of northern Louisiana and Arkansas, there
was a decrease of crude stocks of almost 5,000,000 barrels.
During June reyorts were received from 311 refineries,
with an aggregate daily crude oil capacity of 2,520,000 barrels. These refineries ran to stills 64,847,000 barrels of both
foreign and domestic crude oil while operating at 86% of
their rated capacity. This constitutes a record figure for
oils run to stills, it being an increase in daily average of 7%
over the previous record figure of May 1925, and of 29%
over that of June 1924.
The increased runs to stills were reflected in record production figures for gasoline and gas and fuel oils. Gasoline
production for the month amounted to 944,000,000 gallons,
daily average of 31,470,000 gallons. This represents an
increase of 6% over the previous month and of 28% over
June 1924.
Domestic consumption of gasoline during the month set
a new record of 868,000,000 gallons, a daily average of 28,940,000 gallons. This represents an increase of 7% over the
previous month and of 27% over June 1924.
Stocks of gasoline at the end of the month amounted to
1,695,000,000 gallons, a decrease during the month of 22,000,000 gallons. Assuming that imports, exports and domestic demand will remain constant during July, these stocks
represent 55 days' supply. This compares with 61 days'
supply on hand a month ago.
The consumption of kerosene continued to drop and stocks
-were increased 20,000,000 gallons. The production of gas
and fuel oils during the month amounted to 1,360,000,000
gallons. As mentioned above, this is a record figure, it be• ing an increase of 10% over the previous month. The consumption of lubricants registered a sharp increase during the
month,its total of 87,000,000 gallons representing an increase
of 30% in daily consumption. Stocks of wax at the refineries continued their slow increase, totaling 110,400,000 pounds
at the end of the month as compared to 109,800,000 pounds
Salt Creek- - 1,655,000
Rest of State
793,000
53.387 1,643,000
705,000
25,681
54,767 10,478,000 18,200,000
23,500 3,943,000 4,211,790
Total
May 31
1925.(a)
At Refineries (reported by location ofstorage)
-Domestic
East Coast
Foreign
Appalachian
Indiana and Illinois
Oklahoma and Kansas
Texas:
-Domestic
Gulf Coast
Foreign
Rest of State
Louisiana and Arkansas:
Louisiana Gulf Coast:
Domestic
Foreign
Rest of Louisiana and Arkansas
Rocky Mountain
June 30
1925.
June 30
1924.
8,200.000
1,859.000
1,165.000
1,549.000
4,975,000
8,784.000
2,100,000
1,253,000
1,558,000
5,422,000
7,964,000
2,745.000
1,322,000
1,536,000
4,857,000
4,821,000
726.000
1,139,000
5.529,000
651.000
1,120,000
4,873,000
1,009,000
1.418,000
4,273,000
1,730,000
598.000
1,380,000
3,983,000
1,423,000
678,000
1,381,000
5,553,000
1,388,000
330,000
1,258,000
32,415,000 33.882,000 34,253,000
United States east of California
182,365,000
170,911,000
39,108,000
37,207,000
20,727.000
20,325,000
28,930.000
28,895,000
§§§§§§§§ §§§§§§§§
-.
7,212,000
6,952,000
2,202,000
2,085,000
1,422,000
1,209,000
11,551,000
11,060,000
Isti4V0,c4NNei
Elsewhere Than at Refineries (reported by
field of origin)
Appalachian:
N. Y. Pa., W. Va., Eastern andfGross
(Net
Central Ohio
(Gross
Kentucky
(Net
/Gross
Lima-Indiana
(Net
1Gross
Illinois-Southwestern Indiana
(Net
Mid-Continent:
Oklahoma, Kansas, Central, North Gross
Net
and West Texas
Gross
Northern Louisiana and Arkansas_
rot
Gross
Gulf Coast
et
JGross
Rocky Mountain
(Net
"0
.
0 .c*.q^l'tc°
Classification
by Gravity
(approx.)
.1Ight crude, 24
deg. (0.910)
and lighter_ 16,214,000 1,490,774 15,243,000 1,508,100 271,546,000
leavy crude,
heavier than
24 deg. A.P.1 21.868.000 705.420 21.432.000 714.400 98.639.000
a Revised.
NUMBER OF PRODUCING WELLS COMPLETED.*
June 1924.
June 1925.
May 1925.
1,521
1,706
1,671
•For States east of California, from "011 & Gas Journal",for California, from the
American Petroleum Institute.
STOCKS OF CRUDE PETROLEUM HELD IN THE UNITED STATES.
(Figures are for domestic crude petroleum unless otherwise specified.)
6,474.000
6,206,000
2,733,000
2,607,000
1,314,000
1,084,000
11,463.000
10,966,000
185,190,000
173,441,000
39,483,000
37,288,000
20,776,000
20,376.000
27.287,000
27,275,000
U. S. total pipe line and tank farmfGross 293,517,000 290,907,000 294,720,000
(Net 278.644,000 275,960,000 279,240,000
stocks east of California
150,000
876,000
79,000
811,000
248.000
913,000
1,026,000
_
Foreign crude petroleum on Atlantic Coast
Foreign crude petroleum on Gulf Coast
890,000
1,161,000
Grand total refinery, pipeline and tank farm
stocks east of California, and stocks of foreign crude held in the U. S. by Importers
elsewhere than at refineries
312,085,000 310,732,000 314,654,000
California
a Revised.
ILight 45,359.000 45,226,000
(Heavy 62,770,000 64,977,000
AUG. 8 1925.]
T
_14;
CHRONTCLE
IMPORTS AND EXPORTS OF CRUDE PETROLEUM (Barrels).
(From Bureau of Foreign and Domestic Commerce.)
May 1925.
Total.
June 1925.
Daily Av.
Total.
Imports
From Mexico__ 6,083,000 196,226 4,898,000
12,935
From 0th. countr. 401,000
255,000
Total imports_ 6,484,000 209,161 5,153,000
Exports
Domestic cr'de oil:
642,000
20,710
To Canada_ ___
810,000
Tooth. countr_
706,000
22,774
427,000
28,000
Foreign crude oil_
903
18.000
Total exports__ 1.376.000
44 187 1 255 non
Daily As.
Jan.
-June
1925.
Jan.
-June
1924.
163,267 33,074,000 40,987,000
8,500 2,958,000 1,808,000
171,767 36,032,000 42,795,000
27,000
14,233
600
4,043,000
2,616,000
98,000
6,130,000
3,310,000
191,000
41 8131
A 7A7 non
Q RAI
non
INDICATED DELIVERIES OF CRUDE PETROLEUM, EXCLUSIVE OF
CALIFORNIA GRADES, TO DOMESTIC CONSUMERS (Barrels).
(Production plus imports minus exports *plus stocks, exclusive of consumers'
stocks, at beginning of month minus stocks at end of month.)
May 1925.
Total.
June 1925.
Daily Av.
Total.
Daily As.
Jan.
-June
1925.
Jan.
-June
1924.
Domestic petroleum by fields
of origin:
Appalachian - 2,373,000
76.548 2.402,000
80,067 13,836,000 13,823,000
Lima-Indiana _
128,000
4,129
257,000
8,567 1,156,000 1,066,000
Illinois & S. W
Indiana
637,000
20,548
796,000
26,533 4,115,000 4,497,000
Mid-Continent 37,347,000 1,204,74240,993,000 1,366,433213,027.000 169,628.000
Gulf Coast_
2,433.000
78,484 2,692,000
89,733 14,880,000 17,405,000
Rocky Mount'n 2,905,000
93,710 2,931,000
97,700 16,488,000 16,106,000
Deliveries and
exports
45,823,000 1,478,16150,071,0001,669,033263,502,000 222,525,000
Deliveries
44,475,000 1,434,67748,834,0001,627,800 256,843,000 213,085,000
Foreign petroleum 6,153,000 198,484 5,271,000 175,700 35,755,000 42,826,000
Deliveries of domestic and foreign petroleum_ 50,628,000 1,633,161 54,105,000 1,803,500292,598,000 255,911.000
•Including exports of California crude oil which cannot be separated
SHIPMENTS OF CALIFORNIA OIL THROUGH PANAMA CANAL TO
EASTERN PORTS IN UNITED STATES.
(From "Panama Canal Record.")
(Compiled from declarations of masters of vessels reported In tons of 2,240 lbs.)
May 1925. June 1925.
Crude oil-Long tons
Barrels (approximate)
-Long tons _ _ _ _
Refined products
184.833
1,349,000
81.395
151,640
1,107.000
183,317
Jan.
-June
1925.
Jan.
-June
1924.
1,230,288 3,309.487
8,981,00 24,160,000
273,659
725,313
COMPARATIVE ANALYSES, JUNE AND PRECEDING MONTHS, 1925.
Production,
Imports.
•
Exports.
•
Stocks End
of Period.
Janua ry 1 1925, 1.298,925,717
Gasoline (gal.):
January
831,652,370 14,447,766 98,961,932 1.453,197,498
February -790,441,679 12,033,151 103,141,310 1,618,891,490
March
853,574,214 14,542,865 123,755,783 1,747,198,589
860,492,115 10,241.315 109,750,499 xl 720 877 152
April
May
922.046,254 16,945,275 101,159,037 1.716,921,722
June
944,175,287 16,127,687 113,658.820 1,695.216,272
Kerosene (gal.):
Janus ry 1 1925.
361,927,270
January
247,726,852
72,746 70,347,841 394.638,163
May
202,559.475
553,487 57,587,038 452.808,655
June
193,663,519
106,989 69.673.383 472,370,819
(gal.):
Fo rails dc fu el oilsFor East of
(gal.):
Fo r,United St ales
California.
January
1,171,402,042 44.246,327 103,091,940 773,853,375
May
1,274,464,859 45,778.091 151.274,021 946,781,936
June
1,360,385,855 69,220.826 143,593,612 1,082,056,430
Lubricants(gal.):
Janus ry 1 1925,
269,574,642
January
103,169,250
58.147 39,755.293 280,158,610
May
109,183,815
445,890 38,503.772 292,112,071
June
104,535,090
249,367 31.333,717 278,610,332
Wax (lbs.):
Janus ry 1 1925,
89,705,846
January
54,310,455 1,029,814 31,928.829
89,006,347
May
50,269,130 3.778,799 22,255.157 109,821,714
June
43.348.475 1.411.555 22 071 072 110 353 ecu
•From Bureau of Foreign and Domestic Commerce
Domestic
Demand.
592,866,423
533,639.528
616,054,197
x787.304,368
x841,787,922
868,349,604
144,740,858
127,390.987
104,534,961
52,883,136
69,018,346
86,952,478
24,110,938
25,280.93)
ni:
,
99 197
Exports, except for crude
oil and wax, include shipments to Alaska, Hawaii and Porto Rico.
x Revised, due to the addition of 10,000,000 gallons to Louisiana Gulf Coast
April stocks.
REVISED STOCK FIGURES FOR JAN. 1 1925,
Resultant from new definition of California stocks as described in May refinery report.
California.
United Slates.
Refillable crude 20 deg. and above (bbl.)
40,468,496
crude below 20 deg., Incl. all grades fuel oil (bbl.) 51,897,823
Heavy
Natural-gas gasoline (bbl.)
30,096
Tops (bbl.)
16,337,705
Unfinished oil (besides tops) (bbl.)
5,258,472
Unfinishes oils, incl. Calif. tops dc nat.
-gas gasoline (bbl.)
35,385,468
Gasoline, including engine distillate (gal.)
431,398,184 1.298,925,717
Kerosene (gal.)
65,299,961 361.927,270
Lubricants(gal.)
32,912,206 269,574,642
Wax (lbs.)
53,108
89,705,846
(tons)
Asphalt
17,015
97,259
other finished products (gal.)
11,317,363
45,712.005
All
647
Chicago, which lately has had a less cheerful market than Pittsburgh.
in view of the lack of car orders, reports more railroad demand this week.
The Chicago & North Western unexpectedly has bought 10,000 tons of
rails. The Great Northern has placed with the Bethlehem Steel Co.
10,000 tons of rails, together with angle bars, and is about to buy 15,000
to 20,000 tons more. Over against a generally good prospect for early
placing of 1926 rail contracts is the fact that the Pennsylvania ER. has
specified on a minor part of what it bought for 1925.
While the extent of car buying in the next few months is in doubt, the
-1,000 each
past week has yielded a total of 2,750 cars in three orders
for the Central of Georgia and the Missouri Kansas & Texas and 750
for the Texas & Pacific.
Whether or not it marks a turn in demand, the specifications of a leading
Chicago producer of heavy rolled steel have exceeded shipments the past
week for the first time since March. The new business of the same company
was larger than for any other week of the year save one.
The Steel Corp.'s operations continue at about 70% of capacity. Its
report of unfilled orders as of July 31 is expected to show a considerably
smaller falling off than for several months.
Assuming that the anthracite miners will strike and look for Government intervention, the coke and pig iron trades are giving attention to the
effect on coke. The market is firmer in tone but not yet in price. Two
furnace interests have closed for 12.000 tons a month, each of beehive
coke for the next five months at close to $3 a ton. Some quiet stocking
of coal is going on against the advance looked for in case of an anthracite
strike.
Pig iron producers look for some help from a hard coal stoppage in
their effort to get better prices, but thus far the market is unchanged.
Low phosphorus iron has been more active in the East. with sale of about
15.000 tons, of which 5,000 tons was British iron. In eastern Pennsylvania
10,000 tons of basic iron was sold at about $20 50 delivered.
Steel companies are emphasizing the market gains in July business over
that of July 1924. One large company with a variety of products puts
the increase at 60 to 65%. Generally, some gain over the present rate
of bookings is looked for in August and September. though with little
change in prices apart, possibly, from sheets.
The leading producer of sheets and tin plates had larger orders and
specifications in July than in any month since January. Additional tin
plate mills were put on last week to meet a special demand from the canning
Industry.
Activity keeps up in pipe line. A new contract from east Texas is for
-in, pipe and the Humble Oil Co. Is figuring on a considerable
120 miles of 8
extension.
steel work showed a sharp decline from the previous week.
Structural
totaling only 28,500 tons. Great Northern ore docks in Wisconsin account
for 4.000 tons. New work up for bids amounts to 20,000 tons.
Pig iron has stood at $18 96 for five successive weeks. Previous to
this it had not been below $19 since early April 1922.
Finished steel remains at 2.439c. per pound. This is slightly higher
than the low point reached in June, which was the lowest since September
1922.
The usual composite price table stands as follows:
Aug. 4 1925, Finished Steel,
Based on prices of steel bars, beams, tank
plates, plain wire, open-hearth rails,
black pipe and black sheets, constituting
88% of the United States output.
2.439e. per Pound.
One week ago
2.439c.
One month ago
2.431c,
One year ago
2.524c.
10
-year pre-war average. 1.689c.
Aug. 4 1925, Pig Iron, $1896 per Gross Ton.
Based on average of basic and foundry One week ago
$18 96
irons, the basic being Valley quotation, One month ago
18 96
the foundry an average of Chicago, One year ago
19 29
Philadelphia and Birmingham.
10
-year pre-war average, 15 72
1923
1924
1925
Finished steel_ _ _High 2.824c. Apr, 24 2.789c. Jan. 15 2.560c. Jan. 6
Low 2.446c. Jan. 2 2.460c. Oct. 14 2.424c. June 23
Pig iron
High $30 86 Mar. 20 $2288 Feb. 26 $2250 Jan. 13
Low $2077 Nov. 20 $1921 Nov. 3 $1896 July 7
Conservative policies, covering both buying and operations, and uniformly pursued by consumers during the past
four months are exerting their cumulative force in swinging
steel conditions back to a better basis, observes the Aug. 5
"Iron Trade Review." Low stocks and curtailed production are providing a sensitive background upon which
some enlargement of- basic needs now is being quickly and
clearly reflected. Even with laggard demand from the
industry's traditionally best customer, the railroads, the
volume of new business again is on the upgrade and the
improvement in July is being sustained or bettered thus
far in August, continues the "Review," adding further
details of interest, which we quote herewith:
At this stage the addition of railroad buying, if only moderate, would
put the whole steel market in a very comfortable position. August,
according to the early outlook, will record the first increase in Iron and
steel production since March. During the week not less than four idle
blast furnaces have been put In commission at Pittsburgh, Lorain. Johnstown and Milwaukee, with several more scheduled to follow soon. This
more than offsets the small loss in active furnaces shown in July.
Steel works and mill operations are also better. The Steel Corp. is
back to 68% of ingot production, a gain of 6% against 48% a year ago.
The average for the entire industry is close to 65% this week.
The swell in new buying while not pronounced, is substantial and well
spread. Chicago reports the heaviest steel bar bookings last week of any
similar period, with one exception, this year. For July they were more
Steel Market Shows Greater Activity-Prices Remain than double July 1924. Jobbers have been
placing good orders there and
Firm.
at Pittsburgh. Farming implement manufacturers closed heavy tonnages
Three encouraging features of the week in iron and steel for fall delivery. Bar business at Pittsburgh in July was 20% over June
and tin plate for the leading producers, 12%. Pipe mills are running
are better railroad buying, a fair increase in orders from 70 to 85%. Three or four independent producers this week advanced
manufacturing consumers of steel and in some cases from galvanized sheets $2 a ton to $4 30 Pittsburgh.
loss in pig iron production was 3.7%, compared
The daily
jobbers, and a not gain of one in active blast furnaces in with declinesaverage July June, 11.7 in May and 20 in April. Total proof 5.6% in
July, after four months of losses, to the total of 65, declares duction was 2,664.943 tons, against 2,679,045 tons In June. The loss
active furnaces as
was three. On that
the current issue of the "Iron Age," from which we quote in the country's total of July 31 furnaces, were active.date. 188. or 47.5%
of
number of
as follows:
An Eastern plate maker has readjusted wages on a 10% lower basis.
Seven blast furnaces went out in July and eight were blown n. Thus There is no definite talk elsewhere in the industry Indicating this action
190 furnaces were going on Aug. 1, with capacity of 86,420 tons a day, may become general.
Two
The composite this week on 14 representative iron and steel products
against 189 furnaces and 86.250 tons daily capacity on July 1. Ohio,
1, one at Lorain,
is $37 47. This compares with $37 45 last week and $.37 60 the p eroding
Steel Corp. furnaces have started up since Aug.
Week
one in the Pittsburgh district.
and
THE CHRONICLE
648
[VoL 121.
As to the company's announcement of its worsted lines,
July Pig Iron Output Recedes.
on July 27, the "Journal of Commerce" had the following
Production of pig iron in July showed a moderate recession to say:
in daily rate from that of June with a net gain of one blast
Lower wool and labor costs and savings effected in overhead by increased
furnace according to the monthly statistics compiled by the efficiency and other details that go into manufacture have been passed on
to the consumer by the American Woolen Company, who opened yesterday
'Iron Age." This may indicate it is stated a turn in the their men's goods lines for
-staple
spring, 1926, comprising staple and semi
downward trend which set in in April. The daily rate in worsteds and plain and fancy woolen millings and topcoatings at an average
- reduction of 7%,compared with a year ago on repeat fabricA, and close to
July was 85,936 tons or 3,179 tons less than the June rate
a decrease of about 3.6%. The production of coke pig iron 15% lower when compared with the current fall season,from which values
concessions ranged from 20c. to 60c. a yard.
for the 31 days in July amounted to 2,664,024 tons or 85,936
Authorities ventured the opinion that the company established the most
tons per day, as compared with 2,673,457 tons or 89,115 tons attractive price basis obtainable, in view of readjusted labor and raw
material costs, and that they emphasized determination to get new business
per day for the 30 days in June. The July output is the for their worsted looms,as well as to move stock,for it was admitted jobbers
lowest for the year, but is over 28,300 tons per day higher would have to accept some drastically lower prices on fall fabrics, in view
of the radical reductions made for next spring.
than July, a year ago continues the "Age," adding:
There were 8 furnaces blown in and 7 blown out or banked during July
a net gain of 1. This brings the number active on August 1 to 190. The
daily capacity of these 190 stacks on August 1 is estimated at about 86.420
tons per day compared with 86, 250 tons per day for the 189 furnaces active
on July 1. Of the 7 furnaces shut down last month, 3 were independent
steel company stacks, 3 were merchant furnaces and I was a Steel Corporation unit. Four merchant stacks were blown in during July.
Ferromanganese output in July of 16,614 tons was the smallest this year.
The 5,074 tons of spiegeleisen produced was close to the average per month
for the first six months.
Among the furnaces blown in during July were the following: One
furnace of the Wickwire Steel Co. in the Buffalo district and the Standish
furnace at Standish, N. V.; the Sheridan furnace in the Lebanon Valley; one
Alllquippa furnace of the Jones & Laughlin Steel Corp. in the Pittsburgh
district; the Sharpsville furnace in the Shenango Valley; one Bessemer
furnace of the Tennessee Coal, Iron & RR. Co. in Alabama and the Thomas
furnace in Wisconsin.
Among the furnaces blown out or banked during July were the following:
The Stewart furnace in the Shenango Valley; the Scottdale furnace in
western Pennsylvania; one Gary furnace in the Chicago district; two
furnaces of the Colorado Fuel & Iron Co.in Colorado; one Bessemer furnace
of the Tennessee Coal Iron & RR. Co, and one furnace of the Woodward
Iron Co. in Alabama.
TOTAL PIG IRON PRODUCTION BY MONTHS
-GROSS TONS.
1925.
1924.
1923.
3,370,336
3,018,890
3.229,604
3,214,143
3,074,757
2,994,187
3,564.247
3,466,086
3,523,868
3,258,958
3,233,428
3,549,736
2,930,807
2,615,110
3,867,694
2,673,457
2,026,221
3,676,445
19,011.948
Half year
17,434,492
20,841,534
2,664,024
•
July
1,784,899
3.678,334
August
1,887,145
3,449,493
September
2,053.264
3,125,512
October
2,477.127
3,149.158
November
2,509,673
2,894,295
December
2,961,702
2,920.982
January
February
March
April
May
June
Year*
31.108,302
40,059,308
*These totals do not include charcoal pig Iron. The 1924 production of this iron
was 212,710 tons.
-GROSS TONS
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS
Total
Merchant.
Steel Works.
84,358
-May
22,182
1924
62.176
67,541
17,304
June
50,237
57,577
July
14.224
43,353
60,875
15.284
August
45,591
68,442
September
18.130
50,312
79,907
19,955
October
59,952
83,651
November
20,426
63,230
95,539
December
18,8.57
76,682
108.720
1925
21,864
-January
86,856
114.701
February
24,084
90,707
114 975
March
24,234
90,741
108.633
April
24,805
83,827
94.542
May
20.127
74.415
89.11b
June
18.663
70.452
85,936
July
20,221
65,715
In other words, the company, having made new spring prices effective
yesterday, with deliveries promised promptly, second hands will have to
cut current prices to meet the competition of the new lines, particularly in
view of the use of numerous cloths as year-round numbers, selling both in
the spring and fall trade
Woolens About Same.
Granting that the price lists coincide with market expectations as to the
new basis on which worsted business may develop more briskly, it is also
conceded that prices on spring woolens are not out of line with previous
predictions, since they run about the same as a year ago
-in some cases
lower and in others higher, the former representing advantageous woo/
purchases and low wool content and the latter higher cost wools.
Another predominating fancy wool season, with particular emphasis on
flannels, is looked for, and the conviction is entertained that a "woo/
season" will mean the expansion in demand for overcoatings, with a probable
shortage of the latter, in view of poorly assorted stocks, both in wholesale
and retail channels. While causing no apprehension, the gradual clean-up
of overcoating stocks is expected to bring much healthier conditions in the
heavyweight business, which has been backward for several seasons.
• A comparison of 56 representative worsteds listed by the company shows
an average price per yard of $2.97% for spring, 1926, against $3.21 for
spring, 1925. and $3.48 for fall, 1925, from which the conclusion is drawn
that reductions on staples average 7%, compared with last spring, and
close to 15% when compared with the present season-fall, 1925.
The price cuts in the case of poiret sheen and worsteds
were made known on July 28, the "Journal of Commerce"
account stating:
•
The reduction of prices on poiret sheen and poiret twill worsted dress
goods opened yesterday by the American Woolen Company for the spring
of 1926 further emphasized the readjustment of staple fabric values to
incorporate savings in labor, wool and overhead costs, to stimulate new
business for the backward worsted looms and to move stock goods which
are said to have accumulated because of the late operations of dress manufacturers on heavier fabrics, principal activity currently having centered
in dress silks. The lines are shown seven weeks earlier than last year.
Regular women's wear lines will open late next month.
The outstanding feature of the spring opening is a 17jic. a yard reduction
on No. 09252 poiret sheen, one of the most successful of the plain worsted
dress goods for several seasons, which is now priced at $2.45, against $2.62%
in the fall and $2.55 last spring. A similar reduction was affected en 09164
poiret twill, another key fabric in worsteds, which is now $2.02% against
$2.20 in the fall and $2.05 last spring. The following is a comparison:
P. Sheen. P. Twill.
09252
09164
$2.0234
$2.45
Spring, 1926
2.20
2.62%
Fall, 1925
2.55
2.05
Spring, 1925
2.72X
2.15
Fall, 1924
2.95
2.25
Spring, 1924
Of twenty-five styles in poiret sheens and eight in poiret twills, only
about three in each division are repeat numbers, so that comparisons on the
line as a whole are impracticable, but on the retained fabrics it would
appear that reductions average from 5 to 8% compared with fall levels, a
reflection of which probably is contained in the added fabrics also.
Forty Colors Shown.
It was emphasized that the showing of worsted dress goods yesterday
was not a distinct opening in the sense that regular lines are opened, but an
offering of attractive values to manufacturers who may desire to commit
themselves on them. The fact that the cutters were busy on fall goods
precluded the likelihood that they would visit the sales offices in numbers,
but rather that they would pick them up when wanted. Apparently the
new prices would become effective on stock goods, fall buying being practically over.
The new sheens and twills represent the product of five mills of the
125.787 31.384
American Woolen Company,the Wood, Washington, Shawsheen, Ayre and
5,074
16,614
the Arden Mills. On poiret sheens the price range is from $1.573. to $2.75
a yard, both figures representing the lowest and highest levels ever established by the big factor on this type of fabric. The expansion in both
directions reflects a policy of varied offerings to meet price pressure and
demand for different weights and weaves. In poiret twills the low to high
range is $1.92 to $2.55 a yard.
While the lines are all plain goods of a staple nature, an effort to meet
the novelty vogue is noted in the very wide range of colors, numbering 4()
in all, but sponsoring many new shades in the so-called high colors, including
four in the light pansy family-Fantasia, Framboise, Jacinthe and Paruresix new ranges of blues, four greens, nine tans, seven wood tan-browns and
Woolen Co. eight reddish tones. It was expected that "silver gray" would become a
leader. It was also stressed that no rayon is used in the dress goods, the
lines being all worsted.
•
-GROSS TONS.
PRODUCTION OF STEEL COMPANIES
-Total Production b- -Spiegeleisen and Ferromanganese*
1924-- -1925-----1924. .
Ferrom. Spiegel. Ferrom. Spiegel
1925.
5,418
January
7,948 23,578
2,274,005 2,692,537 20,735
4,910
February
9,870 18.184
2,410,658 2,539,785 22,405
5,449
March
2,674,565 2,812.995 22,351 13.796 20.062
5.341
April
4,240 21.448
2,463,027 2,514,828 23,580
5.294
May
1,927,461 2,306,887 14,993
9,336 22,679
4.972
June
9,405 19,836
1,507,110 2,113,566 20,049
1 Half year
July
August
September
October
November
December
Year
13,256,826 14,980,598 124,113
1.343,952 2,037.160 14,367
1,413,314
10.718
1,509,360
13.263
1,858,502
7,780
1,896,886
13,448
2,377,141
21,220
23,656,981
54,595
15,328
8,010
5,033
10,047
8,835
5,284
204,909 107.132
•Includes output of merchant furnaces.
S Ferromanganese and splegeleisen included.
Opening of Spring 1926 Lines of American
With Lower Price Scales.
The "Wall Street Journal" of July 28, referring to the
With the opening this week and last of its Spring 1926
lines, a lowering of price scales by the American Woolen opening of the sheen and twill lines said:
Department four of the American Woolen Co., which comprises women's
Company was announced. Regarding this week's announcewear
In many years
ment we quote the following from the "Wall Street News" This fabrics.opened its spring 1926 lines at the lowest prices $40,000,000 to
department alone does an annual business of from
of Aug. 5:
$50,000.000. It usually sells up its production within two or three days.
Opening up semi-staples and fancy worsted in three departments of the In view of the extraordinarily low prices it is expected that lines will be
American Woolen Co. for the spring, mg, season showed prices lower withdrawn shortly. The key number is 17% cents a yard lower than the
than for the spring of 1925, although no comparisons were given out by last opening.
•
the company.
From Boston advices to the New York "Journal of
In Department 1, including six mills, prices ranged from $1.70 to $3.95
per yard for semi-staple worsted. In Department 2 fancy worsteds, Commerce" July 27, we take the following:
The wool trade is inclined to regard the opening prices named by the
including 14 mills, prices ranged from $1.673 to $4.25 per yard, and in
Department 7, also fancy worsted, including three mills, prices ranged American Woolen Company on staple light weight lines today as tending
to greater stability in the market. With the labor costa at the mills reduce
from $2.22% to $4.10 per yard.
AUG. 8 1925.]
THE CHRONICLE
649
10% and the wool market liquidated to a very marked degree as compared eral. Further reporting the President'a views, the "Times"
with six months ago,it was very natural that there should be a sharp decline dispatch
said:
in the prices of goods compared with prices ruling last February at the openThe President indicated that he could not see that the tariff was responing of the heavy weight season
With the assurance also of increased production, which means a lower sible for the reduced employment and wages, but held those conditions were
net cost in the manufacture of clothing, there should be a material reduction rather the result of surplus• mills that were built to satisfy the war dein the cost to the ultimate consumer, which should react favorably thr ugh- mands and now that these demands had ceased the entire industry was
affected by an oversupply in the markets.
out the entire wool textile industry.
The textile industry in New England, he indicated, was suffering front
Trade in the local market has been very slow and prices are not materially
changed as comp red with the end of last week, although there is no dis- Intensive competition of the South, where common goods are being made
cheaper with the raw materials at hand and cheaper help could be had than
position to slaughter prices anywhere. In fact the general impression is
that the last half of 1925 will be a great improvement over the first half in New England States. The other cause of the local • depression, he held,
of the year, duplicating, possibly in a lesser degree, the experiences of 1924. came from importation of fine goods, which Senator Butler has declared
At the continuance of the wool auctions in Sydney today, there was a cannot be manufactured here as to cost to compete with these products of
fairly good selection, chiefly of merinos,for which there was a keen demand, lower wages. The Senator wants higher tariff rates on ,the finer goods and
with France the principal buyer. Prices compared with the clo-ing• on the association of which his son is chaiman at a meeting in Washington last
winter advocated a higher tariff. The concerns making finer goods Sr.
Thursday last were hardening slightly.
The operatives in the mills appear undisturbed over the reduction of suffering from foreign competition and many have reduced wages to meet
the prices of imported products.
.
10% in wages and manufacturers evidently anticipate no trouble on this
A shift of fashion, it was explained by the President, also had affected
score.
the textile industry. Last mason people were wearing more woolens than
worsted materials and this caused a depression in the worsted market He
said he has been told that fashion was veering back to worsted and this
Wage Reductions in New England Textile Mills.
would help the New England industry.
In addition to the list of New England mills which we
indicated in our issue of last week (page 521) had announced
wage reductions, still further cuts are noted. On Aug. 3
a reduction of 10% at the Barre Wool Combing Co., in
Barre, Mass., and the Norway Worsted Co. at the same
place, was reported, these reductions affecting normally
some 600 employees. On Aug. 6 the Farr Alpaca Co.
posted notices announcing a general wage reduction of
10%, effective Aug. 10. It is stated that at the same time
the operating schedule will be extended from three to four
days a week. The firm employs 3,200 persons. According
to the "Wall Street Journal" of Aug. 5 the plant of the
Ludlow Mfg. Associates at Ludlow, Mass., has been placed
on part time schedule, throe days a week in certain departments and four days in others.
On the 3d inst. 60 employees of the color shop at the print
works of the Pacific Mills went on strike at 11 a. m. in
protest against the wage cut of 10% noted in our issue of
a week ago. Later in the day 40 laborers in the bleaching
room struck in sympathy with the color employees.
The Pentucket Mills of Haverhill, Mass., employing 500
hands, and the Groveland Mills, South Groveland, employing 250, announced on July 29 a 10% cut in wages,
effective Aug. 3. It is stated that the Pentucket Mills are
now on full time schedule, but the Groveland Mills are on
part time.
Notice of a 10% wage cut, effective Aug. 3, was posted
July 29 in the mill of the Sawyer-Regan Woolen Co. at
Dalton, Mass.
As to Rhode Island wage cuts, we quote the following
from the Providence "Journal" of July 31:
Wool Consumption Report for June, 1925.
The Department of Commerce on July 30 announced the
following statistics with regard to the consumption of wool,
by manufacturers in the United States during the month of
June, based on reports received from 554 manufacturers.
This is exclusive of 20 manufacturers operating 76 mills, who
failed to report for this month. According to Davidson's
Textile Blue Book for 1924, these non-reporting mills are
equipped with about 14,189 looms, 1,460 sets of woolen
cards, 544 worsted combs, and 1,045,671 spindles.
The total quantity of wool entering into manufacture
during June, 1925, as reported, was 32;045;444 pounds as
compared with 32,146,479 pounds in May, 1925, and
25,703,841 pounds for June, 1924. The consumption shown
for June, 1925, included 24,468,078 pounds of wool reported
as in thel grease; 5,407,656 pounds of scoured wool; and
2,169,710 pounds of pulled wool. Reduced to a grease
equivalent':these quantities would amount to 38,176,337
pounds.nThe grease equivalent for May,1925 was 38,246,404
pounds and for June, 1924, 30,972,041 Pounds.
The monthly consumption of wool (pounds) in grease
equivalent for manufacturers reporting for 1925 was as
follows: January, 51,434,850; February, 46,415,269; March,
45,853,420; April, 43,286,554; for May, 38,246,404, and for
June, 38,176,337.
Consumption ej Grades.
Classified according to grade, the total for this month includes 7,607,872
pounds of fine wool, which may be compared with 6,833,486 pounds
consumed in May, 1925, and 5,879,870 pounds consumed in June, 1924:
Approximately 20.000 textile operatives in Rhode Island are affected by pounds of X blood as against 2,828.245 pounds in May,1925, and 3,349,757
wage reductions, in effect this week or announced to become operative soon. pounds in June, 1925; 5,084,002 pounds of X Wax' as against 5,643,170
The reductions in practically every instance have been made 10%,the same pounds in the month preceding and 3,727,234 pounds in June, 1924: 5,036,as the first cut put into effect by the American Woolen Co.
846 pounds of X blood, as against 4,501,286 pounds in May, 1925 and
In addition to reductions announced by woolen and worsted plants, the 4,571.718 pounds in June, 1924; 1,542,365 pounds of low X blood,common.
J. & P. Coats Co.(R. I.), Inc., manufacturers of thread, at Pawtucket, braid, and Lincoln as against 1,412,200 pounds in May,1925, and 1,276.394
has posted notices of a reduction in wages to become effective on Aug. 3. pounds in June, 1924: and 9.380,913 pounds of' carpet wool, as against
The amount of the cut was not specified in the notices, but it was said 10,928,092 pounds in the preceding month and 6,898,868 pounds in June.
to be approximately 10%.
1924.
G./Mon Allen, of the Coats plant, stated yesterday that this was the first
Domestic and Foreign Wog.
reduction in wages made at the plant since January 1921. The mill, which
Of the total quantity of wool used by manufacturers during this month of
has been operating five days a week, will close on Aug. 14 for the annual
June. 1925, 14,321,476 pounds, or 44.7%, was doidestic wool; and 17,723.period of making repairs and giving the employees vacations. Work will
968 pounds, or 55.3%, was foreign wool. The carpet wool was all of
resume Sept. 1, Mr. Allen said. About 4,200 are affected by the cut at
foreign origin. The United States produced 64.7% of the fine wool; 76%
the thread mill.
of the X blood: 70.3% of the X blood; 55.7% or the X blood; and 32.5%
Woolen and worsted mills announcing wage reductions Wednesday and
blood.
yesterday include the following: Atlantic Mills, M. & F. Worsted Mill. of the low
Paragon Worsted Mill, Crown Worsted Mill, Snowden Worsted Mill and
Geographic Distribution of Consumption.
the Colwell Worsted Mill of Olneyville, the Pocasset Worsted Mill of
Of the total consumption of wool in June, 1925(amounting to 32,045,444
Thornton and the Lorraine Manufacturing Co. of Pawtucket and Westerly.
In the majority of the plants it was announced the cuts would go into pounds) 12,916,033 pounds, or 40.3%,were reported from the New England
States: 50% from the Middle Atlantic States; 1.4% from the Pacific Coast
effect immediately.
According to William B. MacColl, of the Lorraine plant, the wage reduc- States; and 8.3% from the ether sections of the United States.
tion, designed to meet the 10% cut in other plants, will become operative
Imports of Tops and Nods.
next Monday, and will affect every department in the mills both at PawThe consumption of foreign tops and foils constitutes one element which
tucket and Westerly.
Mr.MacColl stated that no adjustment of wages was made at the Lorraine It has not been possible to include in the constlmption reports since the
plant last spring, when New Bedford mills, manufacturers .1 fine goods manufacturers would be unable to distinguish between foreign and domestic
similar to those put out by the Pawtucket and Westerly mills, reduced tops and netts. In the long run, though not necessarily month by month.
wages 10%. At that time the Greenhalgh mills of Pawtucket, which also this element must be equal to the imports. The imports of wool and hair.
advanced, including tops, for the current month yere 1,471 pounds and for
manufacture fine cotton goods, put a similar wage cut into effect.
On July 30 an Associated Press dispatch from Providence 1925, including June were 154,250: mils for the current month were 415,851
.
and for 1925, including June, 3,721.329. The exports of tops and DOHS
said:
were negligible.
Six worsted mills, employing about 1,500 workers, this morning anDetailed Statement.
nounced wage cuts of 10%,effective immediately. They were the Pocasset
Worsted Co. of Thornton and the M. Sr F. Worsted, Paragon Worsted.
The following tables show the quantities of ivool consumed, classified
Crown Worsted, Snowden Worsted and Colwell Worsted of Olneyville.
according to condition, grade and class, with sbparate figures for foreign
and domestic wools. Comparative figures are also given for June 1924.
May 1925 and 1924, and totals for the months Jinuaiy to June. inclusive.
New England Woolen Mills Affected by Oversupply,
According to View of President Coolidge—
Tariff Not Responsible.
In a conference with newspaper men at Swampscott on
July 28, President Coolidge was insistent, says the New York
"Times," that the depression in the textile industry in New
England obtained only in some localities and was not gen-
CONSUMPTION OF WOOL BY GEOGAAPHIC SECTIONS.
Section.
New England
Middle Atlantic
Pacific Coast
Other sections
Total
Grease.
Scoured.
haled.
grease Eq.
Total.
9,448,043 2,510,134
957,856 15,745,453 12,916,033
13,723,214 1,286,523 1,023,476 17,660.895 10,033,213
151.657
720,266
445,246
27,853
265,736
1,145,164 1,345,263
160,525 4,049,723 2,650,952
24.468.078 5.407.656 2.169.710 38.176.387 32.045.444
[VOL 121.
TFIE CHRONICLE
650
WOOL CONSUMPTION BY CLASS AND GRADE.
(All quantities in pounds.)
Total for June.
Taal for may:
Total Jan. to June incl.
Cass and Grade
1925.
Total
Domestic _
Foreign
1924.
I
1925.
1924.
1924.
1925.
32,045.444 25,703.841 32,146,47930,472,849 224,508,177223,245.806
14,321.476 12.886.058 13,623,224114,571,456 100,184.445 98,896,972
17,723,96812,817,783 18,523,255 15,901,393124,323.732 124,348,634
Combing a- - 03,606,25312,780,792 14,554,373 15,334,800 110,714,007 114,701,168
Clothing a_ _ 6,059,178 6.024.181 6.664.0141 6.665,646 41,445,768 44,769,859
Fine, total___
Combing:
Domestic _
Foreign
Clothing:
Domestic __ _
Foreign
;I-blood, total_
Combing:
Domestic
Foreign
Clothing:
Domestic __ _
Foreign
II-blood, total_
Combing:
Domestic
Foreign
Clothing:
Domestic
Foreign
34-blood. total_
Combing:
Domestic
Foreign
Clothing:
Domestic
Foreign
Low 34-blood .b
Combing:
Domestic Foreign
Clothing:
Domestic
Foreign
Common, talc
Combing - Clothing
Braid, total_c_
Combing
Clothing
Lincoln, total
Combing __
Clothing__
Carpet, total
Combing
FItting
7,607,872 5,879,870 6,833,4861 13,656,618r 49,087,533 48,400,230
3,622.26
2.499,28
2,809,335 3,017,46
1,633,467 2.158,01
3,176,444 23,367,604 21,721,169
1,822,961 14,973,69 16.110.132
1.297,74 1,135,241 1,472.957 1,278,073 9,365.04
185,043 379,140 1,381,19
301,827
188..:1
3,394,341 3,349,757 2,828,2
4,379,467 23,508,18
8.217,196
2,351,733
26,450,962
2,091.677 1,342,12
472,557 571,46
2,861,982 14,746,62
675,078 3,388,3
15,963,261
4,898,049
665.913
675.245 801,16
94,854
110,278 113,49
5,084,00 3,727,234 5,643,17
704,192 4,723,4
649,72
138,215
4.746,421 34,184,71
4,875,877
913,775
33,939,903
1,753,68 1,165,293 2,281.15
1.370.88.
698,304 1,258,21
1,899,453 14.687,94
809,424 6,258.21
Total Value of Imports and Exports of Merchandise
by Grand Divisions and Principal Countries.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington has issued its
report showing the merchandise imports and exports by
grand divisions and principal countries for the month of
June and the twelve months ending with June for the years
1924 and 1925. The following is the table complete:
TOTAL VALUES OF IMPORTS AND EXPORTS OF MERCHANDISE BY
GRAND DIVISIONS AND PRINCIPAL COUNTRIES.
Month of June.
ImportsfromGrand DivirttmoEurope
North America
South America
Asia
Oceania
Africa
1924.
1925.
Twelve MorUhs Ending June.
1924.
1925.
12,058,138
8,609.250
1,914,51
719,01
$80,174,936 $88,702,176 $1,065,488,70 21,170,455,022
960,025,813
996,486.192
80,024,699 85,233,935
495.636,656
429,632,333
38,368,332 37,022,410
944,752,924 1,048,142,698
68,315,96/ 102,507,128
65,437,139
2,287,226
5,007,358
47,240,438
84,442,811
70.429,362
4,833,508
6,694,285
Total
$274,000,688 $325,167,292 $3,554,036,954 $3,824,140,139
Principal Countries
$68,472,159
Belgium
$89,591,46:
96,000.378 $5,581,449
1,820,81 1,582.831 1.844.88 1.1315,674 11,671.60 10,387,193 Denmark
4,777,234
147.220
247.372
7,123,71
2.795.322 Franee
138.61
300,806 260.911 421,870 1.566,94
151,869,347
9,393,240 10,015,529
144,202,936
39,122,987 Germany
33,614
5,036.84 4.571,718 4,501,2
4,315,886
144,764,970
10,510,954 11,247,073
146.737,070
33,672,947
Greece
5,337,192
3,316,840
16,826.216
13,798,628 Italy
1,897,37 1,866,267 1,484,12 1.400,016 11.957,0
94,952,208
4,831,831
9,206,362
79,933,956
13.404.344 Netherlands
1,583,07 1,159,720 1,509,62 1,440,11 12,297.0
78,861,366
6,260,489
6,089,671
70,735,12.
Norway
23,145,404
1,487,803
2,069,756
20,663,930
7,076,796 Russia In Europe
5,828,56
905,69
910,19
941.856 867,87
9.071,276
325.288
1,163,985
4,981.088
4,843.219 Spain
565,561 3,532,25
650,70
603.875 639,6
29,034,716
1,613,922
2,263,378
30,713,804
6.935,600 Sweden
894,?V.V. 821,432 688.89 i.122,780 7,279,3
44,565,255
2,678,915
3,330,012
35,303,16
Switzerland
37,591,637
2,643,951
2,851,008
37.183,389
2,172.644 United Kingdom
182,66
179,971 1,594.0
389.973 167,3
392,003.729
24,481,680 26.644,329
341.757,276
2,488,011 Canada
3,786,55
501,06
462,43
158,577 232,16
408,059,713
33,036,948 37,319,637
417,275,091
39,602,143
Central America
3,500,339
4,589,438
34.148,215
976,26: 1,399,099 Mexico
108,52
286.050
125,510 127,71
185,109,260
13,646,228 16,275,586
153,574,036
875,846 Cuba
922,45
102,71
193,72
147,372 161,66
291,915,139
27,249,005 23,919.716
359,819,351
997,810 Dominican Republic....
1,057.296
110,85
69,222
207,40
175.04
6,695,175
690,871
759,563
8,755,320
288.259 Argentina
423,561
35.24
53,87
24.909
66,71
78,061,321
7,108,497
5,798.876
77,423,752
709.551 Brazil
633.73.
44,1
44,3131 139,7
153.531
198,546,477
11,561,928 14,607,275
146.255,852
429,161 Chile
208,971
41.36
51,41
53,608
41,36
99,028,041
7,251,358
6,969,954
92,504,750
248,746 Colombia
125,98
23,421
32.6 •
19.269
14.85
59,333,787
8,090,585
4,894,774
54,806,301
182,415 Ecuador
82,98
17.94
18,7
34,339
26,50
7,385,783
524,933
1,028,016
5,784,511
3,194,374 Peru
3,218,86
495,16
520,46
332,132 506.89
18,056,105
2,206,304
1,083.484
28,621,301
2,852.537 Uruguay
3,107,30
472,2
520,39
291,444
14,542,413
339,984
479,700
6,875,43.
341,837 Venezuela
111.5
22,87
71
40.088
22.35
17,635,601
980,542
1,471,777
14,127,349
9,380.01 6,898,86810,928,09 8.472,40 72,348,40 63.774,579 British India
124,547,519
7,255,545 12,165,537
107,900,458
4,288,8
3,699,09 34,898,337 28.885.004 Straits Settlements
3,054,765 5,043,
186,873,239
9,853,665 23,314,744
143,157.48.
5,091,15 3,844.103 5,884,
4,773,311 37,450,06 34,889,575 China
147,288,503
9,923,589 18,914,098
157,881,756
Dutch East Indies
69,402,860
4,784,926
3,565,546
54.645,07
Total, reduc
342,355,610
21,824,910 24,214,807
Japan
325,338,181
30.972.04138,246.40 36.507,4 263.412,83 63,949,188 Philippine Islands
to gre'se equiv. 38,176.
100,881,243
11,485,726 12,515,875
90,162,610
126,645,740 124,910.779 Australia
18,657.83 16,408,73617.765,3 18,508.51
Domestic
830,244
43,261,839
2,527.300
31,989,71.
19,518,50 14,563.30520,481,054 17.998,96 136.767.094139,038.409 New Zealand
Foreign
1,281,101
2,260,02
12,983,480
19,329,833
British South Africa
8.268,633
328,619
496,107
7,408,65.
37,009,779
2,892,985
a Exclusive of carpet wools. bylgures previouslto 3u1y11923 include "Common" Egypt
1,453,238
28,164,918
Exports to
equivaand "Braid." C All domestic. d All foreign. e In computing the grease
Grand Divisions
lent, 1 lb. of scoured wool Is considered equivalent to 2 lbs in the grease, and 1 lb. Europe
$141,975,440 $144,411,641 $2,202,118,278 $2,660,133,840
of pulled to 1 1-3 lbs. In the grease.
North America
84.929,097 96,002.446 1,043.328,87 1,142,399,291
South America
25,860,094 31,191,580
360,410,788
281.457,838
467,617,173
34,658,842 29,779,131
Asia
562.554,866
WOOL.
167,002,281
14,237,546 15,331,299
CONSUMPTION OF GREASE, SCOURED AND PULLED
Oceania
157,468,748
5,327,987
Africa
77,268,086
6,434,053
64.728,08
(All quantities In pounds.)
Scoured.
Grease.
;lass end Grade.
1925.
rotal
Domestic
Foreign
Combing a
Clothing a
Film, total_ ._ _
Combing:
Domestic
Foreign
Clothing:
Domestic.._
Foreign
II-blood,totalCombing:
Domestic -- Foreign
Clothing:
Domestic
Foreign
II-blood,totalCombing:
,
Domestic
Foreign
Clothing:
Domestic _._
Foreign
-blood,total_
4
Combing:
Domestic
Foreign
Clothing:
Domenic
Foreign
.ow 54-blood b
Combing:
.
Domestic _ _
,
Foreign_ ___
Clothing:
Domestic
Foreign
Iommon.totalc
Combing _ _.
Clothing--traid, total_c_
Combing _
Clothing- 1ncoln, lotaid
Combing _ _
Clothing _ _ _
'arpet, total d
Combing
Filling
1924.
1926.
1924.
Pulled.
1925.
1924.
24,468,01 19,419,060 5.407,656 4,759,90 2.169,71 1,524,872
9,094,81
8.618,500 3,891,207 3,150,23 1,335,45 1,117.320
834 2571 407.552
15,373.26 10,800.560 1,516,449 1.609,671
15,018,995 11.835,1136 851,56.8 558,327
1.028.682 1,271,235 4,250,059 3,907,269
735,69
782.4371
387,279
845,677
362,04
226,523
6,291,470
4,830,385
954,357
822,962
3,341,04'
2,497,25
2,725,682
1,630,643
92,393
400
55,665
2,824
188,264
1,624
27,988
421,811
30.787
2,318.0 a
426,73()
47,331)
2.537.172
712,713
148,851
636,039
516,273
248,200
529,963
163,215
8,942
439,951
192.238
6,297
282,622
1,482,20'
716,21'
1,929.621
468,331
191.561
2.800
22,431
4.226
240.748
139.625
110,84
8.791
3,109.85
96,349 391,652 437.271
66.035
42.871
50,326
1,890,859 1,605,547 1.381,569
163.460
35.737
388.601
141.625
1,372
454.806
87,341
31,877
101,898
115.985
219.54
12.77
3,264,29
i83,7501 1,342.635 1,066,281
196,070
117,774
78,7
3,035,8561 1,538.474 1.309.651
258.630
8,067
234.075
312,800
26,021
226.211
1,623.75
1,454.49
1,684,91
1,015,96
187.582
106,287
139,857
112,349
86,01
22.29
41.495
31.405
1,524.70
1,352,82:
961,967
666,427
127.080
18,058
160.66
25.38
577.081
187,48
147,491
480,491
644,922
399,683
258,007
645.189
412,251
309,305
100,109
25,631,
59,894
109,183
44.128
31,636
140.50:
422.92
336.60
111,37
26,224
41,793
33,184
47.11
15.937,
36,350
20.183
90
24,72
7,786
31,000
15.0001
i6.000I
29,687
17,667
12.000
270,991
270,991
92.482
97,508
64,022
35.207
28,815
17,941
93.40
135.51
30.22
1,909
28,31
23,030
1,341
21,689
58.894
18.206
40,688
294,313
32,294
262,019
5,81
1,79
11,32
30
11,02
7,287
4,076
8.000
8.000
Total
$306.989,006 $323,150,150 54.311.855,491 $4,864,831,459
Principal Countries
Belgium
6,481,793
6,357,239
126,161,306
102,295,698
3,408,994
3,745,069
Denmark
48,759,440
39.742,347
21,321,470 15,204,819
288,893,688
France
280,376,306
464,058,347
18,026,903 22,434.307
Germany
378,320,77:
879,861
999,888
21,991,460
Greece
9,661,722
219,630,233
12,045,013 11,765,239
Italy
175,432,24
7,483,909
8,571,979
166,583,308
Netherlands
118,559,85
27,998,725
1,235,391
1,277,885
20,283,2
Norway
4.663.231
57,043,978
9,529,590
Russia in Europe
23,546,141
4,412,804
4,643,965
75,564,153
Spain
69,253,633
3,252,134
41,748,744
2,290,121
44,728,40:
Sweden
719,481
783,124
8,034,023
Switzerland
8,279,127
51,795,277 57,201,958
897,673,044 1,064,957.728
United langdom_a
602.120,600
647,421.511
48,273.612 59,767,162
Canada
5,257,502
5,148,316
58,869,321
70,409,740
Central America
146,833,521
11,399,521 11,129,622
124,084,099
Mexico
192,297,954
208,662,049
14,887,270 15,138,095
Cuba
1,098,498
14,454,804
16,673.398
1,409,484
.
Dominican Republic_ _
106,690,79
134.884,211
8,986,650 10,935,754
Argentina
8,840.964
63,985,282
80,590,029
5,778,396
Brazil
3,041.890
30,889,865
34,783,981
2,678,047
Chile
2,060,409
22,739,34
33,816,810
2,335,659
Colombia
530,149
4.836,84i
5,609,668
611,397
Ecuador
1,584,444
1.988,534
23,301,027
22,875.761
Peru
1,270.311
18,796,650
1.578,582
17,349,432
Uruguay
19,985.612
1,383.145
1,393,056
15,238.664
Venezuela
33,856,643
2,629,165
34.117.811
2,812,773
British India
877,543
373,817
8.745,728
7,156,113
;traits Settlements
8.828,525
89,008,726
12,830,287
:Ihina
124.432,87
15,414,468
1,224,699
883.795
13,656,413
Dutch East Indies
9,721,963
216,427,527
9,562,865
(open
283,257,578
61,391,756
4,974,822
4,077,327
Philippine Islands
55.701,380
131,955,360
10.482,718 12,347,754
luatralia
128.503.761
32,755,301
2,911,849
3,546,998
Ow Zealand
27,020,981
40,226,338
2,782,953
3,668,990
nitish South Africa
32,669,910
i:gypt
6,201,496
482,646
413,635
6,049,152
a Includes Irish Free State prior to Jan. 1 1925.
Coal and Anthracite Trade Improved.
With talk of anthracite strike in the air and the fact that
the Atlantic City conference has not as yet arrived at a
sizes
911 definite conclusion, consumers of domestic and steam
261 of anthracite are running to cover and filling their bins
650
17.941
2,247 declares the market review in the 'Aug. 5 "Coal Trade
42,236
26.938
425,99
42,2361
2.247
22,181
407,87
Journal." Company quotations went up on August 1 and
4,757
18.121
651,58i 291.916 independent operators have been advancing their prices
6,312.639 306,031
8,422,40
72.003
151.309
2.950,468
47.806
4,089.73
500,272 219.913 regularly for the past few weeks. This week's prices are from
258,225
4,332,66 • 3,382,171
1,980,539 1.692,409 a quarter to a half a dollar higher than for the previous week,
btal for May. 24,726.19 23.309,941 5,439,746 5,470,499
but it is not expected by New York wholesalers that these
btal, Jan. to
177 451.69N 173,548.44934,828.747 36,208,794.12.227,73213.490.363
Tn.. inm
prices will be much further advanced says the "Journal,"
,
include "Common
a Exclusive o carpet wdola. b Figures previous to July 1923
adding:
domestic. d All foreign.
10,23
3,41
35,504
31,20
4. I i
23,42
23,42
and "Braid." 4 All
Bituminous
AUG. 8 1925.]
THE CHRONICLE
'Bituminous operators and wholesalers are living in the hopes that the fear
of an anthracite strike here and of the closing of the mines in the U. K. will
have a reviving effect on the soft coal industry, both in the consumption at
home and in export. As yet, of course, it is imposible to make any predictions on these probabilities.
In New England, and in Boston in particular, the temporary staving off
of the British strike has softened the tidewater bituminous market and
prices are about a nickel lower. Arrivals from the southern loading piers
have been light and have been well sold up. The retail demand for anthracite at Boston has fallen off but dealers say that they have enough orders on
hand to keep them busy for the next few weeks. The wholesale anthracite
market was less active last week but prices were unchanged. At New
York, however, the anthracite demand keeps up and both wholesalers and
retailers are very busy. Many of the wholesalers are sold up for some weeks
to come and some of the operating companies will have no free coal available
for at least three weeks. Although the bituminous situation is unchanged,
the wholesalers are in a more optimistic frame of mind than they have been
for some time. The local demand for anthracite at Philadelphia continues
good but not in the volume of a week ago. Dealers are still buying and
steam sizes continue in good demand. The feeling of optimism continues
in bituminous circles, although so far there has been no concrete change
for the better and prices are as before.
Due to the threat of a strike in the British coal pits, the July exports
from Baltimore increased, but recent developments have confirmed the
decision of the trade not to get excited over conditions either at home or
abroad. Bituminous prices are unchanged but retailers have moved up all
prices on anthracite,except buckwheat,a quarter a ton. Prices at Hampton
Roads show no change over the past week.
The Pittsburgh market is still decidedly "spotty," but the demand for
steam coal has improved and inquiries are increasing in number and volume.
Current demand is a little better. The demand for gas coal is unchanged.
River coal movement continues to be fairly active. Connellsville coke
showed some betterment last week with increased inquiry for both Bruits.
There is no change in either demand or price in the situation in central
Pennsylvania. Production during July was below that of June.
There were more inquiries and contracts placed during the past week in
southern West Virginia than for some time past and prices are stiffer in
consequence. High volatile prepared sizes are stronger and there is a better
demand for steam coal. Slack is unchanged in demand. Smokeless lump
and egg are stronger in both eastern and western markets while New
England is buying on a heavier scale. Demand and production in the
Kanawha and Logan fields have increased and this is also true of the New
River and Winding Gulf territories. Pocahontas and Tug River prices are
advancing slowly and operators have had to speed up production to keep
pace with the increased demand. In the Upper Potomac and western
Maryland fields conditions are better only inasmuch as inquiries have
increased. Prices are unchanged. Some idle mines in the Upper Potomac
field have resumed operations, increasing the amount of coal handled by the
Western Maryland. Virginia production is ahead of last year and on a
par with 1923. Domestic grades are a little hard to move but prices are
steady. Coke is also still hard to move.
651
at the mines, is estimated at 9,255,000 net tops. When compared with
the revised figure for the preceding week, this is a gain of about 3%.
Estimated United States Production of Bituminous Mat (Net Tons). (a)
(Including Coal Coked.)
1925--1924
Cal. Year
Cal. Year
Week.
to Date.
Week.
to Date(b)
July 11 a
8,639,000 247,771,000 ' 7,742.000 243,427,000
Daily average
1.440,000
1,528,000
1,290.000
1.503.
July 18c
8.966,000 256.736,000
7,644.000 251.071.
Daily average
1.494,000
1,526,000
1,274,000
1.495.000
July 25d
9.255,000 265.991,000
7,785,000 258,856,000
Daily average
1,542,000
1,527,000
1,488,000
1.298,000
a Original estimates corrected for usual error, which in past has averaged
2%. b Minus 2 days' production first week in January to equalize number
or days in the two years. c Revised since last report. d Subject to revision.
The total output during the calendar year 1925 to July 25 is 265.991,000
net tons. Corresponding figures for other recent years are given below:
Years of Activity.
Years of Depression.
1918
326,636,000 net tons 1919
253.669,000 net tons
1920
299.419,000 net tons 1921
224.281.000 net tons
1923
318,457,000 net tons 1924
258,856,000 net tons
ANTHRACITE.
The production of anthracite for the week of July 26,estimated from railroad loadings furnished by the carriers, amounted to 2,049,000 net tons,
the largest weekly output so far recorded during the present year, and an
increase of 64,000 tons, or 3.2%, when compared with the preceding week.
Compared with the same week of 1924, when production amounted to
1,837,000 WM, the increase is shown to be 212,000 tons, or 11.5%. Accumulative tonnage for 1925 is, however, slightly behind that of the corresponding period of 1924.
Estimated United States Production of Anthracite (Net Tons).
1925-1924
Cal. Year
Cal. Year
Week.
to Date.
Week EndedWeek.
,to Data (a)
July 11
1,854,000 47,803,000
1.871,000 48,312,000
July 18
1.985,000 49,788,000
50,152,000
1,840,000
2.049,000
July 25
51,837,000
1,837.000
51,989,000
a Less two days in January to equalize number of days in the two years.
BEEHIVE COKE.
The total beehive coke production during the week ended July 25 is estimated at 125,000 tons, a decrease of 2.000 tons, or 1.6%, when compared
with that of the preceding week. The Connellsville "Courier" states that
output in the Connellsville district increased 4.5% and has regained the loss
following the slump of the week of July 4. Accumulative tonnage during
19251s now 5,731,000 tons.
Estimated Production of Beehive Coke Viet Tons).
Week Ended--1924
1925
July 25 July 18 July 20
to
to
1925.(b) 1925 (c)
Date.
1924. • Date
Pennsylvania and Ohio- 89,000 89.000 63,011 4,336.000 4.990.000
5,111
11,000
West Virginia
338,000
10,000
350,000
Ala., Ky., Tenn. & Ga- 12,000
15,000
16,
570.000
570.000
4,000
Virginia
4,000
215,000
234.000
7,01 1
6,000
Colorado & New Mexico 6,000
4,111
154.000
139.000
4,1111
3,000
Washington and Utah_ _ 3,000
121,000
120,000
The improving tendency in the bituminous coal trade is
becoming more marked, and the volume of inquiry would
125,000 127.000 99.000 5,731,000 6,406.000
indicate that the betterment will continue observes the United States total
21,000
21.000
Daily average
33.000
36.000
17,000
"Coal Age" this week. While output is increasing with the
a Adjusted to make comparable the number of days in the two years.
b Revised. a Subject to revision.
demand the augmentation in tonnage has not been sufficient
to outpace the expansion in business, consequently prices
show a steady growth in firmness, continues this journal's Analysis of Imports and Exports of pae United States
for June.
weekly trade review which contains further facts of interest
follows:
The Department of Commerce at Washington on July 29
as
Illinois and Indiana domestic coals were more active in the Midwestern
market last week than at any time in months
-in anticipation of a 25c.
advance in price. Many of the mines were able to clear their tracks for the
first time since last winter. Steam coals are erratic, however. Kentucky
continues to enjoy a heavy movement to the lakes and industrial and
utility demand is keeping screenings moving at very good prices for midsummer. Prepared coal also is moving better. Output is increasing in
eastern Kentucky and western Kentucky also is doing better. Although
demand at the head of the lakes is not up to the mark the trade is more
hopeful by reason of a growing volume of inquiry. Business is practically
unchanged in Utah, Colorado, Kansas and the Southwest except for some
activity in preparation for an upturn.
Domestic inquiry and demand at Cincinnati have picked up to such a
degree as to stiffen prices and iron out most of the spreads, the improvement
extending right down the line to slack. Southern and eastern Ohio are
doing little more than mark time, partly stunned by the Interstate Commerce Commission's refusal to alter rates to the lakes. Sluggishness
continues to prevail in the Pittsburgh market. The New England and
New York markets are gaining steadily in firmness, but at Philadelphia
demand is only fair. Baltimore and Birmingham are doing little bettor
than holding their own.
The hard-coal market continues to speed up,the companies having orders
booked to take care of most of their August output. Demand for all sizes
has increased, enabling the mines to work full time and bring output close
to normal. Stove and egg are a little tighter, but chestnut, pea and the
steam sizes also have braced to some extent. Independent prices are
gaining in strength and the companies added 10c. to 15c. to the price of
domestic sizes on Aug. 1.
The "Coal Age" index of spot prices of bituminous coal advanced three
price being $1.97.
Dumprings at Lake Erie ports during the week ended Aug. 2, according
to the Ore dc Coal Exchange, were: Cargo, 942,675 net tons; steamship
-a total of 987.996 net tons, compared with 845,706 tons
fuel, 45,318 tons
in the previous week. Hampton Roads dumpings in the week ended July
totaled 445,793 net tons, compared with 408,064 tons in the preceding
30
week.
issued its analysis of the foreign trade of the United States
for the month of June and the twelve months ending with
June. This statement enables one to see how much of the
merchandise imports and exports for 1925 and 1924 consisted
of crude materials, and how much of manufactures, and in
what state, and how much of foodstuffs and whether crude
or partly or wholly manufactured. The groups following is
the report in full:
ANALYSIS OF IMPORTS AND EXPORTS FROM THE UNITED STATBS
FOR THE MONTH OF JUNB 1025.
(Values in $1,000.)
Month of June.
1924.
Timber Months Elided Jim,
1915.
Value. P. C. Value. P. C.
ImportsCrude materials
Foodstuffs, crude, and
food animas
Manufact'd foodstuffs
Semi-manufactures......
Finished manufactures
Miscellaneous
Total
Domestic Exports
Crude materials
Foodstuffs, crude, and
food animals
Manufact'd foodstuffs
Setni-manufactures
Flashed manufactures
Miscellaneous
1014.
Value. P. C.
1915.
Value. P. C.
$
$
$
$
88,682 32.4 129,669 39.911,200,366 33.1 1.930.011 37.4
34,181 12.6 35,738
41,779 15.2 37,661
48,361 17.6 59,072
60,576 22.1 62,434
419 0.2
571
274,000 100.0 325,167
11.0
11.6
18./
19.2
0.2
385,473 10.1
530,211 14.£
18.5
756,331 21.2
• 23,557 0.7
e58.187
451,806
451,329
701,055
767,950
22,494
11.8
11.7
18.3
20.1
0.0
100.0 3,554,031 100.0 3,824,140 100.0
61,387 20.5 52,217 16.6 1,302,463 30.5 1,393,736 29.2
15.014 5.0 21,879 6.9 203,351 4./ 483,141 10.1
34,036 11.9 43,017 13.6 561,763 13.2 577,419 12.1
50,461 16.1 54,341 17.2 595,660 14.1 646,338 13.5
137,936 45.1 143,670 45.8 1,554,746 36.8 1 670 471 34.9
327 0.1
266 0.1
5,982 O.
7.228 0.2
Total dom.exports_ 299,160 100.0 315,397 100.0 4,2/3,973 100.0 1,778,331 100.0
7,829
7,753
86,501
Foreign exports
•87,683
-306.989
323,150
1,864,632
Total exports
9,311.656
Output of Bituminous Coal and Anthracite Gains as
Coke Production Falls.
Increases in the production of bituminous coal and anthra- Protest by President Green of American Federation
of Labor Against Wage Cuts by American
cite were reported in the weekly summary issued by the
Woolen Co. and Other Textile Interests.
Bureau of Mines, Department of Commerce, Aug. 1 1925,
The wage cuts in the textile industry which were initiated
on the other hand the output of coke declined, as indiwhile
by the American Woolen Co. and have been followed by recated in the following extracts from the report:
Responding to a more active demand, production of soft coal continued
to increase during the week ended July 25. For the first time since early
in March the 9-xnillton4on mark was passed. As indicated by 166.000
cars loaded for shiptnent, total output, including lignite and coal coked
ductions in other New England mills, have brought a protest from William Green, President of the American Federation of Labor, in letters addressed to Robert Amory,
THE CHRONICLE
652
President of the National Association of Cotton Manufacturers, and Andrew G. Pierce, President of the American
Woolen Co. The cut of 10% by the American Woolen Co.,
announced July 17, effective July 27, was referred to in
these columns July 18, page 268, and in our issue of a.week
ago (page 521) we indicated reductions made in other
plants. Mr. Green in protesting against the lowering of
wages in the industry says that "reductions in wages are
not proposed and are not being forced upon the workers in
other industries" and that "the logical conclusion is that the
workers of your industry are being forced through a reduction in wages to lower their living standards below that of
the workers employed in other lines." He contends that the
action "represents the power of force and might" and that
"it is not based upon reason, fairness and justice." It was
stated in Associated Press advices from New Bedford, Mass.,
on July 29 that Mr. Pierce had no comment to make on Mr.
Green's letter. "If we started in to answer all statements
of this kind, we should never get through," Mr. Pierce is
quoted as saying. The following is the letter addressed to
Mr. Pierce by Mr. Green:
Press reports carry the information that the American Woolen Co. is engaged in putting into effect a 10% reduction in the wages of its employees
and that other manufacturing concerns engaged in the manufacture of textiles in certain New England States are following the same policy.
It seemed strikingly strange and most difficult to understand why manufacturers who are the beneficiaries of such a high protective tariff as those
engaged in the textile manufacturing industry would be the first to attempt
Ito impose a reduction in the wages of their workers. Certainly if there is
one industry in America which enjoys the benefits of a high protective
tariff more than any other industry it is the textile industry.
Reductions in wages are not proposed and are not being forced upon the
workers in other industries. Present existing wage levels are being maintained, while in some localities increases in wages are being secured ; consequently the attitude of your company and that of other textile manufacturing interests in forcing reduction in wages is not in keeping with the general industrial and economic policies being followed by other manufacturing
interests.
I
[Vol. 121.
Existing economic facts make your position unjustifiable and indefensible.
Living costs do not justify a reduction in wages, and certainly when you
take into account the high protective tariff which your industry enjoys competition cannot be offered as justification for your action.
Besides, it is economically and morally wrong to reduce the purchasing
power of the workers engaged in textile manufacturing through the imposition by force, of a reduction in wages while wage levels are being maintained in practically all other lines of industry.
Flow can the workers in the textile industry sustain a reduced purchasing
power through the imposition of a substantial reduction in wages and at the
same time maintain and enjoy a standard of living commensurate with
American citizenship? If their wages are reduced, how can they buy goods
manufactured by your industry and other industries in such volume and
character as to maintain prosperity throughout the land?
The logical conclusion is that the workers in your industry are being
forced through a reduction in wages to lower their living standards below
that of the workers employed in other lines of American industry. The
reprehensible feature of it is that this is a forced reduction in wages. The
workers have not been consulted regarding acceptance or rejection. It is a
reduction in wages that has been imposed and enforced in spite of the opposition and protest of the workers affected. The representatives of the textile manufacturing interests cannot justify their position before the American people, either economically or morally.
As President of the American Federation of Labor I offer a most vigorous protest against the imposition of this economic wrong. Your action represents the power of force and might. It is not based upon reason, fairness
and justice. In behalf of the working men and women of America for whom
I have the authority to speak I again repeat my solemn protest.
On July 28, the date when Mr. Green's letter was maae
public, the New York "Journal of Commerce," announced
the following from Boston:
New England textile manufacturers are not greatly disturbed over the
protest made to-day by President Green of the American Federation of
Labor against wage reductions in the mills. Manufacturers believe they
are conscience-clear on the moral issue invoked by Mr. Green. As for the
economic issue, there are two sides to the question, one of which is the
economic unfairness of the mills being forced by arbitrary labor conditions
to operate at a tremendous loss, as has been the case for the last two years.
The operatives in the mills, evidently, it is believed, have seen the force of
this argument at length and also have perceived the further fact that
eventually the inability of the mills to run at a profit, or without loss,
reacts upon their purchasing power with greater economic force than the
lower rates of wages recently put into effect.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Aug.5, made public by the Federal Reserve
Board, and which deals with the results for the twelve Federal
Reserve banks combined, shows an increase Of $75,500,000
in holdings of discounted bills, of $1,500,000 in acceptances
purchased in open market, and of $3,300,000 in Government securities, with the result that total earning assets
went up $80,300,000 to $1,101,700,000. Gold reserves declined $13,100,000, other cash reserves $9,300,000, and nonreserve cash $6,200,000, while Federal Reserve note circulation increased $7,200,000. After noting these facts, the
Federal Reserve Board proceeds as follows:
include decreases of $23,000,000 in loans and discounts and
of $18,000,000 in net demand deposits, and increases of
$10,000,000 in time deposits and of $17,000,000 in borrowings from the Federal Reserve banks. It should be noted
that the figures for these member banks are always a week
behind those of the Reserve banks themselves. The New
York City members reported decreases of $27,000,000 and
$15,000,000, respectively, in loans and discounts and in
borrowings from the Federal Reserve bank, and in increase
of $29,000,000 in net demand deposits. Further comments
regarding the changes shown by these member banks are
as follows:
Loans on United States securities declined by $12.000,000, principally
In the New York and Richmond districts. Loans on other bonds, stocks
The Federal Reserve Bank of New York reports an increase of $70.- and securities changed but litle in the aggregate, although a decrease of
000.000 in holdings of discounted bills, Boston an increase of $14,400,000. $11,000,000 occurred in the Philadelphia district and increases of $7,000,000
a decrease of
and Atlanta of $4.700,000, while the Chicago bank showsof $2,800,000. each in the Boston and Cleveland districts. All other loans and discounts,
$10,900,000, Philadelphia of $6,400,000, and Richmond
largely commercial, went down $15,000,000. the more important changes
smaller changes in discount holdings.
The remaining banks report
Acceptance holdings of the Federal Reserve banks changed but little being decreases of $22,000,000 in the New York district. $8.000.000 in the
during the week. l'he System's holdings of Treasury notes went up Boston district and $6,000,000 in the Chicago district, and increases of
23,300,000, while holdings of Treasury certificates and United States $10,000.000 and $7,000,000, respectively, in the Philadelphia and St.
bonds remained practically unchanged.
The principal changes is Federal Reserve note circulation comprise an Louis districts.
Investments of reporting banks in United States securities and in other
increase of 24,200,000 reported by the New York bank, and increases of
$2,500,000 and $2.100,000. respectively, reported by San Francisco and bonds, stocks and securities show but slight change from the figures reAtlanta.
ported for the previous week.
The statement in full, in comparison with the preceding
Net demand deposits fell off $18.000,000, declines of $14.000,000 in the
week and with the corresponding date last year, will be found Kansas City district, $11,000,000 in the San Francisco district, $10,000,000
in the Philadelphia district and of $8,000,000 and $7,000,000. respectively,
on subsequent pages—namely, pages 683 and 684. A In the Cleveland and Boston districts, being offset in part by an increase
summary of changes in the principal assets and liabilities of of $24,000,000 in the New York district and of $7,000,000 in the St. Louis
the Reserve banks during the week and the year ending district.
Borrowings from the Federal Reserve banks went up $13,000,000 In the
Aug. 5 1925 follows:
Chicago district and $8,000,000 and $7,000,000, respectively, in the PhilaIncreaes (-I-) or Decrease (—) delphia and Cleveland districts, and declined $12,000,000 in the New
During
York district.
Year.
Week.
0 --$314,700.000
On a subsequent page—that is, on page 684—we give the
--$22.300,00
Total reserves
—347,700.000
—13,100,000
Gold reserves
+269.200.000 figures in full contained in this latest weekly return of the
+80.300.000
earning assets
Total
+270,200.000
+75.500.000
Reserve System. In the following is
Bills discounted, total
+224.500,000 member banks of the
+55.000.000
Secured by U. S. Govt. obligations_
+45,700,000 furnished a summary of the changes in the principal items
+20.500,000
discounted
Other bills
+189.900.000
+1.500,000
Bills bought in open market
—202.000,000 as compared with a week ago and with last year:
+3,300,000
U. S. Government securities, total+39,800,000
•
Increase (+) or Decrease (—)
Bonds
—165.300,000
+3.300:11/6
During
Treasury notes
—76.500,000
indebtedness
Week.
Year.
Certificates of
—150.500,000 Loans and discounts, total
+7,200.000
—$23,000,000 +$953,000,000
Federal Reserve notes in circulation
+106,300,000
+65.400.000
Secured by U. S. Govt. obligations
—30,000,000
—12.000,000
deposits
Total
+119.100.000
+58,900,0C°
Secured by stocks and bonds
+4,000,000 +794,000,000
Members reserve deposits
—6,900,000
+7.100,000
All other
—15,000.000 +189,000,000
Government deposits
—5,900,000 Investments, total
—600,000
—1,000,000 +519,000,000
Other deposits
U. S. bonds
—2,000,000 +407.000.000
U. S. Treasury notes
+1,000,000 —239,000.000
the Federal
U. S. Treasury certificates
—2.000,000 —14,000,000
The Week With the Member Banks of
Other bonds, stocks and securities
+2,000,000 +365,000,000
Reserve System.
+15,000,000
Reserve balances with F. R. banks
—12,000,000
'—2.000,000 —12.000,000
Cash in vault
—18.000.000 +582.000,000
Changes in the condition of 730 reporting member banks Net demand deposits
+10,000,000 +682,000,000
29, as shown Time deposits
—4,000,000 —24,000,000
Government deposits
in leading cities during the week ending July
+17,000,000 +187,000,000
Reserve Board, Total accommodation at F. R. banks
issued by the' Federal
in the statement
AUG. 8 1925.]
THE CHRONICLE
British House of Commons Votes £10,000,000 as Subvention to Coal Industry.
To carry out the British Government's part of the program
whereby the existing working agreement with the striking
miners is to be continued for nine months, Prime Minister
Baldwin on Aug. 6 presented a motion for funds to the
amount of £10,000,000 as a subvention to the industry.
By a vote of 351 to 16 the House on the same day approved
the appropriation. According to copyright advices to the
New York "Herald-Tribune" the Laborites and a majority
of the Liberals, headed by former Premier David Lloyd
George, voted with the Government. The former Premier
had taken occasion to describe the settlement of the strike
(which we detail in another item) as "a very successful holdup of the community" in a speech in London on Aug. 1, it
was reported in copyright advices to the New York "Times"
on that date, which also said:
The former Premier strongly criticized the eleventh-hour decision to
extend an enormous subsidy to the coal owners.
"There is only one agreement among the miners, mine-owners, House of
Commons and the public, and that is the Government has mishandled the
situation," Mr. Lloyd George said. "The Government was taken by
surprise. This has been going on since February and they were taken by
surprise in July. No plan, no proposals, no suggestions. Even the strike
emergency organization was not ready.
"The settlement means the taxpayer is to be milked dry. It is the worst
transaction the Government has ever made. The precedent now established will be very difficult to deny when a crisis comes in other industries.
How can the Government discriminate between the mining industry and
the railways, or, supposing there is a strike, which God forbid, of sailors.
They are all vital and if the taxpayer is to be called on to pay a subsidy in
each case you will have both worker and employer combining to milk the
taxpayer and there will be no cream left for anybody.
"Can any one of sense and respbnsibility say the subsidy plan will cost
less than £20,000,0001"
Ramsay MacDonald, former Labor Prime Minister, in a
speech at Dunmow, Eng., on Aug. 3, commenting on what
he termed the Government's surrender to the mine owners,
declared, according to the Associated Press, that the—
Government had come to a sound conclusion "by a way abominably bad." Mr. MacDonald was also reported as saying
that the Government had handed over at least the appearance of a victory "to the very forces that sane Socialism felt
to be probably its greatest enemy, and in fact and in substance, by its general policy had sided with the wildest
Bolshevik."
The issuance by the Government of a white paper explaining the terms of the settlement in the coal industry dispute,
stating that it was estimated that E10,000,000 sterling would
be necessary to carry on the plan of subvention to the
collieries which the Government has undertaken, was announced in Associated Press advices from London, Aug. 5,
from which we quote further as follows:
653
Assistance to be given by the Government to the coal mining industry will
take the form of a subvention in aid of wages during nine months, from
Aug. 1 1925 to May 1 1926. During this time wages will be paid on the
basis of the 1925 agreement, but in any months in which wages, calculated
in accordance with the recognized ratio of division between wages and
profits, would be lower in any district than wages payable at the minimum
percentage under that agreement, the deficiency will be made up by the
Exchequer. This follows the same lines as the wages subvention of 1921,
but on this occasion it is stipulated that in any month in which the estimated average profit of a district in which the subvention is payable
would exceed 1 shilling 3 pence a ton the excess will be used in reduction of
the amount of the subvention.
It is impossible at present to forecast correctly the cost involved to the Exchequer, as this must depend upon the course of trade.
In another item we refer to the appropriations voted this
week by the House of Commons.
The adoption of the measures to prevent the threatened
strike followed conferences held by Premier Baldwin for
three days, alternately with the coal miners and owners
beginning July 29. Announcement of the reaching of a provisional agreement, as a result of which the mine owners
have withdrawn for two weeks their notices of the adoption
of new working conditions, was made by the Prime Minister
in the House late in the afternoon of July 31, the "Times"
account (copyright) reporting his statement as follows:
A provisional agreement has been reached with the mine owners subject
to district confirmation. All notices are suspended for a fortnight. The
miners' executives are sending out the following telegrams: "Notices suspended, continue work." If there is any local hitch owing to the lateness
of the hour at which the settlement has been arrived at, I trust all parties
will co-operate to remove it.
Associated Press cablegrams of Aug. 1 report that the
financial assistance which the Government is to give to the
mine owners will add, according to unofficial figures, something like £10,000,000 (about $49,000,000) to the country's
budget. In addition to the financial assistance planned, the
Government will conduct an inquiry into the coal situation,
through a special commission, which will also be called upon
to draft remedial measures. The New York "Times" copyright cablegram of July 31 said:
A. J. Cook, Secretary of the Miners' Federation, declared this evening the
miners were willing to accept the Government terms provided the mine owners withdrew the notices. But, he added, the miners refused to back down
in the slightest degree from their demands. Withdrawal of the notices by
the mine owners is considered here a preliminary victory for the miners.
The Associated Press advices of Aug. 1 state that under
the arrangements made July 31 the miners will remain at
work at the same wages for the same number of hours each
day as under the old agreement, which expired on the 31st.
The same reports state:
In the comment of all the London newspapers on the coal agreement the
first and dominant expression is relief that the vast industrial crisis, which
would not have been confined to the coal industry, has been turned aside
and the way open for a possible permanent settlement.
But apart from this general satisfaction the papers express mixed feelings.
The white paper says that if this sum should prove insufficient the
While labor calls the agreement the greatest victory ever won in this country,
Government will seek further authority.
Meantime, the statement asserts, the Government will be adequately by trade union solidarity, resentment is expressed over what the "Daily
safeguarded against the amount necessary for subvention being improperly Mail" calls a "victory for violence, a blockade of the nation by a little
increased either by undue lowering of coal prices or by charging against the band of conspirators carrying out the orders of Zinoviev and imagining
Exchequer expenditures for equipment and development of the mines, themselves little Trotzkys and Lenins."
Taking the middle view, the London "Times" declares that the solution
which are not properly chargeable to revenue costs.
Under the official terms of the settlement the collieries will be lumped in of the crisis is a "victory for common sense." It adds that the course
districts, the costs for each mine being calculated by the costs for its dis- taken by the Government was the only possible way to avert the threatened
trict, the white paper expresses the opinion that the Government's sub- calamity, and says "it must be remembered that the relief is only temvention plan, which will be enforced during an exhaustive inquiry into the porary; the real problem remains to be solved, and the postponement of the
whole mining industry, will enable more pits to work and thus assist the conflict by means of State assistance was only the lesser of two evils."
The "Daily Telegraph" suspects that financial assistance is what both
industry to place itself on a better paying basis.
the owners and the miners were playing for from the start, but holds that if
"the owners put the pistol to their head they got the miners to surround
Provisional Agreement in British Coal Mine Dispute them and the public with a formidable array of machine guns."
The "Morning Post" says the trade unions have devised a weapon whereby
Through Government Financial Aid.
they may be able to extort their own terms ad infinitum. "Over every polThrough the promise of Prime Minister Baldwin of "sub- icy of the State, over every vote of the Commons," it asserts, "they will
vention" to the mines, whereby the British mine owners now hang this threat. Peace has now been bought at the price of money,
are to continue the existing wage agreements for the next and the principle may possibly be more ruinous than the crisis it averted."
The "Daily News," while holding that the Government took the right
nine months, the countrywide strike of British coal miners. course, contends that neither side is able to claim victory, saying "there
scheduled to go into effect July 31, was called off at the is very little satisfaction in a truce which, at the eleventh hour, the Govlast minute. The Associated Press cablegrams of that date ernment bought at the public expense."
"The Daily Express" takes the view that the Government has merely
announcing the Government action said:
bought postponement of the trouble, whieh will recur in aggravated form
Although the Government had previously maintained to the workers that in the spring.
The "Daily Chronicle" and the "Westminster Gazette" severely denounce
it was not prepared to subsidize the mining industry, Mr. Baldwin finally
yielded in the face of a threatening industrial nightmare situation involving the Government, contending that the only hope lies in the Liberal Party.
a general stoppage in the coal industry, possibly a general cessation of
We also quote the following from the London Associated
railroad operation and consequently the shutting down of many other industries for lack of coal.
Press accounts of the 1st inst.:
this menace removed the people breathe freely again, but at the
With
Premier Baldwin's critics accuse him of having submitted to coercion
same time many are commencing to count the cost and to ask where the not only from the miners and the Trades Union Congress but also from
policy of the Government subsidizing industries is likely to end.
the mine owners.
The advocates of nationalization of coal mines boldly pronounce the GovAt a labor meeting to-night at Renishaw, near Chesterfield, A. J. Cook,
ernment to be on a slippery path seeming to lead to national control or to Secretary of the Miners' Federation, declared that the crisis was over for
ownership.
the present, but that the fight was only just beginning. Ile advised the
The miners are elated at what they regard as a great victory, and their miners to concentrate on the whole coal industry because he said it was going
elation is shared by the entire labor world, which hails the great solidarity to be theirs. The miners, he added, need not be afraid of a fortnight's susdisplayed by the trade union movement in supporting the miners in the pension. It was a fight now between the Government and the owners.
present situation. This is the first time in the history of the labor move§ir William Henry Seeger, President of the Cardiff Chamber of Comment in Great Britain that such an effective union has been secured. It merce, said that if the coal industry needed a subsidy, so did the steel, shipwas undoubtedly this exhibition of solidarity that finally broke down the ping and other industries. He called the truce agreement "a bad innovaGovernment's reluctance to adopt the policy of State assistance.
tion on the part of the Government."
Nothing is known yet concerning the composition of the Royal CommisAn official statement as to the Government's commitsion of Inquiry to be named to investigate the coal situation, but on the
ments, was given as follows in a copyright cablegram to the part of the Miners' Federation and most of the labor leaders it is freely
predicted that such an inquiry must result in a radical overhauling of the
New York "Times" from London, July 31:
654
THE CHRONICLE
whole mining indostry, and that whatever recommendations the commission
makes cannot this time remain a dead letter, as they have so often in the
past.
Thecollieries at Blannavon, in Monmouthshire, have reopened after having been idle for three months. They employ 2,000 men.
From the copyright cablegram to the New York "Times"
Aug. 2 we take the following:
Typical of the threatening further coal trouble is the statement by the
Secretary of the Miners' Federation, A. J. Cook, that the crisis is not over,
but merely beginning.
"An armistice has been declared, but the issues during the next nine
months will be far greater than the mere wage issue," said Cook. "Last
Friday was Good Friday—not the crucifixion of the workers but the crucifixion of those who have been exploiting them."
Cook added that in conference with the Prime Minister he asked the latter, "Is your only remedy the reduction of wages of the people who cannot pay their way ?" to which, according to him, Baldwin replied, "Yes,
not only you, but all other workers in the country must have your wages
reduced."
It was this statement from Baldwin, said Cook, which banded all trade
union leaders together last week.
While the miners' leaders are indulging in such threatening talk, the
Home Secretary, Sir William Joynson Hicks, attacked Cook and other
mining leaders, declaring them in close touch with Moscow Bolshevists and
adding he was convinced Zinoviev still was in communication with English
Communists.
"The question must soon be fought out whether England is to be governed
by the Parliament and Cabinet, or by a handful of trade union leaders," he
said.
[VOL 121.
France owes the United States $407.341.145 for surplus war material.
and interest on this at 5% is $20,367,057, which France has been paying
annually. To date she has paid about $102.000,000.
France has made no repayment of principal on this war material account.
The only principal payment made is $64,306,127 to November 15 1924. OD
obligations representing cash advanced under Liberty bond acts. On those
obligations she also paid a total of $129.570.376 in interest. The total interest unpaid by France on her aggregate debt to the United States to Nov
15 last amounted to $796,711,537.
An Associated Press dispatch from Washington Aug. 3
said:
Another payment of $10,000.000 interest on the $400,000.000 owed on
war supplies has been made to the American Government by France.
Notice of the receipt of this payment in the form of a check, which has
arrived in New York was received to-day at the Treasury. It is in satisfaction of the semi-annual interest charge which was due on Aug. 1.
The transaction has no relation to the French war debt to the United
States. The $400,000,000 debt was contracted after the war by reason of
the purchase by France of surplus supplies of the American Expeditionary
Forces.
On the 4th inst. the following Associated Press accounts
from Paris Were announced:
The news that the Bank of France has shipped gold from its reserves to
New York, gathered from dispatches announcing that the Federal Reserve
Bank on Monday received $6,000,000 in gold from Paris,
caused a flurry in
financial circles to-day. There was considerable speculation wherher the
French Government has adopted a new policy of sending gold to cover
Interest payments to America rather than buying dollars in the open
A reference to the threatened strike and to the conference market.
It is authoritatively learned here, however, that the gold was not
arranged for July 29 to discuss measures to avert it was of the bank's reserve but simply was held there for safekeeping, never a part
having
made in our issue of July 25, page 404. Before the Govern- figured in the balance sheet.
There are
ment finally effected the provisional agreement on July 31, One is that two versions of the origin of the metal shipped to New York.
it was the accumulation resulting from exchange operations
the proceedings on July 30 were indicated as follows in the effected for the Government in various Dutch and Swiss financial centres,
Associated Press cablegram in the New York "Journal of the coin chiefly being in Swiss francs, which are now at a premium over the
dollar. It is understood the transaction was carried out with the full apCommerce":
proval of the French Treasury.
Late this afternoon Premier Baldwin summoned a special Cabinet council
The other hypothesis is that the gold was the balance or a part of the
to discuss the situation, and it was said he would make a statement to Par- balance of the gold that the Bolshevist Government
turned over to Germany
liament on the questions at issue. At 10 o'clock to-night, however, it was under the Brest
-Litovsk Treaty and which subsequently was turned over
announced on his behalf in the Lower Chamber of Parliament that the Prime to the allied powers.
Minister was not in a position to make a statement, as he was meeting with
In any case assurance is given at the Bank of France that the shipment
the mine owners and the colliers again to-night.
does not affect the position of the gold reserve in the bank statement. Great
The Labor Ministry just previously had issued an official statement on discretion is observed in official circles as to the object
of the shipment,
the negotiations as far as they already had proceeded. The most important which it is stated was made upon the order of the
Government.
part of the statement was that both Wednesday and to-day Mr. Baldwin told
The explanation credited in financial circles is that Finance Minister
the Miners' Federation that the Government was not prepared to give a sub- Calllaux, knowing that this gold was lying idle in the bank
vaults and serving
sidy to the mining industry, but that he was "prepared, as the head of the neither to help French exchange nor to swell the bank's gold
reserve, decided
Government, to establish an authoritative inquiry to get to the bottom of It might be used to good advantage in the payment of
interest coming due
the economic difficulties of the industry and see how far the allegations on French obligations to the United States, thus relieving pressure on France
made regarding room for improvement are well founded, with a view to that would have resulted from buying dollars.
putting the industry speedily into a healthier condition for affording a
better level of wages."
Financial Aid Discussed.
Text of British Gold Standard Act and Report of
Apparently the Cabinet Council resulted in a revision of the Government's
Committee on Currency.
views concerning a subsidy, for when still later the Premier went to the
The Federal Reserve Board in the June number of its
Labor Ministry to consult with the disputants, who had been specially summoned thither, he was acompanied by Winston Spencer Churchill, Chan- "Bulletin" presented the text of the bill passed by the British
cellor of the Exchequer, and Neville Chamberlain, Minister of Health, who
Parliament "to facilitate the return to a gold standard and
had not previously been intimately concerned in the negotiations, but were
for purposes connected therewith." It likewise furnished
brought in to assist the Premier in his efforts at mediation.
It was then announced on good authority that Mr. Baldwin had summoned the full text of the report of the committee of experts on the
the parties again to offer a new basis for negotiations, namely that the
currency and Bank of England note issues presented on
owners should wihdraw their notices regarding working hours and lower
wages and that the Government would offer a temporary subsidy and a Feb. 5 and made public on April 28. Some of the features of
royal commission of inquiry with a wider scope than the Sankey inquiry of the report were given in these columns May 9, page 2359;
in
1919. The Sankey commission made a number of recommendations which
would have given the miners a greater voice in the management of the mines, the case of the gold standard bill, the text which we underbut not nationalization of mines, and it has been a constant grievance of the took to give in our issue of June '6 (page 2882) was incomminers that its recommendations never were fully put into effect.
plete, a portion having been
inadvertently omitted, and we
Summarizing the dispute, the Brooklyn "Eagle" of July are hence giving here the full text of both the
Act and the
31 said:
report as it appears in the "Reserve Bulletin":
threatened early
A general British coal strike to begin this summer was
in June, when the colliery owners issued notices to the coal miners that,
at the expiration of the present contract on July 31, wages would be reduced about 20% and working hours at the same time increased from 42
to 48 hours a week.
Depression in coal prices and coal consumption was given as the reason
for taking this step.
A compromise on the basis of a 46-hour week and a 14.2% decrease was
rejected by the miners.
As the day approached when the threatened strike was to begin the
miners insisted that the strike would go through unless the owners withdrew their notices for increased working hours and decreased wages, while
the owners refused to withdraw the notices.
GOLD STANDARD ACT, 1925.
1. (I) Unless and until His Majesty by proclamation otherwise directs—
(a) The Bank of England. notwithstanding anything in any act, shall
not be bound to pay any note of the bank (in this act referred to as "a bank
note") in legal coin within the meaning of section 6 of the Bank of England
act, 1833, and bank notes shall not cease to be legal tender by reason that
the bank does not continue to pay bank notes in such legal coin.
(b) Subsection (3) of section 1 of the currency and bank notes
(which provides that the bolder of a currency note shall be entitled act, 1914
payment for the note at its face value in gold coin), shall ceaseto obtain
to have
effect.
(c) Section 8 of the coinage act, 1870 (which entitles any person bringing
gold bullion to the mint to have it assayed, coined, and delivered
shall, except as respects gold bullion brought to the mint by the to him)•
Bank of
England, cease to have effect.
(2) So long as the preceding subsection remains in force the Bank of
England shall be bound to sell to any person who makes a demand in that
behalf at the head office of the bank during the office hours of the bank,
and pays the purchase price in any legal tender, gold bullion at the price of
British Mine Subsidy from Beer.
£3 178.1030. per ounce troy of gold of the standard of fineness prescribed
The following from London appeared in the "Wall Street for gold coin by the coinage act, 1870, but only in the form of bars containing approximately 400 ounces troy of fine gold.
Journal" of Aug. 4:
2. (1) Any money required for the purpose of exchange operations in
with
The Britisher's beer may pay for the mine subsidy. Winston Churchill connection the the return to a gold standard may be raited within two
years after
passing
considering levying an extra penny per pint on this beverage, and for that purpose of this act in such manner as the treasury think fit.
was reported
they may create and issue, either within or without
making it bear the burdens imposed by the Government's plan in connection the United Kingdom and either in British or in any other currency, such
securities bearing such rate of interest and subject to such conditions as to
with its sidetracking of the threatened coal strike.
repayment, redemption, or otherwise as they think fit, and may guarantee
in such manner and on such terms and conditions as they think proper the
payment of interest and principal of any loan which may be raised for such
Shipment from France of $6,000,000 in Gold on Account purpose as aforesaid: securities created or
Provided that any
issued under this section shall be
redeemed within two years of the date of their Issue, and no guarantee shall
of Interest on War Supply Indebtedness.
be given under this section so as to be in force after two years from the date
The receipt by the Federal Reserve Bank of New York of upon which it is given.
(2) The principal and interest of any money raised under
act, and
$6,000,000 in gold for the account of a correspondent bank any sums payable by the treasury in fulfilling any guaranteethis under
given
this act, together with any expenses incurred by the treasury in connection
in Paris was made known on Aug. 3, the New York "Journal with, or with a view to the exercise of, their powers under this section shall
be charged on the consolidated fund of the United Kingdom or the growing
of Commerce" stating:
produce thereof.
(3) Where by any appropriation act passed after the commencement of
This gold was In the shape of gold bars and is understood to be for the
this act power is conferred on the treasury to borrow money up to a specified
account of the Bank of France. It is believed that the gold is for payment amount, any sums
which may at the time of the passing of that act have
of interest on the principal which France owes this country on account of been borrowed or guaranteed by the treasury in pursuance of this section
sales of surplus war material.
and are then outstanding shall be treated as Baying been raised in exercise
AUG. 81925.]
THE CHRONICLE
655
appropriation act and the amount which rated to force it up will tend to act in the other direction—and a period of
of the power conferred by the said shall be reduced accordingly.
fluctuating values is likely to ensue. To allow the exchange to fall back
may be borrowed under that act
now with the certainty of having later on to raise it again would be a short3. This Act may be cited as the Gold Standard Act, 1925.
sighted policy, injurious to trade and industry. But,if this view is accepted
REPORT OF THE COMMITTEE ON THE CURRENCY AND BANK and we are prepared to face any price adjustment which may be necessary
to maintain the present exchange rate, there is nothing to be said for
OF ENGLAND NOTE ISSUES.
refusing to accept the very small (1 %)extra adjustment involved in the
Treasury Minute Dated June 10 1924.
effective gold standard.
proposes to the board that the following reestablishment of an the Dominions and foreign countries toward the
The Chancellor of the Exchequer
(21) The attitude of
committee should be appointed to consider whether the time has now come question of an early return to the gold standard is also a material considerathe Treasury note issue with the Bank of England note tion. The Union of South Africa has already decided to take the step in
to amalgamate
Issue, and. if so, on what terms and conditions the amalgamation should be the course of this summer. Other Dominions will undoubtedly follow our
carried out: The Right Hon. Austen Chamberlain, M. P. (chairman); lead and may if we delay precede us. The same is true of Holland and
Sir John Bradbury, G. C. B.; Mr. Gaspard Farrar; Sir 0. E. Niemeyer, Switzerland and possibly other European countries. Although the conK. C. B.; and Mr. A. C. Pigou.
vertibility of the new German currency into gold is under existingllegslation
My lords concur.
suspended, a high degree of stability has been attained and the establishTEXT OF REPORT.
ment of the full gold standard—effectively and even formally—may take
place in the early future.
May it please your lordships,
(1) -By Treasury minute of June 10 1924, we were appointed a committee
(22) Economic conditions in America give promise of a period offinancial
to consider whether the time has now come to amalgamate the Treasury stability, thus reducing the risk of dangerous reactions during the initial
note issue with the Bank of England note issue, and, if so, on what terms months of a free gold market; and prevailing sentiment there would be
likely to be helpful.
and conditions the amalgamation should be carried out.
(2) We have held 9 meetings and have heard 13 witnesses, including the
(23) We therefore recommend that the early return to the gold basis
governor of the Bank of England, Mr. McKenna, Sir Robert Horne, should forthwith be declared to be the irrevocable policy of His Majesty's
Professor Cannan, Sir George Paish, Mr. Keynes and representatives of Government and that it should be definiteIrstated that the existing restricthe clearing banks, the Association of British Chambers of Commerce. tions on the export of gold, which expire on the 31st December next, will
not be renewed. A general license should at the same time be given to
and the Federation of British Industries.
(3) The greater part of our evidence was taken during the months of export gold sold by the bank for export and the bank should between now
June, July. and September, 1924, when the sterling dollar exchange was and the date of expiry of the export prohibition avail themselves freely of it
still at a discount of 10 to 12%, but we heard the governor of the Bank of whenever the exchange is below the normal export specie point, making
England a second time on the 28th of January. 1925.
good any consequential drafts upon the reserve in the Banking Department
On accepting office as Secretary of State for Foreign Affairs, Mr.Chamber- in accordance with traditional practice. As from the date of the announcelain ceased to act as a member of the committee. Sir John (now Lord) ment until such time as the arrangements govering the fiduciary issue can
Bradbury took the chair at the remaining meetings.
be put on a permanent basis, the existing limitation of that issue should
be strictly maintained.
The Cunliffe Committee's Recommendation.
We are satisfied that this policy can, given the loyal co-operation
The natural starting point of our inquiry was the recommendation of(24) principal Britis'i institutions which control the supply of credit, be
(4)
the
on currency and foreign exchanges after the war (the
of the committee
carried through without risk by the Bank of England without external
Cunliffe committee). that the currency note issue should be transferred to assistance. Indeed such assistance, if it took the form of foreign credits
the Bank of England when it had been ascertained, from experience in a
used on any considerable scale to mitigate the effect of the policy upon
free gold export market, what fiduciary issue is compatible with the main- to be conditions in the United Kingdom, would really serve to counteract
credit
tenance of a central gold reserve of C150,000,000.
on the operation of which we
These conditions have not yet been fulfilled, and we have found it the very forcesother hand, the existence of a rely for its success.
(6)
substantial American credit
the
(25)
necessary to enter somewhat fully into the questions whether a return to known On be available for use in sudden emergencies would tend to disthe gold standard on the basis of the pre-war sovereign is. in present courageto
speculation and contribute to the creation of a general atmosphere
than at the time of the Cunliffe committee's
Circumstances, no less desirable
confidence favorable to the smooth working of the operation.
report; and if so, how and when the steps required to achieve it should be of(26) The appreciation of sterling which has taken place since November,
taken.
1924, has been due partly to the belief that an effective gold standard will •
The Gold Standard.
shortly be restored in this country, and only partly to a lessening of the
(6) The alternatives are—
between the purchasing power of sterling and of gold.
(a) To return to the gold standard on the basis of a devalued sovereign. difference so far as this confidence in the future of sterling has allowed the
(27) In
I. e., the reestablishment of a free gold market with a unit identical in name resumption of those normal operations between New York and London
but of a lesser gold content than the pre-war unit, and
which had been interrupted by political uncertainty and distrust in the
(b) To attempt to find a basis for the currency unit other than gold.
months, no reactionary consequences are to be feared.
(7) The former need not, now that the current exchange rates are already preceding 12 has, however, undoubtedly been a considerable element of
(28) There
within a small percentage of the pre-war parity, be seriously considered. speculation in connection with that movement, the extent of which can
It. was never, in our opinion, a policy which the United Kingdom could not be exactly determined. To this unknown extent there may be a
have adopted.
has been reached, for realization of the speculative
(9) The latter, in the form of proposals for substituting the price level of tendency, when parity
the exchange.
throw a concentrated strain
commodities in general for gold as the regulating principle of the currency, positions to proper safeguard against such ondanger is in the size of the gold
a
(29) The
has been fully and carefully explained in evidence before us. We need not reserves and in the resolute use of these reserves (if required) for the
arguments by which it is supported. which have been
here set out the
they have been
published and are now well known. We need only say that, as a practical purposes for whichthat the existing accumulated. are amply sufficient for
gold reserves
(30) We believe
present-day policy for this country, there is, in our opinion, no alternative
this purpose, and that a conviction that there will be no hesitation in using
comparable with a return to the former gold parity of the sovereign. In
though this may involve a temporary increase in bank rate,
this conclusion we are supported by the overwhelming majority of opinion, them, evento obviate the danger we refer to. If, however. It is thought
will go far
both financial and industrial, represented in evidence before us.
of a gold credit,
(9) Starting from this fundamental position, we propose to confine necessary to make assurance doubly sure by the provision
and until
that recourse should not be
ourselves to answering the questions when and how this restoration is to we feel strongly exports have taken place and made to it unless
are already prochIcing their
substantial gold
about.
be brought
normal effects on the monetary situation at home, and in the event of the
(10) When we first began to consider our report in September last, the
until it has
ruling rates of exchange on New York were still 10 to 12% below gold parity. credit being actually drawn upon, the amount drawn should, England's
treated from the point of view of the Bank of
and there was some anxiety whether the normal autumn pressure would not been repaid, be as equivalent to a corresponding loss from its own reserves.
result in a renewed depreciation of the pound. and whether the limitation monetary policy
(31) Unless these precautions are taken, borrowing abroad will, as has
on the amount of the fiduciary Issue of currency notes prescribed by the again and again happened when it has been resorted to as a remedy for
Treasury minute of December 15 1919, could be maintained over Christmas
mischief which it has been
without !giving rise to conditions necessitating a sharp rise of money rates. exchange difficulties, merely aggravate the
to cure.
(11) We entertained no doubt, however, even at that time, of the ability appliedIn making these observations and suggesting these precautions, we
(32)
of Great Britain, notwithstanding the fact that her international financial
which we
either the
situation is in some respects less satisfactory than it was before the war, must not be understood as anticipating that way for thesteps to a free
return
propose should be taken at once to prepare the
to restore and maintain the gold standard at the pre-war parity, at any gold market at the end of the year or the actual return on that date may
time it might be thought prudent to do so.
loss of gold or to a serious consequential
(12) In spite of the special influences which have, during the last few be expected to lead either to a heavy
the restoration of the
years, exercised an adverse Influence (of which the principal are industrial restriction of domestic credit. British experience of and the recent experiyears ago,
stagnation and the disturbance of international trade resulting from post- gold standard after the French wars, 100taken steps, under far more diffiand the fact that we are paying interest and sinking fund ence of continental countries which have
war conditions,
conditions, to rehabilitate their currencies,- have shown tnat a courageon our war debt to America without as yet receiving an adequate counter- cult policy in currency matters surmounts apparently formidable obstacles
part from our continental debtors), our existing volume of exports, visible our
with surprising ease. We believe that on this point history will repeat
and invisible, together with the income we derive from foreign investments Itself. It is possible that some temporary increase in money rates will be
Is still undoubtedly sufficient to meet our foreign debts and pay for our
to the
necessary imports, and even to supply a moderate balance for new foreign necessary to bring about the necessary adjustment of sterling pricesBritish
gold level. We are satisfied, however, that the assimilation of
investment.
the ultimate
(13) In these circumstances a free gold market could readily be established currency to the gold currencies of the world is so necessary for if such arise,
temporary disadvantage,
and maintained at the pre-war parity, provided that by control of credit prosperity of British trade that any
we adjusted the internal toirchasing power of the pound to its exchange from the Measures necessary to maintain parity will be many times outparity, and restricted our foreign investments to our normal export surplus. weighed.
(33) Indeed, such credit restriction as may become necessary to adjust
(14) Further, we were satisfied that the mere announcement that the
gold market may well be less
power to prohibit the export of gold would not be continued beyond Decem- the general level of sterling prices to a freeorder to maintain a "managed"
would automatically and rapidly bring about the credit condi- drastic than that which would be required in
ber 31 1925,
parity. If the gold standard is firmly
tions necessary to effect these adjustments, and that the effective gold pound in the neighborhood of
standard could thus be restored without further danger or inconvenience reestablished, the danger of apprehensions as to the future of exchange
investment
than that which Is inevitable in any period of credit restriction and falling leading to sudden withdrawals of foreign balances or foreign the present
money will be eliminated, and the risk—inevitable under
prices.
At that time the British and American price levels appeared on the regime—of excessive British lending to foreign countries will be reduced.
(15)
(34) With a free gold market, any tendency to lend abroad more than we
surface—though it is not safe to attempt to draw precise conclusions from
redressed by the sale of
a comparison of index figures compiled on different bases—to be fairly can afford leads to a drain of gold, which, unless
well adjusted to the current rate of exchange; and it was, therefore, to be existing foreign investments,reacts on the general credit situation in London
expected that a fall in sterling prices of some 10 or 12%, or a similar rise in in such a way as to put a stop to new foreign borrowing.
(35) Under existing conditions the result of excessive lending to foreign
dollar prices, would have had to take place before equilibrium could be
countries instead of giving an immediate danger signal through Its effect
secured with the exchanges at the pre-war parity.
(16) The problem as It then presented itself was whether the undoubted on the gold reserves is more obscurely reflected in the general disturbance
advantages of an immediate return to parity were a sufficient compensation of the exchanges.
(36) We are of the opinion that unless a free gold market is restored the
for the inconveniences—temporary though possibly severe while they
be
lasted—of the measure of "deflation" necessary to bring about the adjust- danger of such overlending on foreign account in the near future will on
it would not be more prudent to pursue, at least for a considerable and a situation may easily develop in which the pressure
ment, or whether
exchanges, resulting from overiending to foreign countries, will
few months longer, a waiting policy in the hope that the disparity would our foreign a restriction of general credit.
disappear through a rise in American prices (of the probability of which necessitate
there appeared to be indications).
The Amalyamation of the Note Issues.
(17) Our provisional conclusion was that the return to parity and resump(37) We return now to the recommendation of the Cunliffe committee
tion of the free gold market,though it ought not to be much longer deferred,
could not be regarded as a matter of such extreme urgency as to justify a with respect to the amalgamation of the note issues. We have to consider
credit policy calculated to bring down domestic prices if the same practical whether the assumption by the Bank of England of the currency note
result could reasonably be expected to be attained within a very few months issue must await the experience of the problem of maintaining a minimum
by a policy designed merely to prevent them from rising concurrently with gold reserve, whether of £150.000,000. as recommended by the Cunllffe
committee, or of some other figure.
a rise elsewhere.
(38) It is clear that throughout their report the Cunliffe committee
(18) The favorable course since September of the dollar exchange (which
stands only 1 % below gold parity) and the fact that the restrictions contemplated a much earlier removal of the prohibition of gold exports
now
of currency notes have been maintained without than has actually been deemed expedient, and suggestions have been made
on the fiduciary Issue
inconvenience have, however, altered the situation. Indeed, if British to us that the amalgamation of the issues should precede instead of following
domestic prices had already adjusted themselves to the improved exchange the restoration of the free gold market, with a view to indicating that the
value of sterling, the problem would have been solved and we are satisfied policy of the Government is to restore parity and for the sake of the effect
could have
that the free export of gold depletion ofbeen resumed forthwith without of such an indication upon the foreign exchanges. -renewal of the prohibiour existing gold reserves or of
(39) If our recommendation In regard to the non
danger either of appreciable
making recourse necessary to any special measures in restriction of credit. tion of gold exports is adopted the arguments for altering the sequence of
The discrepancy between British and American gold prices which events proposed by the Cunliffe committee cease to operate, and the
(19)
We associate
existed in September has not, however, disappeared, though it has been precise date of amalgamation loses most of its importance.
reduced. We must still be prepared to face a fall in the final price level ourselves with the decided preference expressed by the Cunliffe committee
significant, though not very large, amount, unless it should for the principle of a fixed fiduciary issue, and it is as true to-day as five
here of a
fixed, except with
happen that a corresponding rise takes place in America, If the rate of ex- years ago that the permanent fiduciary issue can not be It is hardly more
reference to the actual conditions of a free gold market.
change is to be restored to and held at the pre-war parity.
conditons. however, this argument against immediate feasible to legislate for a progressive reduction to the final figure by definite
(20) In present
to unforeseen disaction has not, in our opinion, great weight. For the adjustment of price stages, at any of which the process may be subjected
levels required to restore and maintain pre-war parity needs to be only turbances. The Treasury can not escape from the responsibility for the
to hold the exchange at its present existing issue; we doubt whether the bank would accept it until the time
some 1 % larger than that required necessary to this end is
long deferred, when effective control can also be given to them.
rate. If the adjustment of price levels the rate
to
justified by the comparative
(40) In this connection we think it necessary to observe that the ultimate
the exchange w inevitably fall back
- dimensions both of the central gold reserve and of the fiduciary issue must
price levels—or below it, since the psychological causes which have °per
656
THE CHRONICLE
be to some extent dependent on whether, after the restoration of the gold
standard, gold is or is not largely used for internal circulation.
(41) The figure of £150,000.000 suggested for the gold reserve by the
Cunliffe committee is based on the assumption that it will not be so used.
If it were, a lower figure would suffice, regard being had to the value of
gold in circulation as an emergency reserve, as was demonstrated In 1914.
On the other hand, the total note circulation would be pro tanto reduced
and the fiduciary portion would have to be smaller, both absolutely and
proportionally than if there were no gold in circulation.
(42) Any considerable flow of gold into domestic circulation would thus
necessitate imports of the metal which would place an unnecessary burden
on our foreign exchanges in a very difficult period.
(43) We are of opinion that the use of gold for domestic circulation is a
luxury which can well be dispensed with, and which we are in fact, at any
rate during the next few years, not likely to be able to afford.
(44) The payment of notes in gold coin upon demand is not in itself
essential to the maintenance of the gold standard under modern conditions.
An obligation upon the bank of issue to buy and sell gold at a fixed price is
all that is necersaey, and if in fact specie payments had been suspended
during the war, we should not have recommended their resumption.
(45) We should be glad, though mainly for historical and sentimental
reasons, to make no formal change in the existing position under which
gold coin is still legally obtainable for notes, and we think that the national
habit of using paper currency,nbw firmly established, may suffice to prevent
the absorption of any appreciable quantities of gold into domestic circulation, provided that the joint stock banks are able to assist such a policy
by undertaking to abstain from asking for gold coin in exchange for notes
either for themselyes or for their customers, and from holding gold themselves, and in general by actively discouraging the use of gold among
their customers.
(46) If, however, there is any doubt whether this will be effective, then
we are decidedly of opinion that steps must be taken forthwith by legislative
enactment to prevent the internal circulation of gold coin, until such time
as the gold standard has been firmly reestablished for the purposes of
international transactions.
(47) We think that, in any circumstances, all Bank of England notes.
including the £1 and 10s. notes ultimately to be substituted for currency
notes, should in future be payable in coin only at the head office of the
bank, and not at the branch offices.
(48) In any case the coinage of standard half-sovereigns should not be
resumed.
(49) Subject to this observation, we recommend that the policy with
regard to the transfer of the currency note issue to the Bank of England
should remain as recommended by the Cunliffe committee. We should
mention thatthe machinery of issue by the Bank of England of
and 105.
Bank of England notes can not be improvised at short notice. We understand that if the bank is to print its own notes at least a year will be required
to set up the necessary organization, and this must be borne in mind in
order that sufficient notice may be given to the bank. As soon as parity
Is restored we recommend that the bank be authorized to begin the provision
of this machinery. Legislation would also be required to enable the bank
to issue notes below £5, and to make those notes legal tender.
(50) We anticipate that if the free gold market is restored at the end of
1925, the experience necessary to enable the amount of the fiduciary issue
to be definitely fixed will have been obtained by the end of 1927. The
transfer of the issue could then take place early in 1928. But it may well
be possible to accelerate these dates in the light of experience.
BRADBRY.
U
GASPARD FARBER.
.
0. E. NIEMEYER
A. C. PIGOU.
N. E. YOUNG, Secretary.
February 5 1925.
Germany's Balance of Payments Under Dawes Plan.
With reference to Germany's balance of payments under
the Dawes plan, the World Peace Foundation of Boston,
submits the following:
The Dawes' plan depends in the last analysis upon Germany's balance of
payments. In order to determine this balance. the Transfer Committee
under the plan has established an Economic Service, which has just completed a most valuable study of Germany's balance of payments. It was
received to-day by World Peace Foundation. German currency was stabilized by the establishment of the Rentenbank on Nov. 15 1923 and a
study of balance of payments covering the year 1924, and four months of
1925, consequently covers a period of currency stability. However, the
study now made is not typical of a normal period, because it includes important items which will not recur, such as the extensive repatriation of
German foreign holdings in 1924. For some items on both sides no figures
have been obtainable, and no estimates were recorded. Tables prepared by
the Economic Service of the Transfer Committee follow.
GERMANY'S BALANCE OF PAYMENTS, 1924.
Incoming Funds—
Gold Marks.
Exports
7,100
Income from German holdings abroad
300
Profits derived from shippin
250
Dawes loan
800
Other long-term loans
350
Loan of the Reichsbank from the Bank of England
100
Purchase of German securities by foreigners
200
Foreign short-term investments in Germany
600
Repatriation of German holdings abroad and. sales of foreign bank
notes held by Germans
1,600
Profits from transit traffic
?
Profits of insurance companies
?
Expenditure incurred by the Troops of Occupation
?
Expenditure incurred by foreign tourists
7
Total
11,300
Outgoing Funds—
Imports_____________________________________________________
Purchases of gold and foreign exchange effected by the Reichsbank_ Interest on foreign assets in Germany
Payments on account of the Treaty of Peace
Monies expended by Germans abroad
Total
9,500
1,600
100
100
7
11,300
JANUARY TO APRIL, 1925.
Millions
Incoming Funds—
Gold Marks.
Exports_____ _ ______ - _ - - - ____ ___ _ __________________________ 2,704
Income from German holdings abroad
80
Profits derived from shipping __ _ _
100
Sale offoreign exchange by the Reichsbank
200
Long-term foreign loans _ _ __
__ _
_ _ ___-_
350
-- _Fresh investments of foreign capital,ital,repatriationn of elerman hold_ing abroad, sales of foreign bank notes, &c
1,266
s
Profits from transit traffic
-_
7
Profits of insurance companies _ _ _ _ __
Expenditure incurred by the Troops_ of Occupation
Expenditure incurred by foreign tourists
Total
Outgoing Funds—
Imports___ _ _
_ ___ ________________________________
Interest on foreign
—holdings___ uermany
Interest and amortization of the Dawes loan
Recovery Act and other reparation payments
Repayment by the Reichsbank to the Bank of England
Monies expended by Germans abroad
Total
4,700
4,390
80
27
103
100
7
4,700
[vol. 121.
Rene Tilmont Succeeds A. E. Janssen as Belgian
Member of Dawes Plan Committee.
Associated Press cablegrams from Berlin July 28 reported
that Seymour Parker Gilbert, Agent-General for Repara.
tions under the Dawes plan, had announced that Rene Tilmont, director of the National Bank of Belgium, will succeed Albert E. Janssen, who has resigned as the Belgian
member of the Transfer Committee to accept the post of
Minister of Finance in the Belgian Government.
Prime Minister Baldwin of Great Britain Urges that
Germany Enter League of Nations Without Delay—
Says Security Pact Will Impose No Obligation
Not Already Encumbent on Signatories
to Covenant.
In a speech at Knowsley (Eng.) July 25, Prime Minister
Baldwin of Great Britain declared that it was the wish of
both his country and France that Germany should enter the
League of Nations at the earliest possible moment, and when
that is accomplished, h said, "all the problems before us
will assume a new and better aspect." The Prime Minister,
conceding that "we have a long road to travel yet before we
can make Europe safe for peace," noted, however, that "we
are progressing and we recognize, as the French recognize,
that there are three stages, security, arbitration and disarmament." The following account of his speech is from
copyright advices from London to the New York "Times":
Saying that he recognized a conciliatory tone in the German note on security, Mr. Baldwin added:
"There are many difficulties inherent in the situation, but the important
factor is, will we overcome the difficulties? I believe the will exists in
Germany to-day, and among the Allies, with greater power than it has
existed at any time since the war. It is most necessary that no time be
lost, and that the discussion should proceed without interruption.
"The stability of Europe is not only of political Interest; it is of economic
interest and industrial interest. We wish, and France wishes, that Germany should enter the League of Nations at the earliest possible
moment,
and when she is once a member of the League on terms of full equality all
the problems before us will assume a new and better aspect.
"In all disputes, international and domestic, you come up against a
situation that has the appearance of a deadlock, and not a little of what
apparently is of an unsolvable character in the circumstances is connected
with the elaborate process known as face-saving.
"The Foreign Secretary has made it clear that we do not regard the pact
of security as imposing any additional obligations which are not already incumbent upon us as signatories of the Covenant of the League. The arrangements proposed are framed in the spirit of the Covenant, working in harmony with the League, and I welcome the linking up in the German reply
of those two problems inherent in the security pact and the entry of Germany into the League.
Three Stages to Disarmament.
"It is true that Germany still is apprehensive when she speaks of the
peril of being a disarmed nation with armed neighbors. But she is entitled
to be fully heard in these matters when she is a member of the League, and
she can then confront the great Powers, with no unnecessary delay, in proceeding to consider the question of disarmament which is inherent in the
Covenant of the League itself.
"We have a long road to travel yet before we can make Europe safe for
peace, but we are progressing, and we recognize, as the French recognize,
that there are three stages—security, arbitration and disarmament. We are
now framing measures for security, which will at the same time help to
establish arbitration. And if we succeed in passing these two stages, we
shall have gone a long way toward clearing the deck to tackle the greater
question of reduction and limitation of armaments, to which the Powers signatory to the Treaty of Versailles are all committed.
'We ourselves have made a considerable beginning with our naval armaments at the Washington Conference. We have reduced our land armaments below the pre-war level, and our air force is but small in comparison
with those of some other countries. The subject is one of extraordinary complexity, hut if we can once remove that oppressive burden of apprehension
and fear which is brooding over the countries of Europe—once that is done
we may enter on this last stage with a reasonable hope of accomplishing our
end."
Chancellor Luther on Purpose of Security Pact—
Solution Must Be Found Which Does Justice
to Germany's State of Disarmament.
Declaring that "peace with honor can be termed the guiding principle of German foreign policy," Chancellor Luther
of Germany in receiving on July 29 a delegation of Americans headed by Prof. Sherwood Eddy, is quoted in the New
York "Evening Post" advices (copyright) as saying:
We want a lasting, honorable peace built on mutual respect, abolishing
all opportunities for arbitrary action by a single Government and assuring
equal rights among nations.
Willing to Enter League.
The security pact was proposed by Germany as a step toward the realization of that end. After one of the hardest and most arbitrary peace treaties
in history and after six years of so-called peace, at the end of which German territory is still occupied, we have announced a willingness to enter
into an agreement with our former adversaries to preclude any settlement
of difficulties by armed force.
It is not yet possible to visualize the final outcome of this spontaneous
action by the German Government, but we are not blind to the fact that
enormous difficulties have cropped up.
Let me restrict myself to the League of Nations. We stand on the platform adopted by the previous German Government of willingness to cooperate,inside the League. But a solution must be found which does justice
to Germany's present state of disarmament in comparison with other nations, where disarmament has not begun.
AUG. 8 1925.]
THE CHRONICLE
657
clauses in the proposed security compact pertaining to transportation of
No Desire to Block Peace.
troops through German territory is only natural. As a matter of fact, it is
Our attitude on this question has not been understood. It is not our inextremely unlikely that Germany would ever, be called upon to permit the
tent to complicate or retard the proems of restoring the political balance or
passage of troops through Germany since the danger of attack on Poland
of hindering the restoration of international peace by raising the question of
Russia apparently is not imminent and since there is always an easily
universal disarmament, as provided by the Versailles Treaty, although we from
accessible route by sea."
have moral justification for such acticn. We do not wish to be excluded
from co-operation in the tasks of the League.
But as long as Germany is disarmed, while other nations remain in a com- President Schacht of Reichsbank Urges Reduction
plete state of armament, Germany wishes to be exempted from participation
of Production Costs and Increase in German
in any future armed conflicts which this general state of armaments may
provoke.
Exports to Relieve Drain on Bank.
Canadian Bank ofCommerce on Business Conditions in
Canada—Employment on Slightly Higher Level
Than Year Ago—LittleImprovementin Industry
Looked for Until Adjustment of Government Taxation System.
The Canadian Bank of Commerce (head office Toronto)
discussing Business Conditions in its Monthly Commercial
letter of August says:
Little change has occurred in general business conditions during July.
There continues to be a fair demand for staple products, and at a number of
points manufacturers and merdhants report considerable activity. At the
beginning of the month the 5,940 firms in Canada reporting regularly to the
Dominion Bureau of Statistics were employing 797,463 persons, as against
777,339 on June 1, an increase of 2.5%, highway construction showing the
greatest change. The building trades also are busy, and some instances are
reported of a scarcity of labor for this work. Unemployment is still in
evidence in some of the larger cities in central Canada,but it is estimated that
about 50,000 harvesters will be required from that section for the western
crop, and this should give considerable relief. Employment is now on a
slightly higher levelthan a year ago, but it is still below that of 1923, when a
temporary activity brought the figures up to those of 1920:
Industry is still struggling against a heavy burden of taxation and a high
overhead, and it would appear as though little improvement can be expected
until the various governments of Canada adjust their system of taxation in
some such manner as has already been done by the Federal Government
ofthe United States. It may be too much to credit the adjustment which has
already taken place in that country with the greater business activity which
Is In evidence there, but there can be little doubt that it had had a considerable effect. There are already signs of a slight tightening of money rates in
New York, but the security market in both Canada and the United States
continues at a 'high level, and it is hardly likely that the current needs of
business will be sufficient to attract in the immediate future any large proportion of the funds now invested in securities. The second drawback which
business is experiencing, namely, a high overhead cost of production, Is
largely bound up with the vexed question of wage readjustment and is by
no means a simple problem to solve. It is interesting to note, however, in
this connection, that a general movement is on foot to reduce wages in the
woolen mills of the New England States by 10%.
Dr. Hjalmar Schacht, President of the Reichsbank, in a
statement to its executive board on July 29 uzged the increase of German exports, reduction of production costs and
intensification of agricultural activities. Only by these
methods, he says, can the present drain on the Reichsbank
for the purchase of foreign exchange be stopped effectively.
The following was reported in Associated Press cablegrams
from Berlin, July 29, which stated:
Foreign exchange reserves are required by the Reichsbank for interest
and other payments under the Dawes plan for meeting costs of the Allied
occupation of German areas and for other obligations under the Versailles
Treaty. These costs have already required more than 250,000,000 marks
(about $62,500,000 worth of foreign exchange), Dr. Schacht states.
It is necessary that Germany's foreign trade balance be increased in order
to facilitate the payment of. Germany's obligations through the Reichsbank,
Dr. Schacht told the board, however, that despite the great demands for
foriegn payments, the Reichsbank had been able to increase its gold reserve
to more than 1,100,000,000 marks (roughly almost $275,000,000).
The board decided not to reduce the Reichsbank's interest rate.
Ambassador von Maltzan Says Construction of
Arbitration Treaties Proposed by France Would
Make Security Pact for Germany Illusory—
Looks for Agreement and Acceptance
in Fall.
Baron von Maltzan, German Ambassador to the United
States, discussing, in an interview at Swampscott on July
22 the proposed German security pact, and the French views
thereon, dclared that "the German Government is of the
opinion that the security pact would be doomed to failure
if France, on account of a one-sided decision, were to be in
a position to attack Germnay at any time and thereby frustrate the hopes for peace no the western border." The New
York "Times" reported Baron von Maltzan as saying that
he expected developments within the next ten days which
will lead either to a conference or negotiations on the security compact assuring its acceptance by early fall. That
paper indicated as follows what he had to say:
As the German note has been approved of in all its details not only by all
members of the Cabinet but also by all the parties in the Reichstag, with
the exception of the Communists and the extreme Right, as well as by the
Prime Mniisters of the States, it shows that the security policy of the German Government is supported by the majority of the German people.
If the German note does not simply confine itself to assenting remarks in
a general way, but goes into critical details regarding several questions, this
was necessary because the French note contained detailed' demands and
asked especially for a precise attitude. Furthermore, the French note contained demands of such far-reaching importance that the German Gdrernment could not very well ignore them.
The construction of treaties of arbitration as outlined in the French note
would make the security pact illusory for Germany. The German Government is of the opinion that the security pact would be doomed to failure if
France, on account of a one-sided decision, were to be in a position to attack
Germany at any time and thereby frustrate the hopes for peace on the western border.
With regard to the question of Germany's entry into the League of Nations, the statements contained in the note encourage any steps that may be
taken in this respect. We do not claim formal exemption from Article XVI,
but would, of course, like a decision which would take our peculiar position into consideration.
The particular circumstances of a member of the League should be considered and such a member entitled to the right to preserve neutrality.
The German point of view as expressed in the note is in no instance
purely negative, so that with any good will on the opposite side further negotiations with hope of success are absolutely possible, as it is the most
sincere desire of the German people to secure a positive result. Germany
wants only full assurance of permanent peace on the basis of equality and
reciprocity. This elementary demand is an important part of the French
note and in my opinion has not yet been sufficiently expressed.
Baron von Maltzan called attention to a statement made by Count Skrzynski, Foreign Minister of Poland, in which he is quoted as saying that "the
position of Poland is-not threatened at present, even by Russia."
"The people of Poland are fully aware that conditions on the other side
of the border are not good," he continued. "The German objection to
Duesseldorf Chamber of Commerce Not of Opinion
That Dawes Plan Will Right All Germany's Ills.
From Associated Press accounts from Duesseldorf, July
19, we quote the following:
Although the Dawes plan in its first year of operation served somewhat
to ameliorate the financial and economic situation in Germany, it is the
opinion of the Duesseldorf Chamber of Commerce that it will not prove a
panacea for all the ills from which Germany is suffering and that it is
incapable of offering an absolute guarantee of reconstruction.
In a report on the situation, the Chambers asserts that during the twelvemonth the plan has been in effect it has failed to re-establish productivity,
as it was intended to do. The report avers that Germany's commerce is
suffering from heavy taxation and other imposts and the opinion is advanced
that a complete debacle in business will occur unless conditions are alleviated. It is argued that owing to the high cost of production German coin,
modities cannot compete in foreign markets.
The report says that in 1924 the Government collected revenues of 2,500,000,000 marks in excess of the previous year, which was spent entirely in
assignments to individual States and communities.
The actual tax collection by the Government increased from 4,800,000,000 marks in 1913 to 12,0000,000,000 marks in 1924, whereas the public
income in 1924 only aggregated 38,000,000,000 marks, sa compared with
43,000,000,000 before the war.
Ruhr Coal Board Provided—Government Also Calls
Conference of Miners and Employees.
A cablegram from Berlin, July 28, to the New York
"Times" states that an official communique issued after a
long conference at the Ministry of Labor that day between
the representatives of the German Government and the
spokesmen for the Ruhr coal miners states that a commission will be created to pass on the difficulties between the
operatives and the employers, and that a conference of the
mine owners and miners will be summoned next week to
determine measures for mitigating unemoplment distress.
The cablegram says:
'This statement barely scratches the surface of the highly critical conditions prevailing in the Ruhr. It significantly fails to mention the foremost point at issue, namely, whether the miners can be persuaded to work
an extra half hour daily. Yet there undoubtedly was a prolonged and heated
debate on this subject, upon which the whole problem hinges.
The stocks of coal lying unsold at the pitheads is now estimated at 150,000,000 marks in value instead of the 40,000,000 marks quoted a few days
ago. These stocks the operators want the Government to take over. Chancellor Luther, however, consider that they have painted the situation too
darkly, lie is understood to regard 200,000,000 marks as sufficient to tide
over the present crisis.
As regards unemployment, it is stated that while to-day only about 40,000
miners are out of work, the numbers are bound to increase within three
months to 100,000, which means 500,000 presons dependent on charity for
existence.
Ruhr Mining Industry Granted Credit of 15,000,000
Marks by Gold Discount Bank,
Associated Press cablegrams from Berlin, July 30, announced that the newspapers report the gold discount bank
has granted the Ruhr mining industry a three months' credit
of 15,000,000 marks because of the present crisis, in which
enormous stocks of coal are on hand without a market. The
cablegrams also state:
The mine owners declare that the situation is leading to ruin. They hare
resorted to wholesale dismissals of miners in an effort to economize and
many pits are closed down.
Dr. Neuhaus, German Minister, Says Foreign Loans
Caused Unfavorable Trade Balance.
Copyright advices to the New York "Times" from Berlin,
July 24, stated:
658
THE CHRONICLE
The influx of foreign loans into Geermany is blamed by Dr. Neuhaus, the
German Minister of Commerce, for the Reich's unfavorable balance of foreign trade. In an interview given to a provincial newspaper the Minister
declares that the flow of capital from abroad and mounting imports are
synonymous. He states:
"Foreign credits are useful to our internal commerce in the last analysis
only through importation of goods. This is not always understood by our
economists. It is impossible to seek loans abroad on the one hand and
remove an unfavorable trade balance on the other.
"While there has been a diminution of foreign credits since spring, the
tide is rising again. Simultaneously, however, high prices preaviling here
have resulted in the importation of cheaper foreign merchandise. The result is that the reserves of foreign currencies in the Reichsbank have had
to be called on to pay for these imports. This again has led to a standstill
in many branches of business and to renewed credit difficulties. The banks
have needed all the cash they could find and money has become tight.
"Now there am signs, particularly in municipal loans, that foreign capital
is again finding its way into Germany.
"The above explanation seems to me to make it clear why during the first
five months of this year imports exceeded exports by 1,950,000 marks.
The excess increased proportionately during the month of June, during
which imports totaled about 1,000,000,000 marks and exports 685,000,000
marks."
Evacuation of Ruhr by French and Belgians.
The termination of the occupation of the Ruhr by the
Allies on Aug. 1 was signalized by the ringing at midnight
of the church bells at Essen,and the display of flags throughout the city. On July 30 Paris Associated Press cablegrams
reported the evacuation of the occupied territory as follows:
Ruhr occupation will have ended entirely by midnight to-morrow.
The "Journal" prints a history of the case and describes the work of
peace conducted by the French while occupying the region. It tells how
77 free lunch rooms were provided for German workmen locked out by
the Industrialists, which gave out more than 10,000 meals daily.
It cites figures read in Parliament giving the net yield of the Ruhr operation—with all expenses paid except the keep-up of the troops, which
would have been the same in France or anywhere—at 2,737,000.000
francs, of which France received 1,238,000,000 and Belgium more than
1.000.000.000 francs.
From Berlin Aug. 1 the New York "Evening Post" reported the following copyright advices:
[Vox, 121.
Berlin Again Plans to Aid Ruhr Mines—Cabinet
Confers with Industrialists, Who Complain
of Production Costs of Coal.
The following advices were reported from Berlin, July 24,
to the New York "Times" (copyright):
Once more the German Government is coming to the aid of German industry in the Ruhr. The last time this happened was when the Cabinet under
the then Chancellor Stresemann pledged to the Ruhr industry in the
fall of 1923 to shoulder the burdens imposed upon them by the French in
the form of the Dusseldorf agreements. This time the cause of the trouble
is the superfluous production of coal with prices exceeding those in the
world markets.
Chancellor Luther expressed his Government's readiness to assist the coal
barons at a lengthy conference which he and the Ministers of Commerce
and Labor held with these magnates this evening. The presence of Dr.
Schacht, President of the Reichsbank, implies—though nothing to this
effect is contained in the official communique issued late to-night—that the
Reich's financial reserve again will be at the disposal of the industrialists,
although doubtless to a more limited extent than was the case on the last
occasion. That was last January, at which time they compensated the
industrialists for their Dusseldorf deliveries to the amount of 700,000,000
gold marks.
The communique also omits all reference to the bitter social conflict
that underlies the present crisis. It Is true that the coal operators are
having hard times, but equally apparent is it that they are using their
commercial difficulties to make the workers bear the brunt of the economic
struggle. In other words, what the industrialists are after is to get longer
working hours out of the miners, without increasing wages. It is understood that they indicated to the Chancellor that the only sure means of
reducing production costs to a point where competition abroad could be
successful was by getting the miners to work an extra half-hour daily.
Fifteen mines, employing 10.000 men, now are idle and the operators
declare it will be necessary to lay off 36,000 from fifty other mines.
The miners will meet the Chancellor nextWednesday,
and will point out
that longer hours are unacceptable. While the
majority of the miners laid
off up to the present have been absorbed by the Braun
coal fields and other
industries, It is impossible for more to find employment, should they be
forced to join the ranks of the unemployed.
This evening's conference also discussed the entire economic and financial
situation of German industry, especially raw materials
and iron, and it was
agreed to use qvery means to build up German industry to point where it
a
will again be a commercial success.
For Germany to-day is one of joy.
At midnight last night the Ruhr, which was occupied by the French and Striking Workers in Saar Mines of Germany Return.
Belgian troops as a punitive measure in January 1923. was freed of the
Saarbrucken (Germany) Associated Press advices Aug. 3
last Allied soldier.
The French did not even leave a control commission, as had been expected are reported as follows:
Work in the Saar Mines, where 70,000 workers struck
at first.
last week over the
General Guillaume, Commander-in-Chief of the Ruhr troops, took question of wages, was resumed to-day on a normal scale. Railways
affected by the strike have returned to their regular schedules. The strike
official leave of Herr Schaefer, the acting burgomaster of Essen, and the
last troops began to move and the last occupied building was given over is understood to have resulted from the depreciation of the franc.
to the population.
There were no incidents. The population was forbidden by the German
authorities to make public demonstrations, but many private celebra- German Miners Ask Pay Rise—Unions Announce They
tions took place.
Will End Wage Agreement on Aug. 31.
At eight o'clock the French paraded before their headquarters. It was
From the New York "Evening Post" we take the following
the last official act of occupation. Four trains of infantry, with drawn
bayonets, some machine guns and a few bicycle troops filed before General Associated Press cablegram from Essen (Germany), Aug. 1:
The Miners' Union has given notice they will terminate
Guillaume and his staff while the "Marsellaise" was played.
their Present
At the end of the review, the last tricolor was pulled down from the wage agreement with the mine owners on Aug. 31. The men announced
headquarters building. To-day the German police re-entered Essen, and the action will be taken to obtain higher pay.
In the streets, instead of French blue uniforms, the green coats of the
Schupo will dominate the scene.
German Railways Cut Rates on Steel.
The Belgian Government agreed on July 7 with the French
A special cablegram to the New York "Times" from
and British for the early evacuation of Duesseldorf, Duisburg
and Ruhrort, simultaneously with the evacuation of other Berlin, Aug. 2, said:
The corporation of the German railroads
places in the Ruhr,and it was stated that the Belgian tr000ps for export on iron and steel wares, cutting has again reduced freight rates
them down on different articles
would return to their garrisons between July 19 and 25. 7 to 26%.
A Paris cablegram Aug. 5 (copyright) to the New York
Cotton Mills in Great Britain Reducing Their
"Times" said:
Capitalization.
Duesseldorf, Duisburg and Ruhrort will be evacuated by the Belgian
troops almost at once.
A cablegram (copyright) to the New York "Times" from
At a meeting this morning the Conference of Ambassadors, acting on London,
July 29, said:
instructions of their Governments and in conformity with the promises
The Nemesis of the great cotton boom of two years ago and its mad remade last year on acceptance of the Dawes reparations payment plan,
sent a request to the Allied Military Committee to instruct the authorities capitulation of mills at three times their value is now overtaking the Lancashire cotton industry. Eight different concerns within a short period have
in charge of occupation to begin.evacuation as soon as convenient.
So ends another phase in the long and difficult process of making peace reduced their capitalization from about £2,000,000 to E900,000. The
Belgrave Mills Co. of Oldham, with an authorized capital of £2,600,000, is
in Europe.
the latest concern forced to reconsider its position.
Under date of July 18, the following Associated Press
One of the most serious aspects of the slump is that three-fourths of the
mills in the American spinning section have been built on loan money totalcablegram came from Paris:
is now taken for granted in French circles that the Allied evacuation ing probably £30,000,000, which came largely from lower middle class
It
of Dusseldorf, Duisburg and Ruhrort will be completed by the end of peoiale of limited means. Many of the mill operatives also have been forced
this month and that the Ruhr will be entirely evacuated considerably to invest their savings to insure employment, it having been put forth that
before Aug. 15, the date fixed by the London agreement of 1924, which employees with financial stake in the mills would be preferred. These men
to-day are on short time and would gladly give away their shares to any one
put the Dawes plan into effect.
Dusseldorf. Duisburg and Ruhrort are called "sanctions cities." and the willing to become responsible for calla on them.
London agreement made their evacuation conditional upon Germany's
fulfillment of her Dawes plan obligations.
Negotiations regarding the evacuation of these cities have been under Australia Gets $2,000,000 Gold from United States
way for a month between the Governments of France. Belgium and Great
Fleet.
Britain. France and Belgium have agreed upon the evacuation of the
From the New York "Journal of Commerce" we take the
"sanctions cities," but the British Government has not yet given a final
answer. Its approval, however, is expected, and there is no doubt here of following Associated Press account from Honolulu under
the evacuation occurring soon.
date of June 20:
We also quote the following Associated Press cablegram
from Muenster, Germany, July 20:
The cargo of $2,000,000 in gold which the United States
fleet is taking
to Australia, to pay the men and defray some of the expenses of
refueling
The Lord Lieutenant of Westphalia to-day, in a manifesto felicitated the and reprovisioning, will be transferred bodily to the Australian Government
people on the fact that to-morrow Westphalia would be free from foreign In return for Australian gold coinage at an ounce-for-ounce rate.
The American money then will be melted down and
occupation forces. The manifesto follows:
transformed into Aus"On July 21 Westphalia will be free from foreign garrisons. Heartfelt tralian coinage. The American Government will pay a mintage fee of
thanks are due the population and the authorities for their irreproachable an ounce, but will save $30,000, in exchange on the deal, naval officers estibehavior and loyalty to the Fatherland during the two and a half years mate.
If American dollars were exchanged for Australian
Of foreign oppression.
currency the rate
"Though we are not justified in indulging in loud rejoicings before our would be approximately $4 91 to the pound, while the present ounce-forsister provinces likewise have been llberated, I feel impelled to offer the ounce arrangement plus the small mintage charge results in a saving both
to Australia and the United States, it was pointed out.
people sincere felicitations."
AUG. 8 1925.]
THE CHRONICLE
The gold arrived from the mainland aboard the transport Chaumont, and
$1,200,000 was transferred to the flagship California of the battle fleet, the
remaining $800,000 to the United States ship Omaha, flagship of the destroyer squadrons.
It is expected that the disbursements of the American fleet in both pay
and payment for supplies will exceed the $2,000,000 considerably, but such
excess will be covered in the usual manner of exchange.
•
659
Article 3 concerns debts owing to Greece by the French and British Governments for damage caused by the Allied armies in Greece before her
entry into the war.
Turkish Banks Finance Petroleum Company.
A company, capitalized at 1,000,000 Turkish lire, has been
formed at Angora to produce and deal in petroleum, said
an Associated Press cablegram from Constantinople, July
Dutch Gold Exports Stop—Outward Movement, 19, published in the New York "Journal of Commerce." The
Principally to London, Is Subsiding.
further advices stated:
Amsterdam (Holland) advices to the New York "Times"
The company is financed by leading Turkish banks, including one founded
by the former Egyptian Khedive, Abbas Mimi.
July 19 (copyright) stated:
The outward gold movement so evident in the last two or three weeks
appears to have subsided for the moment. The export of gold to London during the previous week, however, resulted in an increase in the foreign bills
held by the Bank of the Netherlands to 18,000,000 guilders, and a decrease
in the balances abroad of 6,000,000, leaving 12,000,000 accounted for by
the export gold movement. Notes outstanding aggregate 896,000 guilders.
The gold stock covers a percentage of 276,000,000, allowing for an increase in our note circulation by 1,335,000,000 guilders. This situation is
counted one of great strength.
Prague Ceases Trading in Zloty—Explanation as to
Decline in Polish Currency.
The Stock Exchange of Prague, Czechoslovakia, said the
New York "Times" of Aug. 3, has stopped until further
notice the trading in Polish zlotys to prevent manipulation
to lower • the Polish exchange rate. News of the action is
Wheat Duty Restored in Italy, Bread Price Soars— contained in a cablegram received by the Consulate-General
Prices Rise in Several Localities.
of Poland.in New York. The New York "Journal of ComFrom Rome, July 28, the New York "Times" announced merce" announced the issuance of the following statement
by the American Polish Chamber of Commerce on Aug. 1
the following copyright message:
A general increase in the price of bread is foreshadowed throughout Italy from the Polish Vice-Minister of Finance Karsnicki regarding
as a result of the re-establishment of import duties of seven lire, fifty gold, the slump in the zloty:
per quintal on wheat. Increases already have occurred in several localities,
the average being 25 centimes per kilo, equal roughly to one-eighth of the
present price. The increase is especially grave in a country like Italy,
where cereals of all kinds are the chief food of the working classes.
It is undeniable that foreign wheat can be imported cheaper than it is
produced locally, therefore duties are necessary if the Government is to
achieve its purpose of rendering Italy self-supporting as far as cereals are
concerned. Import duties on wheat have always existed in Italy in order to
encourage local production and were suppressed only last year owing to a
shortage produced by the poor harvest. The Government holds that as soon
as Italy produced sufficient cereals to satisfy the home demand this fact
would react on the trade balance, bringing about a revaluation of the lira,
which automatically compels it to compensate for the increased price of
bread. It is undeniable, however, that considerable hardship will be imposed
on the poorer classes.
The efforts made this week on foreign exchanges to depreciate Polish
money by a sudden attack were deliberately undertaken with a view to
Injure the interests of Poland. On all European exchanges Tuesday, but
especially in Danzig and Berlin, huge sums of zloty, several times larger
than those normally offered in the course of a week wore thrown on the
market. It is now clear that those offers were for the most part short sales,
having as their object a depression of the zloty below its dollar parity.
There has been no change in the financial and economic situation in Poland
which would warrant fears for its stability. The budget Is absolutely bal-day at 48%•
anced. The gold reserve behind the currency stands to
The trade balance, which was passive in recent months, causing an outflow
of foreign moneys from the Bank of Poland, has taken a turn for the better
due to measures effected by the Government and the Bank of Poland.
The magnificent harvests which are now being realized, and the resulting
exportation of large quantities of grain, it is believed, will re-establish the
country's trade balance on a favorable basis.
American Firm Gets Monopoly to Supply Poland's
Under date of Aug. 2, a New York "Times" copyright
Matches—Bill Creating Match Monopoly.
had the following to say:
The International Match Co. of New York, a Swedish- cablegram from Berlin
Last week's sharp break of the Polish zloty from parity made a big
American concern, has obtained a monopoly to manufacture stir in the Berlin market. It was pointed out that this was the first time
all the matches in Poland as the result of a bill passed in that any of Europe's newly stabilized currencies has broken down. Berlin
Parliament on July 14, said a copyright cablegram to the "Wanders ascribed the collapse in the zloty ultimately to the GermanPolish trade war.
New York "Times," from which we also quote the following:
Whereas Poland has been buying less than 5% of Germany's exports,
The measure creates a Government monopoly, but it is understood the
Government will lease the monopoly to the American company for a period
of 20 years and obtain at least $1,000,000 yearly. The agreement has not
yet been drafted.
The Polish match industry includes 15 factories, involving large exports.
The industry suffered from the war and has a heavy foreign debt. No
foreign matches will be imported under the new agreement and prices will
not be raised.
Germany bought more than 33% of Poland's. The trade war therefore
makes it impossible to hope for speedy improvement in Poland's balance
of payments.
Portugal Abolishes Match Monopoly.
Holders of Hungarian war loan bonds were notified through the State
Department to-day that the Budapest Government would recognise these
bonds as Hungarian obligations only when stamped in accordance with
official instructions. Hungarian representatives in foreign countries
have been given instructions with regard to the stamping, and a period
of one year set for them to carry out this procedure.
The abolition of the Government monopoly on the manufacture of matches in Portugal was provided for in a bill
approving freedom for such manufacture passed by the
Chamber early this year—April 17.
Hungarian War Bonds Must Be Stamped.
The "Wall Street News" reports the following from
Washington July 28:
Russian Soviet Budget for Fiscal 'Year 1925-26.
Detailed figures of the new Soviet Budget for the fiscal
The Polish Senate ratified on July 15 the commercial
beginning Oct. 1 next, which according to the
modus vivendi with the United States. The Diet, says the year 1925-26,
news dispatches is now before the Council of People's ComAssociated Press cablegrams from Warsaw, passed the agreemissars, have just been received by the Russian Information
ment July 1.
Bureau at Washington. The latter says:
Poles Ratify Trade Agreement with United States.
Poland Plans Trade Pact with Soviet Russia.
From WaShington, July 19, the following Associated Press
advices were reported by the New York "Journal of Commerce":
The budget balance of 31.780,000,000, equal to the pre-war Tsarist
budget, will be made up on the revenue side as follows: $292,000,000 from
direct taxes, $448,000.000 from indirect taxes, $67,000,000 from duties and
$900,000,000 from sources other than taxes, including 5643,700,000 from
transportation. Extraordinary revenues, such as the sale of State bonds,
credit operations and the coinage of silver and copper currency, are fixed at
Confidence that "the Polish Government will be successful in bringing $73.000,000.
According to the figures of Commissars for Finances Sokolnikov, the new
about the strengthening" of its relations with Soviet Russia through conclusion of a trade agreement, was expressed in a statement to-night by budget will yield a surplus of $167,000,000 for the expansion of agriculture,
Count Alexander Skyrzynski, Foreign Minister of Poland.
industry and the cooperatives, to be extended in the form of long-term
Asserting that, "apart from certain minor misunderstandings" during the credits. In addition the proceeds of the internal loan of $154,200,000. which
years. Poland's relations with the Soviet Government were "quite will be placed on the market beginning this month (August). will be similast four
normal," the Minister, who is to lecture in this country, explained that a larly used.
Of the budget surplus $73,200,000 will be used for financing agriculture.
trade agreement could "not fail to help toward the development of good
neighborly understanding" between Poland and Russia.
$43,775,000 for general industrial development, $30,900,000 for electrification and the remainder for the cooperatives and public works. The loan
will be distributed as follows: $25,700,000 to agricultural credit societies as
Greece Frames Debt Law—War Payments to and from cooperative, $38,600,000 to enterprises connected with agriculture, 325,700,000 to storage and refrigerating plants connected with the railways, the
France and Britain Are Arranged.
same sum for developing the metal Industries, and the remainder for muniAthens (Greece) copyright advices to the New York cipal housing, the fuel industry and other industrial branches.
The new budget will mark the second year during which the Government
"Times" July 12 stated:
can meet all expenses without resorting to paper issues or a foreign loan.
A law based on a provisional agreement reached by the British Govern- During the twenty years before the war the Tsarist Government was able to
ment and Tsouderos, the late Finance Minister, for payment of the Greek effect its balance only three times without borrowing from foreign bankers.
war debts, has been gazetted.
The Bureau also states:
It authorizes the Minister of Finance and the Minister of Foreign Afwith both the British and French
The cable dispatches, July 30, stated that the Soviet Government profairs to draw up provisional agreements
debts.
posed to issue "a special international loan for $1,500.000,000." That was
Governments regarding the war
internal loan for 3154.200.000
Article 2 authorizes the Government to sign an agreement for the definite an error. Doubtless what was meant was the
cited above.
payment of £396,000 due to Britain for material supplied in 1919.
660
THE CHRONICLE
High Record Mark for Foreign Trade Turnover of
Soviet Russia.
During May the foreign trade turnover of the Soviet
Union on the European frontiers passed the $50,000,000
mark for the first time during any single month since the
close of the war, according to customs figures received by the
Russian Information Bureau in Washington. The Bureau
says:
The turnover for May was $65,000,000, of which $19,800,000 represented
exports and $45.200,000 imports. The figures are for the European frontiers
only. The unfavorable trade balance has now continued for four months,
due to the cessation of grain exports.
Furs valued at $5,070,000 led the export list, followed by petroleum products worth $4.827.000. The imports included cotton worth $10.400.000.
machinery worth $3,330,000, chemicals and chemical products worth
$2,481,000. The imports of grain and flour, necessitated by last year's
bad harvest, continued during the month. Their value was $12,852,000
Trade of United States With Russia Growing.
American-Russian trade broke all recent records during
the first six months of 1925, according to a report compiled
for the Russian Information Bureau here by Isaiah J. Hoorgin, Chairman of the Amtorg Trading Corporatidn of New
York, and director of the All-Russian Textile Syndicate.
The turnover for the half year ending June 30 is given as
$58,779,736, of which $52,610,645 represented purchases of
American goods for shipment to the Soviet Union, and
$6,169,091 represented sales of Soviet imports here. The
turnover is about equal to the business for the full year of
1924 and is nearly two and a half times that of the half
year 1913. The above figures, it is stated, do not include
imports of manganese, which is shipped direct to American
firms, or the transactions of Selskosoju, the.trading organization of the Russian agricultural co-operatives. They also
do not include unfilled orders for future delivery. Of the
purchases here 69.8% were effected through credits from
banks or individual American firms. This shows material
improvement in the Soviet credit situation over recent years.
Of the total business the share of the Amtorg Trading Corporation, which represents the larger Soviet syndicates and
the State trading organizations of the constituent republics,
was $29,396,443. The All-Russian Textile Syndicate accounted for $26,479,500, representing purchases of American
cotton for Soviet mills. Centrosoyus, the trading organization of the Russian Consumers' Co-operatives, had a turnover
of $2,349,394, and the Allied American Corporation did a
business of-$554,399.
Cotton led the list of purchases with 175,098 bales, valued
at $26,479,500 c.i.f. Murmansk, as compared with cotton
valued at $19,684,460 during the same period last year.
Machinery and supplies for the extension of Russian industry and agriculture were. about $9,000,000, including agricultural machinery worth $3,415,000, general industrial machinery worth $1,303,000, dredges worth $1,213,000, oil well
supplies worth $690,000, automobiles and trucks worth $630,000, and smaller purchases of office supplies, leather and
belting, metals, etc. Purchases of flour due to last year's
poor harvest, aggregated $17,822,395. Furs valued at $3,831,012 led on the ligt of sales, followed by sheep casings worth
$736,000, licorice root worth $300,000, flax and hemp fibre,
253,000, and caviar, $169,000. In commenting on the figures,
Isaiah J. Hoorgin, Chairman of the Board of the Amtorg
Trading Corporation, said:
Both purchases and sales showed a much better distribution this year
than hitherto. Last year cotton purchases were 75% of all purchases, while
this year, though larger in volume, they are only 50%. Last year furs
represented 95% of the sales, this year they are only 00%.
Up to this year Russian purchases of industrial machinery here represented almost exclusively replacement machinery and parts. This year the
purchases are mostly of basic machinery. This change is significant of the
rapid expansion of Russian industry, which includes the building of many
new factories in the textile, electrical, metallurgical and other lines.
The excellent crops in the Soviet Union this year will make unnecessary
further purchases of flour in the United States, but will not diminish the
volume of trade, for more money will thus be available for the purchase of
machinery, especially because of the impending heavy exports of Russian
grain. Though the cotton acreage in the Soviet Union has increased 38%
this year over 1924, the expansion of the textile industry is so rapid that
I look for no diminution of the cotton purchases here.
[VOL 121.
the Foreign Service of one who had demonstrated the fullest
measure of equipment and had won the unqualified confidence of both his own government and that of the great empire to which he was accredited." The letter follows:
The unexpected and lamentable death of your distinguished brother,
Edgar A. Bancroft, American Ambassador to Japan. has brought to me a
deep sense of perSonal loss, which enables me profoundly to sympathize
with you and the members otitis family at this time of their bereavement.
As you well know,his designation to the highly important position, which he
held with so much credit to himself and advantage to his country, was in an
especial degree a recognition of high character and peculiar fitnessfor service.
Through a lifetime of devotion to the broadest public interests, and of
scholarly concern for the development of high ideals in connection therewith.
he had equipped himself with the largest public usefulness, and his services
have been rendered so unstintedly and effectively as to reflect high honor
upon him.
Never particularly ambitious for public place, he was at all times enlisted
in causes which looked to the advancement of the true public interest. His
death deprives the Foreign Service of one who had demonstrated the fullest
measure of equipment and had won the unqualified confidence of both his
own Government and that of the great empire to which he was accredited.
Ambassador Bancroft was a member of the American Bar
Association, a former president of the Illinois State and
Chicago Bar Associations, and a member of the Chicago
University, Chicago Literary, City, &c. He was the author
of several works: "The Chicago Strike of 1894-1895," "The
Moral Sentiment of the People the Foundation of National
Greatness," "Destruction or Regulation of Trusts." Associated Press advices from Washington, July 28, said:
The recent presentation here by Ambassador Matsudaira of the memorandum voicing Japanese agreement with American proposals that the commitments of the Washington conference relating to China be brought into play
to solve the Chinese problem was an outcome, in part at least, of the work
Mr. Bancroft was doing in Tokio.
The Ambassador's death makes it necessary for Edwin L. Neville, acting
charge of the Tokio Embassy, to assume for the time being the conduct of
the Chinese negotiations since it appears certain that a successor to Mr.
Bancroft will not reach Tokio for several months.
Mr. Bancroft's appointment as ambassador was referred
to in our issue of Sept. 13 1924, page 1248.
New Japanese Cabinet.
Following the resignation last week of the Japanese Cabinet (referred to by us on page 527), Viscount Takaakira
Kato (Premier of the former coalition cabinet) was ordered
on Aug. 1 by His Highness Prince Regent to organize a
cabinet. Consequently, at 11 a. m. Aug. 2, the new cabinet
was installed. All the former cabinet members were renomiriated excepting the following three:
Agriculture and Forestry.—Selil Hayami (Ex-Parllamentary Vice-Minister
of Finance).
Commerce and Industry.—Naoharu Kataoka (Ex-Parliamentary VineMinister of Interior).
Justice.—Yoku Egi (Ex-Chief Secretary of the Cabinet).
New Portuguese Cabinet Formed by Pereira.
Dr. Domingos Pereira, who was requested by President
Gomes to form a cabinet to take the place of the one headed
by Antonio da Silva, which resigned July 21, selected a new
cabinet, which assumed office on Aug. 1. The Associated
Press cablegrams from Lisbon on the 1st inst. stated:
It is composed chiefly of Democratic Rightists and independents.
Dr. Pereira, who has been President of the Chamber of Deputies, will
hold the post of Minister of the Interior. The other members of the
Cabinet are as follows:
Minister of Justice—Augusto Monteiro.
Finance—Torres Garcia.
War—General Veira Da Rocha
Marine—Pereira Da Silva.
Commerce—Nuno Simoes.
Foreign Affairs—Vusco Borges.
Colonies—Pereira Leite.
Instruction—Dr. Joao Camoezas.
Agriculture—Gaspar Lemos.
Labor—Costa Cabral.
Regarding a revolt which was quickly suppressed, Lisbon
Associated Press advices of July 20 had the following to say:
Portugal, often disturbed by revolutionary outbreaks and recently
confronted with Governmental difficulties by a succession of short-lived
cabinets, has COIlle through an abortive revolutionary movement engineered
by certain military units without the firing of a shot and without casualties.
The revolt ended a few hours after it started, due to the prompt action
of the Government. Captain Baptista, who engineered the plot, and
four of his aids are under arrest, having surrendered when it became
apparent the authorities had the upper hand.
The situation now is normal and it is expected the constitutional guarantees which were imposed shortly will be withdrawn.
Malcontents in Lisbon had won over the officers of the cruiser Vasco da
Gama,from which their leader issued demands to the Government. These
were rejected promptly by President Gomos and Premier da Silva, who
demanded surrender of the mutineers under threat of bombardment.
The officers of the cruiser found themselves isolated as the other warships
had been ordered to Lagos. After a few hours' consideration they capitulated.
Death of Edgar A. Bancroft, U.S. Ambassador to Japan.
Edgar A. Bancroft, who since Aug. 1924 had been Ambassador to Japan, died on July 28 at Karuizawa, a mountain
resort in central Japan, where he had been spending the summer. He had been ill about three weeks. Funeral services
were held at Tokio on Aug. 6. The body will be brought to Chatham Phenix National Bank Named as Fiscal
Agent of Province of Santa Fe, Argentine.
the United States for burial at Galesburg, Ill., where he was
born in 1857. President Coolidge in a letter of condolence,
The Chatham Phenix National Bank & Trust Co. has
on July 31, to Dr. Frederick Bancroft of Washington, brother been appointed fiscal agent of the Province of Santa Fe,
of the Ambassador, states that the latter's death "deprives Argentine, with respect to the payment of principal and
THE CHRONICLE
AUG. 8 1925.]
7% Bonds.
interest of an issue of $11,000,000 Thirty-Year
Province
The recent offering of $10,188,000 bonds of the
was referred to in our issue of June 27, page 3264.
of Santa Fe
Account AmorJ. P. Morgan & Co. to Receive Tenders
of Argentine Government Bonds of 1909.
tization
have
J. P. Morgan & Co. announced on Aug. 3 that they
to receive tenders for the amortization on
been authorized
pesos,
or before Sept. 30 next for $537,500 Argentine gold
approximately £107,500, of the Argentine Government 5%
internal gold loan of 1909. Tenders for the sale of bonds
with coupons due March 1 1926 and subsequently at a price
than
to be stated in the tender, must be lodged not later
3 p. m. on Aug. 14 next with J. P. Morgan & Co. at 23 Wall
in
Street, New York City. Tenders will be received also
Brothers & Co., Limited,and in Buenos
London by Baring
Aires by the Credito Publico Nacional.
661
t Defense of Coffee
"Article 1. The Paulista Institute for the Permanen
personality and will be
Is hereby created, the same having a juridical
of State and Finance
administered by a council composed of the secretaries
acting as vice-president,
acting as President, of the secretary of Agriculture
of the State from
and of three further members appointed by the president and commercial
l
among persons of established competence in agricultura
planters of the State
affairs, two of whom shall be indicated by the coffee
as shall be determined
and the third by the Santos Commercial Association,
by the regulations.
Finance, or in their
"Besides the president, the secretaries of State and
of veto in deliberaabsence the secretary of Agriculture, shall have the right
dispositions of this
tions that shall be proposed contrary to the express
State.
law, said veto having recourse to the president of the
this capital, with
"Article 2. The institute will have its head offices in
may be found necessary, employing a competent
branches wherever
external service in
technical staff especially contracted for its internal and
the several different markets.
of 1 milreis
"Article 3. A railway tax is hereby created up to the amount
coffee that shall be
gold, or its equivalent in paper currency, per bag of
tax to serve as a
transported across the territory of the State, the said
the permanent
guaranty for the loan that shall be raised to form the fund for
defense of coffee.
How to be Administered.
institute, and
"Article 4. The permanent defense of coffee made by the
of State
which shall be exclusively under the jurisdiction of the secretaries
and Finance, shall consist from henceforth of the following:
Santos, by the
"Regularization of the entries of coffee into the port of
Brazil Not Liable for State Loans—Most of Defaulting
regulation approved
limitation in transportations, in accordance with the
States and Municipalities Now Find Revenues
by the railway companies of the State.
-producing
Insufficient for Service of Debt.
"Celebration of a convention with the several other coffee up to 1
tax
by which these shall equally vote a transportation
The following is from the "Wall Street Journal" of States, gold per bag of coffee toward the guaranty of the loan to constitute
mikeis
said institute being
July 15:
the fund for the permanent defense of coffee, the
Government represented in this credit operation by the secretaries of State and Finance,
Foreign creditors do not yet understand the position of the
ies the or by their legal substitutes in the person of the vice-president.
of Brazil with regard to the debts of the States and municipalit
exclusively applied
"The amount of the fund thus constituted shall be
which runs into considerable figures and as regards some of
amount of
part
promising," to operations for the defense of coffee, it being permissible to employ
which "the chance of an early renewal of payments is not very
and approved
of the said fund in government bonds, of good quotation
says Wileman's Brazilian Review.
discretion of the council.
"These loans were negotiated solely on the responsibility of the respective assurance of
shall not have
of
"Article 5. Up to such time as the loan referred to in Art. 3
States and municipalities, without being fathered by Federal guarantee
which
in been effected, the product derived from the transportation tax and
description. On the contrary, though the Federal Government was,
into
any
by the railways shall be deposited by the government
virtue ot the Constitution, unable to make opposition to such issues effec- shall be collected
the name of
in special account hearing
t publicly announced the establishments of approved credit
tive, on more than one occasion the Governmen
may in case of
the institute and with the said government. The institute
Union repudiated any responsibility in the matter.
of
operations as dealt with in Art. 7 through the medium
"In spite of repeated warnings, official and otherwiw, loans continued to need transact
s bor- said banks.
be issued, in many cases at usurious rates, to notoriously impecuniou
same shall be
of
ulti"Article 6. Once the loan is effected, the net product
rowers by banks and syndicates, to whom immediate profit and the
applied
the same conditions of previous article or otherwise
mate responsibility of the Federal Government, and not the nature of the deposited under
second part of sole paragraphs of Art. 4.
In accordance with the
itself, seemed the paramount consideration.
security
What the Loan is For.
article shall have
Advanee in Rubber Helpful.
"Article 7. Once the fund referred to in the foregoing
"Some of the State banks and municipalities who have suspended pay- been organized, the permanent defense of coffee shall yet consist in the
ment of the service of their foreign obligations are in serious financial dif- following:
quantity, term and
ficulties, especially those in which, like Para and Manaos, rubber is almost
"Loans to interested parties with conditions as to
exclusively the source of revenue and is largely mortgage to their creditors. interest as shall be determined by the council, with the guaranty of coffee
Should, however, the present recovery in rubber last matters will improve deposited in the regulatory warehouses of the State.
any other internal
in the north. Up to recently rubber was being strangled by taxation.
"Purchase of coffee in the market of Santos and in
"Most of the defaulting Brazilian States and municipalities have mort- market for a temporary withdrawal, at any time that the council may
offers.
foreign debt. They
of
gaged a large part of their revenues for service of the
deem the measure necessary for the regularity
propaganda of coffee toward
now find these revenues insufficient and are, therefore, exposed to execu"A bureau of information, statistics, and
tion of security, which, however, could only be effected through the agency the increase of its consumption and the repression of adulterations.
and at any time the council
of the Federal Government, seeing that States and municipalities have no
"Article 8. From the fund thus organized
be laid aside for the purpose
diplomatic standing.
may so deem opportune, a part of same may
"It is clear that the Union is in no position to take upon itself fresh of forming the capital of the Bank of Sao Paulo for Agricultural Credit.
byresponsibilities and that any scheme for the guarantee of the service of the the by-laws of which shall be organized by the council and to which
debt would have to be self-supporting, in the sense that its cost should be laws shall be included that of the second paragraph of Art. 7, besides other
themselves.
supplied out of the resources of the States and municipalities
functions thereunto appropriated.
yearly balances shall not be
"The net profits of this bank as verified by
Larger Exports Needed.
Fund.
be credited to the account of Reserve
concessions distributed, but shall
to an amount equal to the
"There is only one way in which this can be done: That is by
"When this Reserve Fund shall have reached
on the one hand, and the reduction
permanent defense
fund for the
on the part of the creditors of these units
capital, the same shall be transferred to the
or abolition of duties on exports on the other, by which not only would proshall remain integral.
of coffee, which shall be thus restored and
duction be stimulated within the respective States, but the revival of exports
Distribution of Profits.
would, in its turn, react on imports and thus on Federal revenues also.
in accordance with the
"Article 9. Once the permanent fund is restored
"Problem of the assumption of responsibility for States and municipalities
profits thenceforth verified
foreign debts would then be a matter of agreement third paragraph of foregoing article, the net
for the services of their
s of the transportation tax, in sums
between them and the Federal Government as to the way any surrender of can be distributed to the contibutor
s, and to the quota that shall have
their rights to tax exports should be compensated and agreement, on the proportional to their coffee remittance
the capital of the bank.
other hand, between the Federal Government and the creditors of these been laid aside for the formation of
of coffee, which at
"Article 10. The fund for the permanent defense
units as regards the concessions they would be willing to exchange for Fedof the tax created
any time shall revert proportionately to the contributors
eral guarantee.
in any circumstances be incor"Without a radical reduction of export duties or a corresponding rise in by Art. 3, shall be intangible and cannot
it be applied to any other
the price of rubber and certain other commodities, there can be no early porated to the receipts of the State nor can
determined by this law.
reaction either in the value of exports from the States, ex coffee producing purposes but those to which they are expressly
operations referred
"Article 11. The interests and profits verified in the
ones, nor in the value of imports into these districts nor in the Federal
fund for the defense
to in Art. 7 shall be incorporated to the permanent
revenue."
of coffee.
4.868 of Dec. 7
"Article 12. For all effects of Art. 2 of the federal law
into agreeBrazilian Coffee Defense Law—Loan Constituting 1924, the government of the state is hereby authorized to enter
quota which shall be
ment with the federal government and to accept the
Fund Therefor.
said law.
attributed to it in the distribution referred to in the government of the
Because of the interest evinced in the so-called Coffee
"Article 13. The act is hereby approved by which the regulating warepatrimony
Defense Law of Brazil, we are giving herewith its text, as State acquired and incorporated to theirin accordancthe
e with the terms of
for the transportation of coffee,
published in the Tea and Coffee Trade Journal for February housesof the said federal law 4,868, of Dec. 7 1924.
Art. 3
from the acquisi1925.
"Article 14. For the solution of compromises resulting
t of the State is
THE NEW COFFEE DEFENSE LAW.
tion referred to in the foregoing article, the governmen
whenever possible or
e accounts
Text of Sao Paulo Act, which was adopted only after much bickering, and hereby authorized to meet and interchang
does not give the Planters control.
to transact credit operations wherever required.
authorized to
"Article 15. The government of the State is hereby
After not a little acrimonious discussion, the bill ratifying the treaty
required by
regulate this law in its whole or in part as may be found
between the Brazilian federal government and the State of Sao Paulo,
interests of the institute
of the coffee-regulating warehouses circumstances and as may be found advisable to the
whereby the latter acquires ownership
those of the State.
and becomes solely responsible for the defense of coffee, has been passed and
milreis gold, as
"Article 16. The collection of the tax of the value of 1
by the Legislature of the State and approved by the State President and
the extinction
contained in this law, shall terminate at the same time with guaranty of
Is now law. The bill was fathered by Deputy A. S. Azevedo, Jr., who is
to the
of the service of amortization and interest of the loan,
l Association.
also President of the Santos Commercia
tax is devised.
As originally drawn, the bill provided that the control board should which the said This law will go into force on the date of its publication
"Article 17.
consist of the secretaries of Finance and the Treasury, assisted by the
19 1924.)•
Secretary of Agriculture as Vice-President, and three counselors versed (Dec.
to Santos up
"Article 18. All coffees that shall have been dispatched
been
in financial, commercial, and agricultural affairs, to be nominated by the
current year, and likewise all coffees that shall have
of the State. The coffee planters made a determined fight to to Dec. 31 of the
President
exempted hereby
in the regulatory warehouses of the state, are
have the control lodged in their own hands, but the only modification they retained
they pertain
the transportation tax created by this law, provided
could secure was the right of nominating two of the three members of the from
the crop of 1923-'24.
advisory board, the Commercial Association securing the right to nominate unto
"Article 19. Dispositions to the contrary are revoked.
the third. Following is the text of the law:
•
662
THE CHRONICLE
(VOL 121.
Coffee Growing States of Brazil to Co-operate with Sao Russian Textile
Unierin Bank Deal Here—Syndicate
Paulo in Efforts to Maintain Prices by Limiting
Which Took $36,300,000 in Cotton Last Year
Exports.
Reported Seeking Commercial Ties.
From Rio de Janeiro, Brazil, Aug. 6, the following AssoUnder date of Aug. 6 the following Associated Press cableciated Press advices are reported:
gram from Moscow was reported by the New York "Times":
The coffee-growing States of Brazil
have resolved to co-operate with the
State of Sao Paulo in efforts to maintain the prices of coffee by regulating
deliveries for exportation at the ports, thereby avoiding flooding foreign
markets after the coffee harvest and a consequent slump in prices.
It was learned here to-day that an important meeting of coffee growers of
the State of Minas Geraes, which is now producing a coffee crop which averages one-third of that of Sao Paulo. has resolved to support the policy of
Sao Paulo coffee growers of limiting shipments to the export ports, Santos
and Rio Janeiro. It is stated, however, that the Minas Oeraes coffee
growers are opposed to the policy of fixing prices by purchasing stocks offered for sale on the coffee exchanges, which policy has been followed previously and which has been criticized by the Department of State at Washington. It is also reported that the Sao Paulo plantation owners have
resolved to abandon this policy.
President Bernardes is determined to squeeze out inflated money from the
national currency and in this is supported by the organization of coffee
growers, which is opopsed to permitting any further issue of currency to
support coffee valorization schemes. The coffee growers recomment, in
place of such issue, a foreign loan to provide funds to be loaned to farmers
on security of their coffee crops at low interest rates.
The All-Russian Textile Syndicate has purchased
this year 636.300,000
worth of cotton from the United States, part of
which is already in transit,
according to official information here. It is said the operations were
financed by the Chase National Bank and the
Equitable Company of New
York.
Further negotiations looking to the consolidation of
Soviet business connections in the United States are being carried
on here by Reeve Schley',
Vice-President of the Chase National Bank, the
Soviet Bank for Foreign
Trade and the State Textile Syndicate.
Agreement in principle has been reached on numerous points
regarding
future commercial banking business between Russia
and the United States,
it is said. These agreements will be ratified
when Mr. Schley returns to
New York soon.
Mr. Schley, who, with a Mr. Fleming, a New York
cotton man, has
been here since Aug. 2, has investigated the conditions
of the Russian cotton-growing area and the Russian textile industry.
He expects to visit
Leningrad and Nishni Novgorod before returning to
New York.
Commenting on the above, the "Times" said:
A cable from Moscow on Aug.2 announced the arrival
there of Mr.Schley
and Mr. Fleming, a cotton man connected with the
Textile Commission, to
negotiate with the All-Russian Textile Syndicate purchases
of American
cotton and the rehabilitation of the Soviet textile industry
along technical
lines employed in the United States.
Brazilian Coffee Men Say Proposed Loan for Coffee
Industry Will Not Result in Price Rise—Member of
United States Commission Believes WashGrain Marketing Company Placed in Liquidation.
ington Will Approve New York Credit.
The liquidation of the affairs of the Grain Marketing Co.
From the New York "Evening Post" we take the follow- was formally begun on June 28—just a
year after it started
ing Rio de Janeiro (Associated Press) advices Aug. 5:
operations. Regarding the winding up of the venture, the
Berent Friele, a member of the American Coffee Mission to Brazil, which Associated Press
accounts from Chicago on July 28 stated:
recently returned from the interior of' Sao Paulo, said to-day regarding
It was to-day that the company was to have made a $4,000,000 settlement
a
proposed loan from New York bankers for the coffee industry, that assur- with four
old-line grain companies, which merged to form the co-operative.
ances had been given by the Sao Paulo Coffee Defense Institute that no
Instead, the four vendor companies have had their properties returned
to
attempt would be made to maintain artificial price levels.
them, while assets are being distributed among the farmer stockholders.
It
The hops is to stabilize the market by regulating shipments from planta- has been
announced,•however, that many farmers are holding their stock in
tions to Santos in proportion to the world's requirements.
the hope that some modified form of co-operative marketing will be worked
Mr. nide believes that the United States Government will approve the out by the
company, which is to continue as an organization.
loan, which is expected to relieve doffee growers in the tight money situaJ. W. Coverdale, Secretary of the co-operative, in a statement attributed
tion existing in Brazil.
the company's failure to opposition to members of the grain exchanges
and
Sao Paulo and Rio de Janeiro bankers believe the financial structure of declared the company
had been a commercial success, having mraketed 220,Brazilian commerce will stand what is thought to be a temporary situation, 000,000
bushels of grain. He said it was the intention of company repreand they say there is no cause for alarm.
sentatives to "lay the whole proposition" before President Coolidge.
Mr. Coverdale said that the failure of Dean, Onatavia di Co., later reorganized, and now again in business, had no connection with the Grain
Marketing Co., but he charged that
H. E. Otte of National Bank of Republic, Chicago, pear that the failure was due toopponents of the co-operative made it apthe connection between the co-operative,
the company that failed and one of the vendor companies.
With Return from Europe, Expresses View
That
Are Gradually
From the Chicago "Tribune" of July 28 we take the folBettering.
lowing:
The $26,000,000 farmers' co-operative company has been
Hugo E. Otte, President of the National Bank of the Reunscrambled.
public of Chicago, who has just returned from a nine weeks' All the four components have taken back their elevator properties and are
operating them independently. The last to re-enter the
grain market as
trip abroad, during which time he visited England, Scotland, individual operators was the Rosenbaum Grain
Corporation, which began
France, Germany, Switzerland, Holland, Norway and Swe- buying cash grain on the Board of Trade yesterday. They have offices in
the Postal
den, reports that trade conditions in England are still de- the Board Telegraph Building. They have also applied for admission to
of Trade clearing house.
pressed, with considerable unemployment, but he believes
Stockholders Get Cash.
conditions are gradually betting better. Mr. Otte said:
The $400,000 cash held for stockholders of the marketing company
has
Conditions
In France the fluctuation in the franc purports of so much uncertainty been returned, each getting 100%, it is said. It was
said by an official
that the merchant has great difficulty in gauging the market as to pur- yesterday that nearly all the cash grain on hand has been
disposed of, but
chases and sales, but the people have confidence in Caillaux, the Minister that several months will be required to wind up the
company's affairs.
of Finance, and believe he will arrange a satisfactory budget, which will
Sufficient farmers have not put up the $1 per share to
make the big
help them to a state of normalcy. In Germany, there are evidences on all grain merger, which was to be a co-operative concern. It
was understood
sides of a willingness to accept the policies and administration of Presi- that less than $500,000 of stock was sold to farmers, and the cost
of selling
dent Hindenburg. Taxes are high, living costa excessive and the volume of that was heavy.
trade has accordingly diminished perceptibly, but with faith in its GovThose in the Merger.
ernment, Germany as a whole shows some improvement, slow as it may
The companies composing the merger were the Armour Grain Co., Rosenseem to the world at large. Norway, Sweden, Switzerland and Holland ap- baum Grain Corporation Rosenbaum
Bros. and the Davis-Noland-Merrill
pear to be moving along in a steady and prosperous manner.
Grain Co., the latter of Bantus
City.
The men handling the company's business were expert in the trade,
and
it is said to have made money, but the percentage of profit was
small in
comparison to the size of the business handled.
Cotton Credit of $6,000,000 Arranged by Group Headed
Special advices Aug. 1 from Chicago to the New York
by Seaboard National Bank and Goldman,
"Evening Post" had the following to say regarding the projSachs & Company.
•
ect and its winding up:
A credit of $6,000,000 has been extended to the Texas
Failure of the Grain Marketing Co., the farmers' co-operative
Farm Bureau Cotton Association of Dallas by a syndicate to take up the $4,000,000 option held on the largest combinationcompany,
of grain
of banks and bankers in New York and other cities, headed elevators at terminal markets put the seal on the company. Had the
14,000,000 been raised on the option, given Aug. 1 1924, to expire July 28
by the Seaboard National Bank and Goldman, Sachs & Co. 1925, the Grain Marketing Co. might have continued to
control the big
of New York. The credit is designed to facilitate the mar- elevator system and the largest business in cash and grain futures of any
one interest in the world.
keting of this year's crop. Associated with the group manIts officials have told friends that they were
to get
agers is the American Exchange National Bank of Dallas, as properties again. The farmer officials who handled glad farmers' back their
the
end of the
trustee. This credit, of which mention was made in our issue business lament the passing of their grain company and take consolation in
the statement that it was a commercial success.
of June 13, page 3014, is in line with similar advances made
They attribute the failure to opposition from the grain receiving
in previous years. In 1924 the credit amounted to $10,- which receive grain on consignment from country elevators and sell interests
on commission. There are other reasons, chief of which are said to
000,000. The money is provided against pledge of cotton
be internal
dissensions among the managing officials.
in transit to the Houston Compress Company and stored
Capital of Company $28,000,000.
in Houston. The credit is in the form of acceptances,
The Grain Marketing Co. had
-day bills, drawn on accepting under the co-operative marketing $26,000,000 capital and was incorporated
availed of in 30, 60 and 90
laws of Illinois.
It proposed to sell its common stock to farmers at $1 per
banks and discounted. Acceptances against amounts adshare and had
the backing of a large number of State farm organizations. Its
elevator
vanced are pro-rated among syndicate members. The properties were
appraised at a little over $17,000,000, mostly leases, which
growth of the Texas Farm Bureau Cotton Association is it was said by others was too high. The company was prohibited
from
indicated by the following figures, showing the volume of selling stock in Indiana. It latterly withdrew from selling stock in
Nebraska, owing to opposition from farmers' organizations.
cotton is has handled: 1922-23, 77,000 bales; 1923-24, 182,000
The company started Aug. 1 1924 with $4,000,000 of actual
capital put
bales, and 1924-25, 286,000 bales.
up by the Armour Grain Co., Rosenbaum Grain Corporation,
Rosenbaum
T H 111 CHRONICLE
AUG. 8 1925.]
663
-Noland-Merrill Co. of Kansas City. tion and organization certificate of the corporation provide
Bros., and possibly some by the Davis
but was of
The last named never was a member of the Illinois corporation, company. that the office shall be located in Fresno, Calif., and its operthe Illinois
the Grain Marketing Co. of Delaware, a subsidiary of
on within the States of California,
security of the $4,000,000 cash advanced. ations shall be carried
Preferred stock was given as
paid back July 28, and is being paid back as the assets Arizona, Nevada, Oregon, Utah, Idaho and New Mexico.
This it was to have
stock is $500,000, of which $250,000 has been paid
of the Grain Marketing Co. are being liquidated.
companies Its capital
The company ceased active business on July 15. Individual
been chartered
and are operating them as before the in as required by law. The corporation has
have taken back their properties
for the purpose of making loans to cattle raisers. The Los
merger.
Dealt in MiUions of Bushels.
Angeles "Times" of July 29 stated that offices will be estabit on
As a farmers' organization it bought and sold grain and received
lished immediately in Red Bluff, San Francisco, Fresno and
consignment from country shippers. It bought millions of bushels of cash
soon as necessary in the other
wheat and rye in other markets and brought them to Chicago to sell in the Los Angeles, Calif., and as
markets
futures market, and at the same time traded heavily in the futures
States. The project is characterized as the "first results
for customers, it was said.
in of a program for permanent financial relief for cattle raisers,
,
The compel) was charged with having one of the largest speculators
comment, espe- as recommended by President Coolidge's agricultural conthe country as one of its best customers. This created much
in January
cially as they were said to have been heavy sellers of May wheat
ference," and it is said to be backed by the American Naand February, when prices were around $2 and dropped sharply.
tional Live Stock Association and the California Cattlemen's
They had millions of bushels of grain hedged which could not be sold
needs
without taking large losses when prices were around the highest level, and Association, and is managed by men familiar with the
that
it was to their advantage to have prices decline, regardless of the fact
of the cattle raisers and sympathetic with their problems.
values.
u a farmers' organization they were supposed to favor advancing
by the The Los Angeles "Times" from which this is quoted says:
The decline helped them out at the last. Their operations as view4c1
house that
Ralph P. Merritt, a member of the President's Agricultural Conference
grain trade were no different from any other regular commission
and President of the Sun-Maid Raisin Growers of California, was promihas no farmers' attachments.
of the corporation as
The Secretary-Treasurer of the Grain Marketing Co. says that it handled nent in the preliminaries leading to the chartering
to the
220,000,000 bushels of grain. Other statements have been given that profits part of his services to agriculture, and was one of the subscribers
considering the capital stock of the corporation. Fred H. Bixby, President of the Ameriwere $1,500,000, which grain men say is a small profit,
Coolidge Agricultural
quantity handled and the fact that the most expert men in the grain trade can Cattlemen's Association and a member of the
Conference, was also active in its organization., The new corporation is
were its managers.
understood to have the support of banks in Los Angeles and San Francisco.
Reference to the proposed dissolution of the company was
T. H. Ramsey, President of the Red Bluff (Cal.) National Bank, Executive Vice-President of the California Cattlemen's Association and Vicemade in our issue of July 18, page 278.
President of the California Agricultural Society, is President of the new
credit organization. The Vice-President and General Counsel is Harry M.
W. S. Moore Grain Co. of Duluth Suspends.
Creech, former special counsel for the War Finance Corporation, general
California Cattlemen's Association and general counsel for
Announcement that an assignment in favor of its credit- counsel for theRaisin Growers of California. Gerald D. Kennedy, Vicethe Sun-Maid
Co. of Duluth, President of the Pacific Coast Joint Stock Land Bank, will be Cashier and
Moore
ors had been made by the W. S.
officers and W. E.
New York and Chicago was contained in Duluth advices Secretary. The directorate includes the three Charles F. Stern and Wilcox
W. D.
Hellman, bankers of San Francisco,
18, published in the Minneapolis "Journal." A state- and I. W. bankers of Los Angeles, Hubbard Russell, President of the CaliJuly
Longyear,
and fornia Cattlemen's Association, and E. E. Ellinwood, banker, of Phoenix,
ment by Watson S. Moore, President of the company,
drain
formerly President of the Duluth Board of Trade, said:
Ariz.
The corporation is composed almost entirely of members of my family.
There is no money due to any firm or individual or bank in Duluth. All
System of Clearing on Chicago Board
of the creditors are located in other cities, and the company does not owe Proposed New
one dollar locally, 6o no person here will be in the least affected by the
of Trade Disapproved by Directors.
suspension.
Notice that the directors of the Chicago Board of Trade
The corporation and myself and family personally have enough assets to
liquidate the indebtedness in full if suitable arrangements can be made with had disapproved a petition for the adoption of a new syscreditors. There is enough revenue producing property to pay the intertem of clearing future trades on the Board was posted on
est on the indebtedness and if time is given to liquidate the assets they will
of Commerce,"
be sufficient to pay the indebtedness in full. If there is a forced sale, how- July 29, according to the Chicago "Journal
ever, the assets would depreciate greatly.
which says that the refusal was based on the statement:
I have laid the situation before the creditors of the company and have
That the subject has been before the membership on a number of ocasions
already received assurance from some of them that they will give time to and defeated in every instance—the last time by an overwhelming majority—
liquidate the assets. Probably a meeting of the creditors will be held in and there appears to be no good reason for its being presented for ballot
New York or Chicago within a few days, and I am hopeful that some agree- again, inasmuch as it does not offer a concrete plan and is, therefore, idenment will be reached which will permit the company to resume business.
tical with several of the previous amendments which were defeated.
It is stated that now it is intended to start another petiThe Minneapolis "Journal," from which the foregoing is
tion demanding that the directors put the proposition up to
taken, also stated:
The W. S. Moore Grain Co. had memberships on the Duluth, Chicago, a vote of the membership, and, says the "Journal of ComMinneapolis, Winnipeg and New York exchanges and formerly did a big grain
if this petition gets a sufficient number of signashipping business. Of recent years, however, its business has been more in merce,"
tures, the directors will be compelled, by the rules of the
domestic markets.
Shortage of ready money was given by Moore as the reason for the sus- Board, to issue an order that a ballot be taken. Regarding
pension. The suspension was precipitated yesterday when the company
t of July 29, the paper quoted says:
was forced to notify certain grain exchange firms in other cities that it the Board's announcemen
could not take cam of its trade.
Wheat Surplus in Rumania—Estimated That 600,000
Tons Will Be Available for Export.
Bucharest Associated Press cablegrams state:
This announcement came to the trade as a bolt from a clear sky, for it
had been represented to them that authorities at Washington were insistent
that a new clearing house system be established here in an effort to prevent undue price fluctuations and excessive speculative operations in grains.
Sponsored by Carey.
Furthermore, the trade here had been apprised of the fact that their
of grain interests
Estimates by the Ministry of Agriculture show that the present wheat President, Frank L. Carey, had addressed conventions
the Secretary of
harvest of Rumania will yield a surplus of 600,000 tons, to be available for in different parts of the country and told his listeners that change would
change and a
Agriculture at Washington had demanded a
export.
The Government announces that the export tax on the new crop will be surely be made.
Three meetings were held by the Chicago Board of Trade, attended by
30,000 lei per carload, as against 45,000 last year. The lei normally is
floor men and brokers, members connected with commission houses and
worth about 20 cents.
representatives of cash grain and provision interests. At each of these
meetings the speakers spoke in favor of instituting a clearing house sytsem
Canadian Wheat Pool Distributes $15,000,000 More. such as is in operation at Winnipeg.
This latter system provdies for the formulation of a clearing house corA Canadian Press dispatch from Winnipeg, July 23, was
poration which would, at the end of each day, stand responsible for one
reported as follows from Winnipeg by the Toronto "Globe": end, or the other, of all open contracts.
Fifteen million dollars will be paid to members of the interprovincial
Eliminating Intermediaries.
wheat pool before Aug. 1, according to an official statement issued to-day
by the President of the Canadian Co-cperative Wheat Producers, Ltd. The
In other words, a commission house long 1,000,000 bushels of wheat at
second interim payment will amount to 20 cents a bushel, based on No. 1 the close of the day would regard the clearing house corporation as owing
wheat, and brings the total already distributed to $1 55 a bushel on the them that 1,000,000 bushels, while a commission house short 1,000,000
1924 crop. The statement intimates that the final installment will be made bushels would regard itself as owing the clearing house corporation 1,000,some time next month.
000 bushels ,and parties taking an intermediate part in creating the long
Due to the volume of wheat received by the pool during recent weeks, or short would be eliminated.
the 1924 pool was not closed until July 15.
On five previous ocasions the membership has been offered an opportuTwenty cents a bushel will be paid on Nos. 1, 2, 3 and 4 Northern, also nity to change the system of clearing trades on the Board. On a number
the toughs of these grades, and 15 cents on No. 5, tough 5 and rejected of these occasions, the proposal to change has been defeated because it was
grades. No payment, the statement says, will be paid at this time on feed held that the present system has been approved and substantiated by United
and such wheat graded rejected, heated and condemned. Spreads on grades States Supreme Court decisions and a change might leave transactions on
will be adjusted when the final payment is made.
the Board open to adverse legislation.
•
Obstacle is Removed.
Pacific National Agricultural Credit Corporation
This obstacle WU removed when court decisions in other markets upheld
the clearing system in vogue there and proposed for this market. Possible
Chartered in Interest of Cattle Raisers in
judicial hazards were also lessened by the reported attitude of Washington
California, Nevada, Arizona, Etc.
officials, said to be in favor of a change.
A committee was appointed to formulate a plan for a new clearing house
On July 27 the Comptroller of the Currency announced
system annd ti was offered practically the same plan as was offered before,
the issuance of a charter to the "Pacific National Agricul- that of organizing a clearing house corporation that would clear all trades
tural Credit Corporation," No. 1. The articles of associa- and establish margins. The committee, however, evidently did not offer
664
THE CHRONTCLE
any innovation that appealed to the directors, and their petition was turned
down by them.
Discussing the matter in Chicago advices under date of
June 26, the New York 'Evening Post" had the following
to say:
The main objection to a change in clearing house system has been the
contention that it would put a large number of small operators out of business, as they could not extend a large credit to customers under modern
clearing house operations, while with the present system, with a leniency
in the way of margin calls from big houses and a good reputation, they are
enabled to do a liberal business.
Spreading operations between the various grains, it is said, would be
cheked by inability to margin both ends of the trades, which is not necessary under the present regulations.
There has always been the assertion that a new clearing house plan would
make it possible to disclose the position of large operators on the market.
Under operations of the Futures Trading Act, however, individual positions and the extent of the total open interest in the market are given out
by the Government officials each month and attract little attention.
Under modern clearing house operations it is said that spreading operations between Chicago and other markets would be increased, as trades can
be brought up to the market aech day, and instead of being forced to allow
their profits to remain as long as trades are open it might be possible for
spreaders to draw them down and have more use of their money.
Instead of a commission house depositing mragins in response to a dozen
or two calls, margins would all go into the clearing house and simplify
bookkeeping and reduce office expenses. It would do away with the present
system of settling trades in the corridor of the Board of Trade building, and
bring about many other economic hanges for the benefit of the trade,
friends of the movement say.
Inquiry into Alleged Corner in July Wheat by Grain
Futures Administrator at Chicago—Operations
of A. W. Cutten.
Stating that Charges that a corner exists in the July
wheat market were made on July 30 to Board of Trade
directors and to Dr. J. T. Duvel, the Government's Grain
Futures Administrator, the Chicago "Tribune" of July 31
added:
Dr. Duvel issued a call for a report on trades in July wheat, with the
individual names, and will strive to determine the extent of the interests
behind the recent sharp rise in this class of grain. He asserted that there
was apparently nothing serious in the situation.
President F. L. Carey of the Board of Trade declined to make any statement, although a special meeting of the directors was called to consider the
condition complained of. Other officials of the Board were not so reticent.
They said that a "squeeze," or a tight market, exiited and that this is differen from a corner, in that there is no organized effort to control the entire
supply of July wheat.
Price May Soar Friday.
Others declared there might be a sensational rise in the market to-day if
the shorts, alarmed at the prospects of further advances, start to bid in
wheat to cover their contracts.
Yesterday the close was at $1 57, a gain of only % cent. Such fireworks
as came were on Tuesday and Wednesday, on each of which rises of more
than 3 cents were recorded.
Cutten Denies Intern&
Rumors have been current that Arthur W. Cutten has had a good-sized
line of July wheat and that the cash houses were short of the grain. Mr.
Cutten denied several days ago that he had any interest in July wheat.
The cash houses are said to have delivered more than 1,000,000 bushels in
the last two days.
The rise in the market is attributed generally to the disposition of farmers to hold their grain. Kansas City and St. Louis have been bidding
higher for cash wheat recently than Chicago, which is unusual at this season.
As to the developments on the succeeding day the "Tribune" said:
Arthur W. Cutten, who has beeu active in the wheat market for months,
gave the shorts in July delivery a squeeze yesterday, necessitating their
bidding prices up 9 cents per bushel, with the close at the top $1 651 to
4
$1 66.
Around the top prices Mr. Cutten was credited with selling 1,000,000
bushels or more, and in addition paid for 2,300,000 bushels of cash wheat
delivered him on his contracts. There were defaults of 95,000 bushels, of
which 75,000 bushels were by the Nye & Jenks Co. and 20,000 bushels by
J. F. Barrett.
Wheat prices aave advanced nearly 17 cents from the low point of Tuesday and July at the close yesterday was nearly 17 cents over the price of
September. This put Chicago out of line with all the Western and Southwestern markets; while a few days ago Chicago prices were relatively lower
than any and now they are in their right place as a leader.
Traders declared there was no period during the day when July and cash
wheat was not available in large quantities. They declared there is no
ground for the suspicion of a wheat corner, although such reports were
numerous.
Mostly Cutten Grain.
There was said to be an open interest in July wheat of more than 4,000,000 bushels at the start yesterday, and deliveries during the day were
2,030,000 bushels, making 4,877,000 bushels for the month, the greater
part of which was said to have been paid for by Mr. Cutten. Receipts for
the month of July at Chicago were 6,000,0000 bushels, more than 3,000,000
bushels arriving in the last week. In July last year receipts were 3,590,000
bushels.
The largest shorts were Eastern and milling interests. The trade has had
notive for several weeks that July wheat was congested and that there was
a large holding on the part of strnog interests, which have been paying for
the cash wheat as it was delivered, but the shorts have held out until the
last and paid the penalty.
John F. Barrett notified the Board of Trade directors on Thursday that
July wheat was cornered, but he failed to appear at a special meeting of
that body to present his evidence, so that the directors took no action. The
action of the Grain Futures Administration, Dr. J. W. T. Duvel, in calling
for a statement of individual trades was of no assistance in preventing the
advance.
Armour Not in Pinch.
The Armour Grain Co. and other elevator interests in Chicago have been
active in buying cash wheat as it arrived from the country, selling It in the
[VOL 121.
pit and delivering the cash grain. Outside of this, they had no interest in
the market, George E. Marcy, President of the Armour Grain Co., announced at the close yesterday. Hard winter wheat, which was 2 cents to
3 cents premium a few days ago, sold at 1 cent to 2 cents under the July at
the close yesterday.
Statement by Cutten.
"I have not bought any July wheat for two months," said Mr. Cutten.
"A grain merchant like me must have a little stock on hand to do business
with. This is a seller's rather than a buyer's market. The Secretary of
Agriculture should see to it that a buyer is protected and that sellers
should not be permitted to deliver any kind of wheat to a buyer.
"When the standard of grades is raised, I believe that it would add 10
cents per bushel to the price of the farmer's wheat. A high standard would
help the market, as buyers would be attracted, as they would know what
they were to get when they bought grain for future delivery."
Hints at Corner.
"We defaulted on 75,000 bushels of July wheat for a customer who refused to permit us to buy it in," said Frank L. Carey, President of the
Board of Trade and head of the Nye & Jenks Grain Co. "Our own trades
were taken care of. A committee will be appointed to fix a settling price
for the defaults on July wheat. I do not care to comment on the situation,
but I can assure you that the Board of Trade intends to live up to its duty.
If it appears that the discrepancy between July and September wheat prices
is artificial, there will be an investigation."
A few days ago the Chicago market was considered the lowest of any of
those In the West, and Kansas City was bidding higher prices than Chicago
in territory tributary to Chicago. Last night Chicago was the highest of
all the markets, including Winnipeg.
While July wheat was advancing at the close, September was on the
4
down grade and closed at $1 492 to $1 49%, as against $1 50% on Thursday.
Bulgar Wheat Crop Large—Yield Is Put at 200,000,000
Bushels.
Under date of July 25 Associated Press advices from Sofia
stated:
•
Bulgaria's wheat yield this year will amount to about 200,000,000 bushels, according to crop estimates. This is double last year's harvest and exceeds previous bumper crops of 1906 and 1911. It is estimated that 83,000,000 bushels of wheat will be available for export.
United States Meddling Ruins Cotton Business of New
England,—Arkwright Club President Blames the
Department of Agriculture—Says "Guesses"
at Crop Check Manufacture.
The following special advices to the New York "Journal
of Commerce" from Washington appeared in its issue of
July 28:
Continued Government interference with business and the issuance semimonthly of Government reports on the cotton crop are largely responsible
for the present demoralized condition of the cotton manufacturing industry
of New England, according to Ward Thoron, President of the Arkwright
Club, of Boston.
Mr. Thoron, addressing a conference of representatives of the leading
cotton associations of the United States on changes in standards to-day,
charged the Department of Agriculture, sponsoring the conference, that it
was doing much to upset business.
The Arkwright Club President declared that the manufacturers of New
England are nervous at each successive step which is taken by the Department of Agriculture. He said manufacturers in that section have the feeling
that a great deal of the difficulty with which they are confronted and which
they do not see how they are going to overcome, can be laid to the activities
of the Agricultural Department.
Blames Bad Guesses at Crop.
"Guesses as to the size of the crop have made it almost impossible for us
to manufacture in the North," he told the conference. "People who buy
our goods are afraid to buy because of the speculation that occurs immediately after the crop report comes out.
"In the last ten years these reports have been out as much as 1,000,000
bales, and while that number may seem small, compared with a crop of
11,500,000 bales, it makes a difference between whether there will or will
not be enough cotton; it makes for speculation, and it makes it impossible
to manufacture.
"I have given considerable study to the depression in the industry and
have come to the conclusion that one of the strongest factors that has led to
this depression is the lack of confidence on the part of those who buy our
goods. That is largely due to the violent fluctuations that come whenever
a report comes up.
"Up to Sept. 15 of each year no one has ever been able to make a reasonable guess as to the outturn of the crop, because of not being able to tell
what the Lord is going to do.
1Vould Appeal to Congress.
"I feel sure that we have reached the point now where we are prompted to
petition Congress and the Secretary of Agriculture to suppress those reports, at least the first four of them, until the crop gets far enough along
to permit a rational report."
In discussing the proposal to change the present United States staple
standards, Mr. Thoron declared that the manufacturers had thought that the
Department of Agriculture was issuing physical standards that are uniform,
and that if they have not, they have been doing a very poor job and doing
a great injustice to the people who use the standards.
Opposes More United States Standards.
The Eastern mills, he explained, do not use the Government standards at
all. They buy on type as their requirements demand and the feeling of the
New England mill men is against having any more standards promulgated by
the Department of Agriculture.
The interference of that Department with their business, he said in conclusion, is ruining it, and they wish the Department would have a little
more consideration for their problems rather than add to them.
Powerless to Act on Cotton Reports—Crop Reporting
Board Statement of Situation.
The following was published in the July 30 issue of the
New York "Journal of Commerce":
Auo. 81926.]
665
THE CHRONICLE
A special dispatch from the Washington bureau of this journal states
clearly the limitations under which the crop reporting boards of the Government are working in the matter of reports that constantly disorganize
cloth merchandising plans. The criticism of Ward Thoron, President of the
Arkwright Club, at Washington a few days ago on cotton reporting, is being re-echoed in the cloth markets and among manufacturers. An investigation made this week seems to indicate that if relief is to be secured it
must come from efforts of manufacturers themselves.
Dry goods commission merchants interviewed are a unit in believing that
reports are necessary and vastly helpful when they are made in ways that
do not cause buyers to stop trading for days before a report is expected, nor
to hesitate because confusion is caused in their minds by seeming conflict
in the reports themselves.
The senior of one very large cotton goods house is outspoken against fortnightly reports, while another suggests that if the reports were received as
a matter of routine every Monday morning, like weather reviews, or other
Government outpourings, they probably would not bother sales of goods very
much. The whole subject has apparently been revived by the strong statement of Mr. Thoron, and intimations in cloth markets are that some action
by manufacturers that will bring the subject up in Congress will be taken.
The Washington dispatch from the Bureau of the "Journal of Commerce"
is as follows:
Washington, July 29.—Chairman W. F. Callender, of the Crop Reporting
Board, Department of Agriculture, commenting upon the criticism of President Ward Thoron, of the Arkwright Club, of Boston, directed against the
Issuance of the first four of the semi-monthly cotton crop reports, again
pointed out to-day that the Board is without authority to discontinue any
of the reports.
"The Department recognizes that any estimates made at this time of year
are subject to change because of the fact that weather and weevils are important for their effect upon the production of cotton, and that no estimate
made prior to Aug. 15 can be taken as a true indication of what the final
outtum will be," declared Mr. Callender. "On the other hand, if the Department does not issue any estimates, in all probability there would be
more private reports put out than at the present time.
"These reports sometimes differ from each other as much as 1,000,000
bales. They are not issued by the producing organizations and, therefore,
the growers of cotton would not participate at all in their making.
"The Crop Reporting Board stated several times that it would be willing
to be relieved of the necessity of making any reports before Aug. 15 of
each cotton year, but as long as it is required by law to issue reports before
that date, it can do nothing but comply. Congress has fixed the dates for
the issuance of the cottsu crop reports, and only Congress can change them.
"In its reports the Board specifically states that 'the tinal outturn of the
crop may be larger or smaller, as developments during the remainder of the
season prove more or less favorable to the crop than usual.' The early reports also point out that the Board finds that 'judging from the relation of
July condition to final yields in former years the condition' as found by the
Board and noted in the report, 'indicates a yield per acre for the United
States' of a given amount, which in turn indicates a total production based
on the acreage estimated to be devoted to the production of cotton."
Mr. Callender stated that the Board is without knowledge of the conditions which beset the textile industry, following the issuance of the reports,
admitting, however, that it is conceivable that the trade will desire the
latest possible information before committing itself to future purchases.
The petition on which the injunction was issued says that in the course of
their business the alleged bankrupts have loaned various securities to
brokers in the city of New York, as named in the petition, and that by virture of the terms under which they were loans a 4ubstantial equity in the
stocks has accrued to the alleged bankrupt, amounting to approximately
$80,000.
"The petitioner is informed and believes," says the petition, "that the
brokers have combined and conspired to dispose of the stocks by them respectively held so as to destroy the equity aforesaid of the alleged bankrupts therein. This petition is brought in part for the purpose of preserving said equity as an asset for the benefit of its creditors."
The petition then introduces the same charges against the board of governors of the Consolidated Exchange. It says in this regard: "The second
group of defendants are in absolute control and representative of the membership and organization of the Consolidated Stock Exchange of New York.
"That as individuals and as officers of said organization they have conspired and combined with the first group of defendants to prevent the alleged
bankrupt from realizing their interests or equities in the stocks mentioned.
Pursuant to said conspiracy the second group of defendants threaten to
refuse to recognize the orders of the alleged bankrupts to execute their orders to buy or sell the securities mentioned, as the case may be, and thus
to make it impossible for the alleged bankrupts to realize the fair value
thereof."
C. P. Dow & Co., Boston, Fail Following Expulsion
from New York Consolidated Stock Exchange—
Injunction Obtained from Federal Judge
Lowell of Boston Restraining the Consolidated Exchange and Many Boston
and New York Brokers from
Depleting the Firm's Assets.
Charles P. Dow of the Boston brokerage firm of C. P. Dow
& Co., 10 State Street, was expelled from membership in the
New York Consolidated Stock Exchange on July 25. The
announcement from the rostrum by Thomas B. Maloney, the
President of the Exchange, was as follows:
Since May 1923 this bank has received monthly figures from 14 large
New York City banks showing the volume of American currency shipped to
and received from foreign countries. The table below gives a summary of
this movement for European countries where the demand for American
currency during recent years reached large proportions, due to unstable
local currencies. During 1923 and the early months of 1924 this demand
was reflected by substantial net exports from this countsy. Later, as
European stabilization progressed, there was an equally marked return
flow of currency from abroad. The continuation of this flow in recent
months suggests that money is now going over in other ways than through
banking channels, such as in the pockets of tourists, or in the form of
540 I
remittances by emigrants through the mail.
Receipt's:— Na Shipments. Na Reels.
Shipments.
2,214,000
482,000
2,696,000
1923--May
792.000
1,691,000
899,000
June
1,843,000
1.123,000
2.966,000
July
459,000
1,148,000
1,607,000
August
6.998.000
537,000
7,535,000
September
2,371,000
580,000
2,951,000
October
1,614.000
1,462,000
3,076,000
November
344,000
3.226,000
3,570,000
December
5,169,000
318,000
5,487,000
1924—January
5,108,000
621,000
5,639,000
February
1,020,000
1,505,000
485,000
March
1,985,000
2,162,000
177,000
April
4.382,000
4,554,000
172.000
May
6.451,000
107.000
6,558,000
June
8,199,000
61,000
8,260,000
July
5,991,000
67,000
6,058,000
August
6,565,000
72,000
6,637,000
September
7,035.000
62,000
7,097.000
October
6,064,000
69,000
6,133,000
November
9.154.000
2,000
9,156,000
December
5.180,000
500,000
5.680,000
1925—January
7,061.000
514,000
7,575,000
February
5,009,000
47,000
5,056,000
March
3.097,000
3,097,000
April
3.434.000
3,444,000
10,000
May
6,679.000
37.000
6.716,000
June
C. P. Dow was dropped from membership in the Consolidated Stock Exchange for violation of Article 3 of Section 15, which relates to failure to
properly borrow and loan stocks.
The action of the New York Consolidated Stock Exchange
was followed on Monday, July 27, by the filing of an involuntary friendly petition in bankruptcy in the Federal District Court at Boston before Judge Lowell against Mr. Doiv
and his partner, Guy R. Howe, individually and as copartners doing business as C. P. Dow & Co., and the Court
appointed Bartholomew A. Brickley of Boston receiver for
the company under a bond of $100,000. In regard to the
amount of assets and liabilities of the failed firm, the Boston "Herald" of July 28 quoted Lowell A. Mayberry (who
with Martin Witte are the attorneys for the failed firm) as
saying that although the Dow company at that time (July
27) was not in a position to make known its liabilities and
assets, when they were published they would be found approximately the same. The "Herald" further stated that
Attorney Essex S. Abbott, counsel for the petitioning creditors, had declared that the liabilities would run into the millions.
.Judge Lowell, also on July 27, issued an injunction at the
request of Mr. Mayberry (of counsel for C. P. Dow & Co.)
against the board of governors of the New York Consolidated
Stock Exchange and a large number of Boston and New
York brokers named in the petition as taking part in an
alleged conspiracy to deplete the assets of the failed firm.
The Court restrained the defendants from disposing of securities said to be valued at approximately $200,000, it is
understood. In referring to the injunction, the "Herald"
said:
In a statement on July 27 Mr. Maloney denied conspiracy
on the part of the governors of the Consolidated Stock Exchange to "deplete the assets" of the Boston firm and characterized the allegations made by the failed brokers' attorneys as "A gross libel" upon the Exchange and its members.
He added:
There was no conspiracy, no depletion of assets on the part of the board
of governors or any members of our Exchange in the case of C. P. Dow.
Mr. Dow was dropped from membership because he was found guilty, after
due investigation, of violating the rules of the Exchange. He was expelled
as any other member would be under the same circumstances.
The rules of the Consolidated Stock Exchange, as they attest the conduct
of business by its members, are designed first to safeguard the interests of
the public and second, the interests of the membership of the Exchange,
and when the rules are violated, as they were in the case of 0. P. Dow, the
board has no choice but to expel, which they did.
An Associated Press dispatch from Boston on July 28
stated that Judge Lowell on that day granted authority to
Mr. Brickley, the receiver for C. P. Dow & Co., to sell certain assets of the firm. These assets, the dispatch stated,
consist of securities which the receiver said are perishable.
The failed firm maintained a branch office in this city at
30 Broad Street.
European Movement of United States Currency.
The following is from the August I Monthly Review of
the Federal Reserve Bank of New York.
Total
Net receipts
38,808,000
97,994,000
28,912,000
88,098.000
59.186,000
Federal Reserve Bank of New York on Gold Movement
in July.
The gold movement at the Port of New York in July was
even smaller than in June says the Federal Reserve Bank of
New York in its August 1 Monthly Review. It adds:
For the first 28 days of the month exports totaled only $2,100.000. and
imports $500.000, leaving an export balance of $1.60e.000•
June reports for the whole country show that both exports and imports
were smallcr than in May. though the export balance of $2,300.000, was
slightly larger. Of the exports, which aggregated $6,700.000, approximately $3,600.000 went to Hong Kong and $1,000,000 each to Mexico and
Italy. Nearly twc-thirds of the $4.400,000 imported came from Canada.
During the first half of 1925 total exports amounted to $190,900,000 and
Imports to $40,700.000, making a net export of 5150,200.000.
666
THE CHRONICLE
[Vol. 12L
Reported Formation of Diamond Syndicate to Replace
De Beers South African Syndicate—J. P.
Morgan & Co. Said to Be Interested.
Press advices ..,oth here and abroad this week have contained information regarding the reported formation of a
new syndicate which, it is stated, which is to control 95%
of the world of diamonds. Announcement in the matter was
made in this city on Aug. 3 by Lee Reichman oi the firm of
Reichman & Co., diamond importers, and on the following
day a London copyright cablegram to the New York "Times"
said in part:
maturing next March, but such an operation would interfere
with the usual
procedure of spreading sinking fund purchases over
the year and would
force the Treasury to find some other
means of utilizing tax receipts.
Concentration of the sinking fund for 1926 on the notes
maturing in March
and December would, moreover, make it unlikely
that the Treasury would
be able to refund any part of these issues.
Hence it is to be expected that the Treasury
will enter the open market
for Government bonds this year to a
considerably greater extent than it
did during the fiscal year 1925. This will
mean that the Treasury will have
to take its chances on paying a premium for
bonds, but the Government
follows the bond market closely and will take
advantage of every opportunity to make its purchases at low points,
although the fact that the Treasury
is a potential purchaser of its own issues
has a tendency to strengthen prices.
Last year the sinking fund was administered
under entirely different
conditions. Purchases out of the sinking fund
totaled $310,000,000, but
approximately $300,000.000 of this amount was spread over
The annual output of the De Beers, Premier, Jaegersfontein,
Congo and issues
the various
Southwest African mines is included in the deal, estimated
maturing during the year, which enabled the Government
in London at
to buy at
par. Open market operations to the extent
about 165,000,000. J. P. Morgan & Co.. Earnato Brothers of London
of some 110,000,000 were
and undertaken
at the outset of the fiscal year 1925 but not
the Dunkelsbuhler interests of Germany are the firms concerned
carried on in the
in the later
months.
syndicate. The Morgan Company, it is said, will be represented
by the
During the last fiscal year there were Treasury
Anglo-American Corporation of South Africa, in which
notes maturing in SeptemJ. P. Mcrgan & Co. ber,
1924, and in March and June, 1925, as
are financially interested.
well as the bonds of the loan
The Angle-American Corporation joined the famous London syndicate of 1925, which were called for redemption in February,
1925.
two years ago. The latter has practically controlled the market
since 1893.
it is said here. The London syndicate included Breitmeyer
Company. Break in
Anthracite Wage Negotiations—Miners'
Barnet° Brothers, Bernheim. Dreyfus & Co. and the Dunkeisbuhle
r
Committee Authorized to Call Strike Sept 1—
Company until J. P. Morgan & Co. became a member.
At the end of last
year and before the present year's output was bought the Dunkelsbuhle
Attorney-General Sargent and Secretary
r
group and the Anglo-American Corporation withdrew from the
London
Hoover Called in Conference with
syndicate leading to a regrouping of the interests and a fall
in prices.
The London syndicate's agreement with the mines ends at the
President Coolidge.
close of
this year, hence the negotiations for a five-year contract of the new syndicate
The present week witnessed a break in the negotiations
just announced.
between the representatives of the anthracite coal miners
and operators, who in conferences at Atlantic City, had been
endeavoring to seek a basis for a new working agreement
for the one expiring Aug. 31. The break occurred on Aug. 4
at 6:30 p. m.; the motion to adjourn sine die, subject to call
of either side through the chairman, was proposed by C. J.
Golden, president of District No. 9, United Mine Workers,
was seconded by several operators and passed by
the joint
It means a stabilized price for diamonds with a decided tendency toward committee.
According to the Associated Press advices the
higher prices. The De beers mine has not been doing well lately. It
hasn't paid dividends for some time. For that matter, none of the mines conferees reported they were in complete disagreement on the
has been as successful as the stockholders would wish. The outlook is clear. miners' demands and that further negotiation
s appeared useDividends must be produced and the public will have to produce them if
less. At the joint conference on that day letters which had
it wants diamonds. The price will go up and stay up.
The presence of the Congo and Angola mines in the syndicate is of the passed between Samuel D. Warriner, Chairmen of the
greatest significance. .In the past these might have been called the opposi- Anthracite Operators Conference
Committees and John W.
tion mines. The Congo is controlled by the Belgians and the Angola by
Lewis, President of the United Mine Workers of America,
the Portuguese. They have kept out of previous syndicates and the effect
of this has been important when determination of price was under con- were read. Mr. Warriner in answer to a letter from Mr.
sideration. This influence for lower prices, or at least for less high prices, Lewis questioning the
authority of the operators sub-comwill no longer exist when the new syndicate commences operations.
mittee assured him that "this committee is fully authorized
On Aug. 5 Associated Press accounts were reported as
to represent and speak for the anthracite industry," and infollows from London:
dicated that they were as fully competent to meet the
The report of the formation of a new diamond syndicate has caused no
surprise among those interested in the diamond trade, the possibility of exigencies of the situation as either he or William J. Richards,
some such development having been rumored from time to time since early President of the Philadelphia Coal
& Iron Corp. whose parin the year, when there was a breakaway from the former diamond pool
and the handling of the production of the Consolidated diamond mines of ticipatiOn in the joint conference on the 4th inst. had been
South and West Africa passed to the Anglo-American Corporation of South asked for by Mr. Lewis. In his letter also, Mr. Warriner
Africa.
suggested that at that conference Mr. Lewis committee agree
Complete and apparently prearranged secrecy. be wever, is being maintained respecting the reported new combination in all quarters which alone with the operators' committee on the following points.
The new syndicate it is stated will succeed on Dec. 31 the
temporary De Beers South African Syndicate, which replaced
the permanent syndicate with the latter's expiration on Dec.
31 1924. Mr. Reichman indicated that the Morgan firm
-would be identified with the new syndicate, and according
to the New York "Times" of August 4 had the following to
say regarding it:
are likely to he aware of the details.
A. cablegram te the New 'York News Bureau from Central
News. Berlin, Aug. 4 said:
The Dunkelbuhler diamond firm denies that it has entered a syndicate
which would eontrol more than 95% of the diamond output of the world.
1. That,regardless of the course the negotiations may take, there shall be
no suspension of anthracite production.
2. That as to any matters upon which we are unable to agree prior to
September 1, such matters shall be referred for determination to a board of
impartial persons.
Mr. Warriner added:
This sure way of avoiding a suspension is open to you. If you again reject
it I trust that we may at least be spared a repetition of the assertion that the
operators desire a suspension.
Treasury Re-enters Open Bond Market-811,000,000
Mr. Lewis' answer to this, read at the joint conference,
Expended For Sinking Fund—Reappearance in
declined both these proposals. In rejecting the arbitration
Bond Market Marks Change of Policy—
proposal he said:
$323,000,000 Available to Retire the
Our position to-day is just the same as was our position in the great
Nation's Public Debt.
strike of 1922, when from
The following special advices from Washington Aug. 5, arbitration and from time totime to time the anthracite operators offered
time the mine workers representative declined
are from the New York "Journal of Commerce.
to agree to such procedure
The Treasury has again entered the market for the purchase of Government securities for the account of the sinking fund. Within a week
the
Treasury has made purchases for the sinking fund to the extent of
$11,000.000. The books of the Treasury show that $10.000,000 was applled to this
purpose on July 31 and $1.000,000 on August 3.
Further buying of Government securities in the open market by the
Treasury for the account of the sinking fund is to be anticipated. The class
of securities obtained by the recent purchases has not been disclosed,
but
it is believed that Liberty bonds figure largely in the Treasury's open market
operations
Reappearance of the Government in the bond market marks a change
in
the policy which has been in effect for the past year. Since last August
the
Treasury has confined its sinking fund operations to the quarterly
maturity
dates for securities which enabled the purchase of bonds and notes at par
and avoided the necessity of paying a premium for securities under market
prices. Circumstances, however, apparently have forced the Treasury to
re-enter the open market in order to administer the sinking fund, because
of the fact only two issues of Federal securities, eligible for sinking fund
purposes, mature during the current fiscal year, while during the fiscal year
which closed on June 30 a much wider choice was available.
For the current fiscal year of 1926 the total to be expended for the
account of the sinking fund in the retirement of the public debt is $323,000,000. Under the law the sinking fund cannot be used for the retirement of
Treasury certificates of indebtedness as purchases out of that fund are
confined to bonds and notes of the United States. There are no Government bonds maturing during the current fiscal year and only two issues of
Treasury notes maturing in December and in March. 1926.
It would be possible for the Treasury to utilize the major portion of the
3323.000,000 in the sinking fund this year for the retirement of these notes
Our position to-day is also the same as our position in the wage negotiations of 1923 and the suspension which followed. You offered it then
and we declined it. We do so now, for a substantial number of wholesome
reasons. Not the least one of these reasons is the fact that we have had
previous experience in arbitration proceedings with the anthracite operators.
The anthracite mine workers lost the goodly sum of $60,000.000 in
wages, over a period of two years, to acquire the knowledge they now
possess concerning the anthracite operators' well-known policy of keeping
close to an arbitrator. The anthracite mine workers shrink from any
repetition of such an experience.
In declining the proposal that there be no suspension
at the mines regardless of the course of the negotiations,
Mr. Lewis stated:
By the same token we do not propose to agree with your request that
our people work after Sept. 1 regardless of whether or not you elect to
negotiate an agreement. Our people do not care to disarm themselves
and stand helpless in the face of such a powerful adversary as the organized
financial and operating interests which you represent. Our position on
this question is definite and carries with it the position of the industry
as a whole.
Following the presentation of the correspondence, the
representatives of the operators withdrew from the joint
conference on the 4th inst. for an hour, and upon rejoining
the conference submitted two questions, says the New
York "Times" account from Atlantic City Aug. 4, which
reports these as follows:
1
AUG. 8 1925.]
THE CHRONTCLE
The first was:
"Are we to understand from your letter that in view of our opopsition
to an increase of wages and the check-off, you refuse to continue negotiations?"
"Yes," said the mine workers.
This question was then read to the mine workers
"In view of the differences between us, do you flatly reject the proposal
that all matters in dispute be submitted to impartial arbitration under
conditions ensuring adjudication fair to all parties concerned, work to
continue after Sept. 1 at present wage rates pending the result of such
arbitration?"
That portion of the latest Lewis letter referring to arbitration was the
mine workers' reply.
The miners then asked the operators whether they opposed granting
the check-off, which they said would not add to the cost of production.
Andrew Mattey, President of District 7, asked whether the operators
would grant the check-off alone and without a wage increase. Both inquiries were answered in the negative.
As there was complete disagreement on both sides and no hope for
progress by continuing the negotiations, Mr. Golden moved for an adjournment.
Major Inglis seconded the motion and the conference adjourned.
667
the funds and the capacity to store would do well to have adequate supplies
delivered for Winter use, thus obviating the soaring prices that come with
depleted stocks.
The police did commendable work in relieving distress due to lack of coal
in the last crisis. Much suffering and misery was averted by the police
Investigation of particular cases of lack of coal and the enlisting of the
co-operation of the Fuel Administration.
I think it would be a good plan to haves surveymade of the coal situation
at this time so far as it affects the people of the City of New York. The
requirements and the possibility of meeting such requirements in the event
of a coal strike may well engage the attention of the police. I tuft e also
asked the Commissioner of Public Markets to; assist in this survey. By
adopting such steps we may help considerably toward the preservation of
the public health and in keeping people out of hospitals and graveyards.
We shall have to continue to do the best we can in the interest of public
safety as it may be affected by lack of coal until the Federal Government
takes control of the coal mines away from the present bankers, Wall Street
coal barons and absentee landlords.
•
Very truly yours,
JOHN F. HYLAN, Mayor.
Soft Coal Men Cut Wages—West Virginia Operators
On the succeeding day (Aug. 5) the forty members of the
Return to 1917 Scale Despite Agreement.
General Scale Committee of the United Mine Workers,
The following special advices from Fairmont, W. Va.;
at the Hotel Ambassador, Atlantic City, ratified
meeting
July 31, are from the New York "Times."
the action of the sub-committee in breaking off negotiations,
The threat voiced by President John L. Lewis, of the United Mine
and conferred-on the sub-committee's full authority to call Workers of America, in Scranton several weeks ago, that unless operators
a strike on Sept. 1, in the event that no agreement is reached in the bituminous coal fields discontinued the breaking of wage contracts,
all coal miners would
by that time. The New York "Journal of Commerce," in a general strike oflearned that some of thebe called, was partly explained
largest producing coal concerns
today when it was
stating this in its Atlantic City advices, added:
In Northern West Virginia, including the Consolidation Coal Company,
With this situation both sides, it was declared here to-day, will mark
time until there is mediation by some third party, perhaps the Federal
Government.
The miners, it was declared here to-day, regard Secretary Hoover favorably and as a man who is sufficiently well acquainted with mining problems
to insure his capability as a mediator. The Jacksonville bituminous scale
agreement was brought about largely through the efforts of Secretary
Hoover, who is a mining engineer. The general high esteem in which he is
held by the miners gives foundation to the belief that he would be to the
•
workers an entirely acceptable mediator.
have repudiated their Baltimore agreement and are now paying the 1917
wage scale in their pits.
The method of breaking the wage pact agreement is simple and effective.
Operators desiring to do so are quietly withdrawing from the Northern
West Virginia Coal Operators' Association which signed the scale in Baltimore in March, 1924, calling for the same wages as the Jacksonville agreement, and then going on their own hook, cutting the pay of their men to
the 1917 figures.
Wage Cut Agreed to By Nova Scotia Mines—Govern-
Strike Expected September I.
ment's Proposals to Effect Termination of
Both Governor Gifford Pinchot and United States Senator George
Strike.
Wharton Pepper of Pennsylvania are reported here as being reluctant to
According to Associated Press accounts from Halifax,
interfere, so that Federal intervention through Secretary Hoover is extremely probable.
Nova Scotia, Aug. 5 the miners of Nova Scotia employed by
Such intervention, however, would not come, according to advices received here, until the present agreement expires on Aug. 31, a strike called the British Empire Steel Corporation agreed by a majority
and an emergency created. For this reason, a walkout of the 158,000 of 1,133 in a plebiscite today to return to work under the
anthracite shiners on Sept. 1 appears inevitable.
proposals of the Provincial Government. There were 6,693
The fact that the general scale committee gave the sub-committee full
authority to order a strike and also to arrange for maintenance men at the votes polled, many of the miners not voting. On Aug. 2
mines in the event of a strike, strengthens the belief that a strike is fully Premier Rhodes made public details of a temporary six
expected.
months' contract, at reduced wage levels, which the GovernJohn L. Lewis, International President of the United Mine Workers of
America, however, declared that the action of the general scale committee ment proposed to ask miners and the British Empire Steel
was merely a "matter of convenience," and entirely in line with the ordinary Corporation to accept to end the five months' strike in the
routine in such situations,
Nova Scotia coal fields. On that date the Associated Press
Miners Depart.
The members of the general scale committee left for their respective homes advices stated:
The proposed contract contains 1924 working terms and 1922 wage rates.
to-night. They will not assemble again unless there should be a change
which are from six to eight per cent below 1924 rates.
of front and new offers from the operators, it was stated.
The Government also proposes to conduct a referendum by secret ballot
Union leaders said it was because of this breaking up of the general committee and the chance that it would not come together again that the sub- to determine whether the check-off shall be continued and to rebate onecommittee was given authority to deal with the situation, so that if no fifth of its coal royalties for one year. The proposed contract would be
agreement is reached another meeting of the general committee will not have only temporary, pending a full inquiry into the coal industry.
The board of District 26, United Mine Workers of America, has agreed
to be called to do so.
Mr. Lewis will remain at the Shore over the week-end. He declared that to recommend acceptance of the proposal by the miners, it was announced,
he has a considerable amount of work to do and that he might just as well and the directors of the corporation will considerit at a meeting in Montreal,
probably on next Wednesday.
remain here, where the weather is cool, to handle it.
On the 6th inst. Mr. Warriner addressed a further communication to Mr. Lewis in which he said "You have now
taken the grave responsibility of abruptly terminating the
negotiations because of our opposition to your demands as
adopted by the Scranton convention," and he observed that
"in spite of the terms of your letter and the breaking off of
negotiations, I am hopeful that means will be found to compose the differences between us and avoid a suspension of
production. Every consideration demands that this be
done."
Reports that President Coolidge had called into conference
on the coal situation U. S. Attorney-General Sargent and
Secretary of Commerce Hoover were current yesterday.
The Attorney-General visited the President at Swampscott,
Mass., yesterday (Aug. 7), and Secretary Hoover is to spend
the week-end with the President.
Survey of Coal Situation Urged by Mayor Hylan.
In a letter to Acting Police Commissioner Leach on Aug.
4, Mayor Hylan urges that a survey be made of the coal
situation "as far as it effects the people of the City of New
York." The Commissioner of Public Markets has been
asked by the Mayor to assist in the survey.
City of New York, Office of the Mayor.
Aug. 4 1925.
John A. Leach, Esq.,
Acting Police Commissioner.
Dear Commissioner:
There may or may not be a coal strike on Sept. 1. Reports are current
that should a strike take place there will be sufficient hard coal in storage
to last six weeks. I feel, however,that inasmuch as we have had frequently
recurring coal crises in the past, notably in the Winter of 1922-1923, the
public should be advised to contract for early coal deliveries. Those with
The acceptance of the proposals by the British Empire
Steel Corporation was announced in Associated Press
dispatches Aag. 6 from Halifax. The strike, it is stated,
had tied up production since February. On July 3 the
"Financial Post" of Toronto, indicated as follows under the
head "what a strike costs" the information being credited
to its Sydney 'Nova Scotia) correspondent:
The following is a conservative estimate of the loss direct and indirect
due to the present coal strike and resulting rioting:
PROPERTY DAMAGE.
Waterford Lake power house wrecked
875.000
Mining machinery flooded and lost
50.000
2 Colliery wash-houses burned
10,000
1 Hoisting house burned
6,000
11 Company stores looted.
220,000
4 Company stores burned
6 Private stores looted.
26,000
1 Private store burned
3 Dwellings burned.
8.000
4 Dwellings damaged by mob
150,000
No. 11 Bank head and plant
Numerous carpenter shops and small buildings burned, C. N. R.
7.500
coach windows smashed, Ste
LABOR WASTAGE.
1.800.000
Loss of wages, 15 weeks'strike
200.000
Cost of army of occupation (based on previous experiences)
$2,552.500
HUMAN CASUALTIES.
1 Man shot dead.
6 Seriously wounded.
40 Less seriously hurt.
Several men and three women beaten by mobs.
Calgary Coal Miners Accept Wage Cut of 15%.
In reporting a wage cut of 15%, accepted by Calgary
(Alberta) Coal Miners, "Associated Press" dispatches
June 19 said:
Miners in the Wayne and Drumheller coal fields took a cut of 15% from
the former union rate in a contract just signed between operators and representatives of District 18, United Mine Workers of America, but the em-
668
THE CHRONICLE
ployes won a concession for which they have been trying three or four years.
The operators agreed to give preference of employment to men who leave
during the summer slack season and come back later.
[VOL 121.
$10,995,791,compared with $8,087,067 during June last year.
Carriers in the Western District had a net operating income
during the 6 months period this year of $129,835,300 compared with $121,980,900 for the same period last year.
Freight traffic in the Western District showed an increase of
approximately 1.5% over the first half of 1924. Gross operating revenues of the Western carriers totaled $1,031,107,200,
a decrease of one-fifth of 1% under the same period last year
while operating expenses totaled $814,358,000, a decrease of
1.8%. Class I carriers in the Western District during the
month of June alone had a net operating income of $30,951,275 compared with $23,518,840 during the same period one
year ago.
Improvement in Returns of Earnings First Half of 1925.
Class I Railroads having a total mileage of 236,594 miles
had, during the first 6 months this year, gross operating
revenues amounting to $2,895,220,250, an increase of $22,838,589 or nearly 1% over the same period last year, according to reports filed by the carriers with the Interstate Commerce Commission and tabulated and made public on Aug. 4
by the Bureau of Railway Economics. Operating expenses
for the 6 months period totaled $2,238,847,700, a reduction
of $35,436,440 or 1.6% under those for the corresponding
period last year, although freight traffic during the first half North Dakota Wholesale Grocers' Association Ordered
by Federal Trade Commission to Discontinue
of 1925 was approximately 2.5% above the same period in
Unfair Methods of Competition.
1924.
The net railway operating income of the Class I carriers for
In an order issued by the Federal Trade Commission, the
the first 6 months was $437,668,257, which was at the annual North Dakota Wholesale Grocers' Association, of Grand
rate of return of 4.46% on property investment, compared Forks, North Dakota, is required to discontinue certain
with $392,355,622 or 4.12% during the first 6 months in 1924, business practices found by the Commission to be unfair
or an increase of $45,312,635. The net railway operating methods of competition. The Association is an unincorincome is what is left after the payment of operating expenses, porated organization comprising almost all of the exclusively
taxes and equipment rentals but before interest and other wholesale grocers in North Dakota. It has been in existence
for about fifteen years, and the following sixteen concerns
fixed charges are paid.
For the month of June alone, the net railway operating in- are named in the Commission's findings as members:
Nash Brothers, Grand Forks Mercantile Co., Stone-Ordean-Wells
'come of the Class I carriers totaled $91,716,862 compared
Co..
Grand Forks Grocery Co., successor to Grand Forks Fruit Co., all of
with $65,806,740 for the same month last year. Gross operat- Grand Forks, No. Dak.; Park-Grant-Morris, Fargo
Mercantile Co., both
ing revenues for the month amounted to $506,812,500, an of Fargo, No. Dak.; Dickinson Grocery Co., Dickinson, No. Dak.; Minot
Grocery
increase of nearly 9% ever June last year while operating Grocery Co., Stone-Ordean-Wells Co., both of Minot, No. Dak.; Williston
Co., Williston. No. Dak.; Bismarck Grocery Co., Bismarck, No.
-experses totaled $375,914,475, an increase of 3.2%.
Dak.; Valley City Grocery Co.. Valley City, No. Dak.;Jamestown Grocery
Earnings by districts for the first 6 months this year with Co., Jamestown, No. Dak.; Missouri Valley Grocery Co., Mandan, No.
the percentage of return based on property investment on an Dak., and Leach & Gamble, Wattpeton, No. Dak.
Announcement as above was made on Aug. 1 by the Com-annual basis follows:
mission, which also has the following to say regarding its
New England Region
4.43%
$18.049,865
5.47% findings:
'Great Lakes Region
91,401,615
In its Investigation of the case the Commission found that the members
and officers of the Association were co-operating with each other to fix and
maintain wholesale prices; to prevent competitors from selling at loss than
5,10% the prices so fixed: to prevent manuEacturers of grocery goods from selling
Total Eastern District
$232,708,879
Southern District
5.55% direct to retailers; and to confine the wholesale distribution of grocery goods
75,124.038
Northwestern Region
2.48% to respondents' self-styled "regular" and "legitimate" channels of trade;
30,659.676
Central Western Region
3.42% that is, from the manufacturer to the wholesaler, from the wholesaler to
61.896,638
Southwestern Region
4.38% the retailer, and from the retailer to the consumer.
37,279,026
Some of the products which the Commission found had been used by the
Total Western District
3.33% Association as a medium of price-fixing wore: sugar, tobacco, soap, branded
$129,835,340
cereals, and macaroni. Such price-fixing, the findings state, prevented
UNITED STATES
4.46% other manufacturers from competing with respondents' wholesalers and
$437,668,257
tended to create
Twenty-three Class I railroads operated at a loss during the their territory. in the association a wholesale grocery trade monopoly in
The order reads as follows:
first half of 1925 of which eight were in the Eastern,two in the
It is ordered,
Southern and thirteen in the Western Districts. That the Association, its that the respondent. North Dakota Wholesale Grocers'
officers, individually and as representatives of the members.
railroads were operated with greater efficiency during the frst the successors of said officers, and the members of said Association, their
one year ago is indicated by the fact agents, representatives and employees, cease and desist from conspiring,
6 months this year than
confederating or co-operating
that out of each hundred dollars of gross operating revenue, or Indirectly, in the following among themselves or with others, directly
practices:
they expended $77 33 for operating expenses compared with
1. By adopting and maintaining or endeavoring to adopt and maintain
uniform selling prices on grocery products sold by respondent members.
$79 18 during the first half of 1924.
2. By arranging
meetings of competing jobbers or circulating
Expenditures for maintenance made by the Class I carriers Information amongor attendingjobbers for the purpose of causing them to
competing
period this year totaled $1,018,069,850, adopt or adhere to uniform selling prices in their competition with each
during the 6 months
a decrease of nearly $7,000,000 or nearly 1% under the same other. agreeing
3. By
among themselves or with other competing Jobbers to
period in 1924. Maintenance of way expenses amounted to maintain manufacturers' list prices as the jobbers' resale prices and to make
no indirect concessions therefrom, such as prepayment of freight or giving
$388,299,794, an increase of $5,570,000 or 1.5% compared
the buyer the benefit of the saving in handling costs on shipments made
with the first half of last year. Expenses for maintenance of direct from the manufacturers.
$629,770,057, a decrease of $12,518,000
equipment totaled
4. By inducing and procuring competing Jobbers to adopt and adhere to
• the manufacturers' list prices as the Jobbers' selling prices on various comor 1.9%.
modities, inducing manufacturers to increase their list prices and discounts
Carriers in the Eastern District, during the first 6 months to the Jobber for the purpose of increasing the jobbers' gross margins and
this year had a net operating income of $232,708,879 com- selling prices and making them uniform, and reporting or threatening to
pared with $202,159,652 during the corresponding period last report to manufacturers such jobbers as failed or refused to adopt the
manufacturers' list prices and adhere to them as their selling prices In
year. Freight traffic in the Eastern District during the first competition with respondent members.
5. By preventing or attempting to prevent competitors who undersell
6 months, according to incomplete reports, was more than 2%
respondent members from securing goods from manufacturers on equal
above the corresponding period last year. Gross operating terms with respondent members, through concerted
objections lodged with
revenues of the Eastern carriers totaled $1,458,908,000, an manufacturers, and through concerted refusals or threatened refusals to
increase of 1% over the first half of 1924. Operating expenses buyfrom manufacturers if they sell such competitors ofrespondent members.
6. By recommending or procuring the circulation of
totaled $1,123,606,950, a decrease of 1.7% under the same atory attacks on competitors who undersell respondentscurrilous and defammembers, among the
period last year. Class I carriers in the Eastern District dur- customers or prospective customers of such competitors.
7. By circulating among respondent members favorable comment conof June alone had a,net operating income of
ing the month
cerning such manufacturers as refuse to sell certain competitors of respond$49,769,796 compared with $34,200,829 during the same ent members and urging respondent members to give increased support and
co-operation to such manufacturers.
month last year.
8. By
Class I carriers in the Southern District during the first 6 facturersreporting to officers of respondent association the names of manuwho have sold direct to retailers for the purpose of enabling the
months this year had a net operating income of $75,124,038 officers to use the power and influence of respondent association to induce
$68,215,085 during the first half of 1924. such manufacturers to remain completely loyal to respondent Jobbers as
compared with
their exclusive channel of distribution in
Freight traffic on the Southern roads during the first 6 reporting to respondent members the failurerespondents' territory, and by
of such efforts with suggestions
months this year was nearly 6% above the same period last that the members refuse to handle the goods of such manufacturers.
9. By concerted withdrawal or by seeking pledges of concerted withdrawal
revenues of the Southern carriers for
year. Gross operating
of patronage from manufacturers who sell or attempt to sell Jobbers and
the 6 months period this year totaled $405,204,984, an in- retailers Indiscriminately and concertedly concentrating their sales efforts
over the same period last year while operating on the goods of so-called loyal manufacturers.
crease of 2.8%
10.
,expenses totaled $300,882,838, or practically the same as papersBy recommending or procuring the circulation of scurrilous trade
and (or) defamatory attacks on manufacturers selling indiscrimithose for the same period last year. The net operating income nately to jobbers and retailers, among the retail customers or prospective
Southern District for June was retail customers of such manufacturers.
for the Class I railroads in the
Central Eastern Region
Pocahontas Region
93,995,225
29,262,174
4.58%
6.70%
AUG. 8 1925.]
THE CHRONICLE
wholesale grocers or with associa11. By co-operating with non-member
United States to further any
tions of wholesale grocers in other parts of the
portions of this order.
of the practices prohibited in the foregoing
Charges
Bethlehem Ship Building Corporation Denies
Government Suit Growing Out of War Time
in
Contracts.
of the Government's contention in its suit to
Denials
ship
recover $11,000,000 alleged overcharges on war time
filed in
contracts are contained in the answers to the action
25 by
the Federal District Court at Philadelphia on July
co-defendants,
the Bethlehem Ship Corp., Ltd. and the four
the
viz.: The Bethlehem Steel Corp., Bethlehem Steel Co.,
Corp. and the Union Iron Works.
Fore River Shipbuilding
The Philadelphia "Record" of July 26 said:
Mr.Schwab,as
In all the answers of these co-defendants it is set forth that understanding
the
head of the Bethlehem enterprises, faithfully carried out
the Fleet Corp., and
he had with President Wilson and other high officials of
the Fleet Corp.
that he did not at any time take part in the relations between
and the concerns in which he had a private interest.
Reference to the filing of the Government's suit in Philadelphia on April 17 was made in these columns May 2, p.
2224. We also noted therein the filing at the same time of the
complaint in the United States District Court at New York
by the Bethlehem Shipbuilding Corp., Ltd.(a subsidiary of
the Bethlehem Steel) in a suit instituted in May 1924 against
the United States Shipping Board Emergency Fleet Corp.
claiming $9,744,899, which the Bethlehem alleges is still owing to it on the war time contracts with the Government. In
reporting the filing of the answers by the defendant Companies the Associated Press dispatches from Philadelphia
July 25 said in part:
the
669
of the cruel feudal industrialism on the one hand and
destructive Communistic propaganda on the other," and
according to the Associated Press dvices from Chicago
Aug. 1, the resolutions further set out:
the powers of
He saw the might of privilege intrenched and buttressed by
saw that while
political party, of public office and a controlled press. He
public favors
the political system was one of bestowing legislative and other
whole have
on those already possessing swollen fortunes, the people as a
hence corruption
but small opportunity of sharing in those favors and that
interests seeking
in government is the great and essential asset of the private
these favors.
untrammeled
With a clear vision, therefore,of the necessity of a new party
by such influences he called the Progressive party into being.
but we who rallied to his
He did not reach the goal of his first effort,
where he pointed
standard in 1924 do hereby proclaim that we shall continue
where he laid
the way and summon new leaders to take up that standard
shall carry on
it down; that in 1926, in 1928 and in future years we
unswervingly until that goal is reached.
represented
The Progressive party of the nation,therefore, in so far as it is
memory of La
in this assemblage, gathered together to do honor to the
national party
Follette, does pledge itself to complete the building of a new
emancipation to
in city, State and nation, to continue the work of the new
life's effort,
which Robert M. La Follette had dedicated and devoted his
organize in every
and we call upon all our colleagues in the late campaign to
the vantage of
city, village and hamlet for giving battle at the polls for
servant is to be
public place and power wherever and whenever a public
less than this
named or a public policy to be given effect; this and nothing
memory of
would adequately do justice and honor to the spirit and to the
the departed leader.
The late Senator's son, Robert M. La Follette, Jr., has
announced himself as a candidate to the Senatorship succeedto
ing his father. Mrs. La Follette, who had been urged
s
seek election to fill the unexpired term of her husband'
decided to devote her time to completing her
office, has
e
husband's biography and to editorial work on the magazin
he established in Madison a number of years ago.
which
of
The Government In its suit stated that Charles M. Schwab, head
Federation of Labor, Through Executive
Fleet Corp. American
Bethlehem enterprises, was directpr-general of the Emergency
time the conCouncil, Voices Disapproval of Third Party Moveand the dominating figure in the Bethlehem companies at the
Ltd.
ments—Declares for Non-Partisan Policy.
tracts for ships were given to the Bethlehem Shipbuilding Corp.,
Corp.
It was charged that Mr. Schwab as head of the Emergency Fleet
Declaring against third party movements,thus abandoning
on ship
forced other shipbuilding companies to limit their profits to 10%
adhere to the policy whereby it supported the La Follete campaign of
construction. while he took no action to have his own companies
denied by
the same rule of profit. All those allegations were specifically
a year ago, the Executive Council of the American Federathe five companies involved.
in Washington last
director- tion of Labor, at a quarterly meeting
Charles M.Schwab was invited by President Wilson to become for the
and
general of the Fleet Corp. at a time of an acute crisis in its affairsSchwab ob- week, indicated its position as follows:
bound partylsm
construction progrm. Mr.
special purpose ofspeeding up its
The people generally are beginning to realize that hidethat he could be of
jected to accepting the appointment, giving as one reasons, and as a second
learned that pledges
does not benefit them. All too frequently they have
more service as the head of the Bethelehem enterprise
Bethle- in party platforms were not always respected, but were used simply as a
reason that he could not entirely divest himself of his relations with
The Executive Council believes that as a result
hem.
Hurley and stepping stone to office.
He was assured, however, by President Wilson and Messrs. Bethlehem, of its non-partisan political policy the launching of third-party movements
relations with
with
Colby that he need have no fear on account of his
neteiar
ding
understandingaal has been wasted effort and injurious to the desire to elect candidates
and he finally yielded to their urgings upon the expressh was
weootreiletCo
trac
o mi
nooyy g
agreement that wiodrect-gnetaloftlPleet Corp. and the defendants. favorable records.
this fact.
.
determined
The 1922 and 1924 political campaigns definitely
the presi- Experience, therefore, has taught labor that to be successful politically
The answer contained a copy of a letter dated April 301918 to
as in the past to follow its non-partisan pothe It must continue In the future
dent and trustees of the Fleet Corp., in which Mr. Schwab expressed
transactions between litical policy.
inadvisability of his participation as director-general In
isan
that such business be
Labor is reminded by the Council that the non-part
the corporation and the defendants and requesting
taken to
experihandled by other officers. To further show that steps had been
political policy "has passed through the crucible of
that all contracts
offset any participation by him,it was set out in the answer
labor
and that ence and has proved to be the best plan yet adopted for
had to be submitted to the Board of Trustees for their approval
isan policy
Board of Trustees of
Mr. Schwab was never at any time a member of the
to voice itself politically." Since the non-part
independent or third
the Fleet Corp.
to has been followed, it is asserted, many
The shipbuilding corporation denied it had knowledge with respect
and gone. Generally they
below 10%. party movements have come
Government contracts that all other shipbuilders' profits were
the contention set up by the Government.
existed only for one election, it is added.
n, after an audit of its accounts, notified the
The shipbuilding corporatio
The Washington "Post" of Aug. 3 says:
Corp. in Feb. 1923 that it owed the defendant several million dollars,
Fleet
political participation inOther tenets set forth for guidance in labor's
but the notice was ignored and the Fleet Corp. approved the recommends,
tion of the Standing Committee on Claims of the Fleet Corp. that the clude:
labor throwing DA
A strictly non-partisan political campaign, with
Government did not owe the defendant anything, but, on the contrary, the
people."
weight behind candidates "friendly to labor and the
ng corporation owed the Fleet Corp. more than $11,000.000.
shipbuildi
voters "in marking
An educational campaign to aid the non-partisan
During the audit of the Bethlehem account with the Fleet Corp., the
"
answer said, there was no suggestion "by any of the members of the United the extensive ballots now so prevalent.
the holding of priCondemnation of political "bosses" and support of
States Shipping Board that there was any fraud in any of the transactions
set forth or any over-payments on account of such transactions, or that any maries.
and their sympaAn active campaign to interest women wage earners
over-payments on account of such transactions had been made through mistake of fact or law, although by reason of such audits by the defendants, thizers.
campaign" for next
In approving a "strenuous non-partisan political
account from time to time during the construction and after the completion
Council announced that State federaof such vessels, the Fleet Corp. was in a position to know all the material year's Congressional campaign, the
unions and general and volunteer
!acts with respect thereto and the defendant had made a full disclosure to tions of labor, city central bodies, local
preparation for both primary
organizers will be called upon to make every
the Fleet Corp. of all such facts."
The shipbuilding corporation put in a claim of $8,839,820 with interest, and election campaigns.
their sympathizers
Resolutions adopted warn the wage earners and
'which it is contended the Government still owes the corporation. The
election of friendly candidates.
n
Bethlehem Steel Co. filed a claim for $852,401, while the Union Iron Works not to lose interest in the nominatio and
Council, labor deviated some.Co. made a claim of $241,474. A claim for credit is made for the Fore River While in the 1924 election, it was said by the
the El Paso convention declared
Shipbuilding Co.if it shall be found that it is entitled to any money on claims what from its former non-partisan policy,
be true to its mission it must
-which heretofore had been disallowed by the Fleet Corp. and the Shipping "that for the American Federation of Labor to
at any time in its history."
be as free from political party domination now as
Board.
Progressive Party to Further Policies of Late Senator
La Follette.
The Progressive party pledges itself "to complete the
building of a new National party in City, State and Nation,
to continue the work of the new emancipation to which
Robert M. La Follette had devoted his life's effort." This
declaration is contained in resolutions prepared for adoption
.at the La Follette memorial in Chicago on August 1. Senator
La Follette's death in June was referred to in our issue of
June 27, page 3,272. In the resolutions the late Senator
was described as the "statesman most nearly the type of
Abraham Lincoln." They state that "La Follette saw his
,country drifting toward the gulf between the relentless greed
October
The report of the Council will be submitted at the
convention of the Federation, to be held at Atlantic City.
Proposed New York Cocoa Exchange.
A charter for the establishment of the New York Cocoa
Exchange has been issued at Albany. The new organization,
which reports an enrollment of thirty members, expects to be
at 124
in operation on Sept. 15; trading will be conducted
St. R. Cross, formerly with W. R. Grace & Co.,
Water
has been elected permanent Secretary. The organization
committee consists of A. P. Arosteguy, J. J. Julia & Co.,
Frank J. Barrett, Frank J. Barrett & Co.; Maurice C. Hill,
Willard Hawes & Co.; Benjamin Peabody, T. Barbour
670
THE oTTIMNIcl
Brown & Co., and Isaac Witkin, J. Aron & Co. While not
yet officially in operation, the exchange issued its first formal
quotations for cocoa on Aug. 4. We are advised that although applications for membership are not being solicited
and no committee on membership is functioning, numerous
applications are being received by the members of the organization committee, and it is presumed that such requests
for privileges to make application will be given precedence.
Increase in Capital of Amalgamated Bank of New York.
The Amalgamated Bank of New York recently took action
toward increasing its capital from $300,000 to $400,000.
The issuance of the additional. tock was ratified by the
shareholders on June 30, and the subscription price of the
new stock was fixed at $150 per 100 share. The bank
began business on April 14 1923, and on June 5 of this year
announcement was made of the declaration by the directors
of an initial quarterly dividend of $2 per share. The payment of dividends was deferred for two years, it is stated,
"to permit the building up of substantial surplus and reserve
funds, so as to insure added safety for both depositors and
stockholders." It is added that "it shall be the policy of
the directors to continue the policy of conserving our resources and increasing our margin of safety."
[Vol, 121.
Controlling interest in the Bowery Bank of this city has
been acquired by the Bancitaly Corporation, as a result of
which the business of the Bowery Bank will be merged with
that of the East River National Bank, also of this city; the
latter was acquired some few years ago by the Bancitaly
Corporation, which is affiliated with the Bank of Italy of
San Francisco. The Bowery Bank was established in 1865
and for three generations control has been held in one family
—that of its President, J. Stanley Foster. The East River
National has a capital of $2,500,000, while the Bowery Bank
has a capital of $250,000; the consolidated institution will be
known as the East River-Bowery National Bank and will
have as its officers A. H. Giannini, President, J. Stanley
Foster, Chairman of the Board, George E. Hoyer, James F.
Cavgnary and M. S. Payne, Vice-Presidents, and Charles
Essig, Cashier.
•
The following regarding the adjustment with banks in the
syndicate formed in behalf of the Mercantile Bank of the
Americas, is from the "Wall Street Journal" of July 30:
Banks in the syndicate that came to the assistance of the old Mercantile
Bank of the Americas about four years ago have received word that
they
may expect final payment of the amount adavnced by them within the
next
few days. Under the reorganization plan certain of the slow loans of
the
concern were placed in the hands of a liquidating committee which
from
time to time has been making payments to the banks in question
as assets
were realized upon. Recent payments had reduced the balance
of advances
to a relatively small amount. Forthcoming settlement payment,
therefore, will remove the last traces of the Mercantile Bank's
affair from the
books of the syndicate banks. Total amount advanced
by the
banks was understood to be in the neighborhood of $35,000,000. group of
Mercantile Bank of the Ameri ms was organized in 1915.
,
Early in 1921
assets of the bank became so unliquid that shareholders found
it necessary
to supply fresh funds to the amount af $20,000,000 which,
with the capital
of $6,800,000, was apparently written off. In August 1921
J. P. Morgan
& Co., as part of a committee organized to straighten out
the affairs of the
bank, issued a statement regarding the $20,000,000,
adding
ers' syndicate was organized to extend $35,000,000 additionalthat a "bankcredit to the
bank," only one-half of which at that time had been
availed
however, "considered desirable to provide for further facilities of. It was,
which might
possibly be required for the effective working out of
the bank's affairs."
As to the amount of the 'further facilities" no authoritative
statement has
ever been made.
Active business and affiliated branches in South American
of the Mercantile Bank were turned over at the time of reorganizatio
n to the specially
created Bank of Central and South America, which was bought
last February by the Royal Bank of Canada.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
The Chase National Bank and the Chase Securities Corporation of this city announced on Aug.5 several changes in
their staffs. In the Chase Securities Corporation Halstead
G.Freeman, heretofore Vice-President, was elected President
to succeed Edward R. Tinker, who has become Chairman
of the Executive Committees of both institutions. Albert
H. Wiggin retains his posts as President of the bank and as
Chairman of the Board of both the Securities Corporation
and the bank. Robert L. Clarkson,fornierly Vice-President
of the Securities Corporation, has been made Vice-Chairman
of the Executive Committee of the corporation, Assistant
to the President and a director of the bank. The bank appointed Joseph C. Rovensky and Benjamin E. Smythe,
Assistant Vice-Presidents; Frank M. Totton and Henry
Rauh, Assistant Cashiers, and Otto T. Kreuser, Assistant
At the regular monthly meeting of the board of trustees of
Manager of the Foreign Department. The Securities the Mutual Life Insurance
Co. on July 29 John W. Davis
Corporation elected Frank Callahan, formerly a member of was elected a trustee to fill
the vacancy caused by the death
the firm of Rushmore, Bisbee & Stern, Vice-President; of General James H. Wilson of
Wilmington, Del.
Henry G. Fahlbusoh, Secretary, and added Mr. Freeman,
The New York Trust Co. announces the removal of its
Mr. Clarkson and George Berna:c1 to tne boara of directors.
foreign department to new and enlarged quarters on the
Bert L. Haskins has resigned as Vice-President of the fourth floor at 100
Broadway.
Chatham Phenix National Bank & Trust Co. of New York,
Regarding the filing of applications for charters by two
effective Aug. 1. Mr. Haskins became Assistant Cashier of
the old Phenix National Bank in 1905 and when the latter groups proposing to form a national bank in Ridgewood, we
consolidated with the Chatham National Bank he was made quote the following Washington account to the Brooklyn
Cashier and later Vice-President. Mr. Haskins will, it is "Eagle" July 12:
The Treasury Department, it was learned to-day has refused to
stated, confine his attentions to his stook farm at Pawling,
grant a
charter to either of the groups in the Ridgewood section of
Brooklyn, apN.Y.
plying for permission to organize under
The Bank of the Manhattan Company has received from
the State Banking Department permission to open a branch
office at 161-26 Northern Boulevard, Flushing, N. Y.
The branch was opened Aug 3. Mention of the intended
opening of a branch bank by the bank at Broadway and
Twenty-second St., Flushing, was made in our issue of
July 18, page 292.
At a meeting of the stockholders of the Lawyers Mortgage
Company of this city on Aug. 5 the stockholders voted
favorably on the recommendation of the directors to increase
the Capital stock of the company from $7,500,000 to $9,000,000. As indicated in our issue of June 13, page 3025,
stockholders of record August 15 will have the right to subscribe to the new stock on the basis of one share for each
five shares held at par, $100 per share and will have until
October 1st to pay for the new stock. Current quotations
of Lawyers Mortgage Company stock are reported at $235
to $240 and the rights at $23 to $24.
the name of National Bank of
Ridgewood. Information concerning the grounds for refusal was
withheld.
Under Treasury Department procedure it is not customary to
announce
that application for a national bank charter has been turned
down. The
Treasury, under its rules, announces when a charter has been
granted, but
when unfavorable action has been taken no announcement is
made. The
official status of the two Ridgewood applications, therefore, is
that both
are "still on file." The Treasury will make no explicit statement,
referring
all queries back to the Ridgewood organizers themselves, who
presumably
have been informed of the decision of the Comptroller of the
Currency.
Up to last night Treasury officials stated that the applications
were still
under consideration. When confronted this afternoon
with information
from Brooklyn that charters had been refused, no denial
was made of the
accuracy of this fact. The definite ground on which
refusal was made
cannot be learned.
Unfavorable action had, however, been anticipated, and
was predicted in
a Washington dispatch to the "Eagle" on Monday last.
Harry Cropper, head of the Cropper Knitting Mills, 70
Wyckoff Avenue,
and one of the principal backers of one of the groups
seeking a charter,
said to-day that he would move at once for a
reconsideration of his application.
"I do not know what grounds our application was
turned down on, but
we are going to fight this thing out to a finish," said
Mr. Cropper. "There
is a real need for this bank in Ridgewood and I am
unable to understand
why the United States Comptroller is against it.
The
pledged for it by the group with which I am identifled resources already
furnish an ample
guaranty of stability and security. We need this bank
and we are going to
get it somehow."
Samuel Redfern, of 1014 Hancock Street,
correspondent for the rival
group, declined to discuss the action of the Comptroller.
He said he might
have a statement to make later, after conferring with
the man proposed by
his group for the presidency. From the first Mr.
was identified with the Irving Bank-Columbia Redfern, who for 40 years
'Trust Co., has refused to
reveal the names of those associated with him.
•
The Guaranty Company of New York announces that
A. W. Tweedy, Assistant Vice-President, has been placed
in charge of the Chicago Office of the Company, succeeding
Arthur G. Cable, who recently resigned. Mr. Tweedy has
been with the Guaranty Company for six years and was
Thomas Vail, President of the National City
associated with the Main Office and the Boston Office before
Bank of Troy,
going to Chicago a year ago to take charge of the sales N. Y., and First Vice-President of the Troy Savings Bank,
organization there. He served as district sales manager and died at his summer home in Old Bennington, Vt., on July 25.
as iimpager of the city sales force at.the_New York office. Mr. Vail was associated on the board of directors of local
railroads, among them being the Troy &
Bennington, the
4
AUG. 8 1925.]
THE CHRONICLE
Rensselaer & Saratoga and the Lansingburgh & Cohoes Railroad Co. He was a director of the Troy & West Troy Bridge
Co. Mr. Vail was a director of the Troy Gas Co., a trustee
of the Troy Orphan Asylum and a director of the Fuller &
Warren Co. He was a member of the Troy Chamber of
Commerce for many years. Mr. Vail had been Treasurer of
the Rensselaer County Red Cross since its organization during the war and he was always active in its work. He was
a member of the Citizens' Corps. The organizations with
which he was connected, as well as the community at large,
• are keenly sensible of the loss suffered in his death. Mr.
Vail was in his 65th year.
At the semi-annual meeting of the directors of the First
National Bank of Cooperstown, N. Y., on July 31, a regular
dividend of 3% and an extra distribution of 2% was voted
to be paid to stockholders Aug. 1 from earnings during the
last six months, and $50,000 was added to the surplus, making the latter now $200,000. It is interesting to note that
since Feb. 1 1923 the surplus has been increased $100,000.
The bank'has resources of over $3,000,000 and deposits in
excess of $2,500,000. The current period, it is understood,
has been a very profitable one with record earnings and deposits.
On July 30, William F. Polk, heretofore Cashier of the
National City Bank of Troy, was elected President to succeed the late Mr. Vail. Frank Beebe, Assistant Cashier,
'was made Cashier. Howard S. Kennedy and Burton K.
Woodward continue as Vice-Presidents.
671
Trust Co. (another of the Associated Banks) has
also been
made an Assistant Cashier. A. C. Robinson,W.
S. Van Dyke
and R. J. Miller, executives of the People's Savings
& Trust
Co., together with F. F. Brooks, a Vice-Presid
ent of the First
National Bank at Pittsburgh, have been elected
directors of
the Anchor Savings Bank. The other director
s are Thomas
B. Moreland, Harry Darlington and Herman
R. Blickle.
The Anchor Savings Bank was established in
1873. In commenting on the deal, A. C. Robinson, Preside
nt of the People's Savings & Trust Co., was quoted in
the Pittsburgh
"Gazette" of Aug. 1 as saying:
This purchase will in no way affect the splendid
relationship which the
Anchor Savings Bank now enjoys with its
customers. We bought control
of the bank in furtherance of our policy of
conservative expansion, and were
attracted to the Anchor because it is a clean,
strong, ably managed institution, enjoying the confidence of a large
and substantial clientele. The
transaction will be mutually beneficial. It
brings the depositors of the
Anchor into an association of banks having
total resources or snore than
$150,000,000 and it gives the entire group greater
opportunity of successfully carrying out its policy of "co-opera
ting to promote Pittsburgh's
progress."
The following institutions comprise the
group known as the
Associated Banks: People's Savings &
Trust Co., First
National Bank at Pittsburgh, East End Savings
& Trust Co.,
Oakland Savings & Trust Co., People's Trust
Co., South Side,
Metropolitan Savings Bank & Trust Co.,
Dormont Savings
& Trust Co., Squirrel Hill Bank and Anchor
Savings Bank.
The Mellon National Bank of Pittsburgh
announces the
appointment of L. N. Murray as an Assista
nt Cashier. Mr.
Murray was formerly connected with the
National Commercial Bank & Trust Co. of Albnay, N. Y.
Allard Smith, Vice-President of the Union
Trust Co.,
Cleveland, is sailing on the "Celtic" to-day,
Aug. 8, for a
seven-weeks' trip through England, France,
Italy and
Switzerland.
The Sound Beach Trust Co. of Sound Beach, Conn., which
began business May 11 1925, reports deposits on June 30 of
nearly $100,000, savings deposits of $36,739 and individual
deposits of $59,694. The company has a capital stock
of
$25,000 and surplus and undivided profits of $11,588. The
A special press dispatch fro- m Osceola, Iowa,
officers are Albert E. Austin, President; Ralph G. Farrell,
on July 16
Vice-President; Arch B. Stanton, Treasurer, and Joseph to the Des Moines "Register" reported that Miss Margaret
Maher, Secretary. The institution engages in a general K. Childers, formerly Cashier of the defunct Woodburn
Bank, Woodburn,Iowa, had been sentenced on
banking and trust business.
the preceding
day to an indeterminate term of ten years impris
onment in
An indictment was returned by the Federal Grand Jury on Rockwell City prison on a
charge of having received deposits
July 10 jointly against Howard S. Stainton, Vice-President in the bank after it was,known
that the institution was in an
of the First National Bank at Ocean City, N. J., and High- insolvent condition. Miss Childer
s it was stated was the
S. Mowrer, the Cashier of the institution, for violation first woman in Iowa to
land
be convicted on a bank charge. Her
of the Federal banking laws with regard to certification of case was appealed immediately
after the sentence was prochecks. The charges, it is understood, grew out of
the cer- nounced, it was stated.
tification of four checks, amounting to $88,750,
signed by
The Comptroller of the Cur- rency has issued a sharter
Mr. Stainton as Treasurer of the Fidelity Realty Co. of
for
Ocean City, and passed by Mr. Mowrer. The indictment a new bank for Hugo, Okla., according to a special press
dispatch from that city to the Dallas "News" on
charges, it is said, that both officers knew that
July 22.
there were The dispatch further
stated that the new bank would be
Insufficient funds on deposit to cover the paper
at the time capitalized at
$50,000 with surplus of $5,000 and would be
the checks were issued. Discovery of the transaction is said
known as the National Bank of Commerce, and
that plans
to have been made by a Federal bank examiner. And Mr.
were under way to open it for business by Aug.
Mowrer, when his attention was called to the
1. The
matter by dispatch also stated
that F. H. Sherwood of Ardmore,
the examiner, it is understood, at once told the officials and
Okla., would be President of the new bank and E.
directors. He is said to have explained that Mr.
J. Litteer
Stainton
had asked him to certify the checks And promised to with- of Ardmore, Vice-President and Cashier. Hugo has been
without banking facilities, it is understood, since
hold them until he had covered them by deposits. Mr.
the end of
May of this year, when the last of its three
Mowrer was arrested on July 16 and held in $2,000 bail,
banks closed
the
bond being furnished by Richard B. Stites, the President of its doors.
the First National Bank. The other defendant, Mr. StainThe First National Bank of Watonga,
Okla., changed to a
ton, was in Florida, it is understood, at the time of Mr. State institution on July 22 under the title
of the First Bank
Mowrer's arrest. On July 20 a special meeting of
the direc- & Trust Co. of Watonga, according to the "Oklahoman" of
of the First National Bank was held, at which Mr. July 23. It is the second bank in
tors
Oklahoma, it is said, to
Stainton's resignation as Vice-President and a
director was surrender its national charter in favor of a State charter
unanimously demanded and Mr. Mowrer
under the new trust company law passed at
exonerated. The
the last session
statement issued by the directors the next day (July
of the Oklahoma Legislature. The new
trust company is
21),
as contained in a special telegram from Ocean City to the capitalized at $50,000, with surplus of $5,000, and
will do a
"Times," was as follows:
general commercial and savings bank business
, it is underdirectors of the First National Bank, at a special
The
meeting held July stood. E. P. Hoberecht is President and
E. S. Wheelock
20, unanimously demanded the resignation of the Vice-President, Howard
Cashier of the institution.
S. Stainton, and further requested his resignation as a director,
as best
serving the interests of the institution, and the board further asserted
its
complete confidence in the integrity and loyalty of Hiram S.
Mowrer, as
Cashier.
The People's Savings & Trust Co. of Pittsburgh on July 31
took over the Anchor Savings Bank of that city, thereby,
say the Pittsburgh papers, adding another institution to its
group Of eight banks known as the "Associated Banks."
The business of the acquired institution, which has resources
in excess of $5,000,000, will be continued without interruption at its present quarters at 416 Smithfield St. L. P.
Monahan remains as President of the institution and Charles
R. Barr as Cashier. 0. G. Ziegler, heretofore the Auditor,
has been promoted to an Assistant Cashier and S. B. Calhoon,
formerly an executive of the Metropolitan Savings Bank &
The Denver "Rocky Mount- ain News" of
July 21 stated
that according to word received in Denver
from St. Louis,
Robert 0. Bonnell, Vice-President and General
Manager of
the First Industrial Bank in Denver,
operating under the
Morris Plan, was elected First Vice-Presid
ent of the Industrial Savings Trust Co. of St. Louis and its affiliat
ed institution, the Industrial Loan Co., on July 20. Mr.
Bonnell,
it is said, announced his resignation from
the Denver institution in June last to take effect Sept. 1 1925. The
"News"
went on to say:
Mr. Bonnell, who became Vice-President of
the Industrial Bank here in
May 1922, came here from New York City,
where he was head of the new
business department of the Industrial Finance
Co., the parent of the Morris
Plan banks. When his resignation was
announced in June, it was with the
understanding that he was to receive the
vice-presidency of the St. Louis
672
THE CHRONICLE
Morris Plan banking
branch of the industrial banking system, the oldest
final action by the board
house west of the Allegheny Mountains, subject to
of directors.
a
The Raleigh "News and Observer" of July 24 printed
which
dispatch from Lumberton, N. C., dated July 23,
press
had
stated that the First National Bank of Lumberton
e its
failed to open on that day, thereby ending a struggl
the
officers had kept up against disaster since 1920, when
pondent banks brought its
failure of several of its corres
examinaffairs into a precarious condition. Federal bank
taken over the control of the instituers, it was stated, had
to say:
tion on the night of July 23. The dispatch went on
issued by the examNo statement of the condition of the bank has been
od that when coniners or by the officials of the bank, but it is understo
officials have reduced
fronted with the inevitable failure of the bank its
million several months ago.
..deposits to around $350,000 as against nearly a
It will be several days
Senator Thomas Johnson is President of the bank.
before the exact status of the bank is determined.
the bank to open. In
Little excitement was caused by the failure of
National Bank of Lumanticipation of uneasiness among its depositors the
President, had concentrated
berton, of which Governor Angus W. McLean is
was made for deposits.
a large amount of cash in its vaults but no demand
banking circles and throughThe remaining national bank here is known in
out the section to be absolutely sound.
First National, Governor
Learning of the difficulty confronted by the
night and the entire
came home Tuesday afternoon and spent the endeavor to work out
McLean
in an
.day yesterday in conference with its officials
avoided. Hope of keeping it
some plan by which the collapse might be
going was abandoned last night.
regarded as being responThe agricultural collapse in 1920 is generally
have been able to keep it
sible for the failure of the bank Its officers to tide it out of its diffidone
going, against hope that something might be
heavy losses in the failure of its crops
culties. Robeson County has suffered
made by many of the bank's cusduring the past two years and obligations
were lost in the agricultural
have not been met. Ten small banks
tomers
with the Fisheries Products Co., and
slump. Several of them were involved
other stock-selling schemes.
[VOL 121.
terior of buff limestone. The banking quarters will take up
and
three stories with mezzanine floors to supply room
es for all departments. The basement will be given
faciliti
over to the safe deposit department. Demolition of the
buildings now on the acquired ground will begin promptly
Oct. 1, it is said, and it is planned to. begin actual construction of the new building as soon as the site is cleared. Other
officers of the Canal-Commercial Bank besides President
Butler are: W. R. Irby, Chairman of the Board; Charles
J. Theard, S. W. Souers, D. D. Curran, W. J. Mitchell, A. J.
Stallings, H. C. Grenier, F. Dietze Jr., J. R. Stevens, E. B.
LaPice, C. F. Niebergall, L. B. Giraud and J. C. Delery, VicePresidents, and W. W. Sutcliffe Jr., Cashier.
-Picayune" of July
• According to the New Orleans "Times
16, the New Orleans Bank & Trust Co. of that city on July
15 purchased the Carondelet Building at the corner of
Carondelet and Gravier streets, that city, for $2,000,000.
The bank, which began business in 1921, at present has its
banking quarters on the ground floor of the building. No
changes, it is said, will be made in the structure at this
time, the motive for securing the building at the present
having been to make sure of a permanent home in its present
location, with ample space for expansion. The transfer of
the property, it is understood, will take place Oct. 1 next,
when the name of the building will be changed to the New
Orleans Bank Building.
, Ga., to the Atlanta
A special press dispatch from Athens
July 31 stated that Mills B.
"Constitution" under date of
Southern Bank (head
Lane, President of the Citizens &
his associates were guests at a banquet
• office Savannah), and
understood, by the officers
-on that night (July 31) given, it is
tion of the
rs of the banks of Athens in celebra
and directo
1) of a branch of the Citizens &
opening the next day (Aug.
h.went on to say:
Southern Bank in that place. The dispatc
Southern opens Saturday morning
The Athens office of the Citizens &
by the American State Bank,
(Aug. 1) in the building previously occupied
.one of the two banks closed on April 14. following a series of conferences
The Citizens & Southern Bank came here
officials, the Comptroller of the Curbetween Mr. Lane, Reserve Bank
members of a local committee who
rend y and Andrew C. Erwin and other
details of liquidation of the defunct
became interested in working out the
tanks without receiverships.
is Vice-President and Executive Officer
C. M.Power,formerly of Griffin,
Watterson, former private secretary to
of the AtheLs office and R. V.
personnel will be selected from local
Mr. Lane, is Cashier. The clerical
applicants.
& Southern Bank will advanm
Mr. Lane announces that the Citizens
American State Bank to the Federal
the cash to pay the indebtedness of the
funds to pay the depositors 30%
Reserve Bank and advance sufficient
to liquidate the affairs of this bank
of their deposits. He has also agreed
company, debentures bearing 4%
without cost, and through a holding
remaining 70% deposits.
Interest will be given depositors for the National Bank through a similar
It is planned to liquidate the Georgia
the depositors as it accumulates.
plan,except the cash dividends will be paid
ah already had
The Citizens & Southern Bank of Savann
a.
branches in Macon, Atlanta and August
Orleans proposes
The Canal-Commercial Bank of New
which has been
an 18-story bank and office building,
to erect
it is said, of making it, when comdesigned with the idea,
South. To that
pleted, the finest financial structure in the
of
ing to the New Orleans "Times-Picayune"
end, accord
a 99-year lease on the
July 21, the bank recently signed
the rear of the
property running from the Cora Building, in
(which occupies the corner of Caronpresent bank building
of Baronne Street,
delet and Common streets) to the corner
ity
e Street to the line of the Union Indemn
and up Baronn
said:
Building. The "Times-Picayune"
On July 20 the branch of the Bank of California N. A. in
Portland, Ore., opened for business in the beautiful new
building which it has erected at the Northeast corner of
Sixth and Stark Sts. that city. Throughout the day throngs
of visitors inspected the banking rooms and offered their
congratulations to the officers, while flowers in great profusion, the gifts of individuals and other financial institutions,
were sent to mark the occasion. Charles A. McIntosh,
President of the Bank of California N.A., made a special trip
from San Francisco to be present at the opening. H. M.
Plate, Assistant Cashier at the institution's head office in
San Francisco, was also present. William A. MacRae is
Manager of the Portland branch and, according to the
"Oregonian" of July 19 has held the position since 1900. At
that time the institution was a branch (established in 1882)
of the London & San Francisco Bank, Ltd. In 1905 it was
absorbed by the Bank of California N. A. Associated with
Mr. MacRae as Assistant Managers are James T. Burtchaell
and Charles Leigh and Frederick Greenwood, heretofore
Manager of the Portland branch of the Federal Reserve Bank
since 1920, has also become (Aug. 1) an Assistant Manager it
is understood. As of June 30 1925 it is said the Portland
branch of the Bank of California N. A. had deposits of
$6,558,404, while the parent bank had deposits on the same
date of $82,342,222. The latter is capitalized at ,500,000
with surplus and undivided profits of $9,095,210 and with
total assets as of June 30 of $108,755,062. The new bank
building, which is a three-story and basement structure, is
in the Italian Renaissance style of architecture and is built
of marble and steel. Its cost is estimated at $500,000.
Announcement was made by Frank M. Buckley, VicePresident and Cashier of the Liberty Bank of San Francisco,
according to the San Francisco "Chronicle" of July 24, that
his institution had purchased the assets and business of the
Central Commercial & Savings Bank of Vallejo, Cal., which
conducts branches in California at Benicia, Sonoma, Santa
Rosa and Penn Grove near Petaluma. The Vallejo office
and the two branches at Benicia and Sonoma,the "Chronicle'
states, will be operated as branches of the enlarged Liberty
Bank, while the business of the Santa Rosa branch will be
feet on Common, with
entire area measures 110 feet on Baronne, 203
taken over by the branch of the Bank of Italy in that city
The
Street. The new skyscraper
a depth of 134 feet on a line adjoining Common length on Common Street and the deposits of the Penn Grove branch will be transthe full
will, take in the Cora Building, so that
ferred to the Petaluma branch of the Bank of Italy. The
will be 234 feet, yielding 25,000 feet floor space.
22) the "Times-Pica- acquisition of the Central Commercial & Savings Bank of
In its issue the following day (July
lease of record Vallejo by the Liberty Bank marks the advent of that instiyuna" stated that in addition to the 99-year
$4,000,000 would be invested tution into the branch banking business outside of San Franfigures, it was estimated that
President of the cisco. The Liberty Bank was organized in 1921 with a
in construction. James P. Buller Jr., the
the leadership of its
was quoted in this issue as saying paid in capital of $1,000,000 and under
Canal-Commercial Bank,
imperative; that the build- first President, Marshall Hale (now Chairman of the Board)
that the development had become
and arranged to and of its present head, R. E. Miller has had much success.
ing on Carondelet Street had been erected
The deposits had in- It is said to have more than 28,000 depositors and its decare for a business of $30,000,000.
y growing. All the posits, as of June 30, last, amounted to $6,833,746. Praccreased to $71,000,000 and were steadil
the Central
and all were crowded to the tically the entire personnel of the offices of
departments had kept pace,
t and the future had Commercial & Savings Bank taken over by the Liberty Bank
point of inconvenience. Both the presen
ment was decided upon. will be retained,it is understood. The enlarged Liberty Bank
to be provided for, and so the invest
will be of the early Italian will have total assets of approximately $12,000,000.
The new structure, it is said,
the ornamental exRenaissance style of architecture with
AUG. 8 1925.]
'ME CHRONICLE
Three new members were added to the directorate of the
Bank of Montreal on July 28. They are: J. W. McConnell
of Montreal, President of the St. Lawrence Sugar Refineries,
Ltd.; F. W. Molson of Montreal, President of the Molson's
Brewery, Ltd., and prior to its absorption by the Bank of
Montreal, President of the Molson's Bank, and Thomas
Ahearn of Ottawa, President of the Ottawa Light, Heat &
Power Co.
The annual report of the Standard Bank of South Africa,
Ltd. (head office London), covering the fiscal year ended
March 31 1925, and presented to the shareholders at their
112th ordinary meeting on July 22 last, has just recently come
to hand. It shows net profits for the period (after making
full provision for bad and doubtful debts and contingencies)
of 1508,952, which when added to 1112,281, representing balance to credit of profit and loss brought forward from the
preceding twelve months, made 1621,233 available for distribution. Out of this sum, the report tells us, an interim
dividend at the rate of 14% per annum for the half year
ended Sept. 30 1924, and calling for 1156,042, was paid and
175,000 credited to bank premises account, leaving
a balance of 1390,191, which the directors recommended be
allocated as follows: 1125,000 to officers' pension fund
and
1156,042 to pay a dividend at the rate of 14% per
annum
(subject to income tax), leaving a balance of 1109,150
to be
carried forward to the current year's profit and
loss account.
Total assets of the institution are shown in the
report as
161,381,739 and its paid-up capital as 12,229,16
5, with reserve
fund of 12,893,335. The New York Agency of
the bank is at
67 Wall Street.
so large as in previous sessions. Public utlities again received most attention. Amer. Light & Tract., com., sold
up from 185 to 203 and closed to-day at 1993.. Associated
Gas & Elec., class A, rose from 38% to 44%, reacted to
4134 and sold finally at 43. Elec. Bond & share Securities
advanced from 663/2 to 71% and reacted finally to 693
%.
Middle West Utilities, corn., scored a sharp advance, selling
up from 110 to 124%, then off to 11554. The close to-day
was at 116%. Penn. Water & Powcr was conspicuous for
an advance from 1561% to 179, the final transaction to-day
being at 177. 'Southern Cities Utilities advanced from 59
to 603/2 and finished today at 663/s. United Light & Pow.,
class A, after early loss from 125 to 1213/2, jumped to 136,
the close to-day being at 132. Among industrials, Chapin
'Sacks, after early decline from 4654 to 45, movEd up to 50%.
Cnatterton &, on gained almost tnree points to 48, easing
off finally to 473/2. Kraft Cheese advanced from 92 to
%
983/2 and sold finally at 961 . Miller Rubber, corn., gained
ten points to 185, reacted to 179 and ends the week at 180.
Serv-El Corp. was active and rose from 247 to 30, reacted
%
to 2754 and closed to-day at 283 . Movements in oil
%
shares for the most part were narrow. Galena-Signal Oil
cont. dropped from 53 to 46%. Humble Oil & Ref. fell
from 65 to 6054 and ends the week at 613 . Ohio Oil was
%
off from 65 to 62 and finished to-day at 631%. Gulf Oil of
%
Pa. declined from 763 to 74.
A complete record of Curb Market transactions for the
week will be found on page 699.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET
STOCKS(No. Shares).
Week Ended Aug. 7
THE CURB MARKET.
Values in Curb Market trading this week
were subject to
profit-taking periods and presented an irregular appearan
ce
though the undertone generally was firm. Business was
not
673
Ind.daffs.
OB.
Mining.
BONDS (Par Vol..)
Domestic. For's Oat.
107,970
193,585
274,480
258,445
197.915
219,685
52,450
73.315
91.190
68.450
117,415
94,020
21,700 3459.000
30.940 1,092.000
30,940 1,206,000
33,010
957.000
36.170 1,036,000
52,030
793,000
349,000
63,000
62,000
123,000
107,000
138,000
1,252,030
496,840
204.790 55.543,000
3.542.000
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Course of Bank Clearings
Bank clearings for the present week
for the country as a
whole will show a satisfactory increase as
compared with a
year ago. This is the twenty-third successi
ve week that our
weekly tota s have shown increases over
the corresponding
period last year. 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 Aug. 8),
bank exchanges for all the cities of the United
States from
which it s possible to obtain weekly returns
will run 11.7%
larger than for the corresponding week last
year. The total
stands at $9,033,046,448 against $8,088,352,077
for the same
week in 1924. At this centre there is an
increase for the five
days of 9.9%. Our comparative summary
for the week is as
follows:
Clearings-Returns bit Telegraph.
Week Ended Aug. 8.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Loa Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
'
13 cities, 5 days
Other cities, 5 days
Total all cities, 5 days
All cities, 1 day
Total all cities for week
1925.
1924.
Per
Cent.
34,149,000,000
554,588,299
431,000,000
350,000,000
119,641,906
125,600,000
148,467,000
118,783.000
136,208,749
136,388,258
•100,000,000
104,499,676
49,430,182
33,775,221,282
461,241.552
358,000.000
362,000,000
113,519,055
119,900,000
131,069,000
108,223,000
119,812,356
96,845,293
80.141.084
75,559.551
48,781,549
+9.9
+20.2
+20.4
-3.3
+5.4
+4.8
+13.3
+11.8
+13.7
+40.8
+24.7
+38.2
+5.7
$6.523,607,070
1,003,931,637
55,846,313,722
893,979.676
+11.6
+12.2
37,527,538,707
1.505.507.741
36.740.293,398
1,348.058.679
+11.7
+11.7
59,033,046,448
$8,088.352.077
+11.7
•Estimated.
Complete and exact details for the week
covered by the
foregoing will appear in our issue of next
week. We cannot
furnish them to-day, inasmuch as the
week ends to-day
(Saturday), and the Saturday figures will
not be available
until noon to-day. Accordingly, in the
above the last day
of the week has in all cases had to be estimate
d.
In the elaborate detailed statement,
however, which we
present further below, we are able to give final
and complete
results for the previous week-the week
ended Aug. 1. For
that week there is an increase of 3.6%, the
1925 aggregate
of the c earings being $9,061,590,892 and the
1924 aggregate
$8,744,025,541. Outside of New York City
the increase is
7.5%, the bank exchanges at this centre recording A gain of
only 0.9%. We group the cities now according to the
Federal Reserve district in which they are located and from
this it appears that in the New York Reserve District (including this city) there is an increase of 1.1% and in the Philadelphia Reserve District of 6.1% but in the Boston Reserve
district a loss of 11.4%. The Cleveland Reserve District has
a gain of 12.3%, the Richmond Reserve District of 10.4%
and the Atlanta Reserve District of 39.6%. In the Chicago
Reserve District the totals are better by 12.1%, in the St.
Louis Reserve District by 6.1% and in the Minneapolis
Reserve District by 10.8%. The Kansas City Reserve
District shows an improvement of 7.3% and the San Francisco
Reserve District of 8.3%. The Dallas Reserve District
suffers a loss of 3.5%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS
Week Ended Aug. 11925.
1925.
Federal Reserve Districts.
1s6) Boston
11 cities 470,944,965
Sad) New York
5,271,833,469
11
ard) Philadelphia-- 9 "
550,885,779
dth) Cleveland
367,968,698
5th) Richmond
198,598,636
6th) Atlanta
214,657,253
13
7th) Chicago
944,769,174
.20
9th) St. Louis
196,154,956
.•
9th) Minneapolis_ - - 7
109,628,862
1015) Kansas City--12 •.
237,840,364
.1115) Dallas
56,556,021
5 ,•
11315) San Franciseo_17
441,752,715
••
1924.
531,754,878
,216,713,538
519,221,863
327,725,689
179,866,231
153,736,483
843,113,245
184,817,847
98,908,582
221,600,764
58,596,908
407,969,493
166.0,
Dec.
1923.
SI
-11.4 401,845,110
+1.1 4,063,455,106
+6.1 473,010,771
4-12.3 345,418,794
+10.4 176,876,217
+39.6 146,417,957
+12.1 817,463,537
+6.1 56,861,031
+10.8 107,647,496
+7.3 228,028,023
-35 43,139,510
+8.3 414,893,858
1922.
360,056,366
4,471,150,578
452,025,768
349,985,047
184,173,500
130,441,534
734,983,522
50,977,517
103,829,749
225,060,606
41,866,424
364,559,560
Orem]total
127 cities 9,061,590,892 8,744,025,541 +3.6 7,275,087,410 7,469,110,39
Outside New York City
3,896,756,771 3,623,407,241 +7.5 3,322,466,571 3,096,928,602
./abada
.
29 cities 269,258,680 295,866,350 -9.0 306,644,504 302,341,986
We also furnish to-day a summary by Federal Reserve
district of the clearings for the month of July. For that
month there is an increase of 12.1%, the 1925 aggregate
of the clearings being $42,879,479,146 and the 1924 aggregate
$38,243,162,694. As in March, April, May and June, when
new high totals were recorded for the respective months, the
July total of $42,879,479,146 also establishes a new high
record for that month. Outside of New York City the increase is 13.8%, the bank exchanges at this centre showing a
gain of 10.7%. In the Boston Reserve District there is an
improvement of 8.8%, in the New York Reserve District
[vol. 121.
THE CHRONICLE
674
The course of bank clearings at leading cities of the country
(including this city) of 11.0% and in the Philadelphia Reserve District of 14.5%. In the Cleveland Reserve District for the month of June and since Jan: Tin each of the last
the totals are better by 15.3%, in .the Richmond Reserve four years is shown in the subjoined statement:
BANK CLEARINGS AT LEADING CITIES.
District by 14.0% and in the Atlanta Reserve District by
Jan. 1 to July 31
July
26.0%. The Chicago Reserve District has a gain of 13.3%
1925. 1924. 1923. 1922. 1925, 1924. 1923. 1922.
(000,000s
S
S
$
8
s
i
omitted).
'the St. Louis Reserve District of 12.9% and the Minneapolis
$
8
23,396 21,127 16,645 18,337 165,238 140,592 128,873 127,778
Reserve District of 8.7%. In the Kansas City Reserve New York
Chicago
3,116 2,786 2,583 2,309 20,859 18,329 18,653 15,887
District there is an increase of 12.0%, in the Dallas Reserve Boston
1,900 1,766 1,542 1,316 12,810 12,105 11,555 9,128
2,409 2.181 2,044 1,868 16,783 14,701 14,580 12.463
District of 19.6% and in the San Francisco Reserve District Philadelphia
833
561
St. Louis
561
549 4,367 4,123 4,258 3,782
of 12.7%.
3,680
Pittsburgh
761
666
698
581
5,124 4,694 4,854
July
1922.
Jo ly
1925.
Federal Reserve Diets.
let Boston_ ___13 citIes1
and New York 14 "
ard Philadelphial4 "
4th Cleveland 15 "
lith Richmond 10 "
6th Atlanta _ _17 "
7th Chicago ___29 "
8th St. Louis--10 "
Oth Mbinespolls13 "
10th KensasCity 15 "
_12 ••
11th Dallas. _.
12th San Fran__27 "
July
1924.
Inc.or
Dec.
July
1923.
$
2,174,419,719
24,083,352,018
2,752,353,083
1,848,052,422
962,717,412
973,501,348
4,542,152,305
963,395 902
556,526,251
1,273,281,131
475,069,759
2,274,657,796
$
1,990,088,262
21,705,733,317
2,404,232,670
1,602,421,729
844,630,965
772,688,182
4,007,186,796
953,242,683
511,842,453
1,136,583,356
397,068,572
2,017,443,709
%
+8.8
+11.0
+14.5
+15.3
+14.0
+26.0
+13.3
+12.9
+8.7
+12.0
+19.6
+12.7
1,763,055,711
17,059,713,623
2,250,272,861
1,673,915,449
775,496,265
697,993,726
3,746,906,310
843,256,725
524,181,153
1,103,005,290
345,442,126
1,963,742,588
s
s
1,516,265,323
18,629,746,596
2,026,484,879
1,429,679,157
610,486,751
709,489,231
3,243,973,280
783,692,968
485,909,800
1,074,892,645
313,199,562
1,603,461,583
189 cities 42,879,479,146 38,243,162,694 +12.1 32,747,082.027 32,357,281,675
Total
19,483,729,039 17,116,529,668 +13.8 16,101,592,546 14,019,838,512
Outside N. Y. City
1 170 1141 Cna
,anchrla
00
• •ce ocn ICA
1 21K .107 71,1
1 71.1 girl 117
We append another table showing the clearings by Federal Reserve districts for the seven months back to 1922:
1924.
1925.
Dist/
Federal R
13 cities 14,536,372,687 13,671,952,638
let Boston
2nd New York _14 " 169,480,411,435 144,530,557,168
18,336,170,385 16,147,206,809
Brd Pbliadeltallal4
12,021,578,167 11,066,911,185
dtb Cleveland 15
6,170,833,289 5,702,894,672
5th Richmond 10
6,666,i62,146 5,830,016,076
60 Atlanta -17
29,983,929,235 26,702,112,576
C5icago...29
756
0,176,750
6,718,517,172 6,2,
8th Bt. Louis_ _10
3,979,292,278 3,261,989,115
9th Mhm9690lls13
8,238,680,954 7,402,377,358
1056 Kan96aCity15
3,522,590,926 2,983,769,945
11th Dallas ._.l2
15,148,750,499 14,168,696,532
12th Ban Fran-27
806
327
537
631
560
239
348
154
770
178
667
63
186
251
137
88
149
228
73
181
69
69
_
719
289
428
573
456
220
313
137
632
163
578
51
165
194
126
93
129
242
68
162
58
64
659
296
412
562
479
195
289
125
565
158
605
50
167
206
149
99
130
195
70
159
48
61
589
251
316
545
418
180
265
108
460
129
427
46
165
174
145
81
128
178
60
133
43
53
5,274
2,145
3,280
3,976
3,447
1,724
2,502
1,037
4,751
1,197
4,545
412
1,273
1,551
922
512
964
1,560
616
1,220
432
471
4,808
1,951
2,923
3,610
3,147
1,661
1.956
931
4,290
1,112
4,292
357
1,119
1,325
931
585
893
1,570
564
1,196
386
441
4,637 4,029
1,689
2,073
2,833 2,147
4,057 3,811
3.277 2,552
1,286
1,555
1,778
2,080
755
939
3,870 2,938
882
1,091
3,958 2,861
320
366
1,114
1,289
1,116
1,362
885
1,030
487
619
813
850
1,218
1,461
492
629
934
1,105
282
335
428
351
39,016 34,947 29,752 29,854 268.992 234.592 222.612 205,458
3,863 3,296 2,995 2,503 25,795 23,217 21,472 17,128
Total
Other cities
Total all
42,879 38,243 32,747 32,357 294,787 257,809 244,084 222,586
Outside New York.19,483 17,116 16,102 14,020 129,549 117,217 115,211 94,808
Seven months.
Ine.or
Dec.
San Francisco
Cincinnati
Baltimore
Kansas City
Cleveland
New Orleans
Minneapolis
Louisville
Detroit
Milwaukee
Los Angeles
Providence
Omaha
Buffalo
St. Paul
Indianapolis
Denver
Richmond
Memphis
Seattle
Hartford
Salt Lake City..
1922
1923.
+es 13,083,183,689 10,449,379,333
+17.3 131,645,813,437 129,662,689,385
+13.6 15,972,722,925 13,558,932,625
+8.7 11,557,308,822 9,085,237,781
+8.2 5,500,827,619 4,389,471,910
+14.3 5,606,640,525 4,355,250,514
+12.2 26,598,334,493 21,964,842,719
+7.7 6,433,868,057 5,504,494,283
+18.4 3,683,003,295 3,158,583,825
+11.3 7,944,116,917 7,314,019,863
+18.1 2.683,218,304 2,323,151,121
+6.9 13,369,377,395 10,819,714,415
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results for
July and the Feven months of 1925 and 1924 are given below:
Month of July.
Sem Months.
Description.
1924.
1925.
1925.
1924.
168,730,928
Stock, number of shares_ 32,812,918 24,318,182
237,715,045
Railroad & miscell. bonds $178,025,500 5231,698,000 51.513.738,375 81,214,588.000
531,032,000
266,977,360
U. B. Government bonds 31,639,510 45,238,000
356,153.000
386,028,860
State, foreign, &c., bonds 57,435,600 67,247,000
8268,000,6108344,183,000 52,166,744,595 52,101.773,000
Total bonds
189 cities 291,786,589,173 257,808,660,824 +14.3 244,083,615,508 222,585,567,774
Total
129,548,912,339 117.216,547,406 +105 115,210,202,246 94,807,220,883
Outside N.Y. City
8,791,384,395 9,244,759,938 -4.9 9,099,989,647 9,160,721,17.
Canada
The volume of transactions in share properties on the New
York Stock Exchange each month since Jan. 1 in 1922 to
1925 is indicated in the following:
The following compilation covers the clearings by months
1924.
1925.
1923.
1922.
since Jan. 1 in 1925 and 1924:
No. Shares. No. Shares. No. Shares. No. Shares.
MONTHLY CLEARINGS.
Clearings Ouiside New York.
Clearings, Total AU.
onth.
1924.
1925.
1924.
1925.
%
I
866
Jan...46,155,456.86838.462.681,328 +20.019.434.762.88217.773.562.
16,384.919.90715,568.979,852
Feb_ _ 37.441.979.16033.689,049.698 + 11.2 18,597,368.53917.005.913,083
arch.41.946.379.28836,656.140.245 +14.4
+15.464,417.051.32850.348.445.791
18t qu. 125543815.316 108807911.271
%
+9.8
+5.2
+9.4
+8.1
592 514 650 +9.9
Attril__ 91,406,313,79337.218,375,765 +11.3 18.557.429.188 16. . .473 +7.2
ay__ 41,806.717,164 37.470,299.217 +11.617.959,282.74416.748.694.
16,101,362,823 +18.8
Jone_ _ 43,150,263,75436,059,911,877 +19.7 19,131.420,039
+11.9
2d qu_ 126363294,711 110748586,859 +14.1 55,648.131,97149.742.571.946
100091017.737 +10.0
6 mos_ 251907110.027 219556498,130 +14.7 110065183,299
+12.119.483.729.03917,116.529,668 +13.8
July __ 42.879.479.14638.243.162.694
41,570,543 26,857.386
32.794,456 20,721.562
38.294.393 .18,315,911
Month of January
February
March
19,914,827
22,979.487
25,964,666
16,472.377
16,175.095
22,820.173
112,659.392
68,858.982
55,467.648
18,118,828
13.513,967
17,003,140
20,091.986
23,155,730
19,754,197
30.634.353
28.921,124
24,080.787
102,242,677
48,633,935
63,001,913
83,636,264
32,812,918
Total second quarter
Month of July
65,894.859
24.844,207
36.847.760
30,750,765
Total first quarter
Month of April
May
June
24.318.182
12 A51 RAI
IR
us rem
We now add our detailed statement showing the figures
for each city separately for July and since Jan. 1 for two
years and for the week ending Aug. 1 for four years:
1, AND FOR WEEK ENDING AUG. 1.
CLEARINGS FOR JULY, SINCE JANUARY
Week Ended August 1.
Since January 1.
Month of July.
1925.
1924. .
Inc.or
Dec.
1925.
1924.
Inc. or
Dec.
1925.
1924.
lacer
Dec.
1923.
%
Clearings at
8
$
%
s
$
$
5
%
8
First Federal Rose tee District- Boston
23,712,027 -6.8
22,106,893
3,647,121 -4.9
3,469,029
Maine-Bangor88,275,392 +10.2
97,286,910
14,316,937 +5.9
15,167.893
Portland
12,105,000,000 +5.8
1,900,394,980 1,766,000.000 +7.6 12,809,622,835
-Boston
Mass.
61,881.317 +13.2
70,076,144
8,102,808 +33.2
10.792,731
Fall River
27,351,057 +7.3
29.340.364
4,088,602 +4.8
4,286,138
Holyoke
35,257,477 -3.3
34,103.137
5,194,640 -3.8
4,996,923
Lowell
a
a
a
a
a
a
Lynn
39,955,735 +12.3
44,876,397
5,523,287 +13.7
6,281.912
New Bedford
162,722,766 +12.4
182,883,140
25,467,363 +26.5
32,205,598
Springfield
107,744,375 +5.6
113,798.912
15,961,000 +25.2
19,998,570
Worcester
385,920,374 +11.9
431,767,586
57,795,192 +19.8
69.238.591
-Hartford
Conn.
213.558,318 +1.0
215,711,469
32,896,712 +3.1
33,925,654
New Haven
63,099,800 +15.0
72,572,600
8.630.800 +20.3
10,384.100
Waterbury
357.474,000 +15.3
412,226,300
51.463,800 +23.4
63.277.600
R. 1.-ProvIdenae
23,474,189 Not included In total
In total
3.551,494 Not included
-Manchester
N. H.
14,536,372,687 13,671,952,638 +6.3
Total(13 cities)._ _ _ 2,174,419,719 1,999,088,262 +8.8
Second Federal Re serve District-New York27.378,460
29,531.395
New York-Albany
5,070,000
5,861.800
Binghamton
193,665,528
250,522,727
Buffalo
3,737,538
4.485,027
Elmira
5,858,663
7.341,278
Jamestown
23,395,750.107 21,126,633,026
New York
5,576,197
4,253.737
Niagara Falls
54,355,396
61,442.556
Rochester
23.453.686
33,783.549
Syracuse
15,752,981
17,970,430
-Stamford ._
Conn.
2,335.933
3,524,648
-Montclair
N. J.
85,664,140
95,925,515
Newark
151,151,242
168,014.314
Northern N.J
6,422.987
5,622.475
Orange;
--........._.
OA ACM 1C9 01091 WM '791 519
172,903,080
200,630,780
+7.9
31,123,100
35,250,100
+15.6
+29.3 1,551,247,101 1,325.102,394
24,689.430
28,877.035
+20.0
36,132,095
43,368,352
+25.3
+10.7 165,237,676,834 140,592,113.418
30,772,072
30,473,858
+31.1
353,046,378
390,944,191
+13.0
152,534,384
174,567,405
+44.0
95,178,728
101.204.629
+14.1
17,797,896
18,820,524
+50.9
568,577,446
621,465,153
+12.0
+9.8 1,006,799,794 1,095,863.879
34,722.888
39,085,679
-12.5
111
0 uao480411.485 144.530.557.188
802,442
3,169,249
417,000,000
1,705.781
a
966,067
a
1,121,527
5,278,773
3,152,216
15,500,630
6,909,980
657,026
818,464 -2.0
3,333,687 -4.9
4.752,881
482,000,000 -13.5 354,000,000
1,633,608 +4.4
2,158,234
a
a
a
1,059,633 -8.8
1,192,672
a
a
a
1,511,106 -25.8
1,289,472
5,196,337 +1.6
5,214,265
3,304,821 -4.6
3,377,000
14,170.279 +4.9
10,305,546
7,149.543 -3.4
7,656,614
$
704,306
3,820,437
316,000,000
1,761,268
a
1,080,181
a
1,397.511
4,439,356
3,382,423
11,016,996
5,963,888
10,977,400 +39.7
15,338.300
703,834 Not Incl. In total.
11,241,400
10,500,000
531,754,878 -11.4
401,845,110
360,056.366
470,994,965
6,072,138
5,916,451
+15.4
1,217.700
1,238,500
+13.3
36,307,252
+17.1 d45,519,914
753,971
801,218
+17.0
1,149,163
d 1,406,595
+20.0
+17.5 5,164,834,121 5,120.618,300
-1.0
10,832.908
10,845,261
+10.7
9,426,519
7,080,515
+14.4
2,473.505
c2,993.649
+6.3
553,899
791,623
+6.7
+9.3
32,308,183
30,405,622
-8.1
+12.6
+17.3
1922.
5.271.833.469 5.216.713.538
5.105,636
-2.6
5,623,184
1,315,058
+1.7
1,542,825
37,504,788
+25.4
45,067,415
+6.3
603,444
706,191
931,982
+22.4
1.084,978
+0.9 3,952,620,839 4,372,181,788
+0.1
+60.0
+21.0
+42.9
10,961.793
4,476,605
3,375,900
486,818
9,647,655
3,980,267
2,599,401
424,860
-5.9
37,508,558
36,855.1339
+1.1 4,063.455.106 4.471.150.578
Auc. 8 1925.]
THE CHRONICLE
675
CLEARINGS
-(Continued.)
Month of July.
Cleartnas al
_
1925.
--
1924.
Since January 1.
Inc. or
Dec.
1925.
1924.
Week Ended August 1.
Inc.or
Dec.
w
8
$
$
o
$
%
Third Federal Res erve District -Philadelph is
-Altoona
Pa.
7.224,194
6,765,615 +6.8
43,801.246
41,989,679 +4.3
Bethlehem
23,817,779
12,494.700 +90.6
128,470,668
115,636,049 +11.1
Chester
8,021,502
5,909.816 +35.7
44,447,840
39,118,603 +13.6
Harrisburg
21,906,861
20,535,428 +6.7
147,827.665
•130.915.885 +12.9
Lancaster
12,367,895
11,119,276 +11.2
88.279,015
91,691,818 -3.7
Lebanon
3,262.071
2.391,859 +36.4
19,371.756
17.078.063 +13.4
Norristown
4.492.769
3,786,497 +18.7
31,036.848
26,854,469 +15.6
Philadelphia
2,499,000,000 2,181,000,000 +14.6 16,782,855,000 14,700,546,000 +14.2
Reading
17,463,994
15,733.112 +11.0
112,184,295
106,507,787
+5.3
Scranton
29,376,018
27,462.340 +7.0
190.135,593
+9.2
174,059.663
Wilkes-Barre
17,225,579
18,541.001 -7.1
122,769,775
116,490.965
+5.4
York
8.924,294
8,147,265 +9.5
57,547,608
52,241.741 +10.2
N.J.-Camden
67,235,142
64,775.714
+3.8
381,269,168
370.539,513 +2.9
Trenton
32,034,985
25.570,047 +25.3
186,473,908
163,536,573 +14.0
-Wilmington
a
Del.
a
a
a
a
a
Total(14 cities)-2,752,353,083 2,404,232,670 +14.5 18,338,470,385 16,147.206.809 +17.6
•
Fourth Federal Re serve District -ClevelandOhlo-Akron
25,412,000
35,712,000 -28.8
182,771,000
226.606,000 -19.3
Canton
19,833.079
20,460,190 -3.1
140,210,160
142,201,826 -1.4
Cincinnati
327,103,056
288,536,570 +13.4 2,145.219,979 1,951,054,003 +10.0
Cleveland
560,078,558
455,700.828 +22.9 3,447,153,467 3,146.887,158 +9.5
Columbus
74,090,000
64,982,700 +14.0
455,847,000
420,974,700 +8.3
Dayton
a
a
a
a
a
a
Hanniton
4,876,001
4,602.501
+5.9
27,013,626
25,299,688 +6.8
Lima
a
a
a
a
a
a
Lorain
2,202,740
874,901 +151.7
15,847,277
10,791,011 +46.9
Mansfield
9,404,817
7,898.167 +19.1
59,316,249
55.178.269 +7.5
Springfield
a
a
a
a
a
a
Toledo
a
a
a
a
a
a
Youngstown
25,542,097
23,684.882 +8.3
164,534,255
138,520,750 +11.6
-Beaver County_
Pa.
3,579,747
3,419,957 +4.7
22,541,004
22.678,421 -0.6
a
Erie
a
a
a
a
a
Franklin
1,557,605
1,310,970 +18.8
10,589,850
9,307,508 +130
Greensburg
7,143,200
3,570,200 +100.1
47,146,309
39,673,605 +18.8
Pittsburgh
761.106,750
685,566,446 +14.4 5,123,664,429 4,694,443,178
+9.1
Ky.-Lexingtoh
7,409,746
7,089,888 +4E
62,763,861
58,586,025 +7.1
IV. Va.-Wheel1ng_
18,713,026
19,131,529 -2.2
129.959,701
124,709,043 +4.2
Total(15 cities)----
1.848,052,422 1.602,421,729 +15.3 12,024,578,167 11.066,911,185
•
Fifth Federal Rese rye District- Richmond
W. Va.-Huntington_
6,093,614
7,596,130
Va.-Newport News.
a
a
Norfolk
35,657.438
33,400.438
Richmond
228,343,000
242,245,824
-Asheville__ _
N. C.
a
•
Raleigh
11,582,050
9.657,439
Wilmington
a
a
-Charleston
B. C.
9,215,840
8,821,984
Columbia
6,449,522
7,984,402
Md.-Baltimore
538,718,316
427.716,792
Frederick
2,359,793
1,845,839
Hagerstown
3,722.371
4,391,912
-Washington..D. C.
122,575,468
100,970,205
+8.7
1925.
1924.
Inc.or
Dec.
1923.
8
$
%
8
1,438,203 -4.5
4,887.880 +2.6
1,003.085 +45.5
1,493,660
5,110,460
1,400,951
1,077,462
3,326,773
992,913
2.226,247
2,018,343 +10.3
2,817,027
2,618,374
523,001, 0
3,473,783
5 895 698
b
1,798,154
194,000,000 +5.9
3,034,936 +14.5
5,711,074
+3.2
b
b
1 748 543 +2.8
446.000,111
3.089,734
6,562,604
b
1 713.636
432.000,000
2 607 978
3,976.613
b
1,454,471
6,646.433
a
5,379,799 +23.5
a
a
4,852,699
a
3,971,184
a
+6.1
473,040,771
452.025.768
7,526,000 -10.5
3,568,933 +0.9
57,324,339 +12.6
94,046,289 +15.4
13,800,500 +8.8
a
a
6,469,000
4,203,689
59,519,067
104,560,167
15,820,600
a
5,655.000
3,721,000
54,740,332
90.405,300
14,760,700
a
550,885.779
d6,736.000
3,601,326
64,554.947
108,598,164
15,015,900
a
a
d1,732,768
a
a
d4,627,709
a
519,221,863
a
a
176.000.000
367,968,698
327,725.689 +12.3
345,418,794
349.985,047
5,702,894,672
+8.2
198,598,638
Sixth Federal Rose rye District- Atlanta
-Chattanooga
.
31,630,179
Tenn.
26,688,225 +18.5
Knoxville
13,941.282
14,214,124 -1.9
Nashville
96.113,597
78.736,064 +22.1
Georgia-Atlanta -265,035,671
212.836,542 +24.5
Augusta
7,523,277
6,596,322 +14.1
Columbus
4,499,201
3,596,775 +25.1
Macon
8.408.086
6.596,980 +27.5
Savannah
a
a
a
-Jacksonville
131,596,316
Fla.
59,891,670 +119.7
Miami
6106,060,291
613,306,790 +697.5
Tampa
37,815,056
14,971.485 +152.6
-Birmingham __
Ala.
.
107,481.897
99,376,696
+8.1
Mobile
8,061,836
7,653,735 +5.3
Montgomery
6,119,914
5,908,838 +3.6
m iss.-Hattlesburg .._
6,626.285
5,356.561 +23.7
Jackson
5,407,635
5,845.024 -7.5
Meridian
2,994,334
3,164.000 -5.6
1,383,914
Vicksburg
1,358,890 +2.4
La.
-New Orleans......238 860.869
219,891,251
+8.6
210,001.104
95,284,916
647.598,374
1,834,589,307
59,405,277
31,239,997
47,325,654
a
732,791.253
6486,701.364
218,669,007
782,881,598
59,996,292
49,129.036
45,915,197
40,173,682
25,021,192
12,263,886
1,723E76,374
190,657,172 +10.1
95,723.563 -0.5
576,843.363 +12.3
1,581,332,371
+6.6
53,161,395 +11.7
24,696,040 +26.5
41,097,350 +15.2
a
a
484,399.055 +51.3
6115,003,822 +323.2
110.803,006 +97.4
785,153,584 -0.3
55,698,340 +7.7
49.531,152 -0.8
45,094,194 +1.8
37.403,783 +7.4
26.520.253 -5.6
11,095.122 +10.5
1,660,806.336
+3.8
d8,211,680
2,433,939
20,846,578
54,974,916
1.763,813
4,836,804
2,515,907
15,868,953
41,829,729
1,290,096
6.666,162,146
5,830,016,076 +14.3
772,688.182 +26.0
Tom (20 dues)_ __ _ 4,542,152,305 4,007,186,796 +13.3
29,963,929,235 26,702,112,576
Eighth Federal Re serve District -St Louis
28,318,673
-Evansville
23,211,760 +22.0
Ind.
169,032,556
148,736,137
891.518
745,094 +19.7
New Albany
5.260,349
4.841,777
633.262.167
560,855,453 +12.9 4.366.990,630 4.122,595.103
-St. Louis
MO.
a
a
Springfield
a
.a
a
154,219,843
136.516,791 +13.0 1,037.465,267
Ky.-Louisville
931,317,640
1.914.809 -14.6
1,634.550
Owensboro
13,483,354
13,618,790
8,395,040 +11.3
9,346,072
Paducah
71,295.979
73,673.915
67,959,584
73,475,395
+8.1
reng,-MemphLs_
616,417,351
563,716,521
52,861,463
46,119,626 +14.6
.
-Little Rock _ _
Ark.
376,513.584
328.169,050
1.553.139 +47.8
2,296,295
111.-Jacks0nv1l1e
12.471,471
10,165,697
7.089.926
5,971,387 +18.7
Quincy
49,586,631
43,342,120
Total(10 cities)._
963,395,902
1,364,620
-17.0 •
a
d7,009,585
+3.9
47,627,000
-0.6
a
+13.3
a
+6.3
d1.729,855
+0.2
117,607,367
+12.2
+6.9
+0.3
+15.7
23,260.209
+10.0
7,794,725
+8.4
7,192,883
+26.2
28,966,200
25.384.876 +14.1
+21.8 4,751,035.035 4.290,079,007 +10.7
+6.0
72,619,983
69,372,881
+4.7
+21.6
232,641,839
206.046,037 +12.9
+8.3
52,413,888
53.446,498 -1.9
+34.0
78,726,606
72.910.970 +8.0
+36.1
86.075,528
73,392,094 +17.3
+44.1
150,334,564
119,112,281 +26.2
-5.5
512,303.000
584,856,000 -12.4
+46.8
86,317,649
71,758,222 +20.3
+7.1
179,971,672
174.378.211
+3.2
+32.1
97,122,549
83,053,072
,+9.0 1,197,302,004 1.111,644.615 +16.9
+7.7
+7.2
25,207,189
21.685,477 +16.2
+10.3
82,123,573
73,858,301 +11.2
+16.5
360,972,757
321,781,334 +12.2
+5.8
342,318,112
330,944,950 +3.4
-12.7
12,968,221
14.596,633 -11.2
-34.9
14,470,81 I
15,451,425 -6.4
+23.3
222,725,841
191,256,926 +16.5
-18.5
41,951,963
44,481.101 -5.7
+23.5
43,627,618
37,212,932 +17.2
+19.1
51,047,868
44,244,471 +15.4
+11.8 2
0.859,309,519 18,329,007,762 +13.7
a
a
a •
a
+12.3
46.574,096
40,569,437 +14.8
+14.1
154,142,487
137,940,513 +11.7
+12.2
86,933.536
78,354,147 +10.9
+20.8
85,930,413
78,089.520 +10.0
853,242,683 +12.9
6.718,517,172
6.240.176.750
+12.2
+13.6
+8.6
+5.9
a
+11.4
-1.0
-3.2
+9.3
+14.7
+22.7
+4.4
+7.7
•
149,082.018
6,170,833,289
Seventh Federal Res erve District -Chicago1,054,439
Mich.-Adrian
958.537
Ann Arbor
4,170,909
3,306,210
Detroit
770,310,565
632,262,999
Flint
11,398,000
10,752,000
Grand Rapids
36,798.717
30,251,001
Jackson
7,421,181
6.853.620
Lansing
13,470.080
10,053.876
-Ft. Wayne_ _ ._
15,112,855
Ind.
11,105.020
Gary
23,896,660
16,579,000
Indianapolis
88,037,000
93.183,000
South Bend
14,007.500
9535.789
26.659,419
Terre Haute
24.890,230
Madison
14.244,673
10,780,206
Milwaukee
177,701.706
163,030,274
Oshkosh
3,599,301
3,355,791
11,821,776
Iowa-Cedar Rapids.
10,718,412
Davenport
51.385,032
44,116,854
47,038,875
44,464.131
Des Moines
1,713,499
1,962,417
Iowa City
1,330,400
Mason City
2,045,000
29,970,729
Sioux City
24,301.393
Waterloo
5,444,934
6,679,423
7,003,611
5,670,785
111.-Aurora
Bloomington
7,348,122
6,168,618
3,116,058,155 2,786.194.010
chleago
a
a
Danville
7,208,712
Decatur
6,420,489
21,994,354
19,284,161
Peoria
12.413,353
11,061.250
Rockford
13,537,748
11.202,300
gpringfield
a
•
1,333,383
a
a
3,369.332
145,188,073 +12.3
844,630.965 +14.0
973,501,348
a
a
1,740,943
a
a
4.023,310
163,101,804
58.385,556
a
233,176.352
1,569,856,667
a
71,737,192
a
72,576,007
57,733,405
2,922,833,009
12,421,422
23,235,946
680,939,116
Total(17 cities) _
•
1,967,560 -11.9
a
•
a
a
4,303,995 +7.5
48,445,999
a
242:162.248
1,559,664,000
a
81,311,099
a
77,136,223
57,827,599
3.279,589,232
13,283,528
23,309.551
788,103.810
962,717,412
$
1,372,832
5,013,281
1,459,351
-19.8
•
+6.8
-5.7
a
+19.9
a
+4.5
-18.2
+25.5
+27.8
-15.2
+21.4
Total(10 cities)----
1922.
1,369.205
-0.3
2.076.841
1,648,274
6,407.000 +9.4
55,007,000 -13.4
6,594.52;
43,055,471
6,846,664
44,031,046
1,574,853
+9.8
1,709.777
95,218,173 +23.5
104,399,687
2,080,610
110,725,74
20,290.000 +14.6
19,040,000
18.841,1641
179.866,231 +10.4
176.876.217
184,173,500
+28.4
-3.3
+31.4
+31.4
+36.7
5.015,767
2,904,361
17,475,842
42,509.617
1,205,240
4,183,087
2.226,402
12,688,000
38,142,621
1,343,302
1,746,848
a
24,916.968
28,384,595
1,344,727 +29.9
a
a
11,690.705 +113.1
1.884.197 +1406.4
1,440,896
a
9,975,864
1,213,965
a
8,607,877
22,609.693
1,637,326
21,048,204
1.530,637
+7.4
+7.0
18,594,248
1.960.446
18,507,657
1,757.612
920,622
852,819
+8.0
869,254
656.396
236,213
47,973,562
241,894
48,801,811
-2.3
-1.7
361,570
44,104,852
310.844
40,803,771
214.657,253
153.736,483 +39.6
146,417,957
130,441.534
171,417
930,333
155,097,422
189,894 -9.7
754,744 +23.3
124,743.462 +24.3
191,691
755,362
121.929,082
194,349
662,546
110.490,24
4
7,785,050
7,460,201
+4.4
7.988,737
6,992.597
2.046,332
2,692,951
1.836,000 +11.5
1,933,960 +39.2
2,523,000
2,173,591
1,949.000
1,849,378
15,802,000
2.618,000
4,939.963
17,823,000 -11.3
1,883,000 +39.0
4,284,279 +15.3
20,201.000
2,467,329
5,099,626
16,908.000
2,249.355
33,346,419
33,294,227
+0.2
32,255.514
28,605,015
2,209,292
2,037,825
+8.4
2,330,403
2,194.190
8,751,994
8,480,885
+3.2
11,975.013
8.064,398
8,168.471
1,007.339
6,109,060
1,103.025
+1.0
-8.7
5,723,291
1,373.952
5,385.087
1,192,326
1,535,125
688,334.616
a
1,626,672
4,506,691
2,359,343
2,839,899
1,244,923
619,802,560
a
1,635,473
4.216,435
1,935,800
2,344,492
+23.3
+11.1
a
-0.5
+6.9
+21.9
+21.1
1,503.000
589,695,393
a
1,291,693
4,432,323
1,780,979
1,772,558
1,259.270
537.665,188
a
1,186,402
4,254.457
1.780.979
2,100,541
944,769,174
843,133,245 +12.1
817,463,537
734,983.522
4,427.480 +30.5
4,713,832
4.328,527
5,777,497
132,900,000
128,100,000
+5.4
30,494,105
335,101
27.840.715
347,726
+9.5
-3.6
24,942,018
429.677
24,168.909
350,199
14,138,166
10,522.354
643,900
1,343,833
14.411,159 -1.9
9,898,601
+6.3
412,749 +56.0
1,379,417 -2.6
15,410,426
9,569.740
485,716
1.309.622
13,259,139
7,420.553
393,996
1.056.194
56.861,031
50,977.517
196.154.956
184,817,847
+6.1
[VOL 121.
THE CHRONICLE
676
.
CLEARINGS-(Conclu
1924.
1925.
Week Ended August 1.
Since January!.
Month of July.
Inc.or
Dec.
1925.
1924.
S
$
1925.
%
1924.
Inc.or
Dec.
1923.
$
Inc. or
Dec.
$
%
$
'
'
1922.
5
$
$
%
Ninth Fed ral Res erve District -Minneapoll s
31,997.685 -18.7
28,021,395
Minn.-Duluth
+11.1
313.248,313
348,022,570
Minneapolis
1,992,191
1,655,187 +20.4
Rochester.._
St. Paul_
136,529,238
125,555,895 +8.7
6,995,559
6,881,018 +1.7
No. Dak.-Fargo
5,250,000 +8.2
5,683,000
Grand For s
1.093,440
902,258 +21.1
Minot
5,172,485 +20.4
6.226,155
So. Dak.-Aberdeen_
4,412,458 +28.9
5.687,739
Sioux Falls_'
2,176,746 +14.3
2,488,494
-BMW a
Mont.
2,463,961 +28.1
3,154,929
Great Falls_
12,126,444 +0.5
12,181,395
Helena
f
450,143
Lewistown _
240,158,515
2,502,198,736
12,613,196
921.940.185
53,577,843
43,589,000
6.917,787
41,765,262
34,498,699
17,421,000
19,919,063
81,614,354
3,080,638
199,915.724
1,955,661.397
11,648,959
931,468,629
48,977,644
36,080.694
6,043,342
34.779,802
32,622,698
14,288,224
15,892,328
74,629,874
1
+20.1
+27.9
+8.3
-1.0
+9.4
+20.8
+14.5
+20.1
+5.8
+22.1
+25.3
+9.4
d6,122,696
70,357,551
+0.0
6.121,126
80,102,293 +17.1
7,649,760
61,715,060
5,161,039
59,936,370
26,987,554
1,480,581
27,523,822
1,452,835
-1.9
+1.9
31,347,704
2,170,741
32,126.579
1,958,103
1,406,909
1,055,368 +33.3
1,226,207
1,187,263
488,360
411,234 +18.8
486,408
550,940
2,785,211
2,241,904 +24.2
3,051,616
2,909,455
+8.7
3,979,292,278
3,361,989.115 +18.4
109,828,862
98,908,582 +10.8
107,647,496
103,829,749
Tenth Faderal Rea erve District -Kansas Cit y
2,117,761
1,885.332 +13.5
Neb.-Fremon
+6.3
2,325,531
2,473,057
Hastings_
18,273,888 +14.2
20,873.130
Lincoln
184,831,724 +12.7
Omaha
185,774,065
-Kansas City- 17,843,743 +8.7
Kan.
19,382,183
a
a
a
Lawrence_ _
a
a
a
Pittsburg- 18,850,203
13,589.507 +38.7
Topeka
+8.2
39,196,791
41,623,583
Wichita
7,249,406
8.416,000 +13.0
Mo.-Joplin_ 631,074,489
572,688,486 +10.2
Kansas City.
+3.1
32,517,576
St. Joseph_
31,529,021
a
a
a
-Lawton
Okla.
+8.9
912,662
837,846
McAlester
a
a
a
Muskogee_
99,145,042 +14.6
113,678,000
Oklahoma C tY
36,989.527
29,425.314 +25.7
Tulsa
5,428,138
4,785,619 +13.4
-Colo. Si7ringsColo.
129,400,987 +15.4
149.341,147
Denver
4,996,204
4,448,745 +12.3
Pueblo
13.741,372
19,046.574
149,673,677
1.273,387.062
126,059,428
a
a
107,733,358
238,397.657
50.090,105
3,975,889,441
236,841,832
a
7,520,233
a
768.425,337
239.406,224
36,053,214
964340,101
34,275.539
12,814,344
15.090,283
121,808,130
1,119,053.109
144,862,405
a
a
90,553,274
219,791,191
44.263,000
3,690,732.231
210,162.029
a
8,298,564
a
840,935,959
211,617,890
32,022,850
992,000,052
28.772,044
+7.2
+26.2
+22.9
+13.6
-13.0
a
a
+19.9
+7.5
+13.2
+10.1
+12.7
a
-9.4
a
+19.9
+13.1
+12.6
+8.0
+19.1
d930,055
562,569
3,936,270
37,332,417
348.497 +23.4
571,129 -1.5
2,274,906 +73.0
35,650,048 +4.7
634.150
568,232
3,985,999
35,956,553
362,188
623,263
4,165,391
36,617,521
d2,852,750
d8,136,852
2,425.994 +17.8
8,768,000 -7.2
3.579,066
9,170.192
2,987,995
10,397,878
136,642,274
d6,929,056
127,419.197 +7.2
6,245,000 +11.0
126.875,148
7,043,000
131,467,296
a
d21,934,000
a
988,973
17,200.082
e917,086
a
a
21,308.432 +2.9
a
a
936,225 +3.3
15,003,555 +14.6
649,801 +41.1
a
19,
584,077
a
817.302
19,012.765
826.539
88.076
1
17.8
a
988,289
18,876.807
778,103
8,238,680,954
7,402,377,358 +11.3
237,890,364
-I-7.3
228,028.023
225,060,805
+57.8
-5.0
+25.1
-2.7
-4.3
+3.3.0
+26.6
+5.1
+18.4
-19.9
+72.8
+7.7
64,174.358
42,632,318
1.353,913.898
137,51)9,014
340,684,950
277,175.804
950,860,075
14,885,589
21,063,470
72,593,535
99,148,451
148,019,481
48,448,699
43.235,602
1,124,728,784
145,192,887
318,474,780
213,843,916
773,535,301
15,091,480
17,553.341
77,187,604
66,165.295
142,294,296
+38.1
-1.4
+20.4
-5.3
+70.
+29.6
+22.9
-1.5
+20.0
-6.0
+49.5
+4.0
• 3,938,304
3,739,218
+5.3
3,608,807
3.485.332
397,068,572 +19.6
3,522.590,926
2,983,769,945 +18.1
56,556,021
58,596,908
-3.5
43,139,510
41,886,424
-San Franc sec,
Twelfth Fed ,ral R eserve Distric t
3,288,000 +18.6
3,898.000
Wash.-Bellbw
162,352,051 +11.3
180,700,783
Seattle
45,751,000 +10.2
50,409,000
Spokane
a
a
a
Tacoma
4,334,215 +18.9
5,151,671
Yakima
4,711,400 +0.5
4,736,676
Idaho-Boise__
1,997,438 +17.9
2,354,405
-Eugene Ore.
154,848,751 +10.7
171.376,140
Portland
5,825,000 -2.3
5,497,000
-Ogden.. _
Utah
+7.5
64,359,196
89,199.017
Salt Lake CltY---2,822,975 +14.6
3,235,202
Nev.-Reno_
7,819.000 +17.7
9,200,000
-Phoenix
Ariz.
4,002,799 +24.1
4,966,933
Calif.-Bakers0 dcl___
17,827,929 +7.7
19,194,821
Berkeley
13,277,325 +8.4
14,397,053
Fresno
29,834,487 -1.0
29,547,279
Long Beach_ _
578,225.000 +15.3
866,526,000
Los Angeles
3,175,417 +19.0
3,777,660
Modesto
69,831,909 +26.1
88,027,275
Oakland
25.704,363
22,668,552 • +13.4
Pasadena- - 3.899.710 +0.3
3,709.604
Riverside_
+4.2
37,702,392
39,268,797
Sacramento_ _
20,323,473 +18.2
24,013,195
San Diego_
718,700,000 +12.1
805,849,245
San Francisco
11,753,440 +11.6
13,112.995
San Jose
5,291,789 -2.9
5,139,714
Santa Barbara---- 9,458,640 +3.9
9,831,125
Monica ...--Santa
2,188.821 +16.7
2,554,643
Santa Rosa_ _
11,573,000 +14.7
._--13,279,200
Stockton
24,453,000
1,219,605,596
334,390,000
a
41,350,538
29,691.722
14,854,499
1,114,823,301
38,652,000
470,872,845
19,789,339
68,156,000
32,686,340
127,761,205
89,308.208
205,773,018
4,544,518,000
22,878,407
597,148,995
185,821.053
26,618,729
241,183,171
153.939,743
5,273,972,295
75.998.826
38.071,676
60,459,296
14,631,997
81,360,700
22.861,000
1,195,951.637
320,684,000
a
35,201,925
30,739,527
12,472,533
1,083,407.033
39,428,000
441,371,208
17.724,333
61,183,149
27,914,422
123,547,075
99,664,180
232,518,375
4,291.651,000
20,445,980
482,153,787
178,249,217
24.673,834
236.797,5715
126,157,489
4,807,600,000
66,431,932
36,356,467
66,918,852
13,972,908
72,819,107
34,596,028 +5.0
9.333,000 +3.4
a
a
829.268 +14.1
34,575,000
10,542,000
a
906,795
30,143,707
9,768,000
a
1,164,343
31,070.247
+3.5
33,609,000
29,875,153
13,562.464
a
•
+0.8
a
a
13,824,269
a
a
12,147,268
a
a
3,588,649 -23.7
5,644,986 +2.2
119,708,000 +14.5
3,864,482
8,075,819
128,121,000
3,687,954
5,130,543
93,377,000
14,360,631 +17.5
4,763.982 +1.7
14,008,851
4,923,038
12,863,439
3,939,787
7,106.969
3,176,003
148,900.000
2,090,888
1,052,844
148,200,000
2,285,513
886.383
Total(13eh es)- - - -
Total(18 citi s)
556,526,251
511.842,453
1,273,281.131 1,138,583,356 +12.0
-Dallas
Eleventh F deral Reserve Distr let
-Austin_
7,548,489
4,783,777
Texas
5,428,935
Beaumont_ _ .
5,713.079
184,530,172
Dallas
147,647,935
18,252,082
18,757,878
El Paso
51,087,808
48,903,685
Fort Worth_
29,227,900
21.983,204
Galveston_
104,758,202
4
132,570. 01
Houston2,181,113
2,076,084
Port Arthur_
2,431,109
2,878,599
Texarakana- .
10.287.200
.
8,223,850
Waco
8,660,167
14,972,625
Wichita Falls
18,904,129
20,351,9015
La.-ShrevePo i
Total(12 citl s)
Total(28 cities
475,069,759
2,274,657,796 2,017,443,709 +12.7 15.198,750,499 14,168,696.532
•
1,507,538
1,246.073 +21.0
1,205.636
974,087
-5.6
24,591.050
22,0.16.496
11,903.332 -17.0
5,795,253 +26.0
a
a
8,988,475
4,765,742
•
10,227,728
5,162.801
a
33,920,314
35,913.032
d9,889,165
7,302,700
a
+7.0
+2.0
36,314,226
+4.3
9,647,000
a
a
+17.5
946,200
-3.4
+19.1
+2.9
32,150,703
-2.0
+8.7
13.665,361
+11.5a
+11.4a
+17.1
+3.4
2,739,751
-10.4
5,767.977
-11.5
+5.9
137,059,000
+11.9
+23.8
16.865.235
+9.3
4,844,747
+7.9
+1.9
d7.962,701
+22.0
4,159,793
+9.7
181,044,000
+14.4
2.885,498
+4.7
1,134,886
-9.7
2,335,139
+4.7
+12.0
c2,431.000
+6.9
221,600,784
441,752,715
6.844,731
3,615,210
152,400.000
2,524.737
1,008,299
1,886.761
+16.3
+15.1
+5.7
+6.4
+12.6
+23.8
2,232,500
+8.9
2,316,900
2,378,500
407,969,493
+8.3
414,893,858
364,559,580
1
Grand total(189 Rita) 42,879,479,146 38,243,162,694 +12.1 294,786,589,973 257,808,660,824 +14.3 9,061,590,892 8,744,025,54
19 483.719 039 17.116.529.688 +13.8 129.548.912.339 117.216.547.406 +10.5 3.896.756.771 3623.407,241
Yo
Outside New
6.233.990
*2,500,000
+3.6 7.275,087.410 7.469,110,390
-4-7.5 t322 455 321 .5 fma 004 an,
CANADIAN CLEARINGS FOR JULY, SINCE JANUARY 1, AND FOR WEEK ENDING JULY 30.
1925.
Canada_
Mon real
Toro oto
Win ipeg
Vane°liver
Otta Va
Quebec
HMI(Ix
Ham Iton
Calg xy
St. J oho
Victoria
Lend on
Edm Won
Regisa
Bran ion
Leth 'ridge
Saskatoon
Moosclaw
Bran ford
Fort William
New Westminster_ _ _.
Medi!Inc Hat
Peter oorough
Sherbrooke
Kitchener
.
Wlndi10/
Princ 5 Albert
Moncton
Kingston
$
413.705,600
390,105,762
200,664,189
69.710,575
26,445,592
26,494,374
13,871,888
23,116.192
29,984,711
12,170,1015
8,853,329
11,838.908
18,874.649
15,923.507
2,800,946
2,596,710
8,822,027
4,837,966
5,176,603
3,488,371
2,929,231
1.176,739
3,605,495
3,745,937
9,412,824
17,472.513
1,290,826
3,575,504
3,356,853
1924,
$
445,914,022
431,836,483
254,651,680
74,739,270
27,029,850
29,094,701
13,567,481
24,087.820
20,176,874
12.115,388
15,105,189
12,113,419
18.832,383
13,525,218
2.384,589
2,155,933
6,826,337
4,513,103
• 9,566.231
3,967,644
2,760,407
1,392,944
3,515.371
3,899,614
4,138,844
17,073,123
1.337,869
3,823.709
3,707,085
Week Ended July 30.
Since January I.
Month of July.
'learings at
Inc. or
Dec.
%
-7.2
-9.7
-21.2
-6.7
-2.2
-8.9
+2.2
-4.0
+48.8
+0.4
-41.4
-2.3
+0.2
+17.7
+17.4
+20.4
-0.1
+7.2
+13.4
-12.1
+6.1
-15.5
+2.6
-4.0
+8.6
+2.3
-3.5
-6.5
-9.4
1925.
$
2,758,144,288
2,687,977,351
1,308,889,488
447,598,312
184,531,051
186,859,182
86,075,546
138,197,506
189,229,625
75,953,262
56,791.309
78,648,844
134,093,774
96,500,392
18,624,825
14,960,523
42,757,837
31,260,985
28,273,597
22,819,043
17,824,108
8,068,132
23.654,060
22,959.967
27,912,781
95,146,153
9,234,946
22,728,053
19,669,499
1924.
3
2,948,857,493
2,873,874,315
1,345,222,904
457,914,969
189.417.396
163,779.388
82,175,011
147,757,209
188,315,122
77,796,257
64,266.329
81,606.674
125,541,123
90.697,222
14,518,252
15,017.672
45.303,802
30,615,476
26,950,618
24.313,434
17,717,135
9,386,196
22,728,313
25,247.013
28,253.036
95,223,992
9,574,869
23.526,543
19.664.377
Inc. or
Dec.
%
-8.5
-7.1
-2.7
-2.1
-2.1,
+1.5
+4.7
-8.5
+0.1
-2.4
-11.6
-3.6
+6.7
+6.4
+14.5
-0.9
-5.6
+2.1
+4.9
-6.1
+0.6
-14.0
+4.1
-9.1
-1.2
-0.1
-3.1
-3.4
+0.0
1925.
$
80.523,666
86,176,30/
39,316,200
14,418,109
4,722.681
5,298,438
2,846,594
'4,153,609
5,920,825
2,725,506
1,689,572
1,920,879
3,613.981
2,757,162
529,695
625,462
1,555.977
879,657
829,994
598,007
559,507
185,169
630,500
745,863
888.672
3,523,148
241,205
749,005
658.310
1924.
$
89,475.778
89,240,772
55,177,057
14.661,775
5,140,195
5,887,084
2,555,436
4,171.873
4,311,273
2,505,642
1,739,944
2,079.794
3,410,034
2,340,817
408,139
434,653
1,601.103
816,515
807,262
702.955
548,425
213,666
667,303
609,765
698.439
4,171,985
232,343
691,582
586,938
Inc.or
Dec.
%
-10.0
-3.4
-28.7
-1.7
-8.1
-9.7
+11.4
-0.4
+37.3
+8.5
-2.9
-7.6
+6.0
+17.8
+29.0
+43.9
-2.8
+7.7
+2.8
-14.9
+2.4
-22.7
-5.5
+22.3
+27.2
-15.6
+3.8
+8.3
+12.2
1923.
$
95.038.676
105,576,290
39,152,106
13,655,338
5.255,190
6,308,071
2,979,746
6,338.592
4,199,776
2,409,238
2,079,699
3,088,748
3,490,811
3,168,021
575,721
485,552
1,703,025
1,064,746
929.528
881,608
520,372
247,559
838,395
769,166
930,842
3,585,288
299,766
711,956
562,678
1922.
$
96,304,556
94,309,059
40,158,042
14,087,104
8,700,455
5,919,630
3,220,837
5,871,307
4,337,892
3,098.170
2,689,979
2,850,105
3,835,965
3,092.058
778,981
475,742
1,805,309
979,115
1,181,205
848,588
626,871
274.758
719,185
1,006,823
953,358
4,182,396
366,309
1,001,803
686,383
8 -4.5
269.258,680 295.866.350 -9.0 306.644.504 302.341,988
To al Canada
1.329.043,525 1.958.852,496 -8.9 8,791.384.395 9.244,759.93
July 30. e Week ended July 31. •Estimated.
a NO ionger report clearings. b Do not respond to requests for figures. c Week ended July 29. d Week ended
(No clearings; all banks closed.
5 Not included in total.
AuG. 8 1925.]
THE CHRONTCLE
677
United States Has 63% of Telephones in World.
300, reaching 311% Aug. 7, against 289% on Monday of last
There are nearly twice as many telephones in the United week. There was apparently no weakness anywhere outside
States as in all the rest of the world put together, says the of some of the oil shares and the close was buoyant.
Illinois Committee on Public Utility Information, and adds:
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE,
This striking statement, illustrative of American initiative and genius, is
DAILY. WEEKLY AND YEARLY.
brought out in the figures, just compiled, showing the world's telephones.
Out of a total of 24,576,121 telephones in use in the world on Jan. 1 1924
Stocks,
Railroad.
State,
United
there were 15,369,454 or 63% in the United States.
Week Ended Aug. 7
Number of
tte.
Municipal &
States
Shares.
Europe had 6,390,765 telephones, or 26% of the total, and the remaining
Bonds.
Pardon Bonds.
Bonds.
2,815,902 telephones, comprising 11% of the whole, were scattered through- Saturday
479,978
$3,157,000
$971.000
$128,000
out Asia, Africa, Oceania and the western hemisphere outside of this Monday
1,045,310
4,689.000
1,571.000
636,000
Country.
Tuesday
1,391,512
5,934,000
1,896,000
1,493,650
Wednesday
1,429.367
The United States had one telephone for every 7 people, while in all other
8.499.000
1,424,000
1,518.600
Thursday
1,379,075
6,307,000
2,031,000
countries combined there was but one telephone for each 185 inhabitants.
510,000
Friday
1,700,600
6,647,000
1,816,000
• 315,000
On Jan. 1 1924 there were 13.7 telephones for entry 100 of population of
Total
the United States, as compared with 3.8 in Germany, 2.5 in Great Britain,
7428.842
535 233 nnn
to 700 non
fa ant 950
1.5 in France and 0.4 in Italy. The nearest approach to the United States
record was Canada, with 11 telephones, and Denmark, with 8.7 telephones,
Sales at
Week Ended Aug. 7
Jan. 1 go Aug. 7
New York Stock
per 100 of population. These figures take on added significance when it is
Ezohange.
1925.
1924.
1925.
recalled that most of the telephones in Canada and Denmark are owned and
1924
operated by private companies, as in the United States, while the telephone Stocks
-No. shares_ _ _
7,425,842
4,881,770
238,134,887
144,884,748
systems of Germany. Great Britain and France are under government
Bonds.
Government bonds__
$4,600.850 $25,600,000
ownership.
$236.257,910
$606,955,000
State and foreign bonds
9,709,000 29,976,000
431.956,500
279,314,000
Railroad Sr raise. bonds 35,233,000 46,810,000 2,108,021.075 1,358,602,000
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Total bonds
$49,542,650 $102,386,000 $2.776,235,485 $2.244,871,000
32.041d.
o
§
8§§§8
M
The pace on the New York Stock Exchange this week has
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES
been fast and furious and hosts of new high records for
the year have been established in all departments of the
Boston.
Philadelphia.
Baltimore.
Week Ending
market, though the strongest display of pyrotechnics has
Aug. 7 1925
Shares. Bond Sales. Shares Band Sala. Shares. Boni Sala
I
been, as for a long time past, in the specialties, more par- Saturday
13,054
210,000
13,788
1,334
214,000
Monday
23.188
38,000
20.188
1,473
ticularly the high-priced ones. The trading has been grow- Tuesday
16,000
19.207
27,000
18.736
3,715
28,500
Wednesday
18.344
36.000
31,116
3,657
ing in volume and yesterday (Friday) the transactions ag- Thursday
11.000
23.997
17,000
52,284
2,696
38,000
19,512
22,000
37,583
gregated over 1,700,000 shares. The trend of prices was Friday
3,409
17,100
Total
117.302 3150,000 173,695 $146,000
16,284 $122,600
upward throughout the week, except that on Wednesday and
Thursday the course of the market was somewhat confused Prav mookr.vigad 141 104 51706.60 1130165 111412000 la 'AI t1A7 nnn
with more or less weakness in certain groups of stocks, in
THE ENGLISH GOLD AND SILVER MARKETS.
which apparently extensive liquidation occurred. The tone
We reprint the following from the weekly circular of
even on these two days remained confident, and on Friday
the upward movement was resumed and at a greatly accele- Samuel Montagu & Co. of London, written under date of
July 22 1925:
rated pace, as if to make up for lost time, the buoyancy beGOLD.
TheBank ofEngland gold reserve against notes on the 15th inst. amounted
coming all pervading and extending to all branches of the
to £159.726.210,as compared with £157,047,415 on the previous Wednesday.
market. The action of the Bank of England on Thursday in The following movements of gold to and from the Bank of England have
been announced since our last issue:
reducing its rate of discount appeared to be without
influReceived. Withdrawn.
July 16
ence, though it obviously suggested easier money conditions
£254.000
£69,000
July 17
159.000
5,000
on the other side. Nor did speculators pay much attention July 18
nil
nil
1.000.000
13.000
to the returns of the Federal Reserve banks, issued after July 20
July 21
245.000
nil
the close of business on Thursday, which revealed very July 22
125.000
27,000
The £1,000,000 received on the 20th was in the form of sovereigns from
striking evidence of growing firmness in money at this
South Africa. The other receipts were bar gold but no origin was discentre, despite which, as already noted, speculation for closed. The destinations of the £51.000 sovereigns withdrawn were given
higher prices on Friday gained further headway. The Fed- as follows: £27.000 to India, £10,000 to Java. £8.000 to Singapore and
£6.000 to Holland. During the week under review £1,669.000 on balance
eral Reserve returns had a decidedly unfavorable aspect, has been received by the bank,increasing the net influx since the resumption
showing, as they did, an increase of $7,000,000 in the amount of an effective gold standard to £7.395.000. According to the "Times of
dated the
of Federal Reserve notes in actual circulation, a decrease of India" Bombay 4th inst.: "The Hon. Sir B.Rlackett met the committee
of the
Chamber . . . and stated that the re-establishment of
$13,000,000 in gold reserve and an increase of $75,400,000 the gold standard in England the probability of gold prices remaining
comparatively stable held out a promising prospect of stabilizing exchange
for the week in the volume of discounts.
without seriously risking
In Saturday's half-day session the strong features were of the Finance Member the stability of internal prices. This statement
is an important one and makes possible early
General Electric, Mack Trucks, Standard Gas & Electric, stabilization of rupee sterling exchange, as the main argument against
such stabilization has been the danger of unstable internal prices." The
Montgomery, Ward & Co. stock, du Pont, New York Canfollowing
ners, American Ice, General Baking, International Tel. & June last:figures (in lace of rupees) relate to India's foreign trade during
Tel., International Shoe, National Lead, New York Ship- Imports of private merchandise
16.32
Exports (including re-exports) of private merchandise
building and F. G. Shattuck. This latter became one
34.14
of the Net imports of gold
2,36
striking features as the week developed, on rumors of
a Net imports of silver
1,09
possible purchase of Huyler's and other candy stores. On Net imports of currency notes
1
Visible balance of trade in merchandise and treasure in favor ofIndia_ _14,52
Thursday the stock touched 92, as against 74% last Saturday.
Balance of Government transfers of funds against India
10.18.
On Monday much the same stocks were again active at still
SILVER.
higher figures, and several others were added to the list of
The market has remained steady and rather inactive. Selling has been
those prominent for the extent of their rise, including Elec- sluggish, though at advanced rates supplies have become more plentiful.
The
tric Storage Battery, Sears, Roebuck & Co., Public Service rates Indian Bazaars have sent orders, mostly, however, below current
and some inquiry has come from
Corp., Coca Cola, General Railway Signal, Loose-Wiles very slow to sell on the whole, and the the Far East. America has been
Continent is not much of a factor
Biscuit, International Harvester, Savage Arms, etc., etc. either way.
INDIAN CURRENCY RETURNS.
Tuesday Montana Power sprang into prominence, as on
(In Lacs of Rupees)June 30.
July 7. July 15.
many previous occasions, and the rest of the week piled up Notes in circulation
17825
17947
18091
still further gains, touching 991 Aug. 0, as against the Silver coin and bullion in India
7875
7997
8141
4
Silver coin and bullion out of
-previous high of 891 on July 10. On Friday the railroad Gold coin and bullion in India
4
India- - 2232
2232
2232
shares leaped to the front, led by such stocks as New York Gold coin and bullion out of India
Central, Nickel Plate, Chesapeake & Ohio and Pere Mar- Securities (Indian Government)
5718
5718
5718
Securities (British Government)
2000
2000
2000
quette. Some of the standard industrial issues like U. S.
No silver coinage was reported during the week endiag 15th inst. The
Steel commanded favor and moved upward, while the big stock in Shanghai on the 18th inst. consisted of about 58.300,000 ounces
advances in the specialties became so numerous that space in sycee, 44.500,000 dollars and 1,480 silver bars, as compared with about
cannot be spared to mention them all. Coca Cola on Aug. 6 58.800.000 ounces in sycee, 45,000,000 dollars and 2,630 silver bars on
the 11th inst.
-Bar Silver per Oz. Std.got up to 146, against the previous high of 137% July 27.
Bar Gold per
QuotationsCash.
Oz. Fine.
2 Mos.
Du Pont on Aug.5 sold at 201%, against 191% July 29. Gen- July 16
32 1-16d.
32 1-258.
84s. 11 d.
July 17
32d.
32d.
84s. 11 d.
eral Motors touched 93% Aug. 5, against 89% July 29, Pub- July 18
32d.
32 1-158.
84s. 11 d.
July 20
32d.
lice Service Corporation. of New Jersey sold at 87% Aug. 5, July 21
32 1-158.
84s. 11 d.
32%cl.
32lid.
84s. 100.
against 78% July 28, and General Electric again Shot above July 22
32 1-158.
32 1-I58.
84s. 103id.
Average
32.062d.
84s. 11.1d.
The silver quotations to-day for cash and two months' delivery were
1-16d. below those fixed a week ago.
-PER CABLE.
ENGLISH FINANCIAL MARKETS
for securities, ecc., at London,
The daily closing quotations
as reported by cable, have been as follows the past week:
Frt.
Wed. Thurs.
Tues.
Mon.
Sat.
London,
Aug. 1. Aug. 3. Aug. 4. Aug. 5. Aug. 6. Aug. 7.
Week Ended Aug. 7.
3113-16 31 15-16
32
32
32
d 32
Silver, per cm
8481134d84811411848114d8481130134611.4d8481134d
Gold, per fine ounce
56)
5634
563
564
564
Console. 2% percents
101
10034
10034
10034
10034
British,5 per cents
9534
9544
954
954
954
per cents
British.44
47.70
47.85
48.10 47.75
48.50
French Rentes (In Paris)_ _fr.
56
57.50
57
57
56.25
French War Loan (in Paris)fr.
The price of silver in New York on the same day has been:
Sliver in N.Y.. per os (eta.):
6934
Foreign
6934
6994
6934
6994
6994
Sommerdal audXiscdin mous4tuis
FOREIGN
TRADE OF NEW YORK-MONTHLY
STATEMENT.
Customs Receipts
at New York.
Merchandise Movement at New York.
Exports.
Imports.
Month.
1924-25.
1923-24.
1924-25.
1923-24.
8
$
IS
8
134,244,024 130,629.533 113,857,690 122.714.293
July
111.756,587 129,706,345 139,802,244 125,059,775
Angina
September.131,786,636 119,839,728 141,844,404127.967.562
.
October. 154,424,252 149,561,943 168.984.882 133,087,943
November.140.605,417136,763,965138,892.978 133,197,081
December- 152,382,564137,719,255 127.785,237 125,679.538
January.. 156,923,263 130,402.242 156.313,003 146,793.889
February - 160.460,910 155.554,139 123,210,344 139,028,108
.
March_ _ _ 183.494.498 149.384.187 175.312,931 133,687.771
166,694.007 163.514,222 171,392,165 145.002,767
April
149.170.018 135,620,732 147,545,548 143.742,987
May
160,308,912131,236,366123,740,727 118,752,948
June
1924-25.
1923-24.
8
25,426.495
24,585,320
28,765.865
28,358.873
23,732.263
23.551,575
26.121,252
26.072.503
27,666.955
22,893.230
21,933,377
23.298,32
24,680.863
25,936,476
26,350,449
30.468,926
27.253.543
23.605.874
24,779.787
28.444.581
27,625,870
26,752,166
23.179.124
23,802,661
'
Total-- 18022510851669732657 17286821531594714660302,386,034 312.880.320
Movement of gold and silver for the twelve months:
Gold
MONMS188
Imports.
Exports.
1924-25.
_
September.
October _ _
November.
December.
January_ _
February March_
April
May
June
Siber-New York.
as New York.
Imports.
Month.
JUI7
August
(VOL 121.
THE CHRONICLE
678
1923-24.
1924-25.
15.222,422
14,279,488
1.028,986
16,070,991
15,798.143
6,827,266
1.029,134
612,514
3,662,342
5,694,336
7,776.455
948,811
24,412,425
26,481.917
24.352,110
24.119.994
35.348.491
29,055,994
35.558,071
28,514,809
27.968.134
37.018,743
35,003.505
20,402,503
1923-24.
30,512
1,703,671
2,167,626
1,710.347
4,452,453
39.070.707
66,002,262
33,520.792
21,435.084
19,899,381
10,304,670
2,641,349
Total_ _ _ 88,950,888348,238,696 202,938,854
$
47,885
737.477
458.016
599.935
253.912
66,000
750
315,000
201.600
740,500
24,880
3,445,93
ExpOrte.
1924-25.
1924-25.
3.710,326 7.757.259
3,110,243 7,210,420
3,439,551 6.844.139
2.517.514 2.103.698
1.976,325 5.584.178
2.819.280 7,236,567
4,070.277 7,604,975
2,289,472 4,556,080
3,705,805 5,254,216
2,396.063 6,922.769
521.974 3.812,598
1,659,57
5,873,792
32,216.40
70,760,689
-The
Breadstuffs figures brought from page 732.
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 eaeh of the last three years have been:
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
01.1.1961bs.bush.60 lbs. bush. 58 lbs. bush. 32 lbs.bush.4855s. bush.565bs.
13,000
246.000 3,469,000 1,042,000 1,969.000 275.000
Chicago
35,000
587.000 265.000
130,000
1,189,000
Minneapolis
53.000
136.000
105.000
2,000
228.000
Duluth
2.000
376.000 201.000
93,000
225,000
43,000
Milwaukee..1,000
64.000
32,000
378.000
Toledo
18,000
10,000
56,000
Detroit
270,000
302,000
553,000
Indianapolis_
21,000
308,000 1,128,000
St. Louis..... 108,000 2,782,000
1,000
27,000
477,000
423.000
106,000
32,000
Peoria
548,000
238.000
2,868.000
Kansas City_
748.000
175,000
882,000
Omaha
56,000
109,000
600,000
St. Joseph_
8,000
23,000
388,000
Wichita
7,000
248,000
52.000
69,000
City_
Sioux
Total wk. '25 429,000 13,793,000 2.939,000 6.602,000 933,000 104.000
311,000
Same wk. '24 499,000 16,900,000 5.135,000 2,483,000 521,000 1.245,000
394,000
Same wk. '23 361,000 16,088,000 5,509,000 3.258,000
Since Aug.11925
1924
loos
429,000 13.793,000
499.000 16,900,000
381 000 18.085.000
2,939,000
5,135,000
5.509.000
6,602.000
2,483,000
3.258.000
933,000 104.000
311.000 1,245,000
521.000 394.000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Aug. 1, follow:
Receipts at-
Flour.
barrels,
New York.....152,000
53,000
Philadelphia__
18,000
Baltimore_ _ _ _
2,000
News_
N'port
54,000
New Orleans.
Galveston__ _ _
40.000
Montreal _ _ _ _
31,000
Boston
Wheat.
Corn.
Oats.
Barley.
Rye.
bushels,
1,236,001
430,000
526,000
bushels,
33,000
1,000
6,000
bushels,
459,000
52,000
118,000
bushels.
316,000
2,000
11,000
bushels.
73,000
86,000
135,000
3,118,000
5,000
234.000
8,000
10.000
1,950.000
18,000
562,000
783,000
Total wk. '25 350.000 5,536,000
Since Jan.1'25 14,792,000 110,717,000
284.000i 2.705,000 891,000 856,000
4.022,000 40.382,00018,629,00025.746,000
61.000 1,158.000
745,000
286,
14,333.000 27,161,000 7.370.00012.971,000
Orleans for foreign ports
• Receipts do not include grain passing through New
en through bills of lading.
Same wk. '24
365,000
5,936.000
5I,,,,, Tan 1 "414 857.000 134.418.111
-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange, Aug. 1 to Aug. 7, both
inclusive, compiled from official sales lists:
Stocks-
Sates
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
Range Sines Jan. 1.
High.
Low.
8 3734 Jan 60 June
10
Alliance Insurance
5634 5634
Jan 10434 Apr
65 96
Amer El Power pref_ _ _ _100 102 51014 104
_ 50 9734 894 984 7.143 80 June 984 AUg
Amer Gas of Pa v t c_ _ _
62,360 454 Jan 8894 JulY
87
73
American Stores
• 78
161 10794 Apr nog June
Bell Tel Co of Pa pref_ ioa ______ 1093/ 110
Jan
mar 109
200 95
104 104
Brill (J G) Co
Mar
59 98 June 110
100 101
100
Preferred
Jan
Mar 40
50
40
40
Iron
50 38
Cambria
Mar
July 43
100 24
*
244 2434
Congoleum Co Inc
mar
40
40
90 3594 Mar 43
Consol Trac of N J....100 40
94 July 12 June
180
931 941
25
Eisenlohr (Otto)
82
30 8034 June 854 Feb
Preferred
82
100
125 6194 Apr 7034 Feb
Elec Stor Battery
100
6694 67
29 174 Jan 3234 Apr
30
26
Giant Portland Cement.5030
Jan
1.257 4634 Feb 70
54
56
Insurance Co of N A__ _ _10 54
Aug
15
Aug
15
100 15
15
Inter-State Rys
• 15
Apr 35 June
240 20
30
29
Keystone Telep, pref---50 30
734 Feb
334 Aug
334 354 1.362
.
Lake Superior Corp_ _ _100
334
3,127 8034 Mar 110 June
974 99
50 98
Lehigh Navigation
200 2134 May 25 June
10
Lit Brothers
2334 2334
12 5034 July 53
5134 514
Minehill & Schuyl Flay_ _ 50
July
Jan
34 804 May 82
North Pennsylvania . 50
8034 8041
Jan 6934 July
60 60
68
6934
Penn Cent Light & Pow..*
484 Jan
4534 464 3,153 4294 Apr
50
Pennsylvania RR
72
25 70 May 8594 Jan
72
Pennsylvania Salt Mfg_ _50 72
Philadelphia Co (Pitts)
Apr 4954 July
4834 4834
100 45
Preferred (cumul 6%)-50
25 4231 3834 4334 46.293 3754 Apr 4794 Feb
Phila Electric of Pa
Feb
603 374 Apr 45
25 4234 3734 4234
Preferred
Mar
Jan 51
4834 1,223 40
47
Phlla Rapid Transit__ _ _ 50 48
Apr 6334 Mar
284 57
5854 80
Philadelphia Traction_ _ _50 60
145 1434 July 1834 Jan
144 1434
50
Phlla & Western
96
5 96
Jan 9834 May
96
.100
Scott Paper Co pref.
54 11-16 1,350
44 Jan 15-16 Feb
.
_ _1
Tono-Belmont Devel_
411. May
14 Mar
1
Tonopah Mining
334 3111. 3,980
Mar
July 44
39%
365 39
39
50 39
Union Traction
Aug
49,529 794 Mar 100
50 99
9054 100
United Gas Impt
80
74 Jan
354 Aug
Warwick Iron & Steel_ _10
354 4
4344 2,301 3134 June 4334 Aug
38
West Jersey & Sea Sh _ _ _ 50 43
190 414 Aug 57
Jan
Westmoreland Coal_ _ ..50 414 4134 42
20 3534 Feb 36 34 Jan
3634 3634
50
York Rye preferred
Bonds
9331 934
Amer Gas & Elee 5s..2007
170 170
Amer Gas of N J 7s... _ _1928
99
99
Baker (A F) 634s_ _ _1940
76
76
Consol Trac of N J 58_1932
83
62
Elec 5. Peop tr ctfs 40_1945
10334 10354
General Asphalt 8s_.1939
9134 9134
Keystone Tel let 5s_ _1935
9654 9654
Leh C & Nay cons 434s '54
10034 10034
Leh Val Coal let 5s...1933
914 9131
Midvale Valley 1st 5s _ 1943
944 95
95
Phil's CO cons & stud 5s'51
100 10034
Phila Elec 55
1960
let 58
1986 10231 102 10234
106 106
1947
534s
1054 10534
1953
5345
6s
1941 10694 10634 10634
Phila & Read Term 53_1941
10454 10434
101 101
Spanish Amer Iron 68_1927
Qs
an
Ynrk Rnllumvw lot ca 1057
52.000
1,000
3.000
2,000
24,590
1,000
22,000
10,000
1,000
2,000
8,000
5,000
23.800
2,000
16,000
12.000
5,000
1,000
1 Ann
87
136
984
73
57
100
824
96
10031
9154
9334
99
10031
10334
10434
106
104
1004
09
Apr
Jan
June
May
June
Jan
Jan
Jan
Mar
Ault
Jan
Mar
Jan
Jan
Feb
Jan
Feb
May
Tan
94
215
9934
7834
65
10354
9234
101
101
June
Mar
Juli
Mar
Mar
June
June
June
May
9234 July
9734
1034
10334
107
10794
10834
105
10154
June
June
June
June
May
June
J11138
Jan
11414 June
• No par value.
-The following information regarding
National Banks.
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capilea.
July 28
-The Commercial National Bank of Santa Barbara,Calif. $500,000
Correspondent, W.R. Mygatt, Santa Barbara, Calif.
100.000
July 28
-The frame National Bank of Enid, Okla
Correspondent, B. M.Athey, Box 295, Enid, Okla.
50,000
July 28
-The Security National Bank of Brookings. So. Dak
Correspondent, Horace Fishback, Brookings, Se. flak.
500,000
Aug. 1-The Second National Bank of Miami Fla
Correspondent, John C. Gramling, Miami, Fla.
APPLICATIONS TO ORGANIZE APPROVED.
200,000
-The National Bank of West Palm Beach. Fla
July 28
Correspondent, G.W.Bingham. West Palm Beach, Fla.
100,000
-The Citizens National Bank of Rahway, N. J
July 28
Correspondent, P. R. Forman. Rahway, N. J.
50,000
July 30-Haledon National Bank, Haledon, N. J
Correspondent, Marinus C. Tamboer. Haledon, N. J.
25,000
Aug. 1-The First National Bank of Atascadera. Calif
Correspondent, W. E. Hanson. Atascadera, Calif.
APPLICATIONS TO CONVERT RECEIVED.
-The First National Bank of Leakey, Texas
July 28
Conversion of the First State Bank. Leakoy.
-The Smiley National Bank, Smiley, Texas
July 28
Conversion of the Smiley State Bank, Smiley, Texas.
APPLICATION TO CONVERT APPROVED.
Aug. 1-The First National Bank of Yukon, Pa
Conversion of the First State Bank of Yukon. Pa,
25,000
30,000
30,000
CHARTERS ISSUED.
25,000
-The Rochelle National Bank, Rochelle, Texas
-12.796
July 27
Conversion of the Rochelle State Bank, Rochelle, Texas.
President, S. H. Gainer: Cashier. 0.E. Rice.
-First National Bank in South Pasadena, Calif- 100.000
-12,797
July 29
Conversion of the Home Commercial and Savings Bank
of South Pasadena. President, Frank H.Hale;Cashier,
0. R. Clanton.
-The First National Bank of Levelland, Texas
25,000
-12.798
July 30
President, Jno. H. Doyle: Cashier, S. C. Reach.
-First National Bank in Florence, So. Caro
100.000
July 31-12.799
President, J. F. Stackley; Cashier, Sam H. Husbands.
100,000
Aug. 1-The Methuen National Bank, Methuen, Mass
Succeeds the National Bank of Methuen, Mate. President, Frank M. Andrew: Cashier, John D. Emerson.
CHANGE OF TITLE.
-12,761-The Quinlan National Bank of Quinlan, Tex.,
July 28
to "The Quinlan National Bank.
VOLUNTARY LIQUIDATIONS.
Capital,
-The Dayton National Bank, Dayton, Ohio
-898
July 30
3300,000
Effective July 13 1925. Liu. agents. W. E. Enyeart,
Dayton, Ohio. Absorbed by the City National Bank
of Dayton, Ohio, No. 2,874.
--The National Bank of Methuen, Maas
Aug. 1-1,485
100,000
Effective Aug. 11925. Liq. agent, John D. Emerson,
Methuen, Mass. Succeeded by the Methuen National
Bank, Methuen, Mass., No. 12,800.
-The Commercial National Bank of Ogden, Utah 100.000
Aug. 1-3.139
Effective at close of business July 311925. Liq.agents,
Patrick Healy and H: W. Hinley, Ogden, Utah
Succeeded by a State bank.
AUG. 8 1925.1
THE CHRONICLE
CONSOLIDATION.
Aug. 1-1,394
-The American Exchange National Bank, New
York, N. Y
5,000000
and 12,757
-Pacific National Bank in New York,N.Y -1.000,000
Consolidated under the Act of Nov. 7 1918 under the
charter of the American Exchange National Bank and
under the title of "The American Exchange-Pacific National Bank," No. 1,394. with capital stock of $7,500.000,and with six branches all located in the City of New
York.
NATIONAL AGRICULTURAL CREDIT CORPORATION.
On July 27 1925 charter was granted to the "Pacific National Agricultural Credit Corporation," No. I. The articles of association and organization certificate of the corporation provide that the office shall be located
In Fresno. Calif., and its operations shall be carried on within the States
of California. Arizona, Nevada, Oregon, Utah, Idaho and New Mexico.
Its capital stock is $500,000, of which $250,000 has been paid in as required
by law. The officers are: T. H. Ramsay, President and General Manager;
Harry M.Creech, Vice-President and General Counsel; Gerald D. Kennedy.
Cashier and Secretary.
Auction Sales. Among other securities, the following,
-
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston and Philadelphia on Wednesday of
this week:
By Messrs. Adrian H. Muller & Sons, New York:
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per sh.
100 Congoleum Nairn, no par
24
3,000 Ben Hur Divide Mining Co.
50 Pittsburgh & Lake Erie RR.
All assessments to date paid.
Co., par $50
Par 10 cents
14034
$15 lot
40 Continental Oil Co., par $10._ _ _ 23
Bonds.
Per cent.
18,780 Riverside Drive, Inc
50
$5,000 Forest Holding Co.4% deb.
5,428 Fraser Tablet Co., com__ _3
bonds
75
1,687 Fraser Tablet Co., 1st pref.i$4.500
2.318 Fraser Tablet Co.. 2d prof.1 lot
By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
$ per sh. Shares. Stocks.
Per oh.
3 Second National Bank
384
2 units First Peoples Trust
7534
6 Second Nat. Bk., Nashua, N.11-200I4 41-100 State Theatre, pref. scrip_ 75%
2 Bates Mfg.Co
228
2 Boston Belting Co., pref., par $50 27
5 Pepperell Mfg. Co
13944 50 Bay State Fishing Co., 1st pref- 2434
5 Nashua & Lowell RR
10934 50 Bay State Fishing Co., com.-- 634
24 Nashua & Lowell RR
10934 3 Hood Rubber Co., pref
1004
20 Merrimac Chem. Co., par $50._ 8334 35 U. S. Envelope Co.. prof
1073(
20 Cambridge Electric Light Co.,
par $25
10734-10734
Bonds.
Percent.
1 Holyoke Water Power Co
480
$2,000 Ind. Col. & East. Tr. Co.,
1 Boston Real Estate Trust, par
gen. & ref. 55, May 1926
631 lot
$1,000
99534 & div $5,000 New England Southern Mills
19 units First Peoples Trust
' 7534
75, Dec. 31 1933
3 Merrimac Chem. Co., par $6O.._ 834 611.500 Atlantic Tar dt Chemical 7.534
10 American Glue Co.. com
Works, Ltd., 1st 85, Mar. 1 1934;
4534
5 Sullivan Machinery Co
61
coupon March 1925 and sub,
4 Massachusetts Ltg. Co.,8% pret_11234
attached to $10,600
39 flat
By Messrs. Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
8 Per sh. Shares. Stocks.
$ per sh.
2 Federal National Bank
10034 10 New England Co..6%,1st pref- 93
10 Wamsutta Mills
8351 55 Montpelier & Barre Light.&
36 Arlington Mills
Power, common
9634
60-5834
26 West Point Mfg. Co
13834-139
52 Ludlow Mtg, Associates
16634
10 Waltham Bleach & Dye Works_ 35
60 Fall River El. Co., par $25.._40-4034
28 Pepperell Mfg. Ca.__ _139M,ex-div. 34 North Boston Ltg. Properties,
6 Nashua Mfg. Co.,common
70
common
8334
25 Hamilton Mfg. Co
3334 10 special units First Peoples Trust_ 555
3 Plymouth Cordage Co
12634 30 Montpelier & Barre Lt.& Power
15 Lawrence Gas & Electric Co.,
Co., common
70
par $25
44-4454 11 Lawrence Gas & Electric Co.,
2 units First Peoples Trust
Par $25
7534
44-4434
48 New Bedford Gas & Edison
29 units First Peoples Trust
7534
Light, par $25
6634 10 Eastern Mfg. Co.. pref
35
14 American Glue Co., common... 454 20 Fitchburg G.& El. Co.,
par $25_10531
50 Lawrence Gas & El. Co., par $25 44
6 Quincy Market Cold Storage &
2 Cambridge Gas Light Co., par 625 70
Warehouse Co., pref
8734 & div.
10 Fall River Elec. Co., par $25. _ _ 3934
By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per sh.
10 Eighth Nat. Bank
910
5 Phila. Warehouse & Cold Stor12 Girard National Bank
63234
age Co_
107
10 Kensington Nat. Bank, par $50_164
15 Phila. Warehouse & Cold Stor10 Fourth Street Nat. Bank
40434
age Co
105
6 First Nat. Bank
3454 50 Hare dr Chase, Inc., preferred 95
10 Northwestern Nat. Bank
677
50 Hare & Chase, Inc.. cont., no par 27
5 Philadelphia Nat. Bank
415
10 Continental Pass. Ry
7134
44 Northern National Bank
275
89 Germantown Passenger Ry.. 7134
5 First National Bank of Clifton
4 Phila. Germantown & Norristown
Heights, Pa
510
RR
124
5 Peoples Bk. & Tr. Co., par $50_130
5 Philadelphia 'Frac., par
5834
2CommonwealthTitleIns.&Tr.Co.45034 10 Fairhill Coal Co., par $60
$50
30
10 Manufacturers Title dc Trust
20 John B. Stetson Co., common.
Co., par 650
80
no par
92
8 Mutual Trust Co..full paid rots_ _110
35 Philadelphia Bourse, pref
24
48 Thomas Devlin Mfg. Co
5 Penna. Co. for Ins. on Lives, &c..7138
80
25 Industrial Trust, Title & Sav17 Harrisburg Lt.&Pow.Co.. pref.
337 5 Horn & Hardart Baking Co. of 4534
ings Co., Par $50
1113
Philadelphia, no par
5 Girard Trust Co
236
34114 15 Horn & Hardart Baking Co. of
2 Franklin Trust Co
Philadelphia
50 Colonial Trust Co.. par $50..166
23534
I Guarantee Tr.& Safe Dep.Co_ _ _169
30 Almar Stores Co.,common
20
Bonds.
5 Union Trust Co.of Pa.,Harrisb'g.173
Percent.
$800 Benevolent Protective Order
8 Commercial Trust Co. of Harris7534
burg. Pa
of Elks, Phila. Lodge No. 2,
general 68, 1942
85
DIVIDENDS.
Dividends are grouped in two separate tables. In
the
first we bring together all the dividends announced the curweek. Then we follow with a second table, in which
rent
we show the dividends previously announced,but which have
not yet been paid.
The dividends announced this week are:
Name of Cotnpany.
Per
When
Cent. Payable.
Books Closed,
Days Inclusive.
Railroads (Steam).
Consolidated KRA.of Cuba, pref.(quar.) 61.50 Oct. I Holders of rec. Sept.15
$1.50 Sept.30 Holders of rec. Sept.29a
RR., common (quar.)
Cuba
1
Sept. 1 Holders of rec. Aug. 15a
Cripple Creek Central, preferred
134 Sept. 1 Holders of rec. Aug. 15
Maine Central, preferred
Public Utilities
Aseec. Gas & Elec.. $6 div. ser. pf.(qu.) *81.50 Sept. 1
Blackstone Val. Gas & El., corn.(quar.) $1.26 Sept. 1
Buff. Niag. & East. Pow.,coin.(No 1), '123.4c Oct. 1
Cent,Ark. Ry.& Lt. Corp., Prof.(qu.). 134 Sept. 1
Cent. Miss. Val. Elec. Prop., pref.(au.) 61.50 Sept. 1
134 Aug. 22
Electric Investment, pref.(quar.)
UK Aug. 15
English Electric Co. of Canada. pref._
Fairmount Park & Haddington Pass. Ry. $1.50 Aug. 5
200. Oct. 1
Federal Light & Traction,common
Common (payable in common stock). 15c, Oct. 1
134 Sept. 1
Preferred (guar.)
Sept. 1
$1
Georgia Ry.& Power, common (quar.)
*Holders of rec. Aug. 10
Holders of rec. Aug. 10a
*Holders of rec. Sept.15
Holders of rec. Aug. 15a
Holders of rec. Aug. 15a
Holders of rec. Aug. 12a
Holders of rec. Aug. 5
July 26 to Aug. 5
Holders of tee. Sept.15
Holders of rec. Sept.15
Holders of rec. Aug. 15a
Holders of roe. Aug. 20
679
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
Georgia Ry.& Power, com.(quar.)
1
Sept. 1 Holders of rec. Aug. 20
First pref.8% Ser. of'22 &'24 (guar.) 2
Oct. 1 Holders of rec. Sept.10
First pref. 7% Ser. of'24 &'25(guar.) 134 Oct. 1 Holders of rec. Sept.10
Second preferred (guar.)
1
Sept. Holders of rec. Aug. 20
• M
1
Middle West Utilities, ref. (guar.)
Oct. 15 *Holders of rec. Sept.30
Peoples Gas Light & Coke (guar.)
*2
Oct. 17 *Holders of rec. Oct. 3
Portland Electric Power, 2d pref.(guar.) '134 Sept. 1 *Holders of rec. Aug. 18
South Pittsburgh Water, preferred
234 Aug. 11 Holders of rec. Aug. 5
Miscellaneous
Abbotts Alderney Dairies, 1st pref.(qu.) 1,4 Sept. 1 Holders of rec. Aug. 154
Acme Wire, preferred
2
Aug. 1 Holders of rec. July 24
Alaska Packers' Association (quer.)_ _ _ _
2
Aug. 10 Holders of rec. July 31
American Coal(quar.)
.500. Sept. 1 Aug. 12 to Sept. I
•T,2
American Locomotive, common (quar.)_
Sept.30 *Holders
Sept. 14
•15.‘ Sept.30 *Holders of rec. Sept.14
Preferred (quar.)
rec.
American Multigraph, common (quar.). *40c. Sept. 1 *Holders of rec. Aug. 15
of
American Window Glass Co., preferred. 354 Sept. 1 Aug. 15
Aug. 31
Artioom Corporation, preferred (quer.). •Im Sept. I *Holders ofto Aug. 20
rec.
Brill (J. G.) Co., common (guar.)
1 Id Sept. I Aug. 25 to Aug. 31
Brown Shoe, common (altar.)
1
Sept. 1 Holders of rec. Aug. 20
Butler Mill (quar.)
2
Aug. 15 Holders of rec. Aug. 5
California Petroleum Corp.(attar.)
*50c. Sept. 1 *Holders of rec. Aug. 20
Campbell Soup, preferred (guar.)
Sept. 1 Holders of rec. Aug. 15
Casein Co. of America (Del.) (quar.)
1
Aug. 15 Holders of rec. Aug. 7
Casein Co.of America(N.J.), pref.(qu.) 2
Aug. 13 Holders of rec. Aug. 3
Celluloid Company,preferred (qua?.)... *2
Aug. 16 *Holders of rec.
•01% Sept. 1 *Holders of rec. July 31
Chicago Flexible Shaft Co., pref.(quar.)
Aug. 21
Colorado Fuel & Iron, preferred (quar.). 2
Aug. 25 Holders of rec. Aug. lla
Connor (J. T.) CO.(guar.)
'500. Oct. 1 *Holders of rec. Sept- 19
Cuba Company, common (guar.)
$1
Sept. I Holders of rec. Aug. 160
General Necessities Corporation (extra)_ *2
Aug. 15 *Holders of tee. Aug. 6
General Petroleum,common (quar.)
*50c. Sept.15 *Holders of rec. Aug. 31
Preferred (quar.)
'4334c Sept. 1 *Holders of rec. Aug. 15
Goodyear Tire & Rubber,prior pref.(qu.) *2
Oct. 1 *Holders of rec. Sept.15
Preferred (guar.)
*1K Oct. lb *Holders of rec. Sept.15
Gould Coupler, Class A (guar.)
500. Sept.15 Holders of rec. Sept. 1
•14 Oct. I "Holders of rec. Sept.15
Greenfield Tap & Die,6% prof.(guar.).
Eight per cent preferred (quar.)
"2
Oct. I 'Holders of rec. Sept.15
Guantanamo Sugar, preferred (qua?.)... 2
Sept.30 Holders of rec. Sept.15a
Harbison-Walker Retrac.. cont. (guar.). .
011‘ Sept. 1 Holders of rec. Aug. 21
Preferred (guar.)
134 Oct. 20 Holders of rec. Oct. 10
Hartman Corporation(quar.)
*62Kt Sept. ) *Holders of rec. Aug. 18
Recta Mining (guar.)
*50c. Sept.If *Holders of rec. Aug. 15
Holmes Mfg., corn, and pref. (quar.)
*134 Aug. 15 *Holders of rec. Aug. 5
Homestake Mining (monthly)
500. Aug. 25 Holders of rec. Aug. 20
Hoosac Cotton Mills, preferred (altar.).. $1.50 Aug. 15 Holders of rec. Aug. 5
Imperial 011 (Canada) (guar.)
*25e. Sept. I *Holders of rec. Aug. 15
Lit Brothers Corporation
50e. Aug. 20 Aug. 11 to Aug. 19
Ludlow Mfg. Associates(guar.)
$2.50 Sept,
Holders of rec. Aug. 5
Mahoning Investment
$1.50 Sept. 1 Holders of rec. Aug. 25
Manhattan Shirt, common (guar.)
3734e. Sept. 1 Holders of rec. Aug. 17
Moto Meter Co.. Class A (No. 1)
*90e Oct. 1 *Holders of rec. Sept.15
National Brick, preferred (quar.)
134 Aug. 16 Holders of rec. July 31
National Dept.Stores. 2d pref.(guar.)_ _ •1,‘ Sept. 1 *Holders of rec. Aug. 15
National Fabric & Finishing, corn. (qu.) 2
Aug. 15 Holders of reo. Aug. 5
Pacific Mills (guar.)
The. Sept. 1 Holders of rec. Aug. 15
Phoenix Hosiery, 1st & 2d pref.(quar.). '134 Sept. 1 *Holders of rec. Aug. 17
Quissett Mill, common (quar.)
2
Aug. 15 Holders of tee. Aug. 6
Radio Ccrp of Amer., pref.(quar.)
1;4 Oct. 1 Holders of rec. Sept. 1
Simon (Franklin) & Co.. pref. (altar.).. •154 Sept. I *Holders of rec. Aug. 18
Bottle Mills (quar.)
*2
Aug. 15 'Holders of rec. Aug. 7
*30
Extra
Aug.
of rec. Aug. 7
•14 Sept.15 *Holders of rec. Aug. 15
Spear & Co.. preferred (guar.)
I *Holders
Standard 011 (Indiana) (guar.)
*6234c Sept.15 *Holders ot rec. Aug. 15
Standard Oil of New York (guar.)
*35e. Sept.15 *Holders of tee. Aug. 21
Timken-Detroit Axle, pref. (guar.)
134 Sept. I Holders of rec. Aug. 20
Timken-Roller Bearing (guar.)
The. Sept. it Holders of rec. Aug. 19
Extra
250. Sept. 5 Holders of rec. Aug. 19
United States Royalties Co
2
Aug. 25 Aug. 16 to Aug. 25
Vacuum Oil (guar.)
50e. Sept.10 Holders of rec. Aug. 31
Extra
50c. Sept.19 Holders of rec. Aug. 31
Warner Bros. Pictures, Class A (guar.)_ *37Mc Sept. I Holders of Tee. Aug. 20
Welch Grape Juice, preferred (quar.)
134 Aug. 31 Holders of roe. Aug. 20
*IA Aug. 15 *Holders of rec. Aug. 5
Whitman Mills (altar.)
Will & Baumer Candle (guar.)
25c. Aug. 15 Holders of rec. Aug. 1
Willcox dr Gibbs Sewing Machine
134 Aug. 15 Aug. 9 to Aug. 14
Wurlitzer(Rudolph) Co., pref.(guar.).
-2
Sept. 1 Holders of rec. Aug. 20
Name of Company.
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Alabama Great Southern, preferred._ _ _ 334 Aug. 17 Holders of rec. July 13
Atch. Topeka & Santa Fe. com. (qu.).. 14( Sept. 1 Holders of rec. July 24.
Baltimore dr Ohio, com. (guar.)
134 Sept. 1 Holders of rec. July 186
Preferred (guar.)
Sept. 1 Holders of rec. July 186
Buffalo Rochester & Pittsb., common_ 2
Aug. 15 Holders of rec. Aug. Sa
Proferred
3
Aug. 15 Holders of rec. Aug. 86
Central RR. of N. J. (guar.)
2
Aug. 15 Holders of rec. Aug. fa
Cleveland & Pittsb., reg. guar.(quar.).. 8734c. Sept. 1 Holders of rec. Aug. 10a
Special guar. betterment stock (qua?.) 50c. Sept. 1 Holders of rec. Aug. 104
Cuba RR., preferred
3
Febl'26 Holders of rec. Jan. 150
Delaware & Hudson Co.(guar.)
234 Sept.21 Holders of rec. Aug.
Gulf Mobile & Northern, prof.(guar.)_. 134 Aug. 15 Holders of rec. Aug. 286
la
Hudson & Manhattan,Prof
234 Aug. 15 Holders of rec. Aug. 41
Illinois Central • common (guar.)
154 Sept. 1 Holders at rec. Aug. 60
Preferred (clear.)
8
Sept. 1 Holders of tee. Aug. 6
0
Internat. Rya.of Cent. Amer.. CC (qu.). 134 Aug. 14 Holders of rec. July 316
Louisville & Nashville
a Aug. 10 Holders of roe. Jul, 15a
New Orleans, Texas & Mexico (quar.)-- 134
1
156
N.Y. Chic. & St. L., com.& pref.(qu.). 134 Sept. 1 Holders of res. Aug. 156
Oct.
Holders of rec. Aug.
Norfolk & Western. com. (guar
134 Sept.19 Holders of rec. Aug. 81*
Adjustment preferred (quar.)
Aug. 19 Holders of rec. July 31*
Pennsylvania RR.(guar.)
750. Aug. 31 Holders of rec. Aug. 166
Reading Company,common (qua?).... $1
Aug. 13 Holders of rec. July 204
First preferred (guar.).
500. Sept.10 Holders of rec. Aug. 24a
Second preferred (guar.)
50c. Oct. 8 Holders of rec. Sept.22a
St. Louis-Soh rran., pref.. Ser. A.(qu.).
1)4 Nov. 2 Holders of rec. Oct. 15a
Southern Railway, common (quar.)-134 Aug. 1 Holders of rec. July 10a
Wabash Ry., ore!
erred A (guar.)
134 Aug. 25 Aug. 11 to Aug. 24
Public Utilities.
Amer. Electric Power, pref. (quar.)
1% Aug. 15 Holders of roe. Aug. 6*
Amer. Superpower Corp.. Part. Pt.
1%
Amer. Telegraph & Cable (guar.) (qu.) '134 Aug. 15 Holders of tee. July 316
Sept. 1 'Holders of ree. Aug. 31
Amer. Water Works & Elec., cont.Common (guar.)
30c. Aug. 15 Holders of rec. Aug. 16
Seven per cent first pref. (guar.)
1,4 Aug. 15 Holders of rec. Aug. la
Six per cent partly. pref.(quar.)
134
Associated Gas & Elec.Co.. pref.(extra) 12)4e Aug. 15 Holders of rec. Aug. 1*
Oct. 1 Holders of rob.Sept. 10e
Preferred (extra)
123Se Jan 1'26 Holders of rec. Dec. 10.
Class A (guar.)
Nov.
Brazilian Tr., L. dr Pr.. ord.(quar.).. 62K c Sept. 1 Holders of rec. Oct. 9*
1
1 Holders of res. July 31
Brooklyn Edison Co.(QUM%)
2
Sept. 1 Holders of rec. Aug. 146
Cede, Rapids Mfg. & Power (gust.)
Aug. 15 Holders of rec. July 31 '
Chicago Rap. Ti.. Pr. pt. A (mthly.)..„ 65e,
Columbia Gas & Elec., common (au) 65e. Sept, 1 Holders of rec. Aug. 18.
Aug. 15 Holders of rec. July 310
Preferred. Series A (quar.)
1,4
rec.
Holders
Connecticut Ry.& Ltg., corn.& pf.(1U.) 134 Aug. 15 Aug. 16 ofto July 31.
Aug. 16
Aug. 16
Consolidated Gas of N. Y., com.(qu.). $1.25 Sept.15 Holders of tee. Aug. 116
Cons. Gas El. L.& P., Bait., com.(qu.). *50e. Oct. 1 Holders of roc.
Sept.15a
8% preferred (guar.)
2
Oct. 1 Holders of rec. Sept. 15a
7% preferred (guar.)
1;4 Oct. 1 Holders of roe. Sept. 154
634% preferred (guar.)
114 Oct. 1 Holders of rec. Sept. 15a
6% preferred (quer.)
13.4 Oct. 1 Holders of rec. Sept. Um
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
Consumers Power
$1.50 Oct. I Holders of rec. Sept. 15
6% pref. (guar.)
$1.65 Oct. 1 Holders of rec. Sept. 15
8.6% preferred (guar.)
31.75 Oct. I Holders of rec. Sept. 15
7% preferred (guar.)
50o. Sept. I Holders of rec. Aug. 15
6% preferred (monthly)
50c. Oct. I Holders of rec. Sept. 15
6% preferred (monthly)
55c Sept. 1 Holders of rec. Aug. 15
6.6% preferred (monthly)
550. Oct. 1 Holders of rec. Sept. 15
6.6% preferred (monthly)
$1.10 Oct. 1 Holders of rec. Sept.120
Gas & Elec., corn.(quar.)
Continental
1,4 Oct. 1 Holders of rec. Sept.12a
Prior preference (guar.)
14 Oct. 1 Holners of rec. Sept.120
Participating preferred (guar.)
Oct. I Holders of rec. Sept.12a
Participating preferred (extra)
I;4 Oct. 1 Holders of ree. Sept.12a
Preferred (quar)
134 Sept.15 Holders of rec. Aug. 15a
Duquesne Light, lot pref. (guar.)
Aug. 15 Holders of rec. July 31
3
Eastern Mass. St. Ry.. lot pref
Sept. 1 Holders of rec. Aug. 15a
2
Eastern Shore Gas& Elec., pref.(guar.)
Sept. 1 Holders of rec. Aug. 20
Power. 2nd pref. (quar.) 1
Georgia Ry.&
Dec. I Holders of roe Nov 20
1
Second preferred (guar.)
Illuminating dc Power Scour.,com.(qu.). 45c. Aug. 10 Holders of rec. July 31
11,4 Aug. 15 Holders of rec. July 31
Preferred (quar.)
2
Aug. 15 Holders of roe. July 31
Kaministiquia Power (guar.)
Sept. I Holders of rec. Aug. 17a
$1
Keystone Telephone. pref.(guar.)
14 Aug. 15 Holders of rec. July 31a
Los Angeles Gas& Elec..6% Pref.(qu.)
Middle West Utilities, corn. (guar.)--- - $1.25 Aug. 15 Holders of rec. July ala
Aug. 15 Holders of coup. No.36,
2
Montreal Lt., Ht.& Pow.Consol.(ou.)_
Aug. 15 Holders of rec. July 31
Montreal Light. Heat& Pow.Co.(guar.) 2
25e. Sept. 1 Holders of rec. Aug. 15
Municipal Service Corp. (guar.)
National Power & Light, corn.(quar.)_ _ 51.50 Sept. 1 Holders of rec. Aug. 15
11,' Aug. 15 Holders of rec. Aug. la
New England Company, corn. (quar.)_ _
jNewport News & Hampton Ry. Gas dc
Electric, common (quar.)
13.4 Oct. 1 Holders of rec Sept. 15a
1)4, Oct. 1 Holders of rec. Sept. 150
Preferred (quar.)
$1.65 Sept. 1 Holders of rec. Aug. 15
Ohio Edison,6.6% pref.(quar.)
14 Sept. 1 Holders of rec. Aug. 15
Six per cent preferred (guar.)
14 Sept. 1 Holders of rec. Aug. 15
Seven per cent preferred (guar.)
55e. Sept. 1 Holders of rec. Aug. 15
6.6% preferred (monthly)
*14 Aug. 15 "Holders of rec. July 31
Pacific Gas & Electric, pref. (guar.)
*24 Aug. 15 *Holders of roe. July 31
Pacific Lighting, corn. (quar.)
*111 Aug. 15 *Holders of rec. July 31
Preferred (quar.)
Pacific Telep. & Teleg., pref.(guar.) _ 14 Oct. 15 Holders of rec. Sept. 300
Oct. 1 Holders of rec. Sept. 10a
Penn Central Light & Pow., pref.(qu) $1
10e. Oct. 1 Holders of rec. Sept. 100
Preferred (extra)
Nov. 2 Holders of rec. Oct. 22
2
Pennsylvania-Ohio P.& L.. 8% Pf.(clu.)
114 Nov. 2 Holders of rec. Oct. 22
Seven per cent pref. (quar.)
$1.25 Sept. 1 Holders of rec. Aug. 100
Philadelphia Company.5% pre(
24 Aug. 19 Holders of rec. July 50
South Pittsburgh Water. 5% preferred_
24 Aug. 15 Holders of rec. Aug. ba
Tampa Electric Co. (guar.)
Sept. 1 Holders of rec. Aug 15
Texas Electric Ry., common (guar.)._
214 Oct. 1 Holders of rec. Sept.20
Tr-City Ry.& Light.common (guar.)244 Jan1'26 Holders of rec. Dec. 20
Common (guar.)
50c. Aug. 15 Holders of rec. July 250
United Rya. A Elec., Bait., coin. NUJ
*60e. Sept. 1 *Holders of roe. Aug. 1
Washington Rapid Transit (No. 1)
Si Sept.30 Holders of rec. Sept.150
West Penn Company,common (guar.)._
114 Aug. 15 Holders of rec. Aug. la
Preferred (guar.)
144 Sept.15 Holders of rec. Sept. 1
West Penn Rys.. pref.(guar.)
Wisconsin River Power, pref. (quar.) •61.75 Aug. 20 *Holders of rec. July 31
Trust Companies.
Title Guarantee & Trust (extra)
4
Sept.30 Holders of rec. Sept.22
Miscellaneous.
Aug. 10 *Holders of rec. July 31
*2
Alaska Packers (guar.)
14 Aug. 15 Holders of roe. July 244
Adis-Chalmers Mfg., common (guar.)
Aluminum Manufactures,Inc..com.
(qui 374e.Sept.30 Holders of rec. Sept.15a
374c. Doe. 31 Holders of rec. Dec. 154
COMIXIOn (guar.)
134 Oct. 1 Holders of rec. Sept.206
Preferred (guar.)
194 Janl'26 Holders of roe. Dec. 20a
Preferred (guar.)
American Bank Note, corn.(quar.). $1.25 Aug. 15 Holders of rec. Aug. la
75e. Oct. 1 Holders of rec. Sept. 15a
Preferred (guar.)
Oct. 31 Holders of rec. Oct. 10a
1
American Beet Sugar. common (quar.)..
Jan3016 Holders of rec.Jan.9 Dia
1
Common (guar.)
IM Aug. 15 Holders of rec. July 31a
American Can, corn. (guar.)
50e. Sept.30 Sept.20 to Sept.30
American Chain. Class A (guar.)
Amer. Chicle. 7% pref.(four mos. div.)_ "52.33 Oct. 1 'Holders of rec. Sept. 15
134 Oct. 1 *Holders of rec. Sept. 15
Six per cent preferred (guar.)
Oct. 15, Holders of rec. Sept. 306
Amer. Greenhouse Mfg., pref. (guar.)._ 2
75o. Sept. 1 Aug. 23 to Sept. 1
Amer.Laundry Machinery,corn.(qu.)_
75e. Dec. 1 Nov.23 to Dec. I
Common (guar)
134 Oct. 15 Oct. 6 to Oct. 15
Preferred (guar.)
Aug. la
Am La France Fire Eng.. Inc., com.(gu) 250. Aug 15 Holders of roe. Sept. 19a
134 Oct. 1 Holders of toe.
American Linseed, prof.(guar.)
Sept.30, Holders of roe. Sept.146
American Locomotive, common (extra). $2.50
$2.50 Dec. 311 Holders of rec. Dec. 140
Common (extra)
1% Oct. 11 Sept. 16 to Sept.30
Amer. Manulacturlog, corn.(guar.)._
144 Dec. 31 Dec. 16 to Dec. 30
Common (guar.)
114 Oct. 1 Sept. 16 to Sept.30
Preferred (guar.)
14 Dec. 31' Dee. 16 to Doe. 30
Preferred (guar.)
75c. Sept. 1 Holders of rec. Aug. 200
American Metal, common (quar.)
14 Sept. 1 Holders of rec. Aug. 210
Preferred (guar.)
Sept.30 Holders of rec. Sept.150
$1
Amer. Radiator, corn. (guar.)
15$ Aug. 15 Holders of rec. July 310
Preferred (guar.)
50c. Oct. 15 Holders of rec. Sept.30a
Amer. Roiling M1U.common (quar.)-134 Oct. 1 Holders of rec. Sept. 15a
Preferred (guar.)
31.50 Aug 15 Holders of rec. July 31a
Amer.Soda Fountain (guar.)
Nov. 2 Holders of rec. Oct. 15a
American Shipbuilding. corn. (euar.)-. 2
70
Amer. Smelt. d: Refg., pref. (gear.)---- 114 Sept. 1 Holders of rec. Aug.
40e. Oct. I Sept. 16 to Oct. 1
American Stores (guar.)
Aug. 100
American Tobacco, corn. & corn. B (qtr.) $1.75 Sept. I Holders of rec. Aug. 10
Aug. 10 Aug. 1 to
2
Amparo Mining (guar.)
. 750. Aug. 24 Holders of roe. July 18a
Anaeonda Cooper Mining (guar.)
Dry G'ds Corp., lot pf.(311.)- 14 Sept. 1 Holders of rec. Aug. 15
Associated
194 Sept. 1 Holders of rec. Aug. 15
Second preferred (guar.)
14 Oct. 1 Holders of rec. Sept.20
Babcock & Wilcox Co.(quar.)
134 Jan1'28 Holders of rec. Dec. 20
Quarterly
134 Aprl'26 Holders rec. Mar 20'26a
Quarterly
200
Balaban & Katz, common (monthly)... 250, Sept. 1 Holders of rec. Aug. 20a
25e. Oct. 1 Holders of rec. Sept.
Common (monthly)
114 Oct. 1 Holders of rec. Sept. 200
Preferred (guar.)
Beacon Manufacturing, corn.& pf.(qu.) 114 Aug. 15 Holders of rec. Aug. la
1.874 Aug. 15 Holders of rec. Aug. 1
Beacon OIL preferzed (guar.)
- 13.4 Sept.15 Holders of roe. Aug. 31
Belding-Corticeill, Ltd., pref. (guar.).
13.4 Oct. 1 Holders of rec. Sept. la
Bethlehem Steel,7% pref (guar.)
Oct.. 1 Holders of rec. Sept. la
2
Eight per cent preferred (guar.)
Aug. 15 Holders of rec. Aug. 8
3
Bond & Mortgage Guarantee (guar.)_
Sept. 1 Holders of rec. Aug. 150
Borden Company, common (quar.)- - $1
114 Sept.15 Holders of rec. Sept. la
Preferred (quar.)
Aug. 15 Holders of rec. Aug. ba
Botany Consolidated Mills, Class A (qu.) $1
Sept.15 Holdeis of rec. Aug. 21
Buckeye Pipe Line (guar.)
$1
Sept. 1
preferred (guar.)
134
Buda Co..
$2.50 Aug. 15 Holders of rec. Aug. la
Burns Bros., corn. class A (quar.)
50c. Aug. 15 Holders of rec. Aug. la
Common, class B (guar.)
Butler Bros.(guar.)
334 Aug. 15 Holders of rec. July 296
California Packing, corn. (guar.)
$1.50 Sept.15 Holders of rec. Aug. 310
Cement, Ltd., pref. (guar.)._ _
114 Aug. 15 Holders of rec. July 310
Canada
25
Canadian Car & Fdy., corn. & pt. (qu.) 134 Oct. 9 Holders of rec. Sept.31a
154 Aug. 15 Holders of rec. July
Canadian Converters, Ltd.(guar.)
Holders of roe. Aug. 1
Casey-Hedges Co., common (guar.).
- 234 Aug. 15
214 Nov.15 Holders of rec. Nov. 1
Common (guar.)
14 Oct. I
Preferred (guar.)
8
Centrifugal Pipe Corp., common (guar.) 250. Aug. 15 Holders of rec. Aug. 210
134 Sept. 1 Holders of rec. Aug.
Century Ribbon Mills. pref.(guar
16 'Holders of rec. Aug. 7
C. G. Spring & Bumper, eon). (guar.)... 'Sc. Aug.
Aug. 15 *Holders of rec. Aug. 7
Chicago Mill & Lumber, common (qu.) "SI
33I-3c. Sept. 1 Holders of roe. Aug. 20a
Chicago Yellow Cab (monthly).-..
Sept. 10 Holders of rec. Aug. 28
Childs Company, corn.. $100 par (guar.) 3
600. Sept. 10 Holders of rec. Aug. 28
No par value common stock (guar.)
154 Sept.10 Holders of rec. Aug. 28
Preferred (guar.)
(0) 00t. 1 Holders of roe. Aug 28a
Childs Co., cum.(no par) (extra)
(5) Dec. 30 Holders of ree. Nov 280
Common (no par value)(extra)
6244c Sept.28 Holders of roe. Sept. 26
Chill Copper CO.(guar.)
134 Sept. 1 Holders of reo. Aug. 154
Cleveland Stone (quer.)
[Vor, 121.
THE CHRONICLE
680
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
34 Sept. 1 Holders of rec. Aug. 15a
Cities Service, common (monthly)
/14 Sept. 1 Holders of rec. Aug. 15a
Common (payable in common stock)_
14 Sept. 1 Holders of rec. Aug. 15a
Preferred and preferred B (monthly)_ _
City Ice & Fuel of Cleveland, corn. (qu.) 50e. Sept. 1 Holders of rec. Aug. 12
500. Doe. I Holders of rec. Nov. 11
Common (guar.)
Commercial Invest,Tr. Corp.. corn.(qu) 620. Aug. 15 Holders of rec. July 31a
Consolidated Cigar Corp., pref. (guar.). 154 Sept 1 Holders of rec. Aug. 156
0
Prof. (acct. accumulated dividends).- 5154 Sept. 1 Holders of rec. Aug. 15
Aug. 15 Holders of rec. Aug. ba
51
Continental Can, corn.(guar.)
Sept.30 Holders of rec. Sept.15
Craddock-Terry Co., common (quar.)_. 3
Doe. 31 Holders of rec. Doe. 15
3
Common (guar.)
Dee, 31 Holders of rec. Dee. 15
3
First and second preferred
Class C preferred
354 Doe. 31 Holders of rec. Dee. 15
13,4 Sept. 1 Holders of rec. Aug. 12
Crows Nest Pass Coal(guar.)
144 Oct. 15 Oct. 6 to Oct. 16
Cudahy Packing,corn (guar.)
Curtiss Aeroplane & Motor, preferred_ _ *2% Sept.. 'Holders of rec. Aug. 15
Cushman's Sons, Inc., common (guar.). 750. Sept. 1 Holders of rec. Aug. 1.5a
154 Sept. 1 Holders of rec. Aug. 150
Seven per cent preferred (quar,)
2
Sept. 1 Holders of rec. Aug. 156
Eight per cent preferred (guar.)
14 Sept.If Holders of rec. Sept.12
Davis Mills(quar.)
15.1 Sept. 1 Holders of rec. Aug. 200
Decker (Alfred) & Cohn. pref. (quar.) _ _
0
15.1 Sept. 1 Holders of rec. Aug. 15
Deere & Company, preferred (guar.). _ _
2
Sept.15 Holders of rec. Aug. 310
Diamond Match (guar.)
rec. July 31a
1
Aug. 15 Holders of
Dominion Bridge, Ltd.(guar.)
Aug. 15 Holders of rec. Aug. 5
Dow Chemical, corn.(in common stock) /10
/5a
e
u.
ar er
of re. Aug. 64
1,
3 * 4 Aog .1165
Dow Chemical, common (guar.)
Holders
Preferred (guar.)
du Pont(E. I.) de Nemours& Co.
Common (payable in common stock)._ 140 Aug. 10 Holders of rec. July;1270
Ely-Walker Dry Goods, corn.(guar.).-- 250. Sept. 1 Aug. 22 to Aug. 31
200. Sept. 1 Holders of rec. Aug. 200
Fair (The), common (monthly)
20e, Oct. 1 Holders of ree•Sept. 196
Common (monthly)
200. Nov. 1 Holders of rec. Oct. 200
Common (monthly)
65e. Sept.30 Holders of rec. Sept. 150
Fairbanks-Morse & Co., corn. (quar.)
114 Sept. 1 Holders of rec. Aug. I50
Preferred (quar.)
Sept. I Holders of rec. July 31
Famous Players Can'n Corn.Jet Dt.(qu.) 2
Firestone Tire & Rubber
IM Aug. 15 Holders of rec. Aug. 1
Seven per cent preferred (guar.)
Oct. 1 Holders of rec. Sept. 161
Fisher Body Ohio Co., pref. (quar.)--- 2
Foot Bros. Gear & Machine, corn.(qu.) 250. Oct. I Sept. 1 to Sept.30
25e. Jan1'26 Dec. 21 to Dec. 31
Common (quarterly)
$1.50 Oct. 1 Holders of rec. Sept 210
Francisco Sugar (guar.)
134 Sept 1 Holders of rec. Aug. 144
General Asphalt, preferred (quar.)
General Cigar Co., Inc., pref. (guar.)... 114 Sept. 1 Holders of rec. Aug. 240
14 Oct. 1 Holders of rec. Sept.246
Debenture preferred (quar,)
25c. Aug. 20 Holders of rec. Aug. 100
General Development(guar.)
16
g.. 5
Aug 15 .HHoollddeersrs of se5 A ug .
.
ug. 5
r c..
Gen'l Outdoor Advertising, corn. A (Oil.) *34
01
Preferred (guar.)
750. Sept. 1 Holders of rec. Aug. I
Gillette Safety Razor (guar.)
25c. Sept. 1 Holders of rec. Aug. 1
Extra
0
Goodrich (B. F.) Co., common
Aug. 15 Holders of rec. Aug. 3
$1
134 jet. 1 Holders of rec. Sept. no
Preferred (guar.)
250. Sept. 1 Holders of rec. Aug. 2Ia
Gossard (H. W.)Co.(monthly)
.
260 Oct. 1 Holders of rec. Sent 106
Monthly
25e. Nov. 2 Holders of reo. Oct. 2I0
Monthly
250. Dec. 1 Holders of rec. Nov. 204
Monthly
Aug. 15 Aug. 9 to Aug. 15
Great Lakes Dredge & Dock (guar.). -- 2
134 Oct. 1 Holders of rec. Sept 150
Gulf States Steel, 1st pref. (guar.)
114 San 3'26 Holders of roe. Dec 150
First preferred (guar.)
25c. Sept.15 Holders of res. Sept. 100
Hall (C. M.) Lamp
250. Dec. 15 Holders of rec. Dec. 100
Hall (C. M.) Lamp
Hart,Schaffner & Marx,Inc.,corn,(all.) 13,4 Aug. 31 Holders of rec. Aug. 206
75e. Sept.15 Holders of rec. Aug. 31
Hayes Wheel Co., common (guar.)
250. Sept.15 Holders of rec. Aug. 31
Common (extra)
75e. Dee. 15 Holders of rec. Nov.30
Common (quar.)
250. Dee, 15 Holders of rec. Nov.30
Common (extra)
14 Sept.15 Holders of roe. Aug. 31
Preferred (quar.)
. Aug.D
1o
25% Doe. 2 Holders of rec. Nov.30
14
5
Prefened (guar.)
4
16
mil 6
Aug. 15 Hoaders ofJae°.
1
Hazeltine Corporation
Aug. 16
Hercules Powder, Prof.(guar.)
(mthly) 35e. Aug. 28 Holders of rec. Aug. 21
Hibbard.Spencer,Bartlett & Co.,
350. Sept.25 Holders of rec. Sept. 18
Monthly
20c. Sept.25 Holders of rec. Sept. HI
Extra
Se. Aug. 12 Holders of rec. July 27
Hollinger Congo!. Gold Mines
Hood Rubber Products. pref. (quar.) . 114 Sept. I Aug. 21 to Sept. 1
750. Sept. 2 Holders of rec. Aug. 14a
Household Products, Inc.. (guar.)
114 Oct. 1 Holders of rec. Sept.21
Hydraulic Press Brick, preferred (quar.)_
5
21.40 Oct 15 Oct. 4 to Oct. 15
5
Illinois Brick (quar.)
Aug.
ept 21
fe
of c July 17
Indiana Pipe Line (quar,)
Oct. 1 'Holders
roe.
Rubber. corn. & pref. (au.) *2
India Tire &
Sept. 1 Holders of rec. Aug. 106
2
Ingersoll-Rand Co., corn. (quar.)
823 Sept, I Holders of rec. Aug. I4a
'4a
Inland Steel, common (guar.)
14 Oct. 1 Holders of rec. Sept.150
Preferred ((Mar.)
Oct. 10 Holders of rec. Sept.24a
International Business Machines (qu.) - $2
Internat. Combustion Engineering (qu.) 50c• Aug. 31 Holders of ree. Aug. 18
214 Sept.20 Holders of rel. Sept.lba
Int.Concrete Industries(guar.)
1
International Harvester. pref. (guar.).- 801054. Sept.15 Holders of rec. Aug. 10a
150
ar
rs of o.
Sept.
in ternat. Match corp.. partie. pf.(qu.)- 50u. Oct. 1 Holders o( rec. Sept.Aug..2 4
International Shoe. pref. (monthly)___
Interstate Iron & Steel, preferred (guar.) ..*131 Sept. 1 'Holders of rec. Aug. 20
Preferred (acct. accum. dividends). -- -NM Sept. 1 "Holders of rec. Aug. 20
25o. Aug. 15 Holders of rec. Aug. 30
Intertype Corporation, corn.(guar.).
25e. Aug. 16 Holders of rec. Aug. 30
Common (extra)
2i4 Aug. 15 Holders of rec. Aug. 106
Jefferson & Clean. Coal & Iron, pref._
Jones & Laughlin Steel, preferred (guar.) 134 Oct. 1 Holders of rec. Sept.156
3734e. Aug. 20 Holders of rec. Aug. 8a
Kelvinator Corporation (guar.)
7140. Aug. 26 Aug. 12 to Aug. 26
Keystone Mining
$1
Oct. 1 Holders of rec. Sept. 200
Kinney (G.R.) Co., common
2
Sept. 1 Holders of rec. Aug. 2I0
Preferred (quar.)
Sept. 1 Holders of rem Aug. 22
Lake of the Woods Milling, emu.(qu.)... 3
15$ Sept. 1 Holders of rec. Aug. 22
Preferred (guar.)
- I% Aug. 31 Holders of rec. Aug. 21a
Langton Monotype Machine (guar.).
51
Aug. 31 Holders of rec. July 316
Lehigh Coal & Navigation (guar.)
Liggett& MyersTob.,oom &corn.B(qu.) 750, Sept. 1 iHolders of rec. Aug. 17a
Sept. 1 Holders of rec. Aug. 156
$1
Lima Locomotive Works, common
Aug.
Aug. 10
Madison Safe Deposit Co
1
3
Oct. 15 Holders of ree•
5
Magnolia Petroleum, stock dividend_
Inc.
Mallinson (II. R.)& Co.,
134 Oct. 1 Holders of rec. Sept.22s
Preferred (guar.)
114 Sept. I Holders of roe. Aug. 164
Manau Sugar,common (guar.)
154 Oct. 1 Holders of rec. Selst.15
0
Niarland Oil, preferred (guar.)
50c. Sept. I Holders of rec. Aug. 151
-Martin-Parry Corp.(guar.)
134 Aug. 10 Holders of lee. July 21
Massachusetts Cotton Mills (quar.)- 134 Nov. 1 Holders of rec. Oct. 200
McCrory Stores, preferred (guar.)
25e, Sept. 1 Holders of rec. Aug. la
McIntyre Porcupine Mines, Ltd
50c. Aug. 15 Holders of rec. Aug. 5
Medan (Fred)Mfg.,coin.(qum.
)
134 Sept. I Holders of rec. Aug. 15
Mengel Company, preferred (guar.)._
Mercantile Stores Co., common (guar.).
3
81.75 Aug. 15 Holders crf ree. july 31
75c
5 Hi
.J
of
Preferred (guar.)
24 Sept.30 Holders of rec. Sept. 20
Mergenthaler Linotype (guar.)
13.1 Sept.30 Holders of rec. Sept. 20
Extra
134 Sept. I Holders of roe. July 316
Merrimack Mfg., common (guar.)
24 Sept. 1 Holders of rec. July 310
Preferred
250, Aug. 15 Holders of roe. Aug. la
Miami Copper Co. (quar.)
Mid-ContinentPetroleum Corp.,rd.(au.) 134 Sept. I Holders of rec. Aug. 150
$1
Sept. 2 Holders of rec. Aug. 1
Mohawk Mining
75c. Sept. 1 Holders of rec. Aug. 180
Munsingwear. Inc. (guar.)
Body Corp.
Murray
Common (payable In common'Wk)-. /1% Oct. 1 Holders of rec. Sept. 160
Common (payable In common stock)... /114 lan.I'26 Holders of reo. Dee. 160
750. 0
.1
Aag 80
Awl 35 Holder of roe. Sept.4
soldersaf
et.. 11
National Biscuit, corn.(guar.)
Preferred (guar.)
BBL/- 154 Sept.30 Holders of rec. Sept.10
Nat Enameling & Stamping.Pref.
134 Dec. 31 Holders of roe. Dec. II
Preferred (guar.)
2
Sept.30 Holders of rec. Sept. 116
National Lead,corn.(guar.)
134 Sept.15 Holders of rec. Aug. 216
Preferred (guar.)
14 Aug. 15 Holders of rec. Aug. 1
National Refining, common (guar.).750. Aug 15 Holders of rec. Aug. fia
National Supply of Del.(guar.
)
25c. Aug. 24 Holders of roe. Aug. 7a
New Cot nelia Copper (guar.)
Oct. 1 Holders of rec. Sept. 90
$1
New York Air Brake. Class A (quar.)
75c. Aug. 15 Holders of rec. July 310
Opperibelm. Collins & Co.(guar.)
AUG. 8 1925.)
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Ontario Steel Products,common (guar.)- 1
Aug. 15 Holders of rec. July 31
Common (extra)
1
Aug. 15 Holders of rec. July 31
Preferred (guar.)
1% Aug: 15 Holders of
Orpheum Circuit, common (monthly)._ 1543. Sept. 1 Holders of rec. July 31
rec Aug. 206
Preferred (guar.)
2
Oct. 1 Holders of sec. Sept. 156
Owens Bottle. common (guar.)
76e. Oct. 1 Holders of rec. Sept. 15a
Preferred (guar.)
1% Oct 1 Holders of rec. Sept. 150
Packard Motor Car, pref. (guar.)
134 Sept. 15 Holders of rec. Aug. 31
Pathe Exchange, Inc., pref. (guar.)_ .
2
Sept. 1 Holders of rec. Aug. 11
Penmans, Limited, com. (guar.)
2
Aug. 15 Holders oi rec. Aug. 5
Pennock Oil Corp. (guar.)
3714c. Sept.25 Holders of rec. Sept. 15a
Phillips-Jones Corp.,ommon (guar.). _ $1
Sept. 1 Holders of rec. Aug. 202
Pittsburgh Plate Glass. common (guar.) 2
Oct. 1 Holders of rec. Sept.150
Common (extra)
5
Oct. 1 Holders of rec. Sept. 150
Pittsburgh Steel, preferred (guar.)
1% Sept. 1 Holders of rec Aug. 15a
Pitts. Terminal Coal preferred (quar.)_ $1.50 Sept. 1 Aug.
21
Premed Steel Car. pref. (quar.)
1% Sept. 8 Holders of to Sept. 1
rec. Aug. 18o
Preferred (guar.)
134 Dec. 8 Holders of rec. Nov. 17o
Procter & Gamble. Corn.(guar.)
5
Aug. 15 July 16 to Aug. 16
(extra)(pay,in new com. stk.). 14
Corn.
Aug. 15 July 16 to Aug. 18
Producers Oil Corp., pref.(guar.)
2
Aug. 15 Holders of rec. July 31
Pullman Company (quar.)
2
Aug. 15 Holders of rec. July 3I0
Pure Oil, common (guar.)
3714c Sept. 1 Holders of rec. Aug. 100
Quaker Oats, pref. (guar.)
134 Aug. 31 Holders of rec. Aug. la
Remington Typewriter
Second pref.(account accum. div.)
82
Aug. 14 Aug. 5 to Aug. 14
Richmond Radiator, pref.(guar.)
1% Oct. 15 Holders of rec. Sept.300
Preferred (guar.)
134 Jan15'26 Holders of rec. Dec. 310
St. Joseph Lead (guar.)
500. Sept.21 Sept. 10 to Sept.
21
Quarterly
600. Dec. 21 Dec. 10 to Dee. 21
Savage Arms Corp., 1st pref. (guar.)._ _
13( Oct. 1 *Holders of rec. Sept. 15
Second Pref. (guar.)
1% Aug. 15 Holders of rec. Aug. la
Second preferred (guar.)
1l4 Nov.16 *Holders of rec. Nov.
Schulte Retail Stores. com.(quar.)
m$2 Sept. 1 Holders of rec Aug. 2
15a
Scotten-DIllon Co.. common (guar.)
3
Aug. 14 Aug. 6 to Aug. 14
Common (extra)
4
Aug. 14 Aug. 6 to Aug. 14
Shell Union Oil, pref. A (quar.)
I% Aug.
Sherwin-Williams Co., common (guar.). 50c. Aug. 15 Holders of rec July 24a
15 Holders of rec. July
Common (extra)
1214c Aug. 15 Holders of rec. July 31
31
Preferred (guar.)
1% Sept. 1 Holders of rec. Aug. 156
Sinclair Control. Oil Corp., pref. (quar.)_ 2
Aug. 15 Holders of rec Aug. la
Smith (A.0.) Corp., com.(quay.)
25e. Aug. 15 Holders of rec. Aug. 1
Common (extra)
250. Aug. 15 Holders of rec. Aug.
1
Preferred (guar.)
1% Aug. 15 Holders of rec. Aug. 1
Southern Pipe Line (guar.)
Sept. 1 Holders of rec. Aug. 15
Spalding (A. G.) & Bros., 1st pref.(qu.) $1
134 Sept. 1 Holders of rec. Aug. 180
Second preferred (guar.)
2
Sept. 1 Holders of rec. Aug. 18
Standard Milling, com.(guar.)
134 Aug. 31 Holders of rec. Aug. 210
Preferred (guar.)
134 Aug. 31 Holders of rec. Aug. 210
Standard 011 (Calif.) (guar.)
500. Sept.15 Holders of rec. Aug. 17a
Standard 011 (Ohio). pref.(guar.)
134
Standard Sanitary Mfg.,common (guar.) $1.25 Sept. I Holders of rec. July 31
Aug. 20 Holders of rec. Aug. 6
Preferred (guar.)
1% Aug. 20 Holders of rec. Aug.
6
Stewart-Warner Speedometer (guar.)._ _ $1.25
Aug. 15 Holders of rec. July 310
Studebaker Corp., common (guar.)
_ $1
Sept. 1 Holders of rec. Aug. 100
Preferred (guar.)
1% Sept. 1 Holders of rec. Aug. 102
Submarine Boat (in stk. of El. Boat CO
) It
Aug. 11 Holders of rec. Aug. 7a
Swift Internacional
900. Aug. 15 Holders o free. July 15a
Symington Company, Clam A (guar.)._ _ 50c.
Oct. 1 Holders of rec. Sept. 151
Tennessee Copper & Chemical(guar.)
--- 250. SePt.15 Holders of rec. Aug. 3I0
Thompson (John R.) Co.. corn.
25c Sept. 1 Holders of rec. Aug. 24a
(m'UllY)
Thompson-Starrett Co., preferred
4
Oct. 1 Holders of rec. Sept. 19
Tobacco Products Corp., class A (Qum
) 1% Aug. 15 Holders of rec July 310
Tonopah Belmont Development
Sc. Oct. 1 Sept. 18 to Sept. 21
Underwood Computing Mach. pf.
(qu.) 1% Oct. 1 Holders of rec. Sept. 19
Underwood Typewriter, com.
(guar.)- 750. Oct
1 Holders of rec. Sept. 16
Preferred tartar.)
1% Oct. 1 Holders of rec. Sept. la
Union 011 Associates (guar.)
1.8 Aug. 10 Holders of rec. July 180
Union 011 of California(VW.)
456. Aug. 10 Holders of rec. July 18a
Union Storage (guar.).
215 Aug. 11 Holders of rec. Aug. 1
Quarterly
2)4 Nov.11 Holders of roe. Nov. 1
Union Tank Car, common (quar.)
1% Sept. 1 Holders of rec. Aug. 100
Preferred (quar.)
1% Sept. 1 Holders of rec. Aug. 10a
United Drug,common (Qum.)
1% Sept. 1 Holders of rec. Aug. 154
First preferred (guar.)
111 Nov. 2 Holders of rec. Oct. 150
Second preferred (quar.)
114 Sept. 1 Holders of rec. Aug. 150
United Dyewood, pref. (guar.)
1% Oct. 1 Holders of rec. Sept. 150
Preferred (guar.)
134./ an 1'26 Holders of rec. Dec. 156
United Fruit(quar.)
2% Oct. I
0
U.S.Cast Iron ripe & Fdy.. pref.(au.). 131 Sept.15 Holders of rec. Sept. 5
Holders of rec. Sept. la
Preferred wear.)
111 Dec. 15 Holders of rec. Doe. la
U.S. Hoff
-Mon Mach., pref.(quar.)
1% Sept. 1 Holders of rec. Aug. 20
U. S. Realty & Impt., com.(quar.)_
2
Sept. 15 Holders of rec. Sept 46
Preferred (guar.)
1$1 Nov. 2 Holders of rec. Sept 4
U.S. Rubber, 1st pref.(guar.)
Aug. 15 Holders of rec. July 200
2
U.S.Steel Corp., common (guar.)
134 Sept.29 Aug. 29 to Aug. 31
Common (extra)
% Sept.29 Aug. 29 to Aug. 31
- Preferred (guar.)
134 Aug. 29
Aug. 4
U.S.Stores Corp..7% prior pref.
(q11.)- *134 Sept. 1 *Holdees of rec. Aug. 15
Vanadium Corp. of America (guar.).
50c. Aug. 15 Holders of rec. Aug. la
Van Raalte Co.,first pref (guar.)
1% Sept. 1
Vulcan Detlnning, pref. & pref. A (qu.). 1% Oct. 20 Holders of rec. Aug. 18a
Holders of rec. Oct. 9a
Preferred (acct. accumulated clIvs.)... hl
Oct. 20 Holders of rec. Oct. 90
Weber & Hellbroner, common (4suu'.)-. $1
Sept.30 Holders of rec.
Common (guar.)
$1
Dee. 30 Holders of rec. SePt.15a
Dec. 15
Preferred (quar.)
134 Sept. 1 Holders of rec.
Preferred (guar.)
1% Dec. 1 Holders of rec. Aug. 17
Nov. 16
Western Grocer. preferred
3% Jan1'26 Dec. 20 to Jan.1
'26
White (J. G.) Company, pref. (guar.)
1% Sept. 1
White(J. G.) Engineering, pref.(quar.)- 1% Sept. 1 Holden of rec. Aug. 15
White(J. G.) Managem't Corp., pf.(au.) 1% Sept. 1 Holders of rec. Aug. 15
Holders of roe. Aug. 15
White Motor (quar.)
$1
Sept.30
White Rock Mineral Spgs., corn.(qu.)-- 300. Oct. 1 Holders of rec. Sept.21a
Holders of rec. Sept. 226
Common (extra)
20e. Oct. 1 Holders of rec. Sept. 22
Common (guar.)
300. Dec. 31 Holders of rec. Dec.
22
Common (extra)
20c, Dec. 31 Holders of rec. Dec. 22
First preferred (quay.)
134 Oct. 1 Holders of rec. Sept.22
First preferred (quar.)
1% Dec. 31 Holders of rec.
Dec. 22
Second preferred (guar.)
1% Oct. 1 Holders of rec. Sept.22
Second preferred (extra)
1
Oct. 1 Holders of rec. Sept. 220
Second preferred (Otter)
114 Dec. 31 Holders of rec Dec. 230
Second preferred (extra)
1
Deo.,31
Wolverine eortland Cement (quar.)___. 200. Aug. lc Holders of rec. Doe. 226
Holders of rec. Aug.
Woolworth (F. W.) Co.(guar.)
750. Sept. 1 Rolde,s of rec. Aug. 5
100
Wright Aeronautical Corp.(guar.)
25c, Aug. 31 Holders of rec.
Aug. 17a
Wrigley (Wm.) Jr., & Co.
-Monthly - 250. Sept. 1 Holders of
rec. Aug. 20a
Monthly
25e. Oct. 1 Holders of rec. Sept. 196
Monthly
25C Nov. 2 Holders of rec.
Monthly
250 Dec. 1 Holders of rec. Oct. 200
Nov.206
Yale & Towne Manufacturing (guar.)._ $1
Oct. 1 Holders of
Yellow Cab Mfg.. Class 13 (monthly)
21c. Sept 1 Holders of rec. Sept. 7
rec. Aug. 200
•From unofficial sources. f The New York Stock Exchange
has ruled that stock
will not be quoted ex-dividend on this date and not until
New York Curb Market Association has ruled that stock further notice. S The
will not be quoted exdividend on this dote and not until further notice.
Annual dividend for 1925 all payable In equal quarterly
July 1, Oct. 11926 and Jan. 1 1926, have been declared as installments on April 1.
stock $4 40, quarterly Installment$1 10;prior preference, follows: On the common
7%.quarterly installment
134%: participating preferred, 7% regular, quarterly Installment
111%;Participating
preferred.2% extra,guar.Installment 64%; preferred.6%.
guar.Installment .1 Y..
a Transfer books not closed for this dividend. d Correction. e
Payable in stock
/Payable in common stock. g Payable in scrip. h Ou account
of accumulated
Gividends. m Payable in preferred stock
n Payable In Canadian funds.
changing dividend period from Nov.
1 to Oct. 1. k Dividend is one share of
Electric Boat stock fo each share of Submarine Boat held. IN
Y. Stock Each.
rules common stock be quoted ox-dividend on Aug. 11.
r Payable to holders of record July 31
o Childs Company stock divIdenda are one share of no Par value
coalmen Bloch
or each 100 shares no par value Common stock held
681
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 Aug. 1. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS
(Stated in thousands of dollars-that is, three dphers (000) omitted)
New
Capital. Profits. Loans,
Reserve
Week Ending
Discount, Cash
with
Net
Time4 Bank
Aug,. 1 1925 Nat'l, June 30 Investin
Legal Demand
De- Circa
State, June 30 meats. Vault. Deposi- Deposits. posits
to(000 omitted.) Tr.Cos June 30
vibe.
tortes.
Ms
Members of Fed. Res., Bank
Bank of 11 Y &
$
1
$
Trust Co..,... 4,000, 12,519
Bk of Manhat'n 10,0001 14.230
Mech & Met Bk 10.0001 16,280
BankofAmeriea 6.500, 5,120
1
Nat City Bank_ 50.000 62,255
Chemical Nat__ 4.5001 17,166
Amer Exch Nat 5.000 8,516
Nat 13k of Corn. 25.000 40.235
Pacific Bank_ _ _ 1.600 1.716
Chat&PhenNat 13.500 12:554
24,391
Hanover Nat'l_
Corn Exchange_ 10,000 13.777
National Park__ 10.000 23,761
East River Nat' 2.500 2.251
First Natiorml_ 10.000 70,102
Irving Bk-ColTr 17,500 12.869
Continental_ _ _ _ 1.000 1.123
Chase National_ 20.000 26.365
Fifth Avenue__
500 2.787
600 1.030
Commonwealth
Garfield Nat'l _. 1.000 1.686
Seaboard Nat'l_ 5.000 8.448
Coal & Iron Nat 1.500 1,476
Bankers Trust_ 20.000 27,999
13 8 Mtge & Tr_ 3.000 4.464
Guaranty Trust 25.000 20,389
Fidelity-InterTr 2.000 2,140
10,000 19,145
NY Trust
Farmers'Ln&Tr 10.000 18,028
Equitable Trust 23.000 11.685
Average Average Averag
2
8
2
70,970
963 7,317
157,028 2,542 17,51
174,194 3,317 21.40
83,212 1,702 12,610
618.490 4,367 68,663
122,948 1,329 14,79
109,348 1,072 13,121
332,069 1,085 36.688
31,067
979 4,112
213,021 2.209 22,581
121,019
570 13.995
195,487 6,115 24,175
159,841
968 16,490
39.920 1,383 4,088
298,070
471 25,660
285,408 2,634 37,342
7.845 1 147
876
358.031 4,098 44,93
25.001
718 3,077
13,543
420 1,271
16,987
425 2,420
105,434
962 14.077
20,616
294 2,301
332,718
795 37,169
57.152
719 6.908
437,286 1,303 49,89
21,507
421 2.487
176,289
611 21,437
152,742
535 15,583
253,549 1.447 28,801
Average Assume Ae • ge
$
$
$
54,038 7,138
128,063 25,023
161.770 11,239 "546
92,577 4,246
.
*854,154 77,317
850
111,317 5,278
348
97,679 7,220 4,943
280,327 13,814 _ __ _
29,185 3,397_ _
• 161.017 40,489 5:901
106.571
169,608 29:781
,,,,,
124,580 10,458 3 535
.
29,719 10,287 520
192.512 21,453 4,451
279,419 33,251
6,39
374 _ _ _i
*351.713 18,476
988
23,907
8,798 3:880
16,747
302
108,775 3,201
49
16,774 1,88
415
*289,376 41,873 ___ _
51,066 4,969 ...*459,174 44.446
18.427 1,880
158.789 24,9101
*118,539 22.153 _...
*286.618 33,157
Total of averages 307.100 484,4994,988,792 44,601 571,790 c4,263,926 501,478 22,546
Totals, actual co edition Aug. I 5,030,625 41,6071580,310 c4,309,941 505,24922,578
Totals,actual co million July 254,970.359 43,461 629,172 c4,249.664 502,80922,643
Totals, actual co edition Tilly 185,005.804 42,698 596,567 c4,277,66 502,837 2,964
State Banks Not Members of Fed'I Reeve Bank
000 2.485 22,496 1,710 2,20
Greenwich Bank
21,880 1.49
5,375
918
Bowery Bank__
362
750
232
2,802 1,913
State Bank____ 3,500 5.477 100,394 4,038 2.27
34,488 62,321
Total of averages
4,750
8,880
128,265
6,110
4,710
59.150 65,72
Totals, actual co an tion Aug. 1 128,721 6,026 4,97
Totals, actual co, iditlen July 25 123,535 8,065 4,778
,
Totals, actual co •1111 n July 18 127.734 5,87
4,779.
Trust Companies Not Membe rs of Fed 'I Res',0 Ban
63,684 1,250 5.18
Title Guar St TI 10.000 16.421
22,569
Lawyers Trust- 3.000 3,082
910 1,89
59,701 65,61
59,366 65,78
58,345 85,80
41.998
18.216
Total of averages 13,000 19,504
86,253
2,16
7,081
60,21
Totals, actual co edition Aug. 1
Totals, actual condition July 25
Totals, actual co edition July 18
88.556
85,667
85,876
2,072
2,104
2,247
7.302
6,81
6,9
62,94
59,50
60,406
2,185
1.03
3.172
3,22
3,20
Gr'd aggr.,agar_ 324.850 512,884 5,203,310 52,871 583.581 4.383.290 570,427 2,548
Comparison wit is prey. week.. -4,244
+64-2,9
+2.81 -2,120 -154
Gr'd aggr., act cond'n Aug. 1 5,247.902 49,705592,58 4,432,589 574,036 22,578
Comparison with prey. week __ +63.341-1.985 -43.182 +64.0 I +2.213 +35
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
aggr., °el ^ond'n
aggr., cal cond'n
aggr., octicond'n
aggr., nal cond'n
aggr., acticond'n
aggr., eel cond'n
July 255.184.561
July 185,219.414
July 11 5,251,124
July 35,309.937
June 275,257,296
June 205,226.444
51,690 640,76
50,80108.294
55,196 10,897
61,272640.99
53,756605087
52.197 627.20
4,368,539 571,823 22,543
4,396,415 571,853 22,964
4.430.387572.90223.007
4.533,726 576,894,22,952
4,394,125 600,201123,519
4,395,900 812,90523,433
Note.
-U. S. deposits deducted from net demand deposits in the general total
above were as follows: Average total Aug. 1, $7,711,000. Actual totals Aug. 1,
37,533.000; July 18. $7,925,000; July 11, $7,946,000; July 3, 511,318,000. Bills
Payable, rediscounts, acceptances and other liabilities, average for the week Aug. 1.
3490,205,000; July 25, 8497,252,000; July 18, $499,239,000; July 11, 5511,408,000:
July 3, $524.696,000. Actual totals Aug. 1, $485,739,000; July 25, 5545,961,000:
JUly 18, 8516,645,000; July 11, $527,377,000; July 3, $537,418,000.
* Includes deposits in foreign branches not included In total footings as follows:
National City Bank, $139,976,000; Chase National Bank, 511.267,000; Bankers
Trust Co., $13.142,000; Guaranty Trust Co., $84,500.000; Farmers' Loan & Trust
Co., $4,945,000; Equitable Trust Co., $67,881,000. Balances carried In banks is
foreign countries as reserve for such deposits were: National City Bank,$20.161.000:
Chase National Bank. $1,602,000; Bankers Trust
$1,161,000; Guaranty Trust
Co., 34.388,000; Farmers' Loan & Trust Co.. $4,945,000; Equitable Trust Co.,
Co..
$7,577,000. 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. Depositaries
Members Federal
Reserve Bank
Slate banks'
Trust companies*.- Total
Total
Total
Total
Aug. 1 - - - July 25_ __ July 18_ _
July 11....
Total
Reserve.
Reserve
Required.
Surirlas
Reserve.
571,790.000 571.790,000 569,354,720
4,710,000 10.820,000 10,647,000
7.081,000 9,241,000 9.032,100
$
2,435,280
173,000
208,900
8,270.000 583,581,000 591.851,000 589,033,820
8.319.000 586,535,000 594,854,000 588,731.250
8.469,000 592,510,000 600,979,000 593,104,550
8,759,000 594.197,000 602,956,000 596.493.050
2,817,180
6.122,750
7.874,450
6.462.950
6.110,000
2,160,000
•Not members of Federal Reserve Bank,
a This Is the reserve required on the net demand deposits In the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank
includes also amount.in reserve required on net time deposits, which was as follows:
Aug.1,$15,O44,340;July 25,$15,105,660;July 18,$15,113,010;July 11,315,135,270;
July 3,515,503,250,
Actual Figures.
Reserve
Cash
in
Reserve
in Vault. Depositaries
Members Federal
Reserve Bank_
State banks*
Trust companies*_
Total
Total
Total
Total
[Vol. 121.
THE CHRONICLE
682
6,026,000
2,072,000
Aug. 1_
July 25._
July 18
July
a
Reserve
Required.
Total
Reserve.
Surplus
Reserve.
580,310.000 580,310,000 575,449,800
4.975,000 11.001,000 10,746,180
7,302.000 9,374,000 9,442,050
-In the folBoston Clearing House Weekly Returns.
lowing we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
4,860,200
254,820
68.050
5,046.970
8,098.000 592,587,000 600,685,000 595,638.030
8.229,000 640,769,000 648,998,000 587,152.820 61,845,180
590,744.430 25,653,570
8,104.000 608,294,000 618,398,000
24.353.200
8.670.000 610.897,000 619,567,000 595,213,800
*Not members of Federal Reserve Bank.
case of State banks
a This Is the reserve required on net demand deposits in the
Reserve Bank includes
and trust companies, but in the case of members of the Federal
follows: Aug. 1,
also amount of reserve required on net time deposits, which was as11, 515,114,870;
S15,157.470; July 25, $15,084,270: July 18, 615,085,110; July
July 3, $15,224,520.
July 22.
1925.
July 29.
1925.
Changes from
previous week.
Aug. 5
1925.
$
$
$
$
66.800,000 66,800,000
66,800,000 Unchanged
Capital
11,000 88,931.000 89,031,000
88,920,000 Dec.
Surplus and profits
985,931,000
Loans, dIsc'ts & investments_ 987,548,000 Inc. 4,379,000933,169,000 692,734,000
Individual deposits.inel. U.S.690,332.000 Inc. 10,198,000 680,134,000 140,364,000
137,968,000 Inc. 3,351,000 134,617,000
Due to banks
990,000 212,337,000 207,455,000
213,327,000 Inc.
Time deposits
225,000 6,204,000 6,304,000
5,979,000 Dec.
United States deposits
for Clearing House 33,409,000 Inc. 10,618,000 22,791.000 26,243,000
Exchanges
85,129,000 Inc. 5,133,000 79,996,000 90,747,000
Due from other banks
269,000 81,154.000 81,230,000
80,885.000 Dec.
Reserve in Fed. Res Bank
9,667,000
Cash in bank and F. R. Bank 9,160,000 Dec. 468,000 9,628,000
Reserve excess in bank and
556,000
898.000
331.000
567.000 Dec.
Federal Reserve Bank
State Banks and Trust Companies Not in Clearing
-The Philadelph'a Clearing House
Philadelphia Banks.
-The State Banking Department reports weekly
House.
figures
figures showing the condition of State banks and trust com- return for the week ending Aug. 1, with comparativeReserve
panies in New York City not in the Clearing House as follows: for the two weeks preceding, is given below. System
requirements for members of the Federal Reserve
GREATER
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN
are 10% on demand deposits and 3% on time deposits, all
.
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT
to be kept with the Federal Reserve Bank. "Cash in vaults"
(F(gures Furnished by State Banking Department.)
is not a part of legal reserve. For trust companies not memPrevious Week
Aug. 1
bers of the Federal Reserve System the reserve required is
$1,090,372,100 Inc.$22,355,200
Loans and investments
8,000 10% on demand deposits and includes "Reserve with legal
4,393,800 Dec.
Gold
205,200
22,112,800 Inc.
Currency notes
depositaries" and "Cash in vaults."
95,182,400 Dec. 3,730,500
Deposits with Federal Reserve Bank of New York_
1,140,863,800 Inc. 3,229,000
Total deposits '
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N. Y. City, exchanges & U. S. deposlts1.089,384,300 Inc. 3,638.000
161,594,800 Dec. 3,046,100
Reserve on deposits
Percentage of reserve, 20.5%.
RESERVE.
- -Trust Companies
-State Banks
590,219,300 15.41%
631,469,700 15.45%
Cash in vault*
30,156,900 05.15%
9,748,900 04.80%
Deposits in banks and trust cos__
541,218,600 20.25%
Total
$120,378,200 20.56%
the
*Includes deposits with the Federal Reserve Bank of New York, which for
State banks and trust companies combined on Aug. 1 was 195.1E8,400.
-The
Banks and Trust Companies in New York City.
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:
IN
COMBINED RESULTS OF BANKS AND TRUST COMPANIES
GREATER NEW YORK.
*Total Cash
in Vaults.
Loans and
Investments.
$
6,283,140,300
6,247,899,000
6,267,964,100
6,346,763,200
6,405,646.100
6.427.995.400
6,333.256,700
6,257,736,200
6,285,428.000
6,329,320,400
6,319,885,700
6,336,178,900
6.311,487.200
6,403,112,800
6,353.275.000
6.320.677,200
6.284.570.900
8.302.682.160
Week Ended-Apr. 4
Apr. 11
Apr. 18
Apr. 25
May 2
May 9
May 16
May 23
May 29
June 6
June 13
June 20
June 27
July 3
July 11
July 18
July 25
Aug. 1
Demand
Deposits.
$
5,422,329,800
5,359,115.500
5,402,569,400
5,519,884.000
5,610,150.900
5,604.043,500
5,523,581,000
5,452,014,500
5,439,376.100
5,508,073,800
5.471,996.200
5,502,440,100
5,469,225,600
5,598.609.700
5,534,240,800
5.509,425,100
5,468.216,200
5.472.674.300
Reserve in
DePositarier.
$
$
80,546,900 722,106,500
83,581,500 708.755.700
81.882,200 722,426,700
81.268,000 728.551,900
90,497,700 749,032,400
81,204.700 742,761.100
82,201,400 729,894,500
80,842,200 720,787,700
83,550,000 719.708,300
81,243,900 732,827,700
83,427.400 726,011,100
81,037,200 741,188,800
81.431,500 724,783,000
81,367.100 750,531,400
85,120,100 741,205.700
82,246.400 734.107,700
79,118.400 724.866.500
79,377,600 718,669,200
New York City Non-Member Banks and Trust Com-The following are the returns to the Clearing House
panies.
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
YORK CLEARING
RETURN OF NON-MEMBER INSTITUTIONS OF NEW
HOUSE.
Mated Os thousands of dollars-that is, three ciphers 10001 omitted.)
Net
Capital./ Profits.
CLEARING
NON-MEMBERS .
Nat. bke. Dec. 31
Week Ending State bks. Nov.15
Tr. cos. Dec. 31
Aug. 1 1925.
Loans,
DUcounts,
Investmeats.
&c.
Members of
Ped'I Res'ire Ban
Grace Nat Bank-.
Average Average Average Average Average.
$
$
$
$
$
4,356
4,398
814
49
9,532
TotaL
State Banks.
Not Members Of the
Federal Reserve Banl
Bank of Wash Hts_
Colonial Bank
Total
Trust Company.
Not Member of th
Federal Reserve Ha
Mech.Tr.,Bayonn
$
$
1,000
1,773
Net
Net
Reserve
with Demand Time
Cash
Legal Deposits.Deposits.
in
Vault. Depart
tortes.
1,000
1,773
9,532
49
814
4,398
4.356
200
1,200
543
2,469
8,612
28,200
694
2,970
355
1,395
5,925
24,450
2,428
3,980
1.400
3,012
36,812
3,664
1,750
30,375
6,408
500
532
9,154
392
96
3,195
532
9,154
392
96
3,1951
5,319 55,498
i -1,450
4,105
-72
2,660 837,9681
-44 -5121
16,815
+16
2,9001
2,9001
2,
2,900
5,3191 58,948
5.319 57,639
5,229 57,193
5,205 56,931
4,177
4,270
4,325
4,136
2,704
2,946
2,973
2.758
a38,480
239,8471
a39,562
a39,422
16,759
16,735
16.761
16,775
Capital
Surplus and profits
Loans, disc'ts & investmls
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits_
U. S. deposits (not incl.)._
Res've with legal deposles
Reserve with F.R.Bank__
Cash In vault *
Total reserve & cash held_ _
Reserve required
Excess res. & cash In vault
541,875,0
126,690.0
813,763,0
36,210,0
98,998,0
136,918,0
592,144,0
92,102,0
821,164,0
65,000.0
16,869,0
47,057,0
590.0
24.0
979,0
28,338,0
1,979,0
31,296,0
4,327,0
64.021,0
8,950,0
72.971,0
63,990,0
8.972,0
1,344,0
5,671.0
4,403,0
1,268,0
July 18
1925.
July 25
1925.
1925
Total.
$48,875.0
143,559.0
860.820.0
36,800,0
99.022,0
137,897,0
620,482.0
94,081.0
852,460,0
5,413,0
4,327,0
64,021,0
10,294,0
78,642,0
68.402,0
10.240.0
546,875,0
143.609,0
859,193,0
37,140,0
103,268.0
141,970,0
625,258.0
91.539,0
858,767,0
5,618,0
3.341,0
63,877.0
10.903,0
78,121,0
68,903,0
9.218,0
$46,875.0
143,809.0
858,681,0
38,064.0
113,204.0
146,931,0
630,849,0
90.489,0
868,269.0
5.617.0
3,086,0
65,446,0
11,033,0
79.565.0
88,769.0
10.706,0
•Cash in vault not counted as reserve for Federal Reserve members.
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business Aug. 5 1925 in
comparison with the previous week and the corresponding
date last year:
Aug. 6 1924.
Aug. 5 1925. July 29 1925.
$
&MOTU355,881.000 355,956,000
Gold with Federal Reserve Agent
8.209.000
9,224.000
Gold redemp. fund with U. S. Treasury_
620.051,000
5,710,000
Gold held exclusively eget. F.R.notes_ 384,090,000
Gold settlement fund with F. R. Board_ 218,392,000
342,877,000
Gold and gold certificates held by bank
365.180,000
253,798,000
344,453,000
625,761,000
152,981,000
194,273,000
925,359,000
36,868,000
963.431,000
40,084.000
973,015,000
26,474.00o
962,225,000 1.003,495.000
Total reserves
18.554,000
14,225,000
Non-reserve cash '
Bills discounted
81.230,000
Secured by U. li. Govt. obligations.-- 149.893,000
30.777.000
29.400.000
Other bills discounted
999,489,000
14,362,000
Total gold reserves
Reserves other than gold
18,279,006
13,441,000
180,670.000
31,880,000
110,630,000
30,962,000
31,720,000
6,996,000
4,912,000
51,270,000
5,067,000
4,912,000
49,681,000
5,091.000
4,902,000
137,839.000
39,613,000
61,249,000
2,835,000
69,684,000
2,835,000
182,354,660
Total earning assets
276,634,000
204,111.000
221.070,000
Uncollected items
Bank premises
All other resources
139,454,000
17.027.000
6,419,000
133,999,000
17,026,000
6,351,000
118,544,006
15,974,040
11,883,600
Total Mils discounted
Bills bought in open market
U. S. Government securities
Bonds
Treasury notes
Certificates of Indebtedness
Total U.S. Government securitiesForeign loans on gold
1 415.984.000 1,383.536.000 1,381,322,
0111
Total resources
Llabtitites-Fed'i Reserve notes in actual circulation_ 337,752,000
-Member bank, reserve acc't.- 852,183.000
Deposits
6,446,000
Government
14,011,000
Other deposits
Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities
Totalllabilities
333,533,000
821,922,000
3,705,000
14,853,000
320,577,000
843,442,000
11,462,000
19,375,000
840.480,000 874,279,000
95,105,00e
116,059,000
29,976,000
31.675,000
59,929,000
58,749,000
1,456,000
3.040.000
3"5'000
1 415,984,000 1,383,536.000 1.381,322,040
Ratio of total reserves to deposit and
Fed'l Reeve note liabilities combined_
Contingent liability on bills purchased
for foreign correspondents
872,640,000
112,163.000
31,676.000
58,749,000
79.5%
85.5%
83.6%
8.249,000
8.199,000
9,415.144
6,051
2,900
Grand aggregate-Comparison with pr ev. week
Trust
Membersof
FR System Companies
6,051
500
Week Ended Aug. 1 1925.
Two Ciphers (00)
omitted.
Total
Ord aggr.. July
Gr'd aggr.. July
Ged aggr., July
Ord aggr., July
2
18
11
3
CURRENT NOTICES.
United States deposits deducted, $41,000
$1,603,000.
Bills payable, rediscounts, acceptances and other liabilities.
Excess reserve, 333.580 decrease.
The New York Trust Co. has been appointed registrar of America
Dry Corp. Class A stock of no par value.
-Harry .7. Popper and Edward W. Russell have become members of
the New York Stock Exchange firm of Arthur E. Frank & Co. of New
York City.
Rufus E. Leavitt. formerly with Nichols & Stone, Is now associated
with Harvey Fisk & Sons.
& Hickey have installed a direct private wire to Chicago to the
office of William L. Ross dr Co., Inc.
AUG. 81925.]
THE CHRONICLE
683
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon,Aug. 6,and showing the condition
of 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 returns for the
latest week appears on page 652, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF
BUSINESS AUG.5,1925.
Aug. 5 1925. July 29 1925. July 22 1925. July 15 1925. July 8 1925. July 11925. June 24 1925 June 17 1925
Aug. 6 1924.
$
3
$
$
$
$
$
$
$
1,436.480,000 1.447,958,000 1,456.802,000
1,472,241 1,461,028.000 1,459.127,000 1,473.117.000 1,500.333.000 2,079,415,000
57,715.000
52,473,000
50.682.000
51,384,000
47,706.000
58,141.000
53,819,000
35,799,000
38,062.000
1,494,195,000 1,498.640.000 1,509,275.000 1,523.625,000 1,508.734,000 1,517,268.000 1.526.936.000 1,538.395,000 2.115,214,000
686,989,000 687.023,000 688,785,000 675.710.000 678,327,000 680,503,000 674.499.000 678,157.000 589,472,000
596,830,000 605.421,000 592,790,000 .591,266,000 597,200.000 587,791.000 609,329.000 604.515.000 421,054,000
2,778,014,000 2.761,084,000 2,790,850,000 2,790,601,000 2,784,261,000 2,785,562.000 2,810,764.000 2.821.067,000 3,125,740,000
136,289,000 145.540,000 143.996.000 144,769,000 139,493,000 141,306.000 148.049.000 146,659,000 103.309,000
2,914,303,000 2,036,633,000 2,934,846,000 2,935,370,000 2.923,754,000 2,926.863,000 2.958.813.000
2.967.726.000 3,229,049,000
49,756.000
55,917,000
56,932,000
49,699,000
56,209,000
47,429,000
55,739,000
54.613.000
47,746.000
303,260,000 248,235,000 230,032.000 237,540,000 230,270,000 268,937,000 249,914.000 248.122,006
78,796,000
240,577,000 220,121,00(. 212,490.000 217.199,000 220,061.000 242.688.000 205,531.000 193.842.000 194,842,000
543,837.000 468,356,000 442.522.000 454.739.000 450,331,000 511,625,000 455,445,000 441.964.000 273.638,000
211,972,000 210,476.000 224,525,000 231,329,000 240,711,000 249.090.000 241,666.000 246,083,000
32,097,000
69,441,000
69,406,000
68,905.000
68,777,000
68,247.000
68,556,000
72,297 000
29,634,000
83.366.000
229,071,000 225,787,60(1 231,290,000 242.365.000 241,683,000 249,551,000 226.083.000 191,151.000 394.419,000
34,982,000
34,967,000
28,722,000
35,109,000
33,335.000
35,777,000
26.229.000
31.882.000 111,464,000
333,494,000 330,160.000 335,304,000 344.477.0)0 333,961,000 353,575.000 324.609,000 306.399.000 535,517,000
10,500.000
10,500,000
10,500,000
10,500,000
10,500,000
10,500.000
10.500.000
10.500.000
1,850,000
1.850.000
1,850,000
2,250.000
2.250.000
2.250.000
2.250,000
1,250,000
2,250,000
1,101,653,000 1,021.342,000 1,014.701.000 1,043,295,000 1,042153,000 1,127,040,000 1,034,470,000 1,007,196,000 832,502,000
592.665,000 583,542,000 644.018,000 746,725,000 683.338,000 270,084.000 619.112.000 811.856.000 514.880,000
60,975,000
60.562,000
80,397,000
60.326.000
60,383.000
60.180.000
60.173.000
58,668.000
60.162,000
21.764,000
21,817.000
21,591.000
21,618.000
21.425,000
21,456,000
21,152.000
30,070,000
21.136.000
RESOURCES.
Gold with Federal Reserve agents
Gold redemption fund with U.S. Tress_
Gold held exclusively agst. F.R.notes_
Gold settlement fund with F. R. Board_
Gold and gold certificates held by banks_
Total gold reserves
Reserves other than gold
Total reserves
Non-reserve cash
Bills discounted:
Secured by U.S. Govt. obligations—
Other bills discounted
Total bills discounted
Bills bought In open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
Total U. S.'Government securities—
Foreign loans on gold
All other earning assets
Total earning assets
Uncollected items
Bank premises
All other resources
Total resources
LIABILITIES.
F. R. notes in actual circulation
Deposits—
Member banks—reserve account
Government
Other deposits
4,741,116,000 4,679,813,000 4,732,485.000 4,863.407.000 4,781,488,000 4.853,057,000 4,749.459,000 4.922,689.000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
Total liabilities
Ratio of gold reserves to deposit and
F. R. note liabilities combined
Ratio of total reserves to deposit and
F. R. note liabilities combined
Contingent liability on bills purchased
for foreign correspondents
4.712.915.099
1,605,557,000 1,598,397,060 1,605,214.000 1,626.971,000 1,652,290,000 1,653,006,000 1.634,235.000 1.643,047.000 1,756,014,000
2.211,753,000 2,152,867.000 2.160,748,000 2,195,601,000 2,147,100.000 2,198.629.000 2,139,779,000 2.212.772,000 2,092,696,000
28,201,000
21,110.000
13.963.000
13.282,000
10,907,000
23,330,000
46.207.000
35,075,000
5.364,000
26,013,000
26,603,000
25.003,000
25.194,000
30.426,000
27,366,000
24,428,000
31,885,000
26,466.000
2,265,967,000 2,200,580,000 2.199119,000 2,231.702,000 2,187,748.000 2.252,385.000 2.210.414.000 2,244.602.000 2.159.656,000
524,173,000 535,323,000 582,450.000 660,047,000 596,809.000 603,527.000 557,073.000 687.156.000 452.831,000
115,677.000 115,706,000 115,715,000 115,601.000 115,617,000 115,704.000 115,561,000 115.543.000 111.493,000
217,837,000 217,837,000 217,837,000 217.837,000 217,837.000 217.837.000 217,837.000 217.837.000 220,915,000
11,905,000
11,970,000
11,5.50,000
11,249,000
10.598.000
11.187.000
14,339.000
12.006,000
14.504.000
4,741.116.9004.679.813,900 4,732,485.000 4,863,407..11 4,781.488.000 4,853.057.000 4,749,459.000 4,922,689,000 4,712.915,000
Distribution by Maturities—
1-15 day bills bought in open market__
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness_
1-15 days municipal warrants
16-30 days bills bought In open market_
16-30 days bills discounted
-.-16-30 days U. S. certif. of indebtedness.
16-30 days municipal warrants
31-60 days bills bought in open market_
31-60 days bills discounted
11-60 days U. S. certif. of indebtedness_
11_60 days municipal warrants
31-90 days bills bought In open market..
51-90 days bills discounted
51-90 days U. S. certif. of indebtedness..
11-90 days municipal warrants
aver 90 days bilis bought in open market
Dyer 90 days bilis discounted
Over 90 days certif. of 1ndebtednem
aver 90 days municipal warrants
711%
73.4%
73.3%
72.5%
72.5%
71.3%
73.1%
72.5%
79.8%
75.3%
77.3%
77.1%
76.1%
76.1%
74.9%
77.0%
76.3%
82.5%
31,508,000
31,961,000
32,165,000
35,576.000
37,829,000
36,971.000
37.105.000
33,482,000
34.816,000
$ '
83,143,000
405,914,000
7,403,000
5
81,065,040
338,833,000
7,106,000
8
86,910,000
315,279,000
7,386,000
3
86,525,000
329,937.000
5,780,000
$
82,609,000
322,798,000
1,860.000
$
90,113.000
381.904.000
7,984,000
$
86,317.000
330,416.000
967.000
3
86,923.000
330,730.000
8,034.000
$
9,500,009
118,629,000
36,621,000
27,632.000
45,793,000
25,586,000
53,058,000
24,911,000
49,642,000
25.308.000
25.661,000
54,451,000
54.345,000
26,381,000
47,746,000
28,148.000
45.275,000
23.860,000
5,628,000
28,718,000
45,745,000
52,825,000
19,081,000
44,508,000
42.796.000
16,098,000
46,117.000
41,832,000
16,235,000
57,293,000
40,305,000
62,894,000
41,464,000
67,302,000
41,279,000
72,665,000
39,472,000
65.788,000
34,825,000
3,355.000
'56.950,009
34,289.000
40,603,000
29,720,000
39.758,000
3,022.000
29,833.000
38,386,000
3,022,000
26,998,000
32,501.000
15.812,000
32,453,000
33,204,000
19,210.000
28,392,000
31,565.000
90,237.000
29.858,11'
26,718,000
15,814.000
41.417.000
23.488,000
10,805.000
11: 2,040,000
,44,039,000
12,174,000
113,863,000
8,498,000
9,390,000
21,383,000
8,741,000
8,607,000
22,114,000
8,376,000
10,871,000
26,688,000
11,743,000
8,304.000
27,204,000
7.652,000
8.938.000
30,496.000
8,556.000
5.080,000
30,421.000
9,448,000
6.680.000
29,061,0130
12,983,000
1,574,000
-23,302,000
111,464,000
notes received from comptroller__ 2,902,676,000 2,920,284,000 2,928,058,000
F. R.
1.R.notes held by F. R. Agent989,432,000 1.003,636.000 1,004.118,000 2.944.876.000 2,937,365,1)00 2,946,248,000 2,945.097,006 2.963,134,000 3,195,113,000
1,012196,000 1,001.026,000 1.011.137.000 1.003,586.000 1.007.826.000 945,953,000
•
limed to Federal Reserve Banks
How Secured
3y gold and gold certificates
)Old redemption fund
/old fund—Federal Reserve Board
V eligible PaPer
Total
1,913,244,000 1,916,648,000 1,921,942,000 1,932,080,000 1,936,339,000
1.935,111,000 1.941,511,000 1,955,303.090 2,249,160,000
308,028,000 306,551,000 307.151,000 307,151,000 287,191,000
108,506,000 105,103,000 102,653,000 111,784,000 100.560,000 287,591,000 286,016,000 286,016,000 335,704,000
1 019,946.000 1.036,304.000 1,046,998,000 1.053,306,000 1.073.277,000 102.093.000 106,255,000 104.643,000 112,602,000
721,028,000 637.137,000 633.349,000 650.135.000 656,210,000 1,069.443,000 1.080.846,000 1.109,674.000 1,631,109,000
717.052,000 667,202,000 659.395.000 284,985,000
2.157.508,0002,085.005,090 2.090.151,000 2,122.376.000 2.117.238.000
2.176.179.000 2,140.319.000 2.159.728.000 2.364.400.000
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS
7m0 010er. (00) omitted.
New York. Phila. Cleveland. Richmond Atlanta. Chicago.
Boston
Federal Reserve Bank of—
RESOURCES.
$
$
$
$
$
$
$
Gold with Federal Reserve Agent 146.876,0 355.881.0 135.391.0 179.707,0 32,855,0 107,276,0 135,273,0
8,209,0 11,354,0 4,418,0 3,532,0 2,138,0 4,797.0
redo fund with U S.Tress 12,111.0
Gold
Gold held cad agst. F.R.notes 158,978,0 364,090,0 146,745,0 184,125,0 36,387,0 109,414.0 140,070,0
Gold settle't fund with F.R.IYrd 44,526,0 218,392,0 52,999.0 65,358,0 40,514,0 27.661,0 129,907,0
Gold and gold ctfs. held by banks 28,687,0 342,877,0 19,715,0 43,751,0 5,659,0 3.281,0 100,985.0
232,191,0
13,009,0
925,359.0 219,459,0 293.234,0 82,560.0 140,356.0 370.962,0
36.866,0 5,857,0 8.335,0 4.400,0 12,342,0 17,088.0
245,200,0
Total reserves
5,007.0
Non-reserve cash
Bills discounted:
See. by U. S. Govt. obligations 12,817,0
28,234,0
Other bills discounted
962.225,0 225,316.0 301,569,0 86,969.0 152,698,0 338,050.0
14,225,0 1,595.0 3,407,0 3,065.0 3,564,0 7,632,0
Total gold reserves
Reserves other than gold
41,051,0
Total bills disc. unted
29,424,0
Ms bought In •• en market
U.S. Government securities:
557,0
Bonds
1,362.0
Treasury notes
Certificates of indebtedness_ 7,400,0
Total U.S Govt.securities..
9,319.0
149,893.0 25.978,0 34,735,0 12,908,0 3,987,0 27,876,0
.30.777.0 18,862,0 17,354,0 33,584,0 24,345,0 24.114,0
180,670.0 44,840,0 52.089,0 46,492,0 27,332,0 51,990,0
31.880,0 11,620,0 17,395,0 6,905.0 14,418,0 26,064,0
4,912,0
'610,0 8,746,0
51,270,0 17,207,0 11,571,0
5,067,0
57,0 10,397,0
1,486.0 1,673,0 20.847,0
4,019.0 11,297.0 19,118,0
64,0 1,428.0 1,382,0
61.249,0 17,874,0 30.714.0
5.569.0 14,398.0 41.147.0
AT CLOSE OF BUSINESS AUG.5 1935
St. Louis. Minneap. Kan. Cite Dallas. San Fran.
Total.
i
3
8
i
i
8
20,033,0 46.996.0 50:881,0 27,590.0 197.730,0 1,436,480.0
1,948,0 1,391.0 3,165.0 1,758,0 2,894,0
57,715,0
21,981,0 48.387,0 54,046,0 29,348,0 200,624.0 1,494,196.0
9.128,0 14,386,0 39,010,0 11,310,0 33,798,0
10,640,0 7,244,0 3,454,0 6,227,0 24,310.0 886,989.0
598,830,0
41,749,0 70.017,0 96.510.0 46,885.0 258,732,0
18,795,0 1,956,0 3,907.0 8.356,0 5,369,0 2.778.014.0
136,289,0
60.544,0 71.973,0 100.417,0 55,241,0 264,101,0 2,914,303,0
3,404,0 1,236,0 1,989,0 2,164,0 2,468,0
49,756,0
7,871.0 3,699.0 1,524,0 1.631,0 21.341.0
303.280.0
18,100.0 5.013,0 5,377,0 8,035.0 26.782,0 240,577,0
25,971,0 8,712,0 6,901,0 9,666.0 48,123,0 543.837,0
11,360,0 19,392,0 15,237,0 8.787.0 19,490,0 211,972,0
3,272.0 8,150,0 9,375.0 7,552,0 2,461.0
69,441,0
27,227,0 7,751.0 20,295.0 21,720.0 36,234,0 229.071,0
544,0
128.0 2,830,0 . 387,0 5.298,0
34,982.0
31.143.0 16 029 n 52 Min n 90 RAO A ex 005 n 252 Acw. n
[VOL 121.
THE CHRONTCLE
684
RESOURCES (Concluded)
Two ciphers (00) omitted.
Boston.
S
777,0
Foreign loans on gold
All other earning assets
New York.
Phila.
$
$
2,835,0
976,0
1.850.0
Cleveland Richmond Atlanta. Chicago. St. Louis Minneap Kan City Dallas. San Fran.
$
1,124,0
$
5
557,0
430,0
483,0
1,449,0
$
s
$
$
$
$
346,0
420,0
368,0
735,0
Togas.
3
10,500,0
1,850,0
112,341,0 1,101,653,0
276,634,0 77,160,0 101,322.0 59,523.0 56,578,0 120,650,0 68,857,0 44,479,0 55,058,0 48.480,0 32.584,0 592,665.0
139,454,0 55,107,0 55,536.0 49,345.0 28,000,0 76,311,0 29,688,0 13,207,0 38,638,0 20,522,0 3,319,0
60,975.0
2,446,0 2,780,0 8,099,0 4,700,0 3,056,0 4,419.0 1,833,0
17,027,0 1,158,0 7,948,0
21,764,0
726,0 1,568,0 4,392,0
351,0 3,088,0
687,0 2,478,0 1,331,0
383,0
249,0
6,419,0
137,039,0 201.247,0 129,808,0 419,205,0 4,741,116,0
389,333,0 1,415,984,0 360,585,0 470,165,0 202,035.0 246,098.0 602,073.0 167,544,0
Total resources
LIABILITIES.
1,605,557,0
r.R.notes In actual circulation- 167,061,0 337.752,0 144,831,0 203,743,0 68,508,0 133,229,0 146,175,0 42,393,0 61,825,0 63,053,0 38,436,0 199,551.0
Deposits:
2,211,753,0
133,264.0 177,273,0 66,856,0 75,272,0 334,958.0 77,070,0 50,771,0 87,472,0 56,351.0 157,021,0
Member bank-reserve acct... 143,262,0 852.183.0
28,201,0
644,0 1,899,0
589,0 1,620,0
893,0 1,116,0 8,157.0 1,665,0
6,446,0 2,468,0 1,353.0
1,351,0
Government
26,013.0
142,0 4,929,0
338,0 1,136,0
157.0 1,737.0 1,267.0
179,0
477,0 1,349,0
14.011,0
291,0
Other deposits
90,228,0 57,137,0 163.849,0 2,265,967,0
Total deposits
144,904,0 872,640,0 136,209,0 179,975,0 67.928.0 76,545.0 344,852.0 80,002,0 51,698,0 34,133.0
32.332,0 524,173.0
52,044,0 112,163,0 47.935,0 50.107,0 47,060,0 22,013,0 63,505,0 29,486,0 11,795,0 4,356,0 21,600.0 8,185.0 115,677,0
Deferred availability items
4.318,0
31,675,0 11,216.0 12,970,0 5,979.0 4,581,0 15,590,0 5,116.0 3,201,0
8,490,0
Capital paid in
217,837,0
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
16,382,0
lurplus
11,905,0
725,0 1,217,0
500,0
576,0 1,023,0
780.0 1,525,0
859,0
908,0
335,0
3,005,0
452,0
Ill other liabilities
419,205,0 4,741,116,0
Total liabilities
389,333,0 1,415,984,0 360,585,0 470,165,0 202,035,0 246,098,0 602,073,0 167,544,0 137,039,0 201.247,0 129,808,0
Memoranda.
75.3
72.9
65.5
57.8
63.4
49.5
79.6
72.8
63.7
78.6
80.2
79.5
78.6
Reserve ratio (per cent)
:lontingent liability on bills pur31,508,0
1,689.0 1,306,0 4,397:0 1,466,0 1,052,0 1,274,0 1,115,0 2,230,0
8,249,0 2,963,0 3,409,0
chased for foreign correspondls 2,358,0
P. R. notes on band (notes rec'd
from F. R. Agent less notes In
7.132.0 511.640 20 002 n 207.397.0
21.613.0 118.933.0 38.087,0 27.167,0 13,785,0 15.107,0 10.395.0 4.950.0 5.261.0
circulation
80,571,0
54,273,0
4,190,0
92,0
Total earning assets
Uncollected items
Bank premises
&II other resources
CLOSE OF BUSINESS AUG. 5 1925.
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT
Federal Reserve Agent at-
Boston
$
(Two Ciphers (00) Omitted.)
P.R.notes rec'd from Comptrol'r 284,954,0
P.R.notes held by F.R.Agent-- 96,280,0
P.R. notes Issued to P.R. bank 188,674,0
Collateral held as security for
F.R. notes issued to F.R. Bk.:
Gold and gold certificates__ 34,100,0
18,767,0
Gold redemption fund
94,000,0
Gold fund-F.R.Board
70,475,0
Eligible paper
217.342.0
Totalcollateral
New York
Phila.
Cleveland Richmond Atlanta
Chicago
St. Louis
Minn. Kan. City
Dallas
Sax Fr.
Total
3
3
$
$
5
$
$
S
$
$
$
$
2,902,676,0
760,625,0 218,918,0 272,020,0 105.273,0 209,715,0 428,027,0 71,703,0 84.437.0 97,998,0 65.652,0 303,354,0 989,432,0
303,940,0 36,000,0 41,110,0 22,980,0 61,379,0 271,457,0 24,360,0 17,351,0 27,813,0 21,562,0 65,200,0
1,913,244,0
456,685,0 182.918,0 230,910,0 82,293,0 148,336,0 156,570,0 47,343,0 67,086,0 70,185,0 44,090,0 238.154,0
•
308,028,0
17,863,0
11.775,0 13,052.0
186,698.0 5,600,0 8.780,0 21,160,0 9,000,0
944,0 3,521,0 4,227,0 13,973,0 108,506,0
28.183,0 11,902,0 10.927,0 4,400,0 5,776,0 4,628,0 1,258,0
1,019,946,0
141,000,0 117,889.0 160,000.0 7,295,0 92,500,0 130,645,0 7,000,0 33,000,0 47.360,0 5.500,0 183,757,0 721,028,0
186,367,0 50,429,0 69,484,0 51,630,0 41,713,0 77,947,0 37,317,0 27,970,0 22,072.0 18,404.0 67,220,0
45.004 n 9114 ocn n 9 157 nng.0
542.248.0 185.820,0 249,191,0 84,485,0 148,989,0 213,220.0 57.350.0 74.966.0 72.953.0
Weekly Return for the Member Banks of the Federal Reserve System.
the resources;
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of
behind
member banks from which weekly returns are obtained. These figures are always a week
the liabilities of the 730
Definitions of the different items in the statement were given in the statement
those for the Reserve banks themselves.
the Reserve Board upon the figures
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of
Department of "Current Events and Discussions," on page 652.
for the latest week appears in our
Reserve District at close of business July 29 1925. Three ciphers (000) omitted.
I. Data for all reporting member banks in each Federal
Federal Reserve District.
Boston. New York
Number of reporting banks
Loans and discounts, gross:
Segured by U.S.Gov't obilgatiomi
Secured by stocks and bonds
All other loans and discounts---
103
42
$
$
48,578
10,485
326.6502,217.575
646,852 2,435,327
Total.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
730
68
49
71
25
33
36100
75
73
55
$
$
a
$
$
$
$
$
$
$
s
158,943
8,974
3,070
3,663
2,594
8.362
7.368
29,627
5,942
18,646
11.634
6
76,798 246,590 5,035,32
67,740 119,043
92.907 780,815 172,416
316,060 491,118 127.575
8,022,881
385,573 751,276 365,430 372,228 1,207,395 305,970 157,979 330,448 208.385 856,018
phua.
984.0264,701,486 713,267 1,261,040 498,947 472,503 2,017,837
Total loans and discounts
Investments:
14.880
17,590
25,538
31,785
9,838
39,736
9,840
U.S. pre-war bonds
12,864 175.182
35,124
51,172 173,728
80,416 606,209
U. B. Liberty bonds
5,675
5,874
60,465
33,124
18,002
20,333 195,358
U.S. Treasury bonds
2,342
72,128
985
42,642
8,491
5,694 197,113
U.S. Treasury notes
2.180
8,307
3.132
11,448
6,549
41,855
4,864
U.S.Treasury certificates
45,978 426,681
62,257
351,166
stocks and securities 208,469 1,150,523 260,082
Other bonds,
83.919 760.353
132,910
329,616 2,230,794 353.834 643,893
Total investments
1,904,933 631.857 556.422 2,778,190
Total loans and investments_ _ 1,218,842 6,032,274 1,067,101 123,149
37,902 242.423
40,459
79,999
96,451 734,363
Reserve balances with F. R. Bank__
10,628
49,741
14,240
30,549
14,841
76,513
19.774
Cash in vault
1,021,800 355,468 328.625 1,761,722
898,826 5,577,389 753,385 754,267 202,315 202,759 977,683
Net demand deposits
373,407 1,161,289 177.566
deposits
Time
5,268
2,520
15,164
13.131
6,937
10,932
5,620
Government deposits
BIlls pay•le di redisc. with F.R. Bk.:
1.631
33,046
6,328
27.232
8,731
66,130
S. Gov't obligations
3,0.50
Secured by U.
3,780
5,284
12,128
9,301
14,161
19,230
7.175
All other
balances of reporting memBankers'
ber banks in F.R. Bank cities:
19,878 371,370
29,225
52,346
123.571 1,005,781 165,469
Dne to banks
12.182 156,920
11,378
25,694
56,075
36.445 111.280
Due from banks
486,748
228,313
453,154
12,707
22.579
11,478
6,519
526
111,924
6.811
25,359
12,097
19,410
2,581
42,581
9,055
53,088
12,616
17,477
3.663
76,627
165,733
108,839
172,526
652,481 337,152 625,680
55.727
22,369
42,130
12,421
5,961
6,855
385,133 219,183 502,850
208,073 101,459 140,104
674
1,277
1.812
288,253 1,111,582 13,217.150
218,711
24,094
17,137
17.582 136,386 1,389,689
434,889
52,775
7,092
406,075
26,062
7,212
106,072
17,856
3,111
20,653 193,683 2,950,624
72,787
450,856 5,506,060
361,040 1,562.438 18,723.210
27,221 103.521 1,605,774
273,039
21.820
9,696
250,611 759,852 12.814,844
95,667 779,552 5,174,141
71.760
5.529
2,989
2,688
6,006
1,000
376
363
94
322
1,593
81,849
26.020
45,302
20,741
111.564
47.380
24,556
19,510
21,119
8,303
171.640
88,231
92,979 2,123,890
569,933
46,308
in New York City. Chicago, and for whole country.
2. Data of reportisg member banks
in Chicago.
Reporting Member Banks fa AL Y. City. Reporting Member Banks
AU Reporting Member Banta.
29 1925. July 22 1925. July 30 1924.
July 29 1925. July 22 1925. July 30 1924. July
July 29 1925. July 22 1925. July 30 1924.
49
46
46
67
62
62
747
730
s•
730
•5
$
Number of reporting banks
$
$
$
$
$
26,773,000
21,895,600
$
22,535,1200
67,975,000
Loans and discounts, gross:
43,626,000
48,558,000
189,628,000
170,616,000
158,943,000
Secured by 13.5. Govt. obligatio
1,978,061,000 1,976,724,000 1,764,487.000 595,008,000 588,760,000 476,095,000
.5,035,326,600 5.031,726.000 4,241,131,000 2,123,397,000 2,147.100,000 2,203,756,000 671,230.000 677,114,000 695,158,000
Secured by stocks and bonds
7,834,186,000
8,022.881.000 8,038.085,000
All other loans and discounts
1,198,026,000
0 4,145,084,000 4,172.382,0004,036.212.000 1,288,773,000 1,287,769,000
13,217,150,000 13,240,427,000 12,264,945,00
Total loans and discounts
4,138,000
1,934,000
1,933,000
Investments:
40,219,000
29,000,000
28,999,000
271,327,000
222,335,000
69,037,000
218,711,000
88,361,000
90.248,000
U.B. pre-war bonds
508,077,000 509,596,000 536,166,000
3.691,000
26,354,000
1.389,689,000 1,383,294,000 1.300,438,000 181,035,000 182,246,000
25,116,000
11.869,000
U. S. Liberty bonds
64.779,000
440,090,000
85,282,000
434,889,000
57,880,000
56,245,000
U. S. Treasury bonds
645,074.000 185,231,000 181,713.000 309,405,000
404,646,000
6,096,000
406,075,000
3,888,000
3,835,000
55,359,000
U. S. Treasury notes
39,164,000
39.738,000
120,467,000
108,496.000
106,072.000
195.991,000 196,974,000 180,882,000
U. S. Treasury certificates
2.948,134,000 2,584.985,000 865.019.000 864,426,000 767,205,000
Other bonds, stocks and securities_ 2,950,624,000
1,720,223,000 373,368,000 375,391,000 349,126,000
5,506,060,000 5,506,995,000 4,987,070,000 1.807,526,000 1,806,718,000
Total investments
1,663,160,000 1,547.152,000
18.747,422,000 17,252.015,000 5,952,610,000 5.979.100.0005,756,435,000 1,662.141,000
Total loans and Investments_ 18,723,210.000 1,617,713,000 1,590,684,000 673,374,000 684,019,000 710.474,000 167,126,000 164,696,000 164,692,000
27,895,000
24,538,000
23,311,000
73,001,000
Reserve balances with F. R. banks__ 1,605,774,000
61,646.000
61,627,000
284,753,000
274,832,000
273,039,000
Cash in vault
0 5,028,084,000 4,999,423,000 5.016.424,000 1.177.918,000 1.172,214,000 1,132,681.000
12,814,844,000 12,833,091,000 12,232,751,00
468,438,000 391,982,000
699,913,000 473,742.000
Net demand deposits
6,084.000
5,174,141,000 5,163.718,000 4,491,956,000 776,984,000 780.595,000
8,258,000
7.843,000
16,546,000
Time deposits
8.579,000
9,035,000
95,911,000
75.567,000
71,760,000
Government deposits
with
Bills payable and rediscounts
250,000
3,041,000
10.896.000
2,325,000
Federal Reserve Banks:
56,110,000
42,275,000
29,361,000
155,642,000
101.000
171,640,000
622,000
1,409.000
3.389,000
Secured by U. B. Govt. obligations
17,240,000
15,453,000
43,026300
87.687,000
88,231.000
All other
351,004
4,450,000
11.519.000
5.714.000
73.350.000
57.728.000
72.387.000
243.329.000
250 571000
Total borrowings from F.R. bks
AUG. 8 1925.]
THE CHRONTCLE
tianitersi %azette.
Friday Night, Aug. 7 1925.
Railroad and Miscellaneous Stocks.
-The review of the
Stock Market is given this week on page 677.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended Aug. 6.
Sales
for
Week.
Range for Week.
Lowest.
Par.Shares $ Per share.
Railroads.
BrunswTerm&RySec100 4,600 5
Buff Roeh & Pitts pf _100
55 98
Ches & Ohio ctfs_ _ _100
100 934
100
Erie certificates
200 2754
First prof ctfs
100
200 374
Hocking Valley Ry_ A00
10013654
III Cent Leased Line_100
75 7855
50
Morris & Essex
68 7954
Nash Chatt & St L.. _100
700145
Nat Rys Mex 1st pref 100
100 454
N Y Lack & Western_100
19 1013..'
N Y State Railways. 100
600 30
Pacific Coast
100
200 20
Pitts Ft W &
__ _100
41 133
Reading Rights
5,200 174
VicksShrev&Pac pf 10
100 92
Western Pacific new_100 10,700 194
Preferred new
101 1,700 74
Highest.
Range Since Jan. 1.
Lowest.
Highest.
per share. $ per share.S per share.
Aug 1 614
Aug 3 98
Aug 1 9354
Aug 4 275(
Aug 4 374
Aug 7 1364
Aug 3 7654
Aug 1 79%
Aug 5150
Aug 6 454
Aug 310154
Aug 5 304
Aug 5 24
Aug 3134%
Aug 5 1854
Aug 3 92
Aug 1 224
Aug 1 745(
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
7 3
3 86
1 93%
4 255(
4 3634
7 127
3 7231
3 773.1
7 143
6 354
3 100
6 31)
1 20
5 133
3 1734
3 92
5 19%
3 72
Feb 654 Aug
Ap 100
July
Aug 9314 Aug
Jul 274 Aug
July 374 July
Ma 138
May
Ap 77 June
Jan 804 July
Ap 155
Mar
Ap
6 May
Jan 104
May
Aug 434 Apr
Aug 38
Mar
Aug 1404 Mar
Jul 244 Jan
Au 92
Aug
Jul 22% Aug
July 74% July
Industrial & Misc.
Amer Chicle prior pref..•
100 90
Aug 5 90
Aug 5 8954 July 92
July
Amer Metal pref _ _ _ _100
4001143..' Aug 7114% Aug 7 111
Ma 11631 Jan
American Republics- _ _*
900 60
Aug 6 62% Aug 5 48
Jan 76
June
American Snuff
100
100 1454 Aug 6 14534 Aug 6 1384 Ap 15054
Feb
Am Type Founders pf100 400 10754 Aug 7107%
Aug 7 10554
Jan
Am Writ Paper pf ctts100
100 1554 Aug 5 154 Aug 5 154 May 110
July 4
Jan
Art Metal Construct...10
200 16
Aug 6 1754 Aug 7 15
Jan 1734 Aug
Bayuk Bros let pref.100
100'96
Aug 3 96
Aug 3 95
Apr
Feb
Booth Fisheries 1st 01100
100 3654 Aug 5 3854 Aug 5 25 June 984 July
37
Botany Cons Mills A._50
100 444 Aug 7 444 Aug 7
4431 Jul 46
July
British Empire Stee1.100
100 214 Aug 7 24 Aug 7 114 May 314
Jan
let preferred
100
300 24
Aug 5 28
Aug 7 22 Jun 334 Feb
2d preferred
10
400 734 Aug 4 94 Aug 7 63.4
Bush Term Bldg pref 100
100 1005( Aug 6 1004 Aug 6 9654 July 1131 Feb
Jan 101
May
Cert-Teed Prod 1st pf100
100 98
Aug 3 98
Aug 3 89% Jan 98 June
2d preferred
10C
300 91
Aug 3 91
Aug 3 803.' Feb 91
Aug
Chrysler Corp
20.6153*
Aug 6 11954 Aug 3 1085( July 120
July
Preferred
•11,500 104
Aug 1 105
Aug 4 100% July 105
Colorado Fuel & Ir p1100
100 11054 Aug 5 11054 Aug 5 11054 Aug 11054 Aug
Aug
Crex Carpet
108
200 48
Aug 7 4954 Aug 4 38
Ma 524 July
Cudahy Packing_ _ _ _ 100 1.700 go
Aug 51004 Aug 3 954 Jun 1065( July
Deere & Co pref
1
30010434 Aug 5105
Aug 4 824 Jan 107
July
Durham Hosiery
50
100 11
Aug 4 11
Aug 4 8
Jan 11
Aug
Preferred
100
100 50
Aug 4 50
Aug 4 43% Jun 50
July
Else Pr & Lt pf Mfg_
2,200 91% Aug 5 9214 Aug 7 90 June 94 June
Elk Horn Coal Corp_ _
1,700 1154 Aug 8 1154 Aug 6 74 Feb 11% July
Emerson-Brant pref_100 4,500
175i Aug 5 2154 Aug 1 8
May 2134 Aug
Essex Cotton Mills 01 100
100 96
Aug 1 96
Aug 1 96
Aug 9754 Apr
Falrbanks-Morse p1.100
200108% Aug 6 108% Aug 6 1064 Jun 10914 July
Famous Players-Lasky
full paid mete
• 1,000 103
Aug 1 106
Aug 4 103
July 109
July
Fed Lt & Trac pref..iOs
100 8531 Aug 485% Aug 4 85 .
Ja 87
Mar
First Nat Pict 1st pf _100
100101% Aug 6 10151 Aug 6 100 Jun 101% June
Fisher Body Ohio p1.100
400 111
Aug 3111
Aug 3 1044 Ma 1114 June
Franklin-Simon pref.1sl
100 105
Aug 4 105
Aug 4101% Ma 10554 June
Gen Railway Signal-100 8,700219
Aug 1 24754 Aug r 144
June2474 Aug
Great West Sugar pi _100
100 111
Aug 7111
Aug 7 1014 May 1154 June
Gulf States St 1st p1.100
100105
Aug 105
Aug 51013.' May 106
June
Hanna 1st pf C I A 100
400 45
Aug
Aug 5 424 July 89
45
Feb
Helms(G W)
2 1,000 88
Aug 1 69
Aug 5 66
May 83
Apr
Howe Sound
• 8,000 214 Aug 7 2234 Aug 4 164 Jun 2
234 Aug
Ingersoll-Rand
100
304 243
Aug 4265
Aug 7 218
May265
Aug
Internet Paper pf (7) 100
700 88
Aug 4 87% Aug 7 86
July 9054 June
Internet Salt
111
100 70
Aug 4 70
Aug 4 87
Mar 77
Jan
K C Power dr Lt 1st pt.*
1,300106% Aug 5108
Aug 5 99
Jan 10854 July
Kansas & Gulf
10
200
54 Aug 4
54 Aug 3
31 May 134 June
Kresge(SS) Co pref _10
100 114
Aug 3 114
Aug 3 1104 Ma 115
May
Kuppenheimer pref _1
100 981
'
Aug 3 984 Aug 3 984 July 10054 May
Long Bell Lumber A....*
200 473.4 Aug 6 48
Aug 7 4551 Ma 524 Apr
Loose
-W Biscuit 2d IN 100
100110% Aug 6 1104 Aug 6 104
Feb 1114 June
Louisville Gas & El A_• 4,200 25
Aug 4 2534 Aug 1 25
Aug 2654 July
Mack Trucks rights
58,300 164 Aug 1 1954 Aug 7 13
July 1931 July
Mackay Cos pref _ __ _100
201 884 Aug 6 685( Aug 7 66
Mar 7851 Feb
Macy Co pref
100
110 117
Aug 71143..' Jan 117
Aug 7117
Apr
Manati Sugar
100 200 5
Aug 4 46
031 Aug 4 51
May 55
July
Mid-Coht Petrol pref 100
411 92
Aug 5 834 Ap 94 June
Aug 5 92
Mullins Body pref._ _100
100 814 Aug 5 8114 Aug 5 8131 Apr 87
Jan
Murray Body
• 901 3054 Aug 6 31
Aug 4 303.' July 423.' Mar
N Y Shipbuilding
•10,300 26
Aug 1 404 Aug 5 17
Feb 404 Feb
Niagara Lockport & Ontario Power
100
1001084 Aug 4 10811 Aug 4 107
Feb 1084 Feb
Onyx Hosiery pref __ _100 400
Aug 4 784 Mar 86
853.' Aug
May
Oppenh'm, Collins & Co* 1,100 4231 Aug 5 86
Aug 3 424 July 4654 June
7 44
Orpheum Ciro Ind p1.100
10010231 Aug 7 1023..' Aug 7 98
Jan 10231 July
Panhandle P & R p1.100
200 47
Aug 4 43
Aug 6 49
Jan 604
Penn Edison pref
• 100 1104 Aug 61104 Aug 6,1043.' Apr nog Feb
July
Phoenix Hosiery
5 500 36
Aug 7 37
Aug 5 18
Apr 4231 July
Pitts.Utll.pr.ctfs new100
100 14
Aug 7 14
Aug 71 14
June 154 July
Prod &Ref Corp, pref _50
400 344 Aug 6 3434 Aug 5 34
July 4731 Feb
PS Corp of NJ rights__ 1,620
Aug 1 14 Aug 1
1
31 Jun
154 July
P Mee & Gas pref _ _100 2,400 95
Aug 3 064 Aug 71 924 May 9631 Aug
Ry Steel Spring pref _100
400 119
Aug 5 nog Aug 6 114% Ma nog Feb
Schulte Ret Stores rights 19,800
34 Aug 5
56 July
31 Aug 3
54 July
Sherwin-Williams pf.
_100
101)10514 Aug 4 1054 Aug 410431 Jun 10
631 Apr
Simmons Co, pref _..100
10010234 Aug 31024 Aug 3100% Jan 103
Mar
So Porto Rico Sus p1.100
600 104
Aug 7j 994 Jan 110
Aug 4 110
Mar
Stand Gas & Eiec Pr_ _ 50
900 544 Aug 3 543.4 Aug 4, 5054 Mar
5434 May
Stand Plate Glass Pr-100
100 554 Aug 6 55% Aug 6 554 May 70
Apr
Tidewater Oil, new__ _ 1
' 900 3131 Aug 7 33
Aug 3 314 July 364 July
Rights
300 1-16 Aug 4 1-16 Aug 4; 1-16 Aug 1-16 Aug
Unit Paperboard Co_100
100 183.4 Aug
1831 Aug 6, 1831 Ap 23
Jan
Utilities Pow & Light A •76,20 3254 Aug 6 38
Aug 6 324 July 38
1
July
Virginia-Carolina Mts..100 131 Aug 7 15.4 Aug 7 151 Feb 5
July
Warren Brothers
* 7,100 46
Aug 4 4954 Aug 7 43 June 5034
West'house Else 1st p1.00
100 864 Aug 1 854 Aug I. 794 Mar 884 July
,
June
White Rock Min Sp etre* 23,500 44
Aug 3 494 Aug 7 3934 July 4931 July
Yale & TOW110
25 300 6734 Aug 7 6951 Aug 3 6754 July 7014 July
•No par value.
Foreign Exchange.
-The market for sterling exchange
was dull and easy, though quotations were not materially
altered. In the Continental exchanges, irregularity continues to prevail, with the feature of the week another spurt
of strength and activity in Danish and Norwegian currencies,
both of which established new high records, on heavy buying
by foreign interests.
To-day's (Friday's) actual rates for sterling exchange
were
4 82 3-16 for sixty days, 4 85 5-16a4 85 7-16 for checks and 4 82 1-16a
4 85 11-16a
4 85 13-16 for cables. Commercial on banks, sight, 4 85
3-16a4 85 5-16
sixty days, 4 81 9-16a4 8111-16; ninety days, 4 79
documents for payment (60 days), 4 Si 13-1644 13-1644 79 15-16, and
8115-16. Cotton for
payment, 4 85 3-16a4 85 5-16, and grain for payment, 4
85 3-16a4 855-16.
685
To-day's (Friday's) actual rates for Paris bankers' francs were
4.61310
4.63% for long and 4.6531a4.683( for short. German bankers' marks
are not yet quoted for long and short bills. Amsterdam bankers' guilders
were 39.7334 for long and 40.0934 for short.
Exchange at Paris on London, 103.35: week's range, 102.43 high and
103.44 low.
The range for foreign exchange for the week follows:
Sterling, Actual60 Days.
Checks.
Cables.
High for the week
4 82
4 85 1546,
Low for the week
481 15-16
4 853-16
4 859-16
Paris Bankers' Francs
High for the week
4.67%
4.7334
4.7434
Low for the week
4.61%
4.66%
4.671%
Germany Bankers' Marks
High for the week
23.8034
23.6034
Low for the week
23.8034
23.603.'
Amsterdam Bankers' Guilders
High for the week
39.75
40.19
40.21
Low for the week
39.69
40.13
40.15
Domestic Exchange.
-Chicago, par. St. Louis, 15a25c. per $1,000
discount. Boston, par. San Franicsco, par. Montreal, 50.1625 per
$1,000 premium. Cincinnati, par.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
-Below
we furnish a daily record of the transactions in Liberty Loan
bonds and Treasury certificates on the New York Stock
Exchange. The transactions in registered bonds are given
in a footnote at the end of the tabulation.
Daily Record of U.S. Bond Prices. Aug. 1. Aug. 3. Aug. 4. Aug. 5. Aug.
6. Aug. 7.
First Liberty Loan
(High
314% bonds of 1932-47„(Low.
(First 3548)
(Close
Total sales in $LOW units_ _ _
Converted 4% bonds of (High
_ _ - 1002132 10011,2 10033.2 10033n 100"11
____ 10011,2 100".2 100"n 100113, 1001132
--- - 100"32 100"32 1001132 100113 100",,
__ _ _
64
439
320
144
24
._
_
__
. Total sales in $1,003 units.
Converted 44% bonds (High 10111,2
of 1932-47 (First 4441 Low_ 1011132
(Close 10111,s
Total sales in 81.000 units._ _
17
Second Converted 44% High
bonds of 1932-47 (First(Low_
Second 448
iClose
Total sales in 51,000 units__
____
Second Liberty Loan
(High
____
4% bonds of 1927-42_ _ _ Low_
.
(
____
(Second 45)
Total sales in $1,000 units__
____
.
Converted 44% bonds (High 100113,
of 1927-42 (Second (Low_ 10011,2
41(s)
(Close 100"3,
Total sales in $1,000 units...
21
Third Liberty Loan
(High 101.3at
434% bonds of 1928
(Low_ 1011132
(Third 41(5)
Lame 101.411
Total sales in 81,000 units__
35
Fourth Liberty Loan
(High 102133
44% bonds of 1933-38-(Low. 102132
(Fourth 45(s)
(Close 102132
Total sales in $1.000 units___
39
Treasury
(High 10601ii
(5.0w_ 106113,
44s, 1947-52
(Close 106.
3n
Total sales in 81.000 units__
4
4s, 1944-1954
(High 10211,2
(Low_ 102",2
(Close 10211,2
TAM!&alp, In II 0191usef.
.
I
1011132 1011132 10111,2 1011-1;32 101";
1011132 1011132 101",2 1011132 10111n
10111,2 10111,2 10121,2 10111,2 10111n
5
44
39
20
23
____
____
____
____
____
____
_ ___
____
____
_ __
10011,2
1001131
10021:2
83
101.art
10111,2
101.3
.2
39
1021,3
102 s,
,
1021n
241
106412
106132
10631:
8
102113
10211
,
102",
___ _
1001132
10011,2
1001132
190
10114n
101132
101. 22
3
165
1021,2
10111,2
102
$98
106 st
,
106
1083
::
8
102113s
10211,2
10221,2
_
1002in
-100331:
100.
3n
341
101.3n
1010
32
10113,2
296
1021,,
10111,1
102
328
10611,
10513n
1053
%
165
1021133
10215,2
10210,2
100
5
55
__
1001„
1001„
__ _ _
2
100213
10032a
100"n
103
.,
101.3
101",
101141
54
1021,2
102
102
132
105004
10513
,
1053
.s
8
102"a
102",
10211n
1001133
1001132
10033n
77
101.3n
10111,2
101.3n
49
1021n
10111,1
102
76
1013sit
10514,
106%
13
1023,
1i
102
,13,
102"tt
IR
52
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
7 1st 3141
1 1st 445
6 2d 44,
10011,2 to 10011 4 3d 451s
10111.2 to 1011132 64 4th 44s
1001132 to 100"n
101",, to
33n to 10231,
10",
Quotations for U. S. Trees Ctfs. of Indebtedness, &c.
Ins.
Maturity.
Rate.
Bid.
Mar. 151926... 44% 10011.
Dec. 15 1925_ _ 454% 10054
.
8ept.16 1926... 44% 10014
June Ili 1928
2.7., 99111i
Asked.
1001114
10054
100%
00",.
Maturity.
Ant.
Rate,
Bid.
Asks/.
Dec. 15 1927-- 454% 10154 10114
Mar.15 1927.-- 454% 10134 10134
Sept.15 1925-- 24% 991113 99"1,
flea. ES 1028
0911.. 0010..
ReL
New York City Banks and Trust Companies.
All prices dollars per share.
Banks-N.Y. Bid
Ask
Banks
Bid
Ask
Trust Coe
Bid Ag
America•
285 295 Hamilton---- 175 185
New York
cuier Each -- y413 418 Hanover
1025 1050 American.-Amer Union*
Harriman_
490 500 Bank of N
Bowery*
850 5E6 Manhattan. - 181 184
dk Trust Co 605 612
Broadway Cen 200
Mech & Met_ 417 421 Bankers Trust 496 498
Bronx Boro•_ 575
Mutual.
445
Bronx Co Tr_ 190 200,
Bronx Nat__ 190
Nat American 175 190 Central
Bryant Park* 215 225 National City 491 495 Empire °Mot, 890 900
360 366
Butch & Drov 150 160 New Neth•... 250 265 Equitable
Tr_ 291
294
Capitol Nat_ 193 198 Park
505 515 Farm L & Tr_ 575 582
Cent Mervin_ 285 290 Penn Each... 117 125 Fidelity Inter
255 270
Clime
471
475 Port Morris_ 190
Fulton
340 350
Chath Phenix
Public
495 605
Nat Bk &Tr 327 332 Seaboard _ _ 590 600 Guaranty Tr_ 382 386
trying BankChelsea Each* 210 217 Seventh Ave_ 130 155
Columbia Tr 282 288
Chemical
670 675 Standard __ _ _ 400 420 Lawyere Tr----Coal & Iron_ 290
State.
525 535 Manufacturer 404 408
Colonial. ____ 500
Trade.
120 145 Mutual(WestCommerce ___ 376 iio United
180
cheater) ___ 200
Conrawealth* 320 330 United States*
Continental.. 220 230 Wash'n Ma*. 270 280 N Y Trust_._ 455 4138
400
Title Cu & Tr 585 590
Corn Exch-. 506 512
Brooklyn
U 8 Natg & Tr 360 365
Cosmoplan•_ 190
Coney Island* 180
United Statenl825 1850
East
_ 315 325 First
Westches Tr.I 350
Fifth Avenue* 2100 2200 Mechanics• _ 410
225
Brooklyn
First
2880 2930 Montauk*
18)
Brooklyn Tr_ 770 780
Garfield
360 370 Nassau
290 air") Kings County 00 2400
Grace
270
People's
310
Mldwood---- 220
Greenwich... 420 450
ueensboro• _ 175
I 825 835
People's
•Banks marked with()are State banks.
5
(a) Ex-dividend (I) New stook.
Es-rights.
New York City Realty and Surety Companies.
Bid
Alliance Wily1 185
Amer Surety_ 140
Bond & MO. 268
Lawyers Mtge 236
Lawyers TlUe
& Guarantee 275
AU prices dollars per share.
Ask
Bid
Ask
Bid
___ Mtge Bend_- 136 142 Realty Assoc
148 Nat Surety__ 210 216
(Bklyn)com 360
274 NY Title &
1st pref.-- 94
240
Mortgage... 382 388
26 pref-- 83
US Casualty_ 315 330 Westchester
285 U S Title Gua 310 315
Title & Tr_ y340
All
375
97
85
The Curb Market.
-The review of the Curb Market is
given this week on page 673. .
A complete record of Curb Market transations for the
week will be found on page 699.
686
New York Stock Exchange -Stock Record, Dally, Weekly and Yearly
OCCUPYING FIVE PAGES.
For sales during the week of stocks usually Inactive. see preceding page.
PER SHARE
PER SHARE
Range for Previous
Range for Year 1925.
STOCKS
Sales
-PER SHARE, NOT PER CENT.
Year 1924.
HIGH AND LOW SALE PRICES
-share lots.
On basis of 100
NEW YORK STOCK
for
EXCHANGE
the
Friday,
Wednesday Thursday,
Tuesday.
Monday,
Highest
Eatardop,
Lowest
Highest
Lowest
Weet.
Aug. 7.
Aug. 6.
Aug. 5.
Aug. 4.
Aug. 3.
Aug. 1.
per share
per share I per share
per share
$
per share $ per share Shares.
per share S per share $ per share
$ per share
Par
Railroads.
8
12 Apr 227 Dee
8May 8
100 22 Feb 17 347
600 Ann Arbor
•3112 32
33
32
33 •324 3212 3212 327g *3218 33
*32
25 Mar 4614 Dec
100 40 Mar 24 6012MaY 8
600 Do prat
*54
5612
56
.55
58
*56
58
*56
56
4
56
57
974 Jan 1203 Dec
*55
4
12018 12114 1203 121% 9,200 Atch Topeka & Santa Fe_ _100 1164 Jan 16 127% Mar 2
8
12012 12114 12018 1208 1207 12128
120 120
8612 Jan 9658 Dee
8June 25
100 924 Feb 17 973
96% 9612 9818 9614 1,100 Do pref
5 Dee
158 Feb
96% Ws 9612 9612 9612 9612 963 963
714 Mar 6
3 Jan 14
2,200 Atlanta Birm & Atlantic...100
5
5
5
5
518 514
538 5%
58 53
Jan 15214 Dec
512 512
180 18212 7.400 Atlantic Coast Line RB._ 100 14714 Jan 18 188 Aug 6 112 Apr 847 Dee
2
8
17112 1723 17252 17434 17412 18214 180 18712 18112 188
5218
100 71 Mar 3() 8414 Mar 6
7714 78% 23,400 Baltimore & Ohio
78
77
8 7718 78
764 7612 775
1
/
76% 76
5614 Apr 6618 Dee
76
6612 Jan 6
s
100 627 Apr 21
4
4' 1,200 Do pref
.6518 664 6514 6512 6518 6518 6518 6514 6552 65% 653 653
4
393 Dec 444 Dee
50 3514 Mar 23 4212 Aug 7
6,800 Bangor & Aroostook
4 414 4212
1112 4114 413
8
403 4039 41
4
Jan 95 Nor
4
403 403 *4012 41
88
100 89 June 22 9412 Jan 5
100 Do pref
9212
9212 *90
9212 *89
9212 *89
4172 Des
*8612 9212 9212 9212 *88
1312 Jan
20
3518 Jan
553
3
4 52% 528 5214 5212 .5212 53 3 7,800 Bklyn Manh Tr VI c _ _No par 727 Jan 5 82 4JMY 28
523
4 .5134 5214 52
523
52
,
483 Jan 7834 Der
July
8
2
No par
pref v t c
2
8014 8014 803 80% 80% 80% 1,300 Do
9 80% 803
8(62 80% 8014 803
2
40 May 883 Dee
425 Buffalo Rochester & Pitts_100 48 Apr 2 9238May 2
86 *---- 8512 *- - -- 84
15612 Nov
*82
86
8512 8512 86
85
85
8
Pacific
100 13612 Mar 30 1523 Jan 8 14224 Mar
142 14233 14112 14233 14178 1417 14133 1418 4,700 Canadian of New
Dec
8
1417 1417 142 142
Jersey_100 265 Mar 30 321 Jan 3 199 Mar 295 Deo
400 Central RR
1
/
674 Feb 084
281 281 *275 290 *275 290 x279 280 *275 290 *275 290
100 8914 Mar 30 10034 Aug 7
4
1
/ 61,700 Chesapeake & Ohio
98l41 967 100
98
9512 95
947 9512 95
9414 945
4
/
991 Jan 10918 July
100 10514 Apr 14 111 181ulay 29
Do pref
500
11012 11012
110 110 *10914 11012
110 110
•10812 110 .10812 110
4
1
/
3 Apr 1012 Det
100
3% Apr 24 10% Feb 9
4 47
*43
54 512 7,300 Chicago & Alton
5%
5
478 5
5
8
4
1
/ *4
197 Dec
4
1
/ 4
4
818 May
518 Apr 23 1912 Feb 21
100
Do pref
913 1018 20,300
8% 9%
1504 Nov
818 839
818 818
*818 814 *84 814
100 140 May 20 16412 Feb 11 100 Apr
dr
100 C C C St LouLs
160
145 145 *145
•145 160 *145 160 *145 160 *145 160
4July 13
1
/
21 May 38 Dee
4
1
/
29 Mar 30 37
100
100 Chic dr East.111 RIO
*3512 3612 *3512 3612
7 *35
*3512 37
37
8
357 35
37
•34
37 May 62% Dec
100 40 Mar 30 574 Jan 2
Do pref
100
4612
4612 4512 4512 *45
*45
47
*45
47
*45
47
*45
4 Apr 11% Nov
9 Jan 2 15 Feb 7
1239 3,100 Chicago Great Western_ _ _100
4
/
1112 111 12
4
8 118 1118 113 12
4 117 117
4
/
111 113
1012 June 3138 NOT
8
100 1914 Mar 30 323 Feb 6
Do pref
8 6,600
8
2412 2312 2418 237 247
24 I 24
8
,
2414 2412 235 24% 24
s
107 Oct 18 2 Nov
8
4
1
/
3 Apr 20 163 Jan 7
4
1
/ 7,600 Chicago 1VIllw & St Paul__ _100
8
812
812 83
4
8 812
83
4
812 83
, 87
81
*814 9
1814 Oct 3218 Nov
100
7 Apr 20 2812 J n 7
Do pre(
8
145 1512 7,800
1512 1518 153
1518 1523 1512 1512 1518 1539 15
4914 Jan 75% Dec
8
667 22,100 Chicago & North Western_100 47 Apr 14 75% Jan 12
6534 6612 66
67
6612 6523 6614 6514
8 66
663
66
Jan 11434 Dec
4
/
100 1011 Apr 14 117 Mar 5 100
Do pref
110 I
*108 115 *107 115 *107 115 *105 115 *105 115 *107 4 46% 10,700 Chicago Rock Isl 3c Pacific _100 404 Mar 30 5414 Mar 3
2112 Feb 50 Nov
4658 4512 4639 453
4
4 453 4623 46
4
4612 453 463
4
1
/
46
1
/
764 Feb 97 Doe
100 92 Jan 2 9914 Feb 21
Do 7% preferred
800
964
9612 96
8.
•9614 9612 963 9612 9612 96121 9614 9614 96
65% Jan 8712 NOV
100 82 Mar 30 8912 Mar 3
Do 6% preferred
200
•8412 .8514
1
/
*8412 8514 *8412 8514 *8412 8514 8412 8418 844 8414 *43
Jan 8712 Doe
29
Chic St Paul Minn & Om_ _100 334 Apr 22 5912 Jan 13
45
45
*43
46
46 .43
*43
46
*43
46
*44
6814 Apr 94 Dec
100 7314 Apr 21 108 Jan 13
Do pref
100
96
*94
96
9912 9912 *93
96
093
96
*91
96
*94
Jan 49 Nov
20
100 444 Jan 6 6512 Apr 18
700 Colorado & Southern
58
9
5712 *57
4
1
/ *57
,
*5712 58 4 574 5712 577 577s 5712 57
Jan 654 Dee
60
100 60 Mar 26 6412June 16
Do lat Prof
*6212 64
*624 61
64
*6212 64 1 *6212
*8112 64
64
*62
59 Nov
Jan
45
100 54 Jan 21 6018June 16
Do 24 pre!
59
*57
60
57
60 .
60 .
57
*57
60
457
60
8
*57
1
/
1
/
100 1334 Mar 30 155 Apr 6 1044 Mar 1395 Deo
1.200 Delaware dr Hudson
149 14914
•14612 14812 14812 11812 *14812 15012 149 14978 *14812 149
1
/
1104 Feb 149% Dec
1,900 Delaware Lack & Western_ 50 125 Mar 30 14734J une 8
1384 138'4
139 139
139 139
13712 138
*137 13712 •138 139
42 Dec 4312 Deo
200 Denver Rio Gr & West prof 100 35 July 3 60 Jan 12
3914 3914
40
1
384
4 3812 3912 3912 3912 • / 3912 *38
*3912 393 •
2034 Jan 35% Aug
100 2634MaY 15 34 Feb 24
3114 12,200 Erie
4
1
/ 2918 29
2814 2814 29% 28
*2818 2812 2818 2818 28
8
28% Feb 4914 Dec
100 35 June 23 467 Jan 2
Do lst Prof
28,300
4 38% 41
8
8 373 39% 387 393
4
4
374 373
8 373 3818 375 383
4
1
/
2518 Jan 4614 Deo
100 34 June 29 43 Jan 5
4,100
Do 24 pref
,
37 4 381z
3612 37
37
36
36% 3639 3639 *3412 36
*34
1
/
534 Mar 75 Deo
100 60 Apr 24 71 12June 25
11,400 Great Northern pref
68% 70
3
7
,
3
,
68% 6914 682 6914 68 4 69 2 6918 6912 68 8 69 8 2734 283
26 May 39% Nov
Iron Ore Properties_ _No par 2714June 24 40% Jan 19
4 8.400
4
283
8 2812 2918 28
1
/
.284 29
284 2812 2818 283
4
/
111 Apr 2912 Dee
100 23 Mar 30 34 May 8
Mob & Nor
4 1,500 Gulf
2812 *2812 283
2834 28
284 2814 28
29
*2818 29% 29
Jan 99 Deo
50
100 8912 Mar 30 101 12 Jan 10
Do pref
500
9614
961 *91
•94
4
/
05
95
97
*94
94
94
97
*95
1
/
186 1964 188 19712 21.500 Havana Elec Ry, Lt & 13_ _100 112 May 16 19712 Aug 7
29
184 186% 185 18712 188 19012 185 189
4JulY 6 -20% Nov - -14 -DO;
4 Mar 18 332
100 213
32% 8,000 Hudson & Manhattan
4
/
321 32
4
/
5
3214 3212 324 32 8 3219 321 3214 3214 32
5714 Oct 64% Deo
4
/
100 641 Feb 18 72 July 10
Do pref
400
67
6914 67
69
69
*67
70
72 .66
*71
*7014 72
10014 Mar 117% Dot
100 111 Mar 31 119%
11,100 Illinois Central
11518 11612 116 117
4
2
,
11518 115% 1153 1153 x114 2 117
114% 115
100 11212 Apr 23 119 Jan " 104 Mar 1174 Doe
Do prof
200
*115 118
11812 11812 •11712 119 •11712 11912 *11712 11912 *115 119
Jan 73 Dec
64
Do RRSee,Series A _ _1,000 70 July 16 74 Apr 17
69
*68
72
72 .68
72 •68
72 .68
68
1812 Nov
*68' 72 •
4
112 July
America...100 18 Jan 8 3214July 20
600 lot Rys of Cent
4 2818 2818 *2718 284
2812 29 1 289 283
29
29
.
4 29
303
4414 May 93 Nov
100 5912 Jan 2 6612July 14
Do pref
200
4
4
6412 *6212 633 *6212 633
6314 6314 *6314
64
.6312 64% 64
4
123 Jan 394 July
28 • 2812 5,700 Interboro Rap Tran v to- _100 1312 Mar 23 34.2 Feb 9
4 2814 2914 2714 28%
2814 283
8
275 29
28
28
17% Mar 41% Dee
8
100 285 Mar 30 1012 Feb 21
8 3314 3412 6,600 Kansas City Southern
335
,
4 33 8 3312 33
4
1
/ 333
3314 3312 3312 33% 33
514 Mar 5912 Dee
100 57 Jan 15 59% Feb 24
Do pref
800
4
1
/ 59
58
1
/
4 584 59
583
*58
5812 5812 5812 59
59
58
•
8June 6 D3912 Apr 85 Des
Lehigh valley
50 69 Mar 30 8.33
4
1
/ *7612 7712 7614 7714 3,700
3
75 4 77
77
76% 76% 7612 7718 75
8
87% Jan 109 Doe
100 106 Jan 16 1237 Aug 8
8
8
,
4
1
/ 1167 119 4 118 1207 11812 11938 12,400 Louisville & Nashville
4
1
/ 115 115
11414 115
4
/
•1141 115
Jan 85 Dec
42
200 Manhattan Elevated guar.100 64 May 20 100 Jan 14
97
97
95
95
*8514 93
*8212 95
95
*82
3012 Jan 51% July
*7512 95
100 32Ie Mar 23 5114 Feb 9
Do modified guar
1,300
44
44
44
443
4 44
3
3
41 4 44 4 44
3
44 4 45
1312 Jan
45
45
1012 Jan 2
4
/
61 Mar
714 Mar 11
100
Market Street RY .
8 918
*87
8
8 912 *87 10
8 912 *87
.87
*858 9
*812 9
%ct 42 Doe
20
100 20 Jan 13 34 May 8
Do pref
100
30
30
32
*30
32
32 •30
7112 Jan
3414 *30
3414 *30
41 Nov
*30
100 4314 Mar 20 57 June 27
prior prof
Do
1,500
50
8 50
50
5014 50 . 503
50
Jun
5014 50
50
51
14 Mar 30
*50
100 18 Aar 19 25 May 7
Do ad prof
22
*20
23
*20
23
•20
23
Jan
2212 *20
4
2212 .20
1% Jan
4 Mar 6
*20
212 Jan 5
100
500 Minneap & St L
8
212 212 *212 27
212 212 *212 23±
8
•212 27
4
/
2814 Mar 5312 Dec
•212 3
Apr 4 561 Jan 14
300 Minn St Paul & SS Marle_100 308
36
*34
36
34 .33
31
33
33
36
50 June 75 Dot
100 40 Ala..30 71 Jan 9
3314 3314 *33
Do pref
58
*53
58
*53
*5312 56
58
*53
58
8
*53
4
/
58
53
.
1012 May 343 Dec
8
4 377 3912 49,900 Mo-Kan-Texaa RR___ _No par 2814 Jan 2 401 Aug 1
4
8
8 385 39% 373 383
8
8 385 397
4
3918 405
Jan 2 903 ulY 29
4
/
291 Feb 753 Dee
4J
3914 40%
100 74%
Do pref
4
s 873 8812 878 89% 9,200
8914 8912 8812 893
4
1
/ Jan 3414 Nov
9
4
8914 893
4 893 90
100 30% Jan 5 41 Feb 6
7
3414 3514 8,000 Missouri Pacific
3418 343* 344 34
35
Jan 74 Dee
29
34% 3514 3412 3518 34
100 71 Mar 30 81 hla2 20
prof
Do
12,200
4
1
/ 81
79
81
80
3 Dec
80% 7953 8012 8014 81
80
1
/
24 Jan 12
112June 24
118 July
79% 80
500 Nat Rys of Mex 24 prof _ ..100
4
4
/
11 18
4
13
8
15
4
13
4
8 2
13
*15
•112 2
9312 Feb 12112 Ma,
•112 2
100 1134 Feb 21 123%AlaY
100 New On Tex & Mex
122 *12012 122
8
4
/
4
994 Feb 1191 Dec
4June 10 1213 Jan 13
*12012 12112 *12012 12112 12112 12112 *12012 1217 *12012 1187 118 11914 51.600 New York Central
100 1131
4
4
1
/ 1173 11812 11734
4
1163 117
7212 Feb 128 Dee
11614 116% 11612 117
100 118 June 24 13714 Feb 24
1,200 N Y C & St L Co
126 133
126 126
123 123
83 May 93% Sept
•121 125 *121 125 *12112 125
100 8812 Jan 8 96 Aug 7
Do pref
2,800
96
9312 9418 97
93
93
1419 Jan 3314 Dec
8
9214 9212 9214 9214 9178 93
100 28 Mar 21 383 Mar 2
8 3312 343± 3358 3412 24,600 NY N H & Hartford
4
8
333 343
8
2
,
16 May 2814 Nov
293 Aug 7
4
333 34% 332 3412 332 34
8 2639 2933 35,100 NY Ontario & Western_ _100 20 Apr 4 43 8 July
.
3
8
± 255 25 4 251 263
263
2812 26
4
1
/
12 Apr 29 Nov
29
8
257 2612 26
8
100 217 Apr 22
3914 398 1,400 Norfolk Southern
393
39
40
3918 394 *39
40
39 .39
8
39
100 12312 Mar 30 1345 Mar 20 10212 Jan 13314 Dec
5 13314 134 1 35,600 Norfolk & Western
4
41
4
8
132 13314 1315 1323 13212 13 2 1323 134
132 132
4
723 Feb 8018 June
100 754 Jan 8 80 July 24
Do prat
100
83
*79
83
079
79
7912 .79
*79
80
8
477 Mar 73 Deo
•79
80
*79
100 5814 Apr 25 71% Mar tl
6612 6714 8,800 Northern Pacific
6618 67
66% 67
6614 67
424 Jan 50 Dee
6618 6714 6614 67
50 4212 Apr 9 4878 Jan 5
7,700 Pennsylvania
46
45% 4618 46
4
453 4618
4
1
/
8
4
1
/
9 Mar 22 Nov
4
1
/
457 464 457 46
4534 46
100 13 Apr 30 20% Jan 12
8
165 1512 1,000 Peoria & Eastern
17
*16
17
016
17
•16
17
*16
4012 Mar 73 Dee
17
16
.
100 6134June 24 72 Feb 25
4 5,300 Pere Marquette
4
,
*6412 6534 6534 664 65 4 65% 653 683
7112 Apr 8512 Aug
•6458 66
*6412 68
100 78 July 29 84 Jan 16
Do Prior pref
600
82
80
80
8012 *78
Jan 77 Aug
8012 078
1
/
8012 •78
60
8012 *78
78
.
100 6812 Apr 16 754 Jan 10
Do pref
700
72
71
71
7012 .69
70
70
8 70
Jan 754 Doc
38
703
.69
8 69
703 .
100 63 Mar 19 73% Jan 2
Pittsburgh dc West Va
4
/
704 7014 7012 701 7012 697 69% 1,400 Reading
70
51% May 7912 Dee
71
•70
70
4
70
50 693 Mar 30 914June 1
8
8512 863 31,600
854 8618 84% 8512
86
8 85
Oct 5612 Jan
863
34
4
843 85% 85
50 35% Mar 18 41 June 1
Do let pref
3912 2,500
, .
Jan
3
3
39 4 39 4 404 4014 *3912 40 4 3912 4018 3914 40% 1,300
40
40
50 364 Mar 18 4438June 1 53318 Jan 56
Do 24 Met
4 4012
40% 403
41
41
Jan 66 Nov
41
41
32
1112 •4012 41
41
100 42 Apr 24 6278 Jan 9
400 Rutland RR Prof
5412 5614
58
*53
.58
.53
3
1918 Apr 65 Des,
4
54
54
57
*54
58
4
/
571 Jan 16 933 July 28
*54
,
00 4 9012 9114 25,600 St Louis-San Francisco_ _ _100
42% Jan 8212 Dee
91
918 908 9112 9018 9133 89
9018 92
100 76 Jan 20 9214July 28
Do pref A
300
90
90 .87
*87
89
Jan 557 Dee
8
89
90
33
4
*89
88
9112 88
•88
St Louts Southwestern__100 43%June 11 533 Mar 2
488 48% 48% 485± 4914 3,900
48
57% Jan 74 Nov
8 47% 477
8
477 483
25 7534 Mar 11
*4714 48
100 7018June
Do prat
4 1.700
4
/
*7114 711 7112 723
71
71
71
612 Jan 214 Dee
2 71
7012 70,
71
•69
100 20% Jan 18 36% Aug 3
22.900 Seaboard Air Line
35
4 3412
343
2 34
1414 Jan 4512 Doe
3
4
8 343 35 4 3414 353
4
100 35 Mar 30 48 May 7
3414 3514 313 363
Do pref
4
/
441 434 1412 6,400
4
44
443 45
45
4
/
851 Mar 10511 Nov
4
1
/ 44
8
4June 8 108% Jan 9
4312 44% 443 45
100 973
8
4 983 9914 10,700 Southern Pacific Co
8
3812 Jan 79% Dee
9812 987
8 983 98% 9814 983
9812 99
8
4
1
/ 99
98
100 775 Jan 2 1022,July 20
7 18,400 Southern Railway
8 9823 99
997
4
663 Jan 85 Dec
4
4
993 10053 9933 10018 994 1004 99
Jan 2 922 Feb 25
4
1
/
98 100
100 83
Do prof
9023 3.600
9012 90% 90
8
8
907 90% 907 91
Jan 48% Dec
8
19
4
90% 90% 907 91
100 4314 Jan 27 583 Afar 13
4914 4,200 Texas & Pacific
48
4714 48
8
4812 473 48
1812 3017
4739 477
43
4
81 May
Apr 17 1518July 20
4714 48
100
712
400 Third Avenue
13
13
14
1314 1312 •13
14
*13
14
•13. 14 .13
8
Jan
3912 Oct 66
4JulY 1
58 Jan 22 703
Twin City Rapid Transit_ _100
8
*607 64
8
6412 *6012 62 2 *607 62
8
1515 Dee
*61
7
84
8
*623 64 .60
100 1334 Apr 24 153., Jan 10 126% Mar
7 14014 1417
8 8,700 Union Pacific
141 14112 141.2 1417 141 141
70 Mar 7612 Aug
4
/
14014 140% 1401 141
100 72 Jan 30 7714July 31
Do pref
400
8
7618 774 765 765
8
77 .
33123ay 13
4
1
/ 7718 77
4
/
*7718 774 77
7% 14Dr 41 Dee
77
77
300 United Railways Invest_ 100 1814 Mar 19
*2718 2712
28
28
28
4
/
3
261 14pr 84% Dee
27 4 283 *27
4
27 28
28 •
*22
100 4812 Mar 23 83,4June 25
Do pref
7812 1,400
7712 78 4 7512 7812 *75
78
4
1
/
*75
,
77
36 Feb 72 July
77
6418 Jan 14 13512Aug 7
*6812 77
4
1313 13512 13512 2,500 Virginia Railway dr Power_100
8
4
/
1
/
4
1
/
104 Jan 213 Dog
12012 12012 120 1211 122 12312 12218 12312 125 2 36
100 1912 Mar 30 37 Aug 4
8
355 3614 60,300 Wabash
4 353
363
36
4 3614 37
Jan 6034 Des,
34
4
4
1
/
35% 3512 363
35
100 55 Jan 20 713 Aug 30
5 7112 24,600
Do pref A
8
7012 7114 703 713
8
4 70% 7112 70
4
/
2212 Jan 423 Dec
3818 Jan 21 54 July 28
6912 704 701 707
100
Do pref 13
100
*5212 55
54
*50
55
*51
54
54
55
8
83 June 1614 Dec
*53
53
100 11 Mar 21 17% Jan 9
*50
4,300 Western Maryland
8 1412 15
8
8 145 113
9
4 143 145
154 May 2614 Doe
16 Mar 27 264 Jan 9
144 1414 1439 1412 1412 145
100
Do 24 prof
1,400
2218 2218 2218 2218 2214 2212 23
22
22
1434 Jan 36% Des,
100 3212 Jan 5 55 Mar 11
Western Pacific
*2214 22% 22
Jan 8612 Dee
58
100 8112 Jan 6 100 Mar 11
Do prof
712 Jan
1712 Dec
Mar 31 2158JulY 15
1
/
0
2
4 -lois -- -- 17,400 Wheeling at Lake Erie Ry_100 104
20
2 8 -joiy - - 107171
0
4
/
1414 Jan 321 Dee
100 22 Apr 2 47%July 16
'To- 161; -iais 20 - -joie - -. -1912 - - -3- 42
Do pref
4218 4212 4,600
43
4212 424 43
4112 41 12 4178 4212 42
Industrial & allwellaneous
61 Dec 84 Dee
900 Abitibi Power & Paper_No Par 62 Jan 6 7512MaY 29
663 6712
*
654 6514 6534 653
9612 May 12212 Dee
,
65 4 *6412 65
4 65
100 119 Jan 5 133 May 26
All American Cables
4
.643 653
•128 132 *128 132 *128 131
7312 Jan 0318 Dec
100 90 Apr 18 10314 Jan 9
•128 132 •128 132 *127 132
300 Adams Express
9212
•91
4
4
1
/ 923
92
93
91
*91
91
91
6 June 16% Dee
1812May 13
91
93
100 13 Apr 11
Advance Rumely
*91
200
8 1512 1512 •1514 16
•1512 155
8
•155 16
16
2814 June 54 Deo
18 62 July 28
*1512
100 47 Feb
.1
Do prof
•155 16
1,600
4 5714 573 •5712 59
4
573 573
*5712 59
58
125
8Mav 27
1
9% Apr 21
5812 57
58
1018 2,700 Ahumada Lead
10
104
1018 1018 10
•10I4 10% 1014 10% 1018 1014
b Ex-eights.
Ex-dividend.
•1314 and asked prices
New York Stock Record-Continued-Page 2
687
Foy sales during the week of stocks usually Inactive, se• second page preceding.
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday,
Aug. 1.
Monday,
Aug. 3.
Tuesday.
Aug. 4.
Wednesday. Thursday,
Aug. 5.
Aug. 6.
Friday,
Aug. 7.
Soles
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1925.
On basis of 100
-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1924.
Lowest
Highest
5 per share $ per share $ per share $ per share $ per share S per share Shares. Indus. & Miscall. (Con.) Par $ per share $ per share $ per share $ per than
8
8
10212 10278 103 10512 7,500 Air Reduction, Ins._No par 8634 Jan 30 1114 Feb 26
4
8
10218 10212 10214 1038 1025 1033 *1027 104
6714 Jan 93 De,
1338 13
127 1312 13
8
133
8 13
13
124 1218 13
6,500 Ajax Rubber, Ine_ __ _No par 10 Mar 19 157
12
8June 19
1412 De(
412 May
4 .15
8
134 *15
158
8 13
15
8
4 *158 13
1 Jan 6
4 *15
8 18
500 Alaska Juneau Gold Min_ 10
4
.15
8 13
2,4 Mar 27
112 Ma:
78 Jan
9014 91
9918 9012 9012 913
4 905 91
8
9012 91
9014 9312 17,400 Allied Chemical dr Dye_No par 80 Mar 30 9518May 28
65 Mar 8712 Dec
411934 1197 11912 120 .11913 11978 .11913 1197 11934 11934 1197 120
8
8
Do prof
8
500
100 117 Jan 9 120 Feb 26 110
Apr 11852 Dec
82
82
82
82
8212 82
82
8
0212 818 8212 3,500 Allis-Chalmers Mfg
100 714 Jan 5 8618 Mar 13
8114 82
4158 May 735 Dee
8
Do pref
100
100 10314 Jan 3 108 June 3
•10512 10712 .10512 107 *10512 10712 10714 10714 *10512 108 .10532 108
90
Apr 1047 Dec
8
8
224 214 22
2218 2212 22
2158 22
6,000 Amer Agricultural Chem 100 1312 Mar 19 233
2218 2214 223 23
4July 27
74 Apr 174 July
4
8 635 643
6614 633 847
8
Do pref
4
8 6,800
638 6514 1154 8613 6514 6614 65
100 3612 Mar 23 6834July 27
183 Apr 4958 Jac
4
437
38
37
3712 37
38
*38
3812 3812 3812 37
38
1,300 American Beet Sugar
100 363 Mar 19 43 Jan 7
8
36 Mar 4912 Fel
90 .86
87 .86
887 .86
8
887 *86
87
8
Do prof
887 .86
8
100 8014 Jan 19 877
.86
8June 19
6812 Oct 83 De,
8
8
3012 3012 313 335
8 324 3334 33
303 31
31
333
8 7,000 Amer Bosch Magnoto__No par 2618 Mar 24 544 Jan 3
.30
2214 Apr 387 Jar.
8
109 11212 1153 12114 1173 118
108 108
4
4
118 12012 5,100 Am Brake Shoe & F___No par 904 Mar 30 12114 Aug 5
*10614 108
76
Apr 102 Det
.110 115 .110 115 .110 115 *11012 115 *11012 115 *11014 115
Do pref
100 10713 Jan 12 11314MaY 20 10414 July 110 Mai
8
2094 21414 2133 2157 21312 2163 2143 2173 21514 21813 91,000 American Can
8
4
4
8
4
207 2103
100 15818 Jan 16 21812 Aug 7
954 Apr 16312 Det
8
5
1193 1193 120 1203 12012 12012
4
*
4
700
•11812 11912 1195 119 8 *11812 120
Do pref
100 115 Jan 29 12112June 12 109
Om
Jan 119
1003 101
4
10118 1013
10012 10012 101 10112 10112 10214 101 102
4 2,600 American Car& FoundryNopar 9712 Apr 27 11112Nlay 8
8
127 127 ;.1267 -- -- 1267 1267 *12714 130
8
8
128 128
Do pref
100 1203 Apr 2 128 July 28 - 18
300
4
.127
1- -34 Apr - 2 - July
1- 5
2312 2312 2312 2312 2314 2314 2312 2312 2312 2312
24
8
600 American Chain,class A
*2314 25 225 Apr 22 27 Feb 14
213g Mar 25 Sept
4584 4612 46
4612 .463 4712 4614 4712 2,100 American Chicle
4
4814 4612 48
46
No par 37 Jan 27 62 Apr 18
144 Apr 4078 Dec
Do prof
100 94 Jan 5 109 June 3
5112 Feb 9312 Dec
-4512 16- -45i2 173 .4614 48
8
46- 464 4614 -4618 46l- - 1- 00
;
Do certificates
No par 37 Jan 7 5858 Apr 18
4
23 Sept 39 Det
8
53
4 54
55
8 53
4 *54 54 *55
*558 53
4
8 57
8
514 Mar 17
Ps 5 4 1.000 Amer Druggists Syndicate_ 10
63 Jan 22
4
312 June
Or'
7
133 13312 133 13314 134 134
133 135
133 133
1,400 American Express
•135 136
100 125 Apr 27 166 Jan 2
Apr 1843 Dr.
88
4
395 4138 393 437
4058 3912 41
8
3912 4014 40
4
59,900 Amer & For'n Pow new_No par 274 Apr 7 47 June 17
8 4212 46
903
4 9012 903
4 9012 9012 9012 9012 904 907
*9012 803 *9012
4
8 2,500
Do pref
No Par 87 Jan 6 94 Feb 19
_ _
•125 133
_ 132 132
133 134
500
Do 25% paftl
1143 Apr 7 135 June 17
8
9212 Mar
11 .11
12
*11
12 .1012 1112 .1078 1112
11
12 11
812 Mar 31
500 American Hide dr Leather_100
14 Jan 14
8
714 Apr 145 Del
651
6712 .6512 6712 63
835 6412 1,400
8
.6512 6712 *6512 6712 .65
100 59 Nlar31
635*
754 Jan 14
Do pref
8
504 Jan 723 Der
118 120
119 12112 119 120 2 11814 120
11818 11834 6,700 American Ice
1194 120
,
100 83 Mar 18 12212Ju1y 28
72 Aug 96 Feb
847
8 847 847 .8314 847 .8313 8413 834 8414
8
.83
8
85
8
.83
Do prof
100 7412 Mar 17 86 July g
300
7312 Nov 83 Pet
4 3514 3614' 36
363
8 355 3618 3578 36
8
*3414 354 3414 353
3,100 Amer International Corp_100 3218 Mar 30 41 Feb 5
173 Mar 3514 Non
8
8
8 2,600 American La France F E._ 10 1114 Jan 2 14 Jan 15
•123 1212 1214 1212 1214 1214 .1234 1212 1214 1212 1212 127
10 May 1214 Jan
8274 2814 *2712 2812 *2712 28 1 28
293
4 2914 3114 3014 305 13,200 American Linseed
8
100 20 Mar 25 3114 Aug 6
134 May 283 Dec
4
72 1 72
72 .7112 72 .71
8
4 7612 77 8 5,500
.71
7614 757 773
5
Do mei
100 53 Jan 2 773 Aug 6
4
30
APT 533 Dec
8
4
8
8
113 11312 113 1133 11114 11234 10912 11134 10914 1107 1095 11278 26,300 American Loom new__No par 10412 Jan 5 14473 Mar 8
4
704 Apr 1093 Dec
118 118
600
•118 122 .118 122 *119 121 ; 119 119 *118 120
Do prof
100 118 Aug 7 124 Feb 16 11614 Apr 12012 Seel
4 4912 50
493 50
4
4912 4913 2,500 American Metals
4912 4912 497s 5014 494 493
No par 4534 Mar 3(
533 Jan 2
8
383 June 54 Dec
4
1113 11018 111
4
110 1103 110 1103 11018 11018 2,700 American Radiator
8
4
1114 1117 11018
4
25 897s Jan 3 11312July 27
9414 Apr 136 Dee
7712 77
77
47
77
77 1 *77
7758 .
77
7758 *767 7712
600 Amer Railway Express... _1180 7614May 13 84 Jan 13
8
774 Nov
83 Oct
64
6418 6314 6412 61, 64
4
6512 6314 65
6314 6312 7,700 American Safety Razor
65
100 3678 Jan 2 69 July 27
54 Apr 1014 Non
34 74 *718 714 .
474 73,
7
7'8
718 734
55
8July 7 1411 Feb 28
400 Ar ier Ship & Comm ___No par
758
718
714
1018 Oct 154 Feb
4
4
4
8
8
4
103 1037 1033 1043 1033 10538 10434 106, 1053 10614 106 1084 55,5001 Amer Smelting & Refining_100 9083N0ar 30 1083
2July 9
574 Jan 100% Der
200
Do pref
100 10512 Jan 6 111 10111Y 8
111 111 .110 111 *110 111 ,•110 111 •11012 111 .10714 110
96
Jan 10753 De,
3814 3814 38
383
4 3814 3812 38
3814 3814 385
38
.No par 374June 11 404July 20
38
8 3,500 Amer Steel Foundries.
11118 11118
400
Do pref
100 108 Jan 7 112 Apr 18 1011., Pi 109', Non
•11012 11118 *11012 11118 *11012 11118 111 11112 *11012 112
6814 695
4
8 6612 684 673 693
8 6712 68
8
6412 6512 653 68
66,200 American Sugar Refining_ _100 4758 Jan 16 71 14 Apr 14
Oct 813 Fel
4
36
8 9912 9912 98
993 093
8
•9984 9912 *9814 100
400
Do pref
100 9114 Jan 16 101 12 Feb 28
8 9812 9812
4 983
8
Oct 997 Fat
77
918 10
918
918 *918 10
*918 93
4
9
9
1,100 Amer Sumatra Tobacco
94 94
100
6 May 6 221 2 Feb 14
63 July 2812 Jar
8
77
80
*7512 79 4 87512 771 •75
•7512
3
.
76
76
*7513 793
4
Do pref
100 28 Apr 27 8618May 28
100
Jar
2212 Sept 69
4012
.40
4012 .40
41
4012 .40
.40
.39
4014
Amer Telegraph & Cable 100 3734.1une 1 47 Feb 25
384 Dec 4312 Jar
13914 140 1 13918 1395 .____---2 13914 13912 8,000 Amer Telep de Teleg
8 1391s 1397
,
8
13712 139 2 139 140
100 1305 Jan 2 14414June 18 12118 June 13434 Dee
972 9758 983 9812 9834 083
8
8
4 9814 9812 9814 9812 9818 99
3,400 American Tobacco
60 85 Feb 17 9912July 21 13858 Mar 1697 Not
8
10614 10614 .10614 107 .10612 107 *10613 107
10684 107 .106 107
400
Do pre(
100 10412 Jan 5 108 June 8 101
Apr 1084 July
97
9712 97
977
8 975 98
8
9734 98
975 98
8
975 983
8
4 6,100
Do common Class B
_ 60 8412 Feb 17 987 July 20 13514 Mar 1884 Non
8
4
11714 11714 .11734 120
•105 120 .1163 120 .116 120 1 117 117
200 American Type Founders 100 103 Apr 22 124 June 25 106 Sept 115 &PI
6414 653
4 655 6613 6412 65
8
64
6512 7,900 Am Wat Wks & El
6414 94 65
1
20 343 Jan 13 68121u1y 21
40 Feb 144 Dec
983
8 9714 974 98
0812 OS
98
2,000
9814 9814 9814 9814 98
Do 1st pref (7%)
100 9714 Aug 6 103 Feb 18
Dat
8912 Mar 101
_
.104
4104
__ .101
10514 1054 •104 110 *104 110
100 954 Jan 2 11014July 21
700
Do partic pf(8%)
66 Feb 102 Not
404 4112 40
8 4012 42
3
40 403
4 39 2 405
403
4 395 4012 21,800 American Woolen
8
4May 6 643 Jan 6
100 343
4
514 Sept 784 Jac
834 833
4 835 85
8
85 4 8812 863 8718 8518 86
3
8
86
863
4 4,350
Do pref.
100 69ilMay 6 964 Jan 20
8
Oct 1025 Jar
90
25
8 24 .25
8 34 •212 3
23
4 23
4 .212 25
*212 312
8
212 Apr 2
200 Amer Writing Paper pref_100
712 Jan 3
14 Apr
7 July
8 812
473
8 812 .77
77
8 77
8
8
8
7 4 74
3
*77
8 8
7 May 12 1212 Jan 9
500 Amer Zinc, Lead & Smelt_ 2
7 Mar 1214 Dec
283 .2818 29 ' 2818 2812 2714 2714 .2812 2913
4
42712 2912 .28
300
24781May I
Do pref
39 Jan 9
2
24 June 364 Dec
4112 42 I 417 4212 4178 4212 42
4112 41 14 42
8
423 21,800 Anaconda Copper Mining_5
4
41
48 Jan 3
3514 Apr 21
2812 May 4814 Dec
37
37 .3834 37
3614 363
4 3614 367
8 3613 3612 1,500 Archer. Dan'Is MI.:11%LN° pa
.364 3
3812 Dec 29 Dec
7
26 Jan 7 383
4July 20
97
97
97
97
97
97
97
*9612 98 .97
496
98
400
Do pref
100 9022 Jan 5 9912June 10
90 Dec 9112 Dec
496
98 .9534 9584 9512 95 4 9514 957
3
8 963 97
4
9612 96
1,300 Armour & Co (Del) pref
100 904 Mar 31 98 4.1111Y 17
834 June 944 Deg
,
4
2234 23
223 23
2234 23
23
225 2314 227 23
8
323
4
8
9,200 Armour of Illinois Class A._25 20 Mar 19 2414July 21
97
3 97 .10
4
97
8 94 *914 103
1012 104 114 1112 1258 8,800 Arnold Constle&Covte No par
8 Jan 5 1212 Jan 28
Jan
6
Oct 16
4314 4412 4412 443 *4334 444 4412 45
4212 43
43
4
.42
4,200 Artlootn
No par 39 June 19 45 Aug 7
104
103 103 .102 104
10314 10314 .102 105
.102 103 .102
Preferred
4May 14 10314May 19
300
100 1013
5213 5212 5114 5212 52
523
4 52
5218 .52
524 53
100 4812June 23 553
52 2 2,300 Associated Dry Goods
,
4JulY 3
08 .96
98 .96
99 .98 100 .96
406
98 .96
99
Do 1st pref
100 94 Jan 7 100 June 16
8312 May 94 i4O;
107 107 .1063 10714 10684 10712
4
.
•106 107 *10612 108 *106 107
Do 2d pref
100
Jan 1023 Dec
100 101 Jan 2 10814 Feb 7
4
89
3818 383
4 3858 384 38
3812 38
8
9,100 Associated Oil
3814 3812 3818 39
25 32 Mar 30 4112.June 15
38 4
2712 July 34% Feb
4958 5012 *4812 50
4812 49
4912 497
8 494 4914 4,500 Atl Gulf dr W I SS Line_ ___100 20 Jan 5 66 July 2
,
4814 48 4
103 Mar 23 Dec
4
5118 5112 50, 51
5012 Si
2
511
50
450
50
*5018 503
4 1,800
Do pref
100 31 Jan 5 533*JulY 2
1212 Jan 314 Dec
112 112
112 112
•11112 112 .112 113
110 1103 10912 11014 2,100 Atlantic Refining
4
100 9512 Jan 2 11713 Feb 5
7812 July 14018 Jan
.114 11714 •114 11714 •11614 11714 *11614 11714 *11414 11714 .1143 117
4
Do pref
Oct 118 Feb
100 11312 Jan 6 11734June 8 108
.1014 1013 .1014 1012 1014 1014 1018 1014
,
•1014 10 2 •1014 11
300 Atlas Tack
No par
912 Feb 18 13 Apr 28
5 June 114 Jar
245 24% 2434 2478 .2413 25
8
25
243 247
4
s 243 255
25
4
8 3,400 Austin, Nichols &Covt c No par
1812 Mar 3312 Dec
22 July 8 3212 Jan 12
92
90
924 .90
90 .8814 89
92 •90
400
89
89
Do pref
200
100 8738 Jan 27 93 May 14
79 Apr 91 Non
.13
4 2
.13
4 212 .17
8 218 .14 24 *15
3 2
8 25
•17
8
Auto Knitter Hosiery_.No par
112 Nov
17 Jan 7
s
414May 14
84 Jar
8
3
3
11214 11312 11214 1133 11114 1123 11012 1134 1103 11178 11114 11313 34,800 Baldwin Locomotive Wks_100 107 Mar 30 146 Feb 26 1044 May 1343 Dec
8
107 107
100
•108 109 *106 109 .106 109 .106 109 *107 109
Do pre!
100 107 Aug 7 1165 Jan 31 11012 June 11711 Non
8
2012 2118 203 2114 203 21
8 21
4
212
4 2014 21
213
4
8
213
12,500 Barnsdall Corp, Class A __ 25 2014 Aug 4 30 Mar 3
.
14 Feb 2312 Dec
8
*1612 17
1714 163 17
163 163
8
17 .17
8 17
17
17
Do Class B
900
25 1614 Apr 22 23 Feb
10
Jan 1712 Dec
42
•38
42 .38
42 .38
42 .38
42 .38
.38
42
Barnet Leather
No pa
35 Jan 51 497 Mar 4
8
39 Dec
2312 Nov
394 3914 *3912 4012 .3912 40'2 3912 3958 391 40
3912 3058
300 Bayuk Cigars. Inc
No pa
39 Apr 28 5311 Feb 14
Jar
394 May 59
6912 7012 6914 697
6912 72
7018 737
8 73
6858 69
753 31,000 Beech Nut Packing
4
2
60 Mar 23 7534 Aug 7
723 Det
4
444s AP
4118 4258 403 4114 41
4 4112 42 2 4112 42
4
,
8
413 413
4214 12,600 Bethlehem Steel Corp
100 37 June 5 5312 Jan 13
373 Oct 624 Feb
4
811232 113 s .11212 11318 .11212 11318 .11212 11318 .112 11318
,
8
•11213 113, 3
Co cum cony 8% Pre/ _100 109 Mar 18 11612 Feb 8 10114 Apr 11014 Feb
8 3
*95
96
.943 96
4
Do pref 7%
*9514 9713"
*,
54 9713, .9514 9712 94 4 96
10
9314June 1 102 Jan 31
8911 June 97 Feb
84 4 5
3
43
4
43
4
43
4 43
4 *412 5
400 Booth Fisheries
7,.
13
44 458
No pa
4187.lay 4
358 June
7 Jan 10
74 Jan
39
3812 39
3713 39
375 3812 375 3818 15,600 Briggs Manufacturing_.No Pa
8
3812 383
4 3o.4
8
3314 Mar 17 4412May 2.5
8
138 138
1,900 Brooklyn Edison, Inc
13812 13878 138 138.2 138 13814 138 1383 138 138
100 1204 Jan 2 1405amay 22 1073 June - 24 Dec
1- -14
8784 88
895
8 89 897
8 8834 80
8812 89
14,500 Bklyn Union Gas
8714 88
87'2
No pa
7511 Feb 17 915
4
565 Apr 823 Dee
8
8MaY 22
115 11712 10958 117
108 113
110 1123 10814 111
4
113 115
6,800 Brown Shoe Inc
100 6412 Mar 31 121 July 31
39 May 764 Dec
•105 106 .105 110 .105 110 .105 110 .105 110 *105 110
Do pre:
100 96 Mar 25 1063
4June 15
84 June 994 Dec
*29
4
29
2812 2812 *28
2912 20
2838 283 29
2814
29
1,000 Brunswick-Balke-Coll'r No pa
24 June 25 4038 Jan 21
100 100
99 100 *100 102
•10212 104 .102 10212 102 102
900 Burns Brothers
No pa
9212 Feb 11 10912May 9
95 Dec 112-12 it;;i
4
233
233 2334 23
4 2312 2384 2212 235 *23
8
23
23 8 2,300
23
Do new Cia.ss It corn No pa
7
17 Mar 31 30 June 6
195 Feb 29 Non
8
93
93
93 .92
93
93
03
03
499
93
93
964 2,900 Burroughs Add'a Mach _No Pa
85 Jan 3 964 Aug 7
624 Nov 6712 On
41734 184 1818 18 8 18
18
173 173 •1718 18
8
,
8
*1718 18
300 Bush Terminal new _ _..No Par
143
4June 10 1912June 15
865 865 .87
8
8
877 .87
8
877 .87
8
872 88
4
87
87
.
400
874
Debenture
100 80 May 14 897
2June 20
878 57
53
4 53
8
53
4 5.4
4
53
4 64
54 618
618 612 4,500 Butte Copper & Zino
5
414 htar 31
83 Jan 2
4
34 June
193 .19
4
20
1912 1912
1914 1914 1912 1012 .19
4194 20
300 Butterick Co__ . ______ __100 17 May 13 284 Jan 3
8
17 Apr 253 Der
8 1114 1114
113
10 4 1114 11
8 1118 113
2
1114 1158
1114 1114 1,600 Butte & Superior Mining_ __10
612May 5 2414 Jan 9
2512 Dee
14 May
8
4
34
3
4
3
4
7
8
7
8
3
4
3
4
*3
4
7o
3
4
3
4 1,100 Caddo Cent Oil & Ref__No par
12 Apr 25
414 Jan
238 Jan 12
1 Nov
115 115
11412 11512 *113 115 .11414 1143
*11412 115
•11312 115
4
500 California Packing
No par 10012 Jan 27 118 June 1
80 Apr 10814 Dot
2818 2734 283
8 2712 2778 2714 2712 2712 28
273 2832 25,400 California Petroleum
4
25 234 Jan 2 327 Mar 7
28
8
2914 Feb
1912 July
-.Do pref
100 100 Jan 2 123 May 22
Jar
9212 July 107
213 23
8
212 212
212 219 .212 23
3 3'3
8 1,200 Callahan Zino-Lead
-5
57$ Jac
8
10
213515y 8
.212 25
212 May
43 Feb 19
4
84 5058 493
4912 4934 49
4984
5014 .
49
4 493
50 .49
4 1,300 Calumet Arizona Mining_ 10 45 Apr 22 58 Jan 7
.49
4
4134 Mar 583 Dec
4
4 1434 1434 1478 15
8 1114 1458 1433 1434 143 143
1,800 Calumet & Reda
•1384 145
1318 May
25 1214May 26
1912 Dec
1858 Jan 5
44
43 4314 433 44
4
44
4458 44
433 4412 2,600 Case Thresh Machine_ _ _100 24 Mar 18 46 July 31
4
44
43
14 Mar 35 Dec
864 88
88
8818 8818 88
.88
4 8612 87
863
Do prat
88, 1,200
,
86
100 60 Mar 11 884 Aug 5
Jar
4114 May 77
8
1713 1812 1713 173
1812 1812 4183 1812 1812 1914
4 3,600 Central Leather
177 18
8
100 1434 Mar 28 2144 Feb 7
97 Mar 2152 Dec
8
623 6458 6118 6212 6014 6212 8,300
8
4
,
623
4 723 63 2 .627 63
Do pret
100 4914 Mar 24 66 Feb 7
62
2914 Mar 5814 Det
3214 3214 *3212
3212
32
32
600 Century Ribbon Mills_.No par 3114July 13 4712 Mar 11
2534 Apr 3514 No%
.32t2 38 *05 ' 32 *95 06 .9514 3414 .97 3212 *9714 3212
98
98
96
98
*95
Do prof
96
100 9434J0Tie 23 984 Jan 14
Jan 9512 July
91
5218 524 5212 523
524 53
4 5212 53
523
,
493 Mar 563 De.
4
52 2 52
4 .5.000 Cerro de Pasco Copper_No pas 4318 Mar 34 554 Jan 2
4
52
8 544 557
8 533 545
4
8 537 55
8
5412 5512 5412 557
95,600 Certain-Teed Products_No par 40 4 Mat 24 5578 Aug 4
3
244 June 4412 De.
535 55,
8
294 318
3218 3118 32
3218
4 303 3138 17,200 Chandler Motor Car_ __No par 2812 Jun 22 394June 9
2
s
267 Nov 6612 Jar
8
32
322
' 3158 3 3 104
10214 10312 8,200 Chicago Pneumatic Tool_ .100 8014 Mar 19 1054 Aug 4
1014
8 103 10412 103 104
797 May 1004 De,
8
102 105 .46 1053 *46 1047 .48
50
*46
50
4914
4914
.46
50
Chic Yellow Cab tent ctf No par 4412July 7 55 Jam, 3
4914
39 May 614 AP
.46
57
585
8 5612 584 564 573 10,000 Childs Co
5512 514 58
8
8
No par 497 Mar 31 597
5434 55'2 55
sJuly 1
343
8 3414 3114 10,4001 Chile Copper
8
344 343 3412 34
25 3012Mar 30 3758 Jan 2
,
33.2 33 4 334 3418 34
25, idai 383* Det
8
*215 25
8
2314 2414 2412 *245 28
800 Chino Conner
5 19 Apr 23 288 Feb
1. Mar 29 De.
.2312 24 .2212 28 ; 23
8
623 .61
4
6234 *81
623
4 61
61 ' .61
61
61
400; Cluett. Paat'XiS &CO__ 100 6812 Mar 17 71, Jan 12
.
Oct 751 Jar
61
4
65
.59
8
142 145
,
137 13912 139 4 1407 14018 142 ; 142 146
23,500, Coos Cola Co
No par 80 Jan 6 146 Aug 61
,
61
Apr 831 De,
136 137
8 4112 4214 4214 4318 14.5001 Colorado Fuel dr Iron
8 4184 433
4334 4158 427
100 3214 Apr 21 4814 Jan 131
4312 42
247 Feb
8
5414 All.
43
47 .46
47
46
4712 .46
4712 47
47
*431
600 Columbian flgrl,wrt t, tt. V4 nor 45 Mar 1-4 513. Txr PI
,
1' 9 , ,,
48
.48
a Ex rights.
z Ex-di videud
•H,46 and aaked Oriels: no gale! up tale day
----
---.
New York Stock Record-Continued-Page 3
688
For •atee during the week of stocks usually Inactive, see third page preceding.
HIGH AND LOW BALE PRICES
-PER SHARE. NOT PER CENT.
lesturdag.
Aug. 1.
Monday.
Aug. 3.
Tuesday.
Aug. 4.
Wednesday. Thursday,
Aug. 6.
Aug. 5.
Friday,
Aug. 7.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Shares. Indus. & Miscall.(Con.) Par
No par
92,300 Col Gas & Else
Do pre!
100
Come! Invest Trust__No par
Do pre!
100
900 Commercial Solvents A No par
Do "B"
No par
2,600
13,600 Congoleum Co new__ _ No par
Conley Tin FollstampedNo par
1,900 Consolidated Cigar__„No par
Do pre!
800
100
6,300 Consolidated DLstrib're No par
37,000 Consolidated Gas(NY) No par
6,200 Consolidated Textile___No par
47,100 Continental Can, Inc__No par
400 Continental Insurance
25
13,900 Cont'l Motors tern ctfs_No par
38,900 Corn Products Bolin w
25
Do pre!
100
16,400 Crucible Steel of America 100
Do Pref
600
100
9512 9512
96
96
*9578 9612 9612 9612 96
9612 *9512 96
800 Cuba Cane Sugar
No par
*103 1114
4
4
*1012 11
*10h 11 I *103 113 •105 1114 103 11
8
4
8
Do pre!
100
8 47 .4812 12,015
4634 4714 4614 4712 473 487
4
s 4714 4812 4778 485
8
8 2612 2718 5,500 Cuban-American Sugar _ .....10
2738 27 8 27h 275* 2714 2758 2612 2712 265 267
,
100
Do pre!
100
*9612 98
*9612 98
•96
98
*96
98 I 9714 971 *9612 98
3
312 3 4 3,000 Cuban Dominican Elug_No par
4
33
4 33
334
334
4
3
12 33
4
37
8 38
7
35* 33
200
Do pre!
100
25% 251s
*2512 26
26
*23h 27 •24
27
*25
27
26
200 Cushman's Sons
No par
7314 7314
74
74
*75
80
*7412 80
*74
80
*7412 80
400 Cuyamel Fruit
No par
"5312 5414
*543 55
4
55 55
5414 5414 5414 5414 "5312 54
114
18
13 1,200 Daniel Boone Woolen Mills_25
13
8 13
8
118 *114 lh
114
114
114 114
*1
433
4 42
437 41,200 Davison Chemical v t o_No par
8
8 38
8 365 373
8
8 37
40
373 383
4
3614 365
700 De Beers Cons Mines-No Par
3
21
21
21
*20% 2112 2112 2112 227 2314 *2314 23 4
1,300 Detroit Edison
100
129 129
130 13014 129 130
12854 12912 12912 130
•129 131
273 46,900 Dodge Bros Class A___No par
4
8 2712 2814 27
8 2714 277
25 8 2614 26
7
2678 2652 273
Preferred certifs____No par
8
8112 825s 815 8218 20,700
8114 82
/ 81
1
4
82
8112 83
8084 82
No par
14
14
1414 1,200 Dome Mines. Ltd
14
141 141 .71.4% 1412 14% 143
14
14
4,200 Douglas Pectin
No par
4 2212 23
8
8 215 213
2114 2114 215
8 217 2312 2212 227
g
*21
400 Duquesne Light 1st pref___100
11018 11018 11014 11014
•110 11012'110 11012 110 110 ,*10912 11012
No par
8
8 2,800 Eastman Kodak Co
7
1063 10612 10614 10612 105 8 10612 1053 1055
2
10512 10512 10558 106
4
1812 173 1814 3,500 Eaton Axle & Spring_ No par
183
8 18
18
8
4
*1784 18
17 4 173
4 173 18
20,000 E I du Pont de Nem & Co__100
8
197 20112 196 1997 19714 199
4
19012 19234 19212 1973 196 201
1,200
Do pref 6%
100
100 10014 100 100 *100 10012 10012 10012 *100 101 *100 101
8 363 367 51,000 Else Pow & Lt ctfs____No par
8
8
367 37 8 3612 375
8
7
3534 363
8 3614 37141 3612 37
2,100
40% Pr Pd
8
1087 1091
4 109
3
108h 10812 10812 10852 108h 10812 10812 108 4 1083
700
Pref full paid
4
110 *109 11012 *1093 1101_
8
•10912 11012 10914 1103 *10912 11014
00 Elm Storage Battery .No Par
6414 65
673
4 66
8 66
4 645 673
4
64
643
300 Emerson-Brantingbam Co-100
312
3
52 414
312
234 338
5 1 *312 4 1
4
458 5
.000 Endicott-Johnson Corp- 50
8
4 6812 687
*69
6912 6918 6918 69 6912 *6818 6834 6814 683
Do Ore!
100
____ *116 119 ,*11612 119 *11612 119 *11612 119
*116 119 *116
100 Exchange Buffet Corp-No Par
2
4 155* 155
*155 163 *1512 1614 *1513 1612 *1512 1612 *155* 163
8
4
4,900 Fairbanks Co
25
4 4
*23
31
4
414 434
478•
4
'
72
*2
4
No par
4618 4614 2,400 Fairbanks Morse
467
46
47 I 4612 4634 46
4
4634 464 463 47
10512 1073 23,200 Famous Players-Lasky_No par
8
10612 108
107 1083 10612 108
4
1063* 107% 10784 109
200
Do Ore! (8%)
100
11734 118 *11512 1173
4
/
1
*117 11812 *117 11714 *116 1174 *11512 118
15
3012 3112 3014 3
012 4,000 Federal Light & Trac
3112 3114 32
31
3114 31
3012 31
100 Federal Mining & Smelt'g-100
17
1678 1678 *15
17
17 •15
*15
17 I *15
17
•15
Do pre!
100
5712 2,800
5714 57
5718 57
5614
56 I 56
56
*55
56
*55
100 Fidel Filen Fire Ina of N Y- _25
1663 1663
4
4
/
1
4
•165 16712 *165 167 *16512 167 *165 167 11166 167
Fifth Ave Bus tern ctIs_No Par
*14
17
4
4
12 *148 1712 *143 17
4
4
4
12 *143 17
•143 1712 *143 17
25
4 8118 8214 56,100 Fisher Body Corp
8118 823
4
80
8214 805* 8312 813 84
8012 83
8
No par
8
8
4 213 225 43,400 Fisk Rubber
215 223
8 2218 23
7
22 8 223* 2314 22 8 233
3
22
1,000
Do let pre(
10512 106
100
10512 106
10612 *106 107 I 106 106
10614
•10612 107
12,900 Fleischman Co
No par
s 9812 99
4
963 987
97
98
973
4 963 98
8
97
3
95 4 97
16,400 Foundation Co
No par
127 129
125 128
4
128 13012 1273 129
130 13114 130 132
No par
7
4
1
1714 1612 17 8 163 1714 39,000 Freeport Texas Co
4
1514 178
1612
7
147 14 8 148 15
8
19,000 Gardner Motor
10
No par
9 2 1114 10
7
4
818 108
78 8
7
8
83
8
8
8
100
2,200 Gen Amer Tank Car
*9512 46
45141 4412 4512 4518 4578 4512 46
4514 4514 45
Do pre!
100
200
3
10212 10212 10214 10214 10238 1027 *10214 103
*10214 1023 •10214 103
4
100
55
555 26,000 General Asphalt
8
8
8 545 5512 5412 55
3
8 55 4 573
4 5514 565
565
54
Do Ore!
100
500
4
*95
963
97
963 *95
4
*95
8
81 967 97
8
9612 957 957
96
No par
16212 16512 163 1653
4 6,600 General Baking
160 1628 163 166
8
1603 161 I 1615 163
4
2.800 General Cigar Inc
100
90
90
90
903
4 90
4 90
9012 903
9012 91
91
91
100
304 31112 50,800 General Electric
30112 307
4
3
295 2981s 2993 309 8, 30418 308 303 .307
10
Do special
8 1.800
8
8
1115 113
81 113 11121 113 1112 1112 11% 113* 1112 118 113
4 9012 928 9214 9314 169,200 General Motors CorpNo par
933
92% 92
887 893
8
s 89
8812 89
Do pre!
100
*9612 -----_4
*9612 ____ *963
4
- .963 ____ *96
Do deb stock (6%)----100
00
*9612 98
•9612 98
*963 98
4
*963 98
4
4
9612 9612 '963 - _
1,500
100
Do 7% pre!
*112 11212 112 11218 11212 11212 112 11214 11214 11214 112 11212
8
497 513 34,000 Genera , Petroleum
8
5
503 51% 50% 513* 5014 513
4
4 51
527
52% 523
*4412 4512
400 General Refractories_ __No p2a5r
45
45
4512 46
*4412 46
*4412 46
*4412 46
No par
8 1,400 Gimbel Bros
5312 537
537 54
54
541s 541s 54
5414 5414 *541 551
Do Ore!
100
*10434 105 *10412 106 *104 106 *105 107 *105 107 *105 107
4
46% 473 31,100 Ginter Co temp ctfs___No par
48
4912 47
4214 43
43
4818 46
4178 42
No Pa
2112 2114 24% 128,900 Glidden Co
21
2112
4 21 8 218
,
213 218
8
4 2114 213
4 21
8
4212 437 15.200 Gold Dust Corp v t o__No par
42% 43
8 433 45
4414 453
,
43 8 45 8 4512 46
7
Goodrich Co (B F) _No par
3
8
8
563 563 Z5618 565s 555 568 545 5512 5414 54 4 54% 5512 7,200
4
4
2,900
Do pre!
4
3
7
4
4
99
99 10014 997 997
8
8 993 99 8 993 99 4 993 100
*98
1 00
8
4
10312 1033 1035 10418 3,200 Goodyear T & Rub Pf v t 0-1110
10312 10482 104 104
•
104 10414 104 109
Do prior pre!
100
600
4
1073 1073 108 108
4
1073 107 4
4
8
3
1063 1063 10718 10718 *10712 108
s
1512 15% 16% 3,200 Granby Cons Min Eim & Pr_100
*1412 16
*1484 16
1512 1512 1512
.1412 16
4
9558 96
97
99
9812 102
98 10012 97% 981s 993 101% 8,500 Great Western Sugar tern ctf 25
/ 13
1
4
/ 1,100Greene Cananea Copper___100
1
4
14
1234 1312 1318 1318 13% 13% 13
1312 1312 *13
100
8,900 Gulf States Steel
4 8052 83
817
3 8112 823
4 813 823
4
4 8112 8312 8018 813
81
4
283 2914 283 2914 9,900 Hartman Corporatlon__No par
4
29
3012 2912 30
8 2834 29
28 8 287
7
No par
4212 4312 427 435* 28,500 Hayes Wheel
427 433
4 438 4412
4238 423
4 4212 43
100 Hoe(R)& Co tem etfs_No par
*45
4512
45
4612 '45
*4514 4612 "45
4612 *45
4612 45
200 Homestake M ning
451 *44
4518 *44
4512 *44
*44
45% *4414 45% 4518 4512
19
5,200 HousehProd.lno.temctiNop63
8
8 408 4114 4132 4138 4112 4213 4218 4212 4114 42
395 397
8
6712 6712 2,800 Houston Oil of Tex tem ctfs_100
68
683 69
8
6812 683
4 67
6712 66
667 68
8
..No par
4
62% 613 6212 32,700 Hudson Motor Car..
60
8 62 4 63 8 623 6312 6212 6312
3
5
4
6318 635
10
1818 11,900 MILT Motor Car Corp
1814 18
1838 18
1812 18
1885 18
1818 1812 18
2612 2734 84,500 Independent 01111.0as-big Par
3
3234 305 313
8
8 2932 3112 25 4 29
31 4 3312 81
,
*1912 19
No par
700 Indian Motocycle
19
19
19
19
1914 1814 1814 *18
18
18
10
200 Indian Refining
712 712
7 8 7%
5
8 814 *75* 8
1z 814 •78
*7
12 814 *7
Do Ore!
100
200
*83
85
83
83
85
*85
89
85
85
*83
89
'
785
No par
*411 42
4112 42
4112 4112 4112 4112 4112 4112 1,600 Inland Steel
.4112 42
Do pre!
*108
_ *108
•108
•108
_ *108
*108
2
0
277 - . 3 _ ...-,___ Inspiration Cons Copper 10 0
2;
i
4 28i
s
275
8
277 -8 2838 273 -2732714 - 4 273 28
3,200 Internat A gricul
No par
*1434 15
15
15
3
8 15
153
8 145 15
8
15 8 15 8 155
3
15
1,000 lot Business Machines_No par
4
128
4 1253 12614 12512 126
1273 1273 1253 1253
4
4
4
*127 128 *126
67% 6712 2,400 International Cement _No par
67
6712 6612 6612 65 g 6613 67
7
6712 6712 67
4
8 43 4 4414 43 2 4514 443* 4512 4414 4512 443 4812 114.60IY Inter Combus Engine No par
3
7
5
43 8 443
7,300 International Harvester_100
4
116 11612 1163 119
8
1173 11812 116% 11814 11512 1163 11514 117
4
Do pre(
900
100
119 119
4
11912 11912 119 11912 11834 1183 119 119
*119 121
8
/ 2,700 Int Mercantile Marine_ __ _100
1
4
8
8%
814 814
8
818 81
8
8
814
.8
Do prof
3112 4,200
100
31
3114 31
32
8 3114 32
3112 317
* 31
305 305
8
31 8 308 3134 30% 3138 3012 3118 32,400 International Nickel (The)-25
3178 31
3112 3178 31
Do pre(
200
100
99 99
*984 99
*9834 99
983 983 '983 99
4
4
4
4
*983 99
100
4
3
/ 64 4 665 23,200 International Paper
1
4
6318 6412 635 65
63
6378 6212 6314 6212 64
*
Do stamped prof
100
100
78
*76
7612 7612 *7612 78
77
*7512 77
77 •76
*76
No par
s 1,400 International Shoe
18014 18012 165 1787
180 *181 186 •180 183
180
185 185
Do ore!
100
400
4
4
1163 11634 *11614 1163
8
11612 11612 *11614 1167 11812 11612 *11612 117
13414 13612 38,900 Internat Telep di Teleg-100
131 137
8
3
12618 129 4 1293 13512 13412 13714 13214 136
100 Intertype Corp
No par
21. 2
22
*21
22
*203 22 •21
4
4
2114 *203 24
*21
100
600 dowel Tea, Inc
19
/8
1812 184 *1712 1812 *18
/
1
4 18
*1612 17
1634 163
Do Ore!
100
*105 110 *105 109 *105 110 *105 110
*105 109 *105 110
300 Jones Bros Tea, Ino, Mod _ _100
1812 1812
19
1914 1914 *1814 19
19% 1918 *1812 1914 *18
No par
384 10,500 Jordan Motor Car
/
1
393 39s 3912 4014 3718 3918 37
4
/
1
4
/ 39
1
4
38 8 3914 39
7
No par
3112 3,600 Kayser (J) Co v t o
31
30
301 2912 3014 31
/
4
5 3014 3134 31
30% 303
Do let Ore!
300
No pox
9314 9314
94
94
*93
95
*93
94
94
*93
95
*93
25
18 4 4,200 Kelly-Springfield Tire
3
1812 171 1814 18
1818 1812 18
1853 19
173 183
4
4
Do 8% pre!
100
100
68
•61
68
*61
68
688 *61
*61
64
68
'
761
68
Do 6% Ore!
100
56
564 *55
/
1
67
*55
667 *55
8
*55
67
*55
67
*55
200 Kelsey Wheel, Inc
100
90
*87
*8712 90
88
*87
90
87
90
90 •87
1087
72,300 Kennecott Copper
NO Par
8
s 543 5514 5414 5514 513 55
4
5334 5412 53 8 547
5
4
533 54
per share
per share $ per share $ per share $ per share
$ Per share
69141 703
4 703 723
8
8 723* 743
733
4
4 7318 743* 731 7414 72
4
•108
*108 110 *10734 110 *1073 110 *1073 10912 *1073 109
4
4
*62
66
66
*62
6 '62
66
*6112 66 '62
*6112'66
13103 10612 *103 10612 *104 10412 *104 10612 *104 10612 *104 10612
93
92
88 88
88
91
*89
9514
*90
91
*88
91
4
86
86 '
788
8812 8812 893 943
4
90
*87
90
843 85
4
8 24% 243
2412 2512 243* 2518 2412 247
4
8 2412 247
2 202 247
%
7
8
'
7%
'
7% 1
71
1
%
*1
%
*3
3
7
8
'
7%
7
8
4
*3712 38% *3712 381z 363 37% 36% 36% 3614 3714 3612 373*
87
*83
8712 8718 8712 *8712 88
87% 875* *8712 88
'
784
484 43
4
412 5
43
4 43
4
*43
8 47
5
5
*4% 5
8 895 903
891s 905
8
8
8812 887
8 8812 893* 89
893
4 8912 91
3
3
3
31
31
31
3
3
3
31s' 3
318
76514 773
4 77
79
78
79h 37612 773
4 7614 7914 7714 7814
*114 115
115 115 *114 115
11478 11472 *114 115 *11312 11412
94
8 97
8
912 93
4
912 93
4
912 95 '
8
912 958
93
8 95s
33524 3314 33 8
33
3314 33 8 333 33 8 33 8 34
7
8
7
5
3312 34
7
•120 124 *120 124 *119 124 *118 124 *118 122 *118 120
4
72
7114 73
71
711s 7212 703 723
4
4 71
7212 7112 723
*2034
if:
4.9e12
a iii,-)
PER SHARE
Range for Tear 1925.
On basis of 100
-share lots.
Lowest
Highest
$ per share
4 4 Jan 21
53
10414 Jan 5
50 Jan 2
102 Mar 19
80 May 25
76 May 25
22 July 29
12May 19
264 Jan 2
/
1
793 Jan 2
4
318 Jan 7
744 Mar 30
234June 9
6012 Mar 29
103 Jan 5
814 Jan 2
323
8May 29
1184 Jan 7
/
1
6412 Mar 30
92 May 8
10 Apr 29
/
1
4
4614 Aug 3
26 July 28
9512May 5
314 July 16
2312July 17
62 Mar 30
50 Feb 17
1 June 25
27% Apr 30
2014 Mar 18
110 Jan 5
213
4,1une 9
7312May 7
123 Apr 14
4
14 Feb 16
105 Jan 7
1043
4July 18
1012 Feb 13
184 Jan 5
/
1
4
94 Jan 23
2
173 Apr 25
100 Mar 1
10012 Mar 2
60 Mar 30
/
1
4
1 18May
63 4 Apr 2
3
111 May 28
1312July 23
214 Mar 27
3214 Jan
9014 Feb 17
103 8 Feb 17
7
30 May 21
1514 Mar 13
4912 Mar 11
147 Jan 6
/
1
4
12 Jan 8
6014 Feb 17
1012 Mar 24
7512 Jan 1
75 Mar 19
90 Jan
8 Mar 18
4 Jan
/
1
4
963 F
. 7
84124 meg:6
4 : 2 A urb 4
$ Per share
743 A.1; 4
4
11018July 15
67 Feb 16
10612 Jan 19
190 Jan 29
189 Jan 29
43 Jan 2
/
1
4
17 Feb 10
4412May 29
897 Feb 14
8
9 Feb 19
/
1
4
923
8July 20
54 Jan 7
80 July 29
12012 Jan 26
11%May 9
411 Feb 25
/
4
127 July 3
7934 Jan 17
9012 Aug 4
141 Feb 9
/
4
6252 Feb 26
3312Mar 3
101 Mar 13
6 Feb 27
/
1
4
444 Jan 8
/
1
87 June 8
59 May 25
7 Jan 9
/
1
4
4934 Jan 23
2412 Jan 28
13418July 29
31 July 14
8412July 15
161 Jan 19
/
4
2312 Aug 4
1117
8June 8
118 Jan 19
2012July 7
2)112 Aug 5
102 July 7
40%July 18
110 June 16
11034June 24
42% Mar 3
121 Mar 7
8412May
22714 Feb 17
11 Jan
64% Jan
90 Feb 13
88% Apr 21
102 Jan
42 Jan 1
43 Apr 28
47 Mar 16
10214 Mar 1
2234 Feb 1
12 M ar 1
/
1
4
37 Mar
86 Jan
/
1
4
%
86 .1an
92 3an
103 Apr 27
13 Mar 30
91 Jan 1
1134 Mar 19
8718 Mar 24
25 4 Apr 24
3
30 Mar 14
45 Apr 1
n
4 % Jan 5
3
3
4
59 Apr 22
333 Jan 5
4
1414 Mar 18
1312 Jan 5
13 Mar 24
512 Jan 2
77 Mar 24
4May 1
383
Apr 13
2214 Apr 22
71 Jan 7
110 Mar 30
52 Jan 5
315 Jan 21
4
9618 Mne 25
7 8 u ar 5
j
114 Mar 3
10413
29%June 25
2414 Mar 18
94 Jan 6
4814 Mar 19
71 Mar 9
108 Feb 2
8712 Apr 3
Jan
:3 J YY 2998
11°115; e 219
31: j
268 4 Julyjuuu
3
37 Aug 7
183 Mar 17
4
83 Mar 30
1214 Mar 24
41 Mar 25
43 Mar 25
87 Aug 4
4612 Mar 30
5
/
1
4July 31
72 Jan 9
1163 Feb 16
4
1974 Jan 3
434 Aug 5
497
8July 20
1143
4July 27
120 July27
36 June 19
25 Jan 19
6414 Jan 15
175 May 15
17 JulY 13
/
1
4
8612July 30
244July28
/
1
107'4 July22
9912July 24
1343
4July 29
187
sJune 15
1614 Mar 2
58 Jan 10
/
1
4
10k72 Aug 8
63 Jan 2
/
1
4
100 Jan 2
166 Aug 5
11111 Mar 4
/
4
320 Jan 2
1172July 10
9334 Aug 5
98 July 6
984June 27
113
/
1
4July 11
59 June 12
584 Jan 14
/
1
62 June 9
10514 Jan 20
4912 Aug 5
241 Aug 7
/
4
46 Aug 3
59 July 15
10014 Aug 3
10534July 1
108 Aug 7
2114 Jan 14
11312June 19
1914 Jan 2
94 Feb 5
/
1
4
3713 Jan 7
4412 Aug 5
4872 /an 9
50 Jan 12
43 8JulY 16
3
85 Jan 29
6612 July 7
2012June 19
413
4June 17
204 July 25
/
1
1032 Feb
95 Jan 7
50 Feb 2
110 Jan 22
32 Jan 12
/
1
4
173
2July 24
12912July 17
697
2July 21
4812 Aug 7
122 July 28
12038July 29
1472 Feb 6
52 Feb 5
/
1
4
32 July 31
995
8July 8
745 une 1
8J
8212May 26
1993
4July 27
121 June 3
13714 Aug 4
2611 Jan 6
217 Feb 28
2
110 Feb 25
217 Feb 8
2
5912 Mar 8
9012June 12
10014June 2
2152July 3
74 July 3
72 July 3
10412May 12
5734 Jan 13
PER SHARE
Range for Previous
Year 1924.
Lowest
Highest
$ per share $ Per awe
33 Mar 4.8 Dec
10314 Dec 105 Dec
2
303 May 58 Nov
93 May 103 Nov
43 Jan 13114 Dee
/
1
4
/
1
4
33 Jan 129 Dee
4
2
323 May 663 Feb
/
1
4
7 4 May 14 Dee
3
1132 Mar 30 Nov
Jan
5912 Apr 84
Is Jan
354 Dee
8
8
607 Jan 797 Dee
Jan
8
2
/ Apr
1
4
/
1
4
4312 Apr 69 Dee
89 Apr 10912 Dee
/
1
4
87s Dee
6 Apr
3112 Jan 4334 NOv
11512 Apr 12334 Aug
48 May 76 Dee
88 May 98 Dec
1012 Oct 18 Feb
s
/
1
4
53 Apr 717 Feb
7
/
1
4
28 Nov 38 2 Feb
Jan 10014 Nov
96
8 Feb
/
1
4
44 June
/
1
38 Dec 52 Feb
4
5612 Aug 763 Sept
7412 Jan
4512 Nov
Nov 32 Mar
/
1
4
/ Jan
1
4
38 Nov 69
/
1
4
1814 Jan 2214 Dec
3
1014 Jan 115 4 Dee
/
1
Nov185
201k Jan
9 June 18 Dee
/
1
4
109 Mar 10814 Sent
/
1
4
7
10418 Apr 114 2 Nov
/ Jan
1
4
834 Sept 24
112 May 142 Dee
Apr 96 Dec
85
---- -5012 May -6 *Fe;
13-312 July
/ June
1
4
5572 May 73 Dec
/
1
4
Jan
10512 June 115
18 Dee 2412 141111
412 Jan
2 Dec
25 May 34 Dee
/
1
4
/
1
4
61
Jan 98 Dee
/
1
4
8772 Jan 108 Dec
51s Apr 243g
4112 Jan 6412
118 Mar 148
/
1
4
9 Jan 13
/
1
4
512 June
8812 July
444 Jan
/
1
6612 Jan
7 Sept
/
1
4
3 Oct
/
1
4
35 May
/
1
4
92 Feb
314 Apr
/
1
7112 Apr
93 Jan
8214 Apr
193
/ Jan
1
4
10 Apr
/
1
4
55 4 Oct
3
80 Jun
80 June
/
1
4
95 July
/
1
4
3832 June
31 June
4712 June
99 Jan
21 Dec
8 June
2812 Apr
17 June
7014 May
89 Jan
88 Jan
/
1
4
1212 Apr
8314 Oct
10 May
62 May
31 Sept
3214 May
4814 Dec
35 July
311 Apr
/
4
61
Apr
2012 May
1112 May
5 Sept
/
1
4
1512 June
3 Apr
/
1
4
60 Mar
311 May
/
4
1014 Jan
2212 Feb
3 June
83 Apr
40 Apr
/
1
4
22 Mar
78 Jan
106 Feb
634 Jan
2612 Mar
1112 May
gips May
3412 Apr
6213 Mar
73 Apr
11514 May
66 Feb
2412 Dec
164 Apr
/
1
78 Mar
/
1
4
14 Sept
211 May
/
4
164 Aug
/
1
77 Aug
934 June
83 June
40 June
76 May
341 Jan
/
4
"IA Dec
86 Dee
90 Nov
/
1
4
9452 Dee
13 Jar
/
1
4
7 Jan
53 Dec
9912 Dee
6332 Dec
100 Dee
160 Sept
98/ Dee
11
4
322 Dee
1112 July
8672 Dee
93 Dee
9312 Dee
10312 Dee
45 Aug
55
Jan
64 Dee
/
1
4
107 Sept
27 Nov
/
1
4
15 Nov
4372 Nov
88 Dee
92 Dee
90 1 Dee
5
1084 DIXI
/
1
214 Dec
/
1
98 Dee
/
1
4
211 Deo
/
4
89 Feb
/
1
4
4434 Feb
5272 Feb
514 Dee
/
1
5612 Jan
38 Nov
82 Feb
/
1
4
86 Dec
18
Jan
1814 Dt/0
2514 Feb
7 Al130
/
1
4
75 De*
4834 Nov
107 Dee
/
1
4
337 Dee
s
9 Jan
/
1
4
Dee
5912 Nov
39 Dee
un
11012 Dee
11512 NOV
1585 Dee
47 Dee
/
1
4
2712 Dee
95 NOT
60 Dee
747 Oct
2
119 Nov
11912 Dee
94 Dee
3213 MIST
2314 Jan
108 Dee
2712 Jan
62 Dee
/
1
4
38
/ Jan
1
4
102 Feb
/
1
4
Jan
85
Jan
88
7812 Jan
104 Dee
57 4 Dee
5
basis beginning June 3. a Er-rights.
•8510 and asked rale= nd Wee on this day. a Er-dividend. g Par value changed from 8100 to $50 and Prioes on that
Dec
Dee
Dee
Jan
New York Stock Record-Continued--Page 4
689
For sales during the week of stocks usually Inactive, see fourth page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW BALE PRICES
Ifelurday,
Aug. 1.
Newsy,
Aug. 3.
Tuesday,
Aug. 4.
Wednesday
Aug. 5.
Thursday.
Aug. 6.
Friday,
Aug. 7.
STOCKS
NEW YORK STOCK
EXCHANGE
Sales
for
the
Week.
rEtt SHAIttc
Range for Year 1925.
On basis of 100
-share lots.
Lowest
Highest
share
Per share
312July 16
JanP1rs
a9
74 Mar 25 873
4MaY 25
355 Apr 28 532 Mar 24
3112 Jan 21 4534 Jan 7
11014 Jan 5 178 Mar 31
1122 Feb 20 18 July 1
7112 Feb 6
1223
4July 20
15515761'22 MarJanMar 265 7034 Feb 8
217
60 June 23 74% Jan 14
22 Feb 17 3312 Aug 5
912 Apr 6
8 Jan 28
77 Feb 17 974 Mar 7
3014 Jan 24 374 Jan 13
1084 Feb 27 115 July 18
143 Mar 31 232 Feb 3
2
4
313 Feb 17 55 Mar 4
4
114 Mar 20 130 Aug 7
117 Jan 16 20412July 27
104 Jan 27 112 Aug 6
99 Jan 2 10622 Aug 7
694 Jan 3 9412July 27
34 Mar 31 4414 Jan 2
2153 Mar 30 3713 Jan 23
32 Mar 21 59 Mar 10
2014 Mar 16 3034 Jan 3
2812 Mar 5 4912 Apr 24
2314 Aug 7 354 Jan 31
324 Mar 30 473
/
1
sJUly 28
1038 Mar 13 243
8July 23
20 Aug 3 3718 Jan 7
61 Jan 6 8412June 12
742 Jan 27 12112June 3
2
12712June 3
1371 N n 27 120 Aug 1
031 1L 6
:
' :::: _ -2:555
ii41 0119 124 *149 124 *110
11912 120 *118 126 '
/
4June 16
7712 Apr 24 1211
116 fis
-14 11712 11712 5,900
8
/
1
4
117 119
118 11812 119 1193 118 119
101 Mar 23 1283
4May 25
11612 1 1712 117 1173
4 5,200
/
1
4
11712 119
11712 11712 118 119 *11812 119
79 Mar 17 985k July 7
*91
92
911
/
4
500
92
9112 92
92
8i
*9214 937 *9212 9312 92
16 Jan 2 193 Aug 4
4
1912 1914 1912 4,500
8
4 19
1812 1914 1914 1912 1912' 1934 195 193
9712 Apr 21 11514 Aug 6
/
1
•115 11514 .115 11514 115 1154 *115 11514 115 11514
18 Jan 3 2214 Feb 5
2012 2012 2012 2012 2112 21
211 *2114 2112 2112 2112 4,300
/
4
*20
1112 Mar 17 2212 Jan 6
13
1212 133
8 1212 1234 3,900
4 1212 12
/ 1212 123
1
4
1212 1212 '13
8 May 12 2434 Jan 13
5
1018 10
10
978 104 1014 1014 1014 1014 1,800 Miami Copper
97 1018 10
8
/
1
7
4
Petro_ _No par 26 Apr 14 3618June 8
24,600 Mid-Continent
30
/ 29
1
4
4 2918 30
307 31,2 3012 3112 3012 3114 3014 303
8
314June 6
178
178 9,000,Middle States Oil Corp__ _ _ 10
178
178
2
2
2
2
2
2
2
2
13514 143
14,700 Midland Steel Prod pref-100 96 Jan 2 113 Aug 7
128 132
12518 126
12512 12612
1255 128
8
1267 1274
8
/
1
100 64 Apr 17 9914 Aug 6
/ 9914 9314 97 246,700 Montana Power
1
4
4 83 3 8718 87
7
8
933
4 93
833 8414 8338 843
/ 7134 69
1
4
4 6812 6912 83,100 Monts Ward & Co III corp_ 10 41 Mar 3) 73 July 28
6718 69
/ 69
1
4
/ 71
1
4
68
7018 6714 683
No par 223 Mar 19 35 July 7
4
3184 3258 3012 32
3034 3112 14.100 Moon Motors
323
4 3134 33
3212 333
8 32
94 Jan 2
6 May 4
8
818
8
818
77
8 818
818 15,900 Mother Lode CoalitIon_No par
814
8
818
8
8
No par 18 Apr 9 35 June 29
3 % 31
10
9,300 Motor Wheel
313 311 3134 3214 313 3214 31 18 3218 31
8
16
3114 .2
/
4
4
143 Feb 2 2112 Feb 20
4
Mullins Body Corp__No par
*12
16
12
17 .12
16
*12
16
17 .
*12
No par 3012 Apr 23 35 July 23
Munsingwear Co
*33
33
35 .
*33
35
*33
35
*33
35
35
35
*33
No par 1934 Jan 5 448 May 4
420 430
435 435 •
3,600 Nash Motors Co
381 408
415 42318 423 433
.400 410
1o7 July 15
100 1043134
Do pref
500
1043 1043 *10434 10518
4
4
105 105
4
4
10518 10518 *1043 105 *1043 105
Mar 24 10s July 24
jan 24
2
1
900 National Acme stamped __ _ _10
9
*8
9
918 912
85
8 85
8
8
*9
018
812 *8
25 65 Apr 29 75 Jan 2
4,100 National BLscult
693 70
4
6934 71
693 70
4
4
4 703 703
4 703 71
4
7012 703
100 12312 Mar 11 12812May 9
Do prof
•125 128 *126 128 *127 128 *127 128 *127 128 *127 128
100 654 Mar 5 78 Jan 26
6838 70
74
734 8,100 National Cloak & Sult
/
1
7312 74
*6912 703
73
68
8 70
68
2
100 3984 Jan9Jan 13 104 Jan 29
Do prof
•101 102 *10114 102 *10114 102 *10114 102 *10114 102 *10114 102
/ 6214 6514 33,500 Nat Dairy Prod tern ctfallo par 42 Jan 2 6514 Aug 7
1
4
8
561 5612 5612 '563 5612 57
/
4
5912 5912 62
56
45 May 12
1,900 Nat Department Store, No par
42
42
42
42
41
41
4112 42
42
411 *41
/
4
*41
100 98 Apr 15 102 Jan 2
•967 9712 *964 9712 *967 9712 *967 97
2
Do prof
/
1
/
1
*964 97
/
1
8
8
/ *964 97
1
4
344 3514 342 353 10,600 Nat Distill Products_ _ No par 30 Apr 9 3714May 27
/
1
344 3518 351 36
/
1
2
8
/
4
3414 35
/
1
4
35 4
,
35
12
67
/ 67
1
4
/ 1,6001 NatDistil Prod pf tern ctf No par 52 Jan g 70 July 20
1
4
4
4 69 6918 683 684 *6612 68
8
/
1
*6714 6812 683 683
2
5001 Nat Enam & Stamping_100 25 Apr 30 367 Jan 21
/
1
323 *32
41
3214 3218 3218 324 32
/ 32,8 32'8
1
4
•32
3212 *32
100 75 June 22 8924 Jan 12
Do pref
*85
*85
88
*85
88
*85
88
88
*85
88
88
*85
100 13812 Apr 27 1664 Jan 9
153 1543
152 152
4 5,0001 National Lead
15212 15512 15312 15514 15314 155
151 151
100 116 Jan 6 118 Mar 4
Do pref
100
/
1
/
1
/
1
117 117 *1164 119 "1164 119 *1164 119
•11614 118 *11614 118
/
1
50 564 Aug 7 71 Jan 29
*59
58
60
5812 5912 x58
563 563
3
4 3,800 National Supply
58
57
*5812 60
4
13
/ 137
1
4
8 13
/ 14
1
4
133
8 1318 1338 1338 133
8 5,100 Nevada Consol Copper. _ 5 113 Apr 27 164 Jan 7
13
/ 131 13
1
4
/
4
4234May 1 5612 Jan 3
2,200 NY Air Brake tern ctlii_No pa
4738 4714 4718 4812 49
47 8 483
7
4 4714 4712 47
*4512 49
51 Mar 19 67 Jan 7
No pa
Do Class A
56
*54
5414 5412 5512 5512 1,000
55
55
/ 55
1
4
5514 5514 *54
313 Mar 30 5312 Aug 7
4
50
4
4
5212 493 5112 483 5012 4914 • 5312 68,400 NY Canners temp ctfs_No pa
4934 5112 4814 52
100 18 Mar 24 3638 Aug 7
29
3178 31, 34
8
3212 364 16,500 New York Dock
/
1
*2612 2712 2712 2712 2712 30
100 524 Jan 14 7214June 26
Do prof
4
4
6814 683
4 693 693
4 1,000
671 6512 6512 6714 673 *6612 68
/
4
*65
451s Jan 5 77 July 22
"60
*61
77
*64
76
*66
68
100 Niagara Falls Power.._No pa
76
67
67
77
.
62
25 28 Jan 5 29 Jan 12
Do pref new.
2818 1,200
/ 2812 2812 2812 2812 2814 2814 2818 2818 "28
1
4
2812 28
10 4118 Jan 6 6014July 29
8
56
5718 58
57
/ 58
1
4
575 5812 575 58
8
603 68,500 North American Co
8
5718 58
462 Jan 2 5018June 2
2
5
1,500
Do prof
4 4934 50
8
4 493 493
4
4 493 493
4
4 493 493
4
4 495 493
493 493
4
8 Jan 16 104 Jan 30
*912 10
10
300 Nunnally Co (The)._No pa
10
10
10
*93
4 0
/ *93 10
1
4
4
*934 10
712June 5
512 Jan 22
par
Ontario Silver Min new No va
*634 7
*63
4 7
*63
4 7
/ *63
1
4
*612 7
4 712 *64 7
/
1
183 Jan 6 33 Aug 7
s
No
2,600 Onyx Hosiery
32
3212 32
30
33
32
34 .
31
3014 3014 30
*30
253 Jan 16 324 July 30
4
293 301 11,8001 Orpheum Circuit, Inc
30
31
29
/ 30
1
4
8
4
4
/
4
4
313 3212 313 3218 303 32
50 872 Feb 27 135 July 20
2
4
130 1323 *12712 129
8001 Otis Elevator (k)
•129 131 *129 131 *129 130 *128 130
pa
8 Mar 18 1413 July 29
No 10
4 133 1312 9,9001 Otis Steel
8
4 1312 133
4 1312 1312 1312 133
1318 1318 133
13
5014 Mar 18 88 July 29
82
no' Do pref
83
8212 8212 803 8034 *81
82
*8012 83
4
80
80
423
4Mar 17 568 July 23
2
55
8 55
55
55
5412 5514 6,6001 Owens Bottle
/
4
/ 547 553
1
4
8
4
543 5514 551 55
11812JulY 29
2,000 Pacific Gas 4z Electric
100 102Is Jan
/
1
.1152 116 1154 11612 116 11614 116 116 11614 11612 11614 117
8
11 may 26
512 Apr 1
Pacific Mall Steamship__ 5
•1012 12
*10
*1014 12
12
*93 12
4
*1014 --- *1014 12
4
55
/ 543 5514 541 553 38,500 Pacific Oil
1
4
5214 Mar 30 6514 Jan 31
No t
/
4
8
55
5518 553
/ 56
1
4
8
4 55
4 547 553
/
1
383
8July 8
p10 15 Jan 1
/ 344 3318 337 35,300 Packard Motor Car
1
4
8 3414 3514 32
4 3412 353
/
1
3418 344 3414 343
Do pref
4
8
/
4
11218May 26
200
100 10214 Jan
4
8
/
1
8
4
8
/
1
8
1103 1104 *1103 1111 *1104 1113 *1105 1123 1103 1103 *1105 1113
/
4
2012 2112 2118 211 21
2312 JulY 8
213 17,700 Paige Oct Motor Car_ _No par 173
8 2012 21
-sMaY
/
1
2014 204 2018 203
23,600 Pan-Amer Petr & Trans
60 64 Jan
s 68
69
6714 701 663 68,
/
4
4
834 Mar 3
2 6718 683
7014 7014 7018 71
6812 67
Do Class Et
50 633 Jan
/ 691 155,700
1
4
8 663 704 6612 6818 67
2
4
/
4
8412 Mar 3
/
1
7114 701 715
70
314
314
314 314 *314
312
1,300 Panhandle Prod & Ref _No par
3 Jan
3 4 31
,
3
54 Feb 26
34 38
,
3
/ 31
1
4
11 *112
1,1' *113
Parish & Bing stamped_No par
/
4
/
4
14 Feb 11
14 Jan 1
11
/
4
*112 15
8 *112 138 *112 11 *112
283 283
8
28
2812 2912 2812 2812 28
3 2712 283
3512 Jan 10
8 2,900 Park & TlIford tern ctfs_No par 2612May
2812 283
*22
4 213 213
4
223 "221s 2312 2212 2212 2112 223
4
28 Apr 14
No par 2112May 2
4 1,900 Penick dr Ford.,
4
"223 23
2
4
4
300 Penn Coal & Coke
14
*123 143 *1234 143 *123 14, *123 1412 14
4
4
2
50 124 Apr 29 263 Jan 2
4
13
13
114
118
118
1,
4
118
114
114 17,800 Penn-Seaboard St'l vtc NO Pa
13
8
118
118
3 Jan 9
14 Aug
8
114 13
11612 117
1,900 People', G L & C(Chic)
116 116
11612 117
100 112 Jan 1 12214June 16
8
1164 1163 116 11612 117 117
/
1
4
611 62
/
4
/ 603 6214 60
1
4
30,500 Philadelphia Co (PIttab)_. 50 5112 Mar 1
/ 61
1
4
5914 62
584 59
/
1
6234 Aug 5
583 59
4
/ *4814 49
1
4
49
4
400
Do prof
49
4
49 July 17
50 4512 Jan
/
1
4
*483 494 *463 4914 *4834 4914 483 48
372 May
4
39
3814 3912 3812 393
6,900 Phila & Read C & I ___No pa
524 Jan 9
3934 3934 3914 4014 391/4 3912 *38 40 *3834 40 8 *39 40
41
40
40
*39
38 July 11 5012 Jan 23
Certificates of Int___No pa
4012 *39
*40
*5212 60
60
100' Phillips-Jones Corp _ _ _ _No par 52 July 1
*55
60
*59
60
4
6212 623 623 •55
904 Jan 12
4
*60
2118 2212 203 2112 15,800 Phillip Morris & Co, Lta___10 123 Mar 19 234 July 25
213 23
8
4
4
/
4
/
4
201 2112 201 2212 2018 211
/ 4114 403 41 18 64,100 Phillips Petroleum
1
4
8
/
1
3614 Mar 30 4718June 12
No pa
4
8 411/4 4214 404 4112 40
42
/ 4334 413 433
1
4
3014 323
8 301 3112 68,500 Plerce-Arrow Mot Car_No pa
/
4
104 Mar 30 3614July 7
3218 3114 3214 3114 33
3012 3112 31
$ per share $ per share $ per share $ per share $ per share $ per share Shares.
212 2i2 2,500
/
1
8 23
4
2
/ 2
1
4
/
1
4
5
2
/ 24 *25
1
4
238 2 8
2
/ 2
1
4
/
1
4
8112
200
8112 *76
81
*7812 8112 *77
83
*78
81
8134 82 .
100
49012 49012 *485 495 *485 495 *480 495
*480 495 *49014 495
200
3612 *36
364 36
/
1
36
3612 *36
3612 3612 3612 •36
36
.
162 162
160 16734 5,300
16112 163
160 161
160 161
*161 165
16
1614 16
161 17
/
4
1634 2,500
/ 1718 1714
1
4
1612 1612 1612 17
66
6518 657
8 6514 6514 1,800
8
66 663 *6512 6612 66
66
- 66
•118 122 *118 122 *118 122 *118 122 *118 122 *118 123
8 6518 654 65
/
1
3
8 653 657
4
/ 6514 2,200
1
4
/
1
3
654 65
/
1
/ 65 4 654 65 4 657
1
4
1200,
*62
637
8 633 64
4
64
6412 641 64
/
4
/
1
64
/ 644 *6412 65
1
4
2 32 4 33
,
4 3214 33,
3218 32
/ 49,600
1
4
8
3114 311s 3112 313 323
31
2 3,600
8
712 75
8
73
4 77
713 75
8
712 75
713 713
712 712
200
8912 8912 *85
90
*86
90
8614 8614 *8212 87
90
*86
3413 34
3414 3,400
4 34
3412 343
4 345 343
8
/
1
3413 344 344 35
/
1
116 *112 116 *112 116 *112 116 *112 116 *112 116
•112
9,400
8 153 16
4
1614 153 161s 1512 157
4
153 164 16
4
/
1
1514 16
4 333 3414 334 361 3,700
4
/
1
4
3414 343
4
4 333 34
/
4
4 333 333
*333 343
8
1,100
4
•12714 12784 *12714 1273 12712 12814 *12712 12812 12812 12812 12812 130
69,800
8
8
8
/
4
18112 182'2 1821 1857 1843 1873 18612 18914 18712 19318 19212 198
112 112
1,100
/
4
*110 111 *110 111 I*11018 111 I 111 1111 11113 112
300
106 1063
/
1
4
8
10512 106
8
8
*10512 10612 90512 10612 1055 1055 *10514 106
800
8914
87
87
8714 89
88
88
89
89
89
4278 7,400
/
1
/
4
42,
2 4178 424 42
/
4
4114 4114 411 4178 411 4212 42
8
2914 33
/ 291s 30
1
4
/
1
8 2814 29
, / 2514 297 23,100
1
4
2614 2612 264 287
200
4 5014 501 *5014 52
*5014 52
*5112 5214 50
/
4
/ 503
1
4
*5114 52
800
8
27
27
27
*267 27
8
26
/ 267 *2612 26s
1
4
8 27
264 263
/
1
3,400
4312 424 4318 4114 4114 4112 42
/
1
8
8 40
3812 3812 397 397
2314 23
/ 6,700
1
4
4
8
8
233 241
4
4 235 24
2514 2512 243 2512 243 243
4378 445
8 44
443 91,900
4412 453
8 44
45
447 46
8
46
45
2218 221 *22
221
400
2214 2214 22
22
*2214 23
*2214 23
*20
23
3,400
/
4
201 '20
205
8 2018 205
8 20
201 20
/
1
2012 204 20
2,300
75
" 75
75
75
/
1
761
7514 7514 754 7714 7514 7718 75
____ ______
Indus. & Miscall. (Con.) Par
Keystone Tire & Rubb_No par
No par
Kinney Co
100
Kresge (55) Co
Kresge Dept Stores_ _ _ _No par
Laclede Gas L (St Louis)_ _100
Lee Rubber & Tire__ No par
25
Liggett & Myers Tob new
100
Do Prof
25
Do "B” new
No par
Lima Loo Wks
No par
Loew's Incorporated
No par
Loft Incorporated
100
Loose-Wiles Biscuit
25
Lorillard
100
Do prat
Louisiana Oil temp ctfs _No par
No par
Ludlum Steel
100
Mackay Companies
No par
Mack Trucks, Inc
100
Do lst prof
100
Do 2d pref
Macy(R H)& Co,Ino_No par
pparar
Magma Copper
No
Mallinson (H R) & Co_Nn
Manh Elec Supp tern ctts No par
25
Manhattan Shirt
Manila Electric Corp__No par
Maracaibo 011 Expl-No par
No par
Mariana Oil
par
Marlin-Rockwell
r
N
Martin-Parry Corp_ __ _itt par
Mat hieson Alkali Wkstem ctf50
Maxwell Motor Class A__100
Maxwell Motor Class B No par
A certificates
13 certificates
May Department Stores_ _ _50
McCrory Stores Class B No par
McIntyre Porcupine Mines__5
Metro Edison Power pf _No par
Metro-Goldwyn Pictures pf_27
Mexican Seaboard 011__No par
8214 783 81
4
9,400
80
80
4
8 80
8112 814 793 813
81
80
*150 170 .150 170 *150 170
*150 170 *140 170
8 2
178
17
13
4 17
8
11 13
/
4
4 2,400
4
13
4 13 --ii 4 - --*134 14
301 3014 *3012 35
/
4
100
32
*30
*3014 32
*3312 36
33
*31
6
53
4 6
53
4 6
5,000
61
/
4
6
6
6
6
6
6/
1
4
45
*44
*44
45
44
44
100
*44
45
45
*44
45
*44
*8612 87
8612 8612
100
*8612 87
*8612 87
*8512 87
•8513 87
*973 9812 *973 9813
4
200
99
4
/ *9734 9812 99
1
4
4
*973 9812 9812 98
39
*36
38 .36
*36
38
39
*36
39
*36
39
*35
*82
84 .82
84
84
100
*82
84
8414 84
8414 *82
*82
4
4 15
15
15
15
1,100
1514 143 143
15
8
*145 15
. 4 15
143
144 *14
/
1
142 *14
8
*14
1453
15
143 *14
4
*14
/
1
4
14
•14
/
1
114
:
/
1
3
/
1
120 12012 1194 1194 11812 1194 11812 11812 118 10;4 1 32
118 119
*4
51
5012 5112 51
4
513 *5012 51
8 51
/ 497
1
4
49
77
77
80
*763 77
4
200
377
78 '
*77
7712
*77
*7812 79
153 16
4
4 5,200
154 153
/
1
3
/
1
/
1
164 164 1518 1612 153 16
17
17
8 8412 8658 174,300
/ 8512 877
1
4
/
1
/
4
7612 811 8112 854 8312 87
7518 764
/
1
103 103
103 104
600
*10212 103
10214 10214 103 103 *10212 104 *114 115 *114 115 *114 115
/
1
1144 1144 *114 115 *114 115
/
1
135 138
136 13814 6,(0
2 30
5
0
/
1
139 1394 138 138
140
138 13812 138
4
8 343 3514 3514 3514 7,400
4
8 353 357
/
1
3412 3514 344 357
4
343 35
2712 27
2714 17.200
4 27
2712 . 273
4
4 2814 273 28
4
273 2812 273
107 107 *106 108 *106 107 *106 108 *106 108 mom
*10612 108
tni.i day. 2 Ex_diodeaa. a Ex-new
•Bld and Raked or,e,,. .-• sales on
OntstanclIng.
became of small amouht of stock
Do prof
100 43 Mar 24
Do prior pref
Na par 85 Mar 18
134 Jan 2
Pierce Oil Corporation
25
Do prof
100 2512 Jan 2
Pierce Petrol'm tern ette_No par
53 Jan 2
4
100 3
Pittsburgh Coal of Pa
714MaY 2
Do prof
100 80 May 4
Pittsburgh Steel pref
100 94 Mar 28
Pitts Term Coal
100 30 Apr 27
Do prof
100 79 July 10
Pittsburgh Utilities pref_ _ _ _10 124 Mar 24
Do prof certincates__10 1234 Mar 20
Post'm Cer Co Inc tern ctfNo pa
934 Feb 16
Pressed Steel Car
100 45 June 25
Do prof
100 7612July 9
Producers & Refiners Corp_ 50 1518 Aug 4
PubServCorp of NJ newNo pa
622 Mar 30
2
100 99 Jan 7
Do 7% prof
Do 8% prat
100 1084 Apr 1
/
1
100 129 Mar 30
Pullman Company
5
33 July 23
Punta Alegre Sugar
2
253 Apr 17
2
Pure 011 (The)
Do 8% prat
100 1024 Jan 5
n No par. S Ex-rights.
k Trading On
r nit SE Ala
Range for Precious
Year 1924.
Lowest
Highest
Per share $ per share
4
/ Jar,
1
4
112 Oat
5214 May 8614 Doc
2874 Jan 47514 Dec
4212 Nov 624 June
79
Jan 113 Nol
8 May 174 Jam
50 Mar 6824 Dee
1144 July 121 June
484 Mar 684 De.
56 June 71 De.
151s June 25 De
84 Jae
512 Apr
60 Mar 84 Nos
3332 Dec 4014 Jull
112 Nov 117 Fe,
17 -etci
Jan
107
754 Apr
9512 Jan
87 Apr
59 May
2612 June
18 Mar
3314 Mar
2612 Dec
2834 Dec
242 Oct
2
29 May
8 Jan
3112 Nov
292 May
2
38 Apr
104 Apr
381i De119 Aug
1184 De,
10714 Dee
10114 De'
7112 Dee
,
452 De
2
4112 Dee
493 July
4
Jan
44
3111 Dec
3712 Jan
42 Feb
172 Mal
4
4
371 Jan
583 Des
4
844 Dec
3924 Dec
5
Apr 11-- Dec
4
86
Oct 1063 J1111
I42 Dec 184 Jan
s
9014 Apr 101 Der
15 Sept 19 Dee
4
1412 Jan 263 Sent
20 May 25 Apr
1 Aug
9112 June
6114 June
2134 May
174 Oct
6 May
67g
9
8
7424
484
274
94
Jan
Nov
Dec
Dee
Fat
Fat
Mar 3914
184
-y July ---- )5i;
291a
Jae
9612 Apr
9814 July
32 Oct
4
504 Mar
12012 Jan
44 June
9112 Mar
304 Apr
3614 Oct
923 June
2
204
1044
1012
774
1263
4
704
1004
4414
43
101
Des
Nov
Jab
Sein
Der
Dee
Dec
Dec
Jan
Dec
3012 Aug --- 5
4 IWO
184 Sept4472 JO
67 Sept89 Ja`•
12312 Apr 16914 AO
11112 May 118 sepc
5412 Oct7212 Feb
114 Jan 1624 Dec
3612 Apr 57 Dec
474 Jan 57 Dec
82
une 37 Dec
19
Jan 374 May
414 Feb 554 May
42 Sept47 May
27 June 29 Sept
22
Jan 45 Dee
43 Jan 504 July
4
7 Apr9 Dec
12
44 Mar
83 Oat
2
18 May 30
Jan
18 Feb29 Dec
682 Juno 92 Dec
2
614 Nov
114 Jan
44
Oct 743
4
3914 May 474 Jaz
9018 Jan 105 Dec
7 Apr 102 Jam
4
45 Apr 5814 Fat
94 May 1612 Dec
894 Apr 10214 Dec
-- 14 Feb -65 - -44
--- 134s
4114 Feb 643 Dec
8
44 Jan
112 Sent
24 July
14 Dec
24 Sept 35 4 Dec
3
184 Nov
l's Oct
9224 Apr
427 May
2
424 Jan
344 Mar
35 Mar
44 May
11 July
2812 Oct
64 May
86 June 18
181s May
17912July 7
5912 June
DI Apr
312 Feb 5
40 Feb 26
20 Mar
432 Oct
84 Feb 5
474 Dec
544 Jan 13
99 Jan 5
9472 Aug
95
Jan
1024 Jan 8
6334 Jan 17
584 Dec
83 Dec
88 Jan 6
94 Jan
17 2June 25
7
114 Feb
16 June 26
484 Apr
1224July 28
/
1
39 Aug
69 Jan 23
67 Aug
924 Jan 3
2224 Apr
322 Feb 3
2
39 Mar
874 Aug 5
964 Mar
104 Aug 7
994 Apr
11514July 21
16124 Jan 3 1134 Apr
3722 Dee
474 Jan 7
20 June
333 Feb 4
4
92
Jan
108 July 20
N. Y. Stock Exchange
3013 Jan
414 Jan
11912 Dee
671s Dos
Jan
47
541 Des
4
523 July
2
88 July
232 Jan
4
424 Apr
16 Dec
64 Dec
95 Dee
44 Jan
36
Jab
53 Dec
4
634 Mar
100 Apr
103 Aug
632 Dec
2
873 Des
4
164 Dee
1612 Dec
10312 Dee
Jan
62
90 Feb
4312 Jan
70 Dee
10112 Dec
115 Dec
1513 Dec
2
674 Mar
304 Des
10514 De,
suspended
690
New York Stock Record-Continued-Page 5
Pot safes during the week of stocks usually inactive, see fifth page preceding.
HIGH AND LOW SALE PRICES PER SHARE, NOT PER CENT.
Saturday.
Aug. 1.
Monday,
Aug. 3.
Tuesday.
Aug. 4.
Wednesday. Thursday,
Aug. 6.
Aug. 5.
Friday,
Aug. 7.
Sales
for
the
Week.
PER SHARE
Range for Year 1925.
On baits of 1(4
-share lots
Lowest
Highest
Pica SMARR
Range for Previous
Year 1924.
Lowest
Highest
Indus. & Miscall.(Con.) Par $ per share $ per share $ per share $ Per share
Radio Corp of Amer_ __No par 48% Mar 27 7771 Jan 2
257 Oct 661a Dee
8
g
Do pref
5() 485
8June 9 54 Feb 4
457 Oct 50 Dee
Railway Steel Spring
100 12212 Feb 17 14124 Jan 5 108
Jan 13712 Dec
Rand Mines, Ltd
No par 33% Jan 7 3912 Aug 5
Jan 3312 Nov
30
Ray Consolidated Copper- 10 11% Apr 22 17 s Feb 9
,
9 Mar 1713 Dee
Reis (Robt) & Co
No par 10 May 16 2814July 9
Oct 1612 Jan
9
Remington TypewrIter____100 4684 Jan 27 854July 29
324 Jan 544 Dec
Do 1st pref
100 100 Jan 2 105 Apr 21
9014 July 9924 Dec
Do 26 pref
2012 May 110 Dec
100 107 June 19 11312 Apr 29
3,800 Replogle Steel
No Dar 125
8June 12 2314 Jan 13
74 June 2314 Nov
5
3,400 Republic Iron & Steel
100 4218 Apr 30 64% Jan 3
42 June 63 g Dee
Do prof
100
100 844 July 7 95 Jan 13
82 June 95 Mar
97 May 22 * Jan
5,200 Reynolds Spring
No par
3
8 July 2 18 Jan 5
12,600 Reynolds(RJ)Tob Class B 25 7214 Mar 24 824July 22
815 Mar 793* Dee
*
Do 7% pref
700
100 1197 Jan 8 122 Apr 29 11514 Mar 121 June
8
500 Rossla Insurance Co
25 85 June 25 974 Feb 20
86 Mar 96 Sett
8,400 Royal Dutch Co(N Y shares)_ 4814 Mar 24 578 Jan 31
8
405s Sept 5912 Feb
8,4001 St Joseph Lead
7
Jan 45 s Dec
10 35 4July 1 5212May 25
,
22
19,0001 Savage Arms Corporation.100 4812July 15 1084 Mar 3
32% Jan 88% Dee
10,300 Schulte Retail Stores__No par 10484 Aug 61 1167 Feb 9
108 1083 109 10914 1083 109
3
4
8
105 108 I 10484 10633 10514 10714!
96% 14pr 12914 Aug
Do pref
11318 11318 1117 11312 *111 11314 *111 113141
500
•11318 114 *1134 115
8
100 110 Jan 6 115 Feb 19 105 May 11234 Des
1412 144 148
14
14 1 14
4 1434 1434 15
No par 1312June 9 1834June 22
1533 1434 1541 2,500 Seagrave Corti
-188 18914 18934 1944 19233 19412 19114 19318 19112 194
192 19312 6,500 Sears, Roebuck .fc Co
100 14712 Mar 30 197 July 27
781*
116
2
78 4 May - - Dec
se,
64 *6
612 s6
612 *6
54 Apr 22
Shattuck Arizona Copper- 10
8 July
612 .614 612 *614 6121
7 8 Jan 3
7
4 Apr
805
747 7612 77
8
803 884 87
874 9112' 51,400 Shattuck (F 0)
No par 4018 Mar 30 92 Aug 6
4
9014 837 92
*4112 4312 *4112 4312 *411 43
*4112 42
100 Shell Transport & Trading- £2 397
4'
*418 4318 413 413
4
4
sMaY 3 4558 Jan 30
33 -.Kt; 42 Dec
2314 233
8 23
235
8 223 2318 226 23
4
2214 227
8 2214 227 28,100 Shell Union 011
8
No par 2214 Alg 6 28% Feb 4
8
1538 July 2212 Dee
200
Do pref
*102 103 1.102 103 *102 103
9112 Jan 994 Dee
102 102 "102 107 *102 105
100 9912 Jan 2 10512J1ly 23
223
8 6,400 Simms Petroleum
234 2333 2212 2333 2288 227
10 1912 Mar 17 2654 Jan 12
103 Jan 24 Dee
8 2218 225s 224 2218 22
4412 45
447 46
8
49
No par 3114 Mar 17 495 Aug 7
46
48
48 48 3
4 483* 49
4933 23,500 Simmons Co
8
22 Apr 47 Dee
205 214 2012 2114 2012 20% 203 203
8
8
4 2018 204 204 2012 47,600 Sinclair Cons Oil Corn-No par 17 Jan 6 244 Feb 2
15 July 271/ Jan
Do pref
200
92
92
*9112 9212 *9112 9212 *9112 9212 9112 9112 *91
9114
100 7854 Jan 2 9412 Feb 3
Jan
75 Oct 90
2418 10,300 Skelly 011 Co
245 2512 2412 255
8
8 2433 25
8
241s 25
237 2414 24
25 213 Mar 30 304 Feb 3
4
Ills July 29
Feb
1017 1017 10212 10314 10112 103
8
8
101 1033
4 4,500 Sloss-Sheffield Steel de Iron 100 8014 Mar 30 10712July 21
103 103
101 103
52 May 8471 Dee
8912 16,100 South Porto Rico Sugar_ _100 62 Jan 6 894 Aug 7
k
718 718
4
4 727 74
8
75
80
80
8312 8314 8414 85
58 Oct 957 Mar
*1812 19
17
1,000 Spear & Co
19
19
17
18
17
lio par
*184 20
*18
20
17 Aug 6 24 May 28
300
Preferred
89
87 87
86
8812 86
86
86
86
"86
100 86 July 4 92 May 19
*86
89
313 325
4
8 3114 334 3114 3233 308 317
No par 1512 Feb 17 3312 Aug 3
4
304 3112 2914 3112 90,300 Spicer Mfg Co
1573* June 20 - 0O
300
Do pref
1044 1041 *30412 106 *10412 1061s 105 105
1043 10434'105 106
4
100 92 Apr 1 108 July 10
78 July 9814 Dee
5984 5818 5914 574 5918 5618 58
55
5712 68
5614 5833 91.900 Standard Gas & El Co_No par 4014 Jan 2 5914 Aug 3
3112 May 41% Dee
75
*7312 75
74
900 Standard Milling
75
75
75
75
*74
75
7212
100 62 May 19 807
74
8.1une 18
3912 May 73% Gee
Do met
*84
86
*83
86
*84
88 .84
86
86
*84
86
100 81 Jan 20 864June 12
*84
70 July 85 Mar
5712 56
573
56
565
8 55% 5612 55% 5614 553* 5612 23,400 Standard 011 of California_ 25 55% Aug 7 8714 Feb 2
57
5512 Apr Sas Jan
4214 43
42
42 4 4112 423
,
42
40,500 Standard 011 of New Jersey 25 38% Mar 30 4712 Feb 3
* 41
411
% 40% 4114 41
33 May 4214 Jan
2,500
Do prof non
117 117
8
117 117
11718 11714 11712 11712 11714 11712 1175 1178
_ - _100 11614 JulY 7 119 Feb 24 Da% Mar 11918 Aug
758 4,900 Stand Plate Glass Co.._No par
-voting612 7
714 78
8
812
7% 8%
758
612 Aug 1 16 Jan 16
818 818
1318 Oct 3514 June
No par 624 Mar 25 7514 July16
*693 7018 7012 7012 7014 7014 7014 7012 7012 7012 704 7114 1,800 Sterling Products
4
5512 Apr 6511 Nov
21,600 Stewart
-Warn Bp Corp_No par 55 Mar 18 777 Jan 3
67 67
6618 68
67
67 8 6714 70
5
67% 6914 6814 69
8
48% July 1007 Jan
2
*6712 68
•67
68 •6712 68
68
541 May 8472 Jan
704 70
7014 6814 6814 2,300 Stromberg Carburetor_No par 61 Mar 18 79% Jan 3
4714 483
8 474 48
8
4833 65,100 Stubeb'r Corp(The)new No par 41% Jan 28 50 July 7
4712 48
475 4812 475 48 8 48
8
,
3012 May 4658 Dee
5
500
Do prat
8
•118 11952 •118 1195 118 118 *117 1195 *117 119% *117 119 8
8
100 112 Mar 13 1183
4June 3 10978 Nov 115
Jan
83 11,900 Submarine Boat
4
934 10
9 2 1018
7
97 10
8
94 9 8
7
9
9% 28
No par
8 Aug 7 12 Mar 6
6 Nov
12% Den
33
4 33
33
4
lo sI eel
800 superior Oti
S rer
378 3 8 *33
7
4 38
No par
64 Feb 9
34 34
,
,
33
4 38
4
4 33
,
Ns Jan
81s AUS
4
3 4MaY 28
*22
26
27
*22
264 *22
26
*22
522
26
*22
27 '
100 20 May 1 41% Jan 10
23 July 35 Dee
3
700 Sweets Co of America
*75
8 8
8
8
8
818
784 7 4
8
8
*73
4 8
,
50
57 Mar 19 11 4 Jan 7
s
3 Jan
13* Sept
,
4
16
148 148
4
4 154 1518 14 4 14% 148 1514 1,600 Symington temp ctts_No par 1012 Jan 15 19 Mar 12
148 147 *15
21
Class A temp etfs___No par 2014 Mar 19 234 Jan 17
*2012 21
*2012 21
2033 21
700
2118 214 20% 20% 21
12
1233 1233 12
*11
12
12
12
12
1212 *1112 124 1,000 Telautograph Corp_ _ _No par
1134 Mar 30 15 Feb 7
Dec
03 Kiike
*
11
11% 1078 Ills 108 107
8
4 4,800 Tenn Copp & 0
1054 11
,
s 105 103
No par
91 Jan
7% Apr 1 1214 July 17
8 10 4 107
624 Mar
1 513
,
4
4 4933 504 4912 5014 48 4 49 4 4884 493 70,200 Texas Company (The)._ 25 4284 Jan 5 54%June 12
,
,
503 5112 50
4
3734 June 4558 Jan
22,200 Texas Gulf Sulphur
4
4
10812 1087 10914 1113 1118 11333 1115 1127 111 11218 11112 113
8
8
10 97% Feb 17 11414 JulY. 8
s
5714 Apr 110 Dec
13% 13
134 9,300 Texas Pacific Coal & OIL-- 10 114 Jan 5 233 Feb 6
1318 13 8 134 1313 13% 1312 1318 133
5
4 13
2
8
Oct 161 Feb
4
Tidewater 011
100 122 Mar 30 152 Feb 27 11614 Oct 151 Feb
3
-4512 1378 -43- 438 -4318 13 8 12,400 Timken Roller Bearing_No par 37 4 Mar 18 46I4July 16
,
Jan
4253438 4384 -414 431 44
3112 May 41
8814 so 8612 89 8712 8812 8712 8812 87 8714 8634 904 24,000 Tobacco Products Corp 100 70 Jan 2 9412July 24 52 Apr 738g Dee
8 1018 1012 1017 10214 102 10212 10212 10212 1024 106
2,200
Do Class A
4
8
Jan 2 106 Aug 7
4
100 9318
•1013 102 4
4
8358 Mar 9312 Oct
43* 412
414
412 49,800 Transc't'1011 tem ctf new No par
44 45
8
3% Jan 2
412 47
8
44 433
57
4
,58 484
sMay 9
31 Apr
al Jan
29
*26
29
26
26
*2534 29
*26
100 Transue & Williams St'l No par 2514May 13 35 Jan 10
*2554 27
*258 29
4
283* Oct 35% Jan
*49
50
51
51
50
50
504 2,500 Underwood TYPew
4914 4924 50
25 384 Mar 26 53 July 28
*4812 49
3818 Sept 43 Jan
45
4578 47
1,600 Union Bag & Paper Corp_ -100 36 Apr 1 6012May 25
46
46% 454 4633 45
4512 4512 46 46
3312 Sept 64% Feb
200 Union Oil
.21 Jan 3 1.00 Feb 28
No par
% Feb
3
Is APT
16 4 9,600 Union 011, California
-3
3 2
i
25 364 Apr 27 43% Feb 5
3 8 37 2 -3/ - - 1- -563 -31364
*
37
3e
35 Nov 39 Nov
'
100 11812 Jan 17 134 June 19
'124 128 12512 12512 127 127 1264 12612 *125 128 5 1244 127 . 400 Union Tank Ca'r
94
Jan 13233 Sept
*11614 117 *11614 1163
4
100
Do pref '
*11614 1167 *11612 1167 11633 11633 *11614 117 •
8
100 11314June 17 1174May 6 10814 Feb 11624 July
s
4,200 United Alloy Steel
8
2812 2833 28
29
288 297
4
8
2912 285 29
No par 24 May 15 367 Mar 4
2812 2884 29
20 Oct 37 Feb
803 803* 79
8
80 80
8112 80
81
25 6014 Jan 6 9612July 1
80 80
80
827s 5,900 United Cigar Stores
4212 June 6414 Nov
1302 131t2 13012 131
4
13,300 United Drug
4
129 8 12918 129 130
1288 13312 1313 133
4
100 110% Feb 4 13312 Aug 4
5
71 May 12138 Dee
1,500
4
Do let Prof
543 543
4
4 543 55
4
5433 5433 "548 55
4
50 52 Jan 16 56 June 15
46% May 53 Dee
548 543 *543 55
4
223 223
800 United Fruit
22612 22784 224 224
225 225
*220 228 *223 228
100 200 Mar 31 234 July 27 182
Jan 22412 AuS
k
9,100 Universal Pipe & Rad_ _No par 2612 Apr 27 5072 Feb 11
4 327 36
344 3412 337 3433 3212 333
13 July 48 Dee
333* 3384 3312 337
Do pref
75
76
77
7738 7733 76
774 1,400
*7512 7712 75
75
75
100 65 July 10 94 Feb 11
471j Oct. 79 Dee
146 150
150 15458 8,400 U S Cast Iron Pipe & Fdy_ _100 13114 Apr 22 250 Feb 11
15212 15314 14814 1514
64 Feb 169% Dee
150 1503 15112 155
4
99
100
Do pref
9812 "98
817 Jan 10414 Oct
.98 10012 *9812 10014 *9812 1004 9812 9812 *96
100 91 July 11 11212 Feb 27
3212 33
2,300 U S Distrib Corp tem ctf No par 30Is Feb 17 39% Jan 17
8
3312 3412 3318 334 327 33
2112 May 42 Dee
*3312 337 *333 34
4
Do pre
98 July 108 Dee
*135 150 *135 150 *135 150 *135 150 *135 150 *135 150
100 130 Mar 9 154 Jan 8
1,400 US Hoff Mach Corp v te No par 23 Jan 3 3234July 8
*38
39
384 39
387 38% 3812 3812 38% 3814 3812 39
1658 Mar 245 Oct
sMay 26
611* May 8714 Dec
3
881s 8812 8718 89 4 8712 89
8733 8833 86% 8814 8714 884 13,400 U S Industrial Alcohol„ 100 76 Mar 19 945
Do pref
'111 115 *Ill 115 .111 115 *111 115 *111 115
98 Jan 1063* Dee
16111 115 1 5
100 105 Jan 29 115 June 22
8
1,900 US Realty & Imprort
4May 12
90 June 143% flee
8
8
8
100 11412 Mar 30 1473
1367 1367 1357 1357 136 13612 136 1364 1354 1363 •13512 136
8
__ _ ___
Do pref
100 12214 Jan 2 142 May 4 100 June 143 Dec
22% May 427 Jan
-E8 54,700 United States Rubber
34
2
,567
g 5612 5812 57% 5812 565 5814 -&Tli4 If]; - 'L. 56
100 3312 Mar 30 6512July 16
7
Do hat pref
4
10354 10484 10414 10414 10384 1033 10312 1043* 2,100
10284 1022 10312 104
4
100 92% Mar 30 10858July 18
6611 May 95 Dee
4
18% Mar 4112 Dee
3812 383 3938 2,700 US Smelting, Ref & Min
4
*374 382
38
37
12 383* 38
384 38
50 30 Feb 17 393 July 9
8 38
37% Mar 4671 Deo
46
46
Do pre/
50 44 Apr 16 47 Aug 3
47
800
4612 464 47
*463 47
4
468 468 *48
4
*46
4
941g June 121 Dec
4
s
11712 11812 118% 11038 1184 12012 1198 1207 11912 1203 120 1227 197,100 United States Steel Corp_100 1123* Mar 30 129% Jan 23
8
.3
4 2,100
Do pre/
4
.1247 1253 x1233 12312 124 12412 125 12512 12414 12512 12434 1243
s
100 12218May 7 1266 Jan 26 1183* Feb 123 July
64
Jan 8834 Dee
200 Utah Copper
4
8
10 82 Mar 19 9712 Aug 3
•9512 9712 9712 9712 *963 9812 *975 9812 *9733 9812 "9714 9812
4July
191s June 3312 Feb
4 2,800 Vanadium Corp
8May 4 343
2818 2812 2812 293
4 2918 29141 2918 295
8 283 29
4
No Par 255
*30
302
4May 13 24 4May 19
,
1534 Oct 33% Jan
2012 *18
2012
100 Van Raalte
20121 20
20
*18
20
*18
2012 *20
No par 162
*20
Jan
"60
70
73 May 22
70
200
Do 1st prof
53 Sept 80
6514 6514 654 65 4 .73
*60
69
3
70
100 60 Apr 1
.65
5
4July 9
% June 101, Jan
37
83
54 10,200 Virginia-Caro Chem___No par
24 Mar 23
414
312 3
4
384 37
414
312 4
34 4
212 June 343* Jan
812 Jan 5 2312 July 8
127
8 1014 1112 25,900
Do pref
1312 1034 127
8 1114 1212 11
100
8 13
1314 135
47
8 212
Do "B"
8July 9
% June
100
1 Jan 17
7 Jan
•15
8 24 .1% 212 .15
212 .112 22
No Par
*2
2
2
74 Jan 13 163
4% July 151s Jan
15
15
1184 147
4June 26
1512 15
4
2,000 Vivadou (V) new
15
148 15
No par
143 1512 15
4
1,700 Waldorf System
8 144 145
,
14 Art 20 Nov
8 1412 146
8 1412 1412 143 15
par 14 4July 25 1972 Jan 3
1412 1453 141* 145
155 155
400 Ward Baking Class A_ _No par 116 Apr 30 1.58'* July30
158 158 *155 157
155 157
No
*155 158 *156 157
8
4
Class B
8July 30
4 673 683 42,100
4 6812 707
s 68 8 703
7
8 6612 683
No par 374 Mar 39 737
6933 718
704 71
1,700, Preferred (100)
10714 10714 •106 107
9412 Feb 11 10714 Aug 6
107 107
- 10512 *105 10513 10514 107
*105
5714 5714 5714 5712 5612 57
*574 58
700; Weber & Hellbr, new_c No par 51 Apr 17 583
4July 22
55712 58
p
*5714 58
1 Wells Fargo
*312 4
.312 4
*312 412 *312 412 *31
4
*312 4
318.1une 25 14 May 22
1
5 Oct 1211 Noc
115 115
300 Weetern Elea 7% met
4
114 1144 51114 115 *114 115 *114 115 *114 115
100 1132 Jan 9 11712Jurte 25 111% Apr 117 July
1333 13212 133
8
Western Union Telegraph 100 11614 Jan 2 13712July 3 105 May 118% Dee
8800
8
4
4
13012 1327 13012 13212 1325 1333 1323
8
131 131
11034 111
109 11414 114 11715 27,500 Westinghouse Alr Brake_
107 109
84
50 97 Apr 9 11712 Aug 7
Jan 111 Dec
10712 10712 107 112
7318 7218 727
*
4 7178 7212 13,900 Westinghouse Elea & Mfg_ 50 664 Mar 28 84 Jan 3
8 715 723
55% May 75 May
7212 7212 7314 72
72
143 157 10,200 West Elec Instrument
8
8
1412 14
15 8 1414 15
3
145 147
8
8 14
914 Apr 1 1712July 14
144 15
8
2,400
8 2412 2412 2414 2414 243 25
Class A
8
8July 13
8 2438 243
193 Mar 31 263
2338 2312 2353 247
100 West Fenn Co
116 116 *116 130 *116 125 "116 125
47% Jan 127 Lei)
No par 105 Mar 2 145 May 21
•119 123 *116 131
,
Do 7% pf tern elf new_100 94 Apr 3 100 July 22
*968 9912 *963 9912 *963 994 *96 4 9912
4
4
4
4
8712 Apr 97 Dee
*9612 99 .963 99
2612 27
2718 263 27
4
,
27
27
4.000 White Eagle 011
No par 25% Mar 31 31 4 Feb 2
23% May 29% Feb
274 27
2718 27113 27
9012 9112 165,600 White Motor
915
8
4
4July 28
8814 9312 903 9314 89
5012 Apr 7215 Dee
50 574 Mar 30 953
897
4
863 8914 88
Wickwire Spencer Steel_No par
% Jan 30
1% Jan 10
Jan
34 Oct
6
_7,700 Certificates
538May 15
35
8June 29
_
384 354 *334 -14
8
8 185 1912 1718 1834 1712 187 69,600 Willys-Overland (The)
918 Jan 26 2412MaY 11
8
14i4 Jan
678 May 5
18% 1914 *1914 1912 1918 195
8
4
Do pref
8
8
4 7,800
Jan
10312 1047 104 1047 10218 1047 1023 1043
6112 May 88
100 724 Jan 28 ill May 22
104 104
10312 104
4 6
5t2May 29 131 Mar 7
4 *53
600 Wilson & Co.Ins
4
53
4 53
Jan
8i
4% May 28
8 63
No par
618 *53
614
6
*6
6
6
2114 "20
2114
21141 *20
100
Do pref
2114 •20
11 Aug 72% Jan
22 .20
100 18 Apr 24 60 Mar 7
*20
21
21
165 167
10,600 W )olworth Co(F W)
8
41
7212 Apr 126% Dee
4
25 11214 Jan 28 171I2July 28
165 166 4 16714 1683 167 1683 16412 1663 16412 166
,
4112 427
04 5,600 N9 orthington P & M
404 41
40
4
4
2314 June 81 Dee
100 3634May 14 793 Jan 2
4112 4114 4114 409 41
*40
82
*79
82
*79
Do pref A
679
82
81 '
68 July 8912 Dec
100 79 Apr 6 88 Jan 9
82 •77
*77
82
'75
Do pref B
*6412 68
647 643
8
100
4
68
*643 68
*64
100 64% Aug 7 76% Feb 11
6812 Jan 75% Dec
68
*64
*6414 68
29
2812 28
293
28
5,300 Ic right Aeronautical__No par 16 Mar 30 324July 1
2818, 28
91 May 23% Dec
1
2812, 28
27 4 28% *28
,
52
Si j 5112 5112 51
51
1,500 115 rigley (Wm Jr)
35 Apr 46% Dee
51
No par 45% Mar 30 52% Feb 7
5112 51
,
"5112 51 4 .51
42
4212 42
2,100 Ytilow Cab Mfg tem otfs_ 10 3312 Feb18 4852June 27
4212 42
43
42
32 Nov 855s Mar
4212 43
42 4 42 4 42
,
,
73
7414 7312 75
5,700 Y, gnitstow a Skeet & T No par 63 Mar 27 764 Feb 13
5014 Oet 79 nee
8 7414 757
8
.7312 7414 7312 7414 743 745
a Ex-rights. e New stock 00 the sasis of 1 new share for three old shares
•Sto ape saa0E1 prioes oe sales on Ms dap z Ex-dividend
$ per share $ Per share $ Per share $ per share $ per share $ per share
83l
8
525 5333 523 555
4
53
533
4 52% 5334 52% 53% 53
.487 50 .487 49 4 *49
4934 4934 4934
8
8
,
4914 *49
50 50
12614 1263 12614 127 512512 12612 12533 1253 *12512 126
4
v125 127
4
*38
40
*3814 40
*38
40
3912 3912 "38% 394 *3833 394
14
14
,
1412 1418 14 8 145 1514 1453 154 1484 15
8
14
2412 2412 2414 2412 23 4 2414 238 24
4
2412 25
2412 25
3
81
s
80
81
8412 825 843
8
2 8012 8312 818 sn
80% 80
*105 110 *104 110 *10214 110 *10214 110 *10214 110 *10214 110
106 110 *106 110 *106 110
*108 110 *10812 110 "106 110
1413 1414 1414 1412 14
1412 1533
*1412 15
142
4 144 143
47 4 48 4 48
493
4
*4714 48
,
48
4718 4933 4718 4712 48
,
689
9112
90 .89
90
90 '
*90
9012 90
*88
9112 *88
214
214
9
918 914
9
9
9
9
958
8% 9
,
8012 81
8118 81 8 8114 8112 80 4 8114 808 8118 804 81
,
,
•1203 12112"120 8 12112 120 4 120% 12112 12112 *1203 12112 9208 12112
8
,
4
4
8912 8912 8912 8912 8912 8912 *8912 90
*8912 90 1
.8912 90
5114 5112 515 517
8
8 51% 515
5112 5012 51
8 503 51 I 51
4
4138 42
41
41
417s 424 4112 4218 415 424 41
4
417
s'
61 4 63 4 65 8 6214 64 8' 61
,
6312 62 627
57
12 58% 58
,
,
7
-56i. -3e.- -5514
4
4
4
-5114 -13- -512 -13- -.512 -334 --5i8
Shares.
30,100
300
1,000
100
23,100
5,200
9,200
STOCKS
NEW YORK STOCK
EXCHANGE
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
691
Jas. 1 1999 gm EscAcmes neshod of stonily bonds was changed and prices are now "and interest--ezOopt for Worse a54 tiefinette4 bonds
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 7.
13
Price
Friday
Aug. 7.
Week's
Range or
Last Sal.
ca'
53
Range
Since
Jas, 1.
BONDS.
N.Y.STOCK EXCHANGE
Week Ended Aug. 7.
Pr4c4
Friday
Aug. 7.
Week's
Range or
Last Sate
Range
Since
Jas. 1.
High
High NO. Low
Bid
Ask Low
High
Oki
Ask Low
High No. Low
U. S. Government.
_
9912 104
1004 July'25
Panama (Rep) 534a tr recte_1953 3D
Fleet Liberty Loan
97 2 103
17
7
s
10014
1944 AO inoi Sale 10012
/
4
Peru (Rep of) ext114
3El 10021s, Sale 10020
.100213, 982 100114 102
554% of 1932-1947
6612 79
683 6812
4
6914 12
1940 AO 68
101114 02"n Poland (Rep of) g Os
/
4
12,0'ne'25
J D102
Cony 4% of 1932-47
8612 96
284
Ext'I s f g 88 Interim rects_1950 J J 87 Sale 8612
/
1
4
3 D 10121,2 Sale 1013372101,374 128 1011384 03 2
Cony 44% of 1932-47
7
94
964
1
95%
Porto Alegre (City of) 82_1961 J o 9512 Sale 9512
103
103 10241June'25 - _ 101
.g D 101
2d cony 434% of 1932-47
9 109 11214
Ill
Queensland (State) ext at 72 1941 A0 111 Sale 110%
Ileoond Liberty Lam—
16 10112 107
108
1947 FA 10412 Sale 10412
2 100 0124,
25
-year (is
10012 10014
/
4
/
4
MN
as of 1927-1942
94
9812
4
9814 13
1946 A0 96 Sale 953
,
M N 1002422 Sale 100 .42100"32 866 100338401,3n Rio Grande do Sul 82
Cony 434% of 1927-1942
93 9712
/
1
9412 12
Rio de Janeiro 25-yr a f 82_1946 AO 944 Sale 94
Third Liberty Loan
943
32
92
97
1947 AO 94 Sale 9312
25-yr esti 82
M S 101122, Sale 101342 10111.2 556 101311021n
434% 01 1928
3 100 10412
103
Rotterdam (City) external 821964 MN 103 1034 103
Fourth Liberty Loan
1 10214 1064
105
105
Sale 1013044 102344 1009 1011,41 03,342 El Salvador (Rep) 82
1948 J J
A 0 102
434% of 1933-1938
8
97 101
1004
4
1952 MN 1004 1003 10018
/
1
1947-1952 A 0 106344 Sale 10513441061,44 204 104,34,08"n Sao Paulo (City) e f 8s
Treasury 4145
3 100 104
10212
44
/
4
1944-19543 0 10221,, Sale 10217721023342 258 1001, 0411i San Paulo (State) ext f 8s-1936 ▪ j 10212 102% 10214
Treasury 42
991 100
: 12
10012 15
External a f 8s lot recta_ _ _1950 13 10014 Sale 100
State and City Socuritles.
8214 91
1942 J J 8812 Sale 87%
884 67
5 10012 10112 Seine (France) ext 72
-4Ns Corp stock_1960 M B 10014 -- 10012 10012
N Y City
8812 85
84' 90
10114 1037 Serbs. Croats & Slovenes 82_1962 MN 884 Sale 88
8
10378 July'25
stock
1964 M 8
Mtn Corporate
82 87
8512 22
8
1 102 10314 Soissons(City)62
1936 MN 8512 Sale 8412
10238 1023
1972 A 0
&Ns Corporate stock
4
10412 36 103 1051
8
10114 1023 Sweden 20
1939 ID 10418 Sale 104
-year 62
1023. Apr'25
1966 A 0
Ode Corporate stook
984 101%
100% 175
External loan 5548
1954 MN 100% Sale 10014
1467 10812
8
1083 10812 July'25
4
1971 J 0
440 Corporate stock
1163
8 47 113 117
105% 107% Swiss Confeder'n 20-yr 1 85 1940 J J 116% Sale 115
4
234.Corporate stock_July 1967 J J 1053 ---- 10778 May'25
984 104%
4
1023
2 79
1 10612 108
Switzerland Govt ext 5%a_ _1948 A0 102 Sale 1013
108
4
1965 J D 1053 --- 108
4346 Corporate stock
844 6812
6712 14
10538 108
Tokyo City 55 loan 01 1912
107 July'25
M S 6714 6712 6714
1963M 8 1053
4
634s Corporate stock
1
97 101%
2
100
98 10014 Trondhjem (City) mai 634:A944
2
99%
J 10014 1003 100
1959 M N 9812 -- 9912
2% Corporate stock
18 1061 11012
4
9814 99% Uruguay (Republic) ext 82__1946 FA 110 Sale 10912 110
Registered
— 9938 July'25
MN
8 10712 11112
109
8
1945 A0 1083 10812 10812
983 10014 Zurich (City of) 2 f 82
8
- 100 July'25
1958 MN 9812
II% Corporate stock
1
Railroad.
98 10015
100
1957 M N 9811 -- -- 100
2% Corporate stock
/
4
_ _ 102 July'25 - - - 10011 102
984 100
Ala Gt Sou 1st cons A 5a__ _1943 J O
1956 M N
-- -- 997 June'25
4% Corporatestock
10012 10114
3
/
4
1928 MN 100- - 10118 July'25 - -- 100 4 1011
9 3,8 100014 Ala Mid 1st guar gold 5s
814 1)74
i
8
Registered
- 9814 Feb'25
M N
824
5
82 841
821
/
4
4
1948 AO 8214 83
983 984 Alb & Soso cony 334.
4
983 Mar'25
4
Corporate stock
%
1955 MN
8112 83
/
1
4
1s
- 83 July'25 ---100 June'25
Alleg & West 1st g 42 gu_1998 A0
Registered
M N
1
90
944
90
8314- fcii 107 July'25 _ _
18
Aileg Val ten guar g 42
1942 MS 8914 9212 90
434% Corporate stock_ __ _1957 MN
634 77
7438 20
8 10718 16 10512 107% Ann Arbor lot g 48___July 1995 Q J 74% Sale 74%
1957 M N 10718 Sale 1065
4%% Corporate Mock
8938 118
8814 9212
4
8912 907 Atch Top & S Fe—Gen g 42_1995 A0 883 Sale 8812
5
534% Corporate stk_M3y1954 M N -------- 8912 July'25 ___ _
8614 90%
_ 88 July'25
A0
Registered
91
90
8
334%Corporatestk.Nov 1954 MN
-- 903 July'25 _ _ _ _
8212
8
8112 85
82
Adjustment geld 42„July 1995 Nov
4
10334 July'25 _ _ 102% 1033
New York State Canal Im-451961
28
84
.2i2 Sale 82
82% 854
/
1
4
July 1995 MN 8
Stamped
10118 10118
10118 Mar'25
no Canal
1942 J J
79% 8012
8012 Apr'25 - --Regbdered
N 7912 82
s
109%1
6 109% 11414
1097
Impt
442 Canal
1964 J J
81% 85
_ _ 102% 103
1955 ID 8312 84% 8312, July'25 - - - Cony gold 45 1909
10278 July'25
43 Highway impt register'd 1958
814 8514
827
. 2
8
4
1955 ID 823 83% 827
Cony 48 1905
4
1113 114
Highway Improv't 4)42._1963M S -------- 114 July'25!---.
81
2
81
8312
1991
6414
_ 7612 Feb'25. - - _ Cony g 45 issue of 1910.„1960 ID 81 Sale 81
7612 764
Virginia 2-32
98 100
9914 19
/
1
4
East*Okla Div 1st g 46._1928 MB 98 Sale 9814
Foreign Government.
837 July'25 ---2
86
837 8714
2
14
132 1813 10314
Rocky Mtn Div 1st 48,._...1965 J J _
0 4 88
8 103
Argentine(Gov)72
1927 F A 10234 Sale 1023
8638 20
86
89
86%
88
.
88
-Con Short L let 42_1958 J J
87
Trans
872 July'25 _ _
Argentine Treasury 52.E__..1945 M
92
951
4
8
96
Cal-Ariz 1st & ref 442"A"1962 MS 91% 928 9212 July'25-9712
9638 107
Sinking fund 8. Ser A_
1957 M 5 9814 Sale 957
91% 91%
913
2
-- -4
943 97
4
119
MS 884
Registered
aer B temp_Deo 1958 J 0 96 Sale 953 • 96
Esti 65
914
881 92 4
2
1
'25 -- -_ _ _1955 MN
965 273
8
9512 96 4 All Knoxv & Cin Div
3
19593 D 95% Sale 9512
f 62 of 1925 temp
gile- 10214 0214 1 10214 103
,
993 AU Keen & Nor let g 55_ _1946 3D
8
993 471
8
99
Australia 52 w IJuly 15 19553 J 9912 Sale 99
102.4 964 9634 5 95 9814
03
All& Chart A List A 454s,.1944 J J
9912 90
9318 100
Austrian (Govt) s f 72
1943.1 D 9918 Sale 9918
4 102 1034
102
92"4
1024
8 55 107 110
4
1st 30
/
1
4
-year 52 Series D____1944 J J 1o
08 10844
Belgium 25-yr ext f 7%212_1945 J D 1083 Sale 10812 1087
12
8512 85
9238
9158 89 8512 July'25 - - -12
40
107 Sale 106% 108
Atlantic City 1st cons 42_1951 J J 85
18.
20
-year:
1041 F A
914 16
89
94
12
917 120
AU Coast Line 1st con 42_51952 MS 9012 9112 90
/
4
35-yr ext8IM interim rots.1949 M S 911 Sale 9034
903 96
4
1
4
4 22 105 4 108
853 255
4
1930 MN 1063 10712 10712 1073
10
-year secured 72
83 8814
/
1
4
Esti f 62 inter rcta
1955J 3 5512 Sale 8518
934 July'25 - - - % 95
4
90
1964 ID
98% 653
General unified 4342
Esti f 7s Int ctts
,
19553 D 96% Sale 952
953 98 2
4
8.54 894
25
86
7
6
863 8514
4
L & N coil gold U._ __Oct 1952 MN 87
11312
5 10818 11514
Bergen (Norway) a f M
1945 M N 11314 11312 113
4
76% 80
7814
787s 78
1948 31
9914 All & Dans lat g is
,
97%
5
95
-year stoking fund 62
25
A 0 9738 Sale 97%
62% 704
1948 J J 67 6712 6714 July'25 -2d4.
Berne (City of) 2 f 82
1945 M N 10812 Sale 10812 10912 10 108 11112
80
76
95
31
9612 Atl & Yad litt g guar 42_ _ _1949 AO 7614 77% 7712 July'25 94
Bogota (City) ext'l s I 82_ _1945 A 0 95 Sale 9412
98% 1004
/
1
96
A & N W 1st gu g 58
1941 J J 9912 102 1004 July'25 ---167
4
923 97
3
Bolivia (Republic of) 82
1947 M N 953 Sale 9584
Baltimore & Ohio
4
80 88
8412 56
Bordeaux (City of) 15-yr 6..1934 M N 833 Sale 8312
85% MU
2
883 133
9812 106
1st 50
-year gold 45__July 1948 A0 872 Sale 87
9518 99
Brash U 8,external 8a
1941 3 D 98 Sale 9712
851s 9014
87 July'25 -- 5
Registered
July1948 Q J 85% 89
823
8 35
1952 3 D 82% Sale 82
72 (Central Ry)
9158 Sale 9112 92 233 894 95
%
10612
10
-year cony 43es
1933 M
' 97
9 1034 104
99
73es(coffee secur) (flat)A952 A 0 10718 108 10614
991
58
85 4 904
1
98
Refund & gen Egt Serial A_1995 J O 89 Sale 8912
60
9712 Sale 9714
Buenos Aires (City) es,16 3421955
97 100 104
4
1017
1st g 52 lot otfs
1948 A0 1003 Sale 100
954 99 4
8
1003
4 27 1003 102314
Canada (Domiulon of) g 52 1926 A 0 10038 Sale 10038
8 93 10112 10312
,
10
1929 J J 1021, Sale 10212 103 4 87 10212 1044
4
-year 65
1931 A 0 1013 102 10134 1023
52
10234 119 100% 104%
Ref de gen 6s sec 0 temp_ _1995 J o 101% Sale 10112
10
-year 5142
1920 F A 10212 Sale 10214 10212 64 102 10334
99 4 995
1
4
993 July'25
4
2 64 1013 105
P Jct & M Dlv 1st g 334t,1925 MN ____ 100
4
Si
1952 M N 10214 Sale 10172 1023
, 8.514 37
835 904
8
PLE&W Va Sysref 48_1941 MN 84% Sale 842
96
99
9812 99
9834
99
5
Carlsbad (City) a 1 gs
1954 J
9941004
99% May'25
89 10614 110
Bouthw Div let gold 330_1925 J J
10934 Sale 10838 110
Chile (Repel:No) esti a 1 82.._1941 F A
95 4 997
3
8
8
4
3
963 238
2
Southw Div 1st 52
1950 ii 963 Sale 953
External 5-year a I 88
1928 A 0 10212 Sale 10212 1024 14 102 103 4
68
12 78%
717 Sale 717
8
727
8
Tol & Cin Div let ref 42 A.1959 J
101
36
-year esti 72
20
1942 M N 101 Sale 100
80% 62%
8
13 10 9 19912 Battle Cr & Slur 1st gu 3s 1989 J O 6014 64's 625 May'25
96 103
%
1948 MN 10812 Sale 10812 109
25
-year Of 88
1
93
921 9
2 34
93
9512 93
4112 39
90a 1014 Beech Creek 1st gu g 4.__A936 J
491 4811
:
Chinese(Hukuang Ry)52-1961 J D 4114 Sale 4118
9012 9012
9012 July'25 -ilOIz
4 1093 11114
Registered
4
3D 9012 95
Christiania (Oslo) if 82
1945 A 0 11338 Sale 110
7814 814
8
99
42
4
9512 10112 Beech Cr Ext 1st g 334s_.__1951 AO 775s 793 8012 July'25 ---30-year sf65
1954M S 98 983 9714
85
884
8814 July'25'9712 10014 Big Sandy let 42
4
98
25
1944 ID 873 89
9712
30
-year a f 62 Int elf
1955M N
67
734
697
, 1
69% 69%
B & N V Air Line 1st 45
1955 P A 68
Colombia (Republic)6 Ns_ _1927 A 0 10012 1001 100
93
94
934 July'25 ---Bruns & W let gu gold 42_ _ _1938 JJ 901
11
:44 59
4
0epenhagen 25
-year f 542_1944 J 3 9712 Sale
82
Buffalo R dr P ten gold 58_1937 MS ____ 100% 10114 July'25 - - 10012 10211
9918
991 99
52 of 1904
1944 M B 98
(Juba
_
8012 884
/
4
, 8612 49
861 853
Consol 4 34:
1957 MN 86
Ester debt 511914 Fier A1949 F A 95
9038 99 July'25
82
8514
823 May'25 __.8
9112 13 :2 100020 4
9! 1000009 13
44
8534
993 1
91
Registered
4
External loan 434.
MN
1949 F A 9012 92
:
2
99% 1004
lo0l8
4
Burl C It & Nor Ist 50
1003
8 54
10014 Sale 100
1934 AO ii5O14 1661 100o8
1953 _1 .1
14411
:
2
7 1001 1034
9814 10112 Canada Sou eons gu A 62_ _ _1962 A0 10112 1023 10113 10112
Czechoslovak (Repub of) 82_1951 A 0 100 Sale 9934 10014 39
3
9312 is: 9314 93$4
997
25
Canadian Nat 4%s_Sept 15 1954 MS 93 8 935g 9314
Sink fund 82 Ber Int etts_1952 A 0 998 Sale 9912
8
/
1
4
4
1157
2 19i 1143 117
111
4 109 11212 Canadian North deb:f 721_1940 JO 1144 1153 11412
Danish Con MunIcip 82"A".1946 F A 111 Sale 111
12
11712 291 116 118
4
11i'2 16 108% 112
20
-year s f deb 642
1946 3, 1174 Sale 1163
Berke Bs f 82
1946 F A 111 1111 11012
81
80
86' 79
4
79% Sale 79
2
Canadian Pac Ry deb 42 stock _ _ J
1103 Sale 11014 1103 123 109 111
Denmark external s f 88
1945 A 0
93 937
2
9312 May'25- - - 74
:
Carb & Shaw 1st gold 42
99% 105
1912 J J 1021 Sale 10218 103
1932IM S 92%
20
-year 8
11
834
-I 78
8212 8114 July'25'
101 103h Cam Cent 124 con g 42
Dominican Rep Con Adm f 62'58 F A 10214 1023 10214 July'25 _ _
1938 J D 8114 2
100 1017
96
19
101
Caro Clinch & 0 litt 3-yr 52_1938 .1 D 101 Sale 101
12
96
Custom Admintatr 534s..1942 M 9 95 Sale 95
2
102'z 37
2 1074 64 1057 1084
:
1st & con g 62 ser A
28% 10312
1952J D 1071 Sale 1071
Dutch East Indies ext 6s
_1947 J 3 10213 Sale 102
84
84
1021
Jan'25 53
87
84
9832 104
874 :
03 Cart & Ad ist gu g 42
-year 6s
1962 M S 10214 Sale 102
D 84
1981J
60
4
743 80
2
9314 1017g Cent Branch U P 1st g 4....1948 J D 7612 80
4
78 July'25 - - -30
1953 M 8 1003 Sale 10014 1003 119
-year ext 554:
6412 704
6
923 10112 Cent New Eng lot gu 4a_ _ _1961..1 3 64
4
6512 65
6.538
30
-year ext 5345
1953 M N 10012 Sale 10012 10088 63
9714 99
1037 397
8
2
Ropub 25-yr ext 14..A945 M S 10312 Sale 102
99 1
Central Ohio Reorg 43.4s.,1930 M S 93 ,____ 99
French
251
4
*
Central of Gs 1st gold 52_2.1945 F A 1023. 108 1023 July'25 - -- 101% 1024
20-yr external loan 7)42_1941 J D 993 Sale 9938 100
9914 1031
91
267
4
Consul gold 55
83 191712
9
6 02 2
4
1013
4
6
External 75 of 1924
1949 J 0 9019 Sale 9014
1945 M N 1018 Sale 1013
98 10012
25
Registered
8512 9212
90
Finnish Mun L'n 6
A_ _1954 A 0 8912 Sale 8912
IM N 974 ____ 10014 June'25 - - - _
16 1014 106
8912 July'25
104
10
External 6345 Series B _1954 A 0
-year occur 82
June 1929 3 D 104 Sale 103
99 103
851
/
4
8512 88
834 92:2
2
103
19
Ref & gen 5%1 aer 13
1013 Sale 1018
4
9
1945 M S 85 Sale 85
Finland (Rep) ext tls
1959 A
937g 27
84
8812
Chatt Div par money g 42_1951 J D 8512 87
9314 9712
External 5 f 72 int °Us_ _ _1950 M S 93% Sale 9314
8512 July'25 -- 994 100
963 321
9154 98
4
100 July'25 -Mac & Nor Div tat g 52_1946 1 J
1381113An external loan 72 rota _ 1949 A 0 9638 Sale 958
2
1007 100%
1054 197 1043 1077
8
Mobile Division 55
8
_ _ 1007 July'25 8
1948 J J
04 Bra & 3rd (UK of) 542_1937 F A 10518 Sale 105
96
99
118
215 1154 11814 Cent RR dr B of Ga coil g 58_1937 M N 1004/
1
4
4
1920 F 4 1173 Sale 117
978 9814 97 July'25 -- - -year cony 514s
10
8 106 110
934 23
10838
89
95 4 Central of NJ ten gold 58
,
1952 M N 9238 927g 9234
1987 J J 107 10818 10814
Greater Prague 730
4
83 884
0 12 106
8
1964 M N 8612 Sale 8514
4
Registered
6
11987 Q J 106 1083 106 July'25 --- - 106 1083
79
0
Greek Goat 7: lot rcta
86% 90
874 SO
9114 9612 Cent Pao 1st ref gu g 4a____1949 F A 8718 Sale 87
1952 A 0 9614 Sale 96
Haiti (Republic) 60
4
/
4
954 9611
924 58
87
9434,
Mtge guar gold 3 Ns_ _ _11929 J D 9618 Sale 96%
964
Hungary (Kingd of). f 7342_1944 F A 9212 Sale 911
99 12 157
85% 89%
-Through St L lat gu 42._ _1954 A 0 85
98% 100
8714 July'25
87
Ind Bank of Japan 6% notes 1927 F A 99 Sale 99
837* 38
81
8412 Charleston & Savannah 72_1936 J J 1174 ____ 1124 Feb'25 -- 1124 117%
Japanese Govt E loan 42_ _ _1931 J J 8368 Sale 8338
92% 336
9812 102
Chez & Ohio fund & Mot 58_1929 J J 10014 Sale 99
90
95
1954 F A 927 Sale 92
/ 10014
1
4
3
39
-year f642
2 101 way
8578 Sale 85
857
it consul gold 52
834 8714
101%
1939 M N 1017 Sale 10112
35
Oriental Development 62_1953 M
4
1007 10214
8
84 4 22
,
10114 July'25
Registered
1939 M N
8,4 8 4
-year 6: 1934 If N 838. 841 833
-_
8( 3
0
8
0
Lyons (City of) 15
4
8412 13
877 93
8
-'r 62.1934 M N 84 Sale 833
903 Sale 90
5
/
1
4
903
4 10
General gold 4462
1992 M
Marseilles (City of) l5
1512 1713 16 July'25
857 901
1
16
24
1943 M N
901 ____ 9018 July'25
Registered
1992 M
Mexican Irrigation 4 Ns_
/
4
24
Jan'25
944 9812
23
24
20-year convertible 4342_1930 F A 977 Sale 9712
1943
9818 91
Assenting f 441
4
43
38 May'25 72_
2
_3
8
38
36
30-year cony secured 52_1946 A 0 111 Sale 1054 Ill 2312 1017 111
3712
45
/
1
Mexico(U 8) esti 52 of'99 E 1945 Zi-i 40
32 Sale 32
1033 10614
4
41
A 0
31
10412 Mar'25
1945
Assenting 52 of 1899
9712 904
_ 3712 May'25
_
8
983
2
J J 977 98¼ 983
Craig Valley let
assenting 58large
3712 May'25
8214 85
3712
Potts Creek Branca 181. 48_1946 J .1 ---- 85
35
83
83
Assenting 5s small
1914 1912 1934 July'25 __ _8112 854
2
1814 26
___ 8112
R & A Div 1st con g 42_1989 J J
8214
1954 J D
Gold deb 42 of 1904
79
83
1912 Sale 19
20
1989 J J 82121812 24%
8118 82
83 July'25
2d consol gold 42
20
Assenting 42 of 1904
2612 Jan'25 _ _
95% 98
12
/ ___ 9812 July'25
1
4
Warm Springs V 1st g 52..1941 M S 98
2812 264
Assenting 42 01 1904 large
62 68
24% May'25
24's Chic & Alton RR ref g 32_ _ _1949 A 0 6312 3241i
4
01,
64
0
6338
6312 16
Assenting 42 of 1904 small
58% 62%
Ii12 2014 June'25 _ _ 20',.
Certifm dep atpd Oct 1924 Int— --__ 604 634 6112 July'25
"
Amending 42 of 1910
-_
60 62 2
221
1
23
5912 6112 6014 July'25
55
Certif dap strand Apr 1925 Int
Assenting 4s of 1910 large
441 684
4
203
8
493
4 48
207
4
Railway first lien 3 Ns
1950 J J 4934 Sale 483
193 284
22
8
Assenting 42 of 1910 small_
45
5
65 4
5
3
-3.18 16 35 July'25 ____
4712
4712
47
49
43
Ctrs dep Jan '23draub coup__ ___ _
33
'31 assent(large).33
Trees 611 of
8114 8612
3414 July'25 ._ _ _
84
2
Chic Burl Q—III Div 3%2_1949 J
83 Sale 83
34% 43
Small
4
/
1
4
84% 84
J J 7812 84
96
2
Registered
14
841 Apr'25 -88
96%
1952 1 D 953 Bale 9512
Montevideo 75
8812 94%
108 Sale 107% 10818 79 1023 108%
1949 J J 9012 91
9012
908
5 20
Pinola Division 4s
4
Netherlands 68 (fiat prises). _1972 M
9812 100
7
9912
Sale 10234 1034 108 10012 1041
g
: Nebraska Extension 42-1927 M N 99 Sale 907
-year external 62(11610-1954 A 0 103 Sale 110
30
8812 9214
1958 M S 904 Sale 88
11038 21 110 11312
/
1
4
9014 24
General 42
1940 A 0 11018
external f 82
!Norway
1024 63 1004 1034
2
1971F A 10172 Sale 1017
97% 10112
8
10078 73
let et ref 52
A 1003 Sale 100
1843 F
-year ext
20
4512 63
10012 167
4512 July'25
971 1011% CM° City & Conn Rye 52_ _1927 A 0 464 48
:
1944 F A 10018 Sale 100
-year external 62
20
10112 56
97 10112 Chicago & East III lot 62_1934 A 0 10412 106 106% Jan'25.-- _- 10514 1074
12
1952 A 0 10112 Sale 101
-year esti 62
30
61
737
73% 79
:
1
e
9514 189
9412 97 C & E Ill RR (new so) ten 52_1951 M N 737 Bale 724
12
40..yese f 5)48 temp _ _ _1965 J D 94% Sale 9412
1
4;
. 1'25
254=1 a Due Jan
8 Due July, 8 Due Aug. p Due Nov
8 Option sale.
692
New York Bond Record-Continued-Page 2
BONDS.
IL Y. STOCK EXCHANGE
Week Ended Aug. 7.
Price
Friday
Aug. 7.
Range
Since
Jan. 1.
Week's
Range or
• Last Sale
BONDS.
N.Y.STOCK EXCHANGE
Week Ended Aug. 7.
1
Price
Friday
Aug. 7,
Week's
Range or
Last Sate
1
3
02,
8
Ramps
Mace
Jan. 1.
Moll
High
High No. Low
High No. Low
Bid
Ask Low
BM
Ask Low
994 10212 Erie & Pitta gu g 334e B
3
84 843
4
101
ChM & Erie la gold 58
8
__ 8434 July'25 -1940 J J 847
1982 M N 10012 ____ 101
59 4 6812
3
55
Series 0
63
Oct'24
Chicago Great West lst 46-1959 M S 82 Sale 6212
5
8 8812 84
3 .1 847 - Ohio Ind & Loulsv-Ftef 68_1947 J J 110 112 11212 July'25 -- 10914 11212 Fla Cent & Pen let eat 056.1930 .1 .1 9918 100 100 July'25 -1843 J
9938 1
06
99 10014
/
1
4
Consol gold 56
Refunding gold 58
9614 10014
9918
5
983 9912 994
8
1947 J .1 9912 _ _ 10014 June'25 $5 4 87
3
Temporary 5s
Refunding 48 Series C__-.1947 J J 87
96 June'25
87 June'25 -954 96
4
87
924 Florida East Coast lot 410-1919 i-li 9418 Sale 94
General 513 A
8 14
92 98
/
1
4
913
944 38
8
3m s
1966 M N 913 Sale 91%
let dc ref 58 Series A
General 136 B
93 97
1023
4
3 101 104
12
94 Sale 9314
May 1966 J J 100 10214 1023
9414 185
ma 793 let & ref 55 Ser A w I 1974 M S
4
_
Ind & Louisville let gu 4s-1958 .1 J 795 ____ 794
9514 98
96 July'25
/
1
4
795
2
8618 884 Fla West & Nor 78 Series A 1934 M N iio
Chic Ind & Sou 50
138
151 "735 102% 151
-year 46_1956 J J 844 8812 88 July'25 ---934 93 4 Fonda Johns & Glov 4145_1952 M N 6514 Sale 644
3
Chic L S & East let 410_1969 J D 93 4 -635 73
2
93 4 July'25 ---3
6514 24
3
16
8214 9
6
7 14 49 4312 581/1 Fort St U D Co lot g 4748-1941 j 3 8214 Sale 8214
4
0
8
78%
83
4
0
OM&PugetSdletgu4s__19493 J 463 4778 47
7014 8012 Ft W & Den C lst g 5148-1961 J D 1043
1042 1047
8
2
Ch M & St P gen g 48 Bar A.41989 J J 78% Sale
8 ___ 1043 July'25
4
62% 70
1
General gold 3SO Ser B__e1989 J J 69 Sale 69
924 98
Ft Worth & Rio Gr let g 40 1928 3 j 96 97
96
69
3
96
7718 9238 Frem Elk & Mo Val let 6s-1933 A 0 1073 Sale 10738
Gen 4Sis Series C
107 10914
12
8
8812 29
4
1073
19893 J 873 Sale 873
4
8
MaY
434 5414 GH&SAM&Plet58_1931 MN 1003 ____ 1003 July'25
Gen & ref Series A 412s__02014 A 0 48 Sale 4712
100 101
8
8
484 97
993 100%
4
4418 584
Gen ref cony Ser B 56___a2014 F A 473 Sale 473
2d extens 58 guar
__ 100 July'25
4914 32
1931 3 3 100
4
4
964 10438 Galt Hone & Rend let 53_1933 A
lat see 68
,
904 95
9
5
9238 July'25
19343 J 10312 Sale 10312 1044 64
0 9212 - 44 604 Genesee River let a 1 52-1957 J .1 10312 Sale 10314
6 1004 1054
Debenture 410
103%
19323 D 473 Sale 4712
48% 57
4
46
10
93 102%
Debenture 4a
7812 Ga & Ala Ry 1st cons 58_01945 J J 937 95
9414
95
4814 81
1925 J D 4712 Sale 4714
6
44
5614 Oa Caro dt Nor lot gu g 58 1929 J .1 993 99% 993
25
-year debenture 48
99% 100
4
4 100
1934 J J 4714 Sale 4714
483
8 34
11
944 100
Chic & Mo Rh Div 56_.19263
6414 67
6612 July'25
,
Georgia Midland 1st 35
997
9914 998 9914
1948 A 0
9838 10014 Gouv & Oswegatch 1st go 5819421 D 997 ____ 98 4 Feb'24
Chic & N'weet Ext 418._1886-1926 F A
8
993
4 27
9938 993 9912
4
893 994 Gr R & 1 ext lot gu g 4146
8
94
9638
Registered
8
4
1886-1926 F A 983 9912 983 June'25 -1941 J J 9114 ____ 9612 July'25
7318 77
General gold 314e
8 28 114151 4 117
Grand Trunk of Can deb-781946 A O 1144 Sale 1144
1157
74 July'25 ---3
90 m s
1987 M N 733 74
8
8
72
7212
10 1083 1083
Registered
8
July'25 -15
-year s f Os
1063 Sale 10612 107
4
7212
Q F
1084 111
8112 864 Great Nor gen 78 Series A 1936 J J 1093 Sale 108% 110
109
General 48
27
4
83
4
8
1987 M N 813 833 813
8
82
8512
8912 9314
Stamped 4s
1st & ref 4116 Series A
9018 20
1987 M N 813 8512 84 July'25 - 8
1961 .1 J 90 Sale 894
General 55 stamped
General 514s Series B
10114 31 100 103
1987 M N 10118 103 103 July'25 -- - - 10118 105
1952 J J 100 Sale 100
Staking fund 6s
92 96
General 58 Series C
9418 68
1879-1929 A 0 104 10434 104 July'25 - - 10312 1064
1973 J J 9338 Sale 9338
Registered
72
80
Green Bay & West deb etre "A"-- Feb 7712 79 79 July'25
A 0 10334 105 10312 July'25 ---- 103 104
5 10018 101
Sinking fund 58
1212 184
10012
Debentures ctfs "B"
15 Sale 15
1518 22
1879-1929 A 0 100 101 10012
Feb
9911 10012 Greenbrier Ry let gu 46____1940 M N 857 ____ 8812 June'25
Registered
86 8812
994 May'25 ---1879-1929 A 0 99 101
994 103
Sinking fund deb 56
Gulf Mob Sc Nor let 5348 __1950 A. 0 100 Sale 100
6 100 103
1933 MN ---_ 100 100 July'25 -10012
101 101
984 103 8
Regietered
4
Gulf 02 8 I let ref Jr t g be...21952 .1 .1 1003 10212 10318 July'25
1933 M N 9912 10014 101 Mar'25
9 105 11218 Harlem R & Pt Chee let 48_1954 MN
10
-year secured 7ti g
10712
80
7
8442
84
1930 J D 10714 10712 10712
84
3 107 11212 Hocking Val let COM 04748.1999 J J 8812 81:_ 88%
15
-year secured 618s g_ _1936 M
11014 1104 11018
11014
6.
so% 27 8812 92
let&refg5e
9I12 102
90,38
May 20373 D 9314 943 9412
Registered
. 88
4
9434 10
904 May'25
1999 J .1 83%
838
20
Chic It I & P-Railway gen 481988 3 J 7612 83% 83
82
/ 88
1
4
4802 10042
H & T C let gmit guar
1
100
100
1937 J J 100
8114 8314 Houston Belt & Term let 58_1937 J J
Registered
3
95 99
5
803 ____ 8114 July'25
4
Sale
95
276
8314 89% Houston E & W Tex let 056.1933 M N 9512
Refunding gold 4a
9042 10014
86
5
1934 A 0 853 Sale 8514
4
9
100
9 14
5
10014
863 8814
4
Registered
let guar 58 red
A0
9972 99%
8818 May'25 -997 Jan'25
8
1933 M N 9912
Oble Eit L & N 0 gold 5a____1951 J I) 1024 ____ 10213 July'25 -- 1011/ 1031 Housatonic Ry cons g 56......1937 MN 94%
/
4
921e 9412
94% July'25
Registered
381 98%
/
4
Had & Manhat fn Series A-1957 F A 9018 Sale 8912
J D 1004 ____ 0214 June'25 -- 10114 103
903 --4 82
3
914 9114
Gold 3186
78
/ 79
1
4
4
Registered
783 July'25 ---9114 June'25
1951 J D 773
F A ____
4
MempbuDfy let g 4s
83% 857
8
1951 J D
90
8512 July'25 -Adjustment income 5s____1957 A 0 7514 Sale 75
76
673 771
4
1
0 St L & P 1st eons g 5a_1932 A 0 101
____ 01 July'25 -- 101 103
Illinois Central let gold 4a__1951 J J 903 93% 9933%34
3
9114 94
8
3
Registered
9012 93%
A 0 10514 -- 003 Jan'25 -- 1003 100 s
8 2
8
Registered
0
4
July'25
1951 J J 8714
Oble St PM&Ocong6O.193OJ D 10312 104 1023
4
10312!
7 102% 10812
let gold 3146
I&
813 8
4 4
1951 J 3 81 - - 82 July'25 -- -Cons 66 reduced to 330..1930 3 D 9312 ____ 93 July'25
53 85 4
3
Registered
7612
J J
883331:
92: 95314
21 10
1
Debenture 58
8012 84
/
1
4
94141 61
94
Extended lot gold 31i5-_1951 A 0 81
9414 96
May'25
1930M
9512 9938
Stamped
02
181 gold 38 sterling
71
9412 9512 July'25 -132
1951 M S 64 - -- 62 Feb'25
75
904
Chle T H & So East lett 56 _1960 J D 823 85 85
Nis 89
854 10
Collateral trust gold 4s__1952 A 0 8714 883 86114
4
4
6
863
4
55
Inc gir 521
8412
803
8 27
Dec 1 1960 M 8
4
4
85% 85%
A 0 823 873 854 Apr'25 -21
9114 94%
Ohio tin Sta'nlet go 414e A.1063 J J
lot refunding 45
4
8
1955 M N 873 883 8712
87 92
12
%
8818 19
7 8 8313 9724 10
9285% 90
100 10312
97
let 58 Series B
1493
Purchased lines 374s
784 8412
8
19633 J 10114 102 100
84
83 July'25 -19523 J 78
9912 103 19 :4 11018038
16 4
7
Guaranteed g 58
1944J D 983 Sale 9814
Registered
4
8
833 July 4I
8414
2
79 8 ,
8:
'2
J J 757
41
12
let 614s Serlea C
4
Collateral trust gold 48_1953 M N 83%
1963 J J 1174 Sale 11712 1173
83 883
4
Chic & West Ind gong 60_2)1032 Q M 106
4
- 10512 1053
____ 10512 May'25
Registered
81
M N 8018 - _ 82 May'25 -82
Consol 50
7612 8312
-year 4s
8
9
2
0
1952 3 J 79 Sale 7838
9 13 65
7
- 3Refunding 56
4
10238
1955 M N 10214 103 4 1023
4
1 1023 10613
97 1003
4
1 St ref 512e ser A temp.
15
.1962 M S 9712 Sale 97
-year secured 510
1024 62 102 1033
19341 J 1028 Sale 102
3
Oboe Okla & Gulf cons 5s
9938 101
8
1114 11 10912 113
1952 M N 10012 1013 1003 July'25 -8
15
-year secured 63,0 g
1936 J .1 11114 Sale 11114
Gin H & D 2d gold 44e.__.1937 1 J 9512 ____ 953 July'25 -4
934 953
4
Cairo Bridge gold 48
8814 9112
8
1950.7 D 843 8912 8918 July'25 -9138 93
0 I St L & 0 let g 4s__Aug1936 Q F 934 ____ 9314 July'25 -'2
70
Litchfield Div let gold 35_1951 1 J 7114 74
73
12
7312 July'25 ---9012 92
Registered
Loulay Div & Term g 3(48 1953 J J 78
Aug1936 Q F 9012 ___.. 92 May'25 - 82 8012
8012
1
77 821
/
1
4
4
874 8912
Omaha Div let gold 38_1951 F A
OlnLeb&Norgu4ag
1942 MN 873 8834 8912 June'25 -9
4
73 4 June'25 -3
70% 74
99 4 10012
5
10012
Cin & CI eons lat g 56-1928 J J 10014
10014
St Louis Div & Term g 36_1951 I J 713 ____ 7212 July'25 -4
7144 77
811 8512
/
4
Cleve Cm Ch di St L gen 48_1993 J D 8218 8312 17
82
Gold 3348
85
4
79 83%
1951 J J 773 _-_- 80 8
3
803
2
5
96
20
-year deb 474e
98
984
J
Springfield Div 1st g 3125_1951 1 J 784 89
19 1 J D 98
9,3
3
983 98
82% May'25
2
79 8 /
/ 21
1
4
4
2
994 1053
8
General M Series B
Western Lines lot g 4a
4
993 1003 1003
4
4
10034
89 8614
1951 F A 86
881 8
/ 8
4
8614
1
_09144
991_
__
Ref & impt 6s Series A
1929 J J 10212 1023
8,10218
8 , May'25 -9 12
9
4
10212 33 10218 10418
Registered
3
84 8
7
4
/
4
68 Series C
19413 J 104 106181 10614 July'25 - -- - 1030 1071 III Central & Chic St L & N 0951 P A
1
9414 100
974 15
Joint let ref be Series A...1983 .1 D 997 Sale 9911 100
97
58 Series D
19033 J 9714 Sale 9612
9614 1008.
8914 91
90
4
Cairo Div let gold 48
9
0
Ind Ill & Iowa let g 4e
90
/ 92
1
4
8912 July9 - 87
9
8
1939 3 J 8814 91
1950.7 J 82
9 25
'
5
100
80
8212 Ind Union Ry gen Fe Ser A...1965 J 3
1
Cln W & M Div 1st g 49--1991 J .1 803 82' 8038
8
804
99 101
81 14 85
0ing 100 4
Gen & ref 5s Series B
8312 10
St L Div lot coil tr g 343_1990 MN 8214 Sale 8214
8
19653 J
504 83
MN
Int & Grt Nor lot fis Ser A 1952 J 1 10114 10212 10114
Registered
8018 July'25
10212 21 100 105%
8714 8912
8714
65
8714
78
Adjustment Os, Series A 1952 Aprl 744 Sale 73%
Spr & Col Div let g 4e_-1940 M
8612 88
7434 610
873 8812
8
July'25
Stamped
74
Ao2N1
74
W W Val Div let a 48__ _1940 J
8818 9112 88%
7
4
2 87
m
4 1073 108
4
4
Int Rye Cent Amer let 5s
57 s e 57
7 34 Elle 7 %
4
1073
10612 -- 1073
1972
OC&Igenconag6s
1934 3
5714 4
7%
8
76 0 /
/ 0
1
4
1
4
6
10014 10212 Iowa Central let gold 5o....1938 J D
12
Cloy Lot & W con let g 5a1933 A 0 10112 ---- 10212 July'25
57 85
9638 9818
574 62 4
Certificates of deposit ______
5718 -.-. 5718
1935 M N
9818 June'25
1
_
5712
01 & Mar 1st gu g 4 Ne
1
984 100%
Refunding gold 40
1938 Sale 1938
____ 10014 July'25
1951 lii -1i
Cleve & Mahon Vail g 58_1938 3 J 100
19% 2 14
8
203
4
2
James Frank & Clear let 48_1959 1 D 8518 88
88 July'25 -CI& P gen gu :As Ser B1942 A 0 9612 ____ 8412 Aug 24
86 9
/ 0
1
4
9 ;4
8
6
-it- -8 5 Ka A & G It 1st gu g 5s
8
99 May'25
Series A
1938 J J 1003 ____ 100 Ney'24 -1942 J J
8 2
4
Kan& M 1st gu g 48
Series C 3 tis
4
1990 A 0 913 ____ 82 July'25 -1948 MN 8214 8512 853
853
4
80 ir
84
85 4
3
20 20
10018 1003 1004 July'25 ----year 58
8
0 38
&Mee D 314a
4
4
9938 1 0
1950F A 8114 853 853 Mar'25
953 100
2
K C Ft S dc M cone g Ele_ _ _ _1927 .1 14 103 Sale
19 8 M 1
2
Cleve Sher Line let gu 430_1981 A 0 98 100
9812
9812 10
/
4
a . 1021 103%
8
11 1043 10713 K C Ft S & M Ry ref g 48_1936 A 0 847 Sale 83% july 47
3
8
9
,
8 28
5
Cleve Union Term 534e
106
80 88%
/
1
4
1972 A 0 106 Sale 1053
4
9911 102
KC&MR& 13 1st gu 5a_ _ 1929 A 0 9912 --- let f bs Ser B
1973 A 0 100% Sale 993
98 1001
4
4
1004 69
8314 8812 Kansas City Sou let gold 38_1950 A 0 71 Sale 8848
165
76012 652
891
7038
Coal River Ry let gu 48
70
/ 75
1
4
1945 I) 83% 8512 87 July'25
98
/ 99
1
4
5314 9214
Ref & impt 5a
2
J J 887 Sale
Colorado & South let g 46_1929 F A 9812 983 988
98%
4
97
9038 9812 Kansas City Term 0016 40_1987 J I 84 2 Sale
8 ,2
41
J
Refunding & eaten 4128_1935 M N 94
94
960
83% 87
.
7
Central let 4As_p_r_11959
9412 9352
/
1
4
8612 861 Kentucky
87 July'25 -- 84 87
Col & H V 1st eat g 48
1948A 0 8618 8634 884 June'25
8414 8414 Keok .4 Des M 521 etf dep___1934 A 0 84% _
86 Nov'24
Ooi&Toiletext4s
1955 F A 8412 ____ 8414 Apr'25
814 8138 Knoxville & Ohio 1st g 68_1925 J I
100 June'25 -- 160i 10038
"
Conn & Paasum Riv let 48_1943 A 0 80
8138 Jan'25
84
7
998 10114
4
83 8812 Lake Erie & Wart 1st g 58_1937 1 J iiii iiii" 997 July'25 ---12
8
Cuba RR let 50
87
-year be 2_1952
87 Sale 86
0511 97
2d gold 55
96 July'25 -let ref 714e
1941 J J ____ 98
19363 D 1044 105 1047
10518 41 10212 106
89
9314 Lake Shore gold 3148
87 July'25
7042
Cuba Northern Ry let be_ _1986 J
9212 48
/
1
4
1997 1 D 7818 80
78 81
7712
Sale 92
9212
9
767 7914
4
96
98
Registered
Day & Micb let cone 4%8_1931 1 J 973 Sale 973
1997 3 D 7712 78
98
4
4
8812 9213
Debenture gold 4s
Del& Hudson ist ret 48
/
1
1/712 984
1928 M S 9814 Sale
9014 34
1943 MN 89 Sale 89
/
4
86 1011 108%
25
-year gold 48
80
-year cony 51,
0 105 Sale 10414
1931 M N 98% 90
954 97
12
1935 A
10518
7 101 10314
Registered
N _ 9_ 12
A !
95871'8 Jan811 --799
995 48
I5
-year 5348
95% 99%
'5 - 959 2
:
103
1937 M N 1023 103 1025
8
8
107 110
Leh Val Harbor Term 58_1954 M
10 3 July 2 4
0 14
53
2
10
-year secured 76
100% 103
1931 F
0 215
1093
4
4
10918 ____ 1093
1
94 9514 Leh Vol N Y lot gu g 4346._1940 J 1 9512 - --D RR & Bdge ist gu 4s g__
934 ____ 9514
954 98
9514
82 85 4
3
R 0--lat cone g 4 193
Registered
93
834 11
93
Jan'25
93
9-1 3
4
6
j 8314 833 83
J
857 9014 Lehigh Val (Pa) cons g 48_2 0 j 1 iioi Sale 8012
8
ii" 6l
.8
1
8
29
Congo! gold 415s
10 3 Is4 1
9 9M
4
79
84%
8718 18
87 Sale 8618
95
12
99
Registered
Improvement gold 58
1928 J D 9712 983 974
July'25
784 81
8
98
General cons 41f8
83 93
191 July'25 ---Farmers L & T dep rots for
2003
002
4512 70
Lehigh Val RR gen 5sSerlee_2003 M N 100 Sale oo
9818 1011
lst & ref 58
Aug 1 1955-/
4
46 July'25
17
Leh V Term Ry lat gu g 56__1941 A 0 993 10014 102 July'25 ---- 1011 102
4
Bankers Tr Co etfs dep
/
1
4
8
593 69
8
12 Lel)& NY let guar gold 4s__1945 M S 8312 8612 85 July'25 ---Jan'25
Mont to June 15 '23 agree --60
84% 89
5818 703 Lox & East let 50-yr be gu--1985 A 0 10312 10 4 10614 July'25 - --- 10312 107
4
Stamped
'2
43
673 Feb011
5: 6 5
01
603 60
8
/ Little Miami 4a
1
4
Am Ex Nat Ilk ate Feb '22
83
84
8
831 84
4
84
603 Feb'25
/
1
4
1
325
bb
88
/ Long Dock consol g (Is
1
4
Den& R G West gen 5s_Aug 1955 MN -5012 8Ze19 2 A O 108% __
35 M N
5
108 Apr'25
107 108
/
1
4
.
7 Long told let con gold 58_h1931 Q J 10012 Sale 10012 may2 -894 51
993 1021
4
Dee M & Ft D 1st gu 4s__-_1935 J J 4818 498 4914 July'25
04 July'25
4
45 5 50
3
lot consol gold 48
Temporary ctfs of deposit
h1931 Q J 94
94 941
/
4
47
50 50 July'25
9314 9312
General gold 4s
8812 9112
Des Plaines Vol let 434s..1947 MN 8812 ____ 9312 Feb'25
1938 J D 8812 - 89 8812
884
1
71% 75
2
592. 9313
Go
45
Dot & Mack-lot lien g 4a_ -1995 J D 7014
1932 3 D 9012 9
7014
412
7014
85 8712
Unified gold 48
1949 M 8 813 84
Gold 48
4
19953 D 65 - -- 65
83112 June313 ---9 2
4
July'25
8214 85
'5
92
72
1
23
91
9412
Debenture gold be
Del Ely Tun 434e
1981 MN 913 93
004 98
9714
9712 15
92
913
8
4
102 104
-year p m deb M
20
Dui Missabe & Nor gen 5e 194I
J 1034 ____ 1023 July'25
8918
90
11
8712 92
g
10012 102%
Guar refunding gold 4s-199339 M ND 891 3 4
Dui & Iron Range let be__ _1937 A
2
/
1
4
19447 M.; S 5963 8
8
82 88
103
017 July'25
9a3711
81
90
Nor Sh B lot eon g gu 58_81932 Q J
DWSouShore&Atlg5s.1937J 3 81 ii- 81 July'25
9
988.100'S
3
25
983
4 - - 5318 July'25 88 90% Louisiana di Ark let g 5s
99 1014
/
1
4
/
1
1927 M I/ 100 1- 03- 100 July'25 - -East Ry Minn Nor Div let 48.'48 A 0 90 ____9078 May'25
0 4
991 10212 Lou &Jeff Bdge Co gu g 48._1945 M El 8412 8614 102% 1051
4
84
Ewa Tenn reorg lien g 5e_1938 M
83 8714
82
: 5
1
__ 0012 June'25
2 100 108
East T Va & Ga Div g 5e_ _1930
12
HZ;, 0012 June'25 a 100 101 Louisville & Nashville 56_1937 M N 1024 - --_100% 10238
Unified gold 45
1958 MN 10134 Sale 1013
1940.7 . 9314 Sale 9314
1
Cons let gold Se
102
914 953
/
1
4
4
9334 12
101 10238
Collateral trust gold 58_1931 M N 101 10114 101
Elgin Joliet & East 1st g 56_1941 M N 101
3 10012 103
101
___ _ 02 May'25
_
.
10
9932 10212
-year secured 78
1930 M N 10714 1073 10714
El Paso & S W lat be
1965A 0 10112 __
8 10534 1084
4
0214 July'25
108
3 107 109 4
3
let refund 574s Series A 2003 A 0 10314 103 4 105
7 10414 108
/
1
4
Erie let consol gold 71 ext. 1930 M
108
108 Sale 107
105
3
893 7314
4
19961 J 704 Sale 693
let & ref be Series S
let eons g 4a prior
7 10112 105 4
3
2003 A 0 10112 Sale 10113 103
4
7014 117
673 8812
4
let & ref 41411 Series 0-2003 A 0 92% 93 027
935,
19963
97
7
92
s
6618 693 6814 Mar'25
Registered
8
613 6614
4
NO & M let gold tle
1930 1 J 103 4 107 105 July'25 ---- 10414 105
3
627
8 97
let consol gen lien g 43._1998 1 .1 6214 Sale 62
58
2d gold Os
1930 1 J 10312 105 104 July'25 --- 104 105
1998 1 J 9
Registered
_ 956813 June'25 4 954 67
6
/ 98
1
Paducah & Mem Div 411..1948 88 A 8832 83 9118 July'25 ---F s
8
53e 9134
8914 911
.
Fenn eon trust gold 4a1951 F A
14 ifi
13
82 69
/
1
4
Ws DI
S
64 July'25 ---64
6112 65
-year oonv 4s Ser A..1953 A 0 6314 6412 63
50
_1953 A 0 6318 Sale 6238
60 69
L&N&M&M letg 4%0.1945 M 8 9712 991 983 July'25 ---634 66
4
98 100%
/
4
do Series B
L & N South joint M 4s
89% 75 4
3
7212 118
844
1952
84
4
8112 881
Gen. cony. 40 file-les D.1953 A SO 72 Sale 70
2
3 10111 1(1614 Loulsv Cln & Lex gold 4186_1932 M N 944 Pa1
Erie & Jersey let s 1 tis
19553
103 103 8 104
104
5
8 .. ..,- 9914 July'25 --.7
98
/ 9938
1
4
1221 2
,1
,„„:,„
--_-
____
Due3an.
Due Feb
e Due June.
C Due May
h Due Jul
r Due lent.
Due Oct. 2/ Due Dee. 5 Option sale.
•
693
New York Bond Record—Continued—Page 3
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 7.
En
H
P7444
Friday
Aug. 7.
Week's
Range Of
Last Sale
a.
12
Range
Since
Jan. 1.
BONDS
N. Y.STOCK EXCHANGE
Week Ended Aug. 7.
Price
Friday
Aug. 7,
Week's
Range or
Last Said
rerl
Range
Since
Jan. 1,
HMI
Bid
Ask Low
High No. Low
High No, Low
Bid
Ask Low
High
687 78
8
72
697
8
7014 22
99 103
Mahon Coal RR lot be
NI Y Sun & W lat ref ba__1937 J 2 71
1934 ▪ .7 10158 103 103 July'25
6918 July'25
5918 88
594 834
1937 F A 5918
Manila RR (South Lines) 4s 1939 MN 59% 614 62 July'25
2d gold 434s
-12 6114 8114 2 594 66
6118 W2
67 June'25
8311 6714
let 4s
General gold bs
1959 MN
99
97
93 97
97 July'25
10018 June'25
973 10018
4
194 M N
93
F
A
Manitoba Colonization 5&....1934 3D 994
Terminal 1st gold be
45
597 7014
8
68
8034 July'25
Man GB&NW let 330_1991• J
NY W'ches & B 1st Ser I 430_'46 .1 J 6712 Sale 6714
8053 8
4
794 8414
8238 Sale 82
824 34
Feb'25
1007 1(11
8
Michigan Central 5a
1931 MS 998_ 101
Nord Ry esti 5 1 6345
10
81
70% 84
73 m 9812 102 10012 May'25
Registered
1961 A A
10013 10012 Norfolk Sou lot & ref A 5s-1959 F D 7914 8012 7914
94% 98
9178 July'25
41
1940 ii 905
Norfolk dr Sou lot gold 5s
1941 M N 9678 97% 968 July'25
9114 92
4
__ 774 Apr'24
1063 10,
8
J L & S 1st gold 3340
1951 MS 773
1931 M N 107 10812 10712 June'25
- - - Norf & West gen gold 6s
10838 Apr'25
8
84
85 July'25
1084 V),"
lot gold 334s
1952 MN 79 Improvement & ext 871_1934 F A 1073
81
88
4 106 lov
11.1718
10714
4
9712 35
-year debenture 4s
20
1929 AO 97 Sale 97
New River 1st gold
1932 A 0 1063
9612 98
4
4
5
___ 9212 9312
4
9312
88 923
90
Mid of N J 1st ext 58
1940 AO
88
9312
N & W Ry 1st conm g 48_1996 A 0 873 593 8934
8612
89
87 July'25
86
Milw L & West iMIJ g 59_1929 FA 10014 ____ 100 June'25
100 100%
Registered
8812 July'25
4
8814 92
Mil de Nor lat ext 430(blue)1939 3D 8912 ___ 873 May'25
8512 94
DWI !sullen &gen g 48_ 1999 J3 8812 90
99 4 0
6
124 12511 134
139
90
20
Cons ext 430 (brown)
1939 J o 8912 Sale 8912
1929 vl S 13234 Sale 13134
10-year cony as
82% 0112
9134 9012 July'25 864 86 July'25
90 4 9314
,
Mil Spar & NW lot gu 4a_ _ A947 MS 86
86
893
8
1941 J D 90
Pocah C & C joint 48
8
8 10138
2 1013 103
8034
8053 July'25
8
Mllw & State L lot gu 330_1941 I
1974 M S 100% 1013 1013
8
805 80% Nor Cent gen & ref 55 A
90
89
83
2
10218
7
86
94
Minn dr St Louts lot 76
1927 • 1) 102 Sale 102
1
983 10218 North Ohio lot guar g 5s- —1945 A 0 89
Sale 83
57
69
60 July'25
8314
83 87
let consol gold 55
1934 MN
1997 31 J
4
513 8218 Nor Pacific prior lien 4s
55
4
5918 July0 3 _2_
3 i4
642,
8 8 ,
5612 60 60 May'25
823 84%
4
Temp ctfs of deposit
5818 60
1997 Q J 8318
Registered
5914 021a
8Sale
3
207
8
lot & refunding gold 4a._ _1949 MS 2014 213 2018
General lien gold 35
a2047 Q F 5914
1914 26
6(1 June
83
16
Ref & ext 50-yr 5.9 Ser 4_1962 Q F 15
594 80
1958 July'25
1312 2114
Registered
02047 Q F 5712
'25Sale
8514 76
M StP&SSM coo g 4s int gu '38 J J 8458 854 8438
83 874
Ref & Inlet 434s ser A____2047 J J 83
8412 90
10534 Feb'25
85
9512 9612 9012
l06
8
115 85
96
27
let eons 58
/ 85%
1
4
1938 J
J J
8
Registered
947 100%
244 105 10812
8
8 10214 1043
1034
10-year coil trust 634a
1931 II S 1033 1033 10314
Ref & Impt 6s ser 13
20473 J 105 Sale
4
1067 May'25
8
let & ref Os Series A
105 106%
9912 18
1946 1 J 9912 Sale 9912
J
99% 103
1
Registered
5 8412
9413 9512 953
953 97%
4
4
9018
844 12
25
-year 53413
1949 MS 8412 84
Ref & impt 53 aer C
2047 J J
8314 9012
.8
9.
933
4 33
let Chicago Term of 4s
1941 MN 9212 ____ 9212 Dec'24
953 93
4
2047 J J .47 Sale 9434
Ref & impt 5s ser D
993 100
4
994 July'25
M8131)4 & A lets 4sIntgu 1626
St Paul & Duluth let 513_1931 Q F
-1719lq 1004
93
94
93 June'25
--_- 8314 July'25
Mississippi Central lot 5s_ _ _1949 I
8438 811,,
94
lot consol gold 4s
1968 J D
91
85,3
119 140E914 0:1914 1 10914 10934
8
8212
83
Mo Kan & Tex—let gold 45_1990 J o 823 83
34
3(3
2
804
Nor Par Term Co lot g 65_1933 3 J b0938
bdo-K-T RR—Pr I Is Ser A_1962 ii 9212 Sale 9214
93% 75
102 10314
1938 A 0
953 No of Cal guar g be
4
86
410-year 40 Series B
4
793
4
1962 J J 78 Sale 78
103% 1044
I930 1 J i0iT4 ____ 1033 Apr'25
North Wisconsin lot 8s
7114 80
1
8
10-year fls Series C
7112 75%
73
1932• J 1035 Sale 10314 103% 22 10112 10414 OR 04 L Charn let gu 49 g_ _ _1948 J J 73 Sale 73
____ 9034 Dec'24
91
Cum adjust ba Ser A Jan 1967 AO 904 Sale 8934
732
4
763 9112 Ohio Connecting Ry 1st 45..1943 51 S 91
Missouri Pacific (reorg Co)
____ 10153 May'25
iON
1936 J D 100
Ohio River RR let g 53
2
87
8
let & refunding be Ser A 1965 FA 863 Sale 86%
8
985
20
985 100
1937 A 0 9814 __-- 9858
83
General gold 55
903
4
14 1004 101%
let dc refunding 55 Ser C 1926 FA
100 July'25
1927 J J 10034 Sale 10053 101
100 10114 Ore & Cal 1st guar g 58
88% 90%
4
lot & refunding 14 Ser D..1949 FA ioo" Sale 100
8912 Sale . 8912
1001 107
8912
99 10214 Ore RR dr Nav con g 413
lot & refund 6s Ser E int_1955 MN 100 Sale 99% 1003 298
8
1043
4 17 10338 107
l_'41 1 D
Ore Short Line-1st cons g ba 9 2J 104 Sale 104
99% 102
General 4e
7 103 107
643 150
4
1975 MS 6414 Sale 64
10314
1946 J J 10214 10314 103
Guar court 5s
8212 67
Me Pao 3d 75 ext at 4%
9638 Sale 9678
87
96% 97%
87
5
I938 MN 8512 88
973
8 84
Guar refund 40
84% 89%
Mob de Bir prior lien g 5s
82
82
1945 J 3 99 101 10318 July'25
8138 85
961 .1 J
1929 1 D 8158 Sale 8158
100 1034 Oregon-Wash 1st & ref 4s
82
8018 July'25
Mortgage gold 4e
9138 July'25
82 94
1945 j 3 76
1996 J D 9153 92
76
Pacific Coast Co let g 55
91
904 98%
Mobile dr Ohio new gold 6o .1927 Jo 103 104 10158 101% 10 101% 1035 Pee RR of Mo lat ext g 4a
1938 F A 89% 9112 908 July'25
8
lot extended gold 138
9714 9912 9953 July'25
4
984 100
741927 Q J 1013 -- 102 July'25
2d extended gold be
102 104
_ 90 July'25
General gold 4s.
9412 98
2(1
9414 ____ 9434
95
MS 8112
1938
1955 J 3
3
8111 9018 Paducah & Ills let a f 430_19 8 1 1
Montgomery Div lot g 50_1947 FA 9614 - . 99
129
90
7718 Sale 7612
2
99
7012 80%
78
Parts-Lyons-Med RR 8s___ -1958 F A
964 101
St Louis Div 541
10018 10112 95 July'25
854 44
804 89
1927 J
S f external 7s
1958 MS 8514 Sale 8912
95 10012
Mob & Mar let go gds
4
8012 9
844 24
0
1991 MS 8512 883 85 Feb'25
1954 M S 84 Sale 84
Paris-Orleans RR s 1 78
843 85
4
Mont C let 31I g lie
97 1014
1
0
110
.0
6
iy 25
1 110 113
1937 J .1 109 111 110
9 2 M S 0 38
Paultsta Ry 70
48 1943 64 N 19458 101 191 jul01
let guar gold 58
10112 Sale 10112 10112
4 1014 10312 Pennsylvania ER—cons if
914 98
1937 j
884 954
9
112 - - -38 9114
92
8012 8012 July'25
M&Elotgu34e
914 25
2000 J o
1948 M N
Consol gold 4s
783 82
4
Nashy Chatt & St L lot be_.1920 AO 10112 1023 10138 July'25
4
9012 93
9218 July'25
4s stewed
May 1 1948 M N
10(118 102
N Fla & 8 1st gu g 5a
2
98
98 100
98
1937• A 99% 104 102 June'25
Consol 4348.
1960 F A 974
1007
8.102
Nat Ry of Mex pr lien 434e._1957 J J
9118 95
8
30 Sept'23
9218 29
19135 J D 9114 923 9118
General 434s
July 1914 coupon on.......
993 1033
4
4
19
Apr'25
10012 25
J 0 100 Sale 993
A 11
General 5s
93
8
19
19130
19
Assent a f red June coup on
10812 Sale 108
1418
-1318
1418
4
1084 65 144712 11008
10-year secured 7s
14
213
4
Guar 70-years f 4s
8
8718 July'23
_
4
11012 88 1093 111%
1977 AO
15
-year secured 83Se
1936 F A 1105 Sale 11014
April 1914 coupon on
108 Sale 10912 June'25
18 May'24
10914 10912
Regis
Registered
Gen n1 4s assenting red.......
974 WS%
531. 1612 1314 July'25
9714 Sale 9714
973 103
4
40-year gold be
1314 1918
Nat RR Mex prior lien 4348_1926 JJ
86% 8814
864 May'25
3812 July'23
1
coll tr A reg 1934 '4 44 8412 87
967 13
Pa Co--Gu 334s
July 1914 coupon on.......
5
83'4 8412 8314
25 July'24
8314
83
84
,.,
Guar 33.0 coil trust Ser 13_1941 F A
Assent with July '24 coup on
22 26
-1z 2612 June'25
824 *3
161- 3212 Guar 330 trust etre C____1942 1 D 8214 84 83 June'25
2
tat consol 441
814 82
12
91%
_ 853 july534
91 4
,5
'
2
28
Apc'24
1951 AO
Guar 3348 trust etre D___ _1949 J D 8414
84
,, 964
April 1914 coupon on
36
Jan'24
Guar I5 -year gold 45__1931 A 0
-25
85
884
Assent with Apr 1924 coupon
1134 13
8514 8614 8534 July'25
12
12
10
Guar 4a Ser E
1952 M N
20
12
Naugatuck RR let 4s
77% 82%
11
_
79
66 May'23
1954 MN
773
4
78
Peoria dr East lot con s4,o_1940 A 0 78
New England cons Is
934 95
9438 July'25
313 36
8
%
1945 J J 73%3514 74
Income 45
1990 Apr. 343 Sale 3314
9458 96
Consol 40
99 101
997 100 July'25
8
8312 81 June'25
99
1945 J J 81
1974 A 0
81
813 Peo& Pekin Un let 534e
4
J June RR guar lot 4s
9758 10084
9712 Sale 9718
1986 FA 10018 10012 86 May'25
973
4 44
Pere Marquette 1st f3er A 541_1958 J
88
88
NO& NE lot ref & imp 4348 A '52 J J
6
883 8972 8914
8
8914
80 85
8012 Sale 80
8012
7
lot 4s Ser B
1956J
86
9214
New Orleans Term let 45_1953 J J 82 Sale 8112
82
92% 94
%
9312 July'25
9
1943 MN 9312
81)14 84% Finis Balt & W 1st g 43
VI0Texas & Mexico let 6e 1925 3D 10018 10012 1004 10014
log 108
5 1004 101%
Gen ba Seriee B
1974 F A 10414 113Gb8 10512 July'25
Non-corn Income ba
go
16
44%
4
4114 Sale 4114
42
1935 AU 953 965s 95% • 96% 14
923 9814 Philippine Ry lot 30-yr a 145 1937 -I
8
lot ba Series B
AO 9312 94% 94
94%
10512 105
1954
10512 Mar'25
%
1932 J D 10558
904 973 Pine Creek regstd 68
4
lat 534a Series A
2
98
99%
993 9914
4
100
1959 AO 99
9614
9614
26
9614 -6798 10212 PCC&StLgu434sA
98 97%
Temporary
A 0 9912 Sale 9914
22
100
Series B 4345 guar
9912 10212
1946 A O 975 Sale 9618 July'25
942
D
N C ridge gen au 448....-1945 J J
_ 9418 July'25
954 96
%
4
9318 944
Series C 4349 guar
1942 IV1 N 953 ____ 958 July'25
NYB&MB lot con g 58..,l935 AO 944--- 9912 July'25
9934 10012
89% 921
4
Series D 4s guar
994 100
893 ---- 9412 July'25
4
904 93%
Y Cent RR cony deb 661935 MN 109 Sale 10812 109
20 10818 11712
Series E 3%s guar gold
194 FA 9313 ---- 934 June'25
949 NI N
5
9314 9314
Registered
MN
10814 June'25
93'
108 11612
Series F 4s guar gold
1953 3 D
Consol 414 Series A
9012 9412
84
8
1990 FA -. 253 I414 8218
19
____ 9412 July'25
Serino G 4s guar
823 87 4
4
1957 M N 90
,
Ref & inapt 430"A"
91
94
,
91
2013 AO 9014 92
913
4
94 June'25
9
93
9 14
2
Series H 46
884 93%
1960 F A
Ref & impt Is Series C2013 AO 1003 Sale 9958 10012 160
05 961
8
._.__ 953 July'25
4
Series I cons guar 4348_1983 F A
99 10214
Registered
AO
9412 96
10118 Apr'25
9 4
955 July'25
983
8
Series J 4345
994 102
1964 M N
R Y Central & Hudson River—
5 9818 101
General M58 Series A
9953
1970 3 D
84
Mortgage 330
4
1997 J J 7712 773 7714
78
53
9714..
9941
79%
75
977
Gen mtge Is Series B
1975 A 0 9712 Sale 9714
99% 404
1997 J J
74
7814 Pitts & L Erie 2d g 5a
778 July'25 _
75'4 84
al928 A 0 10078 ___ 101 June'25
Debenture gold 4s
1934 MN
93% 10
4
9212 96
____ 105 Dec'24
Pitts McK & Y let gu 6s____1932 J J 105
933 Sale 9314
Registered
MN
9238
9214 Mar'25
9214 923
2d guaranteed 8s
4
9834 Aug'24
1934 J J 103
50
-year debenture 48
91
--- 9112 July'25 __
1942 J J
925 Pitt.43Sh & L E !at g ba
8
91
10218 July'25
1940 A 0 10218
Registered
93 Feb'25
93 93
low. 101,
let consol gold 58
10014 May'25
1943 J J 964
Lake Shore coil gold 3348_1998 FA 7612 Sale 76
9114 91 4
76 12 20
743 7812 Pitts Va & Char 1st 4s
4
1943 M N
888
9114 May'25
Registered
1998 FA 7412 78
79 June'25
74
79
Pitts Y dr Ash 1st eons be_ 1927 hi N 10014 ___- 10014 July'25 -- 100 105%
Mich Cent coil gold 334s 1998 FA 753 783 763
87 89%
8
8
8
76%
1
75
lot gen 48 series A
78%
194 J D 9018 ____ 8938 July'25 Registered
3 100 10212
7612 July'25 -1998 FA
1st gen 5s series B
75% 7612
631 N 100 Sale 100
F A
100
WY Chic & St L let g 4e
1937 AO 9218 9258 9218
53% 5911
92%
9
541 July'25 -91
94% Providence Secur deb 4s
5514 60
119572
96
Registered
8/0 81%
8
1937 A0 913 89
Jan'25
4
89 89
Providence Term 1st 4s
1956 M S 8138 ____ 8138 July'25 ---25
-year debenture 40
1931 M N
9314 933 9312
2
9442 175
4
92% 9512 Reading Co gen gold 48
9312 90
1997 J .1 95 Sale 95
95
2d fle Series A B 0
1931 M N 103 Sale 10212 1034 31 10212 10112
9412 55
%
Registered
J J
_; 9478 May'25 -9 :2
_.
Ref 53413 fieriest A
1974 A 0 9614 Sale 95%
98% 83
937 9814
s
88
95
Jersey Central coil g 43_1951 A 0 9038 9212 925 July'25 ---NY Connect 1st gu 430 A..1953 F A
17
9012 005 90%
8
903
8
2
90
931z
9218 96
19973 J 93
Gen dr ref 4%s Ser A
9312
94
N Y de Erie 1st ext g 48..„ 1947 M N
89 June'25
89 89
Mann & Deny deb 58stpd 1927 A 0 10014
993 1 9
4 °%
10014 June'25
8d ext gold 430
1933 M 8 9314 __
937 July'25
93% 9512 Rlch & Meek 1st g 43
74
79%
74
80
74
1948 M N
74
/
4th ext gold be
103 102
1930 A 0 10014 -- 10014 July'25 -- _99 10112 Richm Term Ry 1st gu 513
1952 J J 100 10112 10118 10118
5th ext gold 48
1928 J D 9712
9714 Dec'24 _Rio Grande June lot gu Is...1939 J D
92%"
/
1
4
94 July'25
N Y & Green L gu g Is
N
1946,M
9238 9312 93 July'25
90
94
Rio Grande Sou lot gold 481940 J J
5
7
54 7
,
5 June'25
N Y de Harlem g 3%8
2000,M N
7834 June'25
757 783
8
4
6
1940 J J
618 _ __
Guaranteed
6 May'25
N Y Lack & W let & ref be_ -1973,M N
8912
821g
80 July'25 --__
80
80
Rio Grande West let gold 4s_1939 J J 8334 Sale 8334
8433 16
lat & ref 430
1973 M N -_-_-_-_ 16111- 10012 June'25 -714 75%
22
- 2
10014 1003
737
1949 A 0 7312 Sale 7278
4
Mtge & colt trust 45 A
N Y L E & W 1st 7e ext
1930 M S 106 10812 10712 Apr'25
_- 108 10712 R I Ark & Louis lst 4%s1934 M 8 8638 Sale 8612
85 89
%
8814 80
Dock & impt ba
1943 1 J
73% 77
1
997 Mar'25
8
993 91)4 Rut-Canada 1st gu g 45
4
1949 J J
75
7612 7514
7514
N Y & Jersey 1st bs
1932 F A 10018 Sale 10018
4
10018 17
993 1003 Rutland let con R 4348
8
1941 2 J
8514 35
89 July'25
NY & Long Branch gene 01941 MS 90% --__ 9112 June'25
824
7512
9112 9112 St Jos & Grand Isl lot g 45_ A947 J J
7714 79
7714 July'25
N Y N H & Hartford—
St Lawr & Adlr lst g 59
91% 95
%
1998 J 3 95 Sale 9153
95
1947 MS 643 —
Non-cony deben 4s
4
643
4
61
68
643
4
2
1996 A 0 10212 104 10212 July'25
101 10212
2d gold 6.5
MS
Registered
60 June'25
60
60
1031 J J
St L & Cairo guar g 471
94
96%
95
96
95 July'25
M
Non-cony deben 334e__1947
-561 - 6
3 6 -12 5912 June'25
99% 100%
55% 61
St L Ir M & 13 gen con g 56-1931 A 0 100 Sale 100
1004 28
Non-cony deben 334e____1954 AO _57 544
_
70
5412
5412 60
1
91% 964
8
Unified & ref gold 49
1929 J -I 945 Sale 94
95
1955 J J
Non-cony deben 4s
Ei 6114 62
J J 9212 9412 93 Apr'25
62
60
85
3
914 93
Registered
1956 MN 59
Non-cony deben 4s
62
) 83% 90
6112 July'25
58 854
Rly dr G Div Ist g 49
1933 M N 863 Sale 86
863 -jot
4
1956• J 54
Cony debenture 334s
56% 5618 July'25
993 100%
13
8
53 594
: Brldge Tergu 0)4850J 41 100 102 100
L & a Frau080r
LMss
:- —1,930 A ,
858
100
1948 J J 9012 Sale 90
Cony debenture (Ss
173
8814 9212
71
78
7514 Sale 75
9078 28
7534
J J
Registered
105
88
90
8312 91)
1950 J .1 8918 Sale 89
30
8514 9313
.
Prior Ilen Ser B fra
90
1940 AO 94 --- 9512
Collateral trust 68
9512
56
2
904 983
10238 Sale 10238 1023 108 11117g 103.4
4
Prior lien Ser C 5a
9 46
1957 MN 5734 Sale 573
Debenture 49
0368 100%
4
577
8
4
98 J J
2
1942 j 1 987 Sale 9814
Prior lien 5315 Ser D
53% 131%
9914 229
Cans Ry non-cony 4s__1954 J J
8444 93%
59 July'25
55 64
Cum adjust Ser A 6.-51955 A 0 924 Sale 9112
925 456
8
1955 J J
Non-cony deben 4s
78% 951s
59 July'25
59
64
8 .31 9 i 94 Sale 933
8
Income Series A 8s y 686 61980 jet
8
9412
Non-cony deben U__1956 J J
4
58% 61 July'25
574 84
1033 10512 10534 June'25 -- 1043 105%
4
StLouts & Ban Fran R
N Y & Northern lot g ba ... _1927 A 0 1(161
4
_ 1003 July'25
4
100 10034
10012
General gold Is
10034 July'25 -- 1004 101
NY0& W ref lot g 4e_June 1992 M 8 6812 ga 1e 6712
.
12
7812 32
102 104
65
194 J J
8
7012 St L Peo & N W lot gu 5e- 931 j 1 1003 10218 1033s June'25
4
1955 J 11 8334 Sale 62%
General 45
633
4 11
9238 93%
827 8912 St Louis Sou lst gu g 4s
8
1931 MS 935 ____ 9353 Apr'25
J D
Registered
65 Apr'25
80
83%
65 65
St L 13 W 1st g 4a bond etts 1989 M N 8134 8212 8178
8212 32
1942A 0 8514
19271
N Y Proy dr Boston 4a
8612 Feb'25
72% 78
8618 864
7418 July'25
2d g 4a income bond etfs-1,1989 J J 7212 76
NY & Putnam lot con gu 4'93A 0 85%_ 865 July'25
8
8214 87 8
,
85% 907
8
Consol gold 4a
1141 S 9012 Il
N Y & R B lat gold be
100
81% 90
8
100
1932 71 J
5 100 1003
8
lot terminal & unifying 58_1952 1 D 8744 Sa912 8844
81e 8 12
5
87 1 214
8 '4
9
5
8714
80
St Paul & K C Sh L 1st 04s-1941 F A 84 Sale 837
8
8412 37
1947 J J
90 4 9671
3
St Paul E Or Trunk 414e
903
4
a Due Jan. 8 Due July. 7/ Due Nov.
094100 Brie.
694
BONDS
N.Y.STOCK =CHANGE
Week Ended Aug. 7.
New York Bond Record-Continued-Page 4
Price
Friday
Aug. 7.
Week's
Range Or
Last Sale
Range
Since
Jan. 1.
High No.
• Ask Low
Bid
95
9412 July'25 _ _
St Paid Minn & Man con 45_1933 J A 94
924 July'25 Registered
15
lit &men' g 66
1933j A 10618 109 10614 107
j j
Si reduced to gold 441_1933 J J 981z 9914 994 July'25
Registered
1933 .1 j 9712 9914 974 Apr'23 _
94
4
Mont ext lit gold de
1937 .1 13 9214 Sale 9214
90
934 90
2
Registered
D 90
Pacific ext guar 48__ _ _1940
J 8612 8912 89% Apr'25
5
101
St Paul Union Depot 55....._1972.3 J 101 Sale 101
8314 Bale 82 8
83% 31
S A & A Pass 1st gu g 46_1943 J
7
3
Santa Fe Pres & Plzen be__1942 M s 9912 100 4 10084 July'25 -...
Say Fla & West lat g 6s__ _1934 A 0 108% 1094 10984 July'25 ____
- 102 June'25
lstgls
1939 A 0 101
187 90 June'25
1
Scioto V & NE lit gu g 45_1989 MN
Seaboard Air Line g 4+3
1950 A 0 78 Sale 7814 July'25
7712
78
15
Gold 46 stamped
1950 A 0 7712 78
824 299
Adjustment Is
Oct 1949 F A 8118 Sale 80%
Refunding 4s
71
57
1959 A 0 71 Sale 7014
94 Sale 93
94
& cons 66 Series A_ _ _1945 M
144
8812
884 89
8812
5
Atl dz Birm 30-Yr lit g 4
o-61933 M
Seaboard & Roan let 55._1926 J J 10014 10118 10014 10014
1
S & N Ala cons gu g bs
193SF A 102 10418 10418 July'25 ____
3
7
Gen eons guar 50-yr bs_ _1963 A 0 102 104, 103 8 July'25 -85
So Pee Col 46(Cent Pao 001)81949 J D 8414 Sale 8412
7
20
-year cony 46
9714 116
June 1929 11.1 13 97 Sale 96%
101
2
20
-year cony 50
1934 J D 10014 1001 101
7 July'25 ---4
20
-year g Is
1949 M N 983 99% 99
Ban Fran Terml let 46-1950 A 0 8
85
83
44 8
4, 84
Registered
A 0 784 ---- 84 July'25 -So Pao of Cal-Clu g be
10314 Feb'25
1927 MN 102
So Pac Coast 1st gu g 4s__1937 J J 9418
9412 Jan'25 _ _
8814 120
So Pac RR lat ref 4s
1955J J 8818 Sale 8784
1024 116
Southern-let coos g 56-.1994 J J 10212 Sale 102
10014
101 July'25
Registered
J D
Ide- 7734 7 140
Develop & gen 41 Ser A__1958 A 0 79 EiDevelop & gen (is
1956 A 0 10638 Sale 10614 10612 74
111
8
1097 Sale 110
38
Develop & gen 634s
1966 A 0
Mem Div lit g 414e-5& 1996 J J 10014 10212 10012 1004
2
8612 18
8618 8713 8618
St Louis Div 1st g 4a
1951
83%
8412 31
Mob & Ohio coil tr g 41.1938 M 15 841s 80
1014 July'25
So Car & Ga lit ext 53.5._1929 M N
84
847 July'25
s
Spokane Internat lit g 5+8_1955 .1 J 82
9614
9614
Term Assn of St L lst g 4148_1939 A 0
10114 July'25
° 1'4
0
let cone gold be
°
1944 F A 102
80 4 10
3
- - 8034
83
4
Gen refund a f g 45
1953.3 J
- 9614 July'25
Tex & N 0 con gold 58
19431 J 9614
101
Texas & Pee lit gold 58. 2000 J D 10014 Sale 10014
90 Dec'24
2d gold income ba
2000 Mar 90
4
993
994 993
4
La Di, B L lot g 5e
L
1931
J 99% .
4
Tex Pae-Mo Pac Ter 5%8_1964 M 8 10014 1003 9912 July'25
4
10014
Tol & Ohio Cent lit gu ba_ A935 J .11 100 1013 1004
100 June'25
Western Div lat g 5s
1935 A 0
4
General gold ba
s 99
-iiT - 12 983 July'25
1935 J
31
29
29
Toledo Peoria & West 4a1917 J J 29
99% May'25
Tol St L & W pr lien g 31413_ _1925 J J
- 3 8684 July'
691
-year gold 4++
25
50
1950 A 0
To1WV&Ogu4345A
1931.3 J 9614 ---- 975 July'25
Berle/ B 4 As
1933,3 J 974 --- 9712 july'28
90
- -- 90
Series C 4a
1942M5
8514 8612 864 July'25
TorHam&Buff1etg4i..j946J D 9085
843 July'25
4
Uleter & Del lit cone g ba
1928 J 13 _
53
let refunding g 46
1952 A 0 5234 .5312 53
92
114
Union Pacific 1st g 46
19471 J 9112 Sale 9118
8912 --- 8914
89%
6
Registered
.1
8
8
99% 129
80
-year cony 4e
1927 J .1 987 Bale 987
Jan'25
98
Registered
.7 1
8412 31
let & refunding 46
e2008 M 8 -iii2 8434 834
Ist lien & ref 5a
52008 M 8 103% 106% 10634 July'25
1033
4 38
104ear perm secured 6a__1928 J J 103% Sale 10314
924
9212
U N J RR & Can gen 46_ _1944 M S 9212
1
4 Utah & Nor gold 58
19261 J 993 1004 10018 July'25
_ 93 Aug'24
let extended 4a
1933
J 93%
4
Vandal1 cons g 4+3 Ser A
1955 F A 863 -- 874 June'25
863 Apr 25
8
Consol 4+3 Series B
1957 M N 8718
20
Oct'24
Vera Cruz & P 1st go 4Hs_ 1934 J J
244 Jan'25
Assenting let 4 As
1934
ion- ---- 10018 May'23
Verdi V I & W ist g /is
1926 M
10018
1004
Virginia Mid Series E 5a1926 M S 1001,
So Series F
1931 J J 100 ---- 101 June'25
10212 May'25
Genies'de
1936 M N 100
- 10012 July'25
Va & Southw'n let gu 56_2003 J J 974
91
91
92
12
lit coos 50
1958 A 0 89
-year ba
4
9812 199
Virginian lit 50 Serie/ A
I961 M N 9814 Sale 973
102
10112 Bale 101
Wabash lit gold 54
36
1939 M N
9618 27
2d gold ba
1939 F A 9538 Sale 95%
9613 176
Ref sf 5156 ser A temp....1975 M 8 9612 Bale 9534
9334 Feb'25
Debenture B 65 registered_1939 M S
83 824 July'25
80
let lien 50-Yr g term 41,
1934
Det & Ch ext 1st g ba
4
1941 J J 1003 -- 101 July'25
86 May'25
Des Moines Div lit g 413. A9391 J
793
4
767
k
Om Div lat g 3Ha
1941 A 0 764 ---- 76 July'25
Tol &
89 July'25
Div g 46
1941M 8 86 "90
Warren lit ref gu g 3 As
77
- -- 77
2000 F A
Wash Cent let gold 46
7784
8812 8678 June'25
1948 Q M
Wash Term 1st gu 3 As
4
1943 F A 81% 823 8212 July'25
let 40
893 July'25
6
-year guar 4s
1945 F A 8914
W Min W & N W let gu 59 1930 F A 9678 Sale 96%
961
6
6
West Maryland lit 548
654 32
1962 A 0 6518 Sale 64%
4 100 4
West N Y & Pa lat g 56
3
2
19371 J 10034 Bale 1003
Gen gold 40
8114
4
3
8114
1943 A 0 813 82
Income g bs
45 Feb'25
Apr I 1943 Nov 3514 46
Western Pao let Ser A 121_1948 M 8 93 Sale 9212
93% --Li
8 26
let gold (Is Series B
,
1023 Sale 102 8 1023
8
1946 M
West Shore lot 4s guar
84
81
2361.3 J 8312 Sale 83
Registered
2361 j J 8078 817 804
80%
s
2
Wheeling & L E lit g 5&...1926 A 0 1001 101 100% 101
6
Wheeling Div lit gold 513.1928 J J
100 May'25 _
Ext'n & lmpt gold Is ' 1930 F A 975
4
--- 993 Mar'25 _
Refunding 434i Series A._1966 M S 7714 Sale 7714
7714 29
RR lit eonsol 48
4
2
1949 M $ 767 7711 773 JulY' 5
Wilk & East lit go 55.
6212 12
1942.3 D 624 Sale 62
WIII &El F let gold be
1938
D 10112 104 10514 May'25
Winston-Salem 13 B lit 46... _1960 J J 8412 Sale 8412
844
1
Wls Cent 50-yr let gen 45. 194J_
7814 18
J 777 Sale 77%
Sep & Dui div & term lit 40'36 M N 85
863
4
4
8612 86%
Wor & Con East lit 4 , _ _1943 J .7 753 8012 813 July'25
'
ie..
4
4
INDUSTRIALS
Adams Express coil tr S 4s_ _1948 M 5 85
85
85
3
86
Ajax Rubber lit 15-yr s f 8+3_1935 J D 100 10014 100
1001
8
8
Alaska Gold M deb 65 A
418
48
,
1925 IS 8
1
4
b
Cony deb Si Series B
44 July'25 _ _ _
1926 M 13
44 73
Am Agri° Chem lit Be
1928 A 0 10234 Sale 10234 10234 15
let ref e f 7 As g
1031i 93
1941 F A 10314 Sale 1034
Amer Beet Sug cony deb (4_1935 F A 10114 Sale 10012 101
23
American Chain deb a f 68. _1933 A 0 98 Sale 98
98 4 61
3
Am Cot 011 debenture bs. _1931 M N 94 Sale 94
94
4
Am Dock & impt go 68
2
106
19361 J 10518 108 106
Am Mach & Fdy a f 68
1939 A 0 9914 9912 9914 July'25
98
Am Republic Corp deb 13s. _1937 A 0 9714 987 9714
13
8
98
106
AM BM & 1st 30-yr be serA 1947 A 0 98 Sale 9714
let 33 63 series B
s
1947 A 0 1073 10712 10732 10711 19
1027
3 59
Amer Sugar Ref 15-yr 68_ ..J937 1 J 1027 Sale 102
8
9718 353
Am Telep & Teleg coil In 45.1929 J
9618 Sale 967
95
2
1936 M S 944 9714 95
Convertible 4s
9612
1
1933 M 5, 063 _ _ _ _ 904
8
20
-year cony 4 He
1013
4 69
19461 D 10118 Sale 10118
30
-year roll tr 5+3
9614 562
3
19601 J 96 Sale 953
85-yr s f deb 56
10314 238
20
1943 MN 103 Sale 10234
-years f 514s
13112 July'25
1925 F A
7
-year convertible fla
_-_-
-
3 Due May. e Due June. It Due July. 8 Due AUXUA
High
Low
9414 96
12
0412
9214
10614 10912
9512 10014
97% 98
87% 954
9212
90
89%
88
100 102%
8514
81
100%108
10714 111
102 102
873 903
4
4
74 8112
8212
74
4
73 863
894 734
84% 953
4
8378 89%
nag 1011
/
4
10218 10413
103 109
84
8812
9614 98
998 10312
4
9938 101
84 88%
83 85
14
103 10314
94% 94 3
,
8738 92
10014 1041
99 10114
78% 8012
103 107
1064 111%
9912 10212
951 9712
4
3
82 2 88 6
3
10014 103
834 87
12
9514 9 4
8
99 1014
4
803 854
9514 99
997 102%
3
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 7.
11
Price
Aricil
Aug. 7.
Range
Iliated
Jas. 1.
Week's
Range or
Last Sale
BUJ
Ask Low High No,
tm Wet Wks & Else ba___ _1934 - 0 953 95 4 9518
8
3
953
4 18
A
Am Writ Paper a f 7-68
1939 y J 56 Sale 554
5613 24
Temp Interchangeable ctfs dep. _
55
57
56
56% 12
Anaconda Cop Min 1st 6s_ _1953 i -- 1003 Sale 1004
153
j
,
4
101
15
-year cony deb 75
1938 p A 10218 Sale 10112 1024 273
Andes COP Min deb 7s 50% Pd'43 J J 9814 Sale 9784
98% 304
Antilla (Comp Azue) 7945 _A939 y J 91
58
91
9112 91
Ark & Men,Bridge & Ter 53_1964 m 8 92% Sale 9284
3
93
Armour &Co lot real set 4301939 J D 884 Sale 8818
894 60
Armour & Coo!Del bAs-1943 y J
Sale 93
105
94
Associated 0116% goldnotes 1935 M s 1037'1 Sale
92 8
102% 36
Atlanta Gas L let ba
Atlantic Fruit 75 ctfs dep-A944 j D 9 34 - 11 9
9
99 19 Jua :2
831 M ne 2
1937 J p 18
°
5
Stamped ctfa of
___ 20
1512 June'25
Atlantic Refg deb deposit- 8 Sale 994
Si
1937. .i 993
993
4 34
r 10218 1037s
10313 21
Baldw Loco Works lit Se. 1940 IS N
102%
Baragua(Coup Az)7 A a
1937 J y 105 106 105 July'25
Barnadall Corps f cony 8% A1931 y J 10512 Sale 10515
10512 27
Bell Telephone of Pa be
4
1948 y .7 1013 Sale 101
10214 29
Beth Steel lit ext a f bs
3
1926 y J 10018 10014 10018
100 8
,
let & ref 56 guar A1942IS N 9513 95
19
9414
98
30-yr p m & imp s f 56-1936 y J
91
92% 62
Co 30
Cons -year 68 Series A..1948 F A 911 Sal
9 4
3
9312
943 100
4
Cons 30
-year 5945 Series B 1953 p A 8614 Sale 86
873
4 95
Bing & Bing deb 6 As
1950 m s 93 Sale 93
9414 29
Booth Fisheries deb a f 63_1926 A 0 8018 Sale 801s
1
801
Botany Cons Mills 6 As
85
96
1934 A 0 954 Sale 95
Brier Hill Steel let 51UL-1942
42
Wway & 7th Av lit c g 5a_ 1943 Jp 17° Sale 093
9
7 4 1° 12
3
7
°
4
A D 0412 S l
Ctfs of dep stmpd June'25 int
73% 78
76 July'25
Brooklyn City RR 5a
18
4
96
1941 j"-i 953 Sale 9512
BklynEcilsonsndes B be A-1949 J j 1003 Sale 10012 10114 85
de iec gen
4
General
11
6
1047
1930 J j 10314 104% 1043
Bklyn-Man R Tr Sec 61988 J
89%
904 231
+3
BkiynQu Co & Sub con gtd 56'41 M N 644 Sale 641
let de
2
64 8
,
July'25
Brooklyn Rapid Trans g be-1945 j 0 7114 7
4_
e
1°41 A 1
2
lot refund cony geld 413
92 June'25 200 J y 881
3-yr 7% secured notes____1921 J j --------10912
4-bs1234
Ctfs of deposit stamped
May'25
Bkiyn Un El lit g
1950 Fj 8434 Sale 8434 85% 11
;
Stamped guar 4-ba
8513 16
1950 F A 841 8614 8514
Bklyn Un Gas lit cons g 5s 1945 IS N 1007 1003 9912
4
100
e
10-yr cony deb 75
1932 IS N 13514
-let lien & ref (la Series A 1947 IS H 1084 109 8 110 July'25 ---1 176
Buff & Soso Iron of ba
4
1932 J p 9113 Sale 9112 July'25
Bush Terminal lit 48
_
1952 A 0 8818 8912 87 July'25
Consol ba
9012 15
99 994
Building ba guar tax ex195° j 0 91%13 Sti
_ 1960 A j
le 90 4
943
96
11
9912 10014 Cal G & E Corp unit& ref 58_1937 MN 9914 993 993 July'25 10
4
4
,
4
993 101 2 Cal Petroleum s f g 634s _ _ _1933 A 0 104 Sale 1034 10414 23
/
1
99% 10014 Camaguey Bug lot of g 76_1942 A 0 90 Sale 90
91
5
96% 9 4 Canada S$ Linea let coil s 1 Is '42 M N 100 Sale 993
91
1
4
100
28
314 Cent Dist Tel 1st 30-yr 5a-1943 I D 10112 Sale 10112
1013
8
Cent Foundry lets f 66
994 99
%
1931 p A 923 943 94 July'25
_
4
4
Cent Leather 18t lien of (is_ _1945 1 J 1003 Sale 100
1004 1041
4
4
974 97% Central Steel 1st g a f 82._ _ _1941 MN 115 1158 115 July'25 ---971 Ch G L & Coke let gu g 56_1937 J .1 100 Sale 100
:
97
10012 19
Chicago Rys let 55
893 90
3
1927 F A 7514 Sale 7514
76
25
841 8611 Chile Copper 68 Sec A
1063, 10734 98
,
84
/ 92 3 Mein Gas & Elec let & ref 56'66A 8 1°11'1 15l 1014 10112 11
1
4
a
107 .. _ !..
1932 A
594s See B due Jan 1
50 8 62
3
1967 A 0 103 Sale 103
104
30
90 4 9412 Clearfield BR Coal let 45_1940 j .7 761
1
Jan'25 _ _
- - 80
Colo F & I Co gen a f ba
894 93
21943 F A 9012 91 9113 July'25 __.984 99% Col Indus let & coll ba gu_.-1934 F A 83
8312
8312 83
8
Registered
98 98
82 Feb'25 _ _ _
Columbia G & E lit ba
8312 90
7
012 --F
1927.3 A 107 Sale- 10016
10012 60
1044 10712
Stamped
1003 Sale 100
s
1927.3
1004 21
1034 104
1993 M S 1212 30
1318 July'25
_
% Col & 9th Ay lit gu g 5s
9214 93 Columbus Gas let gold be_ I932 J J 99
, -- 9914 July'25 __ _ _
1004 1011 Commercial Cable let g 4s_2397 Q .1 7112 7413 714
471%
6
Commercial Credit a f 6s.„-1934 M N 10013 100 4 10012
3
1003
3 57
9/
8634 - 14 Commonwealth Power 6+3_1947 M N 1013 1011 10112
*
10214 45
8
86% 80
% Computing-Tab-Rea a f 64_1941 J .1 1034 10311 103
10418 31
Conn Ry & L 1st & ref g 4Ha 1951 J J 8913
92 July'25
Stamped guar 4 As
24Is 2412
19513 .1 8912 Sale 891a
8913
1
99% 10014 Cons Coal of Md lit & ref 50.19101 D 80% Sale 784
8014 38
1004 10012 Consol Gas(N Y)deb 5As_ _1945 F A 103 Sale 103
1033 223
4
994 101
Cons'd Pr & Ltg let 6145
8
-19 3 61 S 104 Sale 1031
104
4
48
100 10212 Coot Pap & Bag Mills 6 As-1944 F A 8213 Sale 8212
844 52
/
1
934 102
Consumers Gas of Chic gu bs 1936 J 1 ____ --_
July'25
844 93
/
1
% Consumers Power let So.,__ _1952 M N 95 Sale 1r5
98 101% Corn Pr ear eg V g be
let 2d Ref f I
l
1931 M N 10118
903* July'94 _ _ _1004 10212
1934 M N 10034 saallee4 101
fO1310114
13
944 9914 Crown Cork & Seal lit 5!6s_1943 F A 86
88
8712
884
2
944 99
943
4
% Cuba Cane Sugar cony Ts._ _1930 J
96
15
Cony deben stamped 819301
933 9318
4 _
10018
10°014
°
101
88
7714 531 Cuban Am Sugar 1st coil 85.1931 M 5 108 Sale 10712 108
8
994 10112 Cuban Dom Sus let 7%6_1944 NI N 96 Sale 9512
963
8 50
Comb '1' & T lit & gen 6,1
974 Sale 9784
1937 1
81% 86
9814
4
Cuyamel Fruit lit 613 lot ctfe '40 A 0 96
71
77
964 96
9
74
5
Den Gas& E L Ist&ref s f g fis'61M N 9312 Sale 93
844 89
9312 18
Deny Corp(D 0)101 s f 73_1942 M S 8413 84% 82
77
85
77
34
83 867 Detroit Edison lot coil In 55.19331 J 10113 Sale 10112
s
102
814 8512
lot & ref 5. Series A_July 1940 M El 102 Sale 102
1024 27
Gen & ref 55 Series A
894 89%
1949A 0 9813 Sale 9818
9884 35
lat &ref 6s Series B._July 1940 NI 8 1073 Sale 10734
8
1074 43
95 4 9712
1
684 5712 Det United lit cons g 4 As_ _1932 J J 893 Sale 893
8
8
9014 35
983, 10113 Dodge Bros deb 6s int rct5._1941 M N 98 Sale 967
8
98
/ 664
1
4
Dold (Jacob) Pack let 68_1942 M N 7914 84
84
844
3
7912 03
Dominion Iron & Steel bs--1939 J J 5853 Sale 583
45
46
6
583
8
6
9014 96
Donner Steel let ref 76
95
.1 92
1942 J
93
9312 18
10014 1041 du Pont(RI)Powder 494e._l936 J D 943 95
8
96 July'25 _
8114 864 duPontdeNemours&Co 7945 1931 M N 1064 Sale 10618
1064 33
/
1
793, 102%
Registered
_e e
M N 103 s _l_ _ 1074 June'25 _ _
100 10138 Du ue1 1st a coil Ss__ _1949 J J 1063
esn
10514
6
1063
6 41
993 101
8
1st coll trust 5%a Series 11_1(449 J J 1041 105 105
8
105
6
99 4 99
1
% East Cuba Sug 15-yr of g 7345'37 M $ 105 Sale 1033
4
105
47
81
Ed El 11111kn let con g 4g___1939 J J 90
93
93 July'25 __
68
Ed Elea III lit cons g 5s___1995 J J 10213 _,--- 103 July'25 _ _
72
78%
62 6712 Elea Pow Corp(Germany)6 As'50 M S 873 Sale 8613
6
88
35
/ 99
1
4
102 10 4 Elkhorn Coal6% noted
1925 J D 98
983 July'25 _
4
3
82% 874 Empire Gas & Fuel 794e._...1937 M N 1044 Sale 10313 1043 171
8
77% 814 Equit Gas Light let con 58..1932 M 8 100_ 10012 May'25 _
3
82 874 Federal Light & Tr let 193_1942 PA 8 19112 11 93
13
93 8 20
7
let lien 66 stamped
813
4
76
0 003 10 4 102
8
4
102 8 10
1
30-year deb 613 Set B
1°42 61
J 954
93 93
931
8
2
85 8713 Federated Metals a f 76
1939 J D 10058 1o1 10018
1004 14
8
944 1027 Fisk Rubber lit of Se
1
1941 M $ 113 8 11434 113
1131
8
7
Ft Smith Lt & Tr let g ba_ _1936 M 8 823 Sale 8118
4
3
13 64
823
4
8
4
6% Frameric Ind & Dev 20-yr 794s'42 J J 931 9334 9312
9313
8
9814 103
Francisco Sugar 1st af 7145 _1942 M N 1064 106% 1061
1
1061
904 103 4 Gas& El of Berg Co con/ g 581949 J D
3
9813 Feb'25
Gen Asphalt cony (is
4
973 102
/
1
4
1939 A 0 103 Sale 1033
8
4
103 4
1
95% 99 4 General Baking let 25-yr 6e.19361 D 1041 lost4 1047 July'25
/
4
3
_
914 96% Gen Electric deb if 3As
1942 F A 8612 ____ 87
87
1
108 10811
Debenture 5.
1952 M $ 10734 Sale 10714
1073
8 20
Gen Refr 1st s f g lis Fier A---1952 F A 101 102 1014 July'25
98 100
German Gen Elee 7sAan 15 1045 J J 934 Sale 93
9113 98
93 4 98
,
954 99% Goodrich Co 694s
1947 J 1 10414 Sale 10314
104 4 72
,
8
ld.
1033 10812 Goo(1
re & g ge lit ii I 1941 M N 121 Sale 120 4
deb Rub
3
12114 59
991010412
Vear s
arT
d1931 F A 110 Sale 110
e 88
1103
964 97% Granby Cons M 8& Peon 6+3A'28 IS N 10018 102 100 June'25
Stamped
8
8
1928 IS N 1003 ____ 1004 July'25
903 95
943 115
8
Gray & Davis let cony a f 78_1932 F A 92
93 9212 July'25
8
100 10214 Gt Cons El Power(Japan)75_1944 F A 903 Sale 00
9058 45
9413 984 Great Falls Power lit if 5(8_1940 M N 10112 102% 10112 July'25
_
Hackensack Water 1st 4s
101 105
8
1952 I 1 851 Sale 85%
86
9
125 13613 Havana El Hy L & P gen M A '54 M $ 94
944 9312
/
1
54
941
Option tale.
'IT:
-
Low
High
92
12 98
44 634
43
53 4
1
994 102
993 104
4
94 1004
91
944
9514
91
91
85
91
94%
/
4
1011 10313
97
/ 98 4
1
4
1
18
25
1512 22
9734 10014
102 105
103 107
10212 106
10014 103
10018 10114
934 97
90
94
93% 9712
8913
85
93
96
7013 85
95
9613
97 10114
68 79
674 78
901 96%
1
991 103
1033 10613
4
/
1
4
82 92
8
617 71
80 81
92
92
121 128'4
8113 90
8113 89 4
1
9914 102
155 176
10714 110%
914 93%
84
91
864 92
933 99%
2
98 10112
1063 10
4 413
90
9513
963 10014
4
1004 1024
93% 97
97% 1014
110 116
981 1014
4
7514 88
105 1114
9814 1044
1004 105
80
90
87 3 99
7
80
84
82 82
1004 102
100 101%
9 4 14
1
9813 99%
7112 T74
4
98 1013
97% 1031
10114 104
4
90% 9213
89
93
784 90
1014 106
1004 106
82 994
13
92% 1001
9034 100
74
89
93% 98
9914 1024
107% 110
954 98%
97 1014
96
994
9211 97
76
85
998 1024
4
9912 1023
4
973$ 1013
4
106% 10
84
sd
93%
9413 9918
89
8814
60
58%
881 9
4 4
904 9
5
106 10813
1074 1074
104% 10714
104 106
103 1067
8
89 961
4
994 103
861 884
97 100
974 105
993 10013
4
88
9614
964 103
943
8
93
9973 107
108 115
764 823
4
894 964
1034 10613
0818 984
101 104
1044 106%
83 87
10113 107%
100 10212
92
941
8
10084 10834
119 12112
108% 11012
934 1004
8
9318 1003
92 95
8714 9113
99% 102%
83% 37
864 96%
695
New York Bond Record-Continued-Page 5
BONDS.
,y.STOCK EXCHANGE
Week Ended Aug. 7.
11
Price
Friday
Aug. 7.
Week's
Range or
Last Sale
13
CO
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 7.
Price
Friday
Aug. 7.
Fears
Range or
Lad Sale
13
co
Rama
Maw
Jas. 1
Bid
An Low
High No, Low II101
High
Ask Low
High No Low
Bid
107 1105
_ 11014 July'25
4
4
923 9614 Poop Gas &0 litt cone g 68_1943 A 0 10912
8
943
4
9512
4
Havana E'er, control g be_ - _1952 F A 943 97
9812 15 94 100
Ws 94
10414 25 103 105
1947 M S 98
Refunding gold 5e
Hetuhey Choc 1st s f g 60-__1942 M N 10412 Sale 10418
1044 27 1014 105
983 Philadelphia Co coil tr 68 A.1944 F A 10412 Sale 104
4
98 14 110
98
9814 Sale 98
let M & coll 510 w i___1940 J J
23
/
1
930,100
98
4 1004 10514
15
-year cony deb 53s--19 M S 974 Sale 9712
38
Hoe (It) & Co let 634e temp.19:44 A 0 10314 10312 1034 104
8
99 1024
63
891
79
894 Phila & Reading0& I ref 5e-1973
J 99 Sale 99
/
1
4
Holland-Amer Line fie (fla0_1947 MN 8914 Sale 88
4
91 1054
104
4 55
1004 July'25
9816 1007 Pierce-Arrow Mot Car deb 801943 M S 1043 Sale 10412 122
8
e.--Hudson Co Gas 1st g 50_ -1940 M N 997
5 10258 107
8
10618
4
1931
D 1055 1063 106
994 10212 Pierce Oil s f lls
/
4
Humble Oil & Refining 53451932.7 J 10114 10112 10114 1011 49
10212 13
994 1024
97 1017 Pillsbury Fl Mills 20-yr 6e 1943 A 0 10212 Sale 101
8
10014 109
Illinois Bell Telephone 5s_._1956.7 D 100 Sale 100
9778 June'25
971 99
/
4
97 984
92 4 963 Pleasant Vol Coal let get 50_1928 3 .1
3
7
4
937
3
8
1940 A 0 935 9412 9334
Illinois Steel deb 434s
91
91 July'25
90 94 s
5
874 94
J
9012 9112 July'25
Pocah Con Collieries late f 501957
1938 MN
Ind Nat Gm dr 011 be
10118 1014 2 991s 1024
1013
4 30 10118 10418 Port Arthur Can & Dk Bs A.1953 F A 1011
7014 Sale 1014
.
Indiana Steel 1st 5s
1952 M N
____ 101 July'25
10014 102
-- 92 May'25
1953 F A 101
let M 60 Series B
92 994
ngereoll-Rand lot be
_i935.7
J
4
964 100
993
4 31
11
Apr'25
13
11
Portland Elec Pow let 60 11..1947 M N 993 Bale 99
11
10
Interboro Metrop colt 410_1956 A 0 994-99 4 July'25
3
412 13
9838 100 1
5
1935 J .1 99 100
712 712 Portland Gen Elec let 5s
712 July'25
Guaranty Tr Co ctfs dep
95
961 95
0
2
95
924 9612
612
_
1012 Mar'25
1012 1012 Portland By let & ref 50_ -1930 M N
Ctf dep stpd asstd 16% sub_______
29
8
8414 92
89
5
6814 101
' 6714 Sale 6718
59as 744 Portland By Lt & P 151 ref 501942 F A 88 Sale 871
/
1
Interboro Rap Trail let 5e 1966
4
13
684 132
94 1004
99
6712 Sale 67
69 7312
1947 MN 983 9914 99
let i & ref Be ser B
Stamped
3_
5 1054 107
107
107
694 Sale 70 •
7112 26
614 80
let & refund 714e See A1946 MN 1065
-year 66
10
1932
101
4 101 105
90 Sale 8918
86 95
90
PA N 101 1412 101
91
Porto Rican Am 'Fob 8s
1931
10
-year cony 7% notes.... 1932 M S
93
9312 9312
9312
7
9214 97
773 7712 July'25
2
67
78 4 Pressed Steel Car 58
3
Int Agile Corp 10t 20-yr 5e 1932 M N 75
104 115 4
1
/
1
4
7014
8
33j .1
9
1 3
)
'
Prod & Refs f 8e(with war'nts9 1 .,1 73 112 113 112 July'25
624 72
Stamped extended to 1942_
M N 6934 707 69
11078 Sale 110
/ 1104 163 110 113%
1
4
/
1
/
1
4
83 Sale 82
/
1
4
49
837
3
Without warrants attached... J 17
9234 914
Inter Mercan Marine e f be 1941 A 0
4 1043
911 65
4 73 103381051.
/
4
872 94
2
Pub Serv Corp of N J gen 50_1959 A 0 10434 Sale 1043
International Paper 58
1947 J J 90 Sale 90
9858 30
95 99 s
84 Mar'24
5
045 4 F 0 9714 Sale 974
41c., 4 A
---Secured g Bs
lst&ref6eB
19473 .7
10212 Sale 10253 103
26
98 1051
.
5
95 Sale 95
/
1
4
4
96
98
9614 208
Pub Sere Elec & Gas let
,
1955 m
Ref 0 f 60 Ser A temp
103 Sale 1024 103
15
99 s 105
5
88 10712
1st & ref 5540
1964 A 0 10612
lumens Works 68(Hai price)j947J J 105 Sale 9934 10712 132
Sale 10612 1065
8 27 10211 107 4
8
1
855 101
8
9812 47
Pub Serv El Pow & Ltg 68_1948 A c)
Kansas City Pow & Lt 56-.1952 M S 977 Sale 9778
10414 1053 104
8
/
4
1043
4
/ 23
1
4
7 1024 1074
984 10312 Punta Alegre Sugar 7s
HEIM!! Gas & Electric 6a
1952 M 13 10112 Sale 1011 102
8812 Sale 88
8612 92
104
2 1014 10413 Remington Arms (is
Kayser & Co 7s
1942 F A 104 10412 104
8
8
9
54 9311 98
84 2
4
10212 19
oo 103
93377 A O
9
gey_springfield Tire 8s _A932 M N 10212 Sale 102
Repub I & El 10-30-yr 511 81_ 11940 ".1 N 95 Sale 945
3 9112 Sale
9138
92
45
4
4
903 94
4
4
913
6
913
Ref & gen 514s ser - ^
Keystone Telco Co let 50_ _ _1935 j J 913 92
0212
82
885
8 16
103
99 103
884 90
8
Rime Steel 1st is
A11':
- F53 ! 8814 Sale 8804
5'5
Kings County El & P g be_ _ _1937 A 0 103 Sale 99
;
4
6212 73l
19523 D 6118 6738 624 July'25 -Purchase money fis
11412 12014 Robbirui & Myers a f 7s
1997 A 0 11612 - - 119 July'25
765 8 51 7812 July'25
5
.75
7914 Rochester Gas & El 7s ser 13_1946 MS 1104 11114 11034 110 s
7 110 11114
Kings County El 1st g 40_ _ _1949 F A
4 1031,106',
78
/
1
4
Gen Mtge 53400011es C_ _ _1948 M S 10312 10414 10312 1044
Stamped guar 40
74
80
1949 F A 78511 Sale 7858
- - 90 Aug'24
89 10114 Roch & Pitts Coal & Iron 50_1946 MN 91
99
23
Kings County Lighting 55_1954
J 9734 Sale 9734
4- 12 6114
61
6112 10 - 4
1074 109 1074 July'25
6
Rogers-Brown Iron Co 7e
1942 M N 61
1959
103 8 10813
5
640
8512 92
27
92
4
91
8
1 1042 108% St Joe Ry Lt Ht & Pr 5e_ _ _19 7 M N
1924 A o
3
1930 j D 1063 10712 10612 10612
Kinney Co 71411
_ 955 July'25
9512 95 s
7
3
93
18
893 904 St Joseph Stk Yds let 4;45_1930 .1, .1
e
Lackawanna Steel be A
1950 M 8 92 Bale 91
9578- 8
771 87
8
7814
785
8 35
084 1017 St L Rock Mt & P50 stmpd _1955 .1 j 7713 78
of St L ref&ext 58_1934 A 0 1005 ____ 10012 10012 26
8
Lao Gee L
9914 Sale 99
74 8112
81
Feb'25 - -997 163
8
Coll & ref 5340 Series 0-1953 F A
9514 102
St Louis Transit 511
"el 'if' 95
95 97
9914 9612 July'25
97
95
Lehigh C & Nav f 434e A 1954 J J 95
9554 100
St Paul City Cable M
99
/
1
4
91 9312
9912 14
Lehigh Valley Coal let g 58_1933 J J 100 101
193 F 3 911k Sale 91
7
994 10112 Saxon Pub Wks(Germany) 75'45 j A
107 Sale 10634 1014' 7
895 Sept'24
8
9
7
9 104 109
2
-year int red to 4%..1933 2
Saks Co 70
lst 40
103 10312 104
9910 104
4418 July'25
104
1
ggi2 441 Sao Antonio Pub Ser 6s_ _19 7
Ave & P F let gu g 5e_ _1993 M S 4212 60
92
521
4
Lex
10612 107 10614
5
3 105 s 1074
10614
19
Liggett & Myers Tobacco 70_1944 A 0 11913 Bale 11718 11912 10 116 19038 Sharon Steel Hoop let Si sec A'
11714 1173
3
3 105 1074
2 1174 1173 Sheffield Farms 634e
4
Registered
JI :j
MM 0 107 10714 1064 10712
A
A 0
90 95 4
4 10012 21
3
9153 30
972 102
4
Sierra & San Fran Power 56_1949 F A 9018 9134 91
1951? A Too dale 991
fie
88 95
93
69
1 1144 11753 Sinclair Cons 011 15
-year 78_1937 M 83 92 Sale 92
Lea[Bard Co (P) 7e
1944 A 0 11512 116 11512 11512
115 Mar'25
578 10444 1184
Registered
let in coll tr 68 C wlth warr 1927 .1 D 107 Sale 1064 107
115 115
A 0
87h Sale 8712
04
95
881
52
7
8238 90
9811
let lien 6340 Her D
95
a.
1951 F A ---- 954 95
0
991.101
a
9612 57
mpg 993 Sinclair Crude 011 3-yr 60 A 1938 F D 1004 Bale 1001s 1001± 125
4
Louisville Gas & Electric 58-I952 MN 953 Sale 953
928 I A
'
10014 §ale 100
_ 9212 93 July'25
12
1001
69 100
Ry let 000 58
946 A A
Lontsv
3-yr 6% notes B Feb 15_1922 F 0
1930 J
9114 9313
85 Sale 85 4
/
1
4
5
874 58 8288
Lower Austrian Hydro-Elec CoSinclair Pipe Line be
8518
4
11153 227 1064 1204
1ete1610
854 8612 Skelly 011634% notes
1944? A 8518 8514 854
1927 A 0 1094 Sale 1094
10414 1041 10414
10012 Sale 10012 101
1044
23
1 102 105
99 102
Mania! Sugar 710
South Porto Rico Sugar 78-1941 J D
1942 A 0
/
4
635
8 52
99 1024
67te 64
/
4
3
Manbat Ry(NY)eons g 48_1990 A 0 63 635e 6234
South Bell Tel as Tel lot e f 561941 j .1 1011 Bale 10138 1011
9912 Sale 9912 100
533 Sale 5334
4
533
4
964 1014
2
177
2548
61
be
S'weet Bell Tel let & ref 50-1954 F A
201131)
93 4 994
1
9
9812 21
.1947j j 9812 Sale 9812
Manila Electric 78
9714 1023 Southern Colo Power 60..
4
1942 M N 101 Sale 10012 101
965 984
8812
5
Manila Elec Ry Lt s I 56_1953 M 13 8912 Sale 8812
85
92
Spring Vol Water g 5.5
1948 M N 10014_ 9812 June'25 _ _ _
901g 27
9912 104
10038 1005
8
Market St It)' 70 Series A
3
9712 100
Standard Milling let be
1930 M N
1940 @ 3 99 Sale 984
A 10314 1931j 10314 104 4 10 10112 1013
3
29 105 108
Steel & Tube gen a f 7s Ser C 1951 J J 108 Sale 10712 108
MetrEdlst&refg6eSerBl953F
/
1
4
943 9518 9434
8
0412 974
9518 10
99
9112 97
1
92
lst&ref6sSerlea0
5
4
1
Sugar Estates (Oriente) 70_1942 M S 94 Sale 54 2 1009412
19533
__ 102 102
92
1021
93
93 99
3 1004 104
metropolitan Power es
90
Superior Oil lots f 78
19533 D
76
6878 July'25
0
474 100 4
687 80
8
Met West Side El (Chic) 481_1938 F A 70
Syracuse Lighting let g 53_21951 FA4 9918 100
929 JD
lows 102 4
99
186
3
Mid-Cont Petr let 6 Ms_ _1940 M S 9814 Sale 984
9514 994 Tenn Coal Iron & RR gen 58_1951 j .1 101 1031 1014 July'25
91
100 July'25
100 102
52
Midvale Steel dr0cony s f be 1936 MS 904 Sale 9014
871s 934 Tennessee Cop let cony 65_1960 j j 100
192 MN
8
100
1 100 10112 Tenneesee Elec Power 1069_194 3 D 10214 Bale 10214
99 4 10
1
414
103
11
Milw Eleo Ry & Lt COM g 58_1926 F A 100 1005 100
9614 July'25
5614 Sale 56
5811
51
Refunding & exten 410_1931 J .1 9512 96
5612 49
95
965 Third Ave let ref 4s
4
98
3414 501
4
41
25
9
General 50 A
94 100
Ad) Inc 5e tax-ex N Ya1960 A 0 4018 Sale 40
D 98 Sale 9712
1951
8814 89
8812
9534 944 July'25 85
89
932 96
s
10
844 924 Third Ave By let g 56
193 j j 94
let 5s B
1961 J D
/
1
991
5
32
21 10134 104 1
985 104
4
71de Water 011 10-yr 6340_193 F A 1014 Sale 10134 102
10t & ref g Se Series0
1953 M S 9912 997a 99
993
8 81
Milwaukee Gas Lt lit 4e_ _1927 M N ,9938 Sale 99
e
1941 M S 108 109 10838 1087
6 108a2 110
964 9 4 Toledo Edison let 70
93
991
3
9814 1005
4
27
9812 30
Montana Power let de A
1943 J J 9918 Sale 9878
975310053 Toledo Tree Lt& Pr 6% note/'2 F A 984 985 984
88 100
97
94
9812 Trenton G & El let g 58
39
Montreal Tram let & ref 55j941.7 J 96 Sale 96
1949 M 8 98- 100 July'25 ____
/
1
4
83
81
7
_
0
624
41
6218 10
Morris & Co lets f 4 Ms_ _...1939 J J 8258 831 82
7812 845 Twenty-third St By ref 58_.1962 1 J 614
11
9213
89
___
7718 Mar'25
89
4
9 12 JAne;,
89
2
n 25
,
mortgage-Bond Co 48 Ser 2_1966 A 0 78
77
774 Undergr'd of London 434o,19333 J 913
963
4
864 1
9
3
-25-year 50 Series 3_._1932J J 964 Sale 964
9538 9712
10
Income 68
1948.7
9412 994
98 1
Murray Body let 6740
20
96
974
/
1
4
965 1004 Union Bag & Paper ltit M611.1942 MN
8
19343 D 99 Sale 98
993 102
4
9812 July'25
19112 1310al1e 101
0
6
12
101
12
9511 9812 Union Elec Lt dr Pr let g80_1932 M
Mu Fuel Gas lst gu g 56.-1947 M N
981 101
4
101 June'25
8
met tin gtd bonds ext 4%..1941 MN -555
994
977 101
8
8
Ref & ext be
1933 M N 9914 Sale 994
Nassau Elec guar gold 40 A951 J
60 - - 6014
61
607
8
10014 101 10012 10114 13 100 104
,
574 64
1st g 534e aeries A
19643
4_1929
9918 ___- 9912 May'25
71
77 1
.
7712 76 July'25
_
/
1
4
98
993 Union Elev By (Chic) 54_1945 A 0
4
Nat Enam & Stampg let 5
9458 29
86 11' '
99
/ --- 99 July'25
1
4
National Acme 7340
/
1
4
1931 J D 9412 Bale 9414
80 9453 lJnion 011 lst lien s 1 5s1931 J
985 July'25
8
_
-year deb 5e1930 I .1 9658 99
10414 13 10241
Nat Starch 20
9883 10112
39-yr Bs Ser A
May 1942 F A 10414 10412 1044
101
National Tube let be
102
1 1003 103
/
1
/
1
41
1962 M N 101 102 101
4
Union Tank Car equip 7s___1930 F A 1004 101 10212 July'25
8_- 984
983
4
100141
104 Sale
Newark Consol Gas 5e
5 9812 101
19483 D 997
20-yr 6s_Oct 151944 A
10034 16 9954 102 United DrugGM let s 1 Be..1936 J 0 10034 Sale 1041 10412 50 us 102
New England Tel & Tel 56_1952 J D 100 Sale 100
100
/ 10112 15
4
United Fuel
N Y Air Brake let cony 63_1928 MN 103 104 10212 July'25
10113 1045 United Rye Inv 5s Pitts issue 1926 M N 9914 99
4
/ 9914
1
4
99 4
3
3 99 1004
7912 79
7912
-year let g 414...1951 F A 79
4
991
7754 815
N Y Dock 50
4
/
1
4
99
/
1
4
1
,1001.
Stamped
99
/ 99
1
4
/ 99
1
4
11438 32 112 11512 United Bye St L let g 48.___1934 3 J 68
N Y Edison let & ref BIM A_1941 A 0 11338 Sale 113
69
/ 693 70 July'25 ____
1
4
744
4
/ 1004 37
1
4
/
1
91
954
lit lien & ref 55 B temp_ _1944 A 0 10014 Bale 99
994 102
94 Sale 94
United 88 Co 16-yr Se
94 1
12
1937 MN
/
1
4
N Y Gea El Lt & Pow be_ _1948 J D 10314 103 1034 10312 13 10012 10412 United Stores Realty 20-yr 60 '42 A 0 1034 Bale 10314
103'2 24 10212 105
88 8 37
7
85
los
Purchase money g 48
1949 F A 8812 Bale 8812
85
90 4 U 8 Rubber let & ref 50ser A 19473 J 8812 Sale 88
3
883 164
4
/
1
4
10012 10012
N Y L E&West C &RR 5 Me 1942 M N ____ 10218 100 Apr'25
10-yr 734% see notes
4
23 1044 108
1930 F A 10612 1063 10638 107
N y Q El L & P 1st g 5e__ _1939 F A 100 10014 100 July'25
994 10054 US Smelt Ref & M cony 68.1926 F A 101 Sale 10058 101
1
9 100 6 102
7e 49 July'25
N y Rya
R E & ref 46_1942 J J 3612 53
45
5412 U S Steel Corp(coupon _61963 MN 10534 Sale 105
8
lOS's 153 10414 1061
43
5012 4912 July'25
Certificate/ of deposit
425 54
8
1034 1054
if 10-60-Yr 5alregleterer141963 MN
Bale7
105%
85
434 512 5 July'25
/
1
4
go-year *di Inc 5e_ __Jan 1942 A 0
418 6
831e 914
Utah Lt & Tree let & ref 50._1944 A 0
Julys',2851
5
512 512 July'25
4 Utah Power & Lt 1st 58
CertifIcatee of deposit ______ _
_
91
984
3
7e 53
95 Sale 94
1944 F A
95's 42
2818 -266
__Jan 1965 - - 2712 Sale 274
274 325 Utica Gas& Else ref & ext Sc 1957 J 1 100 Sale 100
9814 102
8
/
1
4
N Y Rye Corp Inc
10083
6
8
100
1951 M N 100 1007 100
1
53
N Y & Rich Gas let Be
57
9912 10212 Victor Fuel let if 58
65
1953 J J 53
57 June'25
15
61
Rye 1St eons 4348_1962 MN 61 Sale 58
73 100 s
58 6814 Va-Caro Chem lot 7s
1
Y State
16473 D 101 Bale 974 10038 420
/
1
56
63 Apr'25
Registered
M N
7112 100
63 63
Certificates of deposit
9912 Sale 0712 100
89
_
1962 M N 8514 8612 8712 July'25 ____
68
8712 97
let con 634e series B
98
96 Sale 93
Certificates of deposit stmpd . _
96
62
8
43 824
974 104
Y Steam let 25-yr6sSer A 1947 MN 103 Sale 1024 103
80 Sale 7814
8114 189
7540 with & without war._1937 3
4
973
4 94
424 8114
Y Telep let & gene f 430_1939 M N 963 Sale 964
Certife of dep without warr _
793 Sale 7714
4
80
23
41
8014
-year deben f 60_ _ _Feb 1949 F A 10878 Sale 10812 10912 122 1055 1991034
9 1
7
89
Certifs of dep with warrants
79 Sale 7812
79
26
-year refunding gold 68.1941 A 0 10634 Sale 10610 1064 48 10618 10812 Va Iron Coal & Coke let g 5e 1949 ni -i3 9012 9111 914
90 9/
20
911
1
9314 99
6 1004 103
9714 24
Niagara Falls Power let 58. _1932 J J 100 101 10012 101
Va Ry Pow 1st & ref fa
1943.7 J 97 Sale 9534
10512 106
8
Jan 1932 A 0 1053 10614
2 1033 10612 Vertientes Sugar let ref 719_ _1942 J D 90
90 944
4
Ref & gen lle
907 90
8
91
20
1097 July'25
e
10412 110
895 9911
3
Num Lock &O Pow let 5s...1954 MN
Warner Sugar Refill let 713_1941 J D 9312 Bale 9314
1
9312
9814 29
7712 1171s
974 100
Is & ref 58 ser A temp_ _ _1955 A 0 98 Bale 9712
Warner Sugar Corp let 7s. ,193.
I 823 Sale 81
8
82
/
1
4
5
10972 July'25
1045 1104 Wash Wat Power s f 5e__1939 J J 10012 ___- 10012 10012
Refunding Be Series A__ __1958 F A
995 1015
8
4
1
2
e
10114 39
10084 fiza-- 100
98 102
Nor Amer Edition as__ __1952 M
967 10212 Weetches Ltg g be stmpd gtd 1950 3 D 10012 Sale 10011 101
s
14
22 100 4 106
5
Secured st g 634e Ber 13__1948 M 13 103 Sale 10278 104
West Hy Coal let 78
5
1944 M N 101 1013 10112 10113
3 10012 102 4
9512 46
9412 94
9218 97
931 100
4
West Penn Power Sec A 58_ _1946 M
984 Sale 987
Nor Ohio Tree & Light Be .l947 M B 94
8
9914 10
95 5
8 27
93 9914
1946 M
106 10614 10414
1051
4
9
let 75 Series D
2 1044 107 0
1‘10( States Pow 25-yr 5e A _ _1941 A 0 9558 Sale 95
A 0 9312 ____ 934 Jan'25
9314 9314
Registered
934s 99
12
1963 M
let 5s Series E
97
974 97
/
1
974
/
1
2
965 9914
s
1s
4
10 15 porr ,
9714
T%ns s ie, 8 Series E_ _1963 IN
5•
1st & ref 25-yr 60 Ser B._ .1941 A 0 1054 Sale 10312 10518 12 103 1077
_
9678
4
10712 Jan'25
A
10753 107
Northwesen Bell T 1st 70 A.1941 A
5
1950 j
9 A
53
961* 9712 104
1053
4 10 100 4 1054
j
02.1933
9618 974 9712 July'25
944 98
8512 96
West Va C & C let 68
8614 Sale 8512
North W T let fd g 4Ms
88
14
4 108 1124 Western Electric deb 5e--1944 A 0 9978 Sale 9978 IOO1e 83
98 101
Ohio Publle Service 754s A 1946 A 0 11158 11212 11118 112
/ 11114
1
4
iet&ref7sSOrleBB.. 1947 F A 11012 Bale 110
3 1073 11112 Western Union coll Cr cur 58.1938.7 J 10012 1014 l004 10113 14
8
991s 102
1024 10
9812 104
925 97
s
River Edison let 68-1948 J J 10012 Sale 10014
Fund & real estate g 4340_1950 MN 96
9614 97
97
1
Ohio
/
1
97
1944? A 9612 Sale 964
28
96
99
1936 F A 11138 Sale 11012 112
15
-year 8Sis g
21 1094 1124
Old Ben Coal let tie
9914 Sale 99
994
9
3
98 1004 Westinghouse E & M 72___ _1931 MN 106 Sale 10558 1063
1
Ontario Power N F let be_ _1943 F A
66 1035 1084
994 July'25 __ _
1945 M N 964
91
76
97
992 Wickwire Span Steel let 7s_ _1935 J J 847 Sale 83 July'2
4
8
Ontario Transmission 88
105
1941 F A 105 Bale 104
764 88
21
95 4 105
3
4
Certificates of deposit
77
845 87
87
8
Ow Steel Ss
10012 40
76
81
4
895 101
1
80
7
Certittcates of deposit stamped MN 791 slug 774
14
UK 25-yrs f g 730 Ser B 1947 F A 1004 Sale 100
gbh 71
9912 10212
8
934 99
Willys-Overland a f 6 Me_ _ _1933 M S 10172 Bale 10112 102
28
Pacific G & El gen & ref 6e_ _1142 J J 945 Bale 9438
4
A 983 Sale 983
4
983
914 9913
9
8 100
94 02
8
Wilson & Co let 25-yr e f Be_1941 A 0 987 Bale 98
9914 86
/
1
4
pie Pow & Lt IstAret 20-yr 50'30 F J 1005 Sale 10012 10 4 17
8
1937
93
96
083 35
Registered
88% 93 Feb'25 _ _
Pacific Tel & Tel let 5e
967
8 95
1952 M N 9612 Sale 96
55
7612
924 10012
1928 J D 6812
70
20
10
-year cony s f Be
70
Ref M bs series A
10618 36 1041s 107
A 105 Sale 105
53
75
1
Certificates of deposit
7012 Sale 7012
70'z
Pan-Amer P & T 1st 10-yr 7e 1930 F
108
9
5
4
417 103 1184
1934 M N 1063 Sale 10618
534 77
13
91931 F A
10-yr cony a f 714s
Cony f 6s
Sale 94
94
59 8 744
3
91
99
3
2
68'2 S73
70
ale 69%
70
693'
70
Certificates of deposit
park-Lex et leasehold 6340_1953
10014 -_ 10014 June'25 96 10014 Winchester Arms 714e
1941 AC- 102 Sale 10118 102
0
21 10014 10214
Pat & Passaic G & El comb/ 1949M S
9514 100 1
5
Young'n Sheet & T 20-yr 6/1_1943 J J 9912 Sale 98 4
3
99
/ 177
1
4
Jig
a Due Jan. 0 1)ue AprIl
p Dee Dee. r 09iloo sale
696
BOSTON STOCK EXCHANGE-Stock Record see
B :t Page
:e I i
rc
)
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
Aug. 1.
Monday,
Aug. 3.
Tuesday,
Aug. 4.
Wednesday, Thursday,
Aug. 5.
Aug. 6.
Friday,
Aug. 7.
Sales
for
the
Week.
Range for Year 1925.
PER SHARE
Range for Presto's
Year 1924.
Lowest
STOCKS
BOSTON STOCK
EXCHANGE
Highest
Lowest
Highest
/
1
1644 Jan 7
86 Jan 2
9812June 11
11512June 11
102 Jan 9
2512 Aug 3
2712 Aug 3
32 July 25
487
8July 24
43 Aug 3
62 Aug 1
180 May 28
39 Feb 11
71 Apr 3
6212 Jan 12
48 Mar 10
38!!July 17
3614 Feb 25
78 Apr 9
123 July 30
111 July 7
6312 Jan 2
96 June 26
145 Mar
/
1
4
711 Aug
/
4
8714 Dec
107 Dec
02 Sept
812 Jan
Jan
12
13 June
1712 Jan
16 Feb
23 Jan
43 Jan
18 May
5812 Jan
48 May
28 May
25 June
Jan
14
62 Jan
Jan
80
7212 Jan
34 Mar
Jan
70
164 Dec
85 Dec
9614 Mae
11614 Jan
10114 Dec
2514 Nov
264 Nov
/
1
3714 Nov
• 48 Nov
41 Nov
62 Nov
172 Nov
3812 Dec
71 Dee
6112 Nov
4614 Dee
3712 Apr
334 Dec
81 Nov
108 Nov
98 Nov
64 Nov
9318 No.
414 Jan 7
1934May 7
14334June 18
793
4July 20
77 July 25
1512July 8
13 Apr 28
108 May 12
414 De!
1 Nov
/
1
4
Jan 20 Dec
12
121 June 13413 Dec
Jan
57
/ Oct 83
1
4
69
Oct 79 Aug
13 Aug 15 Feb
6 June 1014 Jan
100 Dec 108 July
Jan
M2 Dec .2 1s Mar
2018 pee 2
0
8
2413 May 35 Sent
Jan 8813 flee
84
Railroads
160 160
236 Boston & Albany
100 156 Feb 18
79
79
283 Boston Elevated
100 7514 Mar 17
12 Do pref
100 92 Jan le
-14
55 Do 1st pref
114- 1 - .100 109 Mar 31
112 Do 26 pre
100 100
100 94 Mar 20
24
2412 3,445 Boston & Maine
100 10 Apr 17
245 Do pre
100 1112 Apr 24
-2072 161- 1,791 Do Series A let pref
2
100 17 Apr 27
384 Do Series B let pref_ _..100 29 Apr 27
575 Do Series C 1st pref...._100 25 Apr 25
211 Do Series D 1st pref
100 3512 Apr 25
iiii- iiii78 Boston & Providence
100 167 Feb 26
31
448 East Mass Street Ry Co_ A00 29 July 21
31
Do 1st pref
100 60 July 31
Do pref B
100 57 Jan 23
400 Do adjustment
100 3712 Aug 3
725 Maine Central
36 -- -13 4
6
100 23 May 27
333 3412
4
773 N Y N H dr Hartford
100 28 Mar 30
Northern New Hampshire_100 70 Feb 16
10 Norwich & Worcester pref_100 100 Jan 13
43 Old Colony
100 96 Jan 2
Rutland pre!
100 4514May 1
*94
*94
16 Vermont & Massachusetts_100 87 Feb 24
8
7
_
*94
*E12 251
Miscellaneous
291 Amer Pneumatic Service..
34 314
3.j', 34',
312 312 '
5318 35
.25
314 314
212Mar 25
8
3
4 3
4
•18
1812 1812 1812 18
18
18
670 Do prof
1712 1812
183 183
2
2 18
50 1612 Mar 25
13714 138
139 13912 139 1397 139 13912 139 13914 139 13912 1,483 Amer Telephone & Teleg._100 130 8 Jan 2
4
7
74
74
7112 74
7212 7312 73
92
4,796 Amoskeag Mfg
73
72
7352 72
No par 6112May 6
•---- 76 •
Do pref
76 '76
'76
par 7014May 11
1
1412 ____ *1412 ____ *1412
Art Metal Construe, Inc.o
"1412 ____
N
14 Jan 16
•1012 11
*1012 11
25 Atlas Tank Corp
10
10
---9 3 Jan 6
7
*10512 10612 *106 107
95 Boston Cons Gass Co pref. ..100 103 Jan 17
10612 1061/
10612 10612 106 106
N. "
o
Boston Mex Pet True_ _No par
2512 2512 2584 253
5 7
27
2812 _ - ;6 76 Connor (John T)
4 2411 27
4 253 257
4
o 2512 253
10 20 Jan 26
470 Dominion Stores, Ltd.._No par 2814 Jan 30
55
56
54
55
8
44 ---- 4O18
*95 100
Do prat A
---- -99 June 12
100
5212 23
*212 234 5212 234
100 East Boston Land
4
212 212 *212 3
112 Apr 30
10
- 100 Eastern Manufacturing._ 5
4 414
5
*33
4 4
33
4 33
*33
4 533
4 4 1
4 412 53 4 414 *43
July 29
5412 55
2,070 Eastern SS Lines, Inc
54
56
53
5412 54
5412 557
8 5412 5478 54
25 42 Mar 9
393 353
4
4 3912 40 1 *3912 49
3912
39
880 Do pref
*3912 40
35 Jan 15
20 181 preferr
"93
99
98
*93
*97
98 .93 100
ed
89 Jan 3
206 20718 206 20612 204 206
1,703 Edison Electric Ilium No i
4
205 2054 201 1053 20112 205
200 Jan 5
1.l
1p
2
312 312
37
8 37
53' 4
8
3'
2 312
160 Elder Mfg Co (v t 0)
312 312
'314 4 1
10
318July 1
25 Galveston Houston Elea 100 28 June 10
3212 3212 *3212 3412
*33
34
*3212 3412 34
35
Georgia Ry & Elea
*11814
*11814
•11814
•11814 ____ *11814
100 1153 Feb 27
4
Do 5% non-cum prof. _100 7813 Apr 15
*79
*79
579
*79
3512 3512 3514
4 353 3512 3514 3512 2,050 Gilchrist Co
3514 3514 353
8
No
35 Aug 4
ss 35
793 793
4
4 7812 7914 7814 78 8 1,166 Gillette Safety Razor_No pa
,
80
7918 793
803
8 793 80
par 574 Jan 2
_
4
14
Greenfield Tap & Die
12
14
12
*12
14
____
•12
•12
25 11 May 12
59
58
230 Hood Rubber
62 I 594 61
61
63 "61
59 4 60
3
/
1
52 May 6
Internat Cement Corp.No pa; 5212 Jan 5
'6714 673 -- -No pa
4
-:io
•.30 .40
International Producto_No par .20 July 13
";:io
.30 .30
+154 214 •
Do pref
4 214
100
4 215 *134 214 *13
1 July 13
14 214! '13
Kidd r, Peabody Acceptance
95
____
95
"05
120 Corp Class A prof
95
*95
95
*95
____ 95
95
100 824 Jan 6
64 Apr 10
732
712 7 8
200 Libby, McNeill & Libby_ 10
3
75
8 77
8
4 '7 s 7
5
/
1
4
5738 75
7
/ 7
1
4
/
1
4
73.68
•_ _ _ _ 68 •____ 68 5
68 5.-.- 68
Lincoln Fire Insurance__ _ 20 70 Mar 18
.
4
113 113 -------111 113
/
4
4 113 113 •113 12 .113 12
4
100 Loew's Theatres
4
4
4
25 114 Feb 17
4
732
74
74
73
74
73
73
73
731, 73
73
73
350 Massachusetts Gas Cos.
..100 68 Feb 3
56914 ____ 6912 6912 569
/ 693 -------1
4
4 69
70
60 Do pref.
643 643
4
4
100 6312 Jan 9
193 194 5192 197
•194 196 •194 197 ,•193 195 "193 195
18 Mergenthaler Linotype_ _100 167 Jan 7
912
912 912 •_ _
gip 912
75 Mexican Investment, Inc
10
812 Apr 4
65
66
-66- - 643 6454 65
4
66
66
6612 6512 66
66
943 Mississippi River Power
100 36 Jan 2
94
94
"93
94
*93
*93
95 .93
*9312 95
Do stamped pref
100 8712 Jan 10
478
47
8 47
478 +478 5
4.8 5
8
*478 5
5
162 National Leather
4 Apr 22
10
".60
1
1
.
5.50 .90 5.50 .90 •.60
1t5
.New Eng, Oil Ref. Co. tr ctfs_
.
20 Feb 9
9
9
9
9
90 Do prof (tr etie)
100
5 Apr 7
/
1
4
1143 1143 11412 1148
4
1143 115
4
4
11434 115
4 4,266 New England Telephone 100 99 Apr 21
11484 11514 1143 115
4
2414 2414
_
60 Olympia Theatres. Ina_No par
.24
____ 2414 2414 2414 2414 *2414
19 Mar 18
*3012 3112 *2914 3012
32
Orpheum Circuit, Inc__ 1 253 Jan 16
4
32 '31
*3112 3212 '31
1,322 Pacific Mills
60
4
60
63
6012 593 6012 60
61
61
60
100 5212June 12
61
60
1612
2 1612 1612 *16
25 Reece Button Hole
8
10 153 Feb 24
8
4
*1612 167 *1612 167 *1612 167
•____
214
Reece Folding Machine
2 July 27
•____
21/1
10
Simms Magneto
5
lii- fii691 Swift & Co
/
1
11012 11114 11014 111
110 1104 111 112
100 10914 Apr 22
11012 111
165 Torrington
58
25 4513 Apr 13
58
5712 5712 5712 5712 58
5712 5712 58
*57
68
*4
5
Union Twist Drill
5 June 19
____
5
5
5
5
54
*4
s
-,
4112 41 12 4114 -41.1- il i, _ 2.189 United Shoe Mach Corp
25 405
8 41
413
4July 29
41
4118 407 411 41
2
/
4
28
2814
28
89 Do pre!
25 2612 Jan 13
2812 2812 2812 28
•28
2812 •28
2812 •28
/ 1.125 Ventura Couto'011Flelde
5 1912 Jan 3
2012 203
2114 2112 2113 2114 21
2138 203 21
4 2012 207
4
607 WaldorfSys,Ino,new sh No par
1412 Aug 4
4
4 145 14 4
8 1412 143
,
143 143 •1412 15
4
1412 147
4
8 Jan 6
Waith Watch CI B com..No par
17 •__ _ _ 18
*1512 1712 •1512 1712 '15
17 "15
101 Do prat trust ctfs
51 ii"
100 1714 Jan 3
35
35
32
34
32
34
35
85
Do prior pref
100 65 Jan 6
82 82
85 '80
*82
*82
85
"82
85
4 255 12412 2518 -243 - ; - 7,760 Walworth Manufacturing. 20 1634June 2
2534 27
26
27
2512 2614 2412 26
4 1,260 Warren Bros
ao 37 Jan 2
484 4812 483
le48
485
461 473
8 48
4812 4712 48
4 48
4
/ Jan 10
1
4
101 Do let pre!
50 37
/ 403 4054
1
4
4012 4012 4012 4012 *4012 ____ *4012 403 *4012 40
4
8tif
Do 26 pre ning
50 494 Jan 17
541
*41
'41
*41
____ *41
•160 161
78
7814
*9312 _ _ _
•11112 112
161 161
.781s
59312
*11112 112
160 160
160 161
160 160
7818 7814 7814 79
783 7914
4
*9312 933 933
4
5933 ____
4
4
112 112
11212 113
11212 11212
9914 9914 *9914 ____
9912 100
-2,- 4 I4 825
111
-72512 243 2514 2412 2434 24
4
2412
27
27
26
2712 2712 2712 526
27
26
26
3112 31
31
3114 31
3138 3012 3012 30
30 3
2
4758 4754 4812 4812 48
4834 48 48
48
48
42
42
4218 43
4212 4212
4112 4112
6014 62
*61
62
61
61
61
61
60
60
+179 ____ *179 180
180 180
180 180
180 180
*3012 3112 30
30
2914 31
31
3112 530
3112
*61
64
*62
65
*62
65 '62
65 '61
6.5
_ _ 58 5758
58 *z55
58 *x56
58 "z55
58
3812 3712 3712 3812 39
538
39
3912 39
39
35
36
35
3512 3512 3512 36
3712 36
3612
3414 33
331 3553 34
8
/ 34
1
4
335 3414' 3312 344
8
76
76 $_-__ 78 . 576 ____ *77
80 '77
80
•
-__ 123 5____ 123 •--- 123 *____ 122
118 118
•10612 10712 10612 10612 •107 10712 10712 10712 5107 10712
.40 •.10 .40 +.10 .40 *.14 .40 5.14 .40 5.14 .40
.18 '.10 .18 *AO .18 •.10 .18 •.10 .18 *AO .20
4
112 112
112 *112 134 5112 13
1
% 1%
4 *112 18
1114 1138
1114 1034 11
11
1114
103 103
4
4 1034 11
4
313 32
30
*29
30
2914 2912 2912 32
•29
30
2
1412 1414 1452 145s 148
/
1
8 147 1514
a
4 145 1454 144 147
.
.25 .30
.90 .90 •.20 .25 5.20 .25
21
2012 2038 203
11 2
-14 2012 203
213
4 207s 21
4 20
.05
.05
.05
.05
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*314 32
4.
314 314
314
8
314 *314 3 4
312 37
312 312
,
*.85
1
1
•.80
1
•.85
*.70 1
•.70
1
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1
•.50 .80 •.50 .80 ".50 .80 ..50 .80 •.60 .80 •.60 .80
1814 1912 197s 21
19 4 1814 1914 1812 1812
1912 203
,
4 19
112 *112 15
112
•112 1 4
'112 1 4' *112 13
4 •112 13
,
,
4
139 13912' 13812 140
1363 138
4
13734 13812 138 13812 '140 144
98
98
99
9812 9812 +07
98
*97
*97
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99
13
111 12
/
4
12
12
12
1314 1314 13
13
144 13
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114
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11
/
4
1
1
1
1
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31
14 •1
114
.90 .90 •.90
•.90
114
.90 .90 •.65 .90 *.75 .90
114
112
•118 112
112
118 *Ds
1
1
.118 112 •118
112
13
4
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184 5114
13
4 •114
114
13
4 214 '
4 •114
1 4 *13
,
4 2
*153 2
•153 2
*138 2
515
"13
4 2
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.60 .60
".50 .70
.50 .50 •.60 .80 '.60 .80 i+.75 .70
112
132 • 8
*111 13
13
4 *112 13
132
4
13
8
112 *112
17
8
8
4 317 3212
4 3012 36
3012 3012 30 303
3114 313
3012 32
8 20
193 20
4
1912 1912 1012 193
1912 20
20
1912 20
•.10 .20 5.10 .20 5.10 .15 •.10 .20 •.10 .20 -------3112
31
3112
3112
__ _
45 *AO
*240
45 •340
45 *340
43 '40
43
45
*434 5
46
8 43
4 *43
2 478
4
43
4 43
43
4 43
4 *453 5
1,4
1,
f
1
11 4
X
1
1
115
114 •118
1
118
118
5.60
1
5.60
1
5.60 .90 •.60
5.60 .90 5.60 .90
1
418
19
*1812 1912 •183 20
1912 1912 5194 20
4
1912 20
'5 4 6
5
•511
4 5
4 6
'534 6
*554 6
*53
*53
4 6
12
13
13
12
4
51312 14
4 133 14
133
1314 14
*13
2414
2312 2318 2338 24
23
2412 2412 2412 24
*2312 24
35
/ 3612
1
4
*34
35
35
35
3512 37
35
35
36
*3412
.52 .52 '.52 .75
.55 .75 ..60 .70
.52 .60 •
.60 .60
*.25 .75 ..25 .75 ..25 .75 *.25 .75 +.25 .75 *.25 .75
112
112
112
114
114 .114
112 '
'114
114
112 *114
112
/
1
4
53
4 5
553 53
/
1
4
51,15 5%
*z558
4
5
/ 6
1
4
157
8
4 5
53
.45 .47
.47 .47
.50 .50 *.48 .55 $.48 .55
i+.47 .53
.25 .30
.25 .25 •.25 .32
.30 .30 •.25 .33
*.2.5 .32
.
.25 •.20 .25
.17 .90
.18 .20 • 17 .25
•.17 .
.75 •a___
.75
.75 *a_ __
.75 •
.75 'a--a--.75 *4--*.10
".10
112
•1034
*29
1414
*.25
2014
Adventure Consolidated.- 25
Algomah Mining
25
190 Arcadian Consolidated__
25
855 Arlzona Commercial
5
3,656 Bingham Mines
10
4,571 Calumet & Hada
25
24 Carson Hill Gold
1
1,607 Copper Range Co
25
Davie-Daly Copper
1
305 East Butte COPper Mining_ 10
Franklin
25
Hancock Consolidated__ 25
4,130 Hardy Coal Co
1
20 Helvetia
25
321 Island Creek Coal
1
60 Do pref
1
330 Isle Royal Copper
25
60 Kerr Lake
5
115 Keweenaw Copper
25
14 Lake Copper Co
25
La Salle Copper
26
Mason Valley Mine
5
30 Mass Consolidated
25
155 Mayflower-Old Colony..., 25
421 Mohawk
25
632 New Cornelia Copper
New Dominion copper
New River Company
100
10 Do pref
100
205 Nipissing Mineo
525 North Butte
15
Ojibway Mining
25
135 Old Dominion Co
25
Park City among & Smelt_ a
1,225 Pd Crk Pocahontas Co-No Dar
300 Quincy
25
1,000 St Mary's Mineral Land
25
960 Shannon
10
South Lake
25
120 Superior & Boston Conner_ 10
1,280 Utah-Apex Mining
500 Utah Metal & Tunnel
1
1,600 Victoria
25
1,035 Winona
25
Wyandot
25
•Bld and asked prices: no Baled on this day. s Ex-tights. S Ex-div. and rights
2812 Aug 7
56 Aug 6
99 June 12
3 Jan 2
63 Jan 24
4
594 July 25
/
1
40 July 11
100 July 20
213 May 21
51s51ar16
38 Jan 7
1158 Feb 27
4
793 Feb 27
4
43 July I
81 July 30
1512June 1
64 July 24
675
8June 4
2 Jan 3
1012 Jan 9
95 June 16
938 Jan 7
704 Mar 2
13 Jan 5
/
1
4
75 Mar 6
693 Aug 6
4
194 July 27
1634 Jan 15
7012June 20
9412July 9
6 Jan 13
/
1
4
2 June 22
10 May 14
11512July 31
26z4klay 16
3234 July 30
8138 Jan 13
18 Apr 3
2 Jan 8
/
1
4
120 Feb 6
60 July 16
74 Jan 23
45 Feb 14
2814June 29
25 Feb 24
193 Jan 3
4
1818June 8
40 June 2
90 June 20
2714July 29
5012July 7
4312July 1
46 Mar 2
b
Sept3 Oct
812 Yet
3
2 Septt
Jan 5514 Mar
38
341 Jan 40 Feb
/
4
8512 Jan 93 Mat
1834 Jan 2044 Doc
8 Dee
212 Jan
13 Jan 41 D'S
11314 Mar 11612 Sept
Jab
79 Aug 80
_
651 Oct 5815 631
Jan
1574
1218 Nov
46 Mar 60 Der
41
Apr 59 Nov
3 Dec
.10 Feb
14 Dec
.25 Feb
80
Jan 884 Dec
812 Dec
4 June
70
Jan 71 Nov
9 Mar 13 Dee
Feb
66 Nov 81
Jan
62 June 70
150 Apr 172 Dee
612 Jan 1738 Feb
19 Feb 3614 Dee
80
Jan 90 Sept
2 Apr
5 No,
/
1
4
54 Apr
.50 Dec
6 Doc 3114 Mar
98 Dec 11512 Jan
214 Dec 2238 Dec
14
Jan 284 Deo
6918 Oct 87 Feb
111 Jan 17 July
/
4
24 May
3 Jab
2
148 D
10 F
10 0 JOuncet
10
354 June 52 Dee
5 Dec 10 Feb
34
Jan 434 Dee
/
1
244 Feb 284 Nov
/
1
1914 Oct 27 Jan
137 Apr 20 Nov
8
64 Jan 1012 Feb
14 Juno 234 Feb
6212 Dec 73 Feb
1512 June 22 Feb
29
/ Jan 3934 Nov
1
4
343 Apr 41
4
Jan
38 Mar 42 Jan
.15 Feb 16 25 Jan 26
.10 Mar 3 .25 Jan 2
3 Jan 10
1 May 11
912 Mar 2
15 8 Feb 6
3
3614 Feb 11
2814 July
8June
1878 Jan 2
123
90 Aug 4
.20 May
4June 1
33 Jan 10
183
.78 Feb 6
111J
.40 jjana y
02 uln
614 Jan 2
3 June
11 Jan 24
8
14 Feb 6
/
1
.50 july 1
1512.June
23 Jan 24
318 Feb 5
121 kiar 2 14712July 24
983 Mar 9
4
9414May 2
9 Apr 2
/
1
4
2012 Jan 7
pill Feb 4
.95 June
112June 19
.50 June 2
3 Jan 2
1 Apr I
118May 1
23 Jan 10
4
11 Apr 2
/
4
2 Jan 13
/
1
4
11 Jan 2
4
.40 May 1
8 Jan 2
1 Apr 4
2512June 9 41 Jan 13
18 Mar 30 25 Jan 2
.10 July 2 .85 Feb 18
25 Apr 2 2914July 25
40 June 30 60 Jan 3
43 July 3
634 Jan 10
314 Jan 14
.89 June 5
11 Jan 10
/
4
.35 Apr 22
1712June 9 27 Jan 10
6 July 1
4 May 19
1012June 18 155s July 24
19 Apr 22 3912 Jan 10
2812 Apr 21 48 Jan 12
.50 May 1
118 Jan 9
.15 Dec
.10 June
5 June
8
Jan
14 June
13 May
/
1
4
.37 Nov
184 June
.30 Dec
34 July
.40 May
.30
Oct
194 Dec
.30 May
9414 Apr
90 June
12 June
14 Mar
.50
Jan
.90 Apr
.70 June
14 Oct
.50 Jan
80 Apr
234 June
164 Jan
.40 Dee
35 June
574 Dee
5 4 Jan
3
14 Oct
/
1
.40 June
Jan
15
34 Jan
10 4 July
5
14 June
26 ltwe
.30 Alw
2
.70 May 13
3 Jan 2 WI a
/
1
4
.40 July 7 98
.25 Aug 3
114
.17 Aug 3 48
.05 Apr 14 .21
:25 j ug 15111 De°
25 A ly
u
2 Deo
3 Doe
/
1
4
11 June
/
4
.14 June .70 July
1
Aug
.15 Apr
.13 Feb .71 July
.10 July .25 July
Jan 5
Jan 23
Jan 29
Jan 31
Jan 7
Feb 11
.51 Dee
.25 Deo
34 Dee
16 Dee
311 Dee
/
4
197 Jan
1
3 Feb
33 Deo
/
1
4
.70 Mar
8 8 Dee
7
1
Jan
2 Jan
2812 Jan
2 4 Dee
6
142 Nov
100 Sept
224 flee
218 Feb
114 Nov
34 Doe
3 Deo
2 Dec
/
1
4
13 Aug
4
5 July
41 Dee
25 8 Dee
3
2 AV
/
1
4
40 Hal
75 Mal
8 Dee
/
1
4
8
63 July
1 Nov
284 Dail
518 Feb
1512 July
84414 Deo
69 Dee
112 Sept
x Ex-d1v. 0 Ex-stock div. a Assessment paid. 0 Price on new baste.
Am.8 1925.]
THE CHRONICLE
Quotations of Sundry Securities
All bond prices are "and interest" except where marked "V."
697
Outside Stock Exchanges
Boston Bond Record.
-Transactions in bonds at Boston
Standard 011 Stocks Pat Bid. Ask.) Railroad Equipments Per Ct. Bags
5.25 5.00 Stock Exchange Aug. 1 to Aug. 7, both inclusive:
Anglo-American 011 neW_£1 *23% 233el Atlantic Coast Line 66
100 10912 11014
5.00 4.80
Atlantic Refining
Equipment 834e
4
5.40 5.10
100 1143 117 Baltimore & Ohio 66
Preferred
Friday
Equipment 448 &
5.00 4.75
100 222 230
Borne Scrymser Co
Last Week's Range Sales
Range Since Jan. 1.
6014 Buff Koch & Pitts equip 65. 5.25 5.00
50 60
Buckeye Pipe Line Co
ofPrices.
for
Sale
Cheeebrough Mfg new- 25 *62t 64 CanadianPacific 4338 & CUL 5.00 4.70
Bonds
Price. Low. High. Week.
Low.
High.
100 112 113 Central RR of N J 6.
Preferred
5.20 5.00
5.40 5.10 AU Gulf & NV I SS Lines'59 71
Continental 011 new...... 25 *237 24 Chesapeake & Ohio 6s
July
70
71 824,000 63
Jan 72
85c
*83
Rights
Equipment 6345
5.10 4.85 Chic June Ry & US Y 58'40
99
99
7,000 96
Feb 99% June
Crescent Pipe Line Co-_ 50 *151 1512
5.00 4.75 Crew Levick Os
Equipment 58
1928
July
98% 98% 20,000 97% July 98
Cumberland Pipe Line_100 150 151 Chicago Burl & Quincy 6s
5.25 5.00 East Mass St RR B 58 1948
Mar
73
73
1,000 70
Jan 78
Eureka Pipe Line Co___100 *721 74 Chicago & Eastern Ill 5345.. 5.50 5.15
1948
Series C 8s
84
84
1,000 83% June 874 Feb
Galena Signal Oil com_100 461 50 Chicago& North West 68.... 5.40 5.15 Fla Pub Ser Ser B 66..1955
Aug
98
98
10,000 95
May 98
100 107 112
Preferred old
5.10 4.85 Hood Rubber 7s
Equipment634.
1936
104% 104% 12,000 101% Jan 106
July
100 100 102 Chic It I & Pac 44s & be
Preferred new
5.15 4.90 K C CUn & Spr 1s1 58_1925 104% 993(
Mar
99%
1,000 984 Jan 100
25 *613 62
Humble Oil & Ref new
5.50 5.25 K C Mem & Birm 4s 1934
Equipment 68
93% 93%
1,000 91
Apr 934 Aug
100 133 135 Colorado & Southern 138.
Illinois Pipe Line
5.50 5.15
1934
Income 55
96% 96% 1,000 95% Mar 9734 July
Imperial Oil
25 *133 135 Delaware At Hudson 6e
5.25 5.00 Kendall Mills
_1944
99
99
Aug
1,000 97% Jan 99
2 3052 30% Erie 4345 & 5e
New when issued
5.35 5.00 Mass Gas 43486%s.. 1929
984 99
4,000 97% Feb 99% June
70
Indiana Pipe Line Co__ 50 .68
5.60 5.25 Miss
Equipment 6s
Power 52_1951
7,000 9634 Jan 100 June
98% 99
7
International Petroleum_(I) 234 23 2 Great Northern 66
5.35 5.10 Men River Penn 540_1953
West
98% 98% 10,000 98% Aug 98% Aug
Magnolia Petroleum___ _100 14212 145
5.00 4.75
Equipment .
England Tel 58..1932 10034 10034 100% 4,000 99% Jan 101
Jan
National Transit Co_12.50 *203 2112 Hocking Valley 66
4
5.05 4.80 New
104 104
78_1935
July
July 105
2,000 104
56
New York Transit Co_100 54
5.45 5.10 P C Pocah Co deb
Equipmentes
1944 99% 99% 9932 10,000 974 Jan 100% June
83 Illinois Central 4345 & to_ 4.95 4.70 Swift dt Co 5s
Line Co_100 82
Northern Pipe
150 152
Jan 155
May
2,000 123
64
25 *63
Ohio 011 new
5.25 5.00 Warren Brea 7411-1937 152
Equipment 136
99% 100%
Western Tel & Tel 58_1932
9.000 994 Jan 100% June
Penn Met Fuel Co
25 *25
5.00 4.75 Wickwire
Equipment 713 & 630
63
64
Spen Steel 78 '35 64
4,000 63
Aug 7934 Mar
5513 Kanawha & Michigan 06
Prairie On & Gee new....
-...25 *55
5.50 5.20
Prairie Pipe Line new
100 12514 12512
5.20 5.00
Equipment 41.1e
-Record of transactions at
Baltimore Stock Exchange.
Solar Refining
100 212 220 Kansan City Southern 534e. 5.35 5.00
81 Louisville & Nashville 6s
Southern Pipe Line Co-100 79
5.25 5.00 Baltimore Stock Exchange Aug. 1 to Aug. 7, both inSouth Penn Oil
100 168 169
5.00 4.80
Equipment 634s
Southwest Pa Pipe Linea 100 *65 68 Michigan Central 58 & 66_ _ _ 5.25 4.75 clusive, compiled from official lists:
Standard 011 (California) 26 .5512 56 Minn St P&SSM43413 & 5e 5.30 5.00
Friday
Sales
Standard Oil (Indiana) 25 *6212 . 623
Equipment 6%. AZ Th..... .5.35 5.05
Last Week's Range for
Range Since Jan. 1.
Standard Oil (Kansas).- 25 *33
34 Missouri Kansas & Texas 68 5.65 5.35
Sale
ofPrices
Week.
Standard Oil (Kentucky) 25 *124 12412 Missouri Pacific Os & 634*.
5.60 5.25
Par. Price. Low. High. Shares.
Low.
High.
StocksStandard 011(Nebraska) 100 242 244
5.09 4.80
Mobile Br Ohio 4348 &
Standard On of New Jer- 25 *4113 4134 New York Central 4%.& 56 4.85 4.65
1,681 204 Mar 394 July
Preferred
4
100 11732 1177
5.25 5.00 Arundel Corp, new stock.. 34% 344 354
Equipment 65
185 1954
250 160
Jan 1 954 Aug
Standard OH of New York 25 *4114 42
5.00 4.80 Atian Coast L(Conn)-- -50
Equipment 76
113 11134 Feb 129% Aug
Standard 011 (Ohlo)_ -100 352 354
Norfolk & Western 434e . 4.80 4.60 Baltimore Trust Co____50 129% 126 129%
130 25
July 2734 Aug
Benesch (I), preferred. _ _25 274 27% 2734
Preferred
116 118
100
5.10 4.90
NorthernPacific 7s
71
71
Jan 75
Feb
16 54
Swan & Finch
100 16 ' 1612 Pacific Fruit Express
5.05 4.85 Boston Sand & Gravel_100
29 1104 Jan 11434 June
Union Tank Car Co----100 124 127 Pennsylvania RR eq 70& Se 5.20 4.75 Ches & Pot Tel of Balt_100 11333 113% 1134
1,637 2234 Mar 30% Aug
• 3034 294 3033
Commercial Credit
Preferred
11614 1163 Pitts & Lake Erie 634e
4
100
5.10 4.85
25
25
225 24
Apr 26 June
2534
Vacuum 011 new
Preferred
4
2 *863 8714 Equipment Os
5.50 5.25
26
25
160 2434 Apr 264 July
Washington 011
Preferred B
2634
1 *30
Reading Co 434s & 58
. 4.85 4.60
4332 45
July
Jan 45
641 32
Other 011 Stocks
St Louts & San Francisco 56. 5.15 4.90 Consol Gas, EL & Pow__* 45
100 10334 10334 104
July 104
129 102
Atlantic Lobos 011
(2) *214 212 Seaboard Air Line 5346 & 66_ 5.60 5.25
Aug
6% preferred
110 110
Apr 11034 June
100 110
33 105
Preferred
64% preferred
50 •3 4 3s Southern Pacific Co 4345„ 4.85 4.65
3
Mar 1134 July
100 113% 113 113%
16 109
Gulf 011 new
7% preferred
75
5.00 4.80
Equipment 7s
100
22 122
12634 126%
Mar 127% May
Mountain Producers-. *•t)% 203 Southern Ry 434e & be
8% preferred
4
l.8 2
7
5.05 4.80
Jan
525 36 May 72
Mexican Eagle Oil
4534 48
5 *33
4 412
5.40 5.10 Consolidation Coal _ ___100 48
Equipment68
374 374
100 33 May 3734 Aug
*
National Fuel Gas
100 112 115 Toledo & Ohio Central(Ie.-. 5.50 5.10 Davison Chemical
July
119 121
Apr 125
320 103
• 121
Salt Creek Cone Olt
8 4 7 Union Pacific 76
4.80 Eastern Rolling Mill
10 * 3
5.00
100 12734 125 12754
185 111
Apr 12734 Aug
Salt Creek Producers... 10 *258 25%
8% preferred
8
101 89
Jan 1044 July
50 1024 102% 10334
Public Utilities
Fidelity & Deposit
Tobacco Stocks
27
27
Apr 274 June
Amer Gas & Eiec new
25 26
*80
Finance Co of Amer, pi-25 27
81
84
American Cigar common 100 81
July
380 1834 Ja. 22
2034 21%
8% Pref new
91
,
Finance Bert.Class A---10 21
97
(I) roe
Preferred
100 95
July
420
Deb its 2014
9
10% 1034
Jan 11
10 1034
M&N 98
Preferred
99
Amer Machine & Fdry_ _100 163 168
25
Jan
Amer Light & Trao com_100 198 202 British-Amer Tobae
25 25
25
Ja. 25
• 25
3
ord. El •25 4 2612 Humphreys Mfg Co
Jan
25
51
25
25
Jan 25
25 25
Preferred
Preferred
100 100 102
Bearer
Et •25% 2613
1
134 2,050
Amer Power & Lt common._
1
Jul
1
434 Feb
Lorraine Pet Co_.1c shares
6012 Imperial Tob of G B & Irel'd 24
25
5912
56% July
290 504 July
Preferred
100 92
Manufacturers Finance_25 5034 51334 56%
95 Int Cigar Machinery
78
.100 73
25
Jan
134 22 Jun
Deb 66 2018
2234 23
25
1st preferred
mks 951 97 Johnson Tin Foil & . _. *60 80
Met_100
24% 25
25
Aug
279 22 Jun
Amer Public UM corn... 100
25 25
102
2d preferred
MacAndrews & Forbes. 100 154 156
23
24% June
5 21
7% prior preferred.... _100 90
Jun
23
25
93
Trust preferred
Preferred
100 100 103
4% panic pre(
July
98
9634
260 82% Apr 100
Maryland Casualty Co_25 96
66
100 80
Mengel Co
100 65
Aug
Jan 150
15 115
147 150
Associated Gas & El pf_(2) *52
Merch & Min Tr Co_ __100 150
59
Porto Rican-Amer Tob I00 48
235 2034 Ja. 23 June
Secured g 648 1954 J&.1 103 105 Universal Leaf Tob com_100 44
Monon Vail Trite, pref.-25 2234 22% 23
46
435 134 Ja. 184 JUDO
17
Blackstone Valla&E corn 60 .91
16
.
93
9612 Mortgage & Acceptance_ • 17
Preferred
100 95
Jan
44
45
40 434 Ja
44
Carolina Pow & Lt com__
• 50 44
400 425 Young (J Ei) Co
Preferred
100 125 130
Jan
Cities Service common_ _20 *395 39%
94 Ap
15
3
10
10
.
Mt V-Woodb Mills v t r 100
Preferred
100 105 110
July
M
67
29 55
Preferred
59
59%
100
8414
Preferred v t r
100 84
July
69 4234 Jan 56
Preferred B
New Amsterdam Cas Co.I0 5334 53% 54
Rubber Stocks (Cleveland)
10 *77
8134 June
50 76% Ja
Preferred B
79
79
-B
50 79
5
100 80
Northern Central
Am Tire & Rub corn
396 1264 Ja' 175
Mee Service Bankers Shares •
Aug
164 175
40
Penna Water St Power _100 175
19%
Preferred
25% June
180 2534 May
Com'w'ith Pow Corp new(7) *38
2534 2534
25
Security Mtge, pref
3812 Firestone Tire & Rub corn 10 *122 124
Jan
May 22
1,450 12
Preferred
20
18
6% preferred
100 82
Silica Gel Corporation_ •
100 9912 100
1.033 1534 Apr 1934 Aug
Elea Bond & Share pref_100 104 10513
1954
7% preferred
United Ry & Electric_50 194 19
100 9812 100
July
Elea Bond & Sh Secur
Jan 215
10 179
2084 20834
570
71
General Tire & Rub corn_ 50 *270 280
U S Fidelity St Guar-.50
Eire Ry Securities
834
14%
1434 July
534 Ap
16
Wash Bait & Annap____50 144 14
Preferred
__- •15
(75
100 102
Lehigh Power Securitiee (/) *14
275 11
May 23 June
• 50 214 214 22
Preferred
_5 150 Goodyear Tire & R com-100 3212 3312
Apr 62
July
Mississippi lily Pow corni00 05
20 44
52
52
Goody'r T & R of Can pf 100 192
•
Diary. Inc_
West Md
12
Jun
5332 Feb
Preferred
108 51
25 5334 5234 53%
Mason Tire & Rub com_()) • 4 314
Preferred
100 93
First mtge 5.6 1951. _ita 9814 9912
18
100 15
Preferred
B F g deb 76 1935.:M&N 103 iii-i Miller Rubber
190
Bonds
Nat Power & Lt com
June
(2) •339
10033 100% S5,000 98% Ap 101
101 10 2 10512 Commercial Credit 66_1934
17
Preferred
1
Preferred
21,000 9234 Jan 1434 May
94
94
35
(2) •100 102 Mohawk Rubber
200 28
Consol Gas genl 4 Ms _ _1954
Income Ts 1972
jea 10112 103 I
9734 July
75
Preferred
69
Cons G,E L & P 4%5_1935 97% 97% 9734 5,001 93% Ma
North States Pow com_10e 121 122 I Seiberling Tire & Rubber
10034 July
9934 99% 5,000 9934 A
1965
Series F 5s
(I) *2512 2612
Preferred
107% May
107% 1074 3,000 104% Ja
Preferred
1949
100 100 102
Series A (36
100 99 101
Nor Texas Elee Co corn. 100 44
Feb
. Swinehart Tire & R oom..100 12
98
20
4,000 89% A
Consol Coal ref 434s..1934 8934 8934 90
Preferred
- 60
40 ' Danville Tree & PoW 5s'41
Aug 714 Mar
Preferred
1,000 67
67
67
100
Pacific Gas & El 1st pref-U0 g 100
2,000 9834 Jan 9934 Feb
9834 9834
'
Davison Sul & Phos68 1927
Power Securities com
18
Sugar Stacks
(() •15
Jan
99% 22,000 97% Jun 100
Elkhorn Coal Corp 6s_1925 9934 99
Second preferred
38 Caracas Sugar
(2) *34
50 *2
313 Fair & Clarks Trac 58_1938 944 944 9434 2,600 92 Jun
95% July
Coll trust 66 1949__J&D *91
94 Cent Aguirre Sugar coin. 20 *83
85
9934 July
99% 9934 2,000 9734 Ms
Ga Sou & Florida 5s..1945
Incomes June 1949F&A *83
86 Fajardo Sugar
200 122 125
May 97% Mar
Mary'd Elec Ry 1st 5a1931 954 95% 9534 3,000 95
Puget Sound Pow & Lt_100 54
57 Federal Sugar Ref oom 100 --- - 55
mar
1,000 9634 Aug 100
1947
9654 9634
1334s
pey. preferred
Preferred
86
90
100 84
May 9234 July
1,000 88
92
NN&HGes&Elst 53'44
92
1110
7% preferred
10
100 16612 1081 Godchaux Sugar, Ino (7) •7
1,000 100
Ja. 10014 Feb
10034 10033
Penne Wat& Pow 5s_ _1940
let & ref 534e 1949_J&D 98
99
Preferred
44
100 37
984 984 3.000 984 Aug 9833 Aug
Trans-Continental Oil 7630
Republic Ry A Light..._100 60
Holly Sugar Corp com....(2) *42
45
United E L & P 44s_ _1929
9834 9834 2,006 98% Ja' 99 May
Preferred
81
Preferred
98
100 79
100 94
71 June
5,000 68% Ap
United Ry & Elec 4s..1949 6934 69% 70
South Calif Edison com_109 125 127 Juncos Central Sugar_100 105 120
6234 Jan
A'
1949 5033 5034 5034 9,000 49
Income 4s
8% preferred
National Sugar Refining_i00 103 105
100 128
Jan
74
Ap
1936 72% 7234 72% 6.100 69
Funding 58
Standard G&E17% pr pf 100 99 101
New Niquero Sugar
90'
9934 Jan
5,000 9734 Jul
100 85
9734 98
1927 98
fie
Tennessee Elec Power (I) *65
70 Santa Cecilia Bug Corp Pf100
1
4
A'
4,000 93
95% 96
NM Jan
1949 96
136
Second preferred
*85 ..--- Savannah Sugar corn_ _ ...(t) •123 128
.
Aug
Apr 71
5.000 58
Wash Batt & Annan 5s 1941
6954 71
Western Power Corp_
Preferred
120
*/.1
100 107 112
Preferred
100 91 • No par value.
il Sugar Estates Oriente pf _100 60
75
west Missouri Pr 7% pfr _ 94 97
-Record of transactions at
Cincinnati Stock Exchange.
industrial&Misceli
Short Term Securities
American Hardware...
92
-100 90
Cincinnati Stock Exchange Aug. 1 to Aug. 7, both inAnaconda Cop Min lis'29J&J 1023 10314 Babcock & Wilcox
4
100 144 146
elusive, compiled from official lists:
Chic.R I & Pac 58 1929 J& J 98% 9914 Bliss(E W)Co new
4
(I) •183
Federal Bug Ref 66'33_M&N 95
97
Preferred
so *53 58
Friday
Sales
Hocking Valley 5s 1926 MitS 100% 10012 Borden Company ooM..-(7) *8012 83
Last Week's Range for
Range Since Jan. 1.
Preferred
K 0 Term Ry 610 -192 10118 10188
100 107 109
Sale
ofPrices.
Week.
Lehigh Pow Bee 68'27_F&A 101 10112 Celluloid Company
100 22
27
High.
Par. Price. Low. High Shares
Lou.
StocksMissouri Pacific 53 '27 J&J 100 10014
Preferred
70
100 66
Sloss-Sheff 43,41 Os 25.F&A 10112 102 Childs Company prel
100 11512 11712 AmerLaundry Mach,com25 109
108% 109
Fe 113 June
430 72
4
Wle Cent 5128 Apr 15 '27 -- 10014 1003 Hercules Powder
100 115 120
57% June
July
Amer Rolling Mill. corn 25 4933 4934 50% 1,015 48
Preferred
Joint Stk Land Bk Bond
100 107 109
100 10734 10734 108
57 10634 Feb 11134 June
Preferred
Chic Jt Stk Ld Bk .58..1951 10212 10312 International Silver pref-100 106 109
Jan
208 208
Feb 220
100 208
20 198
Baldwin. corn
10312 Lehigh Valley Coal Sales 50
10212
1952 opt 1932
432
if 10334 Ja 1084 May
Champ Coated Pap. pf _100 10754 107% 108
1023 10412 Phelps Dodge Corp
4
100 108 112
5s 1963 opt 1933
July
71
201 48% Jan 71
Churngold Corporation__• 70% 69
104 105% Royal Baking Pow com.100 140 142
5345 1951 opt 1981
Jan 9934 June
94
3 90
94
Cinc Postal Term, pref _100 94
Preferred
10112 1023
Ms 1962 opt 1932
4
100 101 103
* 24% 244 2434
185 23 June 25% Feb
City Ice & Fuel
100 101 Singer Manufacturing
434. 1952 opt 1932
100 278 280
Aug
20 65% June 77
77
77
Cooper Corp (new)_ _ _ _100 77
1964 opt 1934
102
101
4348
100 105
165 9432 AP 10534 June
10454 105
New preferred
1017 10312
s
1134s 1963 opt 1933
40 56 June 7734 May
Dalton Add Niach,com.100 7034 7034 70%
Pao Coast of Portland. Ore_
Ma
404 June
1,661 31
Eagle-Picher Lead, com.20 3433 3334 3434
1023 1033
4
Se 1953 opt 1923
4
Jan
Au
95
15 79
79
79
100 79
Fay & Egan, pref
103 104
58 1954 op 1934_
22% June
165 1834 Ma
• 2134 2154 2154
Formica Insulation
lb
Jan
150 10
Ma
11
12
-Bauer. corn_• 12
French Bros
•Per share. f No par value. 0 Basis. 6 Purchaser also pays accrued dividends'
86 Jun.
Ap
15 82
100 8434 84
8434
Preferred
Ex-dividend. p Ex-rights'
e New stock. !Flat price. It Lastsale. n Nominal.
40
Felt
482 35
AP
• 3634 3634 37%
Gibson Art, com
e Ex-stock dividend. 8 Sale price. r Canadian quotation. IF Ex-interest.
3255 Jan
Apr
9
Jan
40
June
June
Aug
June
June
May
38
May
May
15
6934 July
29 10115' May 104
June
July
Mar
Feb
121
13515 19,275 44
135 160
1,060 49
88
95
4,400 81
50% 51
205 42
182 186
2,100 112
11635 117
65 112
15
18
825 14
1114 12
450 11
33
33
25 22
6714 72
11,710 41
11455 115
120 110
715 8
750
5%
7% 7%
100
6
11
11
155 10
51
52
2,140 4615
2834 3015 4,250 28
41
42
885 3234
46
4715
1,045 45
Mar
Jan
Apr
Jan
Feb
Jan
Mar
May
Jan
Mar
May
Jan
Jan
June
Jan
July
Feb
July
Bondsnicago City Ry 5s_ _1927
:Thic City & Con Rys 5s'27
nicago Rys 49, Ser B.1927
Adjust income 4s _._1927
:3ommonw Edison 5s_1943
rewelers Bldgs 6s
1950
'ub Sell/ lot ref g 5s_1956
75
47
38
17
102
100
100
Apr 8434 Mar
Mar
Apr 63
Apr 4655 Mar
May 2455 Mar
July 102% Aug
June 100 June
Jan 10215 June
Inn MO% May
larift. .{,(1.1 tat a f a Ra 1054
Stocks-
Aug
Range Since Jan. 1.
Low.
High.
Aug
Aug
June
June
Aug
July
Jan
Feb
June
July
Jan
Mar
Feb
Jan
Feb
Aug
June
Jan
Am Vitrified Prod, com_50
Preferred
100
Am Wind Glass Mach _ _100
Am Wind Glass Co, pref100
Arkansas Nat Gas, com_ le
6
Byers (A N) Co, pref.......'
Preferred
100 94
Carnegie Lead & Zinc
_5
615
Colonial Trust Co
100
Duquesne Light, pref _100
Federated Metals
•
Ind%) Brewing. com_ _ _ _50
1%
Jones & Laughlin, pret 100
Lone Star Gas
25 41
Nat Fireproofing, com_ _50 14
Preferred
50 34.55
Dhlo Fuel Corporation_ _25 33
Dhlo Fuel Oil
1
14
Dklahoma Natural Gas _ _25 2915
Pittsburgh Brew, corn_ _50
Preferred
50
Pittsburgh Coal, pref 100
Pittsb & Mt Shasta Cop 1
Pittsburgh Plate Glass_100 276
il'ittsb Steel Fdry, corn__
1834
Preferred
PSalt Creek Consol
__ ______
3tand Plate Glass, pref_ 100
011_Prior preferred
;Land Saila Mfg,cora__ _25 105
ride] Osage 011
10
25 13
IS Glass
Vest'house Air Brake_ _ _50 115%
v..,'Dann 14,43 nrof
Inn
24
25
89% 8915
90
90
1143.4 115
5% 6
18
18
94
94
634 7%
200 200
11055 111
26
26
1%
134
11435 11455
4054 41
1334 1415
3455 3454
3255 33
14
15
2954 2915
3
3
1054 1054
8635 WA
4c
4c
255 276
1835 19
7034 7014
7
715
40
5215
80
80
104% 10615
934 10
13
13
107 11534
oo
09
Range Since Jan. 1.
Low.
High.
1915 Jan
85
May
Jan
88
Jan
110
5% Apr
July
17
93
July
4
Jan
190
Jan
10515 Jan
26
Aug
134 Mar
11155 Jan
Jan
32
1115 Jan
3134 Jan
Apr
31
Mar
12
Jan
26
135 Mar
6
Mar
8315 June
4c Aug
Aug
255
1855 Aug
69 June
Aug
7
Aug
40
Aug
80
100 June
835 Jan
13
Apr
97
Apr
2634 June
90 June
Mar
110
115
Jan
854 Feb
1915 June
9435 June
834 Mar
225
May
11155 July
41
Jan
334 Apr
115
July
July
43
1434 June
36 June
3415 Feb
1635 Mar
3135 Feb
4
May
1134 May
9934 Jan
9c Feb
Feb
295
2015 June
7034 June
Feb
9
Feb
79
Jan
98
136
Jan
13% Feb
2035 Jan
11535 Aug
00
'Val.
40
•m.
• No par value.
a Sales last week of Pittsburgh Steel Foundry corn., 115 shares at 2035@2034.
was an error. It should have been pref., 115 shares at 70%87035.
S Last week low on Salt Creek Consol. 011 should have been 735, not 7.
Note.
-Sold last week and not reported: 80 A. M. Byers de Co. corn. at 18; 15
Amer. Petrified Prod. pref. at 8935:42 Federal St.& Pleas. Val. Trac.at 14:20 Oklahoma Gas & Elec. at 2934:10 U.S. Glass at 1235; 10 West Penn Rye., pref., at 92.
St. Louis Stock Exchange.
-Record of transactions at
St. Louis Stock Exchange Aug. 1 to Aug. 7, both inclusive, compiled from official sales lists:
Stocks-
Sales
Yriday
Last Week's Range for
Week.
Sale
ofPrices.
Par. Price. Low. High. Shares.
225
78
78
$1,000
8934 6915 8,000
55 1.5
1 non
/MU
11.1
‘'t
ARV
so
605
38
0
333
40
High.
22. YIVIN5INIM Pffirigipt7t1W4W53.2.2
2
90
70
2,098
165
623
254
60
20
60
50
390
75
45
28
110
j
M
8
834
9434 9435
30% 30
3334
103
10235 10355
175 185
175
11635 116%
4734 4715
190 210
8655 8635 8635
16
16
16
68
6755 67
9835 99
99
10615 1063-4
43
4334
4355 42
4335
111% 110.55 11154
35
31
35
79
7935
50
Low.
M
•No par value.
23
21
10
250
40
31
25
55
25
2,220
20
20
47
15
M MM
Bonds
3t L & Sub Ry gen M 5s'23
United Railways 4s_ _1934
48C
-D
1.3 14
.
215 216
145 .146
4715 4734
49
50
42
4215
106 106
9635 9655
100 100
99
99
24
2835
41
41
110 110
4715 4855
4515 4555
M MM
First National Bank_ _ _100
Nat'l Bank of Comm_ _ _100
Amer Credit Indemnity_25
Best Clymer Co
•
Boyd-Welsh Shoe
•
Brown Shoe, pref
100
Cert-teed Prod, 1st pref.100
E L Bruce, Prof
100
Emerson Electric, pref _100
Ely & Walk D G,corn._ _25
Fulton Iron Works, corn_ •
Globe-Democrat Pub _ _100
Hamilton-Brown Shoe_ _25
Hussmann Refr., con3_
•
Hydraulic Press Brick
Common
100
Preferred
100
Independent Pkg, corn_ _
Preferred
Internet Shoe, corn
•
Preferred
100
Johansen Shoe
•
Johnson-S. & S Shoe
•
Laclede Gas Light, pf _ _100
MeQuay-Norris
•
Missouri Portl Cement_ _25
National Candy, corn_ _100
2d preferred
100
Securities Inv, corn
•
Skouras Bros "A"
•
Southwest Bell Tel, pf _100
Wagner Electric, corn.. _ _•
Wagner Rice Corp, pi _100
Range Since Jan. 1.
;1SSSM388g4924 'Enniar4g884=S5 ng
„,...
.. 1...
•1
v. .1,1 v.
Sales
Friday
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
N.
All America Radio CI A _ ..5 2855 25
1,035 18 June 3654 Feb
27
Amer Pub Serv, pref .100
Mar 9354 Mar
80 89
92
93
Apr 8515 May
Amer Pub UHL pref_ .101J
20 75
8034 8015
American Bhipbuild1ng_100 59
Jan
Apr 60
100 49
57
59
Armour &Co(Del) pref 100 9734 9535 9734
Mar 98 June
1,792 90
Apr 94
Feb
Armour Ar C pref
100 8934 8934 8955
1,325 84
Common CIA v t e_ _ _25 23
Feb
225.5 2334
2,285 1934 Mar 24
Feb
Common CI B v t e _25
25 1135 Apr 15
13
1315
July
15
6
Armour Leather
200
5% 554
334 Ma)
Balaban & Katz v t c_25 7034 67
10,150 5034 Feb 8315 July
7334
Apr
7
Beaver Board v to B____•
50
4
4
334 Jul)
Jan
Mar 36
Bendix Corp, Class A _ -10 34
32
3435 10,300 24
Borg & Beck
• 29
28
2934 9,3506 2434 Mar 2934 Aug
10 1254
Jan
Bunte Brothers
100 1115 Jan 14
1234 1234
Jan 9115 Mar
Central IR Pub Serv,Pref-• 87
308 84
8634 87
% Apr
15
15
35
320
134 Jan
Chic CI y & Con Ry P 1511-*
50
935 Jan
*
434 434
33-4 Apr
Preferred
120 2734 Aug 39% Apr
Chicago Fuse Mfg Co_ _* 2834
2734 2815
2
Mar
55 July
82
Chicago Rye part ctf Ser 2_
15
15
Feb 455
July
10 400
455 455
Chicago Title & Trust _ _100
Aug
Aug 51
51
51
1,500 51
Rights
6
Apr
5
300
355 Mar
5
Com Chem of Tenn CI B_*
587 13015 Apr 14134 June
Commonwealth Edison.100 13635 13534 13615
150
% Jan
4
20
May
Consumers Co
255 3
560
Continental Motors
•
915
8% Jan 1134 May
934 934
May 70
Feb
21 60
290 51
60
60
Crane Co
Apr 118
Feb
100
115 113
Preferred
11534 11615
Jan 10834 Feb
425 79
Cudahy Packing Co __100
9934 100
ji
4/4
798
55 July
734 Jan
Daniel Boone Wool Mills 25
134
Jan 2234 Feb
2055 2054
50 20
Decker (Alf)& Cohn,Inc_•
Jan 105
July
100
10415 105
155 83
Deere & Co, pref
July
100 123
122 123
355 11515 Feb 129
Diamond Match
Mar 3735 Jan
1,030 15
Electric Research Lab_ _ _ • 30
29
30
1.550 2334 Mar 3034 Jan
Evans & Co,Inc, Class A _5 2855 2834 30
• 3234
3235 3234
Fair Co (The)
3,080 3134 Apr 3555 Mar
100 106
60 10334 July 10934 Mar
Preferred
105 106
Apr 1655 Mar
Foote Bros(G & M)Co_ _• 1334
1215 1355
525 12
Jan
7
May
455
455 455
100
4
Gill Mfg Co
•
•
Jan
955 May
325
3
Godchaux Sugar
854 8%
• 37% 37% 39
Gossard Co (H W)
840 2615 Jan 4254 July
Great Lakes D & D__ _ _100 133% 133 13515
1,075 9435 Jan 138
July
Apr 3134 Aug
HanmerrnIll Paper Co 10
31
3154
200 29
100
Feb 108
108 108
Preferred
200 105
May
10 18
Mar 2034 June
1755 1835
3,290 1434
Hupp Motor
• 48
48
Jan
Hurley Machine Co
48
590 4134 Mar 56
100
32
May 3435 July
33
1,995 28
Illinois Brick
Jan 9234 Apr
91
15 85
Illinois Nor Utilities, p1.100
91
Apr 70
Jan
54
57
90 50
Indep Pneumatic Tool •
25
Jan
40
Kellogg Switchboard
40
330 3715 June 48
25 9655 9134 98
11,062 3534 Jan 98
Aug
Kraft Cheese Co
Kup'heimer dr Co(B)Inc
100
Feb
100 100
20 98% Mar 100
Preferred
A
17
22
15,485 1434 June 22
La Salle Ex linty (111)_ _10 2134
914 Jan
1,340
755
754
735
Libby,McN &LibbY,new 10
63.4 Apr
Feb
4015 41
785 3735 Apr 42
McCord Radiator Mfg A _. 41
July
110 125
9,025 8234 Feb 125
Middle West Utilities_ _ * 117
100 9734 9735 9835
2,127 9115 Jan 9815 Mar
Preferred_
1,269 98 . Jan 107% May
Prior lien preferred. _100 10634 10434 107
4555 52
6,960 3234 Jan 52
Aug
Midland Steel Products_ _ • 52
915 9835 Apr 101
100 100
June
Midland UM prior lien_ 100 100
Mar 57
Morgan Lithograph Co_ _ _ • 57
5634 57
1,075 42
July
94
Aug 9654 June
95%
120 94
Nat Elea Pow Corp_ _ __IOC 94
2434 24
July 2634 July
25
5,383 24
"A" w I
10
414
415 5
Apr
6% Jan
4
667
National Leather
Jan
2515 2535
15 2535 Aug 29
North American Car cl A _•
92
92
40 8955 June 9555 Feb
Omnibus pref A w I_ _ _ _100
13
425 1134 May 1734 Mar
1334
Voting trust els v/ I a_• 1335
10 19
18% 1934
1,500 1734 July 2335 Jan
Pick (Albert) & Co
Jan
49
5 47
46
725 33 June 74
Pines Winterfront A
•
122 12455
301 10734 Jar 12435 July
Pub Serv of Nor III
123 123
Jan 12435 June
50 108
Serv of Nor Ill_ _ _ _100 123
Pub
9755 98
374 92
Jan 100 June
100 98
Preferred
10555 107
325 102
July 11034 June
100 107
7% preferred
4% 4%
140
41.4 July
3% June
Rights
Apr 400
Mar
100 115
11355 115
430 95
Quaker Oats CO
10515 10534
110 10215 Jan 106
July
100
Preferred
Mar 7535 Feb
5455 5735 6,450 48
Mills_10 57
Real Silk Hosiery
973 1455 Mar 2415 July
2115 2235
10 2155
Reo Motor
80 1855 July 2534 June
2055 2034
Ryan Car Co (The)_ _ _ _25
100 9235 July 9735 Aug
Southw G&E 7% pref _ _100 9734 9615 9734
1,350 4034 Jan 60
5814 60
Aug
Gas & Electric-.
Standard
138 50
Jan 5454 Aug
so 5315 5355 54%
Preferred
15,265 55% Mar 7735 Jan
Stewart
-Warner Speedorn • 6935 6614 70
1.743 10914 Apr 120% Feb
100 11255 11055 113
Swift & Company
13515
160
99
54
186
117%
24
2315
35
7235
123
1034
10
1434
5215
3051
4834
5535
-Record of transactions at
Pittsburgh Stock Exchange.
Pittsburgh Stock Exchange Aug. 1 to Aug. 7, both inclusive, compiled from official sales lists:
Stocks-
ertaay
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High Shares.
now
7534 $5,000 74
47
12.000 46
38
2.000 35
17
2.000 16
102%
9.000 9934
100
6,000 100
100
2,000 92
nnal
7000
qg
36
Jan
Apr
48
7314 Feb
5
Jan
•No par value.
•No Dar value.
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange Aug. 1 to Aug. 7, both inclusive,
compiled from official sales lists:
38
1,580
85
5,740
150
4g1114Vag4°,
72,..94gg nnA4g4ANIV4Vgg0.
103% 104
330
50
622
Jan 94
Jan 90
Jan 119
Jan 84
Apr 6334
Mar 110
2455
4334
65
.54
2515 26
43% 4334
6615 68
215 2%
V*q
100 104
33
34
1134 1135
68
69
Aug
Aug
High.
Low.
Swit International
15 25%
Thompson (J R)
25
Union Carbide & Carbon_• 68
United Iron Works v t c _ 50
215
United Light & Power
Common el A WI a_ _ _ ..* 131
Common el B w I a_
•
Preferred Cl A w I a__ _ _• 94
Preferred el B w 1 a_
*
U S Gypsum
20 182
Preferred
100 117
Vesta Battery Corp
• 17
Wahl Co
* 1115
Wanner Malleable Cast'gs•
Ward(Montgomery)&Col0 69
Class A
Wolff Mfg corp
•
7%
Voting trust certificates•
Wolverine Portland Cem 10
Wrigley Jr
• 5115
Yates Mach Co partic pref. 29%
Yellow Cab Mfg cl B.
..10 41
Yellow Cab Co,Inc (Chic)* 4634
..INWWW.00tA.W.4a..0WW
CWVW.W4..0..WWWNNO.W
XX
XX
g
33%
1135
68
277 79
652 82
10 103
10 75
174 60
141 106
401
310
Range Since Jan. 1.
MOW
Tracdons
Cincinnati Stn5et Ry _ _.
_50
Ohio Traction, corn_ _100
Preferred
100
8634
8834
119
8234
6134
107
May
Feb
Mar
Mar
Jan
June
July
Apr
July
Aug
Apr
Apr
May
Aug
May
June
Aug
Apr
Mar
July
Feb
Feb
July
W..
Public Utilities
Cincinnati & Sub Tel _5() 86
86
Chic Gas& Electric__ _100 88
8734
Mc Gas Transp'n_ _ _ _100 119
119
C N & C Lt & Tr, com_100 8254 82%
Preferred
100 6134 61
Ohio Bell Telep. pref_ _ _100 107
10614
401
310
8834
33
103
2034
106
80
11034
13
10
77
131
110
89
10734
116
61
105
120
7234
98
1035
64
38
N.
401
308
8334 Jan
Feb
30
iooq Jan
1735 June
100 June
Jan
47
7334 Mar
1115 May
534 Jan
76
Apr
Jan
112
10715 Jan
Jan
81
Jan
103
90 June
51
Jan
Apr
100
10735 Mar
59 June
77% Jan
5% Apr
Jan
47
35
July
.
15 401
Aug
Jan
22 275
54
60
15
750
15
50
658
75
623
10
737
78
92
2
117
25
51
52
2
8
35
176
215
High.
WOONO.
BanksAtlas National
100 401
Fifth-Third-Union units100 310
Low.
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluaed) Par Price. Low. High. Shares.
10.
8455 84
8435
3034 3034 3034
10114 101 102
1715 1734 1734
103
102% 103
75
75
75
110
109 110
1235 1234 1255
814
855 9%
77
77
77
120
11955 120
109% 10934 110
8634 86
8634
107
10655 107
114
110% 114
56% 5634 56%
105
104 105
118% 118 11855
6814 68% 68%
96% 9634 96%
715
7
735
5215 52
5235
36
36
36%
Range Since Jan. 1.
o.,...voloona.§..0.ometwoo.o.coocr
baoc..
4.c
000.w... 00cnocno.ot,,00,
,
100
Globe Soap, corn
Gruen Watch, corn
•
Preferred
100
Hatfield-Rellance,com___•
Preferred
100
Kemper-Thomas, com_ _20
Kroger, corn
10
McLaren "A"
•
Paragon Refining, corn. 25
Preferred
100
Procter dr Gamble, com_20
6% preferred
100
Pure 011,6% preferred _100
8% preferred
100
Richardson, corn
100
U S Can,com
*
Preferred
100
U S Playing Card
20
US Print & Litho,com_100
Preferred
100
TT S Shoe, common
•
Preferred
100
Western Paper, corn
*
Railroadsr.1NO&TPDref
[Vol. 121.
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
.N
Wa.WNVQWWW,O.N...0
.
NIWOWWW0 ,
3WWNOWO
X
698
-For this week's record of
Philadelphia Stock Exchange.
transactions on the Philadelphia StocklExchange see page 678
-Below is a record of the
New York Curb Market.
transactions in the New York Curb Market from Aug. 1 to
Aug.7, both inclusive,as compiled from the official sales lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
Week Ended Aug. 7.
Stocks-
Fr taut/
sates
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price Low. High. Shares
Indus & Miscellaneous
10
Acme Packing
Adirondack PA L com.100 9014
100 101
7% preferred
6
•
Allied Packers,corn
100
Prior preferred
Amalgam Leather pref_100 47
Amer Gas dc Electne
• 80
Common
• 90%
Preferred
10
Amer-Hawatian SS
Amer Lt & Trao,corn_ _ 100 1994
100 102
Preferred
Amer Pow & Lt corn new.' 60
100 944
Preferred
Amer Rayon Products...'344
•
American Stores
• 3774
Am Superpow Corp,CI A.
383.4
Class B
31"1/
American Thread Prof._ _ _5
Armour & Co (Ills) comB26
100
Preferred
Aesoo & E Class A__ _.• 43
Atlantio Fruit dc Sag....' 86c
Atlas Portl Cement new._* 52
Balaban & Katz v t c. _25
39
Belding Bros & Co corn...
Blackstone Val G&E. .50
• 94c
Boissonnault(G) Co
50
Borden Co pref
Bridgeport Machine corn_•
-Am Tob ord bear. £1
Brit
•
Brompton Pu St Pap corn.
8
10
Brooklyn City RR .
Brown Sr Will Tob Cl B.10 16
Bucyrus Co common_ __100
Buffalo Gen Elec new corn• 7134
Burroughs Add M pref.100 105
By-Products Coke Corp_
424
Can Dry Ginger Ale new _
334
Car Ltg & Power corn__ _25
..100 409
Carolina Power & Lt.
ion
Celluloid Co, pref
•
Central Steel corn
Centrifugal Pine Corp ---•
4
• 505.
Chapin-Saoks Inc
10 4714
ChattertOn & Son
Checker Cab Mfg el A_ •
Mc Nipple Mfg,Ci A__50 3774
50 164
Class 13
20 3914
Cities Service com._
100 84
Preferred
10
Preferred B
19%
Bankers' shares
Cleveland Automobile com• 2275
1%
Colombian Syndicate
Dent'wealth Pow Corp
• 38
Common new
100 82
Preferred
Warrants
Oens Gas,E LAP Bait new' 444
Continental Baking,00mA• 1394
• 38
Common B
100 10234
8% preferred
Continental Tobacco_ __ _• 15
• 46
Coty, Inc
• 504
Cuba Company
40
Cuban Tobacco v to
Curtiss Aeropl & M com__•
101
Preferred
Curtiss Aeropl Assets Corp
Davies ()%m) Co class A.* 254
2414
De Forest Radio Corp...'
Del Lack & West Coal_ _50 12734
Crucible.
..100 146
Dixon (Jos)
1674
DubillerCondsr& Red.__ Dunhill International... _•
Duplex Cond & Radio•to'
• 1134
Durant Motors, Inc
Claw A..'
Dus & CO, Ine.
•
Class A vot tr etre
• 694
Elee Auto-Lite Co
Elea Bond & Share,pref 100 1044
Ewe Bond & Share Sec._ _• 6934
624
Elm Invest without warts*
•
Elec By Securities
Paso Elec Co corn....'
El
Engineers Public Serv corn' 27
• 100
Preferred
• 5094
Eureka Vac Cleaner
714
Fageol Motors Co. corn_ _•
Motor Truck.._10 3675
Federal
Metals
Federated
614
Film Inspection Mach _ _ _•
Ford Motor Coot Can-100
61
Fox Film class A
Franklin(H II) Mfg corn.' 3634
100
Preferred
11
Freed-Elsemann Radio_
•
Freshman (Chas) Co
•Gabriel Snubber w I CIA • 3034
•
Garod Corporation
General G & E cony pref • 225
• 167
Preferred class A
•
Preferred class B
5735
I_
Gen.G & E of Del CI A w
Class B w
Maine
• General Gas of
3714
'
Gen. Ice Cream Corp w
Gen.' Outdoor Adverg --• 2634
• 45%
Class A
Georgia L.P&Rys.com_100 72
• 7834
Gillette Safety Razor_
•
Glen Alden Coal R.com100 33
Goodyear Tire &
Gould Coupler, Class A... 2154
Grand (F W)5-10-25c Sts • 814
Grennan Bakeries Inc.__ ..• 1914
'Grimes Ra & Cam Rec...'
94
Happiness Candy St el A.'
874
Founders' shares
• 2034
Haseltine Corp
699
THE CHRONICI,F.
AUG. 8 1925.]
2c
2c
90
95
101 1014
6
6
5311 55
47
47
1,000
1,600
80
100
400
200
7934 81
9051 90%
10
10
185 203
102 102
5954 614
924, 9454
34
35%
83
844
3754 384
40
38
31
". 35g
,
13
13
8934 89%
3814 444
94c
80e
52
544
69
73
3711 3954
944 944
94c
79c
107% 10714
814 9%
25% 26
20
21%
84
8
16
16%
173 173
714 73%
105 105
61
62
42
4334
4
3
409 420
69
66
4,800
1,100
400
11,150
25
14.400
700
2.700
300
7,200
36,500
500
100
10
45,800
4,000
600
150
26,500
100
2.310
10
500
2,600
400
1,500
500
25
400
30
200
7,000
9,900
30
40
100
1,300
24,700
17,900
100
200
100
16,900
1,800
500
800
900
19,600
13%
45
454
10
3734
1654
394
8314
711
194
22%
14
14
50%
48
10
38
16%
40
84
8
1974
23
154
3711 404 31,500
1,225
82
824
100
70
70
10.800
44
45
5.500
138 141
3634 39 115,200
101% 10234 2,800
900
15
16%
1,100
4454 46
8,100
4914 51
5,500
41
40
400
17
1734
20
74
74
100
35
35
100
25% 2514
3,305
24% 25
821.
126 128
1(
146 146
16
1734 3,00(
800
23
24
10
6% 64
11% 124 7,60
100
224 2234
200
224 224
17
6954 6934
660
104 105
66% 7114 27.400
62
6434 12,000
100
15% 154
200
7554 75%
56.900
2634 29
100
100 100
504 5114 2,000
500
714 8
13,500
38
34
200
26
2634
1,800
554 64
30
480 489
10,600
5734 61
4,300
3511 38%
100
8654 8611
1,400
104 11
600
144 15
6,700
304 31
700
5% 534
101
225 240
490
165 175
405
15014 160
5734 624 9,800
500
50
56
90
2154 221
4.000
36% 3731
3.700
27
26
1,200
45% 4651
1.501)
694 72
2,800
784 8051
500
130 130
7.300
3214 3314
2034 21% 2.000
814 2,300
76
4,001
20
18
1,100
2214
20
9
9% 11,300
1.200
834 814
1.40
194 214
Range Since Jan. 1.
Low.
High.
2c July
Jan
6c
33
Fen 100
July
Jan 107
92
May
5
Apr 10
Feb
55
Jan
May 67
42
Jan 47 June
May
July
Feb
Aug
July
Jan
July
June
Aug
July
July
Feb
Feb
Feb
Aug
Mar
July
July
July
July
Feb
May
May
Apr
Aug
Feb
Aug
July
July
Jan
Aug
July
May
JUIY
Jan
July
Jan
Aug
Aug
Jan
June
June
Feb
Aug
Aug
Feb
May
May
68% Feb
8354 Apr
84 May
137
Jan
94
Jan
484 Feb
Apr
84
2634 May
44
Jan
264 Mar
274 Mar
311 Jan
1134 Ain
84
Apr
2534 Mar
800
Jan
44
June
69
Aug
3754 July
94% Aug
31c May
106
Jan
454 Feb
2434 June
2054 July
734 May
10
Jan
121
Jan
Apr
50
103
Jan
61
Aug
3414 Jun
154 Jan
300
Feb
65 Jun
51
July
10
Ma
164 Jan
12
Feb
10
Au
Apr
29
114 Jun
35
Ma
8151 Jan
74 Ma
1754 Ma
194 Feb
60e
Jan
844
9034
134
203
10334
6754
95
51%
84%
39%
41
45,,
15
9454
447
%
154
554
81
4034
96
354
113
11
2854
214
914
164
182
754
1054
62
5154
54
445
97
584
274
5014
48
244
40
17
43
84
8
21%
26
234
36% June
794 Jan
2514 Feb
3114 Jan
108
Jan
21% Jan
9154 Jan
15
July
374 Apr
354 API'
614 Jan
13
Feb
55
Mar
1834 Mar
2554 July
184 Ma,
119
Apr
143
June
1234 Mar
23
Aug
311 Mar
114 June
204 Apr
224 Aug
6754 July
1014 Apr
55% Apr
40
Jan
124 Mar
7514 Aug
2634 Aug
100
Aug
46
May
751 Aug
334 July
26
Aug
454 June
462
Mar
4714 June
164 Apr
78
Apr
7
Apr
954 Mar
26
Apr
Apr
2
80
Jan
106
Jan
97
Apr
574 July
50
Aug
2154 Aug
34
July
20% June
4251 June
31% Jan
5734 Jan
117
Feb
24% Jan
2054 July
55 June
1554 Mar
9
Mar
634 Jan
554 Feb
1411 June
434 May
85
May
May
86
454 July
July
144
39% July
10354 July
26% Jan
46
July
July
51
43 June
22
May
May
79
35
May
31% Jan
34
Feb
137 June
14914 July
3514 Jan
31
Jan
17
Jan
21
Jan
33
Feb
22% July
7614 may
July
107
9114 Feb
664 July
16% July
754 Aug
29
Aug
100
Aug
524 June
8
Aug
38
Aug
261 Aug
%
1134 Jan
524
Feb
61 Aug
42% July
92% June
33% Jan
28
Jan
32
July
174 Jan
July
260
179
July
166
July
6451 July
6254 July
252
July
41
July
27% July
47
Apr
7734 July
80% July
138
Mar
36% July
22
July
814 Aug
214 May
24% MAY
9% July
8% July
513( Jan
Sales
Friday
Last Week's Range for
Industrial and
Week.
of Prices.
Sale
Miscellaneous Stocks
Pa?. Price. Low. High. Shares.
(Concluded).
,
• • 234
Heyden Chemical
• 57
Horn & Hardart Co
Hunt Bros Pack Cl A _ _
/
Intercontinental Rubb_ 100 -- 3g
114
Int Concrete Ind Fdrs elm
Inter Match non-vot• pf _35 50%
New preferred w 1_ _ _35 50%
lot Utilities, Class A
•
94
•
Class B
Inter-Ocean Radio Corp....*
• 17074
Johns-Manville Inc
3
Jones(JOP ) Radio M fg_•
Keiner-Williams Stamping"
• z4014
Kelvinator Corp _
25 96%
Kraft Cheese
194
Landover Holding Corp A 1
La Salle Exten Unix_ _ _ _10 21
50 100
Lehigh Coal & Nay
Lenign Power Securities..• 146
Lehigh Valley Coal Sales 50 82
3854
Leh Vail Coal Ws new
Lehn & Fink Products _ __• 36%
754
Libby McNeill & Libby_10
Libby Owens Sheet Glass25 197
811
Liberty Radio ch Stores__ •
4
Lupton (F H) Pub el A...*
654
Marconi wire] Tel Lond £1
McCord End & Mfg vtc__• 23
100 67
Mengel Co_
•
Mesabi Iron Co
Middle West Utilities core 116%
100 107
Prior lien stock
100 97%
Preferred
•
Midvale Co
Miller Rubber corn _...100 180
Mississippi River Pow_100
• 40%
Mohawk Valley Co
new_.
Moore Drop Forging CIA'
Motion Pict Capital Corp • 18%
Moto Meter Co., Inc. A.-• 39
Municipal Service Corp_ -• 1214
Music Master Corp ---- • 16%
44
National Leather
Nat Power & Light. oora.• 340
Preferred
274
Nat Pub Serv CI A corn..
• 18%
Class B common
•
National Tea
Nevada-Calif Elec Corp 100
8
New Mei dt Ariz 14111(1- - -1
N Y Tele')6%% pref _ 100 112
Nickel Plate corn new w I.. 9011
8514
Preferred new w I
• 58
Niter Corp Class A
• 5514
Class B
Northern Ohio Power Co.• 1254
Nor Ont Lt & Pr corn_ _100 51
No States P Corp,com_100 12114
100
Preferred
Nor States Pow Del war'nts 25
Norwalk Tire St Rub corn 10 16
Ohio Traction preferred 100
•
Omnibus Corp v t
39
Outlet Co coin
100 100
7% preferred
Pathe Exchange Inc el A _• 84%
Penne Water & Power_1011 177
100 103
Pet Milk 7% pre(
Pittsburgh Plate Glass_100 275
Power Corp of N Y. corn.' 8214
Pratt & Lambert Inc
Pro-phy-lac-tic Brush.com•
.l00
Puget Sd PAL.corn.
Purity Bakeries class A_25 4554
Class B
• 4134
100
Preferred
Reid Ice Cream Corp corn • 40%
Rem Noiseless Typew CIA'
Class A preferred
100
Preferred
_10 21
Reo Motor Car _ _
Rove Radio Corp tr Ws_ _•
Royal Baking Pow pre _100
St Regis Paper com
• 8014
Schwarz (Bernard) Cig A__
163.4
2811
Sera. El. Corp. Cl A
Silica Gel Corp.corn. v to.'
Singer Mfg Co, Ltd_ _£1
•
Sleeper Radio v t 0
Sou Calif Edison corn. 100 126
7% pref Series A_ __100
6% pref Series B_ __100
Southern G & P el A
•
Southern Cities Mil Co corn 6634
Voting trust certificates_
8634
Preferred
S'eastern Pr & Lt corn_ • 151
Southw Bell Tel 7% Dr-100 11074
Standard Pow & Lt ci A _ _
Stand Publishing Cl A_-25 --2034
Stand Tank Car, corn...'
Stutz Motor Car
734
•
151
Superheater Co
Swift 0, Co
100 113
Swift International
15 2574
Thermiodyne Radio
• 134
Thompson(RE)Radio vto• 1134
Timken-Detroit Axle_ _ _10
Tob Prod Export Coro_.•
4
Todd Shipyards Corp_
•
Tubize And Silk A v t C.
159
Class B
Tulip Cup Corp
•
Union Carbide & Carbon_• 684
S Gypsum common_20 4754
United G & E com new _ _ 10 9934
United Gas Improvemq.50 132
United Lt & Pow coin A • 1414
United Profit Sharing. _ _ .1
Un Rys & Elec Bait com_50
4
S Light & Heat com_ _10
10
Preferred
U S Rubber Reclaiming... -----UniversalPictures
Victor Talking Machine100 79
•
Ware Radio Corp
Warner Bros Pict corn_ • 114
20%
Class A
Western Pr Corp, com_100 6114
100
Preferred
White Rock Min Spgs com• 4834
1314
Wilson & Co (new) w I_ __
Class A w I
Preferred w I
11
10
10
Rights
Atlantic Gulf & W Indies_
Commonwealth Power.....
InternationalMatch
Power Corp of N Y
United Lt & Power. WI
920
414
154 214
52
57
254 2554
1151 124
1134 1254
4934 5154
49
514
37
3954
914 104
2
2
167 179
3
3
21
21
404 43
92
9854
18
19%
18
21
100 100
145 14774
80
83
374 3874
3614 37
714
794
192 203
8
84
4
4
61
% 7
22
23
66
6854
24 2%
110 12434
105 107
9714 9814
20
20%
175 185
66
67
4034 424
65
65
1711 1854
3854 3954
1254 13
1511 164
454 434
338 346
100 10034
26
30
144 1811
450 450
364 394
7% 8
112 113
8634 904
844 8674
5654 58
5354 5514
1234 1214
4811 5274
120 122
100 10054
234 2534
154 17
66
6954
134 1334
38
41
100 100
8454 8814
15634 179
103 1034
275 275
77
8736
45
4514
4134 4154
54
54
40
4514
39
414
97
97
40
4054
46
484
864 864
1074 1074
21
2214
4
4
10274 1024
77
864
16% 164
2414 30
18
2034
8
8
74 814
125 12914
1104 11056
964 9651
2334 2314
69
6654
45
4954
86
8631
148 154
11054 11014
2314 24
2034 2054
14
14
794 854
151 151
10954 113
2514 26
104 1356
114
9
8
8
354 4
3254 324
147 166
156 159
15
15
6651 6714
4754 4874
93 10074
1214 136
14
15%
194 20
185 185
4
4
211 211
44 534
3554 3634
7654 80
1331 134
1034 1354
1934 2054
58% 6315
91
954
44
4914
1354 1434
274 284
7034 70%
214 254
870
11,,
454 654
4
414
934 1011
Range Since Jan. 1.
Low.
14 Apr
3,000
1,500 48
May
jan
200 2 44 A ug
3
5
2,700
Mar
7
1,600
4,200 3754 Jan
1,300 46
Aug
June6%
300 35
15,600
May
200
May
1,050 16803c
700
1
May
100 204 Jun
5,100 1854 Feb
1,400 64 May
SOO
8% Jan
500 1534 June
100 90
May
Feb
700 82
10(1 78
May
Mar
2.700 33
7,800 3634 Aug
un r
634 JA pe
200
460
8,300
200
6 j un
6341 Junege
A
1,500
u
4,000 22
July
Jac
810
2
100 30
July
39.000 8254 Feb
1,130 9854 Jan
Jan
710 91
200 20
Aug
1,370 145 June
125 47
May
3,100 39 June
200 63% Mar
900 17
Mar
14,700 38% Aug
1,600 124 July
Mar
1,100
200
1,600
20
89412984425% June
4 JanFAepbr
20,300
10 June
4
an
8,000 23
50
400 3234 July
1,800
634 Jan
225 110;4 Jan
3.600 82% Mar
1.900 8321%
MarApr
2,100
13,500 4334 June
3 .Ttti y
h
18,400
63.4 Mar
4,050
850 10244 Jan
J6 b
Fe y
,
200
4.500 "61645
Julyb
P
19,600
300
34
300 12 May
5,300 38
July
1,700 100
Aug
16,900 424 Mar
3,600 127
Jan
110 102% May
10 260
July
Jan
47,600 33
Feb
300 40
100 38% May
Mar
100 49
Apr
1.700 35
Mar
2,600 34
Mar
200 93
Jan
300 35
37
Mar41
300 86
Aug
50
50 9634 Mar
A ny
5
6,300 1394 34a r
400
Apr
40 100
95
. 00 364 Apr
July
800 16
934 Apr
31,700
2,200 1234 Mar
Mar
4
100
494 May
500
3,77 10134 Jan
50 10414 Ma
Jan
100 88
200 2334 June
July
3,300 55
400 45
Aug
July
300 83
6,500 52% Feb
40 106% Mar
Aug
200 42 A% JuneMayr
16
3
1,000
100
2.800
Apr
25 122
May
540 109
r
6
2.400 2444 June
2. 0
6 0
6
may
9,200
200
334 Jan
34 May
1,900
100 324 Aug
Aug
280 147
Aug
20 156
100 144 Feb
Mar
1,900 65
Feb
800 115
Feb
12.300 25
62.000 9054 Feb
1.600 4454 Mar
554 Jan
900
20 184 July
100
374 June
300
4
11 A ug
500
ja n
Mar
600 24
Apr
825 65
Mar
9
He
13 34 July
4,50
35.000 1411 Apr
Mar
11.100 30
864 Jan
21
Feb
4.700 16
1.600 11% Apr
600 26% Apr
June
300 68
200
25.600
24,700
29,200
5.500
23§
870
434
3
49
4
Aug
Aug
Aug
July
Jun
High.
3
58%
284
16%
1334
5654
52
46%
17
14
180
Jan
Mar
June
July
July
July
July
Jan
Jan
Jan
July
Jan
23% Jan
July
45
98% Aug
23% May
21
Aug
109 June
160 June
87
Jan
504 Jan
37
Aug
934 Jan
219
July
45
Jan
834 Jan
10
Jan
23% June
69% July
494 Jan
12444 Aug
107
May
99 June
28% Jan
July
188
69% June
4531 July
68% May
19% June
41
July
July
13
21% Jan
6% Jan
354
July
102 June
30
Aug
20 June
450
July
5054 July
11% Feb
114
Feb
9011 Aug
87% Jan
58
July
55% July
134( July
53
May
May
126
10144 July
294 June
174 July
6954 Aug
1714 Jan
41
Aug
100
Aug
93% July
179
Aug
1034 Aug
June
290
91% July
47
July
44
Jan
6054 May
464 June
47
June
99
May
43
Jan
493.4 July
8631 Aug
113
May
24% July
144 Jan
105
Mar
95
Jul!
18 June
30
Aug
21
Jan
10 June
19% Jan
139
July'
110% Aug
96% Aug
24% July
71% July
55
July
87
July
July
159
111
July
24
Aug
27% Feb
Aug
14
10% May
Aug
151
120
Feb
3544 Jan
2254 Jan
Jan
25
9% Juno
534 Jan
Mar
42
180 June
200 June
1634 May
73% Feb
185
Aug
July
52
100% Aug
136
Aug
1634 Mar
Aug
20
54 May
234 Jan
July
7
37% July
Jan
105
4034 Jan
16% June
2094 Aug
704 July
9634 June
49% Aug
15% July
35
Apr
7534 Apr
254
154
711
5
11
Aug
July
July
July
July
700
THE CHRONICLE
Friday
Sates
Former Standard Oil
Last Week's Range for
Subsidiaries
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
Anglo-American OIL__ £1
Borne Elerymser Co
-AO°
Buckeye Pipe Line
50
Chesebrough Mfg
25
Continental 011 v
Crescent Pipe Line
25
Eureka Pipe Line
100
Galena-Signal Oil. com_100
New preferred
100
Humble Oil & Reflning25
Illinois Pipe Line
100
Imperial 011 (Can) new __.
Indiana Pipe Line
60
Magnolia Petroleum__ _100
National Transit_ - -12.50
New York Transit
100
Northern Pipe Line_
100
Ohio 011
25
Penn Mex Fuel
25
Prairie Oil & Gas
25
100
Prairie Pipe Line
Solar Refining
100
South Penn Oil
100
Southern Pine Line _ _ _10(
So West Pa Pipe Lines-100
Standard Oil (Indiana)_25
Standard 011 (Kansarn_25
Standard 011 (Ky.)
25
Standard 011 (Neb)----100
Standard Oil of N
Stand Oil (Ohio) com_100
Preferred
100
Swan & Finch
100
vacuum 011
Washington 011
10
23%
63
24
101
61%
133
30%
70
143
21
55
63%
55
125
168
79
66
62%
124%
243
4115
352
117%
8734
22% 23%
223 223
60
60%
63
6315
23% 2414
15% 1534
7215 73
4615 53
101 101
60% 6515
133 136
3036 31%
67
70
142 148
21
2135
55
55
83
82
62
65%
2715 2755
5434 56%
125 126
212 220
168 169%
79
81
66
66
6234 6415
3334 34%
123% 125%
241% 247
41% 43%
351 354
117% 117%
16
16
8634 89
35
35
3,000
20
180
500
36,300
300
90
500
10
27,300
200
6,000
240
550
200
10
40
3,100
100
10,400
1,460
40
1,145
90
50
44,100
1,400
2,600
80
9,400
190
20
100
5.100
10
Range since Jan. 1.
Low.
le
205
6854
484
21%
10
72
4634
100
42%
127
2751
mu
13034
21
55
78
82
24%
50%
106
202
139
80
65
5954
30%
11451
240
41
338
117
15
8014
30
Jan
Apr
May
Jan
Mar
Feb
June
Aug
Feb
Jan
Jan
Mar
July
Apr
Aug
July
June
Aug
July
Mar
Jan
Jan
Jan
June
Mar
Mar
Apr
Mar
Apr
Apr
Jan
July
June
Jan
Jan
15,200
4%
1,700
2%
300
434
5
200
500
2
3%
800
3,800
2%
60,300
334
25,900
8%
gg
400
315
300
3,000 870
114
1,800
100
1%
1,000 14c
3.800 6314
37,900 22%
900
2%
66,800
4%
2,700 20%
200 75c
100
13
%
7,500 56e
1,000 10e
1,600
1
2,000 18%
10 106
314
1,900
100
5
6,000 10c
1,000 35e
1,000
3e
100 31
200 12
2,200
900
2,600 1754
2,600 16
3,000 1735
6,900
50c
1,900
336
1,200
6%
3,300 24
100
1%
1,100 15
11,200 37
100
9
3,300
3%
100 21%
1,000 27
700
3%
4,000
50
May
Jan
July
Apr
July
July
July
Mar
Jan
July
July
Jan
Jan
May
Aug
Mar
Mar
Jan
June
July
Jan
Jan
Apr
Feb
July
Jan
Jan
Jan
July
Jan
Jan
Jan
Mar
Jan
May
Jan
Mar
July
July
Jan
Jan
Jan
Mar
July
Aug
Feb
Jan
Aug
Aug
Mar
Jan
11,000
7o
100
1%
10,200
3%
5,300
1%
3
900
6,000
2c
5,100 1454
14,000
7e
6.000 100
1.000
Sc
21,200
5%
1,000
Sc
12,000
Sc
4,300 1251
1,100 13%
600 98e
30,900
1%
400 88c
400 50e
1,000 10o
700
155
5,000
So
1,000 12%
300 18%
290 181
2,100 43%
1,300
4%
6,000 750
2,000 150
2,000 Ile
2
400
2,000 20c
2c
11,000
3(10
235
40
7,000
100
134
100 52c
4,900
1%
4,100
Vis
1,200 20%
1,600 50c
43.4
10C,
2
9,600
100 15
Jan
Jan
Feb
July
July
Mar
Jan
Jan
May
Jan
July
June
Feb
Apr
Mar
Jan
Jan
May
Aug
July
Mar
July
Aug
Mar
May
Aug
May
Mar
Feb
Aug
Jan
Feb
Jan
May
Feb
Jan
Apr
Aug
Mar
Apr
Mar
Jan
Jan
Jan
Other 011 Stocks.
1055
Amer Controlled 011F'Ids 5
10
1034
10% 10
Amer Maracaibo Co
4%
10
43.4 5
Argo Oil
•
Arkansas Natural Gas...10
6
6
2% 2%
234
Atlantic Lobos Oil com__.•
3% 4
•
315
Preferred
4
314 4
Cardinal Petrol Corp
5
734
6%
Carib Syndicate
5 11% 11% 12%
Creole Syndicate
8% 9%
8%
Crown Cent Petrol corp.•
4% 4%
Derby 011 & Refin, com_.
155 1.21,
114
Euclid Oil
1
2% 2%
Gibson Oil Corp
1% 1%
1%
Gilliland 011 corn v t c___
14c
10
14e
Glenrock 011
25 74
74
76%
Gulf Oil Corp of Pa
International Petroleum_• 23% 2315 25
2% 3
Kirby Petroleum
534
415 535
Lago Petroleum Corp._ _•
• 2134 21
2255
Lion Oil& Refining
•
134 155
Livingston Petroleum_
Marland Oil of Mexico_ _1
335 3.34
PH 2%
235
Mexican Panuco Oil_ _10
19e
10
19e
Mexico Oil Corp
1
114 115
Mountain dc Gulf 011
Mountain Producers-- _10 20% 20% 21
•
111 111
National Fuel Gas
5
534 5%
5%
New Bradford Oil
51
% 54
New England Fuel OIL _
100
10e
Noble 011 & Gas com- _1
49c
1
490
Preferred
4c
1
4c
Northwest Oil
32% 32%
Ohio Fuel Corporation_25
1 14
14
14
Ohio Fuel 011
1
1%
1%
•
Peer Oil Corp
• 23% 23% 2515
Pennock 011 Corp
• 31% 3415
25 34
Red Bank 011
20% 1915 21
Reiter-Foster 011 Corp_
600
51c
Royal Can 011 Syndicate.* 55c
434 455
Ryan Consol Petroleum *
7
755
Salt Creek Consol Oil_ _10
Salt Creek Producers-10 2534 25% 26%
1% 151
5
Sapulpa Refining
1534 16
Shrevp El Dorado P L__25 16
4134
• 3751 37
Sun 011 Co
9% 9%
Tidal Osage Oil
3% 3%
335
Venezuelan Petroleum. __
2115 2115
Ventura Consol Oil Fields 5
28
Wilcox(H F)Oil& Gas new 27% 27
‘
,
4% 5%
Wooriley Petroleum Co' 51
7c
7c
1
••Y" 011 & Gas
ligialng Stocks24c
21c
Arizona Globe Cooper---1 21c
1% 1%
1
Calaveras Copper
7% 8
8
10
Canarlo Coorrer
1% 2%
Consol Copper Mines_
3% 315
Cresson Cons Gold M&M.1
1
4c
Sc
4c
Divide Extension
89
97%
Engineer Gold MInes,Ltd 5 89
1
9c
8c
8c
Eureka Croesus
40c
35e
First Thought Gold Mime 400
1
33c
33e
Forty-nine Mining
514 7
6%
Golden Centre Mines
Sc
1
Sc
Goldfield Florence
16c
14e
Hawthorne Mines Inc_ A 160
i5c 16% 15% 16%
Flecla Mining
1414 14%
Hollinger Consol Gold M5
1
1
114
Jerome Verde Develop-2lrio
2"as
1
Kay Copper CO
154 1%
5
134
Kerr Lake
50c
50e
Kirkland Lake
Ile
110
-----Lorraine Consolidated
1% 114
6
Mason Valley Mines
Sc
7c
50c
National Tin Corp
1234 12%
Nevada Sliver Horn
20
20
New Cornelia Copper_ _ _ 5 20
100 191% 190 19115
New Jersey Zinc
431 46
%
Newmont Mining CorP-10 45
414 4%
5
mowing Mines
77c
75c
1 760
Ohio Copper
37c
37c
Parmac Porcupine Mil:Ansi
12c
110
Plymouth Lead Mines
2% 2%
2%
Premier Gold Mining. Ltd
254
25c
1
Red Warrior Mining
4c
30
30
San Toy Mining
2% 235
South Amer Gold & Plat-1
8c
7c
7C
Spearhead Gold MinIng1
1% 1%
1
Teck Hughes
65c
65c
Tonopah Belmont Devel. 1 65e
156
1%
1
Tonopah Extension
314 4
4
Tonopah Mining
23
24
Verde Extens- _50c 24
United
850
80e
5 850
Unity Gold Mines
6
6
6
5
Utah Apex
4
4%
415
Wonden Cooper Mining- -1
1535 1535
Yukon-Alaska Trust ctf__
Bonds
Allied Pack cone deb 85'36
Alpine Montan St 7s_ _1955
91
9031 90% 320,000
91 109.000
91
84
91
Mar
Mar
High.
26%
240
72
66%
3154
17
96
65
10735
72%
154%
3434
84
159
2534
79
88
7554
4434
55t4
127%
254
197
103
85
70
46
126
270
48%
369
123
27
96
35
Apr
July
Jan
May
Feb
July
Jan
Feb
July
June
Jan
June
Jan
Feb
Jan
Jan
Feb
Feb
Mar
Jan
July
Jan
Jan
Jan
Jan
Feb
Fsb
June
Bonds (Concluded)
-
[vol. 121.
Friday
Last Week s Range Sales
Sale
ofPrices.
for
Price. Law. High. Week.
Range Since Jan. 1.
Low.
High.
Aluminum Co of Am 78'33
106% 10631 LOGO gm% July 10714 June
78
1925 100% 10055 10035 6,000 10035 Aug 10254 Jan
Amer G & E deb 68_2014 97% 9731 97% 206,000 95
Jan 9955 Jelly
American Ice 7s
July
118% us% 120% 38,000 103
Mar 121
%merlcan Power & Lighten old without warr 2016 9635 9514 96% 60,000 93% Jan 9854 May
6s new
Mar 98% May
96
96% 11,000 95
truer Rolling Mill Os_1938
102% 102% 2,000 100
Jan 103% June
Ismer Sumac Tob 7153_1925
94% 94% 2,000 80 May 98% Aar
American Thread 6s_ _1928
Feb
102% 102% 1,000 10231 Jan 104
anaconda COD Min 6s-1929 10311 102% 10334 14,000 102% July 104 May
Andian Nat Corp 611_1940
Without warrants
9834 99
3,000 98 May 10031 May
Assoc Gas dr Elec 6s _1965 9434 93% 95g 172,000 9331 Aug 96 June
Haoe'd Simmons Hardware
6%s
1931 89% 89% 89% 7,000 81
Feb 90 June
Atlantic Fruit 8s
Mar
21
21
17,000 18% Jan 27
Ati G&W ISSL 58..1959 71
71
70
Jan 72% July
38,000 62
Beaver Board Co 88..1933 89
Jan
87% 91
35,000 87% Aug 96
Bell Telep of Can 58._1955 98
9715 9815 70,000 97% Aug 100 June
Seth Steel equip 7s__ A935 10314 10315 103% 26,000 103
Mar 10451 Jan
Boston & Maine RR 651933
90
July
90
1,000 8215 Mar 92
nanadian Nat Rye 7s 1935 111% 111% 112
22,000 108% Jan 112% Apr
Cent Pac Ry Is, w 1_1960 98
July 9814 July
98
9835 282,000 98
Chic Milw St St P (new co)
Ad., M 55 w I
2000 54% 54% 55% 92,000 52% June 55% Aug
Chic RI & Pao 536s..1928
10055 100% 4,000 100% Aug 10111 Jan
Cities Service 68
1966 9094 9055 91
11,000 9055 June 9135 June
Jan
Citrea Service 7s Ser C _1966 124
123% 124% 39,000 111
Feb
Jan 128
Feb Cities Service 78 Ser D 1966 10215 102% 103% 104,000 9834 Jan 10635 Feb
Jan Cities Serv Pr & Lt 611_1944 93% 93% 94 219,000 92
Feb 94% Mar
Mar Cons G,EL & P. BaltJan
65, Series A
1949
106% 107% 2,000 10435 Jan 108 June
Feb
515s Series E
1952 105
105 105% 6,000 101% Jan 10551 July
Aug
55 Series F
1965
99% 9934 13,000 99% Aug 10035 June
Consol Textile 83
1941
85% 86
Jan
Apr 96
9,000 90
Cuba Co 6s
1935 92% 92
93
64,000 91% May 98
Mar
Cuban Telep 710-A941 110
110 11034 6,000 106
Jan 11151 June
755 July Cudahy Pk deb 53-4 a_ _1937 91
8914 91
Fob
34.000 8955 Jan 95
36
Is
1946
92% 93
Apr 95 June
9,000 90
Deere & Co 75-4s
1931 10315 103% 103% 18,00(. 10251 July 105
Feb
Det City Gas(is
1947 104
104 105% 15,000 102% Jan 106% May
174 jj l b Detroit Edison 6s
801
May
A ene
Ful g
e
1932
128 128
14,000 110% Jan 13351 July
12% May
Is Series B
1955 98
9714 99% 89,000 9754 Aug
June
4
Aug Est RR of France 7s _1954 83% 83% 83% 136,000 784 Aor 100
8834 FeD
734
Federal Sugar 6s
1933 95% 95% 9614 37,000 9254 Apr gg
Mar
1435 Apr Gair (Robert) Co 78_1937 10336 103% 103% 9.000 99
Apr 10435 July
12% May Galena-Sig Oil 78
1930 10455 10415 104% 9,000 10454 Aug 10654 JulY
7
Feb Galena-Sig 011 Tex 6s 1933 100% 100% 10131 6.000 10055 July 102 June
155 June General Ice Cream 615s'35 107
106% 107% 30,000 104
July 110% July
3% June General Petroleum 68_1928
101% 10115 5,000 100% Jan
3% Mar Grand Trunk Ry615 a_193ti 108% 10815 108% 14,000 10555 Jan 10234 July
110
JulY
27c Feb Great Cons Elec 6348_1950 86
86
86% 16,000 86
July 8635 July
June Gulf Oil of Pa 58
1937
9914. 99% 19,000 98% Jan 101% May
ne
7928
2894 Feb
Serial 536s
1928
101 101
1,000 101
Jan
Aug 102
5% Jan Kan City Term 5150_1926
10115 10134 26,000 101% Aug 10234 Jan
7% Apr
414s
1960 8334 83% 84% 03,000 83
July 8655 July
23
July Krupp(Fried) Ltd 78 1929 8634 86
8814 95,000 86
Aug 994 Jan
1% July Lehigh Pow Secur 6s_ _1927 10136 101% 101% 30,000 100% July 10151 Mar
4% Feb Libby. MeN & Lib 78_1931 104% 10415 10415 16,000 102
Jan 10454 July
July Long Island Ltg 6s
mar
37e
2hr
1945 10036 10055 100% 21,000 100% July 102
July
Morris& Co 7gs
1930 103
102% 10335 24,000 9814 Jan pm% Feb
Max Nat Dials Prod 7s
2
1930 10034 10034 10034 10,000 9935 July 10231 June
2314 June New On Pub Bery 58-1952 90
90
92
52,000 86% Jan 95 June
Mar
122
58 Series B
1955 90
90
91% 49,000 90
July
Aug 93
6% June Nor States Pow 614s 1933 11836 11734 119% 209,000 105% Jan 121
July
8% June
615s gold notes__ -1933
103 103% 16,000 99% Jan 10414 May
13e Feb Ohio Power 5s Ser B__1952 9235 91
92% 9,000 89
Jan 9654 May
50c Feb Oklahoma Gas & El Is 1950 9115 9134 91% 52,000 9131 Aug 95
Mar
60 June Pennok 011 Corp 68.. _ _1927
100/5 100% 25,000 97
Jan 100% June
3451 Feb Penn Power dr Light 5s '53 96% 96% 97
9,000 95
Apr 9834 May
,
Feb Phila Elec 535s
20
1953 105% 105% 10514 4,000 104% Jan 107 June
155 Feb Phila Rap Transit 68_1962
96% 9715 7,000 965/ Aug 99
Mar
28% June Phillips Petrol 715 _ _1931
104% 104% 4,000 10355 Jan 104% June
4455 June Pure 011 Co 6948
1933 10134 100% 101% 51,000 97% Jan 10254 May
3355 June Shawsheen Mills 7s._ _1931 102
10115 102
Jan
7,000 100
Apr 104
2, Apr Schulte R E Co 6s.. _ _1935 100
100 100% 20,000 100 June 10055 June
93.5 Mar Siemans & Halske
93% 9334 95
50,000 9334 Aug 9954 Feb
1935 9215 91
854 Meg
7s
9254 13,000 91
Aug ad% Feb
28% June Sloss-Sbeff St a I 65_1929
10134 102
14,000 101
Jan 10234 June
1934
Jan Solvay & Cie 6s
2
101 10115 8,000 100
July
Jan 105
1835 July South Calif Edison 50.1944
94
94
6,000 92
Jan 9731 May
Jun
Stand Gas & El 6148-1954 152
143% 15754 1143000 106% Jan 15734 Aug
eb Stand Milling 515s---1945
e
461531
9434 95
22,00C 94 • July 9534 May
4% Apr Stand 011 of N Y6%5_1933 106
106 107
34,000 106
Feb
Aug 108
2436 June Sun 011555s
1939
9634 9715 36,000 9534 Jan 9935 July
3131 June Swift & Co 58-Oct 15 1932
96
9615 105,000 94
Jan 97
July
7
Mar Thyssen(Aug)I&SW 713 '30 9134 9034 92% 90,000 9034 Aug 9934 Feb
9e June Tidal Osage 011 7s__ _1931 103
103 103% 14,000 103
Jan 104% Jan
Toho El Pow (Japan)78'55 00
90
90% 77,000 90 May 9134 May
Trans-Continental 011 7930 98
98
99% 30,000 98
Aug 103% May
TyrolHydro-ElPow 7558'55
9635 96% 12,000 94% June 96% May
86c Feb Union 011 Calfa
1935
95
95
17,000 9434 Me6 9635 Mar
Feb United Oil Prod 8s.. _1931
2
34
1,000 28
34
Jan 50 June
8
Aug United Rys ot Hay 734e'36 110
July
3,000 10735 Mar 112
109% 110
Feb
4
101% 101% 6,000 10051 Apr 102% Mar
S Rubber Ser 63.4e..1926
Feb
4
10134 101% 3,000 10051 Apr 102
Serial 615% notes...1927
Mar
Sc Aug
Serial 6 A % notes 1928 10155 101 10154 16,000 100% Apr 102% Mar
July
109
Serial 636% notes-1929
loo 10054 16,000 9954 API' 101% Mar
23c Feb
Serial 636% notes_ _1930 100% 100 looi 26,000 99% Apr 10131 May
58c Jan
Serial 614% notes_ _1931
Ice 10034 18,000 97% Apr 101
July
420 July
Serial 63.4% notes_ _1932 9814 98% 9914 30.000 97
Mar 10035 June
Serial 654% notes_ _1933 9894 98
7% July
9954 13,000 9654 Apr cum July
serial 6%% notes _ _1934 9954 98
14c Feb
99% 5,000 96% May 95% July
Serial 634% notes. 1935 9731 9714 9834 9.000 96
230 Apr
Apr 100
July
16% Aug
Salim 654% notes--1936 0
9714 98% 18,000 9551 Apr ggg July
8
1615 May
Serial 634% notes_.1937 98
9755 98% 9.000 95% May 9915 July
2
Serial 655% notes _ _1938 9855 9735 98% 42,000 9551 Apr 99% July
Ain
215 July
Serial 636% notes_ _1939 97
97
9855 33,000 9555 Ma3 99% July
1% Feb
Serial 6 A % notes_ _1940 974 9731 99
28,000 9534 May 50% July
50c Aug Vacuum 011 7s
1936 10535 10515 105% 33,000 105% Aug 10751 Jan
200 July Webster Mills 6358_ _ _1933 9834 98% 98% 15,000 974 Mar 103% Jan
214 Jan
18c Mar
Foreign Government
12% Aug
and Municipalities
2415 Jan
199
Jan Berlin (City) 6358._1950 89
89 151,600 89
89
July 8934 July
46% July Cologne (City) 630_1950
87% 87% 5.000 87% Aug 8734 Aug
654 Jan Gratz (City) Austria 88'54 98
98
98% 40,000 97
May 9835 May
135 Jan Denmark (King)6s---1970
Feb
99
99
July 100
7,000 98
555s w 1
520 Jan
1955 0955 99% 99% 74,000 99% Aug 99% Aug
85c Mar French Nat Mall SS 78 1949 80
Jan
8055 44,000 77% Apr 91
80
2% Jan Hungarian Cons Mun
48c Jan
Loan 7558
1945 89% 89
/3935 5,000 89
July 89% Aug
7e Feb Indust Mtge Bk of Finland
3% Jan
tat M coils f 78___ _ 1944 95
9454 9551 16,000 92% Mar 97 June
12e May Mtge Bk of Chile 6363_1957 97% 97% 97% 42,000 97% July 9734 July
1% July Netherlands(Kingd)651112 108
Aug
107% 108
52,000 10234 Mar 108
85c Mar Russian Govt
s._ _ _1919
1254 1254 1,000 1235 June 17% Feb
3•1. Feb
Feb
634s certificates_ _ _1919 11
11
1134 63,000 11
Aug 17
4 May
5158 certificates_ __A921 1134 11
1134 4,000 1035 May 1551 Jan
2951 Jan Santa Fe (Prov) Argentina
910 June
Cred ex 75
96
96% 17,000 96
1942 96
July 96% July
814 Jan Switzerland Govt 514s 1929 10234 10255 104 124,000 101
July
Jan 104
5
Apr Upper Austria (Pray) 7s'45
9214 July
9214 92% 2,000 92% July
16
Jan
•No par value. k Correction. 1 Listed on the Stock Exchange this week, where
additional transactions will be found. o New stock. a Option sale. o Sales of
9454 Feb Standard Publishing In our Issue of June 27 at 1715 was an error. w When issued
914 May z Ex-dividend. y Ex-rights. a Ex-stock dividend
Inutstutent and Sailroad intelligence.
-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the fourth
week of July. The table covers 13 roads and shows 8.35%
.
increase over the same week last year.
Fourth Week of July.
1925.
Ann Arbor
Buffalo Rochester & Pittsburgh_
Canadian National
Canadian Pacific
Duluth South Shore & Atlantic_
Great Northern
Mineral Range
Minneapolis & St Louis
Mobile & Ohio
St Louis San Francisco
St Louis Southwestern
Southern Railway System
Texas & Pacific
$
153,893
565,043
7,059,027
4,751,000
185,119
3,321,000
17,946
318,804
511,135
2,585.834
619,800
5,557,937
871,148
Total (13 roads)
ATAt inereasA
1924.
Bellefonte Central
June '25
'24
6 months ended June 30 '25
'24
-Deficit.
$
192
6,083
26,517,686 24,473,762 2,050,199
(s.anoz)
6,275
2 114q 094
In the following we show the weekly earnings for a number
of weeks past:
Previous
Year.
Current
Year.
Week.
1st week April ri roadsi
2d week April 16 roads
3cl week April 16 roads
4th week April (16 roads)
1st week May 116 roads)
2d week May 16 roads)
3d week May 16 roads)
4thweek May 16 roads)
1st week June (16 roads)
2d week June (16 roads)
3d week June 16 roads
4th week June 16 roads
1st week July 16roads
2d week July 16 roads)
3d week July 16 roads)
4th week July (13 roads)
Increase or
Decrease.
16,570,808 17.191.341 --620.533
16,384.924 17.347.429 --962.505
16,289.410 16,754.973 --465.563
22.389.690 22,677.078 --287.38S
16.992.850 17,081,956
--89.106
16.598.018 16.938.303 --304,285
16.688,462 17.019.350 --330.888
22.177.354 24.473.257 --2,295,903
17.075.429 17,337,267 --261.838
16,982,661 17.388,645 --405,984
17.176.036 17,458.532 --288,496
23.465,981 22,855,412 4-610,569
17,280,373 17,037,297 4-243,852
17,742,468 17,483,935 A-258,533
18,163,598 17,240,803 4-922,795
26,517,686 24,473,762 4-2,043,924
3.58
5.55
2.77
1.26
0.52
2.00
1.94
9.38
1.51
2.33
1.65
2.68
1.43
1.47
5.35
8.35
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes),these being very comprehensive. They
Include all the Class A roads in the country, with a total
mileage each month as stated in the footnote to the table.
Gross Earnings.
Net Earnings.
Month
1925.
1924.
Increase or
Decrease.
1925.
1924
Increase or
Decrease.
$
Jan -- 483,195.642 467,329,225 +15.866,417 101,022,458 83,680.754 +17.341.704
Feb.. 454.009.669 478,451.607 -24,441,938 99.460,389 104.441.895 -4,981.506
Mar_. 485.498.143 504,362,976 -18.884.833 109,230.086 114.677.751 -5,447,665
Apr.472,591,665 474,287,768 -1,696,103 102,861,475 97.471,685 +5.389,790
May.. 487,664,385 476,549,801 +11.114,584 112,859.524 96.054,494 +16.808.030
Note.
-Percentage of increase or decrease in net for above months has been
January, 20.73% Inc.; February. 4.77% dec.; March, 4.74% dec.; April, 5.53% inc.
May,17.49% Inc.
In Jan. the length of road covered was 236,149 miles in 1925, against 235,498
miles In 1924, In Feb.. 236,642 miles. against 236,031 miles, in March, 236,559 miles.
against 236,048 miles, In April, 236.664 miles, against 236,045 miles.In May,236,663
miles, against 236.098 miles
Net Earnings Monthly to Latest Dates.
-The table
following shows the gross and net earnings for STEAM
railroads reported this week:
-Grossfrom Railway-. -Net from Railway- -Net after Taxes
1924.
1925.
1925.
1925.
1924.
1924.
American Ry Express Co
April
246,363
24,554,361 24,715.428
From Jan 1 90,833,547 92,241,269 1,029,409
Central of Georgia
June
314,735
2,192,024 1,045,128
From Jan 1 14,074,206 13,141,171 2,926,496
Chicago Great Western
June
1,840,802 1,959,183
171,007
From Jan 111.160,924 11,596,201 1,407,917
Chicago Peoria & St Louis
June
65,331
-5,936
94,052
From Jan 1
524,693
8,395
612,112
Duluth Winnipeg & Pacific
June
164,402
-1,761
150,040
From Jan 1 1,177,331 1,193,809
234,582
Georgia & Florida
June
137,826
36,230
119,068
From Jan 1
788,736
180,135
848.045
Lake Superior & Ishpeming
June
223,917
100,901
216,888
From Jan 1
781,652
151,437
744,684
Nevada Northern
85,749
June
38,918
84,885
From Jan 1
511,889
221,978
516,443
The Pullman Co
June
7,291,104 6.716,770
109,796
From Jan 137,007.626 35,584,789
645,731
Southern Pacific
Galveston Harris & San Antonio
2,293,019 2.622,369
389,867
June
From Jan 112,121,303 13,494,734 2,015,163
Houston & Texas Central
1,075,213 1,063,420
259,663
June
From Jan 1 7,324,111 6,867,828 1,429,182
Houston East ac West Texas
286,884
88,489
June
226,395
274,545
From Jan 1 1,566,001 1,500,959
Texas &,New Orleans
949,842
300,894
710,904
June
From Jan 1 5,378,453 4,452,367 1,017.398
Gross
Interest &
Net
Earnings. Earnings.
Taxes.
Increase. Decrease.
$
$
144,201
9,692
409,533 155,510
6,534,320 524,707
4,510,000 241,000
185,311
2,972,994 348,006
15,499
2,447
307,049
11,755
497,846
13,289
2,484,876 100,958
625,883
4.926,441 631.496
859,809
11,339
253,469
1,008,415
71,737
332,963
79,952
308,937
269,325
215,787
182,852
2,742,937 2,294,491 2,110,789
242,992
1,581,061
92,957
169,416
923,531 1,126,624
-184
4,219
-8,730
-10,163
-4,037
-17,230
-33,414
211,857
-9,792
176.106
-40.836
151,494
18,297
192,281
29,562
140.619
11.864
153,191
82,845
106,539
89.390
80,327
63,135
16,420
40,997
254,646
28,437
159,103
34.065
213,300
96,465
552,486
4,863
52,999
1,899
19,523
518,652
299,101
432,385
2,279,319 1,578,362 1,841,325
136,182
231,107
705,483 1.062,469
101,374
447,559
-650
-13,881
78,491
215,294
6,938
-49,430
64,665
180.806
268,843
823,911
35,090
5,191
701
-Grossfrom Railway- -Net from Railway- -Na after Taxes
1924.
1925.
1924.
1925.
1924.
1925.
5.
5
$
5
$
.5
Spokane Portland & Seattle
139.451
June
620,914
642,560
174,447
98,012
207,401
From Jan 1 3,584,067 3,982,056 1.104.780 1.418.618
996,852
654,121
8,513
5,378
48,928
49.454
-1,402
-1,616
353
3.521
200
170
1,200
1.020
Balance,
Surplus.
-1,602
-1,786
-847
2.501
Electric Railway and Other Public Utility Net
-The following table gives the returns of
Earnings.
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
Companies.
-Gross Earnings--Net Earnings
Current
Previous
Current
Previous
Year.
Year.
June 7,010,000 5,928,000
Amer Tel & Tel Co
6 mos ended June 30_ _ _ _41,607,000 36.766,000
June 1,858,430 1,649,952
Cities Service Co
12 mos ended June 30._ -18,180,206 17,110,489
Year.
3.052,000
18,657.000
1,797,296
17,426,717
Year.
2.309,000
15,312,000
1,588,686
16.550,142
Gross
Net after
Fixed
Balance.
Earnings.
Taxes.
Charges. Surplus.
Companies.
$
$
$
Amer Water Works June '25 3,268,978 1,428,565 11.003.083
425.482
Co. Inc. & Sub Cos '24 3,024,790 1,277.915 1933,779
344.136
12 mos ended June 30'25 39.224.695 17,650,457112.150,299 5,500,158
'24 38,084,774 16,489,355110.955,095 5.523,260
97,027
'43,777
Asheville Power & June '25
5,951
37,826
84.375
'24
*33,577
Light Co
5,871
27,706
70,923
395,947
12 mos ended June 30'25 1,123,609 *466,870
'24 1,018.622 *421,077
66,817
354,260
252,825 *175,488
Carolina Power & June '25
51.443
124.045
'24
194.840 *158.157
Light Co
40,838
117.319
12 mos ended June 30'25 3.094,870 *1,591,479
570,854 1.020.625
'24 2,444.405 *1.223,800
421.148
802,652
70.975
26,777
Eastern Shore Gas June '25
12,623
14.154
'24
47.874
15,560
& Elec Co & Subs
9.912
5.648
721,209
269,113
133.168
12 mos ended June 30'25
135,945
'24
591.822
222,575
14,041
108,534
June '25
16,899
8,928
Grafton County
1.591
7,337
'24
15,679
7,682
Elec Lt & Pow Co
1.402
6.279
110,075
57,105
9,610
47.495
6 mos ended June 30'25
'24
102.377
53.840
8.389
45,451
Havana Elec Ry, June '25 1.241,402 *590,326
89.181
501,145
'24 1,158,386 *600,176
Lt & Power Co
90,789
509,387
538,034 3,370,647
6 mos ended June 30 '25 7,585,665 *3,908.681
'24 7,008.191 *3.612,626
548.497 3.064.129
Interborough R T June '25 4,689,205 1.180,764 1.295,793 -115,029
'24 4.776,170. ,
1,263,912
112,256
Co
12 mos ended June 30'25 58,711,191 18,186,015 15,466.214 2.719.801
'24 58,176,537 17.530,391 15.165.540 2.364,851
49,530
May '25
17,989
6,883
11.106
Jamaica Public
'2448519
16,800
6,451
Service
10.369
592,516
198.842
80.296
181.546
12 mos ended May 31 '25
193.862
77,490
24,412
53.078
Manchester Trac, June '25
196,992
63,502
21,947
41,555
Lt & Pr & sub cos '24
550,293
145.582
404.711
6 mos ended June 30 '25 1,294,757
515.961
133,627
'24 1,285,889
382,334
319,669
82.039
Penna Cent Light June '25
286.460
66,964
'24
& Power
1,133,672
12 mos ended June 30'25 3,926,423
1,012.377
'24 3.551,927
45.378
Third Avenue Ry June '25 1,260,356 *266,714 e221,336
248,881 • e217,477
31.404
'24 1.272.271
System
12 mos ended June 30'25 14,531.704 *2.572,610 e2,685,786 -113,176
73.844
'24 14,549,265 *2,761,826 4.687,982
West Penn Co
June '25 2.015,789 b812,234 1485,868
326,366
'24 1.983,682 b785,635 1496,404
289.231
12 mos ended June 30'25 25,428,803610,783.105 16,072,290 4.710.815
'24 25,490,268610,446,913 15,736.985 4.709,929
Yadkin River Pow June '25
153,754
*79.578
34.672
44,906
Co
'24
144,275
*76.371
34,653 . 41.718
415,253
12 mos ended June 30'25 2,086,758 *1.103,292
688.039
24 1,845.720 *997,205
413,905
583,300
* Includes other income. e Includes all interest and amortization of
debt, discount and expenses. b After rentals. f Includes preferred dividends of subsidiaries.
FINANCIAL REPORTS.
-An index to annual reports of steam
Financial Reports.
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
July 24. The next will appear in that of Aug. 28.
General Motors Corporation.
(Semi-Annual Report-Six Months Ended June 30 1925.)
A comparative income account for the first and second
quarters of 1925 and 1924 as well as for the six months ended
June 30 1925, together with the comparative balance sheet
as of June 30 1925 and Dec. 31 1924, will be found under
"Reports and Documents" on a subsequent page.
The corporation, during the first six months of 1925. after all charges.
shows surplus available for dividends of $46,082,236. The regular quarterly dividends on the Preferred and Debenture stocks,requiring $3,819,771.
were paid, after which there remained for the Common stock $42,262,465,
or the equivalent of $8 19 per share on the 5,161,599 shares outstanding.
Two quarterly dividends each of $1 50 a share on the Common stock were
paid, totaling $15,483,674, leaving a balance of 526,778,791 carried to
surplus account from earnings.
The corporation's statement of earnings reflects the earnings of Fisher
Body Corp. and General Motors Acceptance Corp. only to the extent of
dividends received. If the General Motors Corp.'s equity in the undivided
profits of Fisher Body Corp.(60%) and General Motors Acceptance Corp.
(100%) were included, the amount earned on the Common stock of General
Motors Corp. for the first six months of this year would be $46,543,328.
This is equivalent to 59 02 per share earned on the Common stock the first
six months of 1925 and compares with $5 45 per share earned on the Common stock the first six months of 1924 on the same basis.
[VOL 121.
THE CHRONICLE
702
QUARTERLY SALES AND PROFITS OF GENERAL MOTORS CORP..
American Locomotive Company.
AND ALSO SALES TO USERS.
1st 6 los. (Semi
-Annual Statement-Six Months Ended June 30 1925.)
2d Quar.
1st Quar.
Year 1925- •
Retail deliveries by dealers to users
President Andrew Fletcher, July 30, reports n brief:
396,379
260,613
135,766
cars and trucks
There has been very little demand for new locomotives since April. the
General Motors Corp. sales to dealers
389.227 railroads of the country having materially reduced their usual purchases.
233,912
155,315
-cars and trucks
$17.811.239 $28,270,997 $46.082,236 A depression in the company's business has resulted btu we believe the
Net earnings (after taxes)
15,900,879 26,361.586 42,262,465 condition is but temporary. The new business obtained during the six
Amount earned on Common stock
months period amounted to about 32% of that obtained during the similar
Year 1924
period ending June 30 1924, and the prices received carried a very small
Retail deliveries by dealers to users
380.308 margin of profit. The percentage of all plant operations to rated capacity
239,522
140,786
cars and trucks
averaged about 29% for the six months period. This includes the MonGeneral Motors Corp. sales to dealers
353.099 treal Locomotive Works which operated at an average of about 2% of its
137.549
215.550
-cars and trucks
$19.400,956 $7,666,034 $27,066,990 capacity during the six months as compared with 21% for the similar period
Net earnings (after taxes)
5,934,943 23.604,830 of 1924 and 63% in 1923. During the last six months the Montreal plant
Amount earned on Common stock_ -- 17,669.887
of any similar period since its
The corporation is In excellent financial condition. Cash in banks and operated at the lowest rate of its capacity
depression existing In the locomotive
U. S. Government securities at June 30 1925 amounted to $139.375,062; purchase twenty years ago. The
but temporary.
sight drafts, 37.988.588; notes and accounts receivable. $25,370.876; inven- business in Canada we believe is also for the six months shows that the
The summary of the financial results
tories. $79.065,438: total current assets. $253,072.643. Current liabilities
During the period
amounted to $64,458,086, leaving an excess of current assets over current profit before depreciation and dividends was $942,978. repairs which was
maintenance and
liabilities of $188.614.557. Tnis compares with $161,105,281 as of Dec. 31 the company expended $569,137 forand in addition the usual percentage
charged to manufacturing expenses,
1924, an increase of $27,509,276.
for the six months
This is the most satisfactory statement, both with respect to earnings and for depreciation on plants and equpinctent amounting a balance of profit
-V. 121, p. to 3730,260 has been deducted from profit, leaving
general position, that General Motors Corp. has ever made.
available of $212,718.
591, 466.
During the six months period there was expended for additions and
betterments to the plants 3604,843, which amount was charged to reserves
Studebaker Corporation.
previously created for such purposes.
During the six months ended June 30 1925 there was paid out of the
-Annual Statement Six Months Ended June 301925.)
(Semi
of the company two regular quarterly diviaccumulated
A. R. Erskine, covering the first dends on the surplus earnings each of 51 75 per share. Two regular quer'
The remarks of President
Preferred stock
of $2 per share were
a review of the operating terly dividends on the Common stock each extra dividends on thealso paid.
six months of 1925, together with
Common
four
The directors
years of the company's existence, stock each ofon March 5 1925 declared quarterly during the year. The
results during the 14
$2 50 per share to be paid
first and second of such extra dividends were paid in March and June. the
were given in V. 121, p. 596.
third and fourth extra dividends will be paid in Sept. and Dec. 1925.
RESULTS FOR QUARTER AND SIX MONTHS ENDED JUNE 30.
respectively.
-6 Mos.Ended June30On June 30 the excess of current assets over current liabilities amounted
-Quar. Ended June 301923
to $40,922,197, after including in current liabilities 32.500,000 for the
1924
1923
1924
57,587 remaining two extra dividends each of $2 50 per share, declared March 5
71,971
28.152
42,034
of cars sold_ __ _
Number
$51,364.542 $35,502,736 $86,569,763 $71,106,227 1925 on the Common stock, and an allowance of 32.085,989 for reserves to
Net sales
Mfg.cost. sell. & gen.exp 43.709.748 30.591,212 74,335,978 61,902,081 provide for shrinkage in value of notes and bills receivable and for United
686,718 States and Canadian income taxes.
897,401
352,827
448.700
Depreciation
The company on June 30 had no loans payable to banks or others and
37,206.094 $4.558,696 $11,336,385 38.517,428 had in its treasury $30865,367 in cash and marketable securities, of which
Net earnings
181,989 $27,465,996 was in Ti', S. Treasury certificates, bonds and notes, and
142,559
104.100
159,033
Interest received (net).._
Government securities of the Dominion of Canada.
The inventory account of materials and supplies, contract work in pro37,365.127 34,662.796 311,478,943 38,699,417
Net profits
1,127,147 cess, stock locomotives and spare parts on hand June 30 1925 amounted
1,356.895
6.32.786
848,859
Income taxes
291.112 • 301,000 to 38,107.054.
150.500
144.112
Preferred dividends_ _
3,750.000
3,750.000
1.875,000
1,875,000
Common dividends
INCOME ACCOUNT OF COMPANY AND SUBSIDIARIES FOR HALF
YEAR ENDED JUNE 30.
Balance to surplus_ -- 34,497.156 32,004.510 36,080,936 $3,521,270
1923.
1924.
1925.
6 Mos. End. June 30-CONSOLIDATED BALANCE SHEET.
$16.444,588 $26.855,332 $45,226,526
June 30'25. Dec. 31 '24. Gross earnings
June 30 '25. Dec. 31 '24.
Mfg., maint, and admin. exp. & depr_ 15.488,572 23.514,103 37.266.363
3
AssetsPreferred stock_ 68,235,000 8,400,000
Real est., build$956,016 $3,341,229 $7,960,163
Grass profit
a57,765,942 58,573,501 Common stock_c75,000,000 75,000,000 Int. on bonds of constituent cos., &c_
43,038
23,044
ings. &c
13,038
3,000,000
690,510 1,407,567 Notes payable..
Investments._
945,000
435.000
U. S. and Canadian inc. & prof. taxes
3,795,374 Deposit on sales
4,627,091
Sight drafts__
730,260
440,555 Depreciation allowance
443.190
contracts. _ _ _
24,114,044 29,861,633
875,000
Inventories
See
1
1
875,000
Divs. on Preferred stock
Acc'ts payable_ _ 7,484,997 6,768,525 Dividends on Common stock
Acc'ts Sz notes
1,000,000
text
1
1 1,500.000
recle,less res_ 10,999,837 8.790.052 Res've for Fed'l
1,500,000
2,025,118 Reserve for additions & betterments..
& Can'n taxes 2,373,811
Deferred charges.
406,380 Sundry creditors
257,858
Insurance, dre.
$508,185 $3,597,125
$212,718
Surplus
2,757,464 3,438,533
and reserves_
12,849.480 5,138,048
Cash
1.505,501 Spec. surp.acet. 5,265,000 5,265,000 -V. 120 p. 1206.
Housing develop 1.475,962
31,028,540 24,947,603
Surplus
Good-wIll, pat't
rights, &c_ ___ 19,807,277 19,807,277
132,588,002 129.285,353
Total
132,588.002 129,285,335
Total
a Plant and property at South Bend, Ind.; Detroit, Mich.; Walkerville,
branches. Jan. 1 1925, $65,743,673; plus additions during the
Ont., and at
six months, less realizations, $35,904; less total reserve for depreciation,
$7,941,827. b Preferred stock, 7% cumulative, authorized, 150,000 shares
of $100 each, $15,000,000: whereof Issued, 313,500,000; less retired under
provision of charter, 35,265,000. c Represented by 1,875,000 shares of no
-V. 121. p. 596, 341.
Par value.
Tide Water Oil Company.
(Results for Six Months Ended June 30 1925.)
CONSOL. INCOME ACCOUNT (INCL. SUBS.) 6 MOS. END. JUNE 30.
1922.
1923.
1924.
1925.
xTotal vol. of business_ .$37.497.219 $31.608.026 327,975,441 $23,483,921
y Total expenses incident
30,437,233 25.428,888 23,616,284 20.050,236
to operations
Operating income_
Other income
37,059.986
186,461
36,179,138 $4,359.157 $33,433,685
436.708
660,939
290,667
87.246,447 $6.469,806 35.020,096 $3.870.392
Total income
1,750,090
1,998,710
2.694.762
Depr. & dept. chgd. off_ 2,849.392
471,880
549.632
Fed. income taxes (est.)..
cr15,049
cr 19,953
dr38.568
cr19.822
Outside stockhol's propor
T.W.Oil Co.stockhol's
proper. tot. net inc_ $3.867.245 $3.323.116 33.036.435 32.081.734
20.516,597 19.172.142 17,320.881 12,067.825
Surplus begin. of year
def26.818
14,913
63,385 def115,642
Surplus adjustments_ _
Total surplus
Dividends paid in cash
324.447.227 322.379.616 320.330,498 314,164,472
1.000,057
1.008,858
Surplus end of perfod.323.438.369 $21,379.559 $20.330.498 314.164,472
x The Tide Water Oil Co. and subsidiaries as represented by the combined
gross sales and earnings. excl. of Inter-co. sales and transactions. y incl. repairs. maintenance, pensions, administration, insurance costs and all other
charges, excl. of deprec. & depletion and Federal income taxes.
CONSOLIDATED GENERAL BALANCE SHEET.
June 30'25 Dec.31'24
June 3025 Dec.31'24
$
Liabilities$
5
8
AssetsTide Water Oil Co:
Refining props. &
Capital stock,....50.442.900 50.004,500
18.983.216 18.842.706
equipment
23,438.369 20.516.597
Surplus
11.119.999 11.071.080
Pipe lines
139.919
566,327
011 produc. props_35,756.577 34,527,813 Min. Int. In subs
6 y.,% 10 yr. bds....12,000,000 12,000.000
Gasoline props. &
9432.077 9,346,080 Pur, mon. obliga.
equipment
750,186 1,119,196
-current
RR.and lighterage
-trade 3,134,970 2,558,473
2,238,379 2,217,099 Accts. pay.
properties
ACetil, payableMarketing Props.
1,603,546 1,223,451
wages,&c
& equipment--. 6,749,609 6,877,05
Timber properties. 1,594.377 1,575,963 Due cos. affiliated
213,849
not consolidated 114,898
Tank steamships_ 4,343.457 4.343.457
779.643
328,307
Accrued taxes
431,371
90.217.691 88.801,893 Cap. stk. subscr_
Less depr. & dep1.30.221,095 27,723,158 Def'd our, money 1,577.819 1,104,963
obligatiens
549.632
Tot.prop.& equip_59.996.596 61.078,735 Res. for Fed. tax
1,009,753
Oth.Inv.(at cost)_ 1,011.675 6,236,595 Rea. for conting 4,462.922 3,914,001
6.316.287
Inv. in MM. cos__
347.400
Fire reserve fund__ 1.079.079
3,138.447 2,031,907
Cash
566,332
Notes receivable._ 845.547
Accts. rec., leas res 5,445,541 3,907.232
Crude oil & prods_17,748,998 16.196,056
Mat'is & supplies_ 1.650.678 1,639,634
154,422
74.045
Due from affil. cos.
Tot.(each idde)-98,543,466 94,432,370
1,236,574 1,264,304
Deferred items
-Tidal Osage Oil Co. bonds guaranteed, $2,979,000.
Liability.
Contingent
-V.121. IL 471, 341
.
GENERAL INVESTMENT NEWS.
STEAM RAILROADS.
-S. C. C. Orders Revision of AU Classified Freight Rates in Southeastern
I.
-Purpose is to eliminate unjustified differences. New rates favor
U. S.
mileage and distance scales rather than a series of basing points on which
to make claw rates. New York "Times" Aug. 6. p. 26.
N. Y. N. 11. & Hartford RR. to Issue Rebate Checks on Increased Fares
Pending Rehearing by Public Service Commission. N. Y. "News Bureau"
Aug. 7,
-Class I railroads on July 22 had 296,743 surplus freight
Car Surplus.
cars in good repair and immediately available for service, according to
reports flied by the carriers with the Car Service Division of the American
Railway Association. This was a decrease of 12.817 cars under the number reported on July 14. Surplus coal cars in good repair on July 22 totaled
101.54'2, a decrease of 9,907 within a week, while surplus box cars in good
repair totaled 149.167. a decrease of 1.070 during the same period. Reports also showed 20,382 surplus stock cars, a decrease of 1,342 under the
number reported on July 14, while surplus refrigerator cars totaled 16.133.
a decrease of only one car under the number reported on July 14.
-No car shortage is being reported.
Car Shortage.
-Freight cars in need of repair on July 15 totaled
Freight Car Repair.
199;672, or 8.6% of the number on line, according to reports filed by the
carriers with the Car Service Division of the American Railway Association.
This was an increase of 1,204 over the number reported on July 1. at which
time there were 198,468, or 8.5%. Freight cars in need of heavy repair
on July 16 totaled 154,331. or 6.7%, an Increase of 3,801 compared with
July 1. Freight cars in need of light repair totaled 45,341, or 1.9%, a
decrease of 2.597 compared with July 1.
Mailers Covered in "Chronicle" Aug. 1.-(a) Revenue freight loadings
reach million mark the week of July IS for first time this year, p. 516.
-S. C. 0. cuts fees of
-Texas RR. reorganization; I.
(b) Missouri-Kansas
reorganization managers and counsel by $864,250 to $1,500.000; Commissioner Eastman for reduction to one-half of compensation asked, p. 547.
-Bonds.
Ann Arbor RR.
The I.
-S. 0. Commission on July 22 authorized the company to issue not
exceeding $75,000 Improv. & Ext. mtge. 6% bonds, to be pledged and
rePledged from time to time, until and Including June 30 1927. as collateral
security for any note or notes which may be issued under paragraph (9),.of
-V. 120, p. 2935.
section 20a of the interstate commerce act.
-Final Valuation.
Anthony & Northern Ry. (Kan.).
The I.-S. C. Commission has placed a final valuation of 3960,300 on the
owned and used properties, and $1,400 on the used but not owned properties
of the company as of June 30 1919.-V. 109, p. 2262.
-Tentative Valuation.
Birmingham Selma & Mobile RR.
The I.-S. C. Commission has placed a tentative valuation of $60,020 on
the total owned and $70,433 on the total used properties of the company,
as of June 30 1918.-V. 99, p. 536.
-Bus Line Permits.
Boston & Maine RR.
The New Hampshire P.-5. Commission, July 31, authorized the Boston &
Maine Transportation Co. (a subsidiary) to operate motor busses between
Concord and Newport and between Franklin and Bridgewater and denied a
petition for authority to operate between Concord and Dover.
Commenting on the finding of the commission, Chairman Gunnison said
In part: "Considering the tendencies of the times, together with an evident
desire upon the part of the people to use motor vehicles rather than trains,
It seemed entirely proper to grant to the railroad permission to give the
public the kind of service which it has demonstrated it prefers.
"In proposing the operation of bus lines arguments were made that establishment of bus lines was the 'entering wedge' to abandonment by the
railroad of the branch lines and that service would not be maintained
throughout the entire year.
"If the motor busses can give the people the kind of freight and passenger
service they want and need, as railroad representatives believe and contend
they can,and the service is adequate and can be furnished at a lees cost,then
A UG. 8 1925.]
THE CHRONICLE
703
It is for the public good that such service be given and it seems to us that extending from Van Cleve to State Center, a distance of 10.462 miles. all
- In Marshall County, Iowa.
objection to motor bus lines would disappear if that fact were established."
-V. 121. D. 453,327.
V.121, p.454,69.
-Final Valuation.
Butler County RR.
-S. C. Commission has placed a final valuation of $607,490 on the
The I.
owned and used properties, and $2.906 on the used properties of the company,as of June 30 1916.-V. 110, p.561.
Chesapeake Western Ry.-Final Valuation.
-S. C. Commission has placed a final valuation of $343,837 on the
The I.
owned and used property of the company, and $425,000 on the property
used but not owned, leased from the Chesapeake & Western RR., as of
June 30 1916.-V. 112, p. 651.
Chicago Milwaukee & St. Paul Ry.-Equipment Trusts
-Kuhn, Loeb & Co. and The National City Co. are
Offered.
offering at 98% and div. for equal amounts of all maturities
at which the average yield is 5.20%, $9,270,000 5% Equip.
Trust Certificates, Series"D."
Dated Aug. 1 1925: due in annual instalments of $618,000 each Aug. 1
1826 to 1840. Bank of North America & Trust Co.of Philadelphia, trustee.
Both principal and dividends payable at the Agency of the trustee in New
York,in gold coin of the United States of America of or equal to the present
standard of weight and fineness and without deduction for any tax, assessment or other governmental charge (other than Federal income taxes) which
the receivers or the trustee may be required to pay thereon or to retain therefrom under any present or future law of the United States of America or of
any state, county, municipality or other taxing authority therein. Denom.
$1,000, c*.
Security.-There will be vested in the trustee title to new equipment costing not less than $12.360,000. of which amount 25% is to be paid in cash.
This equipment will consist of 3,00040 ft. 101n.,40
-ton capacity steel underframe and upperframe box cars; 1.000 40 ft. 10 in., 40
-ton capacity steel
underframe and upperframe automobile cars: 1.500 36 ft. 4 in., 40
-ton capacity steel underframe and upperframe single deck stock cars: 500 45 ft.
-ton capacity steel frame flat cars and 500 50 ft. 4 in.. 50
50
-ton capacity
steel frame Composite Mill type gondola cars. All of the equipment is to be
leased by the trustee to the receivers of the company at a rental sufficient to
pay the certificates and dividend warrants as they mature.
Guaranty.
-The payment of the principal of and dividends on the certificates will be unconditionally guaranteed by endorsement thereon by the
receivers of Chicago, Milwaukee & St. Paul Railway Co., and their obligation under this guaranty will, in accordance with orders of the District
Courts of the United States for the Northern District of Illinois, Eastern
Division, for the Western District of Michigan, Northern Division, for the
District of Minnesota, Fourth Division, and for the District of Montana,
be secured, so long as the receivership continues, by a lien upon the corpus
of all the property, franchises and securities constituting the receivership
estate, and the income thereof, prior in all respects to the lien of the Gen. &
Ref. Mtge. of the Railway Co. Said orders shall provide that no receivers'
certificates of indebtedness or notes or other obligations haying any priority
as to lien over these certificates shall be issued and shall also provide in
substance that the receivership shall not be terminated nor shall the receivership estate be surrendered by the receivers, unless the obligations of the
receivers in respect of the certificates shall be assumed by any corporation
succeeding to the receivers in the poasession of substantially all the lines of
railroad comprised in the receivership estate.
-The issue and sale of these certificates are subject to the auIssuance.
thorization by the courts and to the approval by the IS. C. Commission.
Muscatine Burlington & So. RR.
-New Receiver.
-
Litigation over the company was shifted to the Iowa Supreme Court
July 22 following the issuance of final orders and decrees in the Federal
District Court and the termination of the receivership of Arthur Hoffman,
who has completed the duties assigned to him by the court.
Fred W. Johnston, former county auditor, was appointed as the new
receiver to transact the defunct road s affairs in its new relationships. The
road was sold 2 months ago to E. L. Tobio of Monmouth, Ill., and reorganization is now under way under the name of the Burlington. Muscatine & Northwestern, but several railroads have appealed from decrees
directing the distribution of the small fund that was on hand to meet the
obligations of the old M., B. & S., and these appeals must be heard by the
Supreme Court.
-V. 121. p. 71.
New York Central Lines.
-Automatic Train Control.
See General Railway Signal Co. under "Industrials" below.
-V. 120.
p. 2682.
New Mexico Central Ry.-Construction of Extension.
The I.
-S. C. Commission on July 7 issued a certificate conditionally
authorizing the company to construct an extension of its line of railroad from
its present terminus at Santa Fe, in a general northwesterly direction to
Gallina, a distance of approximately 100 miles, all in Santa Fe and Rio
Arriba counties, N. Mex. The request for permission to retain excess
earnings was also granted.
-V. 106, p. 929.
New York Chicago & St. Louis RR.
-Hearing Put Over.
A postponement of further hearings on the Nickel Plate merger until
Sept. 8 was agreed upon Aug. 1 before the I.
-S. C. Coinmission.-V. 121,
P• 455, 327.
New York New Haven & Hartford RR.
-Company
Agrees to Give Rebate Slips to Commuters Pending Rate Hearing.
The company agreed Aug. 4 to issue rebate certificates to Westchester
County commuters which will entitle them to a refund if they succeed in
upsetting the 40% increase in commutation rates granted to the railroad by
the P. S. Commission on July 15. The willingness of the company to make
that concession was announced by Benjamin L Spook, its General counsel.
at a hearing before Supreme Court Justice Arthur S. Tompkins in Nyack.
N. Y. Justice Tompkins had announced that he would grant an injunction
restraining the New Haven from collecting the higher fares if the railroad
refused to issue the refund certificates pending a rehearing on the rate by
the P. S. Commission. The injunction suit was brought by Frank J.
Hermes, a commuter, for himself and other commuters. Ile sought to
restrain the railroad from putting the increased rates into effect pending an
application by the commuters to the P. S. Conunission for a rehearing.
The application will be made within.a few days by Corporation Counsel
Charles A. Van Auken of New Rochelle.
Outlines Motor Plans of New Haven Road.
-
Arthur P. Russell, V-Pres. of the New Haven and Pres, of the New
England Transportation Co., a recently organized subsidiary. Aug. 3
outlined the policy of the New Haven road, as it affects the co-ordination
of rail and motor coach highway service in Southern New England, before
the Massachusetts Department of Public Utilities.
After pointing out that a considerable percentage of passenger travel has
left the rails for the highways and that the New Haven, with increased
operating expenses, faces an increasing loss in passenger business, Mr.
Abandonment of Part of Tomah-Babcock Line.
Russell said:
-S. C. Commission on July 22 issued a certificate authorizing the
The I.
"Where,in its opinion, either a substituted or a supplementary service to
company to abandon a lino of railroad extending from a point near Tomah that of the rails is required, it is the purpose of the company,subject to the
to Norway. Wis.. 13 m. Public convenience and necessity not shown to approval of the Department of Public Utilities and after obtaining licenses
permit abandonment by company of a line of railroad extending from from the municipal authorities where required by law, to operate a
Norway to a point near Babcock, Wis., the application was denied by the way motor coach service and to carry the public which previously high
used
Commission.-V. 121, p. 582, 454.
the rails."
These bus lines, Mr. Russell said, will be operated as follows: "As an
Chicago,Terre Haute &Southeastern RR.
-Final Value. extension of and in connection with rail service, making connections with
The I.
-S. C. Commission has placed a final valuation of $20.150,000 on Important trains that may be desirable in the public interest.
the owned and used properties, and $1,223 on the used but not owned
'Parallel with and as feeders to rail service, thus enabling rail service to
properties of the company, as of June 30 1916-V. 120, 13• 1877.
be scheduled more rapidly.
"For the filling of rail schedule intermissions where highway operation is
Colorado Wyoming & Eastern Ry.-Tentative Valuation. justified but where passenger traffic is too light or freight switching is too
The I.
-S. C. Commission has placed a tentative valuation of $1,882,785 heavy to justify gas rail cars.
"For a highway service connecting with rail service, so far as practicable,
on the total owned and used properties of the company, as of June 30 1919.
between certain populous centres where the rails handle passenger travel,
-V. 118, p. 1909.
but between which the construction of new or the improvement of old
highways has now created a situation in which the operation of the motor
Detroit Terminal RR.
-Tentative Valuation.
coach offers the only means of regaining former revenues now lost, and of
-S. C. Commission has placed a tentative valuation of 83,852,500 more directly combining the two forms of transportation."
The I.
on the total owned, and $3,858,100 on the total used property of the com"It is only fair, that the New Haven, which is taxed annually $5,000.000.
pany, as of June 30 1918.
a substantial part of which is used to build and maintain highways, should
This company is controlled through stock ownership by the Michigan have the right to use these highways to retain the traffic for which it has
Central RR., the New York Central RR. and the Canadian National Rys. been built. -V. 121, p. 455, 71.
Fort Smith Poteau & Western RR.
-Tentative Value.
The I.
-S. 0. Commission has placed a tentative valuation of $41,600 on
the wholly owned and used property of the company, as of June 3(1 1918.
--V. 117, p. 1347.
Jonesboro Lake City & Eastern RR.
-Final Valuation.
The I.-S. 0. Commission has placed a final valuation of 81,117,328 on
the owned and used property and $36,657 on the used properties of the
company, as of June 30 1916.-V. 121. P. 195.
Kansas City Northwestern Railway.
-Loan.
---The I.
-S. C. Commission on July 16 affirmed its former report denying
the application of the company for a loan under section 210 of the transpartation act, 1920, on the ground that it fails to meet the requirements of
the statute.
-V. 120, p. 2811.
Kansas Southwestern Ry.-Tentative Valuation,
'The I.-S. C. Commission has placed a tentative valuation of $739,295
on the total owned and $739,376 on the total used properties, as of June 30
1916.-V. 73, p. 843.
Louisiana & Pacific Ry.-Tentative Valuation.
-S. C. Commission has placed a tentative valuation of $434,092
The I.
on the total owned, and $372,112 on the total used property of the company, as of Juno 30 1919.-V. 120, p. 580.
Manistee & Northeastern RR.
-Abandonment.
-
Old Colony RR.
-Refunding.
The company has petitioned the Massachusetts Dept. of Public Utilities
for authority to issue $5,598,000 .5% 1st Mtge. bonds maturing Dec. 1
1945, to pay off similar amount of 4% bonds which mature Dec. 11925.V. 121, p.'71.
Orange & Fredericksburg RR.
-Fares Reduced.
The Virginia Corporation Commission has authorized the company to
reduce both passenger fare and a number of its freight classifications.
Passenger fares were cut to 3c. per mile.
The company operates the narrow-gauge line from Fredericksburg to
Orange, Va., formerly operated by the Potomac Fredericksburg & Piedmont RR. See V. 121, p. 71.
Pennsylvania RR.
-Change in Registrar of Stock.
The Philadelphia Stock Exchange has been notified of the appointment
of the American Exchange-Pacific National Bank, N. Y. City, as registrar.
in New York City, of the capital stock of the Pennsylvania RR. Co., and
the Northern Central Ry. Co., in place of the American Exchange National
Bank, effective as of Aug. 1 1925.-V. 121, p. 583. 456.
-Control.
-Reading Company.
It was reported in the financial district July 31 that the New York Central
and the Baltimore & Ohio have increased their combined interest in Reading
stock from the 43% indicated in the last annual reports to a little more
than 50%.-V. 121, p. 71.
Rio Grande El Paso & Santa Fe Ry.-Valuation.-
-S. C. Commission on July 1 issued a certificate authorizing the
The I.
-S. C. Commission has placed a tentative valuation of $1,685.000
abandonment,as to inter-State and foreign commerce,of a branch line of the onThe I.
used property of the company, as of June 30 1916.
the wholly owned
company from River Branch Junction, Manistee County, through Wexford, -V. 120. p. 2266. and
Grand Traverse and Kalkaska counties, to a connection with the Michigan
Central RR. at Grayling. Crawford County, 77 miles.
-San Francisco Ry.-Acquisitions.-St. Louis
The Commission denied the application for authority to abandon the
road.
The company has applied to the I.
-S. C. Commission for authority
which extends from Manistee, Manistee County. in a general
direction through Benzie, Grand Traverse and Leelanau northeasterly to acquire 86 miles of lino of the Jonesboro Lake City & Eastern Ry. in
counties, to
Traverse City, with branches therefrom extending from Onekama Junction Arkansas.
also applied to the
to Onekama, Manistee County, and from Solon to Provemont, Leelanau toThe company hasof 55i% Prior Lien 1,-S.C. Commission for authority
issue $1,750,000
Mtge. Gold bonds, to be used in
County, about 106 miles.
the acquisition of the entire outstanding stock of the Jonesboro Lake City
Will Recapitalize Road.
& Eastern.
The Frisco has also asked for permission to acquire control, through
A Manistee, Michigan, despatch July 27 says: This road will be immediately recapitalized, its purchase by the Wabash-Ann Arbor system having the purchase of the capital stock, of the Muscle Shoals Birmingham &
because the price offered was too small, according to S. J. Pensacola RR. for $2,500.000.
fallen through
The Frisco filed formal application with the Railroad Commission of
Scott. Gen. Mgr., who assured the bondholders' committee a return of 5%.
and take over
& Great Northern
With the reorganization, the road will be taken out of receivership and will Texas July 29 to absorblink between the ParisSystem outside the RR.,
which is the connecting
State
the Frisco
recall the petition to abandon the Manistee-Traverse City branch while
seeking permanence for the temporary order now in force to abandon the and the Frisco of Texas, extending from Paris to Red River. 17 miles.
-V. 121, p. 195.
branch to Grayling.
-V. 119, p. 2758.
river
Minneapolis & St. Louis RR.
-Abandonment of Branch.
-S. C. Conunission on July 22 issued a certificate authorizing the
The I.
receiver to abandon that part of a branch line of the Company's railroad
-Final Valuation.
Salt Lake & Los Angeles RR.
The 1.-S. C. Commission has placed a final valuation of $315,391 on the
owned and used, and $38.512 on the used but not owned properties of the
company, as of June 30 1916.-V. 103, p. 2239.
[Vol. 121.
THE CHRONICLE
704
-National City Co., Lee,
Virginian Ry.-Bonds Offered.
Higginson & Co. and Kissel, Kinnicutt & Co. are offering
at 98 and int., to yield about 53/8%, $7,500,000 additional
-Year 5% Gold bonds, Series "A."
1st Mtge. 50
Dated May 1 1912: due May 1 1962. Int. payable M. & N. without
deduction of Federal normal income tax up to 2%. Red., all or part, at
110 on any int. date upon 4 weeks' notice. Denom. c* $1.000, $500 and
$100, and r* $1,000 and multiples. Farmers' Loan & Trust Co., New
York, trustee.
Listing.-Outstanding bonds of this issue are listed on the New York
Stock Exchange and application will be made to list these additional bonds.
-Secured by a direct 1st Mtge. on 504.69 miles of road, exSecurity.
tending from Deepwater on Kanawha River, W. Va., through the Pocaand New River coal fields, thence east to Smalls Point on Hamphomtas
ton Roads (at Norfolk. Va.) and on all equipment owned by the company.
The bonds are additionally secured by a first collateral lien, through
pledge of all the bonds and capital stock (except directors' shares) of the
Virginian Terminal Ry. upon 600 acres of valuable waterfront and the
company's 2 steel coal-loading piers and terminal property at Sewalls Point.
Purpose.
-Proceeds will be used in part for future improvements, additions and betterments, and in part to reimburse the company's treasury for
capital expenditures already made, largely in connection with its electrification program.
Company.
-Operates 545 miles of railroad, of which 505 miles are owned
in fee. A large majority of the freight locomotives are of the heaviest
-ton
modern type and the coal cars are of steel, many of which are of 120
capacity, which is the heaviest capacity car in the world. As a result of
the modern character of its property, the company has established records
for economical operation. The average revenue freight train load of the
Virginian is the largest of the railroads of the country and its operating
cost per ton-mile is one of the lowest.
Dividends.
-Company has $27.955,000 Pref. stock outstanding, on which
dividends at the rate of6% per annum are being distributed and $31.271,500
Common stock, on which dividends at the rate of 4% per annum are being
distributed.
-The stockholders of the Norfolk &
Virginian-Norfolk ev Western Lease.
Western Ry. on May 23 1925 and the stockholders of Virginian Ry. on
May 29 1925 ratified an agreement to lease the railroad, property and
franchises of Virginian Ry. to the Norfolk for a term of 999 years, subject
-S. C. Commission.
to the approval of the I.
The terms of the proposed lease provide for the payment by the Norfolk
& Western of operating expenses, taxes, interest on funded and unfunded
debt, a reasonable amount for maintenance of the corporate organization,
and net dividends at the rate of 6% per annum on Virginian Ry. Co.'s
outstanding Pref. stock, 279,550 shares and on its Common stock, 312,715
shares.
The rental payments by the Norfolk & Western previously mentioned
-S. C.Commission,
will, after the approval of the terms of the lease by the I.
become a fixed obligation of that company, and will rank ahead of the divion its own Preferred and Common stocks. Dividends on these
dends
issues of stock are being maintained at the rate of 4% per annum on the
Pref. stock and at the rate of 8% per annum on the Common stock. On
Aug. 4 1925 the approximate market valuation of the Norfolk & Western
Ry. Co.'s capital stock was over $197,000.000.
-During the 3 year period ended Dec. 31 1924 income availEarnings.
able for payment of fixed charges was equivalent to a yearly average of
over twice the requirement.
1922.
1923.
1924.
$18.988,439 $20,328,348 $19,099,444
Total operating revenues
5,922,289
6,477,643
•
6,948,833
Gross income
2,514,256
2,806,199
3,633,692
Total fixed charges
3,408,033
3,671.445
3,315,141
Surplus after fixed charges
For the 6 months ended June 301925 total operating revenues aggregated
$9.180.913, being a decrease of $9,414. while gross income available for
fixed charges aggregated $3,234,068. being an increase of $215,299 as com-V.120,p.3310.
pared with the corresponding period of the previous year.
-Bonds.
American Telephone & Telegraph Co.
It Is stated that the holders of about $1,191.000 Convertible 6% bonds
failed to exercise their conversion rights which expired Aug. 1.-V. 121. p.
583. 456.
-Dividend on $6 Dividend
Associated Gas & Electric Co.
Series Preferred Stock Payable (at Holder's Option) in Cash or in
Stock-Rights, &c.
The directors have declared a quarterly dividend of $1 50 per share on the
$6 Dividend Series Preferred stock, payable Sept. 1 to holders of record
Aug. 10. In line with the previous action on this stock, the stockholders
were given the option of receiving in lieu of the $1 50 quarterly cash dividend payment, 414-100 of a share of Class "A" stock which, at a market
price of $40 per share for Class "A" stock, amounts to $1 80, or at the rate
of $7 20 per annum.
The company has issued the following statement:
The directors have discussed the proposed offering of subscription rights
to all classes of stockholders, both Preferred and Class "A", and holders of
other securities having the right to convert their securities into Preferred
stocks. It was decided that this offering will be to stockholders of record
Aug. 10. The precise form of the offering was not given out, being held
under advisement for discussion between the board of directors and the
company's counsel.
The company recently offered to the stockholders of the Manila Electric
Corp. the opportunity of exchanging their shares for Associated Class "A"
stock on the basis of share for share. As a result of this offer, exchanges
are coming in rapidly. Over 205,000 shares of the Manila stock has already
been acquired by the Associated out of the total outstanding of 280,000.
The acquisition of Manila stock for Class "A" stock of the Associated on
the basis of the exchange of share for share adds $4 to the earnings of the
Associated Gas & Electric Co. for each share of Manila stock which is
acquired. This is substantially in excess of the cash priority dividend
required for each share of Class "A" stock. It is probable that the Associated Gas & Electric Co. will hereafter finance the Manila Co. principally
through the issuance of additional Common stock, of which it will acquire
its pro rata proportion and the minority stockholders will be offered theirs.
This is in accordance with the standard policy of the Associated Gas &
Electric Co. of issuing as little securities of its subsidiaries to the public as
possible.
Acquires Control of Long Island Water Corporation.
The Associated Gas & Electric Co.has acquired control of the Long Island
Water Corp. (V. 120. p. 2401). The latter corporation, successor to the
Queens County Water Co., recently acquired the Baldwin (L. I.) Water
-V. 121, P. 584, 328.
Co. and the Roosevelt (L. I.) Water Co.
•
Bell Telephone Co. of Pennsylvania.
-Earnings.
Six Months Ended June 30Telephone operating revenues
Telephone operating expenses
Uncellectible operating revenues
Taxes (including Federal taxes)
Operating income
Non-operating revenues (net)
1923.
1925.
1924.
525,023,088 $22,472,923 $20,422,475
17,901,979 17,293,664 15,536.376
103,000
.
98.400
110,300
815,300
1.152,000
736,704
55.870.708 $4,332,255 $3.967.799
865.866
800,910
808.318
Gross income
$6,671.619 $5,140,573 $4,833,665
Rents and miscellaneous deductions_
355,416
643,438
572.082
1,800,858
Interest
1,580.183
1,495,587
Dividends on Preferred stock
634.347
460,954
3.200,000
Common dividends
2,400,000
2,400,000
Balance
-V. 121. P. 72.
$392,974
$127,353
$582,661
Boston & Worcester St. Ry.-Injunction Against Buses.
Virginian Terminal Ry.-Bonds.Federal Judge Anderson at Boston has issued an injunction restraining the
-S. C. Commission on July 25 authorized the company to issue Portland, Boston & Worcester Bus Co.,from operating motor buses between
The I.
-Year bonds: said bonds to be delivered to the Boston and Worcester, and intrastate route. The petition for an injunction
$492.000 1st Mtge. 5% 50
Virginian Railway in reimbursement of advances made by it to the Ter- was brought against the company by Franklin T. Miller, receiver for Boston
minal company. Authority was granted to the Virginian Railway to assume & Worcester Street Ry. Co., who claimed that the motor company had no
obligation and liability, as guarantor. in respect of the bonds and to pledge license to operate in Boston. Worcester or intermediate points. The bus
119,P.695.
company will appeal to United States Circuit Court of Appeals.
-V. 120.
them with the trustee of its 1st Mtge. dated May 1 1912.-V.
p. 2814.
-Stock Increase Approved.
Brockton Gas Light Co.
American
PUBLIC UTILITIES.
-Earnings.
Light & Traction Co.(& Subs.).
The Massachusetts Department of Public Utilities has approved the issuance of $512,400 additional Capital stock at par ($100). The company in
-V. 120, p. 3311.
ts petition asked for $550,000 new stock.
-Quer.Ended June30- -12 Mos. June 30-A Service Organization.
Brooklyn Edison Co.
1924.
1925.
1924.
1925.
8146278,300 7490258,000 30789272200 27975092100
Gas sales (cu.ft.)
In a recent talk before the Brooklyn Kiwanis Club. M.S. Sloan, president
139.422,640 128.933,308 of the company said in part:
Electric sales (k. w. hrs.) 34.324.229 31,565,152 30,253.198 30,486.658
7,467.946
7,529,979
Rev. passengers
For 40 years the company and its predecessors have furnished electrical
Earn, on stocks of subs_ $1,421,292 $1,325,835 $5,841,143 $3,797.087 service in Brooklyn. In doing this they have built generating stations and
1,014,794 constructed distribution systems which now represent an investment of
1,187,767
265,882
Miscell. earnings
304.203
nearly $125,000.000. During the 6 years ending Dec. 31 1924 we spent in
Gross earnings
$1,725,495 $1,591,718 57,028.910 $4,811,881 such work an average of $1,000,000 a month; and in the 27 months from
135,000 Oct. 1 1922 to Dec. 31 1924 we spent more than $48,000,000, or an average
135.000
30.000
Taxes
37.500
229,682
279.606
85.126
59,759
$1,780,000 each month.
Expense
4.447.219 of During the present year our capital expenditures will amount to $20.6,614.304
1,476,592
Net earnings
1,628,237
270.611 000,000, and our operating expenses for the year will be another $20.000,000
100.509
45.153
Int. & disc. on 6% notes
10,051
-a total of $40,000,000 this year. The company has outstanding $60,000,Bal. for period end
000 of stock owned by approximately 12,000 stockholders: $45.000,000 of
June 30
$1,618,186 $1,431,439 56.513,795 $4,176.608 bonds, which are owned 13y individuals, estates, trust funds and thousands
Sur. & res. at begin, of
on thousands of insurance policyholders and bank depositors through the
period
13.962.067 10.948,497 11,540.950 10,683.092 investments of the insurance companies and banks in our securities.
At present wo are serving over 540.000 customers, and our gross revenue
$14,859,700 for this calendar year. 1925. will amount to approximately $30,000.000. We
Total sur & res
515,580.252 $12,379.935 518,054,745
854,172 shall pay taxes for the year 1925 amounting to mere than 53,000,000. or
854,172
213,543
Cash div. on pref. stk_
213.543
1,232.289 approximately 1014t5of our gross revenue.
1,807.583
312,721
Cash city. on corn.stk
608,723
1,232,289
635.004
312,721
Stk. div. on corn, stk..
We are now planning the installation of an 80,000 k. w, generator in our
Hudson Avenue Station, which represents the latest word of the electrical
Sur. & res. June 30---$14.757.986 $11,540,950 $14,757,986 $11,540.950 art in efficiency and economy of operation. We expect this unit to be in
operation by Sept. of next year. Three 50,000 k. w, turbine units are alCondensed Balance Sheet June 30
ready installed, and when this station is completed with 8 units it will have a
1924.
1925.
1925.
1925.
capacity of over 700,000 k. w.
LiaMitttesAssets
Our capacity is ample for the present demands of Brooklyn, but it is not
Invest. account_ __36,084,584 35.914,628 Preferred stock_ _ _14,236,200 14,236,200 sufficient for the Brooklyn of the near future,and we are planning and buildTemporary invest_ 2,027,031 2,201,642 Common stock ..34,762.200 31,259.200 ing ahead, so that our service may be what it should be. We have recently
em. on corn stk_ 1,285,499
Earnings sub. cos-14,257,415 11,073,172
178,835 rebuilt a considerable part of our distribution system, improving it and
90,731
Bills receivable_ -11,796,432 10,556,033 Warrants
14,026 enlarging its capacity, so that Brooklyn Edison service may be furnished
127,767
217,877 Miscellaneous
Accts.receivable__ 216,217
363,203 better and more economically.
51,085
Miscellaneous __-26,168 Accrued taxes__ _ _ 388,871
We now have more than 7.500 people on our payroll.
100,509 Coupons payable
Note discount__
Recently company was able to make a reduction in its rates because im657,495
668,768
27,579
Int.& dive.recelv_
29,873 subsidiary cos
already completed had decreased somewhat its operating excos. coup. Id. 668,767
Conting. reserve 3,292,509 3.452,465 provementsits growth in volume of business had increased its revenue. I
657,495
Sub.
767,546 penses and
5,232,121 1,620,720 Dividends accrued 750,700
Cash
won't be the last reduction in rates we shall be able to make.
that
Surplus & reserve 14.757.988 11,468,150 hope
Whenever we can make savings which warrant a reduction, with due regard
70,361,232 63,397,121 to the future ofthe company as a business institution and a source ofessential
Total
70,361,232 62,397,121
Total
service which cannot be permitted to retrograde-that reduction will be
-V.121, p. 583, 196.
made. The people of this community are entitled to share in the benefits
-V.120, p.2814.
which accrue to the company,and they will share.
-Call.-.
AmericanWiter Works & Elec. Co., Inc.
has been called
All of the outstanding 6% Participating Preferred stock
-Approves Gas Report.
Brooklyn Union Gas Co.
for redemption Aug. 24 at 105 and dividends. (See also V. 120, p. 3310).
Federal Judge Marcus Campbell has approved the report and findings
Consolidated Income Account Years Ended June 30.
submitted by Almet Reed Latson. Special Master in Equity in the matter
of the company in which the constitutionality of the $1 gas bill was con1923.
1924.
1V25.
$39,224.694 538.084.774 $32,468.867 tested. Mr. Latson had reported that the law was unconstituional in that
Gross earnings, all sources
the $1 rate was confiscatory.
-V.120, p. 3311.
21,574,237 21,595,418 18,718.286
Operating expenses, taxes & maint
$17,650,457 $16,489,355 $13.750,581
Gross income
Deductions-Int.& amort,sub. cos $7 759 172 57 072,475 55.984.509
734,627
690.679
'
659515
' '
-A. W. W. & Elec.
Interest
1,805,591
2,583,549
Preferred dividends of subsidiaries- 3,277,738
726,579
608.392
453,874
Minority interests
1.877.992
2,440.716
2,702,996
Reserved for depreciation
Net income
-V. 121, p. 327. 196.
$2,797,161
$3,093,545 $2,621,285
-Merger,
Buffalo General Electric Co.
-V.121. p.328.
See Buffalo Niagara & Eastern Power Corp. below.
Buffalo Niagara & Eastern Power Corp.
-Initial Divi-The directors have declared an initial quarterly dividend.
dend of 1234 cents a share on the outstanding Common stock,
of no par value, payable Oct. 1 to holders of record Sept. 15.
705
THE CHRONICLE
AUG. 8 1925.]
Buffalo Niagara & Eastern Power Corp. has been organized in New York
for the purpose, among others, of acquiring through stock control the
properties a Buffalo General Electric Co., the Niagara Falls Power Co.,
Niagara Lockport & Ontario Power Co., and Tonawanda Power Co.
Buffalo Niagara & Eastern Power Corp. has obtained the consent of the
P. 8. Commission to hold all or any part of the Common Capital stoca of
each of the four named companies.
Buffalo Niagara & Eastern Power Corp. offers to acquire on and after
Aug. 1 1925 until and including Sept. 12 1925:
of the Niagara Falls
(1) Shares without par value in the Common stock for each such share,
Power Co., issuing to the present holders in exchange
one share of its own Cumulative Preferred stock of the par value of $25,
entitled to dividends from July 1 1925. at the rate of $ 60 per share per
annum, and one share of its own Common stock without par value, upon
which it is purposed to pay a dividend of 12ii cents per share (at the rate
of 50 cents per share per annum) on October 1 1925, to holders of record
Sept. 15 1925. Such exchange not earlier than Aug. 1 1925 will not affect
the warrants for subscription rights to stock in the Niagara Share Corp..
as such warrants will be issued to holders of record on July 30 1925, of
Common stock in the Niagara Falls Power Co.
(2) Shares without par value in the Common stock of Niagara Lockport
& Ontario Power Co., issuing to the present holders in exchange for each
such share 1 shares of its own Cumulative Preferred (par 525 per share),
entitled to dividends from July 1 1925 at the rate of $1 60 per share per
annum, and 1 3 shares of its own Common stock (without par value) upon
,
which it is'purposed to pay a dividend of 123 cents per share (at the rate
of 50 cents per share per annum) on Oct. 1 1925, to holders of record
Sept. 15 1925.
(3) Shares without par value of the Common stock in the Buffalo General
Electric Co., issuing to the present holders for each such share 1 1-10 shares
of its OWD Cumulative Preferred stock (par 525 per share) entitled to dividends from July 1 1925 at the rate of $1 60 per share per annum, an
1 1-10 shares of itsown Common stock (without par value) upon which it is
purposed to pay a dividend at the rate of 12Si cents per share (at the rate
of 50 cents per share per annum) on Oct. 1 '925 to holders of record Sept. 15
1925.
(4) Shares without par value in the Common stock of Tonawanda Power
Co., issuing to the present holders in exchange for each such share 1 X
shares of its own Cumulative Preferred stock (par $25) entitled to dividends
from July 1 1925 at the rate of $1 60 per share per annum, and 1 q shares
of its own Common stock without par value, upon which it is proposed to
pay a dividend of 12Si cents per share (at the rate of 50 cents per share per
annum) on Oct. 1 1925 to holders of record Sept. 5 1925.
Connecticut Supreme Court in a no-error decision handed down at New
Haven, Conn., by Chief Justice George W. Wheeler in the suit of Connecticut Co. vs. City of New Haven.
The city objected to the use of one man,in lieu of motorman and conductor
on the large two-double-truck which the company started some time ago to
-V. 120.p. 1881.
reduce expenses.
-Sale.
Denver Tramway.
Federal District Judge Symes at Denver has appointed Henry Dubbs as
special master to conduct the sale of the company early in Sept. The upset
price is fixed at 53,500,000.-V. 121. p. 457.
Detroit United Ry.-Default on Interest.
Albert B. Hoffman, vice-pros, of the Security Trust Co.. speaking for the
receivers, makes the announcement that in order to conserve operating
funds, the receivers find it necessary to default in the interest due August 1
1925 on the following bond issues of the system:
Detroit United Ry. 2-Yr. 6% 1st Mtge. Coll. Trust notes.
Detroit, Almont & Northern RR. 1st Mtge. 6% bonds.
Detroit, Ypsilanti. Ann Arbor & Jackson By. 1st Consol. Mtge 5% bonds
-V. 121.
Detroit, Jackson & Chicago By. 1st Consol. Mtge. 5% bonds.
p. 457, 329.
-Electric
Edison Electric Illuminating Co. of Boston.
Light Rate Ordered Reduced to 834 Cents Per Kilowatt Hour.
The Massachusetts Department of Public Utilities. in an opinion handed
down July 30, ordered the company to reduce its net maximum price for
electricity from 9;4 cents to 84 cents per k.w.h., effective Sept. 1.
The opinion of the Commission is that the company can reasonably be
cents, despite the
required to sell electricity at a maximum rate of 8
figures which were presented. Accepting the company's statement that
a rate of 8 cents would. if the business remained the same as in 1924,
cause a reduction in revenue of 5970.000 a year. the Commission believes
that the revenues will be considerably larger in 1925, and that, furthremore, the company can make a substantial saving in its expenditures for
advertising and new business. Also, increases in revenues can be secured
-V. 120. D. 1585.
by readjustments in rates below the maximum rate.
Electric Investors, Inc.-Pref. Stock Offered.-Bonbrisht
& Co., Inc., are offering at $95 and div. per share to yield
Circular letters to the stockholders of the above from over 6.30% 50,000 shares Preferred stock (no par value) cumulative dividends of $6 per share per annum.
companies state:
Preferred as to dividends and assets over the
The benefits to accrue both to the stockholder and the public by the plan
of reorganization and affiliation heretofore adapted by the respective
boards of directors of the above-named four operating companies, through
the elimination of waste in electric energy, human energy and capital outlay,
and through the massing of the assets and incomes of the several companies,
are obvious. The advantages in the form of ownership of Cumulative
on stock in the new corporation in lieu of a single share
Preferred and Co
of Common stock of the present companies, and of increased income and the
likelihood of further increased income to those who accept the offer are
also apparent. Counsel advise that this exchange of stock will not result
In a taxable gain under the income tax law of the United States or of the
State of New York.
The plan of reorganization and affiliation was adopted after extended
negotiations, and represents, in the judgment of the board of directors, a
normal step in the progress of the electric industry in Western New York.
It therefore recommends to the holders of the Common stock of the abov
companies the acceptance of the offer of Buffalo Niagara & Eastern Power
Corp.
Stockholders are requested, therefore, to deliver the credificates of Common stock at the office of either of the following agents for this purpose of
Buffalo Niagara & Eastern Power Corp., to wit: Winslow, Lanier & Co.,
59 Cedar St., New York; Marino Trust Co.. 237 Main St., Buffalo, N. Y.:
Power City Bank, 207 Falls St., Niagara Falls, N. Y.; State National
Bank, North Tonawanda. N. Y.: which will respectively issue interim
receipts therefor. It is expected that temporary certificates for Preferred
and Common stock of Buffalo Niagara & Eastern Power Corp. will be issued
promptly, exchangeable for the definitive engraved certificates when issued
in due course.
-V. 121, p. 584.
Central Power Co.(Del.).
-Registrars-Transfer Agents.
The Bankers Trust Co., New York City, and the Continental & Commercial Trust & Savings Bank. Chicago, Ill., have been appointed registrars of
the Preferred stock of the company. The Transfer Agents are: Middle
West Stock Transfer Co., 72 West Adams St., Chicago. Ill., and the
-V. 120,
Security Transfer & Registrar Co., 66 Broadway, N. Y. City.
P. 2145.
Cities Service Co.
-Dividend on Bankers' Shares.
The directors have declared a cash dividend of 14.8125c. a share on the
bankers' shares, payable Sept. 1 to holders of record Aug. 15. A cash
dividend of 14.6875c. was paid on these shares on Aug. 1.
-----Nforah of June- ---12 Mos. June 30
1925.
1924.
1924.
Period1925.
Gross earnings
$1,858,429 $1,649,962 $18,180,206 517,110.489
Expenses
61.277
753.489
550,347
61,133
1.990,216
Int.& disc. on deb.
214,092
158.301
2,278,022
423,328
5,159,893
Div. pref. stocks
5,030.299
429.866
Net to corn.stk. & res. $1,153.338 $1,007,057 $10,276,608 $9,251,822
-V.121, p. 584,456.
-Organized.
Colorado Springs Gas Co.
This company was incorporated in Colorado June 30 last and acquired the
gas properties of the Colorado Springs Light, Heat & Power Co. per reorganization plan in V. 121. p. 73. Officers are John L. Bennett, pres.: J.
Frank Dostal, vice-pros.: Frank Vogler, mgr.; Raymond D. Mervin& sec.treas. and J. B. Lang. supt.
Consolidated Gas El. Lt. & Pow. Co., Balto.-Earns.Gross revenue
Exp.,taxes & deprec.-
-3 Mos.End. June 30- -6 Mos.End, June 301925.
1925.
1924.
1924.
55.473.662 $5,280,977 $11,563.668 $11,141.404
3,550,348 3,550,683
7,301.297
7.479,278
Operating income_ _ _ _ 81,923,314 51,730,294 $4,262,371 53.712.126
43,136
52.904
87,857
Other income
102,304
-F.
Dividends payable Q.
Common stock. Red. all or part at any time upon 30 days' notice at $110
per share and dividends. Transfer agent: Registrar & Transfer Co.. Jersey
City, N.J.; registrar: Corporation Trust Co., Jersey City, N.J. Under the
present Federal Law (Revenue Act of 1924) dividends on this stock are
exempt from the normal tax and are entirely exemptfrom all Federal income
taxes when stock is held by an individual whose net income, after all deductions, is $10,000 or less. Dividends when received by corporations are
entirely exempt from all Federal income taxes.
Data from Letter of S. Z. Mitchell, President of the Company.
-Company was organized in Maine in Sept. 1924 and on Dec.
Business.
1924 was consolidated with the Electrical Utilities Corp. which had bees
similar business since 1909.
doing a
The main purpose for which the company was organized is to acquire and
hold securities of public utility companies as diversified permanent investments. In addition, it has holdings in the securities of a number of other
corporation. The revenue of the company is principally derived from dividends and interest received from securities owned. Company has also
received income from underwritings and from profits realized from the sale
of certain of its holdings.
The management is identified with that of the Electric Bond & Share Co.
-Company's largest holdings include securities of the
Present Holdings.
following prominent utility companies, a number of which are supervised by
Electric Bond & Share Co.:
Lehigh Power Securities Corp.
American Gas & Electric Co.
Middle West Utilities Co.
American & Foreign Power Co., Inc.
National Power & Light Co.
American Power & Light Co.
New England Tel. & Tel. Co.
Superpower Corp
American
American Water Works & Elec. Co.,Inc. New Orleans Publie Service Inc.
North American Co.
Carolina Power & Light Co.
Northern States Power Co.
Columbus Gas & Electric Co.
Pacific Gas & Electric Co.
Commonwealth Power Corp.
Gas, Elec. Light & Power Public Service Corp. of N. J.
Consolidated
Southeastern Power & Light Ce.
Co. of Balto.
Daido Denryoku Babushiki Baisha--Southern California Edison Co.
United Gas & Electric Corp.
(Japan)
United Light & Power Co.
Electric Power & Light Corp.
Western Power Corp.
International Tel. & Tel. Co.
The Company also has holdings in other utility companies and in a number
of other corporations, including Irving Bank-Columbia Trust Co., General
Electric Co. and Union Carbide & Carbon Corp.
Outstanding.
Authorized,
Capitalization32.395 shs.
50.000 shs.
Preferred stock (no par value) $7 cumul.
50,000 shs.
150,000 shs.
Do., 56 cumul.
1,000,000 shs. 260,262 shs.
Common stock (no par value)
514,749 shs.
Subscription receipts for Common stocks
* On which payment of at least 10% of subscription price has been made.
There are outstanding also option warrants, entitling the holders thereof
to subscribe for 25,000 shares of Common stock at $20 per share on or at any
time after Mar. 1 1925.
-Proceeds will provide funds for the acquisition of additional
Purpose.
securities and for other corporate purposes.
Earnings, 6 Months Ended June 30 1925.
$1,334,097
Income from all sources
43.724
Expenses, taxes and interest
51.290.373
Balance
6 mos.' div. requirements on $7 Pref., $113,383; 6 mos.' div. re263.383
meats on $6 Pref.. $150,000
-V. 120. p. 2011, 702.
-Dividends of 20 Cents in
Federal Light & Traction Co.
Cash and 15 Cents in Common Stock Declared on Common
Shares.
The directors have declared a quarterly dividend of 35 cents per share on
the Common stock, ]payable 20 cents in cash and 15 cents per share (1%)in
Common stock on Oct. 1 to holders of record Sept. 15. [Similar amounts
were paid on the Common stock on July 1 last.]
No certificate of Common stock will be issued for less than one share. For
income
fractional shares scrip will be issued and will be exchangeable for stock at the
$1,190,531 51,010.868 $2.815,269 52,267.322
Net
519,321
549,906
1.096.735
Prof.& corn. dividends
1,001,451 office of the New York Trust Co.. 100 Broadway, New York, N. Y., in
amounts aggregating $15 or multiples thereof. No dividends will be paid
$640,625
5491,547 51.718,534 $1,265,871 to the holders of scrip but all dividends on the stock represented by scrip
Surplus
will be payable to the first registered holder of the stock.
74, 197.
-V.121,p.
Dividends of Silo cash and 75 cents in 6% Preferred stock were paid
out the old Common shares of no par value from April 1 1924 to April 1
Continental Gas & Electric Corp.
-Earnings.
1925 incl. (compare V. 120, p. 2400).
*1924.
-Month of June- -12 Mos. June 30-1925.
12 Mos. Ended June 301924.
1924.
$21,411,644 521.774,911
1925.
1925.
Gross earnings
5417,146 55,761.207 $5,581,328
12.190.313 12,001,567 Gross earnings
$441.949
Operating expense, maintenance and taxes
3,367,945
295.254
266.609
3,473,423
Operating expenses
59.221.331 $9,773,344 Est. Fed. inc. & profits
Net revenue
120.000
10,000
120,000
10,000
tax
Total interest de div. charges en subs.& other prior deduction&
3,452.550
752.395
733,820
64,564
64.668
Interest on Continental 1st lien 5% bonds. 1927 full year
198,915 Interest & discount
327.672
Interest on Continental ref.6% bonds,1947 full year
$72.131
$75,869 51,433,964 51,340,988
Net income
Interest on Continental coll. trust 7% bonds, 1954 full year _ _
305,375
Pref. Stock Dividends
Interest on Continental sec.6 % bonds, 1964,full year
760.500
$90.350
$87,603
Dividend on Continental prior pref.7% stock,full year
822,227 Central Arkansas Ry.& Lt. Corp
64,225
64,018
260,456 Springfield By.& Lt. Co.
Div. on Continental particip. pref. 6-8% stock,full year 8%
Gross income
Fixed charges
$1.966.450
775,919
41,783,198
$4,350.228 53.814.430
772,330
1,534,959
1,547,108
Balance available for deprec.& com,stock div.
-V.121. p. 329.
* For comparison.
53,645,649
-Wins Suit.
Connecticut Co.
The contention of the company that a municipality has no right to enforce
an ordinance governing the operation of street cars was sustained by the
Balance
-V.120, p. 3314.
51.279,596 $1,189.101
-Preferred Div.
English Electric Co. of Canada, Ltd.
The directors have declared a dividend of 214% on the outstanding
8% Cumul. Prof. stock, on account of arrears, payable Aug. 15 to holders
7O6
THE CHRONICLE
of record Aug. 5. The directors announced that while the stock is not
back on regular dividend basis, they will make future declarations In
accordance with earnings. Dividends were deferred in December 1922.V. 117, p. 2439.
-To Issue Stock.
Gloucester (Mass.) Gas Light Co.
The Mass. Dept. of Public Utilities has authorized the company to issue
2.459 additional shares of capital stock (par $50) at $55 per share, the
proceeds to be used to pay for capital expenditures-V. 120, p. 2550.
Indiana Power Co.
-Proposed Sale.
See Interstate Public Service Co. below.
-V. 120, p. 2400.
[VOL 121.
cu ft.; ice manufactured, 42,886 tons; total gas and electric customers;
40,109; estimated gas reserves, 165,000.000,000 cu.ft.
Authorized.
Issued.
Capitalization100,000 shs. 25,000 abs.
$7 Cumul. Pref. stock (no par)
500,000 shs. y133.762 shs.
Class "A" stock (no par value)
500,000 ails. x493,062 sh.s.
Class "B" stock (no par value)
x Including Class "B" stock reserved against outstanding rights to subscribe to such stock. y Regular dividends at the rate of $3 50 per share per
annum have been paid on the Class "A" stock since incorporation.
The company has no funded debt other than that of its subsidiaries.
Year Ended. 5 Mos.End.
bMay 31 '25. May 31 '25.
Earnings35,475,676 $2,605,982
Gross earnings of sub. cos
2.065,072
4.631.531
aOperating expenses
-Earnings.
Interborough Rapid Transit Co.
Net Earnings of the Interborough System Muter the Plan.
Balance avail, for div. on cumul. pref. stock
-Month of June- -12 Mos. June 30(this issue) deprec., amort. (incl. provision
1924.
1925.
1925.
1924.
540,910
for sinking funds & Federal taxes
844,045
Total revenue
$4,776,170 $58,711,191 $58,176,538
$4.689,205
Annual div. requirements of $7 per share on 25.000
aOper. exp.. tax & rent.
shares of cu.mul. pref. stock (this issue)
175,000
paid city for old sub_ _ 3.306.563
3,392,839 39.032.880 39.215.944
a Including maintenance, depletion, taxes, interest, administrative charge
61,382,641 31383.331 319.678.311 $18,960,944 and parent company expenses since organization and proportion of earnings
aMaint. in excess of conapplicable to minority interest in stocks of subsidiaries owned by public.
1,430,202
1,492396
tractual provisions_ _ _
8,162
201,876
Buffalo & Erie By.Co. partly estimated.
Purpose.
-Proceeds will be used for the acquisition of stocks of subsidiary
Income avail, for all
companies and for other corporate purposes.
purposes
81.180.764 31.375.169 $18,186,015 317.530391
Sinking Fund.
-Corporation covenants to set aside on or before Jan. 31
Int. I.R.T. 1st M.58_ _ - $672,683
$672,475 $8,070.962 $8.066.992 1926 and on or before Jan. 31 of each year thereafter a sinking fund at the
1,808.240 rate of$2 50 per share per annum from the date of issue of this Cumul. Pref.
1308.240
Int. Manhatt. By. bds_
150,687
150.687
2,375,862 2,246,420 stock. In addition to this payment, the corporation covenants to set aside
Int.I.R.T.7% sec.notes
187.581
197,761
a sum equal to 20% of the net earnings available in each year for dividends
Int. I.R.T. 6% 10-yr.
260.909 on the Class "B" stock, which sum shall be set aside on or before Jan. 31
398.173
28.780
notes
37.710
70.420 1926 and on or before Jan. 31 of each year thereafter. Proceeds of this
169.423
Int. on equip. trusts_ _
5,600
19.919
542,003 sinking fund are to be used to retire Cumul. Pref. stock by purchase or
426.474
Miscell. income deduc's_
37.771
32,277
bSinking fund on I.R.T.
redemption. It is believed that the proceeds from the sinking fund pro2,217,080
2,170.556 visions will be sufficient to retire at least one-half of this Cumul. Pref.
181,019
1st Mtge 5% bonds
184.757
stock within 10 years.
-V.121. p. 199.
Total
31.295,793 31,263,912 315.466.214 $15,105,540
Balance after charges_ -def$115429
3111,250 $2,719,802 $2.364,851
-To Acquire Property.
Interstate Public Service Co.
Res. to cover add'l rental
The company has filed an application with the Indiana P. S. Commission
whichrnaybecomepayasking permission to take over, without actual transfer of cash or securities.
able to owners of Man.
the physical property of the Indiana Power Co., another Insull utility.
By. Co.'s stock not asThe purchase is to be subject to an indebtedness of $5,995,700. The
senting to the plan of
3233,877 petition says the fair value of the property to be bought exceeds all its
865.310
$233,877
$5,283
readjustment
securities outstanding. The only cash or securities which may figure, if at
Div.renton $60,000,000
2,301
3,000,000 2,490,000 all, the petition said, would be in connection with the acquirement ofasked
290.000
250.000
Man.stk. at4% p.an.
shares of participating stock of the power company. The petition
that the Conunission appraise the value of these stocks.
-V.121. 1)• 586.
def$370312 def$412.620 def$345,508 def$359,026
Balance
a From the commencement of operations under Contract No. 3 and the
Kansas Oklahoma Gas Co.
-New Bond Issue.
related certificates, respectively, it has been the practice to include in all
This company, a subsidiary of Cities Service Co., has sold an issue of
reports of operating expenses 14% of the gross operating revenue upon the 62,000,000 3
1928,
Subway Division to cover maintenance to Halsey, -Year 6% 1st Mtge. Pipe Line Gold bonds, due Aug. 1 to be
Manhattan division and 17% of the
understood, are
Stuart & Co.
and depreciation. These are the percentages fixed for the first year of oper- used for the construction Proceeds of the sale, it is connecting with the
of pipe
ation in each case. Negotiations have been pending between the company main trunk lines of Empireof 130 'idled Co. and line
Natural Gas Co.,
Gas
and the Commission ever since the end of the first year to determine what, thus forming an important Naturalthe extensive Kansas which transports
in
system
if any, changes in these percentages should be made for subsequent years. natural gas from Oklahomalink
Hutchinson,
fields
expended in excess of 14% upon the Man- and numerous other corn nunities to Kansas City. Wichita,
Prior to July 1 1923 the amount
in Kansas, Oklahoma and Missouri.
hattan Division was approximately offset by the amount under 17% ex- Public offering of the bonds is expected shortly.
pended upon the Subway Division. The net expenditures for maintenance
in excess of the amounts therefor, included in operating expenses, taxes
L,ng Island Water Corp.
-Bonds.
-New Control
and rental paid city for old subway," are shown hereinabyove as "mainteSee Associated Gas & Electric Co. above.
nance in excess of contractual provisions."
fund is deferred
The Guaranty Trust Co. of New York is now prepared to exchange
b Under the plan of readjustment payment of the sinking
until July 1 1926 on condition that, prior to that date, an amount equal definitive bonds for outstanding temporary? Long Island Water Corp.
to the deferred sinking fund be expended on additions or improvements 1st Mtge. 53i% gold bonds, Series due 1955. For offering, see V. 120,
p. 2401.
to the property.
Interest.
Minority Holders of Manhattan RR. to Collect Supreme -Tenders.
Manchester Traction, Light & Power Co.
Court
York
A number of judgments were filed in the New
The American Trust Co., trustee, 50 State St. Boston, Mass., will until
Aug. 4 against the company in behalf of stockholders of the Manhattan Aug. 14 receive bids for the sale to it of First' Ref. Mtge. bonds dated
RR.who refused to assent to the agreement made by the majority of the Aug. 1 1917, to an amount sufficient to exhaust 569,565.-V. 121, p.200.
Manhattan stockholders relieving the Interborough of the payment of 7%
interest on the Manhattan stock. The judgments were directed by Justice
Manila Electric Corp.
-New President, &c.
Levy following the recent decision by the Court of Appeals that the minority
At a meeting of the board of directors of the corporation, the resignations
stockholders are entitled to collect the full amount of interest guaranteed
of the Manhattan elevated road. The judg- of Chas. M. Swift as President and R. B. Marchant as Vice-President were
under the Interborough lease
$5.109 and $3,116;
ments filed were the following: Norman Johnson.New York Law Pub- accepted. John H. Pardee, formerly Vice-President, was elected to the
Edith C. Miller, $4,014; Eleanor H. Hewitt. $3,610;$18,723 and $11,482; presidency and J. I. Mange was made Vice-President to fill the vacancy.
Stephen Peabody,
Other officers of the corporation are Joseph K. Choate, H. C. Hopson.
lishing Co., 39,066 and $10.937;
William C. Bowers and others as trustees, $8,163, and Nina H. Peabody, S. J. Magee and J. M. Daly, Vice-Presidents; T. W.Moffat, Secretary and
Treasurer.
586, 457.
-V. 121. D. 458.
$2,301.-V. 121, p.
-Earns. 1st 6 Mos.International Ry., Buffalo, N. Y.
-To Redeem Preferred Stock.
Metropolitan Edison Co.
1921.
1924.
1925.
Notice has been received by the New York Stock Exchange of the calling
$5,169,779 $5,134.537 35.366.746 for redemption by the company of all its outstanding Cum. Pref. stock on
revenue
Operating
4,580,559 4,729,757 4,885,205 Oct. 1 at 115 and divs. The Phila. Stock Exchange has been notified that
Operation and taxes
been
Co. Cum.Pref. stock
$481,541 the Pennsylvania Edison 1. (See V. 121, p. of no par value has also
$404,780
$589,220
Operating income
330.)-V. 121, p. 586, 458.
$19343 called for payment Oct.
$19,102
$17,229
Non-operating income
500.884
423,882
606,449
Gross income
--Tenders.
Mississippi River Power Co.
750.998
781.585
781.271
Income deductions
The State Street Trust Co., trustee, Boston, Mass, will until Sept. 4
3250,114 receive bids for the sale to it of 15
-year 7% Sinking Fund Gold Debenture
3357.703
$174,822
Net deficit
-Because of the strike in 1922 and its effect on the revenue and bonds, due Nov. 1 1935 to an amount sufficient to absorb $108,429.-V.
Note.
operating costs of the year 1923 the calendar year 1921 is used for com- 121 p. 330.
-V. 120, p. 2550. ,
parative purposes.
Missouri Power & Light Co., Mexico, Mo.-Sale.Corp.-Pref. Stock Sold.
International Utilities
Sale of its Oklahoma properties has been authorized by the directors.
will be realized from the
Chandler & Co., Inc., R. E. Wilsey & Co., Inc., and G. E. It Is expected that approximately 34,615.000 to the Southwest Utilitysale.
Co.
The plant at Waurika. Okla., is to be sold
Barrett & Co. have sold at $95 per share to yield 7.36% and the properties at Durant and Ardmore to the Oklahoma Gas & Electric
group
(carrying one stock purchase warrant) 25,000 shares Cumul. Co. The Missouri Power & Light Co. is one of the Studebaker Power of
&
public utilities, of which the Illinois Power & Light Corp., Iowa
Pref. stock, no par value, div. $7 per share per annum.
-V. 120, p. 829.
Service Co. are others.
- Light Co. and Kansas Public
-F. Preferred as to assets and divi
Dividends cumulative and payable Q.
dends. Callable all or part on an div. date on 60 days' notice at 115 and
-Bonds
Monongahela West Penn Public Service Co.
div. As provided in the Federal income tax Law of 1924, dividends are
agents:
exempt from the present normal Federal income tax. Transfer Savings Offered.-Halsey, Stuart & Co., Inc., W. C. Langley & Co.,
& Commercial Trust &
Empire Trust Co., New York, Continental
E. H. Rollins & Sons, W. A. Harriman & Co., Inc., HambleBank,Chicago.; Registrars: Trust Co.of North America. New York, Central
ton & Co. and Dominick & Dominick are offering at 98 and
Trust Co. of Illinois, Chicago.
Cumulative Pref. stock of this int.,
-Each share of
Stock Purchase Warrants.
yielding about 5.65% $13,200,000 1st Lien & Ref.
offering will carry one stock purchase warrant entitling the holder thereof to Mtge.
5% Gold Bonds, Series "B."
purchase one share of International Utilities Corp. Class "13" stock during
included, at $10 per share,
Dated Feb. 11923;due Feb. 11953. Interest payable F.& A.at the office
the period July 1 1925 to July 11926, both datesper share, thereafter to and
to and including July 1 1927 at $12 50
or agency of the company In New York and Chicago without deduction for
thereafter
including July 1 1928 at $15 per share, and thereafter to and including Federal income tax not in excess of 2%. Denom. c5 $1,000, $500 and $166
and v* of 81.000 or authorized multiples thereof. Red. all or pima at any
July 1 1930 at $20 per share.
time upon 30 days notice at the following prices and accrued int.. to and
Data from Letter of Vice-Pres. E. H. Wands Dated July 14.
,
incl. Feb. 1 1943 at 105. and at 34 of 1% less during each expired year
-A public utility holding company incorporated in Maryland. thereafter to maturity. Company agrees to reimburse the holders of Series
Company.
contracts for purchase
Oct. 8 1924. Controls through stock ownership, or in four States and in B Bonds,if requested within 60 days after payment,for the Penn. and Conn.
operating
of stock, a group of public utility properties a combined population of over personal property taxes not exceeding 4 mills, Maryland Securities tax not
Canada, and serving 55 communities, with
exceeding 4% mills per dollar per annum, and for the Mass, income tax on
1,100,000. Companies controlled are (a) Canadian Utilities. Ltd., Edmon- the int. not exceeding 6% per annum.
Ltd., Calgary, Can.;
ton. Can.; (b) Gas Production & Transportation,
Kan.; (d) Kentucky Se(c) Southwestern Utilities Corp., Independence,Ry.Co., Fredonia, N.Y.; Data From Letter of Pres. G. M. Alexander, Fairmont, W. Va., Aug. 1.
curities Corp..Lexington. Ky.;(e) Buffalo & Erie
di
-A subsidiary of West Penn Co. It is the largest electric
Company.
Kan.; (g) Canaan Western
lle Gas & Fuel Co., Coffeyville, K
Coffe
(f)
power and railway property in the State of West Virginia and forms
Calgary, Can.
Natural as, Light, Heat & Power Co.. Ltd.,power the entire requirement light,
an important part of the extensive super-power system supplying electric
The subsidiaries serve with electric light and contracts serve Georgetown, light and power to the great industrial area in southwestern Pennsylvania
wholesale
of Lexington. Ky., and through
and including northern and central %Vest Virginia.
other communities in KenVersailles, Winchester, Parts. Frankfort and 7Edmonton, Lethbridge, and adjacent to Pittsburgh
Company has recently acquired all the physical property, rights and
They furnish gas to the cities of Calgary,
tucky.
in the Province of Alberta, Can.; Coffeyville, Kan., franchises of Brooke Electric Co., West Virginia & Maryland Power Co.,
11 other communities
Cherryvale. and 4 other Parsons Electric Co.. West Virginia Public Service Co. and St. Marys
and through wholesale contracts. Independence,
storage business in Lexing- Power & Light Co. All of these companies were integral parts of the West
communities in Kansas; conduct the ice and cold
street railway business in Lexington Penn System, and add an estimated population exceeding 55,000 to that
ton and Georgetown. KY.; do the entire
freight and passenger electric previously served by the company. As a result of this consolidation all of
and Frankfort. Ky.. and operate a high-speed the towns of Lackawanna. the commercial light and power business of West Penn System in West
railway running from Buffalo. N. Y.. through
Northeast. Pa., and 20 other Virginia is now done by Monongahela West I'enn Public Service Co. and
Dunkirk, Fredonia and Westfield, N. Y., to
its subsidiary company.
City of Erie. Pa.
communities in New York and Pennsylvania thethe ended May 31 1925
The electric light and power properties, including generating stations with
year
The operating statistics of subsidiaries for
gas output.8.443,4973)) more than 60,000 K. W. installed capacity and over 525 miles of high
were as follows: Electric output. 32.621,056k. w.;
tension transmission lines, are connected with the properties of West Penn
Power Co. The opportunity for interchange of power thus afforded increases
the efficiency and earning power of the Company and the adequacy and senaility of its service.
Company also supplies city and Interurban railway service to a number
of important cities as well as natural gas in Fairmont and vicinity. The
territory served by the Company and its subsidiary. Kanawha Traction &
as
Electric • Co., at wholesale or retail, includes such citiesWestFairmont,
Virginia,
Morgantown, Clarksburg, Wellsburg. and Parkersburg,
and Marietta. Ohio, and has an estimated population in excess of 300.000.
Authorized. Outstanding,
Capitalization—
Mtge,
530, Series B, 1953 (incl.
1st Lien & Ref.
a
$14,171,000
this issue)
Monongahela Valley Traction Co. 1st & Ref.
b Closed
3.747.000
Mtge. 5s, 1942
a
5.099,900
Divisional & subsidiary bonds
15,000,000
9,574,061
Common stock
d15,000,000 d5,651.114
Preferred stock 7% Cumulative
a Authorized issue limited by restrictions of the Trust Deed. b $6,478.First Lien and Refunding Trust Deed.
500 of these bonds pledged under pledged under First Lien and Refunding
c Additional bonds issued must be
Deed. d Assuming conversion of present outstanding Preferred
Trust
stock of other issues.
Purpose.—A part of the proceeds from the sale of $12,087,000 Series B
5%% Bonds will be used to retire $6,542.000 of Series A 6% Bonds called
for redemption Aug. 1 1925; the remainder to reimburse the company for
expenditures made in the recent acquisition of properties, for extensions
and enlargements of its facilities and for other corporate purposes.
Security.—Secured by a first mortgage on important electric property;
$10.225.500 outstanding First & Ref. Mtge.
by pledge of 36,478.500 of theare secured by a first
mortgage on two power
Bonds due 1942, which bonds
stations with over 75% of the total installed generating capacity of the
and its subsidiary, on certain street and interurban railway, gas
company
Company's
and other properties; by a mortgage on the remainder of the of
property subject to outstanding divisional bonds, and by pledge $673,000
subsidiary company bonds.
Growth.—The growth and expansion of the business of company and its
predecessor companies over a period of years is illustrated by the following
table:
Electric Gross Earns.
Accr. Int.
on Fund.
Incl. Other
ConKr. Hours
Debt.
xNet Earns.
Income.
sumers.
Output.
Year
267,250,643 34,024 $6,975,450 $2,448,649 b$970,139
a1925
2.018.876
960,391
5,497,917
189.657.551 23,117
1924
1,8.37.789
875.133
5.145,026
152.907.620 15.192
1923
879.771
4,436.652
1.487.352
109.129,690 12.730
1922
883,249
1.492.541
4.477.704
93.742.550 10.510
1921
829,903
1,533,735
8.817
4,683,513
90.103.560
1920
3.842.867
60.313.110
1,420.186
7,874
698.434
1919
3.021.918
41.528,259
1.084.436
6,670
501.697
1918
1,122,327
472,789
2,509,365
33,984,380
5,404
1917
Increase:
529%
104%
118%
178%
686%
1917 - 1925-requirements on
a 12 Months ended March 31 1925. b Annual interest public,
with the
including
the total funded indebtedness to be outstanding reserve for renewals
and
issue, amounts to $1,224.250. x Before
this
replacements.
Management.—American Water Works & Electric Co. Inc. controls
The West Penn Co. through stock ownership, the West Penn System
constituting_ the largest group of properties controlled. Monongahela
WestPenn Public Service Co.is an important part of the West Penn System.
—V. 121. P. 586.
Montana Power Co.—Tenders.—
The United States Mortgage & Trust Co., trustee, 55 Cedar St., New
York City will until Aug. 18 receive bids for the sale to it of 1st Mtge.
5% gold bonds of the Montana Power Transmission Co. due Aug. 1 1933
to an amount sufficient to absorb $11,603 at prices not exceeding 105 and
interest.—V. 121. P. 459.
Muncie Hartford & Fort Wayne Ry.—Foreclosure.—
A petition to foreclose a mortgage of $1.000,000 on this company (a subsidiary of the Union Traction Co. of Indiana) was filed in the Delaware
(Ind.) Circuit Court July 30 by the Guardian Trust Co. of Cleveland,
holder of the mortgage. The trust company sets forth that $916,000 of
the bonds are outstanding, and that there is now owing and unpaid interest
amounting to 845.800.
In the interest of economy and convenience, the case was transferred to
the Madison Circuit Court at Anderson, where various other actions growing
out of the receivership of the Indiana Union Traction Co. and the Union
Traction Co. of Indiana are pendlng.—V. 83. p. 96.
National Electric Power Co.—Stock Sold.—A. C. Allyn
& Co., Inc., Howe, Snow & Bertles, Inc., and G. E. Barrett
& Co., Inc., have sold an additional issue of $2,000,000 7%
Cumulative Preferred (a. & d.) stock at 95 and dividend, to
yield 7.36%.
Capitalization to Be Outstanding upon Completion of Present Financing.
$6,750,000
-Year 6% Secured Gold bonds
20
$3,500.000
7% Cumulative Preferred stock (this issue)
165.000 shares
Class A stock (no par value)
280.000 shares
Class B stock (no par value)
As of April 30 1925 there were outstanding in the hands of the public not
exceeding 160 shares of no par value Common stock. $1,999,000 Conunon
stock,$7,868,600 Preferred stock,and $27,095.000 funded debt of subsidiary
and leased companies.
Consolidated Earnings Twelve Months Ended April 30 1925.
Gross earnings (inclusive of engineering services on basis of contracts now effective)
$10.127,307
6,880.100
Oper. exp.,=int.,taxes, incl. Federal, amortia'n & deprec'n
$3,247,207
Net earnings
Balance of net earnings applicable to securities of subsidiaries
owned by company, after deduction of Interest charges and
dividends paid or accrued during period on funded debt and
Preferred stocks of subsidiaries, and net earnings applicable
81.473,712
to Common stocks of subsidiaries held by the public
405,000
Annual interest charges on company's funded debt
$1.068.712
Balance
Annual divl requirements on 7% Cum.Prof. stock (this issue)_ - $245,000
Further details offranchises, business, property, subsidiary
companies, &c., in V. 121, p. 330, 459.
New England Power Co.—Issue of Pref. Stock Approved,
The Massachusetts Department of Public Utilities have approved private
Preferred stock at
sale of approximately 24,000 shares of subscribed for by a minimum price
This is stock
the shareholders
of $97 per share. dated Aug. 16 not
1923. The company had asked in this
order
at 00 under
recent application that the minimum price be set at 895.—V. 121, p. 459,
200.
New Bedford Gas & Edison Light Co.—Earnings.-
-Month of June— — 12 Mos. June 30 —
1924.
1925.
1925.
1924.
$255,297 83.793,928 $3,502,571
$308.411
138,073
150,228
1,935.182
1.897,925
31.747
30,387
414,135
380.182
revTotal operating (up_ - - _
__
Total operating
Taxes
Net operating income_
Non-operating income_ _
8115.796
2,856
885.477 81,444.611 81.224.463
1,977
7,620
def5.625
Gross income
Int. on bonds & notes _ _
Amortization charges_
Depreciation
$118.653
26,123
685
25.438
887.453 81,452.230 81,218.838
24.864
313.748
293,506
685
8.224
8,218
16.757
296,846
283,029
Net income
707
THE CHRONICLE
AUG. 8 1925.)•
866.406
845,147
$833,412
$634,086
Condensed Balance Sheet.
June 30.25 Dec.31'24
June 30'25 Dec.31 '24
Liabilities—
Assets—
Plant investment.15,038,397 14,787,374 Capital stock
4.579.200 4,579,200
Prem, on stock... 2,165.246 2,165,246
Other invest'ts....
7,360
54,744 1st Mtge. bonds 4,579,000 4,579,000
Cash
96,751
565 Notes payable.... 1,295.000 1.560,000
Special deposits_ _ _
565
127,738
Notes receivable._
1,538 Accounts payable_ 124.201
711
137,376
Accts.receivable_ _ 291,574
317,665 Divs. declared__ _ _ 228,960
77,654
502,197 Consumers'depos_
79,846
Mat'is & supplies_ 502,347
113,477
46,010 Am.tax., int., &c 297,599
37,902
Prepd.Ins. & Int
38,083
36.620
46,526 Unadj. credits_ _ _
42,763
UnadJ. debits_
.
Deprec. reserve_ _ 1,622,060 1,478.516
Other reserves....
22,905
17,054
Tot.(each 51(10.16,018,371 15,756,621 Profit and loss....987,735
886,277
—V. 121. p. 75.
New England Co. Power System.—Earnings.-Month of June— — 12 Mos. June 30 —
1924.
1925.
1925.
1924.
Gross earnings
5616.420
$498.266 $7,644,115 $7,250,650
Operating expenses
378.406
318,744
4.930,982
5,101.158
Bond interest
75.605
77.517
915.844
863.090
Other interest
36,010
37.650
468.936
342,886
Divs. on 1st Pref. stock_
57.227
52.950
660,550
527,047
Divs. on 2d Prof. stock__
11,333
9,067
122,400
108.800
Balance
—V. 120. p. 829.
$57.839
$2,338
8545.402
$207.669
New England Telephone & Telegraph Co.—Granted
Rate Increase.—The Massachusetts Department of Public
Utilities on July 31 granted the company an increase in
rates, estimated to average more than 20% on various classes
of service, effective Aug. 1. This increase, it is stated, will
give the company an additional income of about $8,460.000.
The company was ordered to file a revised schedule setting forth the rates
fixed by the Department and detailed figures showing the results of the
year's operations. Increases asked for on service connections or installation
charges were disallowed and increases proposed for changed locations or
type of station equipment within the premises were disapproved in part.
The proposed increases for excess messages were disallowed and proposed
rates on P.B.X. switchboards were materially cut.
The Rhode Island P. U. Commission on July 31 refused
to further suspend increases in telephone rates in Rhode
Island as filed by the company. The increased rates went
into effect Aug. 1 pending future hearings and decision in
the case. Hearings are scheduled to be resumed Aug. 10.
Telephone rates were increased 26% in Providence and East Providence
and an average of 13% in the remainder of the State. These increased
rates. which Rhode Island subscribers are required to pay, total annually
approximately 81.060.000.
Extracts from Decision of Massachusetts Dept. of Public Utilities.
The people of Massachusetts want adequate telephone service. They
cannot have this unless the company can raise the funds necessary for such
service and its development. The company cannot do this unless it can
maintain its credit. It must, in order to do this, be able to sell large quantities of shares of its stock to its stockholders or others. It cannot under
the law sell Its shares of stock below par. Its shares of stock will not sell
in large quantities at par unless small quantities sell in the stock market
somewhat above par. Hence it follows inevitably that the company must
earn such an annual dividend as will maintain the price of shares of its stock
above par in the stock market. Such a dividend demanded by ecohomic
necessity is, in substance, what courts call "a fair return.'
No evidence was presented that the company's outstanding securities
do not now represent property of their face value or that the company is
not entitled to earn a fair return upon its outstanding securities and the
par value of its capital stock, or, to put it in practical terms, to earn enough
thereon to keep the price of its stock above par.
The company's contracts with the American Telephone & Telegraph Co.
and the Western Electric Co. contain provisions which cast doubt upon
the full ownership of the company to much of its plant. Again, so much
of the present plant of the company has been built at post-war prices, as
high and in some instances higher than those now prevailing, that it is
a serious question whether the reproductive value of the company's property, assuming its full ownership thereof, is much, if at all, in excess of
cost or book value.
What is the rate of dividend which will enable the company to market
its shares of capital stock at par? The company has been paying 8% per
annum since 1920. Many public utilities doing business in Massachusetts
sell on a much lower dividend basis. Whatever the reason may be, whether
because of fear of radio and other far-reaching changes in the art, or because
offear of the effect upon the value of its stock of large and constant increases
in the aggregate amount thereof, in order to secure funds for telephone
development, or what not, the fact is that even with an 8% dividend the
company's stock has not in the recent past sold much above par.
Throughout the whole period from Jan. 1 1917 to date the stock of the
company has but once sold as high as 125, while it has sold as low as 82%.
The price at which it has ordinarily sold in small lots during this period has
not been such as to give more than a safe margin for the issue of large
amounts of capital stock at par. We believe, therefore, that to accomplish
the economic results for the welfare of the telephone users of this Commonwealth, the company, should be permitted for the present at least, to earn
an amount which would permit it to pay a dividend approximating 8%
upon its capital stock.
In our opinion, however, the time should soon come when the company
can satisfactorily function on a 7% basis. We think, too, that this is a
matter of particular concern to this Commonwealth. The New England
Telephone & Telegraph Co., which seeks these rate increases, is not a
Massachusetts corporation. It is a New York company using and enjoying
locations granted to local companies. The Commonwealth has no control
over its stock issues.
These are matters of serious concern and fraught with possible dangers
to the public welfare. We have no power in this matter which we can exercise without doing more harm than good to the public, and are of the opinion
that this subject merits the attention of the Great and General Court.
We have considered the value of the license contract (American Telephone). We are of the opinion that the American company furnishes
service and instruments to the various companies of the Bell system at
little above cost, and that what the New England Telephone company
receives from the American company is worth what it. pays therefor under
this so-called license contract.
It is perhaps but natural to look wita suspicion upon contracts between
companies with such Inter-corporate relations. but WP are constrained to
say that we cannot find, upon toe evidence, that this 4;i% license contract
was either a disnonest or an imprudent one for the New England Telephone
& Telegraph Co. We have discussed this arrangement as a contract
to be dealt with upon the principles laid down in the cases above referred to.
We entertain grave doubt, however, whether such an arrangement
between such parties constitutes a strict contract. We think that it is
merely a method by which the American company arranges for the payment of the services rendered and the use of the instruments ftmnished
Its local companies.
In the last analysts, in our judgment, it makes very little difference in
cost of telephone service to the pubilz how this burden is borne, provided.
first, that it is done equitably and proportionately among the associate
companies; second, that the funds received by the American company
from the associate companies for these services and the use of these instruments are used solely to defray these expenses and to pay no more than
their fair proportion toward a reasonable return upon the capital employed
by the American company in its business: and, third, that all the capital
of the American company is devoted to the telephone industry.
We would not be justified in coming to a conclusion that long distance
rates are unreasonable as compared with the proposed local rates, or
that the divisions in themselves are unfair to the New England Telephone
company.
We believe that the New England Telephone company, by acquiring
supplies from the Western Electric Co., using Its warehouses and its services
•
708
Rapid Transit in N. Y. City.
-Bus Routes Urged for
City by Board of Transportation.
-
all purchasing agent, obtains what it requires cheaper, on the whole, than
it could elsewhere.
The company charges offfor depreciation each year 4.9% of its depreciable
property. We do not, however, regard this figure as a fixed one for all
time. The company's experience in the future may well show that it
has been placed too high. As we consider this annual charge of 4.9%
of the depreciable plant per annum, solely from the point of view of depreciation as such, we are rather inclined to think that it is too high. On
the other hand, when it is considered that this item covers not only depreciation in its narrow sense but also inadequacy, obsolescence, legal
requirement and contingencies in general, it does not appear to be unreasonable.
The company has had to rebuild a very large proportion of its plant
and to extend it greatly during this era of high prices to meet the public
demand for telepnones, and this is also a factor in the company's present
difficulties. It has transferred its present manual machines whicn have
been replaced by the automatic to other districts, instead of scrapping
them, but this has alleviated the situation to only a small extent.
,
The company's rates -ntve not been proportionately increased since
the outbreak of the World War compared with most other public utility
rates or with commodity prices. If the increases it asks for in the new
tariffs which it has filed are allowed, its total increases since Jan. 1 1924,
would still fall short of the advance in most public utility rates and the
rise in the price of commodities.
New Rates Subject to Change after Year's Trial.
If the contention be true that in a few years the company's present
rates will be adequate, when that takes place any increase in rate now
given the company can be reduced accordingly. Indeed, that day will
sooner come to pass if the company meanwhile be allowed revenue sufficient
for its present needs, and that day will undoubtedly be deferred by forcing
the company meanwhile to run up deficits, injure its credit and hamper its
development.
In the main we think the proposed rates are reasonable in view of the
necessities of the company and they present few questions of discrimination
or preferential treatment.
We have deemed it wise not to finally dispose of the case but to allow
the rates to become effective when modified with the understanding that
tney will be subject to changes that a year's experience may demonstrate
are desirable or necessary, unless in the meantime some unforeseen exigency
arises.
-V. 121. p. 459,16.
-Tenders.
New York Telephone Co.
The Guaranty Trust Co., trustee, 140 Broadway, New York City, will
until Aug. 27 receive bids for the sale to it of 30-yr. Sinking Fund 6% Gold
Debenture bonds, due Feb. 1 1949, to an amount sufficient to exhaust
-V.121, p. 76.
$266,905 at prices not exceeding 110 and interest.
-Merger, &c.
Niagara Falls Power Co.
-V.121, p.459. 331.
See Buffalo Niagara & Eastern Power Corp. above.
-Merger, &c.
Niagara Lockport & Ontario Power Co.
-V.121, p. 459, 331
See Buffalo Niagara & Eastern Power Corp. above.
-Contract.
North American Co.
-mile $1,000,000 transmission
The company has started service over a 35
line from its subsidiary, Union Electric Light & Power Co. of St. Louis,
to the Crystal City, Mo., plant of the Pittsburgh Plate Glass Co. The
contract involves the purchase of $6,000,000 of power in ten years and the
-V. 121, p. 586.
annual delivery of 50,000.000 kilowatt hours.
-Bonds Called.
North Pacific Public Service Co.
Certain 1st & Ref. Mtge. 20
-Year 5% Gold bonds, dated March 1 1915
(aggregating $133.800) have been called for payment Sept. 1 at 105 and
int. at the Irving Bank-Columbia Trust Co., 60 Broadway, N. Y. City.
V. 108. p. 1941.
-New Receiver.
Ocean County (N. J.) Gas Co.
Howard Ewart, Toms River, N. J., has been appointed receiver, succeeding Vice-Chancellor Berry. The latter was appointed receiver for the
company Jan. 29 1924,in the proceedings instituted by Benjamin S. Woodman.
-Acquisition.
-Oklahoma Gas & Electric Co.
-V. 121, p. 331.
See Missouri Power & Light Co. above.
Oregon-Washington Telephone Co., Hood River, Ore.
-Ralph Schneeloch Co. and Blyth, Witter &
-Bonds Offered.
Co., Portland Ore., are offering at 99 and int. to yield 6.08%
$210,000 1st Mtge. 6% Gold bonds.
Dated July 11925. Due July 11945. Denom. $500. $1,000, c*. Principal and interest (J. & J.) payable at Title & Trust Co., trustee, Portland,
Ore. Red. by lot on any int. date on 60 days' notice at 101 and int. Company agrees to pay normal Federal income tax not in excess of 2%.
Company.
-Incorporated in Oregon in 1907 as Home Telephone Co. In
1913 name changed to Oregon-Washington Telephone Co.
Company has for a number of years owned and operated telephone exchanges and toll service in Hood River. Dee, Odell and Parkdale, Ore. and
White Salmon, Goldendale, Husum, Glenwood, Underwood. and Trout
Lake,Wash. It has now acquired by purchase the telephonesystems operated
in the famous Yakima Valley in Washington in the following communities:
Mabton, Sunnyside, Granger, Outlook, Zillah, ToppenLsh, Parker, Donald,
Buena and Wapato.
Company operates under agreements with the Pacific Telephone & Telegraph Co.for the interchange of toll business, and which agreements license
to the Oregon-Washington Telephone Co. for telephone and telegraph purposes its patent rights for the territory now served by the company for 20
years, or during the life of these bonds.
Purpose.
-To refund outstanding indebtedness, to acquire additional
properties, and for extensions and betterments.
.
Capitalization.
1st Mtge.6% bonds (authorized $500.000)
Sinking Fund series due July 1 1945 (this issue)
$210,000
Non-Sinking Fund series due July 1 1950 (owned and held by the
100,000
Pacific Telephone & Telegraph Co.)
*74,251
Preferred stock
75,000
Common stock
* Over 38% owned by the Pacific Telephone & Telegraph Co.
Earnings.
-The earnings of the combined properties have been as follows:
Aver. 1922-24.
$152,313
Operating revenues
93.504
Operating expenses
9,254
Taxes
1.759
Deductions
Net income available for interest & depreciation
$47,795
-Proposed Sale.
Penn Central Light & Power Co.
'The stockholders will vote Oct. 12 on authorizing the sale of all of the
property and franchises of the company to the United Lighting Co. Stockholders of record Aug. 13 shall be entitled to vote.
The Penn Co. does the electric light and power business in a territory in
central Pennsylvania embracing an area of about 4,000 square miles. The
company has outstanding 61,140 shares of Common stock of no par value
and 85,671 Preference shares.
The United Lighting Co., which is controlled by the Kansas Electric
Power Co., also operates in Pennsylvania. It is under the control and
-V. 121, P. 587. 200.
management of Albert Emanuel Co., Inc.
-Tenders.
Philadelphia Co.
The Guaranty Trust Co., 140 Broadway, N. Y. City, trustee, will
until Aug. 12 receive bids for the sale to it of 1st Ref. & Coll. Tr. Mtge.
1 1944, Series A, to an amount sufficient
6% Gold bonds, due Feb.not exceeding 105 and int.-V. 121, p. 76. to
exhaust $120,097, at prices
-Sale of Utility Holdings.
Portland (Me.) Gas Light Co.
The Portland (Me.) City Council has voted to sell the city's holdings of
Portland Gas Light Co. to Paine, Webber & Co., at $84 50 a share. The
petition for a referendum, however, may hold up the sale. See also V. 121,
P. 76, 331.
[Vol, 121.
THE CHRONICLE
The Board of Transportation sent its third report on bus routes and
franchise applications to the Board of Estimate July 28. recommending
the establishment of 63 routes in Manhattan, the Bronx, Brooklyn and
Queens, and describing 47 routes in Richmond for which applications have
been made, but making no recommendations as to them because of existing
municipal operation and doubt on whether the present system should be
supplemented.
It is recommended that the routes in Manhattan be operated as a single
system for geographical reasons. For similar reasons, various systems or
route combinations are laid out in the Bronx, Brooklyn and Queens. In
each of the four boroughs, it is pointed out, operation may be by the city
directly or by corporations under franchise. If franchises are decided
on, several of the applicants, it is said, have met the requirements of the
Board of Estimate & Apportionment.
None of the applications is for a city-wide franchise. Two of them,
however, are for operation in more than one borongh. The Surface Transportation Corp. (Third Ave. Ry. System) applies for operating grants
in Manhattan and the Bronx, and the Queens Bus Lines, Inc.. asks for
grants in Brooklyn and in Queens.
For the Borough of Manhattan 11 Corporations have applied for franchises.
For the Bronx the Board of Transportation recommends the establishment of 12 routes, divided into four systems. There is now bus operation under temporary' permits over six of the 12 routes laid down.
Twenty-two bus routes are recommended for Brooklyn, as a result of
conferences with petitioners for omnibus operations in that borough and
re-examination of transportation conditions there. Ten corporations
have applied for franchise rights in Brooklyn. Three corporations, Kings
County Bus Corp., Queens Bus Lines. Inc., and Unique Bus Service, Inc.,
have filed petitions for borough-wide operation.
Four applications have been received for franchises in the Borough of
Richmond. One of the applicants has applied for 43 routes, embracing
trunk line service along the east, south and west sides of Staten Island
and for "tie-in" crosstown routes.
The others seek franchises on the south side of the borough.
Applications for franchises have been received as follows:
Transfers.Free
Petitioner and BoroughFare.
Routes.
Allied Bus Corp., Inc., Queens
5c
6
Argus Line Transportation, Inc., Queens
5c
2
Free
Audubon Transportation Corp., Bronx
5c
5
Avenue C Bus Corp., Manhattan
Sc
1
B.& L. Transportation Co., Queens
Sc
2
Free
-ie
-Bee Line, Inc.. Queens
5-51000
4
Borough Bus Lines, Inc., Queens
1
Boulevard Transit Corp., Manhattan
3
5e
Boulevard Transportation, Inc., Man.
1
-Queens
__
Crescent Bus Line, Inc., Brooklyn
50
1
Community Transportation Co., Inc., B'klyn
1
Sc
Destasio, Joseph, Richmond
2
Free
Eastern Boulevard Bus Co., Inc., Bronx
5-15-715e
6
E.Pky., Brnsv. & E.N. V.Transit Assn., Blunt 5
5c
.
0
Free r.ee5c
F1&i
.2_
Fifth Ave. Coach Co., Man.
-Bronx-Queens--... 22
5-10
Five-Cent Fare Bus Corp., Manhattan
3-5
12
Fox Hills Bus Co., Inc., Richmond
1
Sc
Fresh Pond Bus Corp., Brooklyn-Queens
4
Sc
Free
Green Bus Lines, Inc., Manhattan
5c
12
Hillside Ave Bus Co., Inc., Queens
1
Sc
_
Howe,Ernest M.,Bronx
3
Jamaica Bus Lines, Inc., Queens
1
Sc
Kings Coach Co., Inc., Brooklyn
7
5c
Kings County Bus Corp., Brooklyn
3-5c
20
6
Knickerbocker Motor Bus Co., Inc., Bronx_
*5-10-15c
Leonard Bus Co., Inc., Brooklyn
2
Sc
Liberty Bus Transportation Corp., Queens
5c
1
Free
FrFrFrIreeee-eee:
Manhattan Surface Coach Co., Inc., Manhattan 15 8 1-3, 5 & 100
2,3 1-3 & 50
Municipal Tr.& Motor Service Co., Inc., Bklyn- 2
3 1-3, Sc
New Dorp Beach Bus Service, Richmond
1
se
Northern Transportation Co.. Inc., Bronx-Qu
9
5-10-15c
-- -- -2e
:
People's Electric Bus Corp., Manhattan
Sc
12
Pioneer Bus Co., Inc., Bronx
Sc
1
48
Queens Bus Lines, Inc., Man.-Bklyn.-Queens
5-100
Free
Frke.8c
Rauchwerger Bus Co., Inc., Queens
Sc
3
50
Reliance Stage Coach Co., Inc., Bronx
5-100
6
Free
Richmond Hill Bus Line, Inc., Queens
2
3-5c
Free, 20
Service Bus Corp., Manhattan
Sc
12
24,
Free
Sheepshead Bay Bus Co., Inc., Brooklyn
50
7
Free, 3c.
Transportation Corp., Man.
nsportation
-Bronx
SurfaceTraSc
5-15-15c
00
26
43
Bus Corp., Richmond
icee
Unique Bus Service, Inc., Brooklyn
20
50
50
izri;
Manhattan_ree,
14
Westchester County Bus System, Inc., Bronx
5-100
Woodside-Astoria Trans. Co., Queens
2
Sc
79th St. Motor Bus Assn., Inc.,
_ 4
Sc5c
-V. 121, p. 331, 200.
•School children at half fare.
Rochester (N. Y.) & Manitou Beach (Electric) RR.
The directors and bondholders at a meeting on July 23 unanimously
expressed themselves in favor of purchasing the road when it is offered at
public auction this month, with the idea of putting the road into operation
again. The operation of the road was suspended at the close of the summer
-V.88, p. 1314.
resort season last fall.
Southern California Edison Co.
-Earnings.
Period
Total operating revenue
Total operating expense
Month of 6 Mos.End.
June 1924. June 30'24.
$2,167,733 $11.545.881
595,995 4,048,866
Net operating revenue
Total net income
Funded debt, interest and amortization
Charged to capital
$1,571,738 $7,497.015
7,668,277
1.598,905
3,576,370
590,757
Cr.193.897Cr.1,166,151
Balance for depreciation and surplus
-V. 121, p. 201.
$1,202,045 $5,258,058
Southern Public Utilities Co., Charlotte,.N. C.
-Rates.
A reduction in rates for electric current, ranging from 3.1 cents per k.w.h.
for industrial power to 1 cent per k.w.h. for lights, has been announced by
the company, effective with bills payable Sept. 1 for current consumed
during the month of August. It is estimated that the proposed cut will
-V. 119, p. 2065.
effect a saving of $200,000 a year to consumers.
Southwest Utility Co.
-Acquisition.
See Missouri Power & Light Co. above.
Standard Gas & Electric Co.
-Bonds Called.
,
All of the outstanding Cony. 636% Gold Debenture bonds, dated Jan71
1924 and due Jan. 1 1954, have been called for payment Sept. 1 at 105
and int. at the Continental & Commercial Trust & Savings Bank, Chicago,
,
Ill., or, at the option of the holders, at the First National Bank of New
York.
-V. 120, p. 2685.
-Bonds Offered.
-Coffin & Burr,
Tide Water Power Co.
Inc., Boston are offering at 98M and int., yielding about
5
5
/% $791,000 1st Lien & Ref. Mtge. Gold Bonds, Series
"B" Sinking Fund 532%•
Dated April 11925: due April 1 1945. Int. payable A. & 0.at New York
Trust Co., New York. trustee. Callable for sinking fund only through
April 1 1927 at 105 and int.: thereafter callable as a whole or in part at 105
and int. through Oct. 11940: at 104 and int. on April 11941: and thereafter
at successive reductions of 1% in redemption price on each April 1 to
maturity. in each case with accrued interest. Denom. $1,000 and $500 c*.
The Company agrees to pay normal Federal income tax not to exceed 2%.
and to refund, Mass. state income tax not in excess of 6 %,the Penn. and
Conn. personal property taxes not exceeding 4 mills and the Maryland tax
not exceeding 434 mills.
Company.
-Does all the electric light and power, gas and electric railway
business in Wilmington, N. C., and the territory to the north and west.
AUG. 8 1925.]
709
THE CHRONICLE
Company's properties also include substations with an aggregate capacity
and through its subsidiary, the Pinellas Copnty Power Co.all the commercial electric light and power business in St. Petersburg. Clearwater and of 1,275,800 k.v.a., 2,454 circuit miles of high tension transmission lines,
and extensive distributing systems,including 556 miles of underground wire.
Tarpon Springs. Fla.
Capitalization (to Be Outstanding Upon Completion of This Financing).
Consolidated Earnings Statement Year Ended June 30 1925.
$24,000,000
3
-Year 6% gold notes (this issue)
82,134,954 6% Sterling bonds due 1948 (unsecured)
17.519.400
Gross earnings
*1.176,251 Debentures issued in Japan
Operating expenses, maintenance & taxes
7,950.000
Annual int. on mtge. bonds to be outstanding (including $13,302
x114,325,000
Paid-in capital stock
335.735
in sinking fund)
interest on divisional bonds
x In addition, unpaid installments of $14,675.000 on subscribed capita
to be called for payment.
Balance available for other int.. Fed. inc. taxes & deprec____ $622,968 stock of the company areunpaid installments of $14,675,000 on the com-The
Purpose of Issue.
*Dividends amounting to $14,248 paid by the Pinellas County Power pany's capital stock are to be called for payment,to be made on or before
Co.. have been added to operating expenses.
payment on stock and of these notes
-An annual sinking fund amounting to 1% of the aggregate Nov 30 1925. The proceeds of this entire existing bank indebtedness and
Sinking Fund.
to be used to pay the company's
principal amount of all Series A and B Bonds previously certified; but not areprovide funds for its construction program.
including bonds held in the treasury without having been sold or pledged. to
or bonds issued for refunding purposes, or bonds issued for a like amount of
Earnings Twelve Months Ended Nov. 30
-V. 121. D. 201.
bonds secured thereby.
[As certified to by Harold Bell, Taylor, Bird & Co.,chartered accountants].
Gross Income
Operating Expenses,
Gross
-Earns. 12 Mos. End. June 30.
,Third Ave. Ry. System.
Maintenance, Taxes (Incl. Other Inc.)
Operating
Avail.for Int.
1922.
1924.
Operating Revenue1925.
and Depreciation.
1923.
Earnings.
82,905,815
$2,889,352
Transportation
814,111.026 814,232,953 814.008.415 $13.783.348 1918
85,531,185
3.185.803
3,983,594
Advertising
150.000
.756 1919
150,000,
6.870,613
4,187,553
5,249.168
253,837
254,991
223.614 1920
235,252
Rents
9,030.798
7,738.956
8,127,987
12,475
13.117
15,686
12,695 1921
Sale of power
14,316,063
10.388,272
10,505,353
19,814.779
1922
10,426,877
Total oper. revenue $14,531,704 $14,649,265 $14,406,785 $14.141,413 1923
10,756,951
19,331,044
11,072,076
Operating Expenses10,945,345
20,660,160
1924
11,724,175
Maint.of way & struct
$2,251,192 81,700.522 $1,425,234 $1,667,319 1925*
12,833.049
22,940,766
Maint. of equipment_ _ 1.696,003
1,523,328
1,334,189
1,211,766
*Twelve months ended May 31.
Depreciation of accruals Cr.419,362
339.198
733.347
597,178
For the 12 months ended May 31 1925, gross incomtavailable for interest.
Power supply
981,156
1,090,857
1,223.969
1,119,464 after deduction of $1.100,850 for depreciation, amounted to more than
Operation of cars
4,985,677
4,959,351
4,574,374
4.492,966 33j times the 83,007,969 annual interest requirements of total funded debt
Injuries to pers. & prop- 1,053,960
964.082
871,077
930,970 presently to be outstanding.
General & misc. expense
619,152
598,817
564,795
535,364
-The company has never failed to pay a dividend
Dividends and Equity.
39 years of its existence, and for the past 25 years has paid
in any
Total oper. expense_ _$11,167,779 $11,176,157 810,726,984 $10,555,027 8% or of thein each year, the dividends in the 12 months ended May 31
more
Net operating revenue_ _ $3,363,925 $3,473,108 83,679,800 $3,586,386 1925 amounting to 103%.
Taxes
1,043,849
987,702
968.044
964.970
Its stock is held by more than 22,000 persons and, at present quotations,
aggregate market value of approximately $120.000,000.
Operating income__ _ _ $2,320,077 $2,485,407 $2,711.756 $2,621,417 has an indicated
-Conversions from Japanese to American currency have been
Note.
Interest revenue
252,533
276,419
287.349
261.537 made, in the case of earnings, interest charges and market quotations, at
41 cents per yen, approximately the present rate of exchange, and in all
Gross income
$2,572,610 82.761,826 82.999.105 82.882,954 other cases at 50 cents per yen, parity being 49.85 cents per yen. All conDeductionsversions from British to American currency have been made at parity,
Int.: (1) 1st M. bonds
$541,608
$548,080
$548,080
$548.080 $4 8665 per pound sterling.
-V. 120. p. 2013.
(2) 1st Ref. M.bonds_
879,620
879.620
879,620
879,620
(3) 2d,Adjust.M.bonds
-Merger, &c.
Tonawanda Power Co.
(unpaid since Oct. 1
-V.121. p. 332.
1917).
See Buffalo Niagara & Eastern Power Corp. above.
1,126,800
1,126,800
1,126,800
1.126,800
Track & ternfl privileges
14,232
18,419
14.524
14.767
-Earnings.Misc, rent deductions_ _
8,228
8,253
7,783
Twin City Rapid Transit Co.
9,794
Amort. debt disc. & exp..
22,452
21,871
21.315
20.783
--Quarter End. June 30-- -6 Mos. End. June 30
Sinking fund accruals_ _ _
33,480
33,480
33,480
33.480
1924.
1924.
19‘5.
1925.
PeriodMiscellaneous
66,226
55.179
55,646
42,156 Gross revenue
$3,030,475 83.132,667 86,384,466 86,635.454
$2,235,650 $2,278,489 $4,599,711 $4.803,094
Operating expenses
Total deductions
$2,685.786 82,687.982 82.697.829 32,675,479 Faed charges & taxes_ _ _
1,228.171
1,126,532
554,092
605,812
Net income
873.844
$301,276
$207,474
def.$113,176
-v. 120, p. 2685.
8604,189
8658,223
8240,733
$248,365
Net income
Toho Electric Power Co., Ltd. (Toho Denryoku -V. 120, p. 2685.
Kabushiki Kaisha), Japan.
-Definitive Bonds.
The Guaranty Trust Co., 140 Broadway, N. Y. City, will on and after
Aug. 10 deliver definitive 1st Mtge. (Kansai Division) Sinking Fund
Series A 7% Gold bonds, due March 15 1955, in exchange for the interim
receipts now held.
-V. 120, p. 1329.
Tokyo Electric Light Co., Ltd. (Tokyo Dento Kabushiki Kaisha).-Notes Sold.
-Guaranty Co. of New York,
Dillon, Read & Co., Lee, Higginson & Co. and Harris,
Forbes & Co. have sold at 98% and int., to yield over
6.40%, $24,000,000 3
-Year 6% gold notes.
Dated Aug. 1 1925: due Aug. 11928. Principal and int.(F. & A.) Payable at the office of Guaranty Trust Co., New York, in U. S. gold coin of
the present standard of weight and fineness (or, at the option of the holder,
in London in sterling at $4 8665 per pound sterling), without deduction
for any Japanese taxes, present or future, when held by other than residents of Japan. Denom. $1,000. Redeemable at the option of the company as a whole or in part, on any int. date upon 45 days' notice, at par
and interest.
Data from Letter of President K. Kambe, Tokyo, Japan, Aug. 3.
History and Business.
-The company is the largest electric power and
light company in Japan and one of the largest in the world. Only six
companies in the United States had in 1924 a larger output of generated
and purchased power than this company.
Company was established in July 1886 with an authorized capital of
8100,000, and originally supplied only the business section of Tokyo with
current for lighting purposes. It now has paid-in capital stock in the
amount of $114,325,000, and its operations, retail and wholesale, are within
an area of approximately 9,375 square miles extending across the principal
island of the'Empire. This area has a population of more than 9,000,000.
In the course of its growth it has purchased the properties of seven companies and has merged with itself 13 other companies.
In addition to its electric business, the company owns and operates
certain artificial gas plants and electric railways, approximately 2% of its
gross operating earnings being derived from these sources.
Territory.-The territory served at retail is one of the most populous and
important industrial sections of Japan, comprising an area of 2.100 square
miles with a population of approximately 5,800,000, and including Tokyo,
the capital and largest city, Yokohama, which is one of the principal seaports, and other important industrial and commercial centres.
In addition the company supplies electrical energy to other companies
which serve a total population of approximately 3.400,000 in an area of
7,275 square miles, located mainly north and west of Tokyo.
On April 30 1925 the company had 1,129.984 electric customers, or approximately one for every five persons in the territory served at retail.
Most of the industrial enterprises in the territory use electrically driven
machinery. Company's revenue from the sale of electrical energy for power
and other large scale uses (exclusive of sales to other public utility companies)
is approximately as large as its revenue from lighting. The demand for
its electric output is well diversified.
Properties.-The company's fixed property, by reason of its wide geographical distribution (particularly as to hydro-elctric generating facilities), suffered damage in the earthquake of September 1023 to the extent
of only about 10% of its book value. By far the greater part of the damage
has been repaired, the now equipment being, in many cases, of larger
capacity and more efficient design than that which was destroyed.
The rapidity of the company's recovery is indicated by the fact that six
months after the earthquake it was selling more electrical energy than it
was in the month preceding the disturbance, and has since shown a substantial increase.
Company owns electric generating stations having an aggregate installed
capacity of 280,757
of which more than 90% is hydro-electric.
Most of the company's hydro
-electric plants are designed to use only the
normal flow of the rivers on which they are located. Due to the comparative steadiness of this normal flow and the fact that these plants are
distributed over seven distinct watersheds, the company is enabled to
operate with only a relatively small amount of reserve steam capacity.
Of the generating equipment in the company's principal electric stations.
approximately 50% is of American manufacture.
In addition to its own generating capacity, the company has contracts
on favorable terms for 210,500 k.w. additional output, of which 100,000
k.w. is from companies in which the company has a large investment and
50,000 k.w. is from the Great Consolidated (Daido) Electric Power Co.,
Ltd. None of these contracts expires prior to the maturity of these notes.
To care for the rapid growth of its business, the company is now increasing its generating capacity by 102,932 k.w., by adding 4,000 k.w. to
one of its existing stations and by constructing six new stations which are
to have an initial installed generating capacity totaling 98,932 k.w.
Company owns in addition many undeveloped water power sites, and is
planning the construction of more than 125,000 k.w. additional capacity
during the next three years.
-May Acquire the Penn
United Lighting Co. (Pa.).
Central Light & Power Co.
See that company above.
-Earnings.Virginia Ry. & Power Co.
-Month of June-- 6 Max. June 301924.
1925.
1924.
1925.
8837.914 85,284,558 $5,248,508
$856,811
2,889.193
2,869,309
470,169
488.764
393,982
425,225
62,021
69,903
Gross earnings
Oper. exp., maint. & ren.
Taxes and licenses
Net earnings
Other income
8298,144
15,224
$305,723 81,990,024 81,965,333
70,518
87.187
11,114
Total income
Int. and sink fund
Deprec. & renew. res.
$313.368
112,272
136,758
$316,836 $2,077,212 82,035.848
646.637
671,511
108.613
795.863
820,549
132,643
8593,347
$585,152
$75,581
864.338
Comparative Balance Sheet.
June 30'25. Dec.31'24.
June 30'25. Dec.31 '24.
$
Assets8,987,090 8,987,090
Pref. stock
Prop, plant, work
&c..46,184,885 44,891,349 Common stock__ _11.950,500 11,950,500
in !Regress,
23,053,000 22,402,626
2.545,267 2,526,949 Fund. debt
Investments
Sinking funds__ 2,636,941 2,475,455 S. F. bond retire.. 2,630,600 2,468,615
29,021
40,879
Def. credits
712,832
745,299
Def. charges
83,13
81,680
351,701 Allied cos
Adv.to allied cos._ 356,807
1,798,520 1,428,667
3,517,773 2,556,650 Cur. liabs
assets_ _
Current
5,376,953 4,483,993
Reserves
2,067,750 1.681,288
Total (ea. side).55.986,973 53,514,937 Surplus
-V.121, p. 588. 201.
Balance
-Control.
Washington Railway & Electric Co.
In connection with the recent advances in Common stock,and in response
to inquiries concerning North American Co.'s interest in the Washington
company, F. L. Dame, Pres. of the North American Co., says: "The
North American Co. has for some time owned 75% of the Common stock
of the Washington Railway & Electric Co. We are not further increasing
-V. 120, p. 3189.
our holdings."
-Rights.
-Stock Inc.
Waterbury (Conn.) Gas Light Co.
The stockholders voted July 29 to increase the capital stock by $440.000'
in order to provide funds to pay for improvements (see V. 121. p. 332).
Stockholders may subscribe for the new stock at the rate of one share for
each five now held until Sept. 20.-V. 121, p. 332.
-Sale.
Westchester Street RR.
The company, a subsidiary of the New York New Haven & Hartford.
which has been in the hands of a receiver since Feb. 1920, will be sold at
public auction some time in October. Formal announcement of the sale
Is expected within a few days. The line serves Westchester County. but
has restricted its service in recent years to Tarrytown, Scarsdale, Harrison
and the outlying sections of White Plains. It is expected that a bus service
-V. 120. p. 2685.
will be substituted.
-Consolidated Income Account.
West Penn Co.
1923.
1924.
1925.
Years Ended June 30825,428.803 825.490,268 $22,430,226
Gross earnings from all sources
Operating exp., taxes & maintenance.. 14,645.697 15.043.355 13.397,261
3,931.920
4.493,304
Deductions-Interest & amortization_ 4,629,424
1,216,049
1,231,592
Preferred dividends of subsidiaries_ _ _ 1.433.824
137,996
12,088
9,043
Minority interests
1.225,768
1,644,251
1,808,208
Reserve for depreciation
Net income
-V. 120, p. 2014.
$2,902,608 8.1,065,678 $2,521,323
INDUSTRIAL AND MISCELLANEOUS.
-On Aug. 5 the following companies advanced
Refined Sugar Prices.
prices as indicated: American, 10 pts. to 5.50c. per lb.: Pennsylvania,
pts. to 5.50c., although accepting limited business at 5.40c, per lb.:
10
Arbuckle, 10 pts. to 5,35e. per lb. On Aug. 6. Federal, 15 pts. to 5.35c.
per lb.; McCahan. National and Warner, each 10 pts. to 5.50c. per lb.
On Aug. 7, Revere Refinery advanced price 10 pts. to 5.50c. per lb.
-Reports from Toronto state prices were
Canadian Tire Prices Advanced.
increased 15%. New York "Evening Post" Aug. 5
710
THE CHRONICLE
[VoL 121.
All of the outstanding 6% 5-yr. notes, dated Oct. 1 1922, have been
"Boston American" Reduces Price from Three to Two Cents per Copy within
called for payment on Oct. 1 at par and interest at the Bankers Trust Co.,
-Price Unchanged Elsewhere.
-"Boston News Bureau" Aug. 4.
50 Miles
Brass Prices Advanced.
-American Brass Co. advanced brass and copper trustee, 10 Wall St., New Yotk City. Notes surrendered prior to Oct. 1
with all tmmatured coupons attached will be paid with accrued interest to
materials X cent per lb. Philadelphia "News Bureau" Aug. 4, p. 2.
Lead Price Increased.
-American Smelting & Refining Co. advanced date of surrender -V.121, p. 589.
price 20 pts. to 8.50c. per lb. "Wall Street Journal" Aug. 3.
Further Textile Mill Wage Cuts.
-Farr Alpaca Co., Holyoke, Mass.,
American Metal Co., Ltd.
-Earnings.Aug. 6 posted notice of 10% wage reduction effective Aug. 10. At same
-3 Mos.End, June 30- -6 Mos.End. June 30
time operating time will be four (instead of three) days per week. New
1925.
1924.
1925.
1924.
York Times' Aug. 7, p. 30.
Merrimac Woolen Co., Dracut, Mass., cut wages 10%. "Boston News Net after deprec. & depl.
& prod.for Fed.taxes. $1.078,300
$935,015 $1,833,626 81,835,322
Bureau" Aug. 5.
Steel Co. Reduces Wages.
-Lukens Steel Co. reduced wages 10% at -V.120, p. 2686.
Coatesville. Pa., affecting 2,000 workers. "Wall St. Journal" Aug.5,P• 3.
American Steel Foundries Co.
-Earnings.
Matters Covered in "Chronicle" Aug. 1.-(a) E. W. Mayo on the sugar
industry,
520. (b) Wage reductions in New England textile mills,
6 Mos. End. June 30- 1925.
1924.
1923.
1922. •
p. 521. (c) Rhode Island wool mills add to working day to avert wage Net earnings
x$3.216,903 42,824.215 44,197.094 y$2,098,139
cut, It 522. (d) Amoskeag Co. not to cut wages, p. 522. (e) American Depreciation
586,879
541,837
685.973
406.031
Woolen Co. lowers rents to employees
-Firm's dwellings now 25% cheaper
following wage cut, p. 522. (f) Automobile financing by Commercial
Balance
$2,630,024 $2,282,378 33.511,121 $1,692,108
indictments against Other income
Credit Co.
-new features. p. 529. (g) Additional
305,194
212.789
112,535
193,126
-Trust Act,
furniture manufacturers charging violation of Sherman Anti
P. 543.
Total income
$2,935,218 82,495,167 $3.623,656 31,885.234
Other charges
146,871
146,504
164,332
191,305
Ajax Rubber Co.
-Balance Sheet June 30.Federal tax reserve
See x
See x
See x
241,070
1924.
1925.
1925.
1924.
Balance, surplus
82.788,347 $2,348.663 $3.459,324 $1,452,859
AssetsLiabilitiesS
x After expenses and Federal taxes. 3 Before Federal taxes.
,
-V. 120,
Property accts._ _x4,065,621 4,119,923 Capitalstock__ _ y10,202,149 8,723,115
Good-will & pat'tsx1,874,875 1,874.875 Mortgage bonds__ 2,458,900 2,614,300 p. 2946.
590,827
Cash
1,211,989
710,167 Accts. payable__ 883,479
925,000
Accts.& notes rec 3,14 1117 2,694,742 Notes payable_ _ _ 1.150,000
‘
,
American Zinc, Lead & Smelting Co.
-Earnings.106,750
Inventories
3,6
61 2,680,011 Accrued liabilities. 174,494
-3 Mos.End, June 30- -6 Mos.End. June 30Other eceivables_
1 ,041
22.061
1925.
1924.
1924.
1925.
Investments
571,551
518,901
before depleDeferred charges,, 337,367
(each side)_14,869,022 12,959,992 Net profit depreciation_
339,312
Tot.
tion and
$86,230
$21,025
$88,859
$300,528
x After depreciation. y Represented by 500,000 no par shares
121. -V.120, p.2151.
p. 588.
Alliance Realty Co.
-Report.
6 Mos. End. June 30- 1925.
Operating income
$188,601
Expenses and taxes
27,823
1924.
$167,695
25.337
1923.
$210,452
34,076
1922.
$138,054
18,277
Net income
-V.120, p.456.
$142,358
$176,376
$119,777
American Salamandra Corp.
-Stock Sold.
-J. G. White
& Co., Inc., have sold at $57 per share 10,000 shares General
Shares (par $50).
The corporation owns all the stock, except qualifying directors' shares, of
North Star Insurance Co. of New York, a new fire reinsurance company.
The latter company has taken over a substantial portion of the American
business of the Reinsurance Co. Salamandra of Copenhagen. Denmark
which, with its predecessor, has been in successful operation since 1846.
Aluminum Co. of America.
-Changes in Capital.
CapitalizationAuthorized. Outstanding
The stockholders will vote Oct. 7 on changing the par value of the General stock (par $50)
40,000 shs. 30,000 shs.
authorized Common stock from $5 par to no par value. On July 27, the Managers' stock (no par value)
400 shs.
400 shs.
stockholders approved the plan to reduce the par value of the shares from
It is provided that of all dividends declared, 80% will be distributed pro
per plan in V. 121, p. 462.
$100 to $5, as
Maitt.....
mar Ma
rata to the holders of General Stock and 20% to the holders of managers'
•
stock. In the event of liquidation, the holders of General stock must first
-Production, receive $50 per share, after which they will receive 80% of the remaining
Alpine Montan Steel Corp. (Austria).
assets and the holders of Managers' stock will receive 20%. Voting power
New Director, &c.
is equally divided between the two classes of stock. each share of General
Production figures of the corporation show a further increase during the stock being entitled to one vote and the shares of Managers' stock in the
month of July. The company is now operating on a satisfactory margin of aggregate being entitled to one vote for each share of General stock outprofit. Official figures released Aug. 4 are as follows:
standing. Further details in V. 120, p. 1092.
Month of July Yr.to Date.
Tons.
Tons.
American Toll Bridge Co., San Francisco.
-Bonds
Coal production
576,000
87,500
Pig iron production
223,800 Sold.-Blyth, Witter & Co., San Francisco; Peabody,
37,500
Steel ingots production
33,000
186,000 Houghteling & Co., New York, and Bond & Goodwin &
Rolled iron production
128,100
23,500
Coal sales to customers(other than cos.)
242,800 Tucker, Inc., San Francisco, have sold at 100 and int.
31.300
Pig iron sales
7,700
56,100 $4,500,000 1st Mtge. 7% Sinking Fund Gold bonds dated
Rolled iron sales
14.400
108.900
Total outgoing invoices in July give an amountof$1,015,000,bringing the April 11925, due April 1 1945 (see description in V. 121,
total of the first seven months up to $7,123,000.
p. 333).
Orders received wereJuly.
7 Mos.
Earnings -Until completion of the Carquinez Bridge earnings will be
Coal
32,600
235,100 derived from operation of Antioch Bridge
and Rodeo-Vallejo Ferry; therePig iron
14,300
66,100 after from operation of the two
bridges.
Steel ingots
28,300
170.200 and depreciation, of ferry properties forNet earnings, before Federal Taxes
year 1924 were $290,082. Ford,
The increase shown in employment figures of miners and mill workers Bacon and Davis, Inc.. Engineers, have made careful study of traffic condiduring the first 6 mos.. continued during July: 8.601 miners and 4.785 mill tions, based upon which it is estimated that net earnings of Antioch Bridge
men were at work at the corporations various plants at the end of last month. for 1906, the first year of operation, will be 6241,828 and that combined net
Advioe has just been received from Vienna of the re-election as president earnings of both bridges for 1927, the first year of operation of the Carquinez
of Wilhelm Kux, one of the directors of the Lower Austrian Discount Co. Bridge, will be $1,129,200. On this basis, net earnings from the two bridges
Alfred 0.Corbin of F.J. Lisman & Co.has also been elected a member ofthe should equal at least 334 times annual interest charges on 84,500,000 1st
board of directors.
Mtge. bonds, and pending completion of the Carquinez bridge net earnings
In discussing the accomplishments of the last year, President Kux states: should equal at least 1.66 times such interest charges.
"At the present time, the Alpine has working to capacity three blast furSinking Fund.
-Trust deed will provide for minimum annual cumulative
naces and eleven Martin Ovens of American design.
• sinking fund payments to retire bonds, beginning April 11929, calculated as
"We are succeeding in increasing our coal production, to which end a sufficient to retire the entire issue not later than 1963. Further data regardgreat deal of money has been spent. In addition to our annual requirements ing the company's bridges, franchises, capitalization, &c. in V. 121, p. 333
of 360,000 tons, we expect to produce an additional 500,000 tons for which
there Is a ready market in Austria at a profit of $2 00 per ton.
Armstrong Products Corp., N. Y. City.
-Acquisition.
"Alpine, during the last two years, has spent over $5,000,000 for betterNegotiations
ments to its properties. including the development of electrical power, takes over the have recently been concluded by which the corporation
Phoenix Soapstone Co., Maryland Soapstone Co. and the
beyond our own requirements, for which there is a ready market.
"We expect a material improvement in business and in the general eco- output of Virginia Chesapeake Soapstone Corp.
nomic situation this fall as a result of favorable harvests in Austria and the
rest of Central Europe."
Arnold, Constable & Co.
-Merger Plan.
Thirty 7% Closed 1st Mtge. 30-Yr. Sinking Fund Gold bonds have been
Arrangements have been made for
called for payment Sept. 1 at par and interest at the New York Trust Co., Steward & Co. The directors of the combining this company and M. I
Arnold, Constable & Co. hope to have
100 Broadway, N. Y. City.
-V.120, p. 2553.
the combination effective in time for the fall and winter merchandising campaign.
There are alternative plans for effecting the combination. One is for
American Bosch Magneto Corp.
-Earnings.
-Arnold, Constable & CO. to
the stock or assets of M.
Mos.End. June 30- Co. and the other to form acquire corporation, to be called I. Stewart &
-3 Mos.End, June 30- -6
a new
the Arnold,
1924.
1925.
1925.
1924.
Constable Corp., which will acquire the assets of both companies.
Net sales
33.822,449 $2,678,084 $6,773,104 $5,773,848
A balance sheet has been prepared to show what the standing of the comOperating profit
431,029
372,894 bined firms would have been June 30. In this the capital, represented by
259,761
127,391
Depreciation
99,967
101,747 222,222 shares of common stock without par value, was given as $3,292.489.
50.331
51,273
Interest
94,167 Among the assets were cash, $404,903; accounts receivable, $957.213;
89,167
44.167
46.667
merchandise,$1,152.870; bonds and United States Treasury notes,$644,924;
Net profit
$241,895
$176,980 prepaid rent, &c.,$51,525; store fixtures, 3704,500, and leasehold and good3165,263
$29,451
-V.120, p.2271.
will, 31.000.000.
The plan has been approved by the directors, a substantial majority of the
American Ice Co.
-Consolidated Balance Sheet.
stockholders and the voting trustees of the Arnold Constable & Co. A
June 30'25.Dec.31 '25.
'25.Dec.31 '24. committee consisting of Herbert I. Foster, Stephen J. Leonard and W.
June 30
Forbes Morgan has been selected to carry out the plan and the Chase
Assets
Land, bides., maPf, stk., non-cum _15,000,000 15.000.000 National Bank has been selected as the depository of voting trust certifichinery, &c.a.._22,106,076 21,205,489 Common stock.. 7,500,000 7,500,000 cates.
7,500.000
The holders of all the stock of the Stewart store have agreed to the plan
Good-will, water de
Bonds & mtges_ _ 9,681,925 9,813,425
Patent rights__ _17,256.063 17,256,063 Accounts payable_ 890,462
661,167 and have deposited their stock. To become parties to it. tho Arnold, Constable & Co. certificate holders must deposit their certificates by Sept. 5.
Inv.in secur's, &c. 1.107.719 1,088.540 Notes payable.. _ _ 700,000
If a new corporation is formed each certificate holder will receive one share
Cash
1,191,252 1.691,419 Accr. bond int.,&c. 246.426
249,246
for each two shares of the old firm. If the present Arnold, Constable firm
Notes & acc'tir rec. 1,878,447 1,115.968 Ins. & workmen's
Prep'd ins.prem.&c
68.810
39.322 compens'n res've 484,948 .500,000 takes over the Stewart store its stock will be increased to 444,444 shares.
[President Ralph B. Peck announces that sales of the company during
Inventory of mer557,338
Res.for Fed'I taxes 425,846
chandise, &c
1,451,374 1,203,045 Surplus
10,628.244 9,825,095 July showed an increase of 16% over the same month in 1924.1-V. 121,
p. 203.
Fund Investments_ 484,948
500,000
Sink & release fund
13,162
cash
6,425
Associated Dry Goods Corp.
-Sales, &c.
-Gross sales
owned
7
45,557,850 44,106,271
Total
45.557.850 44,106,271 months endedof the 30wholly nearly stores of the corporation for the 6
Total
June
were
$28,400,000, compared with about
$27,700,000 last year. Net for the same period was slightly under $1,200.
a After deducting $5,350.239 reserve for depreciation.
000. compared with $1,000,000 a year ago.
The income account for the 6 months was given in V. 121, p. 589.
Lord & Taylor, which is controlled by the Associated Dry Goods Co.,for
of approximately
American Chicle Co.
-Notes the half year showed gross sales8450,000. compared$9,300,000, compared
-Resumes Pref. Dividends.
with $9,000,000 and net of about
with $380,000 for the
corresponding period of 1924.
Called.
For the month of June, gross sales of the seven wholly owned stores apThe directors on July 31 declared an initial dividend of 58 cents per share, proximated
$4,700.000. with net of around 5140.000. Lord az Taylor for
for the month of June 1925, on the prior preference shares (no par value) June had gross sales
of approximately $1,600,000. with net of 362.000.together with a dividend of $1 75 per share; also a dividend of $1 50 per
share on the 6% Preferred stock (par $100). All dividends are payable V. 121. D. 203.
Oct. 1 to holders of record Sept. 15. The last payment on the 6% Prefa red
Associated Oil Co.(& Subs.)
-Earnings.
stock was made April 1 1921. Under a plan recently approved, all accumulated dividends on the 6% Preferred stock were taken care of by the
6 Mos. end. Jun'301925.
1924.
1923.
1922.
Issuance of 1 X shares of Prior Preference stock for each share of Preferred Sur. after int., deprec.,
outstanding (with all claims for dividends unpaid and accrued).
depl. Fed. taxes, &c.- $6,380,967 $4,434,007 $2,253,072 $2.704,449
$160,778
AUG. 8 1925.]
THE CHRONICLE
Pres. Paul Shoup states that the sales of refinable crude oil decreased
33.93% during first 6 months of 1925, compared with same period last year,
due to decrease in shipments to Atlantic coast ports. Refined oil sales increased 56.44% and fuel oil sales 5.48%. The company spent $6,731.275
in acquiring new properties and drilling campaign during the 6 months
period.
Current assets as of June 30 exceeded current liabilities by $28,350,553.V. 120, p. 3068.
Atlas Tack
Corp.-Earnings.-Quar, End. June 30- -6 Mos. June 301925.
1924.
1925.
1924.
$487,094
$542.189 $1,173,269 $1,154,668
592,186
458,891
1,101,260
1,229,204
Net sales
Costs & oper. expense_ _ _
$28,203 def$49,907
$72,009 def$74.536
Balance Sheet June 30.
1925.
1924.
Assets1924. 6
1925.
PlanAc equip._ _ _$2,765,049 $2,748,473 Capital Sc surplus_$3,081,012 $3,041,96
Accts. payable.._
Patents,trade-mks
34,484
30,155
258,298
259,661 Notes payable_ _ _ _
100,000
250,000
& good-will- _
48,993
83,634 Accrued accounts_
22,202
22.901
Cash
_
200,718 Reserve for depre189,503
Accts.receivable_
1,924
1,925
ciation
Investments
64,837
842,732
782,039
792,485 Other reserves_ _ _
Inventories
12,881
9,184
35,844
43,807
Deferred charges_ _
Net profit
711
Bethlehem's employee housing activities have developed into a general
plan which is in operation, with certain modifications, at the company's
major plants. It is administered by a real estate organization at each
of these plants and includes among its activities the improvement of existing
houses owned by the company, the construction of new houses at plants
where housing was inadequate or where other conditions made such housing
necessary, and aid to employees in the purchase or erection of homes.
Some of the phases of Bethlehem home building plans are: (1) Employee
receive full title to property at once. He is under no obligation to the
company and can work where he pleases and dispose of his property as
he wills, as long as his monthly payments are maintained; (2) proper
provision is made for paying off the mortgage indebtedness through monthly
pavinents which are a little higher than local rents.
While the company has given encouragement in every way to home
ownership on the part of employees, its work has been directed towards
helping the employee to provide for himself and not in tying up any considerable amount of its own money in assisting employees to own their
own homes.
Local financial institutions co-operate with the company to furnish
money on first mortgages. The company then need only advance the
difference between such mortgage and the initial cash payment of the
employee. Usual rates of interest are charged and the employee, of
course, pays the same title examination fees, recording fees and earning
charges, such as insurance, taxes, &c., as he would have to pay if he built
and financed his own home.
-V. 121. p. 589, 464.
Butte Copper 8c Zinc Co.
-Semi-Annual Report.
Resultsfor Six Months End. June 30-- 1925.
Ore receipts (81,296 tons)
$237,394
Other income
10,625
1924.
$65,530
13,915
1923.
$48,863
11,829
Barnsdan Corp.
-Funded Debt Reduced by $2,109,700
Since March 1-Plans to Retire Total Funded Debt Before
-President Robert Law Jr.,
Close of Year-Earnings, &c.
in a letter to stockholders Aug. 5, says in substance:
Total income
Depreciation
Expenses, taxes, &c
Profit on sales of securities
$79.445
5,000
22,253
$60,692
5,000
21,671
2otal income
Interest charges
Federal taxes
Depreciation and depletion
The company for the 6 months ended June 30 1925 reports gross profits o
$1,911,578 and net income after all charges and taxes of 51,031.337.-V
116, p. 2641.
84,089,614 $4,122,743
Total
-Ir. 129, p. 2686.
Total
$4,089,614 $4,122,743
$248,019
5.000
44.909
Cr.1,950
Net income
8200,060
$52,192
$24,021
Since March 1 1925 bonded debt of company and that of its subsidiaries
Comparative Balance Sheet.
has been further decreased through operation of sinking fund and voluntary
retirement of bonds called at 105, by the sum of $2.109,700, making the
LiabilitiesJune 3025 Dec. 31 '24
June 30'25 Dec. 31 '24
Assets-present outstanding bond issue of the corporation $3,733,500, and that Mines&min.claims.$3.288,496 $3,113,496 Capital stock
$3,000,000 53.000,000
100.000 Acc'ts payable and
of its subsidiaries $565,000. In 1921 the bonded indebtedness of the Plant dic equipment 100,000
corporation and its subsidiaries amounted to 312.539,500, thus showing Investment
reserve for taxes
85,594
276,992
68,425
297,943
33,656 Reeve for depree'n
an active decrease in less than four years of $8,241.000 which, in view Accounts receivle.
85,000
80,000
59,761
41,063 Surplus
of the greater portion of that time being a very unsettled condition in the Cash
616,843
416.782
41,238
point to with pride.
oil world, we
We heretofore advised you that it was the intention of the officers and
Total
$3,787,437 53.565,207
Total
$3,787,437 $3,565,207
directors to pay off and retire the complete debt and the officers are still -V. 120, p. 1332.
working upon definite plans to that end and hope to accomplish this result
prior to the close of this calendar year, upon a completely satisfactory
-Resumes Dividends.
Cabot Mfg. Co., Boston.
basis. In addition to the payment of the bonded indebtedness aforesaid,
The directors have declared a dividend of 1M% on the capital stock,
the company will have paid upon indebtedness to banks approximately
$1,000,000 during the first eight months of 1925.
payable Aug. 15 to holders of record Aug. 6. A distribution of 1% was
-V.120, p. 962.
The earnings for the first six months of this year. after charging off Made on May 15 1924; none since.
ample depreciation and depletion and after payment of all charges for
interest, taxes, &c., amounted to the sum of $1,226,096, as compared with
-Common Dividend Increased.
California Petroleum Co.
earnings for the entire year of 1924 of $1,255,908. The earnings for the
The directors have declared a quarterly dividend of 2% on the Common
remainder of the year 1025, we feel confident, will exceed the earnings of
six months due, among other things, to the fact that during the stock, par $25, payable Sept. 1 to holders of record Aug.20. From larch 1
the first
last six months of this year very substantial results should be obtained 1923 to June 1 1925, inclusive, dividends of lit% each were paid quarterly
-V. 121, p. 203.
from the wells now drilling in the co-called Rosecrans Athens field near on this issue.
Los Angeles, Calif, in which the corporation owns the equivalent of 100%
in 142 acres. At this time 16 wells, in which the corporation has various
-Production.Calumet & Arizona Mining Co.
interests, are actually drilling in this field, and from every indication,
July.
May.
Month ofApril.
predicated upon results from nearby wells,each one of these wells will be a
3,752,000 3,848.000 4,410.000 5,198,000
Copper output (pounds)
prolific producer.
Aug. 1 1925 our daily production exceeded 10,000 barrels, and -V. 121, p. 203.
On
upon the coming in of the wells above referred to snould be at least 18,000
barrels, the greater part of which is high gravity light oil. In March
-Acquires River Terminal Site.
Carnegie Steel Co.
last net daily production was 5,932 barrels.
The company is reported to have exercised an option it secured severs
The cash position of the corporation is excellent. All its departments
-acre plot at Baton Rouge. La., as a site for the location
working in complete harmony and active attention is being given to months ago on an 80
are
-shipment of steel products by rail and
._pro_perties and to the distribution and marketing of "Be of a river terminal for the trans
active mininq
steamships. Actual construction of the terminal will be started when there
Bright" and Be Bright Lustre Cream.'
is assurance that regular shipments can be maintained throughout the year,
Announcement has been made to you through other sources that the
Ohio River locks
corporation was interested and had been for some time in the develop- which will be possible with the completion of projected
-V.120. p. 335.
and dams, now under construction by the Government
ment and manufacture of various alcohols from crude petroleum together
-knock motor fuel. A corporation known as Petrowith completely anti
-Organized.
(J. I.) Case Plow Works, Inc.
leum Chemical Corp. has been organized, in which the company OW119 an
interest, the remaining stock being owned by exceedingly potential interests
This company was incorporated in Delaware Aug. 3 1925 per reorganizawell versed in the particular products of this corporation, and is now tion plan of J. I. Case Plow Works Co.in V. 120.P.3191; V. 121. p. 203.
erecting a plant in Rhode Island, for the commercial manufacture of
-knock motor fuel and all the various derived alcohols that can be
anti
-To Retire Pref. Stock.
Chesebrough Mfg. Co. Cons.
made from petroleum. It is believed that upon completion of this plant,
The stockholders voted Aug. 3 to reduce the authorized Capital stock
other plants will be constructed in various places in the United States
and that the return from the investment of Barnsdall Corp. therein will from $5,000,000 to $4,000.000 by the retirement and elimination of the
51.000,000 of 7% Clunul. Non-voting Preferred stock, now authorized and
be very substantial.
outstanding, on Aept. 30 next at 112% and dividends.
-V.120, p. 3318.
Earnings for First Six Months of 1925.
-Earnings.-Quarter Ended- 6 Mos.End
City Ice & Fuel Co., Cleveland.
June 30'25. Mar.31 '25. June 30'25.
1924.
Six Months Ended June 30Gross sales and earnings from oper'n_ $3,807,485 $3,222,285 $7,029,770 Net earnings before depreciation and Federal taxes $1,199,938
$799,780
Producing and operating expenses..- - 2,618,409
2,141,922
4,760,331
According to L. B. Patterson, President, the six months earnings do not
-V. 120, p. 1884.
include three subsidiary companies recently acquired.
$1,189,075 $1,080,363 $2,269,438
Net earnings
14,225
Other income
3,077
17,302
-Earnings.
Cleveland Automobile Co.
Net income
$1,203,301
172,509
19,339
335.507
$675,946
$1,083,440
175,819
24,055
333,416
$2,286,741
348,328
43.394
668,923
$550,150 x$1.226.096
x This compares with $857,380 for the first six months of 1924.
-Proportion of net income of subsidiary companies included above
Note.
applicable to minority stock holdings, amounts, for the six months ended
June 30, to $29,229.
Comparative Balance Sheet.
May 31 25 Dee. 31 24
May 31 25 Dec. 31 24
$
LtabilUtess
$
Assets$
:34,442,519 33,715,328 Class A stock
18,428,350 14,000,000
Progeny
434,604 Class 13 stock
3.713,400 .
Invest.In sub. cos. 475,904
713,400
264,912
198,215 Bonded debt
6.275,700_ _6,408,200
Adv. to sub. cos_ _
96,867 Stock of subs, not
Sink.fds. for bonds 532,953
3,852,590_ 673,677
owned by Barns. 2,109.132 2,109,132
Cash
347,800 Accrint.,taxes,&c. 310,020
90,315
Baran. Akin treas. 268,300
Bills & accts. rec.. 1,148,767.. 762,289 Bills .4 acctS. pay- 2.416,108 2,243,793
1,441,322 1,533,503 Payment rec. on
.Inventories
contract
4.941
4,941
500,625
Govt. obligations_
154,441
121,248 Res. for Fed. taxes
73,110
Deferred charges_ _
Proceeds adv. sale. 384,365
450,200
Surplus
8,876,463 8,372.607
42,588,648_37,888,272
Total
42,586,648 37,888,272
Total
x After deducting depreciation and depletion of $14.886,303.-V. 121.
p. 463.
-Earnings.
Belding Bros. & Co.
The preliminary report for the 6 months ended June 30 1925 shows net
earnings before depreciation and Federal taxes of $943,418. After depreciation, not was 5890,675. V. 121, p.334, 203.
-Officials Retire.
Bethlehem Steel Corporation.
Archibald. Johnston (Vice-Presidenti H. S.Snyder (Vice-President in
Charge of Financing), and William M. Tobias (General Manager of Purchases), effective Sept. 1, will retire from active management. These
offices will be abolished and the work distributed among other officials.
-Home Owning Plans.
Homes valued at $13,000,000 have been purchased by 3,400 employees
corporation 'Hider the company's home owning plans, according
of the
"Bethlehem Review" issued Aug. 3.
to the
-Tenders.
Cleveland & Sandusky Brewing Co.
The Guaranty Co., trustee, 140 Broadway, N. Y. City, will until Sept. I
receive bids for the sale to it of 1st Mtge.6% Gold bonds, due June 1 1948,
to an amount sufficient to exhaust 550,000.-V. 120, p. 708.
Cluett, Peabody & Co., Inc.
-Earnings.23.
6 Mos. End. June 301925.
Net profit
51,013.339
Preferred divs. (334 %)_
297,488
Common diva.(2% %)462.239
811 247:662
2
09
289,170
450,000
1922.
52,253.612 81,407,074
295,470
291,795
450,000
5253.612
Balance, surplus
8288.492 31,511.817 51,111,605
5,185,233
Balance brought forward 8,275,385
7.348,009
8.720,485
•
Total surplus
$3,528,997 $9,008.978 $8,859,826 $6.296.838
Consolidated Balance Sheet June 30.
1924.
1924
1925.
1925.
Assets
Liabilities
Plant & property_ 4,031.866 3,930,057 Common stock_ _ _x9,743,460 18.000,000
Good-will, patents,
Preferred stock_ _ _ 9,000,000 8,482.000
trade-marks,&c. 9,000.000 18,000.000 Bills payable
1,700,000
1,772,132 1,092,868 Accounts payable_
170,748
Cash
270,711
497,682
Accts. rec..less res.
Reserve for taxes_ _ 405,828
144,410
for cull discount 3,874,486 4,635,208 Pref db.. payable_
147,336
12.640 Surplus
90,367
8,528,997 9,008,97S
Mb3cell.Invest_ _ _ _
8,730,744 10,101,265
Merchandhe
231,780
596.736
Pref. stk. In tress_
.
Total
28 096,333 38.003,819
28,096.333 38.003.819
Total
x Represented by 192.391 shares, no par value.
-V. 120., p. 1333
.
Columbian Carbon Co.-Earnings.-Quer.Ended June 30- -6 Mos. End. June 301925.
1924.
1925.
Period1924.
Net earnings after exp.- 31.012.647 51,046.271 $2,066.329 $2,282,451
825,976
879,460
412.712
439,341
Depletion & depreciation
155.000
175,000
75,000
Federal tax reserve _ ___
75,000
($1)402,032 (51)402,081 (52)804.153 (52)804.182
Dividends paid
23.078
Adjustments prior years
Balance, surplus ____
120. p. 2554.
8122,903•
8129,849
$258,122
$423,828
712
[Vol. 121.
THE CHRONICLE
For the convenience of their clients. Harvey Fisk St-Sons have devised a
method whereby these shares may be bought and sold on the London
Stock Exchange with the same ease and dispatch as in the case of a purchase
or sale on the New York Stock Exchange.
-Tenders.
Commercial Chemical Co. of Tennessee.
The Equitable Trust Co., successor trustee, 37 Wall St., New York City.
will until Aug. 10 receive bids for the sale to it of 10-yr. Debenture Sinking
Fund 8% Gold bonds due Aug. 1 1932 to an amount sufficient to exhaust
$27.801 at prices not exceeding 110 and int.-V. 119, p.698.
Commercial Credit Co.,
Davison Chemical Co.
-Earnings-.
-Earnings. Baltimore.
Chairman A. E. Duncan has issued the following earnings statement:
The consolidated report of operations for the six months ended June 30
1925 of the company and its affillations, was larger than for any previous
six months in the history of the company, June being larger than any
previous month. After reserves for Federal taxes, with all doubtful items
charged off, and after deducting $196,561 as "reserve for future losses on
1925 business." which was not set up in previous years, the remaining
consolidated net income applicable to dividends on the• Capital stock is
$1,173,382. Including the above reserve of $196,561 under "unearned
charges." the consolidated statement shows "deferred interest and charges'
of 34.513.641 at June 30 1925, which are included in earnings only pro rata
as and when earned. The pro rata reserve for "unearned charge" on motor
retail paper maturing in 12 equal monthly installments is from 5% to 7%
flat upon such paper outstanding.
The net income of $1,173.382 for the six months ended June 30 1925
applicable to dividends was 8.38 times the requirement on the 7% Preferred;
6.45 times on the 8% Preferred Class B and $1 81 per share, or 2.42 times,
on the Common stock. The net income of 3844.982 for the six months
ended June 30 1924 applicable to dividends was 6.20 times the requirements
on the 7% Preferred; 4.55 times on the 8% Preferred Class B. and $1 15
per share, or 1.53 times on the Common stock.
For nine years prior to Dec. 31 1924 the average net income applicable to
0
dividends was 8.79 times the requirement on the 77 Preferred. 7.10 times
on the 8% Preferred Class B,and 3.22 times on the Common stock. After
-deducting the above reserve of $196,561, but prior to reserve for Federal
taxes, the net earnings for the six months ended June 30 1925 available for
Interest and discount charges of the Baltimore Co. were $1,840.440. which
was 3.25 times the requirement for the six months as compared with 3.56
times for 1924, 3.05 times for 1923, and 3.28 times for 1922.
For the six months period the companies financed the sale at retail on,
time of 125,351 motor vehicles, averaging only $481 08 for each buyer.
Considering collections, the average outstanding amount owing by each
buyer is less than 3300.-V. 120, P. 3192. 3070 .
Profits from operations in the first six months of 1925 amounted to
3317,359. After all charges, including reserves, $142.513 was carried to
This compares with a deficit forthe same period of 192 of
7g
iig 1.
Silica-Gel Corp., it is stated, has closed contracts for use of Silica-Gel
by two corporations. Safety Car Heating & Lighting Co. will handle the
use for railways and steamship companies. A new company, it is said,
will be formed by a group headed by Robert Wilson, Pres. of the Guardian
Trust Co., Detroit, to exploit the household refrigeration business.
V. 120, p. 3070.
Diamond Match Co.
-Semi
-Annual Statement.
Income Account for 6 Mos. Ending June 30.
1922.
1923.
1925.
1924.
Earnings from all sources $1,863,133 $2,030,839 $2,251,427 $2 234,391
i192,891
State and city taxes____
$170,478
$142,791
$174,152
526,512
Deprec. & amor., &c.__
584,570
329,226
554,203
70.000
Ins. & timber reserve_._
100.000
300,000
175,000
Int. on def. timber paments, bond int., disc.
285,732
& prem
319,044
223,342
Res.for Federal taxes_ _ _
173,602
209,354
260,319
678,604
Dividends
678.604
678,604
678.604
Balance, surplus
Profit and loss surplus
$171,798
$44,566,858
$257.311
$225,128
$219,921
$44.277.384 $3.937,478 $3,637,392
General Balance Sheet.
June 30'25.Dec.31'24.
June 30'25. Dec.31 '24.
Ss
Plants & mach._ -x5.591,756 6,260,737 Capital stock
16,965,100 18,985,100
253,857
Invent. of matches
Aces. payable
_ 548,501
594,935
lumber & logs._ 5,204,518 5,737,521 Aces. taxes (est.). 793,020
Mat. & supplies__ 1,725,234 1,910,670 Accr. pay-rolls _ _ _
149,610
128,001
Other accts pay.-- 246,685
Stand.timber-less
depl
-Sales-Earnings.
3,063,710 3,103,185 Adv. against ex(John T.) Connor Co.
Notes rec
261,620
port shipments,
361,171
1924.
1925.
Three Months Ended June Si)delivery to be
3,379,253 2,253,564
33.845.090 $3,987,265 Accts rec
Net sales
made in 1925,
$58,080 Funds inv. in short
$100,818
Net profit after all charges, but before dividends
803,518
1926 & 1927_ _ _ _ 763,689
term sec. to pro1923.
1924.
1925.
vide for tax pay.
Reserves
2,910,777 2,660,777
Five Weeks Ended Aug. 1$1,460,636 $1.429,737 $1,286,881
845,644 Surplus
& other reit
951,465
4,566,858 4,395,069
Gross sales
987,449
Cash
1,490,268
-V.121. p. 204. 80.
For.& dom.invest 4,933,501 4,136,633
Def. charges
304,024
243,361
-Earnings.Consolidated Textile Corp.
- Pat., rights, trade- Quarter Ended- -6 Mos.End. June 30
marks, good-will
1924.
1925.
June 30'25. Mch.31 '25.
1
Total (ea. side).26,944,240 25,801,047
&c
1
Net loss after int., de-y. 120, p. 1590.
After deducting 35.266,734 reserve for depreciation.
$906,518
$33,801
$90,259 prof.$56.458
predation, &c
-V.120, p.2555.
-Gold Production (Value).
Dome Mines, Ltd.
-
-Tenders.
Consolidation Coal Co.
The Equitable Trust Co.,trustee,37 Wall St., New York City, on Aug.6
received bids for the sale to it of General Mtge. 30-Yr. 6% Sinking Fund
Gold bonds to an amount sufficient to exhaust $34,515 at prices not exceed,
-V.120, p. 2820.
ng par and interest.
-Earnings.Corona Typewriter Co., Inc.
$364,787 $Aqi5
:06 p. 465. $14/45 $tai2
121.
$3,838,423 33,855,528
Total
3,838,423 3,855,528
Total
-V.120, p. 2274.
x Represented by 19,005 shares of no par value.
LiabilitiesAssets-$
Prop.acct.,less dep17.610,822 19,755,449 Capital & surplusx17,439,364 15,259,506
5,000,000 3,354,000
478,175 Funded debt
832,925
-Cash
2,000,000
Accts.& notes rec_ 1,932,843 1,282,125 Outs's int. In subs..
1,198,088 1,339,624 Accts. payable &
Inventories
544,624
accrued payroll_ 499,691
630,801
935,804
Adv. to planters
22,663 1.600,713
240,617 Notes payable._ __
302,173
'Other assets
116,544
589,555 Drafts & accept's_ 195,564
810,305
Deferred charges
75,527
35,682
Accrued interest__
236,204
Federal taxes
Other liabilities.
229,136
Deterred credits__ 132,230
257,919
878,688
(ea. side)-23,622,958 24,316,346 Reserves
591.
-V. 121, p.
z Represented by 300,000 shares of no par value.
k'otal
-Status, &c.
Courtaulds, Ltd., England.
The great increase in the consumption and uses of rayon, coupled with
a wide-spread belief that this industry is still in its infancy, has prompted
Harvey Fisk & Sons to make a comprehensive survey of the industry with
the objects of (1) presenting concisely the history and the probable future
of rayon, and (2)selecting for the consideration of their clients an attractive
investment based upon rayon. In this connection they present a description of Courtaulds,Ltd., which they have selected as the most attractive
stock in the rayon industry.
-Is the largest producer and the most important factor
Courtaulds, Ltd.
In the rayon industry. The present company was registered in England
in 1913. It has just completed a factory in Canada and is working on a
large new one at Wolverhampton in England. It has subsidiary manufacturing companies in various other countries. It is best known in the
United States through the activities of its most important subsidiary,
the Viscose Co. of America.
The latter company in 1924 produced in excess of 28.000,000 lbs. of
rayon, about 75% of the total production in this country in that year.
The present production is in excess of 30,000.000 lbs. per annum and
through the construction of the new plant at Parkerburg, W. Va., and
substantial additions to several of its existing plants, the Viscose Co. will
shortly have an annual capacity of 56,000.000 lbs. Its importance in the
American rayon industry can best be realized by the statement that in 1924
its nearest competitor produced less than 5,000.000 lbs. Shares of the
Viscose Co. are not available.
-No Funded Debt.
Capitalization of Courtaulds, Ltd.
£8,000,000
Cumulative 5% Preference shared (par El)
£12,000,000
El)
Ordinary shares (par value
Ended Dec. 31.
-Years
Net Profits after Taxes, Depreciation, &c.
1914 - _32,528,89611917 -39,942,89411920 -38,771,309)1923 $16,120,377
1915._ 3,604,507 1918__ 6,487.799 1921 __a8,187,122 1924 22,019,421
1916__ 5,267,866 1919 _-11,084.984 1922 b14,669.580
a After writing down additions to plant in 1919, 1920, 1921 to market
value. b After writing a further $2.673.000 off plant, &c.. additions.
-1913, 7H%; 1914, 123%: 1915. 20%; 1916, 30%;
Dividend Record.
1917. 30%; 1918, 32%; 1919. 40% and 100% in stock; 1920. 23H%
o
and 2007 in stock; 1921. 11H %; 1922. 15%; 1923, 15%; 1924, 20% and
66 2-3% in 5% Preference stock.
January.
(E. I.) du Pont de Nemours & Co.-Consol. Bal. Sheet,
June 30.-
1924
1925.
$
Assets$
-6 Mos. Ending- -Calendar Years
1922.
1923.
18,484,531 18,020.533
1924.
Cash
June 30'25.
$3328,157 Notes & accts. rec.16,306,708 13.283,224
$282,719
$284,117
$236,890
Earns after Fed. taps__
102.934 Market'le sec. &
122.403
125.357
57,590
Deprec. and amortiz_ _ _ _
832,403 7,279.456
call loans
$225,224 Inventories
28,177,168 25,005,144
$160,316
$158.760
$179,300
Net avail,for divs _
Inv. securities__ a125607,785 90,509,846
Sheet.
Comparative Balance
Plants & prop.,
June 30'25. Dee.31'24.
Intl. good-will_c126358,023 115628.288
LiaNIUtesJune 30 '25. Dec.31 '24.
Assets610,293
544,541
Prop. St plant.... 3857,750 3883,897 8% Pref. stock__ _ $298,600 $329,300 Def. debit items
973,200
7% Pref. stock_ _ _ 973,200
559,731
_
Pat. de goodwill_ . 548,033
x1,332,290 1,332,290
136,630 Com, stock
234,349
'Cash
415,000
545,000
762,481 Notes payable._ _ _
Notes & accts.sec_ 711,597
116,139
86,790
Other cur. liabs
749,701
9,270
130,967 Reserves
125.728
.Other assets
588,948
693,924
553,341 Surplus
5.17.341
Affil. cos
85,991
93,924
Def. charge
-Balance Sheet June 30.Cuyamel Fruit Co.(& Subs.).
1924.
1925.
1924.
1925.
February.
1924.
1925.
3
3
Bonds of parent co.x9.975 MO 18,164,00
Bonds of sub. co__ 2,482,500 2,556,000
Deb. stock
68,424,663 68,415.863
Common stock_ _ _95,060,900 95,060,900
Accts.dr notes payable, &c
b8,869,875 5,471,244
Deferred liab. &
credit items.
2,284,973 1,286.692
Cap. stk. de sur, of
subsid. cos. applicable to minority int
8,723,771 5,108,102
Res.for deprec.,&c 24,155,339 19,690395
Res.to cover prem.
on outst'g 7.19%
1,185,372
bds
Appr. of our, for
corn. stk. div. _38,019,360
Surplus
58.314,778 53,398,415
Total
316311,160270338.784
Total
316311,160 270336.784
x Called for payment Sept. 1 at 106 and interest at Bankers Trust Co.,
New York. a Represented by General Motors Securities Co. stock, representing 70% interest in 1,875,000 shares of General Motors Corp. Common
stock, $91,875,000; Managers' Securities Co.7% Cumul. Cony.Prof. stock.
$23,520,000; miscellaneous securities, $10,212,786. b Including accrued
dividends on Debenture stock and accrued interest on bonds. c Goodwill
and patents in 1925 amounting to $26,584,900.
The usual comparative income account for the 6 months under June 30
was given in V. 121, p. 591.
The Trussell Mfg. Co., Poughkeepsie, N. Y., manufacturer of loose-leaf
paper specialties, has acquired the local plant of the company, heretofore
occupied by a branch of its subsidiary, the du Pont Viscoloid Co. This
latter organization is removing the equipment and business to Leominster.
Mass., where a much larger factory is located, and will concentrate and
expand production at this location. The Trussell company will take title
to the Poughkeepsie property in a few months, and will removeits present
-V. 121.
plant to this location, with facilities for increased manufacture.
p. 591, 466.
--Earnings.
Edwards Mfg. Co. (Boston).
June 30'25. June 30'24. Dec. 31 '24.
six Months Ended-
$337,280 def$41,139 def$60.927
Balance Sheet June 30.
1924.
1924.
Lis011ittes1925.
1925.
Assets$1,100,000 $1,100,000
Real est. & mach'y82,335,363 $2,320,482 Capital stock
8,350 Res.for depreen__ 817,383
772,091
8,575
Investments
10,811
363,850 Res. for taxes_
Accts. receivable__ 473,403
50.348 Notes payable_ _ _ _ 1,250,000
875,000
43,021
Cash
17,155
5,794
11,086 Accounts payable_
14,696
prepaid._
Interest
40,532 Profit and loss_ _ _ _ 1,293;734 1,361,382
39,052
Insurance prepaid
105,907
105.907
1,670,069 1,436.337 Surplus
Inventory
Net profit
Total
84,584,179 $4,230,985
-V.119, p.585.
Total
$44,584,179 $4,230.983
-To Construct Largest Office
Eastern Offices, Inc.
Building in World-Cost Put at $19,000,000.
Negotiations, it is announced, have been completed for what is to be
the world's largest office building on the entire block bounded by Lexington
Ave. and Depew Place, 43d and 94th Sts.. N. Y. City. Seven complete
stories of the building will be entirely under ground, thus establishing a
new record for an "underground skyscraper." The underground building
will stand in a gigantic cavern torn from the solid granite of Manhattan
Island in what will be one of the world's most notable engineering feats.
The new structure will rise 30 stories above the street level and will
cost 319.000.000. It will be financed by S. W. Straus & Co., who have
agreed to underwrite an issue of 310,000.000 1st Mtge. Serial Gold bonds
secured by the building and a 63-year leasehold obtained from the New
York Central ER.. owners of the land. The bond issue will probably
not be brought out before Nov. 1 next, although work on the building
will begin immediately and it will be completed March 11927.
The structure will contain 21.000.000 Cu. ft., and 1,350,000 sq. ft. of
rentable space, making it slightly larger than the Equitable Bldg. in New
York and the General Motors Bldg. in Detroit.
AUG. 8 1925.]
THE CHRONICLE
713
Along the street level within the walls of the gigantic structure passenger
trains of the New York Central RR. will pass to and from Grand Central
Terminal.
The Todd, Robertson & Todd Engineering Corp. and Sloan & Robertson.
architects, are the heads of the syndicate which will erect the building.
All of the motor car manufacturing divisions of General Motors with
the exception of Chevrolet, but including Buick, Oldsmobile. Oakland and
Cadillac, have already announced, or will announce in the near future.
new series of their various models. Changes in chassis construction are
along the lines of greater simplicity, increased performance and the addition of various refinements. Changes in body design are along the lines of
added attractiveness and comfort. The Chevrolet Division is continuing
-Earnings.
-Electric Auto Lite Co.
without modification the new Model it, announced last January. The
1925.
1924.
3 Mos. Ended June 30Cadillac Division is presenting an entirely
$304,675 of standard and custom built bodies. It isnew chassis with complete lines
8775,025
Net earnings after depreciation
believed that this effort on the
1886.
-V. 120, p.
part of the Cadillac Division will be accepted as the finest development in
motor car practice ever yet reached.
Emporium Forestry Co., Utica and Conifer, N. Y.
- In every case the corporation is adhering strictly to its policy of maintaining
above every other consideration. It
believes
Bonds Offered.-Baker, Fentress & Co. are offering $1,100,000 that thequality will support such a policy. Economiesconfidentlyin manupublic
In design,
First Mtge. 6% Serial Sinking Fund Gold bonds, dated facture and distribution are constantly being made which are being reflected
July 1 1925 and due serially Nov. 1 1926 to 1935, at prices In added value to the product. It is the policy of the corporation to offer
the greatest possible motor car value consistent with the maintenance of
ranging from 100.95 to 99.75, according to maturity.
quality.
The bonds are the first mortgage obligation of the largest producer of
It is certain that General Motors products offered to the public at this
in New York State or New England. The business was time, represent the greatest value ever offered by that corporation at any
hardwood lumber
established in 1882 and incorporated in 1892 with a cash capital of $30,000. time in its history.
-V. 121, p. 591. 466.
has grown to a present net worth of over $3,500.000. Enjoying the benefits
of an experienced ownership-management, it has built up a broad distribuGeneral Cigar Co., Inc.-Bal. Sheet June 30.tion of its products and earned enviable trade and credit reputation.
1924.
1924.
1925.
1925.
For the 73 -year period ending Dec. 31 1924, the company shows average
Liabilities
Assets
annual net income of $228,186, after all taxes, available for the payment of
7% Cum.Pf.stock_ 5,000,000 5,000,000
Land, buildings,
interest and principal.
machinery,&c_ _ 3,577,658 2,500,975 Debenture Fret... 2,290.000 4.000,000
Common stock_ _ _18,104,000 18,104,000
Equitable Life Ins. Society.
-Completely Mutualized.- Good-will, patents,
Trade marks,&c.15,000,000 15,000,000 Special capital reIt was announced, July 16, that the Society has become completely mu- Inv. in other
serve
320,174
1,000,000 1,000,000
tualized by the purchase from an outside interest of the last 8 outstanding 6% Sec. Gold cos_ _ 164,683
Gold notes
notes
33,511
7.700,000 7,700,000
shares of capital stock, which were owned by Jennie R. Morse.
Accounts payable,
Pref'd
The Equitable has been practically mutualized since 1905, when Thomas Co.'s Deb.cost)_
545,395
pay-rolls, &c__ _ 864,421 1,186,583
stock (at
Fortune Ryan bought control of the capital stock from James Hazen Hyde Co.'s Common stk.
Deb.Pref. div.pay.
40,075
60,968
after the insurance investigation prosecuted by Charles Evans Hughes had
Fed, tax provision 390,463
purch. or subscr.
180,000
revealed the use of the vast resources of the company to carry through the
264,548 Insurance reserve_ 500,000
for by employees 262,471
508,665
projects of E. II. Harriman.
In 1909 the late J. Pierpont Morgan bought Ryan's stock, but continued Raw mat'is, SUP-16,913,708 18,960,870 Surp. appr.for red. 1,115,000
of Deb.Pf.stock
plies,
590,009
the policy of administering the stock through trustees appointed to protect Notes &&c
loans rec. 129,006 1,028,702 Surplus
5,553,135 5,586,920
the policyholders. In 1915 General T. Coleman du Pont bought the stock
3,270,949 3,413,175
from Morgan, but made no attempt to use it to control the policy of the or- Acc'ts receivable:_ 2,704,439 1,384,188
Cash
ganization.
499,109
500,669
In 1918 the Equitable bought the 564 shares owned by General du Pont Deferred charges
for $2,799,900. This was at the rate of $5.400 per share for the first 501
Total
42,557,094 43.917,136
42,557,094 43,917.136
Total
shares and at the rate of $1,500 per share for the remaining 63. The higher
The usual comparative income account was given in V. 121. p. 591.
price was put on the first 501 because they constituted a majority of the
stock, and, therefore, the voting control of it. The shares of small holders
-Balance Sheet.
General Motors Acceptance Corp.
were purchased at the rate of $1,500 per share.
The stock thus acquired was placed under the control of Dr. John H.PinJune 3025 Dec.31'24
June 3025 Dec.31'24
ey, Judge Morgan J. O'Brien and George Wharton Pepper. The transacLiabilities$
$
Assets
tion was sanctioned by the State Insurance Department and by a State law Cash in banks and
Capitalstock
9,000,000 9.000.000
which forbade the retirement of any part of this stock until the whole of it
11.357,797 11,424,921 Notes payable_ _ _ _54,269,429 53,847,219
on hand
was acquired. The reason for this was that if the stock obtained by the Cash in trust
3,422,531 3,572,406 For, bills discled. 8,659,389 7,245,542
Equitable was retired, the few shares outstanding would become the Notes receivable_ _57.201.875 54,913,771 Accounts payable_ 1,006,273
817,526
majority, with some possibility of giving trouble.
For,bills of exch 9,360,615 7,952,255 Cash & see. pl'dged
All but 23 shares of stock were bought in 1918. Other small lots were
by foreign cust's
banks on
acquired, until only 8 shares were outstanding, and these were acquired Due from
222,798 (contra)
124,982
85,063
111,086
discounts
July 16. The price was $14,000, although on earning value the 8 shares Accts.receivable_ _ 241,245
293,419 Int. & chges. rec.
would be worth only a little more than $1,000.-V. 106, p. 824.
In advance
2,762.061 1,979,135
582
Int.earned not rec.
Reserves
1,708,490 1,640,823
Furn. & equilVt.
Fairbanks, Morse & Co., Chicago.
-Earnings.
341,404 Sur. & undiv. prof 8.085,329 4,618,262
less depreciation 337,937
6,000
6,000
Invegments
3 Months ended June 301925.
1924.
Gross income
$2,829,780 62,094,116 Cash & sec.pledged
by foreign custs
Selling and administrative expenses, &c
1,591.840
1,259,932
85,063
111,086
Depreciation of buildings and equipment
(contra)
209,335
207,060
385,985
411,400
Prepaid discount_
Federal taxes
130,576
69,017
35,547
Tot.(each side)_82,601,976 79.233,569
25,745
Deferred charges_ _
Net profit
8898,029
$558,107 -V. 121, p. 591, 206.
x 6% Preferred dividends
14,936
-Large Contract Received.
7% Preferred dividends
131,707
General Railway Signal Co.
85,840
Common dividends
239,766
239,729
The New York Central Railroad has signed contracts with the General
intermittent
Surplus
$526,556
$217,602 Railway Signal Co. for the installation of the 7 divisions ofinductive
the New
automanual automatic train control system upon
x
retired.-V. 121. ig• 335.
York Central Lines, viz.: two on the New York Central RR.: two on the
Michigan Central RR.: two on the "Big Four" and one on the Boston &
Firemen's Insurance Co.of Newark, N.J.
-Acquisition. Albany RR. Deliveries are to commence shortly and it is hoped that the
Affiliation of the Capital Fire Insurance Co. of Concord, N. H., with the full installation upon these divisions will be completed within a year.
above company was announced on Aug. 5. See also V. 121. p. 466.
This is the largest installation of automatic train control of a single
system that has been undertaken by any system or railroad. When comFisher Body Corporation.
-Acquisition.
-pleted it will mean that over 2,600 miles of railroad track and between
The corporation has acquired the plant formerly occupied by the Buick 1,300 and 1,400 locomotives will be equipped with automatic train control
Motor Car Co. at Michigan and Western avenues, Detroit. The property, as an additional safeguard for the traveling public. The cost of the installawhich comprises 40 acres and 500,060 sq.ft. offloor space, will be converted tion, it is estimated, will be between $4,000,000 and $5,000,000.
The installation of automatic train control on so extensive a scale as is
Into a large bus manufacturing plant.
-V. 121, p. 591.
now determined upon is not only in compliance with the order of the
Foundation Company.-Earnings.Inter-State Commerce Commission but is the result of exhaustive experiSiz Months Ended June 30ments lasting over 23 years. The New York Central Lines within the past
1925.
1924.
Gross from contracts
$822,050
$792,778 two years has expended over $800,000 on automatic train control. Various
Other income
systems have been installed and are operated on a number of divisions of
23.446
32,284
the different lines.
-V. 121, p. 466.
Gross income
$845,496
$825,061
General Refractories Co.
-Balance Sheet.
General expenses
483,934
470,114
Preferred and Common dividends
327,832
162.741
June 3025. Mar.31'25.
June 3025. Mar.3125.
Assets
$33,730
$192,206 RI est., bldgs.,dec-15,385,892 15,389,293 Capital and sur-V. 121. P• 81.
S 'reel'ref. stock was retired on March 16 last.
xu
14,635,989 14,470,970
Patents, at cost...
10,500
10,500 plus a
Cash
215,548
226,791 Mtge. due Dec. 30
(H. H.) Franklin Mfg. Co.
-Earnings.
-75,000
75,000
Bills receivable_ _ _ 180,776
150,512
1926
6 Mos. End.-Calendar Years
- Acets receivable__ 1,136,644 1,354.384 1st Mtge.68,1952_ 3,837,500 3,866,500
Inventories
1,200,000 1,400,000
June 30'25.
1924.
2,911,724 2,734,010 Bills payable
1923.
177,330
Net after deprec. & Federal taxes_ _ _ _ $1,393,554 def$811,434 $1,174,539 Accrued interest_ _
172,393
6,747
5,971 Acc'ts payable_ _ _
247,062
Sales of the company In 6 months of 1925 were $11,323,119.
8254,861
Loans & advances_
10,506
10,004 Accrued acc'ts_
112,500
Miscell. investls.
56,625
54,806 Divs. payable.... 112,500
Balance Sheet.
17,715
11,810
Deferred accounts 500,195
508,706 Fen income taxes
June 30'25. Dec. 3124.
June 3025, Dec. 31'24. Dep. with trustee..
45,924
172 Res.for Fed.inc.tax
82,127
223
AssetsLiabilities
$
$
32,150
33,200
Rental due sub.RR
Land, bldg,., &c._ 9,364,427 10,139,066 Preferred stock__ 6,396,650 6,491,550
1,070,795 1,468,219 Com'n (299.424)4
Cash
Total
Total
20,415,381 20.445.152
20,415,381 20,445,152
1,152,472
shares)
Sight drafts
164,985
6,224,628 5,071.018
x Capital stock of no par value; authorized and outstanding. 225,000
•223,777
Receivables
366,965 Accounts payable_ 383,136 1,252.826
accrued interest on bonds,$96,015.-V. 121, p.591.
hares. a Including
3,568,261 3,756,005 Taxes
Inventory
113.799
28,009
5iiscell. assets.-- 1,433,588
495,538 Miscellaneous
77,050
163,150
(J. T.) Gibbons, Inc., New Orleans.
-Bonds Offered.
Res.for deprec'n 3,461,397 3,130,494
Reserves
156,659
253,731 Hibernia Securities Co., New Orleans are offering at 100 and
16,813,320 16,390,778
Total
-V.121. P. 466. 206.
Total
16,813,320 16,390,778
(Chas.) Freshman Co., Inc.
-Orders, &c.
Announcement is made by the company that it has received immediate
delivery orders for the Freshman Master "B" Eliminator from over 800
dealers throughout the United States and Canada.
To take care of the demand for this particular product, as well as the
line of Freshman Masterpiece radio receivers, the company has opened
-one in Chicago with 100.000 sq. ft. of floor space, and
two new factories
-V. 120, p. 2154.
the other in New York. at 133d St. and Brown Place.
General Electric Co., Schenectady, N. Y.
-Bonus to
Employees.
Supplementary compensation to employees,totaling $1,247,496, was paid
this week at all the factories and offices of the conmany. The number of
employees participating in the disbursement Is 29,558.
The payments cover the six months which ended June 30 last, and were
made only to those employees who have five years or more of continuous
service with the company. The amounts paid to each individual constitute
5% of the individual's earnings during the period covered.
-V. 121.
p. 336. 206.
General Motors Corp.
-New Models.
-President Alfred
P. Sloan Jr., in relation to recent announcements of various
General Motors divisions, states:
int. $250,000 1st Mtge. Guaranteed 6% Serial Gold Bonds.
Dated July 1 1925; due serially July 1 1926-1940. Principal and
(J. & J.) payable at Hibernia Bank & Trust Co., New Orleans,trustee.
Callable all or part on any int. date on 30 days notice at 103 and int.
Denom. $1,000, $500 and $100 c*. Company covenants to pay up to 2%
of the narmal Federal income tax.
-Organized as a partnership in 1862 and has engaged in the
Company.
wholesale buying and selling of grain both for export and domestic use
continuously since that date. It also operates a modern grain elevator.
Company was incorp. under present name in 1923. During the 63 years of
Its existence the company has shown substantial earnings in every year
except 1880 and 1921. For the past 10 years the company's business has
averaged over $4,000,000 a year.
-story grain elevator and hay storage warehouse
Company owns a modern 5
in New Orleans. The elevator has a capacity of 252,000 bushels and the
warehouse portion contains the main office and 40,000 sq. ft. of storage
space.
Earnings
.-Net earnings since 1915 before Federal taxes and depreciation
-or almost 5
applicable for interest on these bonds have averaged 372,224
times the maximum interest requirements of this issue. After depreciation
these net earnings have averaged $62,955 for the same period. In its 63
years of operation, the company has only had a loss in two years. in 1880 and
1921.
-These bonds are unconditionally guaranteed both as to
Guarantee.
principal and interest by the followings heirs of the late John T. Gibbons:
John T. Gibbons, Jr., Veronica Gibbons Broderick, Thomas P. Gibbons.
Catherine O'Brien Gibbons, Mrs. Margaret Gibbons Start, Catherine
Gibbons Burke. The aggregate net worth of these guarantors is in excess
of 61,000,000.
714
THE CHRONICLE
Purpose.
-To retire certain current indebtedness pertaining to the affairs
of the family of the late John T. Gibbons, Sr. and to separate those affairs
from the business of the corporation, and for other corporate purposes.
(J. M.) Gidding & Co., Inc.
-Receiver.
A petition in bankruptcy,filed on July 29 against the company, dealers in
women's costumes at 37 West 57th St., N. Y. City, resulted July 31 in the
appointment of Lawrence Berenson as receiver. The assets of the company
are estimated at $100,000 and the liabilities at $165,000. The business was
started many years ago, but the present corporation has been in business
only two years, succeeding a company of same name placed in receivership
in Oct. 1923.-V. 117, D. 1560.
Glidden Co., Cleveland.
-Intends to Put Common Stock
on $2 Annual Dividend Basis-Increase in Capital Approved
Rights.-President Adrian D. Joyce says:
The directors have discussed the matter of dividend action and it is the
present intention of the directors to place the Common stock on a dividend
basis of $2 per annum after the close of the present fiscal year.
If the present volume of business continues, it is apparent that the directors will be warranted in taking this action for the figures on the balance
sheet at the close of the fiscal year, Oct. 31, will reflect a very strong financial position.
[The stockholders on Aug. 17 approved an increase in the no par Common stock from 360,000 shares to 500,000 shares. Approval was also
given for the sale of 40,000 shares of such stock at $20 per share, through
offering the holders of the outstanding Common stock of record July 22
the privilege of subscribing for one share for each nine shares held; stock
not taken by the stockholders to be disposed of otherwise. Rights expire
Aug. 17.1-V. 121, p. 206.
Go-Gas Co.-Reorg. Plan Submitted by Sun Oil Co.
The offer of the Sun Oil Co., filed with the U. S. District Court for the
District of Delaware on July 2 to purchase the assets of the company,
was disapproved by the Court on July 27. The Sun company has submitted an amended offer which provides:
New Company.
-A Delaware company shall be formed to take over
the entire assets of whatsoever kind or nature.
Payment for Assets.
-New corporation will pay for the assets in cash,
at the direction of the Court, in payment of the debts of the Go-Gas Co..
a sum not to exceed $650.000, it being understood that the sum shall
include the amount ($168,000) of outstanding purchase money mortgages
of Go
-Gas Co., which if not presently payable, shall be assumed by the
new corporation. The new corporation will also pay receivers and counsel
fees to be fixed by the Court in connection with receivership of Go-Gas
Co., and as further consideration for the assets of Go-Gas Co., will transfer
and deliver to Go-Gas Co. or to the receiver, as the Court may direct,
10,000 shares of the Pref. stock of the new corporation.
Debts.
-If the debts of Go-Gas Co. proved and allowed by the Court,
excluding receivers' and counsel fees, shall exceed the sum of $650,000,
the Sun 011 Co., if requested by the Go-Gas Co. or the receiver, agrees
to purchase or cause to be purchased so much of the 10,000 shares of Pref.
stock at $50 per share, as shall be necessary to complete the payment of
the debts, provided, however, that the shares to be so purchased shall
not exceed 2,000.
Sale of Bonds.
-The sum of $650,000 and the amounts necessary to pay
receivers' and counsel fees as well as working capital for the new corporation, shall be raised through the sale of $750,000 bonds of the Delaware
corporation, which bonds are to be secured by a mortgage on the real
estate, leases, and such of the assets purchased by the Delaware corporation
which bonds will be guaranteed by the Sun 011 Co.
Capitalization.
-New corporation shall have two classes of stock:
(1) 10,000 shares of Pref. stock (without par value), which shall be issued
at a capital value based upon the value of the assets received from Go-Gas
Co., by the Delaware corporation, after charging against such values the
amount of the mortgage indebtedness not in excess of $750,000. Prof.
stock shall be entitled on liquidation to $100 per share, and may be redeemed at any interest date at 11100 per share, and shall be entitled to
receive non-cumulative dividends of $6 per annum before any dividend
shall be declared on any other class of stock of the Delaware corporation.
(2) Common stock (no par value). Total number of shares, 10,000.
Common stock shall be the voting stock, and shall be issued to and belong
to the Sun Oil Co.
Contract.
-Sun 011 Co. will, on creation of the new corporation and
annually thereafter on Jan. 1, give to the new company a contract agreeing
to sell gasoline and motor oils to the new corporation at its lowest rates
allowed to other large consumers of the same character.
The Class B (voting) stockholders of Go-Gas Co. met Aug. 6 to ap-V. 120. p. 965.
prove the above offer.
Goodyear Tire & Rubber Co., Akron, Ohio.-Divs.The directors have declared the regular quarterly dividend of $2 a
share on the Prior Pref. and $1 75 a share on the Pref. stock. The Prior
Pref. dividend is payable Oct. 1 and the Pref. on Oct. 15, both to holders
of record Sept. 15.-V. 121. p. 582.
Granby Consol. Mining,Smelting & Power Co., Ltd.Earnings.-3 Mos.End. June 30- -6 Mos. End. June 301925.
1924.
1925.
1924.
Value copper produced_ _ $1,405,183 $1,185,186 $2,697.917 82,358,128
1,003,947
2,041,923
Oper.cost incl.overhead- 1,001,775
1,839.677
Per. income
Miscall. income
$403.408
56,706
$181.239
49.289
$655.994
71,960
$518.451
103,675
Total income
Less bond hit. accr._
$460,114
190,253
$230.528
71,435
$727,954
262,133
$622,126
142,870
xNet income
$269.861
$159,093
$465,821
$479.256
x Before depreciation and depletion.
The net production of copper for the second quarterly of 1925 being the
combined output of smelter and concentrator, was 10.219.825 lbs., an average of 3.406.608 lbs. per month, as compared with 8,887,751 lbs. total and a
monthly average production of 2,962.584 lbs. for the first quarter of 1925.
At the concentrators total of 100,933 tons of ore was treated, resulting in
a gross recovery of 2,235,260 lbs. of copper, as compared with 97,305 tons
of ore and 2,459,615 lbs. of copper, respectively, for the previous quarter.
The cost per pound of marketable copper produced was 9.25 cents as compared with an average operating cost of 11.53 cents per pound for the first
quarter. These costs include all fixed and general charge; other than depreciation of plant and equipment, and are after applying the usual credit for
precious metal values and miscellaneous earnings.
The decreased cost of production for the current quarter is due in part to
the lower power costs resulting from the operation of the company's hydroelectric power plant, which continued in satisfactory service throughout the
period of.
-V. 120, p. 2408.
-Sales.
(F. & W.) Grand 5-10-26 Cents Stores, Inc.
-July
-1924
1925
3460,255
3573,347
-V. 121. p. 81.
Increase l
1925-7 Mos.-1924
3113,092 I 53,832,102 53,238,638
Increase.
5593.464
(W. T.) Grant Co. (Mass.).
-Sales.
Sales for July totaled $1,805.506, an increase of more than 20% over
July 1924. For the first 7 months of this year, sales were 814.407,487, an
Increase of over 23% compared with the first 7 months of last year.
V. 121, p. 207.
Great Atlantic & Pacific Tea Co.
-May Retire Pref.It is unofficially reported that the company intends soon to retire the out-V. 120, p.3321.
standing $12,500,000 of 7% Cumul. Pref. stock.
Greeley Square Building (6th Ave. & 31st St. Corp.),
-Bonds Offered.
-A. B. Leach & Co., Inc., New
N. Y. City.
York, are offering at 100 and int. $2,200,000 1st Mtge. 25Yr.6% Sinking Fund Gold Loan.
[vol. 121.
Dated Aug.1 1925; due Aug. 1 1950. Principal and int.(F.& A.) payablcIn New York in United States gold coin. Denom.$1,000,$500 and $100,c*.
Red. all or part on any int. date on 30 days' notice at 103 during first 10^
Years. thereafter at 102 during the next 10 years,and thereafter at 101 during
the last 5 years. plus int. in each case. Penn., Conn., Kansas and Calif.
taxes, not to exceed 4 mills. Maryland 43 mills tax and Mass. income tax
on int. not to exceed 6% refunded. Interest payable without deduction of
normal Federal income tax not exceeding 2%. Exempt from personal
property tax in the State of New York. American Trust Co., New York,
trustee.
Property 8e Location.
-Building will occupy the northwest corner of 31st
St. and 6th Ave.. N.Y.City,one block from the Pennsylvania Terminal and
adjacent to the Herald Square-Thirty-fourth St. Shopping Center.
The building, upon completion, will consist of 25 stories, of the highest
character of construction. Stores will occupy the ground floor and display
room lofts and commercial offices the upper floors. The gross rentable space
will be 231,824 sq. ft. The land fronts 98.75 ft. on 6th Ave. and 100 ft. on
West 31st St., having a total area of about 10,000 sq.ft.
Security.
-This loan will be secured by an absolute first (closed) mortgage
on the land and building to be erected thereon,owned in fee,and to be known
as the Greeley Square Bldg. Completion of the building will be guaranteed
by the bond of the Fidelity & Deposit Co. of Maryland. Title to the property will be insured by the New York Title & Mortgage Co., N. Y. City.
The mortgagewill provide for adequate fire and rent or rental value insurance
payable to the trustee, and for liability insurance. The property has been
appraised by J. Romaine Brown Co. and Thoens & Flaunlacher, Inc.. as
having a value, upon completion of the building, of $3.386.300 and $3,390.000,respectively. This loan, therefore, is less than 65% of these appraisals.
Legal for trust funds in New York upon completion of building.
Earnings.-Thoens & Flaunlacher, Inc., estimate the annual earnings
from the building as follows: Gross rentals. $499.040; operating expenses.
taxes,insurance and allowance for vacancies, $150,355; net income available
for interest, Federal taxes and reserves,$348,685; maximum interest charges
on this loan. $132,000.
Sinking Fund.
-Mortgage securing this loan will provide for a sinking
fund to be applied semi-annually, beginning Feb. 1 1928 and payable to the
trustee in quarterly installments in cash and(or) securities of this issue at
their face value, sufficient to retire $1,285,000 or over 55% of this loan by
maturity.
Grennan Bakeries, Inc.
-Earnings.
The company reports for the first 24 weeks of 1925 net earnings of $364.828, after depreciation, but before Federal taxes, as compared with $249,653
In the same period of 1924.-V. 120. p. 2689.
Harbor Building (Harbor Trust, Inc.), Boston, Mass.
-Bonds Offered.
-S. W. Straus & Co., Inc., are offering at
par and int. $1,250,000 1st (Closed) Mtge. Sinking Fund 6%
Coupon Gold bonds.
Dated July 11925; due July 11937. Interest payable J. & J. Denom.
$1,000 and $500,c* Bonds and coupons payable at offices of S. W.Straus
& Co., Inc. Red. for sinking fund at 101 and int. Callable all or part in
excess of sinking fund requirements at 104 and int. before July 1 1029; at
103 and int. on or after July 1 1929 and before July 1 1933: thereafter at 102
and Int. 2% Federal income tax paid by the borrower, the Harbor Trust,
Inc. New Hampshire state tax refunded up to 3%. Free from the Mass.
income tax in the hands of the bondholders.
Security.
-Being desirous of acquiring the best available site for the erection of a 13
-story fire-proof building designed to house responsible concerns
In the printing trade, the company has purchased approximately 35.460 sq.
ft. of land situated on Atlantic Ave., Boston. This site is on the waterfront
within a few minutes walk of the South Station, in the printing district.
The land is vacant and has been owned for more than 25 yrs. by the Middlesex Trust, which trust is owned and controlled by Henry E. Bothfeld.
trustee, Henry B. Day, John W. Weeks, Henry Hornblower, and other
Boston interests. The present owners of the land will retain a stock interest
in Harbor Trust, Inc.
Leases.
-Agreements to lease 8 of the 13 available floors have been signed
by the following responsible concerns in the printing trade: Atlantic Printing
Co., Folsom Engraving Co.. Priscilla Co., Southgate Press
-T. W. Ripley
Co. No trouble in leasing the balance of the space is anticipated and it is
expected that the building will be 100% rented upon completion.
Earninos.-The rental return from the agreements to lease already signed
is approximately twice the greatest annual interest charge on this issue or
bonds and almost 1% times the greatest annual sinking fund and interest
charge. Net annual income of $190.000 is estimated.
Valuation.
-Independent appraisals of the land and completed building
indicate a first mortgage of about 56% and establish an equity beyond this
issue of first mortgage bonds of approximately $1,000,000 as follows:
AppraiserValue Land. Total value
Mr. W. H. Ballard
$631,900 $2,212,900
Mr.John Druker
475.000 2,250,000
Hardy Coal Co.
-Financing.
-The directors have voted to issue $750,000 10
-Year 7% notes callable
in whole or in part any time at 101. With each $1,000 note fives shares of
stock will be given, the price of both to be $300. The proceeds will be
used to pay off all floating debt and to _purchase additional equipment to
enable higher production. The issue of $750,000 of notes has been subscribed.
-V. 120, p. 3072.
Hart-Parr Co. (Del.).
-Acquisition, &c.
This company was incorp. in Delaware July 3 1925 and as of Aug. 1
succeeded to the property and business of the Iowa company, per reorgantzation plan approved by stockholders June 9 1925.
Authorized Capital of New Company.
7% Cumulative First Preferred stock (par $100)
$2,500,000
Participating Class "A" Pref, stock no par value) but
entitled to $50 in case of voluntary liquidation and $30
in case of involuntary liquidation, and red. at $30 at
Company option before Nov. 1 1935 on 6 months notice.
during which period it can be converted into Common
share for share. Participates $1 for $1 with Common in
any dividends......................................
75,000 sits.
Common (no par) with entire voting rights
200,000 sits.
Probable Capital Structure of New Company Which Succeeds to Property and
Business of Iowa Co.
First Mortgage 77 bonds
$469,000
7% Cum. 'irst Pref. stock (par $100)
1,165.300
Participating Class "A" Pref. 26,356 shares (no par) @ $30- -Common stock (42.258 shares no par)
1.012.208
Sales.
-Company sales July 1 1924 to July 1925. $2,013,000 as compared
with sales July 1 1923 to July 1 1924 of 8993,000. Sales for 1925 to August 1
$1.730,000 against 8640.000 same period last year. Unfilled orders assure
capacity operations next three months.
Company.
-Company manufactures farm tractors, Stationary engines,
air compressors, Electric washers and boilers and feed grinders.
The stockholders of the Iowa Company in June last approved a reorganization plan for the company which provided for the exchange of
securities of the old company for the new company.
The Capital Structure of the old Company was: (1) 1st Mtge. 77
Bonds 5550.000; (2) Preferred stock. 13,800 shares (par $100) and (3)
Common Stock, 10.000 shares (par 31). The par of this WAS reduced in
June, 1924 from $100 to $1.
Exchange of Securities.
Bonds.
-Bonds of the old company were exchanged for bonds of the new
company, par for par, or for 7% Cumul. 1st Pref, stock at par with a bonus
.
of 15 Participating Class ".A.' Preferred shares for each $1,000 bond
converted.
Preferred Stock.
-Preferred stock of the old company was exchanged for
shares in the new company, as follows, based on 10 share holdings: 7%
,
Cumulative First Preferred stock, 3 shares; Participating Class "A.
Preferred stock, 4 shares; Common stock, 4 shares.
Common Stock.
-Common stock In the old company was exchanged,
share for share, for Common stock in the new company.
For the benefit of any Preferred stockholder, who did not choose to participate in the re-organization, as planned, there was lodged with the company
a firm bid of 151for Pref. stock.
AUG. 8 1925.]
TIIE CH RON ICI.F
715
Insurance Co. of North America.
-Listing.
The Phila. Stock Exchange has authorized the listing of $2,500,000
additional Capital stock, issued account of stock allotment authorized
Jan. 22 1925, making the total amount of stock listed at July 25 $7,500,000,
the total authorized issue.
-V. 121, p. 337.
International Paper Co.
-Preferred Stock.
The company has issued an additional 51.450.0007% Preferred stock to
pay for the Bastrop Pulp & Paper Co. of La., which the company has
acquired in order to expand in the kraft paper field in the south. No
public offering of this stock is expected.
-V. 121, p. 592.
International Shoe Co., St. Louis.
-Federal Trade Commission Orders Company to Divest Itself of Stock of W. H.
McElwain Co.
-The company is ordered by the Federal
Trade Commission to divest itself of all stock or share capital
of the W. H. McElwain Co., formerly of Boston, Mass.
The Commission found that the respondent in such acquisition has violated Section 7 of the Clayton Act. Commissioners Hunt and Humphrey dissented.
By acquiring the stock of the McElwain Co. the respondent, the finding's
state, gained control of the largest manufacturer of street and dress welt
shoes for men and boys, and eliminated from the field of competition Its
largest competitor in the sale of men's dress shoes. It also secured immediate entrance into the sales territory of the New England States, the
general effect being to substantially lessen competition between the two
companies in the sale of dress shoes for men: to restrain commerce in the
shoe business in various sections of the United States in' which the two
1925.
1924.
1924.
1925.
1924.
companies operate.
Liabilities$
8
AMU
Commissioners Nugent and Thompson dissented to the omission in the
Common stock_ -x9,138,090 9,138,090
Property account,
320,000 findings of the following words "to tend to create in the International Shoe
less depreciation 7,224,466 7.623,082 Fur. mon. Wig's_
3,858,920 3,858,920 Acc'tspayable,&c. 2,138,648
651,512 Co. a monopoly in commerce of the shoe business."
The findings relate in detail the history of the consolidation of the two
3,043,651 1,101,945 Accr'd int., &c__ _ 2,144,265
829,984
Cash
'
.
100,000
100,000 Fed tax reserve__ 375,388
232,583 companies stating dates at which meetings were held by representatives of
certificates
U.S.certificates__ 100.000
the two companies and agreements entered into for the transfer of the
2,613,744 1,065,887 Dealers'deposits__ 118,853
113,430
Acc'ts rec.. &c__ __
6,463,384 6,691,559 Surplus
11,256,106 9,457,625 McElwain stock to the International Shoe Co. The findings also contain
Inventories
extracts from the International Shoe Co.'s answer to the Commission's
1,635,411
175,712
Investments
complaint which states that "this respondent took the necessary steps to
126,119
Prepaid chgs., &c- 231,774
remedy any such technical violations; that is, it has divested of any and all
25,171,350 20.743,224
Total
25,171,350 20,743,224 stock or share capital of the W. H. McElwain Co.; that it does not now
Total
own or control any stock or share capital of said W. H. McElwain Co."
x Represented by 913,809 shares (par $10).-V. 121, p. 592. 467.
The findings state, however, that respondent did not take the necessary
to remedy the violation of Section 7 of the
it
Fuel Co., Youngstown, 0.
-Bonds Offered.- stepsremedied such violations. The transfer to Clayton Act, andof has .
the respondent
not
the
Ice &
assets, properties, rights and privileges of W.
Emerson & Co., Chicago, and Schultz Brothers & ings continue, was an artifice and subterfugeH. McElwain Co., the findHyney,
are offering at 100 and int. $370,000 1st and to escape the penalties thereof. The W. to evade the Clayton Act
H. McElwain Co. has not
Co., Cleveland,
been dissolved and is still in existence as a corporation.
Serial Gold bonds.
(Closed) Mtge. 6
The order and Commissioner Humphrey's dissent in which
$1,000. $500 and $100 c* Dated July 1 1925. Due in annual
Denom.
installments from July 1 1927 to July 11940, incl. Principal and interest Commissioner Hunt concurs, follows:
& J.) payable at Dollar Savings & Trust Co.. Youngstown, 0., trustee,
It is therefore ordered that International Shoe Co.:
or at the State Bank of Chicago, Chicago, Ill. Red. all or part on any int.
(1) Divest itself of all stock or share capital of W. H. McElwain Co., a
date upon 30 days' notice at 105 and int. up to and incl. July 1 1930 and corporation, which it may now hold or own, directly or indirectly, together
at 105 and int. less Si of 1% for each full year or fraction thereof with all right, title, interest and claim in and to such stock or share capital,
thereafter
remaining between July 1 1930 and date of redemption. Free from normal substantially all the stock or share capital of W. H. McElwain Co. being
Federal income tax not exceeding 2%. Tax of any State or United States found and declared to have been acquired and to have been held. owned
possession not in excess of 5 mills refunded.
and used by International Shoe Co. in violation of Section 7 of said Act of
Congress.
Data From Letter of Pres. Paul B. Hunt, July 1.
(2) Cease and desist from the ownership, operation, management and
Company.-Incorp. in Ohio May 22 1925. Consolidation of all of the
of the assets, properties, rights and privileges acquired by it from
commercial ice manufacturing facilities of Youngstown, 0., and includes control McElwain Co. subsequent to the acquisition by- it of the stock or
W. H.
Crystal Ice de Storage Co. (incorp. in 1894); the Distilled share capital of W. H. McElwain Co. together with all improvements and
the plants of the
Water Ice Co. (incorp. In 1911): the South Side Ice Co. (incorp. in 1919): additions thereto, which assets, properties, rights and privileges are found
and the ice manufacturing plant of the Smith Products Co. (incorp. in and declared to have been acquired and to be now held by International
1900) The new company began business entirely free of current indebted- Shoe Co. as the result of the acquisition by International Shoe Co. of the
-and with stock or share capital of W. H. McElwain Co. in violation of Section 7 of
ness-except accrued taxes amounting to approximately 54,000
a capitalization consisting of $468,500 of 6% Cumul. Pref. stock and said Act of Congress.
3,223 1-3 shares of no par value Common stock.
(3)
-Proceeds will be used to complete the acquisition of the above by it Divest itself of all assets, properties, rights and privileges acquired
Purpose.
W. H. McElwain Co. subsequent Is the acquisition by it of the
mentioned properties and to provide for the installation of ice storage stock from
or share capital of W. H. McElwain Co., together with all improvefacilities.
ments and additions thereto, which assets, properties, rights and privileges
Earnings. Net earnings of the constituent companies available for are found and declared to have been acquired and to be now held by Interinterest charges and depreciation-after all operating expenses and Federal national Shoe Co. as the result of the acquisition by International Shoe Co.
taxes-averaged $67,860 per annum during the 4 years from 1921 to 1924, of the stock or share capital of W. H. McElwain Co. in violation of Section 7
inclusive. The maximum annual interest charge on this bond issue is of said Act of Congress.
$24.050.
(4) Submit, within sixty days from the date of this order, for the conBalance Sheet as of Apr'l 30 1925 (After Financing).
sideration and approval of the Federal Trade Commission, a plan for the
performance of this order in a manner which shall reiftore in harmony with
Liabilities
Assets
re$18,010 1st Mtge. 15
-Year Ohs----$370,000 the law the competitive conditions which existed with respect to the the
Cash
14.010 Current liabilities
4,006 spondent and such assets, properties, riehts and privileges prior to of
Accts. rec.-Less reserve
acquisition by International Shoe Co. of the stock or share capital
5.091 Res. for est. Fed. taxes &
Inventories
965
contingencies
3,000 W. H. McElwain Co.
Miscell. accounts receivable.
772,820 6% Cumul. Prof. stock
468.500
Commissioner Humphrey filed a memorandum of dissent,
Fixed assets
35.109 Corn,stock (3,223 1-3 shs.)_
500
Deferred assets
as follows:
concurred in by Commissioner Hunt, which is
Total
$846,006
Total
$846,006
-Earnings.
Indian Motocycle Co.
The company during the ten months ended June 30 1925, it is stated,
earned net profits, after all charges and depreciation, of about $250,000.
The periods' dividend requirements on the $807,500 of 7% Pref. stock
called for approximately 547,105, leaving a balance of $202,500, equivalent
to $2 02 a share on the 100,000 shares of no par value Common stock,
compared with net earnings in the year ended Aug. 31 1924 of but 18c.
-V.121, p. 337.
a share on the Common stock.
Inland Steel Co.-Earnings.-Quar. End. June 30- -6 Mos. End.June 301925.
1924.1924.
$1,896,622 52,130.406 $3.612,494 $4,906.160
Net oper. earnings
486,059
413.531
1,023,360
Deprec'n & depletion__ _
722.545
9.000
15,750
6,750
15.250
Interest on bonds
210.000
173,000
314,000
500,000
Federal taxes (est.)_ _
175,000
175,000
350,000
350,000
Preferred dividends
739.250
739,250
1.478,500
1.478.500
Common dividends
Surplus
-Nr, 121. P. 592.
5316,564
$583,625
$430,885 $1,839,865
-Earnings.
International Nickel Co.
1923.
1924.
1922.
Quarters end. June 30: 1925.
$794,777
$594,029
$1,893.706
$189,648
Earnings
50,879
72.134
52.355
income
31,089
Other
$845.656
5646,384
$1.965S40
$220,737
Total income
$103,304
$92.248
$85,730
Admin. & gen. corps_ __ _ $122,131
60,659
194.794
38.237
10.457
Reserve for taxes
321,994
354,797
311,097
184,125
min.callous.,&cDepr.
,
133.689
133,689
133.689
133,689
Pref. divs.(1i%)
$226,010
$ 71,113 def$193.264
51.160,428
Balance, surplus
Comparative Consolidated General Balance Sheet.
June 30'25. Mar.3125.
June 30'25.Atar.31'25.
$
$
Ands account.49,941,343 50,044,396 Pref.6% non-cum.
Property
stock
8,912,600 8,912,600
Real estate mtge. 227,234
229,006 Common stock 41,834,600 41,834,600
& sundry secur's
Inventories ------8,499.149 8.549,112 Acc'ts payable and
tax reserves_ _
Acc'ts receivable.. 2,755,012 2,707,642 Pref. div. payable_ 1,330,151 1,293,864
88,022
103,587
133,689
Advances-------- 2,727.194 1.510,412 Ins. dr contingent 133,689
Gov't securities- 1,400,000 1,200,000
hinds & reserves 541,813
522,823
call (sec.)
Loans on
1,414,471 1,498,563 Surplus
14,299,572 13,139,143
Cash
Total ---------67,052,425 65,836,720
120, p. 2934.
Total
67,052,425 65,836,720
In this case the evidence shows the following facts: (1) That the respondent acquired the stock of the McElwain Co. (2) That the respondent and
the McElwain Co., at the time, were in competition; whether such competition was material is a matter of opinion. (3) That the McElwain Co.
initiated the transaction. (4) That at the time of the transaction, the
McElwain Co. was in a failing financial condition, or at least its officers
believed that it was, and they believed that its bankruptcy was probable.
(5) That the respondent at the time had taken more orders than it was
able to fill, at its then capacity, and was considerably troubled with these
excess orders, and was very desirous, for this reason, of increasing production. (6) That it used the organization and assets acquired from the
McElwain Co. in increasing its output largely for the purpose of filling these
excess orders.
(7) That the respondent did not increase prices: on the contrary. in some
instances, it voluntarily decreased prices. (8) That it made better shoes,
and sold them for the same or less money than the McElwain Co. was
selling the same class of shoes at the time the respondent acquired its stock.
(9) That the respondent did not use the stock so acquired by voting or
otherwise to bring about, or attempting to bring about, the substantial
lessening of competition. (10) That tbe public was in no degree, in any
way. Injured by the transaction. On the contrary, the evidence shows that
the public was benefited thereby.
Questions of Law.
Admitting, but not asserting, that there was substantial competition
between the respondent and the McElwain Co. at the time of the transaction complained of, it was probable that this competition was going to be
destroyed by the failure of the McElwain Co. This circumstance removed
the very evil that the statute was intended to prevent. This being true
the transaction was not unlawful. (American Press Association vs. United
States, 245 Fed. 91).
It seems to me that this case comes squarely within the exception of
Paragraph 1 of Section 7 of the Clayton Act, as modified by Paragraph 3
of said section
Was the public injured by this transaction? Contrary to the majority.
I think that this is the vital, and should be the determining question in
this case.
The evidence does not show or tend to show that prices were increased by
this transaction. In fact, the evidence tends to show that prices were
reduced. The evidence also tends to show that the public was furnished
with a better grade of shoes for the same or less money. Because of this
transaction, no one has had to pay a cent more for a pair of shoes and no
one has been caused to buy a pair of shoes of inferior quality.
The extent of the respondent's sinning, in so far as the evidence shows,
r
was that it bought the stock of a competitor at the instance of that competitor, to save such competitor from bankruptcy, and to acquire additional
facilities which it badly needed to fill orders that it had already taken.
There is no evidence showing that this stock was bought for other than
investment purposes, nor is there evidence showing that such stock has
been used in any manner to substantially lessen competition.
Had the respondent been content to wait, if we are to be guided by the
evidence, then in a short time its competitor would have been bankrupt.
The stockholders would have lost their entire investments. A great organization would have been destroyed and the competition with which the
respondent is charged with destroying would have been wiped out without
cost to the respondent of a dollar.
716
THE CHRONICLE
In this case the Commission has given warning to the business world that
no one must answer the cry of distress. If they do, and save a vessel from
complete wreck, no matter what the effect may be upon the public, they
will be condemned and must suffer the penalty. But it will be perfectly
proper and commendable to stand by until the vessel sinks, and its competition with them is thereby entirely destroyed, and then pick up whatever
flotsam and jetsam they may, but under no circumstances must the vessel
be saved, however much it may be to the public interest. I think such
policy must inevitably injure the public and be immeasurably detrimental
as to our industries.
I cannot be oblivious to the fact that by the issuance of this order, many
innocent investors will be injured and that no one will be benefited.
The position of the majority in this case. if I correctly understand the
facts, is that if one corporation acquires all of the stock of another competitive corporation, such acquisition is in violation of the Clayton Act,
regardless of the purpose, effect and result of the acquiring of such stock,
and that the Commission must issue an order under such circumstances
against the offending corporation, the Commission having no discretion to
do otherwise.
To this opinion I cannot subscribe. It is true that the phrase "in the
Interest of the public" is not written in the Clayton Act, as it is in the
Federal Trade Commission Act, in words,but in my judgment:it is there by
Implication as plainly as if it were written in letters.
To issue this order will in all probability cause innocent stockholders to
lose several million dollars. It will do no good to anyone. I cannot bring
myself to believe that it is the duty of the Commission to issue an order
where no good will result and evil must follow.
I, therefore, find myself compelled to dissent from the opinion of the
majority.
-V. 121, p. 469, 82.
Jewel Tea Co., Inc.
-Sales.
-
Increase.
First 28 Weeks of Year1924.
1925.
Sales
$7,447,818 *7.308,497 $139,321
-V. 121. p. 82; V. 120, p. 2950, 2409, 2018.
Johnson-Stephens & Shinkle Shoe Co., St. Louis.
Common Stock Increased.
The stockholders have ratified the plan to increase the present authorized
and outstanding non par value Common stock of 35,000 shares to 105,000
shares, and to give in exchange for each of the shares of Common stock now
outstanding three shares of the new stock.
-V. 121, P. 337.
(G. R.) Kinney Co., Inc.
-July Sales.
1925
-July-1924.
$1,189.911
$1,072,241
-V. 121, p. 208.
Increased 1925-7 Mos.-1924.
$8,772,264
$117,6701$9,579,472
Increase.
$807,208
(S. S.) Kresge Co.
-July Sales.
Increased 1925-7 Mos.-1924.
1925-July-1924.
$7,509.647 $6,370,556
- 121, p. 592. 208.
V.
Increase.
$1,139,0911$52,164,547 $45,726,542 $6,438.005
-To Increase Stock.
Kresge Department Stores, Inc.
[vol. 121.
Dated Aug. 1 1925; due Aug. 1 1931. Denom. $1,000 and $500 c*.
Principal and interest (F. & A.) payable at Bankers Trust Co., New York,
Illinois Merchants Trust Co., Chicago, and Detroit Trust Co., Detroit,
trustee, without deduction for normal Federal income tax up to 2%•
Redeemable, all or part, on any interest date upon 30 days' notice at 101
and interest.
Company.
-Is one of the largest owners of redwood timber and one of
the largest manufacturers and distributors of redwood lumber on the
Pacific Coast. The timber holdings comprise about 31,000 acres, located
in a compact body in Humboldt County, Calif., on which there are standing.
according to conservative estimates, approximately four billion feet of
merchantable timber. Company's manufacturing plant at Crannell,
Calif.is completely equipped to produce about 80,000,000 feet of lumber
annually.
Earnings and Realization.
-For the past seven years, from 1918 to 1924.
Inclusive, after depreciation, payment of Federal taxes, interest and all
other taxes, earnings have averaged $12 35 per 1,000 ft., or a yearly average
of $337,411. The security of this note issue, based on earnings and realization, is indicated by the ratio of this loan (which is about 50c. per 1.000 ft.
of standing timber owned by the company) to the average amount realized
per 1,000 feet from operations during the period above stated. The net
proceeds realized from the conversion of standing timber into lumber is
applicable towards the payment of the debts of the lumber company.
Valuation.
-Based on the report of the bankers' representative, they
have valued the property as follows:
$15,021,805
3,338,179,000 feet of redwood at $4 50 per 1,000 feet
562,880
562,880,000 feet of Douglas fir at $1 per 1,000 feet
Complete mill and manufacturing plants,railroad wharf,logging
1,500.000
equipment,&c
Total
4617,084,685
Purpose.
-Proceeds are to be used to retire all existing debt, to reimburse
the company for capital expenditures and to provide additional working
capital.
Balance Sheet Aug. 1 1925 (After Financing).
AssetsLiabilities
$186,717
Cash
$505,532 Reserves
Accounts receivable
130,000
127,138 Deferred charges
Inventories
notes (this issue)____ 2,000,000
741,4166%
Advanced expense
143.572 Capital stock and undiInvestments
20,436,486
72,933 vided profits
Lands and timber
18,917,600
Plant
$22,753.20
4
2.245,010Total (each side)
Louisiana Oil Refining Co.
-Earnings.-Quarter Ended- 6 Mos.End
30 25.
June 30'25. Mar.31 '25. June
$837.106
$596.262
$240,844
103.364
45,517
57,847
129,103
66,147
62.956
x Net income
$604,639
$129.180
$475.459
x Before depletion, depreciation and before writing off development
expenses lawfully deductible for Federal tax purposes.
-V. 120. p. 3322.
Earnings
Deductions
Interest
The stockholders will vote Aug. 26 on increasing the authorized Common
McCrory Stores Corporation.
-July Sales.
stock from 200,000 shares to 700.000 shares of no par value.
Increase.
1925-July-1924.
President S. S. Kresge says: "The purpose of this increase is to provide
Increased 1925-7 Mos.-1924.
stock to be used, if necessary, in the acquisition of such department stores $2.149,675
$1.909.282
$240.3931$14.228,284 $12,639,779 $1,588,505
as I feel can be advantageously purchased and satisfactorily developed -V. 121, p. 469, 208.
under my management."
-V. 121, p. 592.
(S. H.) Kress & Co.
-July Sales.-
1925-Julv-1924 Increase.11925-7 Mos.-1924 Increase.
$39,1031$22,378,294 $19,726,727 $2,651,567
*3.137.983
$3.098,880
- 121, p. 208.
V.
-Earnings.
(B.) Kuppenheimer & Co., Inc.
The company reports for the six months ended April 30 1925 a net profit
of $12,349 after charges and taxes. This compares with a net profit of
$550.980 for the fiscal year ended Nov. 1 1924.-V. 119, p. 3004.
-Stock Inc.
-Rights.
Lawyers Mortgage Co., N. Y.
(W. H.) McElwain Co.
-International Shoe Co. Order by
Federal Trade Commission to Divest Itself of Stock of Company.
See International Shoe Co. above.
-V. 116, p. 3004.
Mack Trucks, Inc.
-Earnings.
-
Six Months Ended June 301923.
1925.
1924.
Net sales x
(approx.)-$33,000,000 $23,685,881 $23,549,300
Net profit, after depen. taxes, &c_-.. $4,653,847 $3.450,616 $4,044,476
First preferred dividends
382,266
382,266
382,266
Second preferred dividends
186,610
186,607
186,610
Surplus for common
$4,084,974 $2,881,740 $3.475.600
x Increased earnings, it is stated, are due to larger volume of business,
which was 40% greater than during the same six months of 1924. Prospects for the third quarter indicate a arger volume of business than during
the same quarter of last year.
Balance Shee June 30.
1924.
1924.
1925.
1925.
-Earnings.A antsLee Rubber & Tire Corp.
Liabilities
4,468,531 4,145,989 Capital stock
18,149,214 17,869,700
-3 Mos. End,June 30--6 Mos. End.June 30- Cash
Accts.& notes rec_13,913,051 9,443,893 Current liabilities_ 5,060,870 2,820,983
1924.
1925.
1924.
1925.
Inventories
20,355,748 16,433.854 Reserve for taxes_ 1,300,731 1,095,148
Net inc, after exp., int.,
$158.059 loss$151,564 Plants & equipm3.11,914,456 9,444,484 Rei've for conting. 1699,369 1,456,012
depreciation, &c
8152,685 105439.347
Investments
180,828
Surplus
29,040,240 20,104,144
-V. 120, p. 2410.
Deferred assets___ 577,454
111,632
-Goldman, Bal.due from empl 1,405,491 1,379,570
-Stock Sold.
Lehn & Fink Products Co.
Good-will
Sachs & Co., Lehman Brothers and Bond & Goodwin, Inc., -V. 121, p. 208.2,434,865 2,386,565 Total(each side)__55,250,425 43,345,988
The stockholders on Aug. 5 increased the authorized Capital stock from
$7.500,000 to $9.000,000.
The stockholders of record Aug. 15 will be given the right to subscribe
on or before Oct. 1 for one share of additional stock for each five shares
held, at $100 a share. No change is contemplated in the present dividend
-V. 120, p. 2951.
rate of 10% per annum, payable quarterly.
have sold at $36 50 per share 235,000 shares of Common
stock (no par value).
Mammoth Oil Co.
-Appeal.
-
Judge T. Blake Kennedy of the U. S. Court for Wyoming at Cheyenne
Company.-Incorp. in Delaware Aug. 4 1925. Formed to acquire all
of the stocks (except directors' qualifying shares) of A. S. Hinds Co. and on Aug. 1 granted the Government's petition for appeal from his decision
Pebeco. Inc.. and all but against the Government in its suit for annulment of the lease on the Teapot
Lehn & Fink, Inc., which owns au of the stock of
a small minority of the Preferred and Common stocks of Lysol, Inc. The Dome Naval Oil Reserve. case from
This
transfers the
to the
formation of Lehn & Fink Products Co. is for the purpose of more aggres- Circuit action of Appeals, from which,the Wyoming CourtdecisionEighth
Court
of the
sively pushing "Pebeco Toothpaste,' "Lysol Disinfectant" and "Lysol" Appellate Court may be, it is forecast it regardless what the
will be carried to the U.S. Supreme
products, and "Hinds' Honey and Almond Cream" and,other "Hinds" Court.
-V. 121, 1,• 337.
from time to time to acquire other
products, and the company proposes
similar products by means of additional issues of authorized Common stock.
Mason Tire & Rubber Co., Kent, Ohio.
-Earnings.
The new company intends to devote considerable attention to foreign marfor the six months
sales
kets in which there are great opportunities for further development. Fur- ofThe company reports operating profit ofended June 30 1925 grossaside
$5,514,951 and net
$322,062. After setting
ther details regarding property, capitalization, earnings, &c., in V. 121. $167,845, including $94,365 for depreciation, net profit amounted to
p. 592.
$61,941.-V. 120, p. 1467.
Initial Consolidated Balance Sheet July 1 1925 (Lehn (% Fink Products Co.
Metro-Goldwyn Pictures Corp.
-Earnings.
and Subsidiary Companies, Except Liquidating Co. to Be Organized).
12 Wks.End 16 Wks.End
Total
[Giving effect as of that date to (1) organization of company;(2) acqutsiJune 30'25. Mar.1425. 28 Weeks.
tion by it of all of the Common stocks of Lehn & Fink. Inc. and of A. S.
$1,401,104 $1,544,219 $2.945,323
'
Co.; (3) sale of 235,000 shares of Common stock for cash and (4) Gross profits
Hinds
Operating expenses
957.706
1,826,342
868,636
the consummation of the various transactions contemplated in plan.)
Liabilities
AssetsOperating profit
$443.398
$675.583 $1,118,982
Cash
$681,369 Accounts payable, accrued
101,283
190,191
88,908
$125,815 Other income
interest, taxes, &c
Accounts receivable
233
545,7113 Reserve againstliabilities_a1,000,000
Inventories
Net profit before Federal taxes_ ...._ *544.681
*764.491 *1.309,172
Land, bldgs., mach'y,&c.. 1,135,574 Interest of minority stock-V. 120. p. 2156.
holders in capital and
Trade-marks trade-names,
63,388
.
surplus of Lysol. Inc--good-will, &c., at cost
6,214,421
Mid-Continent Petroleum Corp.(& Subs.).-Bal. Sheet
67,626,656
Capital and surplus
Lysol,Inc.,investments in
June 30'25 Mar.31'25
June 3025 Mar.31'25
foreign oper. cos., at
$
LfabtfltiesAssetsbook value
215,167
Property account.a63,098,326 62,396,633 Pref.stk..7% cum 6,577,475 6,717,605
Capital stock of liquidat1,787,767 1,945,325 Common stock __ 640,879,230 40,886,640
$8,815,858 Investments
Total (each side)
ing company
• 1
let M 15-yr.630_12,201,000 12,425,000
U.S. Treas. certifs 2,049,687
Deferred charges,&c
23,383
Leasehold purchase
Gold bds. in tress_ 240,311
and notes of
a Under guarantee of $2.667.060 liquidation certificates assets of the Cash
obligations
1,909,423 1,902.960
4,125,196 4,783,762
liquidate certain
liquidating company (to be organized to
Acets & notes rec. 3,213,519 2,410.412 Accounts payable- 1,720,632 2,024,326
predecessor corporations.) b Represented by 265,000 shares of Common Ref'd & crude oils. 7,696,434 7,987,594 Advance payls on
-V. 121. Materials dr sum). 2,175,302 2,034,026
stock and 150,000 shares of management stock of no par value.
sales contracts_
266,382
p. 592.
Prep.exp.,cilsc.Arc 1,738.451 1,823.227 Accrued interest &
general taxes_
714,440
536.031
Library Bureau.
-Sales.
Fed'l income taxes.
40,000
1924.
1925.
Six Months Ended June 30Deferred credits
62.616
56,146
$5,250,943 $5,332,385
Sales
Surplus
c22,060,177 18.525,889
-v. 120, p. 2410.
Total
86,124,993 83,380,979
86,124,993 83.380,997
Total
-Earnings.Lion Oil Refining Co.
a Less reserve for depletion and depreciation; also undeveloped leaseholds
1924.
1925.
Six Months Ended June 30$816,873 and intangibles. b Represented by 1,357,415 2-5 shares of no par value.
Net earnings after exp. but before reserve for taxes- $1,344,018
c Appreciation of oil reserves based on discovery values, $7,518,309; surplus
-V. 121. P. 83.
arising from operations, $14,541.868.
-Notes Sold.-The Detroit
The National Bank of Commerce in New York has ready for delivery
Little River Redwood Co.
First Mortgage 15
6 %
Co., Inc., Detroit, and Cronwall & Co.,Inc., Chicago, have $12.500,000 definitive temporary notes. -YearofferingSinking Fund Gold
bonds in exchange for
(For
of these bonds see
V. 120, p. 460.)-V. 121. p• 583.
sold at 100 and int. $2,000,000 6% Gold notes.
-To Call Bonds.
Midland Steel Products Co.
-Earnings.
Mullins Body Corp.
6 Mos.End. June 30-The company proposes to retire $250,000 of its 7% bonds in the near
future at 10744 and interest. The bonds are convertible into Preferred Sales
-V.121, Cost of sales
of Preferred stock.
stock on the basis of $100 bonds for one share
p. 469.
Gross profit on sales
-Redemption of Debentures and Adminis.,gen.& sell.exp.
Mond Nickel Co., Ltd.
Issuance of New Capital.
Westminster Bank, Ltd., Barclays Bank, Ltd., and Midland Lank, Ltd..
London, are authorized on behalf of the British Shareholders Trust, Ltd.,
to receive applications for the purchase from the British Shareholders Trust,
Ltd.. of £1,000.000 544% Mtge. Debenture stock at 97 and 1,250.000
7%-Cumul. "A" Preference shares of £1 each, at 22s. 6d. per share. The
544% Mtge. Debenture stock is payable 10% on application, 25% on
acceptance, 25% on Aug. 17 and 37% on Sept. 17. The 7% Cumul.
"A" Preference shares are payable 55. per share on application, 5s. on
acceptance, 5s. on Aug. 17 and 7s. 6d. on Sept. 17. In both cases payment
may be made in full on acceptance or on Aug. 17, under discount at 3%
per annum.
The company has outstanding: (a) £375,000 5% 1st Mtge. Debenture
stock and (6) £1,300,000 8% Mtge. Debenture stock. It is intended to
reay the issue of 8% Mtge. Debenture stock out of the proceeds of the
5 % Mtge. Debenture stock and 7% Cumul."A" Preference shares now
offered. In order to give the holders of the 11,300,0008% Mtge. Debenture
stock the opportunity of exchanging their present holdings for part of the
stock and shares now being offered, the agreement for purchase by the
British Shareholders Trust, Ltd., provides that the Mond Nickel Co.,
Ltd., shall accept part payment of the purchase price in 8% Mtge. Debenture stock and the following offers are being made to the holders of that
stock, namely: (a) £100 nominal of the 544% Mtge. Debenture stock and
£9 cash for each £100 nominal of the 8% Mtge. Debenture stock, and so
on in proportion for a less amount of such 8% stock: or (b) 90 fully-paid
7% Cumul. "A" Preference shares of El each, and £4 15s. cash for each
--V. 121, p. 337.
£100 of the 8% Mtge. Debenture stock.
Monterey Hills Land & Improvement Corp.
-Bonds
-John M.C. Marble Co., Los Angeles,are offering at
Offered.
par and int. $135,000 1st Mortgage Sinking Fund 63's.
Dated June 151925: due June 151935. Denom.$1,000 and $500. Red.
on 30 days. notice at 102 and interest. Interest payable J. & D. at Pacific
Southwest Trust & Savings Bank, Los Angeles, trustee. Exempt from California personal property tax. Interest payable without deduction for the
normal Federal Income tax of 2%.
-These bonds are secured by first mortgage on the property of
Security.
the company,located in the City of South Pasadena. consisting of about 60
acres known as Monterey Hills. This property has been divided into 258
lots, of which 175 have been sold for a total of $298,786. Of this sum there
remains unpaid $150,625. which is represented by contracts of sale which are
being paid on a monthly basis. These contracts, as well as those created by
future sales, will be assigned to the trustee as additional security for this issue
of bonds.
The mortgaged property has been appraised at $335,000 and is valued by
the owner at $325,626.
All payments received on present contracts, as well as interest thereon,
must be used as follows: first to accumulate the amount necessary to meet
the next maturing coupon and second to retire bonds of this issue.
Montgomery Ward & Co.
-July Sales.
1925
-July
-1924.
Increase.
1925-7 Mos.-1924.
Increase.
$10,842,762 $8,653,222 32,189,5401E93,268,537 384.378.840 $8,889,697
-V. 121, p. 83.
Moon Motor Car Co.
-Balance Sheet.AssetsJune 30'25.Dec.31'24.
Liabilities- June 30'25. Dec.31'24.
Real est. plant,&c. $583,688 $522,119 Common stock__:$2,789,561 $2,387,871
Good will
475,000
234,509
475,000 Accts. payable_ -- 460,016
Invest, other cos._
8,500
8,500Depos. from dealCash
22,492
17,792
461,474
ers, &c
320,061
10,934
11,230
Notes & accts. rec. 902,162
231,596 Accr. pay-rolls, &c
Due from employs.
42,395
87,430
4,020
3,293 Res. for 1924 taxes
Inventories
1,140,881 1,309,570 Res. inc. taxes 6
mos. '25
104,830
Prepd. expenses
15,578
21,892
Red. for deprec- 161,075
155,199
Total
Total
$3,591,305 $2,892,034
$3,591,305 $2,892,034
x RepresentedIby 180,000 shares of capitalfstock, no par value.
-V. 121.
p.337.
Motor Wheel Corp.
-Earnings.
Net after taxes
-V.121,p.593.338.
717
THE CHRONICLE
AUG. 8 1925.]
-Quarter EndedTotal
June 30 '25. Mch.31 '25. 6 Mos.
$1.168.030
$767.366 $1,935,396
Mortgage Insurance Corp., Los Angeles.
-Certificates
Offered.-Blyth, Witter & Co. are offering at 100 and int.
1925.
Not
stated
1922.
1924.
1923.
$1,698,536 $1.828,092 $1,070,874
949,837"
1,357,575
1,710.589
$345,636
166,435
$340.960
127.169
$117.503
101,162
$121,038
80.362
Operating income---Other income
$179.201
14.607
$213,791
2,069
$16.341
90,738
$40.676
Total income
Fed. taxes (prior year)_ Income charges
Balance, surplus
$193,808
15,527
2,364
$175,917
$215,860
8,026
9,166
$198,668
$107,079
612
6,293
$100,174
$40.676
Previous surplus
Adjustment Fed.taxes..
Adj. of invent., &c
Miscel. deductions
Pref. dividends
2,207,989
cr1,541
1,992,022
1.976,808
Dr9,710
1.941.135•
24,646
38.600
Cr62,234
27,538
38,720
38,800
38,801
5,670,
335,006
$2,322,203 $2,186,665 $2,028,472 31,937.341
Balance Sheet, June 30.
Liabilities1924.
1925.
1925.
1924.
Assets8% Cum.Pf. stock 8964,000 8966.000.
Real estate, &c.,
82,461,684 $2,606,477 Corn. stk. (no par) '500,000
500,000
less deprec
8,5,210 Notes payable_ _ _
85,210
95,000
405,000
Patents & goodwill
54,966 Accts. pay.& accr. 191,179
52,366
100,745.
Invest. (at cost)._
341,255 Accrued taxes
134,626
23,697
Cash
424,608 Due to officers.. _ _ _
100,000
Accts. & notes rec- 609.948
Disc. res. for Prof.
6,000
Mtge. rec
stock
573,346
5,254
4,876
Invent. (less res.)- 667,286
Surplus
2,322,203 2,186,665
Officers & employ's
149,852
stock subsctip._ 146,593
1,921
299
Pf.stk.sink.fund_
49,348 Total (ea. side)_84,177,636 84,286,984
13,624
Deferred charges__
* Common stock, no par value, 100,000 shares declared in accordance
-V.12a. p. 2410.
with the laws of New York State at $5 per share.
Profit & loss surplus
National Distillers Products Corp.
-Earnings.
Earnings from operations
Interest
3 Mos.End. 3 Mos.End.
Total
June 30 '25. Mar. 31'25. 6 Mos.
$509.625
3601.583 $1,111,208
85,949
78,400
164,349
$423,676
$523,183
$946,839.
xNet income
-marks,
x Before Federal taxes, depreciation and amortization of trade
-V.120, p. 2278.
&c.
National Union Mortgage Co.
-Bonds Offered.-Mackubin, Goodrich & Co., Baltimore are offering at 100 and
int. $1,000,000 6% Gold Bonds Series A.
Dated May 1 1925; due May 1 1945. Principal and int. (M. & N.)
payable at the Maryland Trust Co., Baltimore, trustee or Bankers Trust
Co., New York. Denom. $1,000 and $500 c*. Red. on any int. date all
or part at 101 and int.
-National Union Mortgage Co. does not engage in the mortgage
Business.
business. Its sole purpose is to make available to investors a real estate
mortgage security of unusual diversification and safety by uniting under
one bond issue the obligations of successful mortgage companies, national
in the scope of their combined activities and operating under standardized
requirements. After careful investigation, the Company purchases the
guaranteed obligations of approved mortgage companies secured by insured
or guaranteed first mortgages on fee simple real estate. These obligations,
and (or) cash or U. S. Government bonds, are deposited with the trustee
for the benefit of these bonds. The par value of such deposited collateral
must always equal or exceed the par value of this issue.
-All the collateral deposited with the trustee, to
First Mortgage Security.
secure this issue consists of obligations of the approved mortgage companies
and (or) cash or U. S. Government bonds. These obligations are secured
by first mortgages or equivalent liens on fee simple real estate in cities and
other communities approved by both the National Union Mortgage Co. and
the guaranteeing surety companies. The par value of the deposited
collateral must equal or exceed outstanding bonds.
-The guaranteed first mortgages securing this issue
Short Term Collateral.
mature in from one to not over 1244 years. Annual reductions are required
on all mortgages exceeding 5 years; thus reducing the average life of the
deposited mortgages, assuring constant re-appraisal of the collateral. As
mortgages mature there may be substituted by the trustee, cash, U. S.
Government Bonds and (or) guaranteed mortgages meeting the "standardized requirements" of the National Union Mortgage Co., otherwise bonds
must be redeemed.
.-The following surety companies severally guarantee in
Guarantees
varying percentages 100% of the principal and interest of the first mortgages, equivalent liens or first mortgage bonds securing this issue (except
as to titles, which are guaranteed by independent title companies). No
other surety companies may be accepted as guarantors unless each has
resources exceeding $10,000,000. United States Fidelity & Guaranty So.,
Baltimore; National Surety Company, New York; Maryland Casualty Co.,
Baltimore; Fidelity & Deposit Company, Baltimore.
$500,000 Insured 1st Mtge. 6% Gold Certificates, issue
No. 6.
Dated July 11925; due serially (J. & J.) from Jan. 1 1926 to July 1 1935.
-64th Quarterly Report.
Nevada Consolidated Copper Co.
Prin, ahd int. (J. & J.) payable at Pacific-Southwest Trust & Savings Bank,
The report covering the second quarter of 1925, shows:
Los Angeles, trustee. Denom. $1,000 and $500 c*. Repurchasable by
-The net production of copper for the quarter is shown below
Production.
the company as a whole but not in part on any int. date at par and int.
plus a premium of 34 of 1% for each unexpired 6 months or portion thereof, in comparison with the output for the first three months of 1925:
Net Pounds Copper Average Monthly
but not exceeding 105. Exempt from California personal property tax.
Produced.
Production.
1925Legal investment for California savings banks, trust companies and insur18,218,132
6.072,711
ance companies. Available as deposit with State Treasurer to secure faith- Second quarter
First quarter
17.595,334
5,865,111
ful performance of trusts.
During the quarter a total of 909,859 tons dry weight of Nevada ConCompany.-Incorp. in California. Operates under the provisions of the
California Mortgage Insurance Act, which authorizes the issuance of these solidated Copper Co. ore, containing an average of 1.15% copper, was
Insured 1st Mtge. Certificates. As required by law, the company has a treated at the concentrator, as against 937,112 tons. averaging 1.08%
paid-up capital of $250,000 and in addition a paid-up surplus of $50,000. copper, in the preceding quarterly period. In addition to the company
Operations are under the close supervision of the State Insurance Commis'r. ore handled, 4,518 tons of custom ores were milled and 18,447 tons smelted
Certificates.
-These certificates represent a participating interest in 84 direct.
The average recovery at the concentrator was 92.29%, corresponding to
first deeds of trust totaling over $500,000. which are deposited with the
trustee. These liens are secured by improved and productive California an extraction of 21.25 pounds of copper per ton of ore treated, as compared
real estate appraised at $1,070,318, or more than twice the amount of these with 92.61% and 20.08 pounds, respectively, in the previous quarter.
The cost per pound of net copper produced, including plant and equipcertificates. 'Under the Mortgage Insurance Act, all appraisals are made
by appraisers approved by both the Superintendent of Banks and the In- ment depreciation and all fixed and general charges, and after crediting gold
and silver and miscellaneous earnings. was 10.99 cents, as compared with
surance Commissioner of Calfornia.
Principal and interest on the deposited liens are payable in monthly 10.89 cents for the first quarter, computed on the same basis.
installments extending over a 10
Financial Results of Operations.
-year period. The maturity of these cer-3 Mos. End June 30- 6 Mos. End. June 30-tificates is so arranged that pa3ents upon the deposited liens will at all
1924.
1925.
1925.
1924.
times be sufficient to meet both principal and interest on the certificates
Oper. profit from copper
-V. 120, P. 2410.
as due.
Production
$951,989
$430,710
3229,257
$428.868.
Gold & silver &
Moto Meter Co., Inc.
-Initial Dividend-Earnings.
earnings
195.570
177,094
452,741
390,943
The directors have declared an initial dividend of 90 cents on the Class Nevada Nor. Ry. div_ _ _
75,000
250,000
100,000
150,000
"A" stock, payable Oct. 1 to holders of record Sept. 15. This places the
stock on an annual $3 60 basis (see offering in V. 121, p. 337).
Total income
$701.280
3.506,351 31,554,730 31,069,811
Net earnings for the 6 months ended June 30 1925, after taxes, were Plant & equip't deprec n.
167,863
150,430
335.724
300,860
$983.904, equivalent to $4 91 a share earned on outstanding 200,000 shares
class "A"stock.
of no par
Surplus
$533,418
$355,921 31.219,006
3768.954
he company reports its sales of Boyce Moto Meters in July were 3534%
The earnings for the second quarter of 1925 are computed on the basis
ahead of July 1924 and 2344% ahead of July 1923, setting a new record for of 13.51 cents per pound of copper produced, as compared with an average
-V. 121, p. 469, 337.
July sales.
of 14.36 cents per pound for the quarter ended March 31 1925.-V. 120,P.
2558.
Mount Vernon-Woodberry Mills, Inc.
-Listing.
-Voting
Trust Agreement.
The Baltimore Stock Exchange has authorized the listing of $4,976,100
Preferred stock and $816,050 Common stock (voting trust certificates),
with authority to add from time to time additional shares of both classes
of stock, as they are deposited under the voting trust agreement, not exceeding the authorized amounts; $8,000,000 Preferred stock and $5,600,000
Common stock.
The voting trust agreement is dated July 15 1925 and expires July 15
1930. The trustees are John J. Nelligan, A. H. S. Post and Waldo Newcomer. Both the Common and Preferred certificates are transferrable at
-V.121, p. 209.
Safe Deposit & Trust Co. of Baltimore.
New Jersey Zinc Co.-Earnings.Quer End. June 30
.
1925.
1922.
1924.
1923.
Income
x$1,613,009 32,180,100 $2,117,010 $1,637,161
Int. on mtge. bonds _ _ _ 40,000
40.000
40,000
40,000
Accr. int, on stk. subs_
10,516
Dividends
(2%)981,632 (2)981,632(4)1,959.264 (2)964,706
Surplus
3591.377 51,158,468
$117,746
$621,939
x Income (incl. divs, from subsid. cos.) after deductions for expenses.
taxes, depreciation and depletion charges, &c.
Note.
-Extra dividend of 2%, payable July 10 1925 declared from surplus accumulated in current year.
-V.120, p.2823.
THE CHRONICLE
718
New-Broad Co., Inc.
-To Redeem Bonds.
-
All of the outstanding8% 1st Mtge. Gold bonds,dated April 15 1921. have
been called for payment Oct. 15 at 103 and int. at the offices of the American
Bond & Mortgage Co.. Inc., New York or in Chicago.
-V.112, p. 1983.
New Cornelia Copper Co.
-July Production.
Month of- Copper output (lbs.)
-V. 121, p. 209.
April.
July.
May.
June.
5,667,435 6,230,956 6,691,648 6,335,821
New York Dock Co.
-Earnings.
-
six mos. Ended June 30Revenue
Expenses
Taxes, interest. &c
1925.
1924.
1923.
$1,676,277 51,610.201 $1,671,987
747.522
773,977
693,240
637.439
648,352
586.559
Net income
-V.121, p.594. 84.
$315,741
$279,522
$276,113
New York Merchandise Co., Inc.
-Stock Sold.-Geo.
H. Burr & Co. have sold at 100 and div. $1,000,000 7%
Cumul. Convertible Sinking Fund 1st Prof. (a. & d.) stock.
Dividends payable Q.
-F. Red. on any div. date on or after May 1 1929
In whole or in part at 115 and div. upon 30 days' notice; also redeemable
at like price and upon like notice for the sinking fund. Sinking fund beginning Aug. 1 1927 to retire annually 3% of greatest amount at any time
outstanding. Transfer agent. Bank of the Manhattan Co., N. Y. City.
Registrar, Chase National Bank, N. Y. City.
CapitalizationIssued.
Authorized.
7% Cumul.Cony.Sink.Fund 1st Pref.stock
$1,000,000 $1,000,000
7% Cumul. Cony. Sink. Fund 2d Pref.stock
200,000
200,000
Common stock(n• par value)
105,000 she. *75,000 shs.
* The remaining 30,000 shares are reserved against conversion of Preferred
stocks.
8200,000 of 2d Pref. stock and 5400,000 of the 1st Pref. stock is held by
officers and employees of the company.
Data from Letter of Philip Maslansky, President of the Company.
Company.
-In 1906 the New York Merchandise Co. was organized as a
partnership with a capital of but $14.000 and remained as such until 1920,
when the partnership was succeeded by New York Merchandise Co. Inc.
of New York, the capitalization of which was $1,262,500, all of which
except the initial investment of $14,000 represented the profit accumulated
from the time the partnership was started.
At the time of the inception of the company in 1906 it carried on a small
Importing and jobbing business, specializing in a general line of popular
priced and quick selling merchandise. Company now conducts its business
in its own home, located at 27-33 West 23rd St. and 8-18 West 24th St.,
N.Y.City, where it occupies nearly 100,000 sq.ft. of space, and has offices
and strong connections in practically all European and Asiatic markets,
adjacent to the manufacturing centres.
The company particularly imports a very large amount of notions and
-cent
fancy goods and other popular priced merchandise sold by the 5 and 10
stores and department stores throughout the United States and Canada,
and with the growing sales in these lines the sales and profits of the company
should correspondingly increase.
Sales and Earnings.
-Average sales for the past four years have amounted
to $6,925,993. and the earnings for the past four years (fiscal years ending
June 30) were as follows:
1923-24.
1924-25.
1921-22.
1922-23.
Earns, before taxes and
$339,189
$322,191
divs. on Pref.stock_ _ $325,800
$455,718
120.437
127,106
Taxes & diva. on Pf.stli_
129.325
143,904
218.751
195.085
Avail.for Common stock
311,814
196,475
The average net profits for the four years after alloWance for depreciation and for Federal taxes computed at 1924 rates were equal to over 4%
times the annual dividend requirements on the $1.000,000 1st Pref, stock,
and for 1924-25 were over 4% times the annual First Preferred dividend
requirements.
Convertible,
-The 1st Prof. stock is convertible at the holders' option on
10 days' prior notice, at any time up to and including Aug. 1 1929(notwithstanding said stock may have been previously called for redemption), at
the rate of 2% shares of Conunon stock for each share of 1st Pref. stock.
Balance Sheet as of June 30 1925 (After New Financing)•
-Liabilities
Assets
$204,248
Cash
8120,i91 Accounts payable
400,000
Accounts receivable
1,273.225 Notes payable
Acceptances under cornNotes & trade acceptances
mercial letters of credit- 218.185
307,074
receivable
13.142
Merchandise inventory_
1.240,972 Due to affiliated company
19.745
Reserve for Fed. tax, 1925
Furniture and fixtures,less
21,993 7% 1st Preferred stock_ -- 1,000,000
depreciation
Other assets
37.183 7% 2d Preferred stock_ -- 200.000
Common stock (75.000
946,018
shares)
Total (each side)
$3.001,339
VOL 121.
Comparative Balance Sheet.
AssetsJune 30'25. Dec. 31'24.
LtabilUies- June 30'25. Dec. 31'24.
Property account_81,151,216 $1.169,783 Capital stock_-__:$3,062,792 $3,000,000
Trade-marks and
Acct's payable_ _ _
47 364
51,634
good-will
1,449,574 1,449,373 Fed'i tax reserve__
13,780
26,696
Cash
128,128
254,275 Deprec. reserve.. _ 202,30S
236,133
Investments
209,510
erofit and loss stirAcc't rec. (cust'rs) 131,177
see x
216,583
plus
58,408
Inventory
173,046
199,423
Def'd chgs., leaseholds & organization expenses.
83,434 Total (ea. side, _73,326.240 $3,372,871
83,585
x Including surplus.
-V. 120, p. 822.
Olympia Theatres Inc.
-Listing.
There have been placed on the Boston Stock Exchange list, as of July 23,
certificates of deposit in temporary form, representing 170,978 shares
Common stock and 20.518 shares Preferred stock deposited under Famous
Players
-Lasky Corp. Purchase Agreement, with authority to add thereto,
on notice of issuance, Certificates of deposit not exceeding 6,522 additional
Common shares and 2.355 additional sharer Preferred stock and with
further authority to substitute Certificates of Deposit in permanent form
when prepared. Depository: Atlantic National Bank.
-V. 120, p. 2952.
-Tenders.
Oswego Falls Corp.
The Equitable Trust Co. trustee, 37 Wall St., N. Y. City. will until
Aug. 17 receive bids for the sale to it of 1st Mtge,8% Sinldng Fund Gold
'
bonds, due Feb. 1 1942. to an amount sufficient to exhaust $68.756 at a
price not exceeding 108 and int.-V. 119, p. 704.
Pacific Mills, Lawrence, Mass.
-Earnings.
6 Mos.end. June 30-1925.
1924.
1923.
1922,
Net sales
$27,795,502 $17,122,685 $25.045,282 $11,076,339
Net profit after expenses,
depreciation. &c
530,303loss1,368,930 2,759,485
27,383
-V.120, p. 2691.
Paige-Detroit Motor Car Co.
-Earnings.
Consolidated profit and loss account for the period from Jan. 1 to June
30 1925 (subject to adjustment at end of year):
-Quarter Ended-6 Mos.End.
•
Mar.31 '25. June 30'25. June 30'25.
Sales, less returns, cars, parts, &c.,
Including inter-company sales
516,380.726 $21,696,600 $38,077,327
Cost of sales, incl. inter-co. costs..
14,449,025 19,013,862 33,512.888
Gross profit, eliminating inter-co.
profit
51,881.701 $2,682,738 54.564,439
Selling, admin.& general expenses_ _ _ 1,196.559
1,151,134
2,347,694
Net operating profit
Miscellaneous charges (net)
Federal income tax
$685.142 $1,531,604 $2,216,745
25,342
29,424
54,766
82,000
187,000
269,000
Net income
$577,799 $1,315,180 $1,892,979
Profit and Loss Account.
-Common stock and surplus Dec. 31 1924.
$7,516,993: net income 6 months 1925. 51.892,979; Federal tax adjustment,
$35,677; adjustment incident to liquidation of Paige Ohio Co., $2,524:
total. $9,448,174. Deduct: Common diva. (cash), $364,500; Pref. diva.,
577.770: total, 5442.270. Equity of Common stockholders as at June 30
1925, represented by 615,000 shares of no par value, 59,005,904.
Comparative Balance Sheet.
June 3025,Dec. 3124.
June 3025. Dec.31'24.
Assets$
Liabilitiess
8
5
Real estate
1,092,593 1,092,593 7% cum. pfd. stk. 2,195,800 2,337,500
Bldgs.,mach.,tools
Com. stk. & surp_29,005,904 7,516,993
dr equipment-x4,297,297 4,448,124 614% serial gold
.
•
Cash
3,772.740
800,638
deb. notes(1925Collection drafts_ 1,759,724
739,734
115: 0
00
1927)
2,008; 44 2,500 497
4100
00
Notes receivable__ 470,991
428,647 Oper. reserves__
Acc'ts receivable_ _ 1,101,275
480,115 Notes payable.._ 250,668
192,902
Sundry receivables 134,683
324,423 Accounts payable., 3.225.821 1,998,568
Inventory
4,799,679 5,612,693 Cash diva. declared 222,927
219,378
Investments
y99,295
283,529 Acer'd liabilities_ 8797,904
456,978
Def.& prep.chges. 523,514
845,875
Other assets
66,198
221 447
Totsifeach side) 18,117,969 15 337,817
a Including unpaid portion of 1924 Federal income tax, 5100.001, and
accrual for months ended June 30 for the year 1925. 5269,000. x After
deducting $1,330.509 for depreciation. y Except investment in PaigeJewett Cars, Ltd., which is caeried at $1. z Represented by 615,000 shares
of no par value.
-V. 121, p. 339. 209.
Pan-American Petroleum & Transport Co.
-President Resigns.
Herbert G. Wylie has resigned as President and Director.
His suc-
cessor has not been elected to date.
-V. 121. p. 594.
-Free-Equip. Trusts Offered.
North American Car Co.
Peck
yield from couver, Logging Co. Ltd. (and George A. Peck), Vanman & Co., New York, are offering at prices to
B. C.
-Bonds Offered.
'
-Freeman, Smith & Camp
43% to 5.40%, according to maturity, $500,000 5% Equip. Co. Portland Ore., are offering at 100 and int. $125,000
Trust Gold certificates, Series of 1925.
1st Mtge. 7% Sinking Fund gold bonds.
'
Principal and dividends unconditionally guaranteed by the North Ameri-
can Car Co. to be issued under the Philadelphia plan. Irving Bank-Columbia Trust Co., New York. trustee. Dated Sept. 1 1925. Payable semiannually in serial instalments of 525,000 each from Mar. 1 1926 to Sept. 1
1935, both incl. Denom.$1,000, c*. Red. as a whole at 101 and div. Both
principal and dividends are to be paid without deduction of normal Federal
income tax not in excess of 2% per annum. Certificates and div. warrants
(M.& S.) payable at the offices of the trustee.
-Secured by deposit with the trustee of title to 150 new standard
Security.
refrigerator cars, equipped with full, heavy steel underframes and all metal
trucks, and fitted with beef rails and brine tanks for the transportation of
dressed beef; also 200 all-steel. 8,000-gallon tank cars now operating in
company's general service in the handling of petroleum and other liquid
products. American Appraisal Co. has recently appraised the cars to be
pledged under this trust at a sound depreciated value of $738,333 or 47.6%
In excess of the !present certificate issue.
Cornpany.-Was started in 1908 with an initial capital of $25,000 and consists primarily of the ownership, operation and leasing of refrigerator cars
and tank cars to railroads, meat packers, refining companies and shippers of
all kinds of perishable and liquid freight. At the present time the company
owns and operates 1,082 refrigerator cars and 1.381 tank cars. In addition
the company owns well equipped car building and repairing shops at Chicago,
Coffeyville, Kansas and West Tulsa, Okla., where repairs are made on its
own cars and general car repairing is done for railroads and private car
owners. Company also has storage facilities for petroleum products at
Chicago and West Tulsa, Okla., with a capacity of 8.400,000 gallons.
There are no mortgages or incumbrances on any of the company's plants
or real estate. The only funded indebtedness of the company consists of
equipment trust obligations secured by liens upon 1,634 of its car, including
the 350 cars of this issue, the revenue from which largely exceeds both
principal and interest requirements.
Earnings.
-Company has never had an unprofitable year since its organization In 1908. Net earnings of this and predecessor companies, not including subsidiaries, for 5 years ending Dec. 311924,available for fixed charges,
depreciation and Federal taxes were: 5295.557. 1920; 5223,160, 1921;
5268.230, 1922; 5450,398. 1923; 5292.165, 1924.
-To further develop the tank car and refrigerator car business
Purpose.
-V.119, p. 1516.
of the company.
Dated May 11925:due May 11933. Principal and int. payable M.& N.
in U. S. gold coin, at offices of Freeman, Smith & Camp Co., in Portland
and San Francisco, without deduction for 2% normal Federal income tax
and any Canadian taxes, present or future. Entire issue callable by lot,
all or part, at 103 on int, dates with 30 days' notice, if not purchasable in
the market at less. The Yorkshire & Canadian Trust, Ltd., of Vancouver,
B. C., trustee. Denom. $100. $500. $1.000.
Company.
-Owns timber on eight British Columbia surveyed perpetual
timber licenses (each license approximating one square mile in area) tributary to Frederick Arm, Estero Basin and Bute Inlet, carrying approximately 105.000,000 ft. of high grade timber, 54% red cedar, balance fir,
hemlock and larch. At the logging camps on Frederick Arm and Estero
Basin the company owns and is operating logging and other equipment
adequate for an annual output of 10.000.000 to 12,000,000 feet of logs.
Purpose.
-To complete payment for timber, pay all other outstanding
indebtedness and provide the company with ample working capital.
Sinking Fund.
-For the first three years. at the rate of $2 per 1,000 for all
woods, and at the rate of $2 25 per 1.0100 after the third year, payable as
timber is cut and delivered, on official British Columbia Government scale:
also 13. cents per lineal foot for poles, 2 cents for piling and $1 50 per cord
for shingle bolts. Sinking fund payments to be used solely for the purpose
of retiring bonds by purchase In the market or call by lot at 103. No
sinking fund money shall be used to pay premiums or interest.
(J. C.) Penney Co., Inc.
-July Sales.
Increase. I 1925-7 Mos.-1924.
Increase.
81,128,8491541,549,827 534.417.370 57,132.457
1925
-July
-1924.
55,881.017 84,752,168
T. 121, p. 594, 209.
Pennok Oil Co.
-Earnings.
1925.
$1,405.761
282,924
1924.
1923.
51.056.137 $2,349,083
187,981
232,292
Net income from oil sales
51,122.837
Net income from gas and misc. sales_
64.019
Profits on invest.,int., discount,&c
48,806
$868,156 $2,116.792
51.624
117,501
57,275
131.874
Gross earnings
51.235.662
-New Officers. Loss on abandoned leases, &c
Oceanic Steamship Co., San Francisco.
Announcement is made by the company of the creation of an executive Interest
67.500
staff to manage Its traffic activities. The three members of the group are Depletion and depreciation (est.)_ _ _ _ 1 447.753
Hugh Gallagher, appointed Operating Manager; M. F. Cropley. Freight Res. agst. Pref. charges & misc. losses'
Manager. The Dividends paid
Traffic Manager, and H. N. Thomas, Passenger Traffic
112,500
new appointments are in effect Sept. 1. Headquarters of the executive
Balance before Federal taxes
group are to be in the Oceanic Building, 2 Pine St., San Francisco, Calif.
$607,909
-V. 120, p. 3324.
-V. 104, P• 7 .
68
5977.055 52,366.166
93.214
-Earnings.
Nunnally Co.
6 Mos. Ending June 30Net operating profit
Other net income
kr
Total net profit (excl. of Fed. taxes)
1925.
$43.038
27,075
1924.
$40,646
16,217
$70,113
$56,863
Six Months Ended June 30Gross income from oil sales
Direct oper. and general exp
1294.344
1 28,441
187,500
454,070
150,000
5466,770 $1,668,881
Penn Seaboard Steel Corp.-Sales-Earnings.-Quar.Ended June 30- -6 Mos. End. June 3°1925.
1924.
1925.
1924.
$732.891 81,099.892 51,695,269
$454,513
25,073
123,327
81,947
140.743
Net sales
Bal., def., after charges_
-V. 120, p. 2691.
AUG. 8 1925.]
THE CHRONICLE
719
-Balance Sheet.Philadelphia Insulated Wire Co.
Pierce Petroleum Corp.
-Earnings.-Quarter ended- Mos. End.
6
LiabilitiesJune 30'25. Dec. 31'24.
June 30'25. Mar.31 '25. June 30'25.
Cap. acct. (25,000
$2,378,706 $1,958,400 $4.369,650
shares)
$1,393,641 $1,393,641 Gross profit
1,620,212
3,386,073
Reserves for taxes_
20,714
19,738 General administrative expenses. &c_ 1,765,861
Int. & exp. on funded & floating debt..
49,330
86,233
36.903
Accounts payable_
1,325
Prov. for uncoliectible accounts
11.700
34,300
46,000
Reserve for bonus_
5,000
195,159
157,948
360.786
8,442 Depreciation
Res,for bad debts_
8,442
Dividends declared
50,000
50,000
Net profit
$356.656
$109,037
$4 0.558
Accrued wages_ __
1.950
1,018
1$11
128,798 -V. 121, p. 2101
Total (ea. side)_S1,632,211 $1,602,572 Surplus account__ 152.067
-p. 120, p. 3324.
(The) Plaisance, Chicago, Ill.
June 30'25. Dec. 3124.
AssetsProp. & good-will_ 944,894 $939,942
73.709
120,729
Cash
232,302
Notes dr acc'ts rec. 181,676
376,707
352,306
Inventories
4,311
8,203
Prepaid Ms.& taxes
-Earnings.
Phillips-Jones Corporation.
Income Account for Six Months Ended June 30 1925.
Net sales
Expenses, Federal taxes, arc
1925.
$5,011,912
4,727,397
Profit
Other income
$284.515
112,532
Total Income
Interest
$397.047
13,786
4383.261
Net profit
x This compares with net profits of $48,499 for same period of 1924 and
$513,752 in 1923.
On June 30 1925 there were no bills pa.yable outstanding and there were
net current assets of approximately $4.956,544.-V. 121, p. 595.
-Stocks Sold.
-Spencer
Pie Bakeries of America, Inc.
Trask & Co. and J. & W. Seligman & Co. announce the sale
of $1,100,000 7% Cumulative Pref. (a.& d.) stock (par $100)
at 98 and div. and 15,000 shares of Class "A" stock (no
par value) at $45 per share.
7%Cumul. Pref. Stock.
-Dividends payable Q.
-J. Preferred as to assets
up to $110 per share and div.in event of voluntary liquidation, and $100 per
share and City. in event of involuntary liquidation. Red. all or part on any
div. date upon 30 days' notice, at $110 per share and div. Corporation
cannot redeem any of its Class A stock so long as any of the Pref. stock is
outstanding. Transfer agent: Seaboard National Bank, New York; registrar: Bank of America, New York.
Convertible.
-Convertible into voting trust certificates representing Class
B stock on the basis of 2% shares of Class B stock for one share of Pref.
stock at any time prior to Oct. 1 1927; 2 shares of Class B stock for one share
of Prof. stock from Oct. 1 1927 to Sept. 30 1930 incl., and 134 shares of
Class B stock for one share of Prof. stock from Oct. 1 1930 to Sept. 30 1933
incl.
-Entitled to cumul. div. at rate of $4 per share per annum
Class A Stock.
after payment of all dividends on Prof. stock, and entitled to participate
eanally and ratably with Class B stock in further dividends not exceeding
92 per share per annum after dividends to the amount of $1 per share have
been paid on Class B stock in any year. Dividends 'payable Q.
-J. In
event of dissolution or liquidation, Class A stock is entitled, after payment of
the full preferential amounts to the holders of the Prof. stock, but before
any distribution is made upon Class B stock, to be paid the sum of $70 per
share and accrued dividends. Red. all or part on any div. date upon 30
days' notice, at $70 per share and div., provided no Prof. stock shall be then
outstanding. Transfer agent: Seaboard National Bank, New.York; registrar: Bank of America, New York.
-It is the intention of the management to inaugurate dividends
Dividends.
on the Class A stock at the full cumulative rate of $4 per share, beginning
Oct. 1 next.
Data from Letter of William Bittles, President of the Company.
Business & Properties.-Incorp. in Delaware Aug. 3 1925, to acquire
assets, property, burness, good-will of the following pie making concerns:
(a) Wagner Pastry Co. (Mrs. Wagner's Pies), Newark. N. J.• (b) Consumers Pie & Baiting Corp., Brooklyn, N. Y.; (c) Jochum Bros. Inc.,
Long Island City, N. Y.:(d) Case & Martin Co., Chicago, Ill.; (e) Littler
Pie Co,Chicago, Ill.; (f) Harriss Bros. Pie Co., Inc., Chicago, Ill.; (g) New
England Pie Co.(incl. State Realty Co.), Detroit, Mich.
Daily sales, cash dealings, quick turn-over and volume of production are
the fundamental factors in the pie making business, as in the bread and cake
industry. Inventory losses are reduced to a minimum, as there is little
accumulation of raw material and practically all of the output is disposed of
daily.
CapitalizationAuthorized.
Outstanding'
7% Cumul. Prof. stock (par $100)
$10,000,000
$2,000,000
Class A stock (no par value)
300,000 shs.
75,000 shs.
Class 13 stock (no par value)
*500,000 shs.
90,000 shs.
*250,000 shares reserved to provide for conversion of Prof. stock.
Corporation has no funded indebtedness of any description except real
000
estate mortgages aggregating $322, .
-The $2,000.000 of 7% Cumul. Pref. stock, 75,000
Purpose of Issue.
shares of Class A stock and 90,000 shares of Class B stock are being issued
to acquire all the properties and assets of the several concerns included in
the unification and to provide additional working capital.
-The consolidated sales and net profits of the companies which
Earnings.
will constitute the company after giving effect to uniform depreciation rates
and deducting Federal incomes taxes at the present rate, for the 2 years and
4 months ended April 30 1925 as certified to by Arthur Young & Co., New
York, were as follows:
Sales.
Na Profits.
$5,148,207
1923 -$435,460
6,254,410
1924
471.757
1925 (4 mos.)
2.166,887
196,355
-Bonds Offered.
-S. W.
Straus & Co., Inc., are offering at prices to net 5.75% to
6.10%, according to maturity, 00,000 1st Mtge.6% Serial
Coupon bonds.
Dated July 1 1925; serial maturities. 2 to 15 years. Denom. $1.000.
$500 and $100c*. Bonds and coupons payable J. & J. at ooffices of S. W.
Straus & Co.; callable at 102 and int. 2% Federal income tax paid by
borrower, Plaisance Hotel Co. Straus Trust Co. Chicago, trustee.
Security.
-Bonds will constitute a direct closed first mortgage on the
Plaisance Hotel property,consisting ofland with a frontage of approximately
176 ft. on Stony Island Ave. and approximately 150 ft. on 60th
and
an eight-story hotel building. The Plaisance Hotel is well known and
St..
successful, with a good record of earnings. It is a well-constructed,
reinforced concrete, fireproof building. On the ground floor there are
four retail shops, all of which are leased to desirable tenants. The hotel
contains 283 rooms, which are divided into 126 furnished apartments of
especially modern and complete equipment. The bathrooms have built-in
tubs and showers, with tile floors. Each apartment has a kitchenette with
gas range, kitchen cabinet, and ice-box.
Income.
-During the past three years, the actual net annual earnings
from the hotel, before depreciation, and available for the payment of
interest, have averaged $109,392. Earnings on this basis are much more
than sufficient to take care of the requirements of this bond issue.
Pond Creek Pocahontas Co.
-Listing.
-
There was placed on the Boston Stock Exchange list on July 23 temporary
receipts for $1.250,000 10
-year 7% Cony. Debenture Bonds, dated May 1
1925 and due May 1 1935.-V. 120, p. 2412.
-Bonds.
Pure Oil Co.
The instalment of $3,000,000 534% serial bonds due Aug. I were paid
off at the office of Guaranty Trust Co., ew York, out of idle funds.
This leaves $6,000,000 outstanding.
-V. 121. p. 85.
Quincy Market Cold Storage & Warehouse Co.
Dividend Rate Cut from $8 to $6 Per Annum.
After paying dividends at an annual rate of $8 since Feb. 1922, the company has been forced to reduce the rate to $6 a year. Explaining the cut,
the company declared that in its fiscal year to March 31 profits had been
i3re
ch
is $3,ou s a on
500.000 of 1 1 parpertsta nding.although '
r
0
dilldends'o(f)ahwere tphaeirde.
(g)
for the first quarter of this fiscal year were somewhat less than in the
corresponding quarter last year, and the directors feel that the dividend
should be reduced rather than that surplus should be drawn upon.
(Boston "News Bureau.")
-V. 116. p. 3005.
Mg.
1113
Red Seal Refining Corp.
-Notes Offered.-Trov, Gra.,
ham & Co., Inc., Chicago, are offering at par and int.
$100,000 1-Year 1st Mtge. Lien 6% gold notes.
Dated May 15 1925; due May 15 1926. Int. M.& N. Denom. $1,000
and $500. Red. all or part at any time upon 30 days'notice atpar plug a
premium of 1% if redeemed prior to Nov. 15 1925, thereafter at par and int.
Title Guarantee & Trust Co.. Tulsa, Okla., trustee. Interest payable
without deduction for normal income tax not to exceed 2%.
-Owns and operates a complete modern refinery located at
Corporation.
Oklahoma City. Principal products are gasoline, kerosene, fuel oil and
lubricating oils; supplying 35 filling stations in addition to regular interState business. Properties owned comprise the refinery, located at Oklahoma City. Present capacity 4,000 barrels per day, which will be increased
to 7,000 with a portion of the proceeds of this loan. Company owns in fee
two filling stations located in the downtown section and owns the buildings
and equipment on nine leased properties, in addition to owning all equipment of 24 privately operated filling stations.
-Operating earnings of the corporation have averaged in excess
Earnings.
of 6 cents per barrel with restricted output. It is estimaated the minimum
earnings for the year ending April 30 1926 will be in excess of $60,000 net
after interest, depreciation and taxes.
Purpose.-Proceods will be used to retire $30.000 current obligations,
complete certain improvements now under construction and to provide
approximately $50,000 additional working capital.
Remington Typewriter Co.
-Earnings.
1925.
Six Mos. End. June 30
Net profits after deprec.,
taxes, int. & reserves_ $1,036,209
-V. 120, p. 2559.
1924.
$762.553
1923.
$773,410
1922
$413.177
-Earnings.Replogle Steel Co.
-Quarter ended- Mos.End.
6
Sales, ry. oper. rev. & other income_
Costs and expenses
Total income
Miscellaneous charges
Depreciation
June 30 .25. Mar.31 '25. June 30'25.
$1,441,294 $1,107,644 $2,548,938
1,082,751
924,239
2,006,989
$358.543
102,722.
48.206
$183,405
99,390
65,791
$541,949
202,112
113,997
Net income
Annual average
$18,224
$207,615
$225.840
$472,959
$5,815,502
The average net profits as shown above for the 2 years and 4 months
Comparative Balance Sheet.
ended April 30 1925 averaged 3% times the annual dividend requirements of
June 30'25 Dec.31 '24
June 30'25 Dec431'24
0
Assets3
$
Liabilutes$
the $2,000.0 07% Cumul.Prof.stock. After deducting the annual dividend
$
requirements of the $2.000,000 7% Cumul. Pref. stock the average net Prop., plants, &c.16,125,648 16,152,591 Capital stock
16,450,090 16,450,090
profits are in excess of the sainual requirements for the cumulative dividend Cash
435,625 1,180,687 ''' Equity minority
Call loans
400,000
stockholders_ _ _ _
924
2.872
of $4 per share on the 75.000 shares of Class A stock presently to be
standing. Based upon the results of the first 4 months of the year, out- Accts.& notes rec. 709.457
832,321 Funded debt
it is
2,465,000 2,626.000
estimated that the net profits for the full year of 1925, after preferred divi- Accts, rec. affil.cos
15,682
13,294 Current liabilities_ 330,503
506,078
dends, will be equal to more than 1 yi times the $4 cumulative dividend on Adv. to salesmen..
1,050
2,400 Der'items in swap.
39,517
1,708
Inventories
2,155,116 1,833,843 Res. & accruals_ __ 228,486
the Class A stock.
298,310
The unification of the several concerns under a single management will U. S. Govt. secs
63,000
63,000 Surplus
1,081,330
880,426
permit of a stalardization of general policy and manufacturing processes, Inve tments
,
341,686
283,582
403.766
Tot.(eaeh side)_20,595,851 20.765,486
a co-ordination of advertising effort and a more economical purchasing sys- field clelrge.s. &c_ 348,587
naturally result in operating and merchandWng economies
-V 120. p. 2280.
*Warren Foundry & Pipe Co.
tem and will be reflected in
increased profits. In addition, the profits are
should
which
Reynolds Spring Co.
-Earnings.
expected to reflect the steady increase in production resulting from the
is
constant growth in population in the vast territory served tulip
{Including its subsidiary, General Leather Co.]
3Fid1idateUBaianCe Sheei4prii 30 1925 -77 ter riesent Pinancing).
0
.
-3 Mos. end. June 30- -7 Mos. end. June 30Assets.
1925.
Liabilities and CapitaI.
Period1924.
1925.
1924.
A $479,982 Notes payable
$31,794
$142,256
$107,262
$231,583
$245,333 Net earnings
Cash
1 104,576 Accounts payable
66,656
Accounts rec., less res.
28,048
130.276
43,048
293.381 Less-Depreciation
'
2,784 Installments 002nd mtge.__
90
Federal taxes
13,038
5,112
22,327
Notes receivable
15,000
,,
20,200 Pay-roll, taxes & int.am._ _ _ _
41,160
U.S. Gov't securities
800 Accr. Fed. taxes 1924 & 1925_
1oss334,952
Net income
$101,169 los428,126
$166,207
Interest receivable
55,401
606,858 Mortgages payable
Inventories
Comparative Balance Sheet June 30.
307.000
21,662 7% Cumul.Prof.stock
1925.
1924.
Assets2,000,000
LiabilitiesLite insurance
1924.
1925.
76,423 Class A & B stocks dr sur
Marketable securities
4,200,000 Land, bides., &c._$4,317,768 $4,138,143 Pref."A"stock_- $140,000 $140,000
11,332
patents & g'd-will. 450,000
450,000 Fret."B"stock_ _ _
Other investments
19,100
19,100
12.000
265,819
710,290 Gen. Leather PreSpecial deposits
Cash_
. 10,300
Mortgage receivable
Notes & trade Scferred stock_ _ __ 276,200
276,200
160,023
1,554
7,406 Corn. stk. dr surp_x4,687,841 4,938,540
Deferred charges
ceptances rec'le_
578,520 Funded debt
Property, plant & equipment., 3,369,165
Acc'ts receivable__ 443,872
1,200,000 1.200,000
2,281,169 Total(each side)
807 Accts. pay
Goodwill, patents, &c.
57,157,276 Accr'd int. receiv_
153,001
62.867
1,362,201 1,133,068 Acer.sal.& wages_
20 164
13 220
Inventories
-Balance Sheet.
Oil Corp.
Pierce
3,669
Unadjusted claims
Accr.bond int. &c_
13,000
16,750
June 3025 Dec.31 '24
June 30'25 Dee.31'24 Investments
266,953
273,765 Corn. dive. pay
44,352
Liabilities$
$
64,284
40,582 Res. Fed. taxes_$
Def'd debit items_
27,209
87,939
Assets
Preferred stock_ _ 15,000,000 15,000,000 Sinking fund
44,493
44,493
52,675
ILIA. com.red.,&e_
Treasury stock__
13,311
Common stock_ _29,622,831 29,622,831
1,639
Res. for doubtful
Cash
3,323
accts
35.173
x Investment.....34,917,817 34,919,456
9,658,882 9.658,882 Tot.(each side).44.622,831 44,622,831
Res.for deprec._ _ - 681,066
485,128
Deficit
Total(each side) 57,228,798 57,332,584 Miscell. res.
7,890
-V.
z 1,103.419 shares of capital stock of Pierce Petroleum Corp.
x Represented by 387,958 shares of no par value.
-V. 121, p. 86.
p. 210.
121,
720
THE CHRONTCILE
[vol. 121.
-This issue will be secured by a closed first mortgage on all the
Security.
land, buildings,furniture and equipment of the company,including the new
to retire the present Preferred and addition about to be erected. Upon completion of this addition the propThe stockholders on Aug. 7 voted
Common stocks and issue new stocks in exchange as per plan in V. 121, P. erty of the company, subject to the lien of this mortgage, will represent
a value of over 95,250,000,of which this issue is less than 58%. This valua340. 86.
tion is arrived at as follows:
St. Francis Hospital (St. Francis Hospital Properties Land appraised by the Atlantic City Real Estate Boardpresent$1,725,000
Appraisal made by Manufacturers Appraisal Co. of
-American Securities
-Bonds Offered.
Co.), San Francisco.
1.919.361
buildings, equipment and furniture
1,615,000
Cu., San Francisco are offering at prices to yield from 5% New addition, alterations, equipment and furniture at cost sinking fund
Sinking Fund.
-Mortgage will provide for a semi-annual
to 6% according to maturity $900,000 1st (Closed) Mtge. beginning Jan. 1 1927 to acquire by purchase or call 850.000 of bonds dur6% Secured Serial Gold Bonds.
ing 1927. 975.000 each year 1928 through 1930, and 3100.000 each year
purDated June 15 1925; due serially June 15 1926-1945 incl. Interest thereafter. Interest on the bonds in the sinking fund will be used to will
fund
payable J. & D. in San Francisco, without deduction of normal Federal chase or call additional bonds, and it is estimated that the sinking
American Bank, Trustee. Callable retire a minimum of 81,800,000 par value of bonds by maturity.
income tax, not exceeding 2% at The
Earnings.
-Based upon previous experience, the management estimates
all or part on any int, date on 60 days' notice, at par and int., plus a
addiof
premium of 3 of 1% for each year or fraction thereof by which maturity is that the enlarged hotel for the first year following the completionfor the
interest,
and int. Denom. tion to be constructed will show earnings of $836.000 available
anticipated, but in no case at a greater price than 105
sinking fund. Federal income taxes and depreciation, which is over 4 times
$1,000 and $500 c*. Exempt from California 'Personal property tax.
-These bonds will be secured by a first closed mortgage on land the maximum interest charge on this issue of bonds.
Security.
Purpose.
-Proceeds will provide funds for the retirement of the present
and improvements at Bush and Hyde Sts., San Francisco. appraised as
outstanding mortgage indebtedness, and for the construction costs of the
follows:
$370 250 improvements described above. The balance remaining will be used for
Howell
Land-by Harry C. Jenkins, Esq. of Baldwin &
additional working capital.
Depreciated replacement value dimprovements by Lindgren &
1,583,864
Swinerton. Inc
(Isaac) Silver & Bros. Co., Inc.
-Gross Sales.
Minimum cost of additional office building to be constructed at 250,000
Increase.
1925
-July-1924
Increase.I 1925-7 Mos.-I924.
once out of proceeds of this issue
9411,469
91,556,378
$335,280
5264.706
970,574181.967.847
$2,204,114 -V. 121. p. 340, 87.
Total after completion of additional office building
The amount of bonds authorized and presently to be outstanding is
Simmons Co.
-Increases Profit $1,000,000 in 7 Months.
$900,000. so that based upon the above values the issue represents a 41%
A statement issued by the company Aug. 3, says: In June. 1925. the
loan.
carried on its Company made more than twice as much net profit as it made in June. 1924.
In addition, the Company owns furniture and equipment
This profit was
for State and local
allowance for depreciation
books on May 15 1925. at $326.560, and linen, silverware, crockery. &c.. taxes but before afterdeduction of Federal taxes. and is one of the two
June
the
of portions of
carried at 8119.091. The trust indenture permits the release proportionate poorest months each year.
the property upon payment of sums well in excess of the
Company's profits for the first 6 months of the present fiscal year were
amounts loaned thereon, these payments being applied to the retirement of $2.010,376 after a reserve of $526,677 had been set aside for depreciation.
bonds.
This was $836.256 more than was earned in the first half of the previous
.-The average net earnings available for interest charges, after fiscal year.
Earnings
months
city and county taxes, but before depreciation, for the 3 years 41i
The June net earnings after reserve for depreciation and State and local
ended May 15 1925. were 8156,082, which is at the rate of 2.89 times the taxes are 9295,460 this year against 8143,316 last year.
months ended
maximum interest charges on these bonds. For the 414 annual rate of
In the first 7 months of the present fiscal year commencing Dec. 1924
which is at the
May 15 1925, they are shown as $66,450.
that the 'he company's net profits are 'practically 31,000.000 greater than they were
$177.201 or 3.28 times such interest charges. It is expectedbuilding.
last year and this increase has been made without
increase in the volume
earnings will be augmented by the income from the new office construct of business and during what is normally the dullany of the year.
half
mortgages,
Purpose.
-Proceeds are to be used to retire existing
The Company is looking forward to an equally satisfactory percentage
the new office building and for other corporate purposes. of $100.000. for of increase during the balance of the fiscal year.
-V. 121. P. 471. 211.
Company.-Incorp. June 3 1904, with a paid-in capital
training
the purpose of establishing and conducting hospitals, sanitariums,
Sinclair Consolidated Oil Corp.-CInges Unit.
The
nurses and office buildings for physicians and dentists. 1911,
schools for
The company's plant at Cushing (Okla.) has suspended operation.
in
growth of the business necessitated removal to its present location
In response to inquiries regarding the closing of the plant. E. W. Sinclair.
since which time it has expanded steadily.
and President of the company, said he did not attach any significance to the
Company owns a modern 6-story fire-proof hospital building of steel the action as the plant is the smallest gasoline unit it owns. Mr. Sinclair says:
patients, at
concrete construction, with accommodations for 325 adjoining which Is "This is the only skimming plant we have, and when operated at capacity
northeast corner of Brush and Hyde Sts.. San Francisco, also owns 2 fire- it makes about 4% of our gasoline output. The plant was shut down
a Nurses' Home of Class "C" construction. Company physicians. An temporarily about two weeks ago. The Cushing refinery is not operated
proof steel and concrete office buildings for the use of
continuously and is more or less an auxiliary unit. Part of the putput was
additional office building will shortly be erected containing at least 6 for export. Our other refineries are running practically at capacity and
stories and costing not less than 9250.000.
handling more crude oil than ever before."
-V. 120, p. 2825.
-Recapitalization Plan.
Richmond Radiator Co.
Savage Arms Corp.-Earnings.-
.
-Quer. End. June 30- -6 Mos.End. June 30$255,
11398234:968
1925.
•1925.
9451,067
950
Net earns, after charges_ 9276,126
-V.120, p. 2692.
-Bonds Called.
Schoen Steel Wheel Co.
Thirty-seven First Mtge. 5% gold bonds, due March 1 1926. of $1,000
each, have been called for payment Sept. 1 at par and int., at the Girard
Trust Co., Phila., Pa.
-V. 120. P. 968.
Soule Mills, New Bedford.
-Extra Dividend.
-
The directors have declared the regular quarterly dividend of 92 and an
extra dividend of 930 per share, both payable Aug. 15 to holders of record
Aug. 7.-V. 89, p. 230.
Sound View Garden Apartments (Grasdon Bldg.
-Bonds Offered.
-George M.
Corp.), Mamaroneck, N. Y.
Forman & Co. New York' are offering•at 100 and int.
Serial Gold Bonds.
$535,000 1st Aitge. 6
-Earnings.
Seagrave Corp.
Dated Aug. 1 1925; due (semi-annually) Aug. 1 1927-1935. Federal
sales of
The company reports for the 6 months ended June 30 1925 netp. 3325 Income tax up to 4% paid by the borrower. Penn. 4 mills tax, Mass. 6%
. state income tax. Conn. 4 mills tax. Maryland
414 mills tax, District of
$972,246 and net profits, after all charges, of $129.144.-V. 120,
Columbia 5 mills tax, and Virginia 53.4 mills tax refunded. Denom. 9100.
-July Sales.Sears, Roebuck & Co., Chicago. Mos.--1924 Increase. $500 and $1.000 c*. Bonds and int. coupons (F. & A.) payable at Anglo1025-7
Increase
South American Trust Co., trustee.
1925--.1u/y--1924
816,981,648 and int, in reverse of numerical order. Callable on 60 days notice at 103
$17,073,406 613,416,437 63.656.96911135.315.866 8118,334,218
two
-At the option of the investor these bonds can be uncondiGuaranty.
The company proposes to open a retail store in Evansville. Ind., and
-V. 121, p. 87.
tionally guaranteed.
additional branch retail stores in Chicago this fall.
-This loan will be legal for trust fund
Legalfor Trust Funds in New York.
Investment in the State of New York. upon completion of the building.
-Earnings.
Seiberling Rubber Co.
of
The property known as the Sound View Garden Apartments is located
reports for the 6 months ended June 30 1925, net profit
The company
the entire In the town of Mamaroneck, N. Y. The building will be centered in a
9429,478, after all charges, which compares with net profit for
on Livingston Ave., 145 ft. on Fenimore
large corner plot facing 220
year 1924 of 91,013,022.-V. 120, p. 1339.
Road and 241 ft. on the west party line. The loan Is secured by a closed
-Trustee.
first mortgage upon the above described land and buildings owned in fee.
Shamokin Anthracite Coal Co.
of an
The Bank of America, New York, has been appointed trusteebonds. The bonds are also a first lien on the net earnings. The property has been
appraised at over 9850.000.
authorized issue of $825.000 7% Collateral Trust Sinking Fund gold
The net annual income from the entire property after deducting all
-Earnings.
operating and maintenance expenses and making liberal allowances for
Shattuck Arizona Copper Co.
1923.
1929.
vacancies, is estimated to be $90,000 per annum, or more than 234 times
1925.
Quarter Ended June 30$119,698 the greatest annual interest charges on the bond issue.
$84.266
$60,854
Copper bullion
38.992
12.015
11,948
•Gold and silver at market
149,319
-Earnings.
Spear & Co.
178,141
112.835
Lead settlements from smelter
8,413
8,979
8,561
Interest
Income Account for Six Months Ended June 30 1925.
170
510
Dividends
_ $5.542.212
Net sales __-___________________________
$198.106
9316.422 Net after expenses
$283,572
$194,708
Total
36.807
992.301 Interest__
$82,259
968,656
Operating expenses, copper
20,162
Federal taxes
119.894
155,584
130,596
-Operating expense, lead
7,592
4,502
5,236
Adfinistrative expense
Net profit __________________________________________ $141.137
996,635 -V. 120, p. 8tli.
$41,226
Net Inc.,plus depr.,deplAdef.deyel loss$9,782
earn-Earnings.
Spicer Manufacturing Corp.
The results on lead are based on actual smelter settlements. The silver
1922.
1924.
1923.
1925.
ings on copper are obtained by inventorying copper at 1434c. per lb.,
6 Mos. End. June 3086.692,001 97,878,915 $4,459,876
p. 210.
Not
at $20 per ounce.
-V.121.
Net sales
at 60c. and gold
5,552,782
3,395,672
6,394.069
available.
Cost of sales
Sold.
-Bonds
Shelburne, Inc., Atlantic City, N. J.
Redmond & Co., New York; Stroud & Co., Inc., and Bank
.of North America & Trust Co., Philadelphia, have sold at
100 and int. $3,000,000 1st (closed) Mtge. 63/2% 15-Year
Sinking Fund Gold bonds.
Dated July 11925; due July 1 1940. Prin. and int. (J. & J.) payable at
New York Trust Co., New York, trustee. Red. all or part (with int.)
1
on any int. date on 30 days' notice at a premium of 5% on or before Julyat
1928; thereafter at a premium of 4% to and incl. July 1 1931; thereafter
thereafter at a premium of 2%
a premium of' 3% to and incl. July 11934;
to and incl. July 1 1937; and thereafter at a premium of 1% to and incl.
Jan. 1 1940. Denom. 31.000 and $500 c*. Company agrees to pay interest without deduction for Federal income taxes not exceeding 2%; to refund
the Penn. State tax not exceeding 4 mills, the State tax in Conn. not exceedmills
ing 4 mills per annum, the Maryland securities tax not exceeding 434 on
per annum and the Mass. Income tax not exceeding 6% per annum
Income derived from the bonds, and the Dist. of Col. intangible personal
property tax not to exceed 5 mills annually.
Data from Letter of Pres. Jacob Weikel. Atlantic City, July 91.
-Owns in fee simple the Shelburne Hotel in Atlantic City,
Company.
ft. on the BoardN. J., together with the hotel site having a frontage of 150 immediately adMichigan Ave. and a depth of 400 ft.; also a lot
walk at
has an unobstructed
joining in the rear, 6$ ft. by 100 ft. The Shelburne
view of the ocean.
in 1922.facThe hotel at present consists of a modern building completedan older sec121 baths, and
containing 121 rooms
ing the Boardwalk.rooms and 90 baths. and of the older building will be
Part
140
tion containing
dpmolished and in its stead an addition will be erected containing 163 rooms
be modernand 153 baths; the remaining rooms in the older structure will will contain
ized. Upon completion of this program the Shelburne Hotel sun parlors,
lounges,
396 rooms and 333 baths, with extensive dining rooms,
&c., as well as stores on the Boardwalk. The site will permit future expansion through the ultimata replacement of the remainder of the older
building and by building upon space now unoccupied.
Gross profit
Miscellaneous income
81,206.256 81,139,219 81,484,846 81,064.204
67.105
79,585
27,456
52,901
Total gross profit - -- $1,259,157 91,218,804 $1,551.951 $1.091.660
375,966
230,469
352.522
254.997
Admin.,sell. & gen. exp_
176,189
168,468
139,195
37,991
Interest and discount__ _
Net profits before Fed$703,643 81,030,961
9685.002
$966,169
eral taxes
The statement for the six months ended•June 30 1925 does not include
earnings of Sheldon Axle & Spring Co., which has been contracted to be
sold.
-V. 121, p. 471, 341.
-Statement by S. S. Kresge.
Stern Bros., New York City.
8. S. Kresge, asked for a statement on the sale of his holdings of Stern
Bros. Common stock, issued the following:'
"Shortly after bankers effected a recapitalization of Stern Bros. and
offered an issue of Class A and Common stocks. I was offered a substantial
block of the Common stock and was invited to become a member of the
executive conunittee of the corporation. In the purchase of this stock I was
making a personal investment and not one for either the S. S. Kresge Co.
or Kresge Department Stores, Inc.
"It will be recalled that when Kresge Department Stores, Inc., was
organized. I made the statement that many of the merchandising methods
which made such a success of the five-and-ten-cent store business, could be
applied equally as well to the department store business.
'When Mr. Mundhelm, who was designated as President of Stern Bros..
returned from Europe, the various phases of the department store business
were discussed; after several discussions of this nature, an opportunity to
sell my holdings was presented and in view of the fact that I never invest
any substantial amount of capital in enterprises unless I can have the full
direction of the business policy of the conern. I disposed of my holdings,
feeling that I could more profitably devote my time and capital to the
further development of Kresge Department Stores, Inc. As I obtained a
substantial profit for my holdings, I sold out, and that is all there is to the
-V. 121. P. 598.
situation."
AUG. 8 19251
THE CHRONICLE
Pr Stillwell-Long Beach Co.
-Bonds Offered.
-Leo G. MacLaughlin Co. and Southwest Bond Co., Los Angeles, are
offering at 100 and int. $525,000 1st (closed) Mtge.7% Gold
bonds.
721
Angeles,together with the Class A office,store and theater building situated
thereon. The office building portion, 12 stories in height. is called the
Edison Building, being almost entirely occupied by the head office and
various departments of the Southern California Edison Co. The theater
portion is known as Grauman's Million Dollar Theater. The ground floor
corner is occupied by one of the stores of the Owl Druk Co. The land has a
frontage of about 120 ft. on Broadway, by about 194 ft. on Third Street,
and is leased for 90 years at a cost to lessee of $40.000 per year. The
reproduction cost of the building has been estimated at an average of
$1 229,000.
Earninos.-Entire building will be leased to Famous Players-Lasky Cent
until 1942, which is beyond the life of this bond issue, at a rental of $160,000
per year. This lease as well as all sub-leases will be deposited with the
trustee as additional security for these bonds.
Dated Jan. 1 1924; due serially Jan. 1 1928 to 1938. Payment of prin
cipal and Interest unconditionally guaranteed by Chas. H. Stillwell and
Fred C. Stillwell. Denom. $1,000 and $500 c5 Red. all or part on any
.
Int. date for first 4 years at 105 and Int.; the premium thereafter decreasing
% for each 12 months elapsed. Int. payable J. & J. at Hellman Commercial Trust & Savings Bank. Los Angeles, trustee, or its correspondent
bank, N. Y. City, without deduction for normal Federal income tax up to
2%.
security.
-These bonds are secured by a first closed mortgace on both
land and building on the northwest corner of Cedar Avenue and West Third
Timken Roller Bearing Co.
-Extra Dividend.
Street, Long Beach, Calif. Upon this corner is being constructed a 10
An extra dividend of 25c. per share has been declared on the outstanding
story and basement reinforced concrete Class "A" building, which will
capital stock of no par value, in addition to the regular quarterly dividend
contain a fireproof basement garage with area approximately 150x150
of 75 cents per share both payable Sept. 5 to holders of record Aug. 19.
feet and adequate for 100 cars: 7 stores and apartment hotel lobby on the
ground floor, and 261 rooms with adequate baths, &c., on the 9 upper floors. Like amounts have been paid quarterly since Sept. 1923.
Earnings 6 Months Ended June 30. 1925.
Earnings -Based on rentals considerably below the existing rates for
1924.
1923.
less attractive property and allowing 10% for vacancies, the gross annual Net earns. after Fed. taxes, deprec.
& all charges
63,983,243 $3,046,491 $4,554,301
Income from this property would he approximately $145.000. After oper-V. 120, p. 2561, 2413.
ating expenses, estimated at $35.000 per year, a net return of $110,000 would
be available for bond interest and amortization. This amount is more than
Transcontinental Oil Co.-Earnings.ample to take care of all charges and allow for any emergency.
-Qr, End. June 30- -6 Mos. End. June 30Sun Oil Co.
Period-Submits Offer to Federal Court to Acquire
1925.
1924.
1924.
1925.
Gross income
$5,316,453 $3,824,284 $9.443,504 $6.723,783
Control of Assets of Go-Gas Co.
-Earnings.
Operating expenses
4.223.867
3.531.779
6.063,952
7.172.947
See Go-Gas Co. above.
Expenses and interest_
364.436
287.475
703.737
781,465
Deprec. & depl
6 Months ended June 30250,000
500.000
1925.
Net income after depr., deple. and Federal taxes
$2,529,001
Net profit
6478.150
45.030 $1.066,820xloss$121.634
.
.
x Before depreciation and depletion.
-V. 121, p. 341.
Superior Steel Corp.
-Balance Sheet.Trent River Textiles Ltd., Trenton, Ont.-Debenture
AssetsJune 30'25. Dec. 31'24. Liabilities- June 3025. Dec. 31'24.
Plants and bldge.,
Common stock $4.154.223 $4,154,223 Stock Offered.-DominionDevelopment Corp., Ltd.,Toronto,
'
less res. for depr.$4,180,446 $4,245.605 hit Mtge.68
2,606,000 2,606,000 are offering at par and int. (carrying
Cash
a bonus of one share
770,243
825,323 Accounts payable_
86,580
88,017
Bills & accts. rec._ 391,596
no par value Common stock) $1,200,000 1st Mtge. 7% Con519.292 Wages acer
49,490
Inventories
1,546.690 1,483,848 Int. on bonds.
6,515
vertible Debenture stock.
V.S. Govt. oblIg'n 200.000
200.000 Dividends payable
75,000
Treasury stock, &o
Dated Apr. 2 1925. Due Jan. 2 1928. Int. A. & 0., payable at Roya
34,044 Reserve for taxes_
16,902
70.270
Deferred charges
Bank of Canada, Montreal, Ottawa, Toronto. Denom. $100 and any
312.683
217,365 Surplus
481,949
531,967 multiple thereof.
Total (ea. side).37,401,657 37,525,477 Total
Conversion of Debentures.
-Debenture stock will be convertible on Jan. 2
$7,401,657 37,525,477
-V. 121, p. 597.
1928 as follows: Each holder of Debenture stock (par $100) will receive one
bond of the par value of $50. maturing on Jan. 2 1938 and bearing int. at
Surf & Sand Club of Hermosa Beach.
-Bonds Offered.
- rate of 7% per annum, payable half yearly, and one 8% Pref.
(Par
Security Co. and Bayly Brothers, Inc., Los Angeles, are $M. The dividends on the 8% Preferred shares are cumulative share payand
able semi-annually. The
first charge against the property
offering at prices ranging from 100 and int. to 1013 and int. and the Preferred sharesbonds will be theto priority both as to assets and
will be entitled
%
to yield from 6% to 7% according to maturity $250,000 1st dividends over the Common shares. The 8% Preferred shares are redeemable at $55 per share.
(Closed) Mtge. Serial 7% Gold bonds.
Capitalization Authorized and Outstanding (on Completion of Financing Now
Dated May 11925: due serially May
in Progress).
1 1927 to
M.& N.at Security Trust & Savings Bank, Los 1938 inc. Interest payable
Angeles, trustee. Denom. 7% First Mortgage bonds, due 1938
61.000 and $500 c*. Interest payable without
$600.000
deduction for normal Federal 8% Preferred shares
income tax not exceeding 2%. Red. upon
$750,000
50 days'
up to May 1 1928 at 103 and int., and thereafter notice on any Int, date Common shares (no par value)
25,000 shs.
at 105 and int.
Company.-Incorp. under the Ontario Companies' Act in April 1925 for
Security& Appraisals.
-This issue will be secured by a first closed mort- the purpose of dyeing, spinning, knitting and
gage upon real property
weaving of worsted material
equipment and furnishingsvalued conservatively at $545,000, exclusive of into the finished fabric and manufacturing of cloth and knit goods. Comright, title
will be also included under(the mortgage),and interest of the Club in which pany will acquire a site in Trenton, Ont., on which will be built a modern
the
costing approximately $130,000. and up-to-date mill to take care of the var.ous operations
making a total valuation of $675.000.
The real estate has been recently carried out. Satisfactory arrangements have been made withwhich will be
appraised for the underwriters at
the
$120.000. The building (now practically Trenton, Ont., which will prove of advantage to the company. Town of
completed), will cost approximately
$425,000.
Contract.
-A contract has been entered into with the Dominion DevelThe Club.
-Surf and Sand Club of Hermosa
Beach is a non-profit corpora- opment Corp., Ltd., wherein the Dominion Development Corp. agree to
tion organized under California laws
for the purpose of providing a sub- furnish the company with $250.000 working capital and provide funds to
stantial and modern club building
where members and their families may the company to pay interest on their debentures until the conversion period,
enjoy in comfort the advantages of Hermosa
Beach, an exclusive year round Jan. 2 1928.
seaside residential colony, without
the
Profits.
-Conservative estimates indicate annual net surplus earnings
which attend individual home ownershipdisadvantages and inconveniences
or seasonal house renting. There of $238,000, equal to over $9 50 per annum on each share of Common stock.
are now over 800 members.
Directors.
-A. E. Rea, President (Dominion Combing Mills. Ltd.):
Club Property.
-The Club building has an ocean frontage of 210 ft. by
a Major-Gen. R. Rennie (director, Dominion Combing Mills. Ltd.). Toronto:
depth of 80 ft. It is 7 stories in height and
is
three floors being of steel and concrete and the substantially built, the first Edward N. Wilkes (Pres. Edward N. Wilkes & Co.), Buffalo; Robert R.
of reinforced concrete construction. There remaining upper floors being Rogers (Dominion Devei. Corp.. Ltd.), Toronto. A. Ashworth. Gen.
bath connecting each suite, tile swimming are 124 sleeping rooms, with Mgr., Trenton. Ont.
lounge, library and ample service facilities pool, spacious dining room and
for members and helm
Tulsa Warehouse Co.
-Bonds Offered.
-Lorenzo E. An(The) Symington Company.-Earnimas.
derson & Co. and Taussig, Day, Fairbanks & Co. Inc.,
Quarter Ended
6 Mos. end. St. Louis, are offering at prices to yield from 5% ' 6%,
to
June 30 '25. Mar.31 '25. June 30'25.
Gross manufacturing profit
$334,737
$537.056
$871,793 according to maturity, $100,000 1st Mtge. 6% Real Estate
Shipping expenses
4,866
9.261
14,127 gold bonds.
Selling expenses
133,998
139,828
273,826
General and administrative expenses_
Dated July 1 1925; due serially Jan. 1 and
42,808
35.688
78 496 $1,000 and $500. Principal and in (J. & J.)July 1 1926-1935. Denom.
payable at American Trust
Net profit from operations
Co., St. Louis, o., trustee. Callable at 103 and int, in inverse numerical
$153,065
$352,279
$505,344 order.
Interest earned
7,329
1,354
8,683
Rent, discount and mLscell. income-Guaranty.
-Guaranteed by endorsement
1,590
2,230
3.820 by Orra E. Upp (President) and his wife.both as to principal and interest
Total income
Company.
-The property
$161.985
$355,863
$517,848 North Cheyenne St. with a of the company has a frontage of 175 ft on
Capital stock and franchise taxes
depth of 140 ft. It is located in downtown
599
599 Tulsa, and is only two blocks
Interest paid
4,448
7,419
11.867 buildings are of the best type offrom the Union Station. The warehouse
Miscellaneous deductions
fireproof, reinforced concrete construction.
20,848
3,439
24,287 The main building,
Federal income tax
17,086
43,051
60,137 and basement with which was constructed In 1919. consists of four stories
double elevator system, fire doors, Sze., and contains
Net profit after taxes
1,050,000 Cu. ft. The annex, which was built in 1924. consists of two
$119.603
$301.355
$420,958 stories and basement and contains
The above figures subject to adjustment.
-V. 120. p. 2159.
252,000 Cu. ft. Both buildings are so
constructed as to permit the addition of several stories. The property has
Telautograph Corp.
recently been appraised at $217,500.
-Earnings.Income.
-The property is leased to the Tulsa Storage & Transfer Co. to
-Qr.
Ended-- -6 Mos. June 30
-PeriodJan. 1 1930 at $30,000 per year. Under the terms of the lease the lessee
June 3025. Mar, 31'25
.924.
Gross income
agrees to make all repairs. The
$142,766
6289;336
$259,151 taxes, which last year amounted to only charges against the property are
Administrative expense_ $146,570
$3,346, leaving a net return of $26,653.
10.586
9.608
20,195
20.016 This net return is approximately 414 times the maximum interest
Selling expense
19,339
19.819
charges
39,158
35.563 on this loan and more than 6 times the average
Installation
7.641
interest charges thereon.
7.84215,484
14,774 It is also more than 2% times the average principal
Maintenance
33,287
33,863
and Interest charges on
67.150
65,747 the loan for the first 915 years. The Tulsa Storage & Transfer Co.
Engineering
,
3,959
3,732
is the
7.691
Depreciation
7,994 largest concern of its kind in Tulsa, and operates
22,549
21.338
a general storage and
43.887
50,089 moving business.
leilisc.exps.& extra.items
2,152
1.981
4,134
7,831
Int.& taxes other than
Purpose.
-Proceeds will be used for the retirement of various obligations
Fed. taxes
incurred in the construction of the building.
1.350
1,374
2,725
Federal taxes (est.)
4,170
5,713
5.401
11,114
6.619
Union Twist Drill Co.
-Tenders.
-Net profit
J. Henry
$39,993
$37,806
$77.799
-v. 121. p. 471. 88.
$46,338 bids for the Drury. Treasurer, at Athol, Mass., will until Aug. 17 receive
sale to the company of Preferred stock sufficient to absorb
$49,277.-V. 120, p. 3326.
Texas Co.
-Not to Exercise Carib Option.
The company has notified the; Carib Co., which
United Alloy Steel Corp.
--Balance Sheet June 30.that it has elected not to exercise its option to controls Carib Syndicate,
purchase 51% of the stock
of the Carib Co.
1925.
1924.
-V. 120. p. 1893.
1925.
1924.
Assets
Third & Broadway Building Co.
x Property accts-23,504.910 24,359.319 Preferred stock_z10.000.000 10,000,000
(Edison Bldg.), Cash
2,609,258
Common stock_y4,525.000 4,525.000
Los Angeles.
-Bonds Offered.
-Hunter, Dulin & Co., Alvin U.S. Govt. secur_ 276,850 2,180,946 Notes payable.__ 500,000 2,750,000
273.375
H. Frank & Co., and California
Notes & accts.
4,099,398 3,684.680
os Angeles are offer- Inventories rec_ 9,294,230 9.962,619 Accounts payable_ 2,264.531 1,656,500
Dividends payable
ing at 100 and int. $659,000 1st
57,750
57,750
Co.,Singe. Leasehold 63.% Investments
511,260
440,256 Accrued tax. St Int. 388,224
310,792
Serial Gold Bonds.
Treasury stock___ 7,225,000 7,225.000 Reserves
1,998,142 2,136,502
Other assets
590,713
Dated July 2 1925: due serially July 1927-1941.
693.384 Surplus
28,479.283 27,549,862
Denom. $1,000 c*. Deferred assets__ 101,312
166.827
Interest payable J. & J. at Citizens Trust &
Savings Dank. Los Angeles,
trustee, or Anglo & London Paris National Bank,
San Francisco. Callable
Total
48.212,930 48,986.406
all or part on any int. date on 30 days notice at
Total
48.212.930 48,986,406
103 and int. Interest
payable without deduction for normal Federal
x After depreciation. y Represented by 800,000 shares of no par value.
income tax up to 2%.
Compony.-Ilas been incorporated in California
z Authorized amount of which there is $3,300,000 outstanding.
-V. 121,
by Famous Players p.
Lasky Corp. for the purpose a acquiring the property
598.
(below). All of the
stock of the Company,except directors' qualifying
shares, will be owned by
United Cigar Stores Co. of America.
Famous PlayersIcy Corp.
-Earnings.
Security.
-Secured by a closed first mortgage on the
Sts Months Ended June 301925.
1924.
1923.
the real property at the southwest corner of Third leasehold interest in Net profits after Fed, taxes, int., &a. $2,853,860 62,212,059 $2.010,019
and Broadway, Los -V. 120.
P. 3078.
[VOL 121.
THE CHRONICLE
722
The land purchase contracts and mortgages cover land valued at S2,309.-Acquires Box Co.
United Shoe Machinery Corp.
them. This equity increases
the Hoague- 311 in excess of the balances payable upon
The corporation has purchased a controlling interest in Lynn, Mass. the total security for this issue of bonds to over $16,300.000.
A large part of the land purchase contracts is the obligation of resposnible
Sprague Corp., manufacturers of wood and paper boxes, of the stock
mortgage the company will
H. Morton lloague and Charles F. Sprague have retained 49%
contract. In affiliated interests. Under the terms of the
10
and will continue to manage the business under a 10-year nufacturing agree to maintain with the trustee valid land contracts and mortgages rebox-ma
years the Hoague-Sprague Corp. bought out
ceivable at all times equal to the outstanding bonds of this issue.
recent
they
companies in different cities, including one in Brooklyn, N. Y., where p.
Purpose.-ThLs issue of bonds is being sold for the purpose of retiring
-V. 120,
certain corporate obligations, redeeming an issue of land trust certificates,
obtained patent rights on automatic box making machinery.
taking up purchase money mortgages, and for other purposes.
2809.
Sinking Fund.
-The indenture provides for annual sinking fund payments
-Earns.
United States Distributing Corp.(& Subs.). 1924.
commencing in 1927 which will, at the maturity of this issue, have entirely
1925.
-V. 119, p. 2190.
Six Months Ended June 30$21,412,238 liquidated the debt.
$19,427.182
Total receipts
$421,784
-Dividend No. 2.
Warner Bros. Pictures, Inc.
Net earns, after exp., deprec. & depletion & taxes.. 1415,075
The directors have declared the regular quarterly dividend of 37%c. a
-V. 120, p. 2281.
share on the outstanding Class "A" Convertible stock (par $10), payable
---Buys Malaya Property.
United States Rubber Co.
An initial distribution of like amount
Co., has pur- Sept. 1 to holders of record Aug. 20.
The company, through its subsidiary, the General Rubber about 6,000 WM made on June 1.-V. 121, P. 212.
from Belgian interests the Gurun Estates, comprisingcorporation's
chased
of the
-Bonds Offered.
West Disinfecting Co., N. Y. City.
acres in Malaya. This property is adjacent to sometotal holdings were
where
other rubber-producing acreage in Malaya, the newly acquired area is Ames, Emerich & Co., New York, are offering at 100 and
acres. A substantial proportion of
22.000
planted and a good part of it will be in production beginning some time int. $800,000 1st Mtge. Sinking Fund 6% Gold bonds.
the Far
Dated July 1 1925: due July 1 1940. Principal and int. (J. & J.) payable
next year. U. S. Rubber Co.'s total plantation holdings in p. 598. East
-V. 121.
In New York without deduction for normal Federal income tax not in
prior to the acquisition were around 110,000 acres.
part, on any int. date
per
- excess of 2% and annum. Red., all or105 and int.: thereafteron.30 days'
at 105 less
United Verde Extension Mining Co.-Quar. Report.
notice up to
incl. July 1 1930 at
Total.
June.
May
3.6 of 1% for each year or part thereof elapsed since July 2 1930. Denom.
Copper Output (Lbs.)- April.
3,130.812 10,566,422 $1,000, $500 and 16100c*. Company will refund the Penna. 4-mill tax
3,625,252
3,810,358
1925
and the Conn. personal property tax not exceed 4 mills per dollar per
3.140.036
3,809.584
1924
3.517.744 11.035.916 annum. Equitable Trust Co., New York, trustee.
3.759.012
3.759.160
1923
-The outgrowth of a business founded 43 years ago, is the
Company.
1 25. Jul,/ 1 24.
July
$361,948 most prominent concern in the United States engaged solely in the manu$1,888,532
Cash on hand
3,425,476 facture and distribution of disinfectants and other products used in the
market value 3,421,277
,
Liberty bonds(par value 83,363,950),
100.000 science of sanitation. It has 38 branches in the United States and Canada.
357.060
United States Treasury certificates
connections in foreign countries, and more than 650 employees. Customer
President J. S. Douglas says: "You have been advised of unsettled accounts exceed 50.000. Products manufactured or distributed comprise a
our earnest entax matters, which condition continues notwithstanding
wide range of disinfectants, antiseptics, cleansers, fumigators. insectleides,
deavors to have them settled fairly. To set up an equitable and Just soaps, paper towels and various sanitary appliances. Customers include hosthe
basis of taxation in our state we have been compelled to resort to
pitals, schools, railroads, offices, factories, restaurants, retail stores, theatres
-V. 121. p. 212.
courts."
and homes.
Company owns valuable, well-located properties in New York and
-Earnings.
Universal Pictures Corp.
Chicago. It also has near completion on its New York porperty, which
reports for the 6 months ended May 9 1925 net profits of is practically at the intersection of Queensboro Bridge and the Long island
The company
After taxes and dividends
concrete imilding
$1,427.154, compared with $810.680 last year.
stock. against Viaduct, an additional five-story and basement reinforced Company now
on Preferred stock a balance of $1,058,754 for the Common 96.
with a total floor area of approximately 75.000 SA ft.
$519.345 for the corresponding period of 1924.-V. 120, p.
owns approximately 61,500 sq. ft. of land at this site, in addition to factories
an office building and laboratories.
-69th Quarterly Report.
Utah Copper Co.
In Chicago company owns a site on Cottage Grove near 26th St. with
The report covering the second quarter of 1925 shows:all sources for the an area of about 22,001)sq. ft., and a three-story mill construction building
-The total net prodgction of copper from
Production.
having a total floor area of approximately 65,000 sq. ft.
quarter Is shown below in comparison with the output for the first quarPurpose.
-Proceeds will be used to pay for the completion of the new
terly period of 1925:
and to supply additional working capital.
2d Quar. 1925. 1st Quer. 1925. building, to retire bank loans, provides for a semi-annual sinking fund
Sinking Fund.
-Mortgage
17.803.096
53,409,289
Net pounds copper produced
beginning July 1 1926 sufficient to retire $550,000 of these bonds before
17,902,894
17,803.096
Average monthly production_
maturity.
During the quarter the Arthur plant treated 1,496.000 dry tons of ore
-Net earnings, after depreciation and all other charges,
Earnings.
of 3.103,and the Magna plant 1.607.200 dry tons, a total for both plants
except Federal income taxes, exclusive of income from outside investments
incl.,
200 dry tons.
and the and profits from the sale of capital assets, for the years 1916 to 1924
The average grade of ore treated at the mills was 1.03% copper 87.08% follow:
was
8216461:047239
$446.45511922
average mill recovery of copper in the form of concentrates and 85.82% 1916
$253,23411919
copper
1
120,094 1923
of that contained in the ore, as compared with 1.08%
254.325 1920
917
214 200
146,358 1924
recovery, respectively, for the previous quarter.
389,166 1921
copper produced, including deprecia- 1918
The average cost per pound of netfixed and general expenses, and after
These earnings do not include a total of $21 .375 dividends received
& Paper Co., Inc..
tion of plant and equipment and all
cents, as com- from 1920 to 1924 incl., on the stock of Bedford Pulp
crediting gold, silver and miscellaneous earnings. was 8.4 the same basis. and $2,471 net gain on the sale of capital assets.
8.6 cents for the preceding quarter, computed on
pared with
-Earnings.
Weston Electrical Instrument Co.
Financial Results of Operations.
The company reports for the six months ended June 30 1925 net income
-3 Mos.End. June 30-- -6 Mos.End. June 301924.
1925.
V. 120. p. 3078.
1924.
1925.
after all taxes and charges of $342.112.Net profit from copper
Wheeling Steel Corporation.-Earninos.$2,343,443 $1,956,008 $5,107,943 $3,675.722
production
-Quar. Ended June 30- 6 Mos End
Misc. income, incl. gold
June 30'25
1.165.508
1,293,333
568,518
1924.
1925.
707,178
and silver
200.000 Net after Federal taxes
150.000
$997,029 $4,131,698
100,000
$2,017,611
75,000
Singh. & Carl. By.div_
1,679,046
798,364
845,043
Deprec'n & exhaustion of minerals-857,775
369,650
425,475
$3.125,622 $2,624,526 86.551,276 85.041,230 Interest
Total income__ _ _
573,407
592,819
288.947
298.570
Depreciation
8747,093 loss$170,985 $1,594,877
Net profit
168,229
98,724
69,359
82.827.052 $2,335,579 $5,958,457 84,467,823 Preferred "A' dividend
Surplus
958,786
563,992
394.794
dividend
1925 are computed on the basis of
Earnings for the second quarter offor copper, as compared with 14.27 Preferred "B"
$467,862
13.53 cents per pound carrying price
$282,940 def$833,701
Surplus
1925.
cents for the first quarter ofto stockholders of $1 per share was made on -V. 120. p. 3078.
A quarterly distribution
-Sales.
June 30 1925 and amounted to 81,624,490.
(F. W.) Woolworth Co.
was 2.245,347 cubic yards,
Increase.
The total capping removed during the quarter previous quarter.
1924.
1925.
Sales foras compared with 1,745.146 cubic yards for thetotal of 3.257,935 tons of Month of July
817.828.930 815,950,572 81,878,358
The ore delivery department transported aas compared with 3,229,805 Seven months ended July 31
119.125,211 107,242,852 11,882,359
tons per diem,
ore, being an average of 35.801
quarter.
The gain in old stores for July was $1,184,610, or 7.43%, and for the
tons and 35.887 tons, respectively, for the pervious of 490,109 tons of seven months was $6,052.869, or 5.64%.-V. 121, p. 215.
The Bingham & Garfield Ry. transported a total
diem.
freight, or an average of 5,386 tons per Cates, Vice-Pres. & Gen. Mgr.]
Young Women's Christian Association, Los Angeles.
(Signed: D. C. Jackling, Pres.; L. S.
-Security Co., Bayly Brothers, Inc., and
-Bonds Offered.
-V. 120, p. 2562.
-Tenders.
Co.
Utah Fuel
York City, will
The Guaranty Trust Co., trustee, 140 Broadway, New 5% Bonds due
Mtge.
until Aug. 25 receive bids for the sale to it of 1st $11,510 at prices not
exhaust
March 1 1931 to an amount sufficient to
exceeding 110 and int.-V. 120, p. 584.
-Extra Dividend of 50 Cents.
Oil Co.
Vacuum
50 cents a share in addiThe directors have declared an extra dividend ofshare on the outstanding
a
tion to the regular quarterly dividend of 51)cents holders of record Aug. 31.
payable Sept. 19 to
Capital stock, par $25, both
last.
Like amounts were paid on March 20 and June 20 dividends: On Dec. 20,
During 1924 the company paid the following extraon March 20, 25 cents.
cents; and
25
$1; on Sept. 30, 25 cents; on June 20.made in 1924, amounted to $3 75 per
Total distributions, including extras,
1923.V.120, p.3202
share, compared with a total of$250 per share paid in
-PearVan Sweringen Co., Cleveland.-Bohds Offered. & Co.
soils-Taft Co., the Tillotson & Wolcott Co. and West Coll.
&
are offering at 100 and int. $6,500,000 1st Mtge.
Trust Sinking Fund 6% Gold bonds.
$500 and $100 cs.
Dated Aug. 1 1925. due Aug. 1 1935. Denom.$1.000,
Guardian Trust Co.,
Principal and int. (F. & A.) payable in Cleveland at
Red. all or
trustee. Interest also payable in New York and Chicago.
payable without deduction
part on 30 days' notice at 102 and int. Interest
property tax of any
Personal
for normal Federal income tax up to 2%. of 5 mills in any case, and the
State under any present law, not in excess
of such interest per
Mass. Income tax on the interest not exceeding 6%
annum, refundable.
President of the Company.
Data from Letter of M. J. Van Sweringen,
-Messrs. 0. P. and M. J. Van Sweringen, director and PresiCompany.
continuously and successdent, respectively, of the company, have been sale of property in Shaker
fully engaged since 1905 in the development and this time 2.650 acres of
Heights, a part of Greater Cleveland. During
of $23.000,000. Exland have been sold for a consideration in excess
authorities, the public
penditures made by the company, the municipal district are estimated
the
service corporations and property owners within
at approximately $40.000,000.
obligation of the
-In addition to being a direct and general
Security.
by a direct first mortgage
company, this issue of bonds is specifically secured secured by land, and by
pledge of purchasers' obligations
on land, by the
Mortgage note of the Clevethe pledge of all of the capital stock and First
land Interurban RR., valued as follows:
85.377.803
Land
6,534.539
mortgages
Land purchase contracts and Cleveland Interurban RR
2.109,707
stock of
First Mtge. note and
$14,022.049
Total
Banks, Huntley & Co. are offering at 100 and int. $700,000
1st Mtge. 63/2% Gold bonds.Aug. 1 1930-1940. Denom. $500 and
Dated Aug. 11925. Due serially
Trust & Savings Bank,
$1,000. Prin. and int.(F.& A.) payable at Securitydate upon 60 days' noLos Angeles. trustee. Red. all or part on any int. entire issue of bonds, a
tice at 103 and int. In redemption of less than the to be selected by lot.
proportionate amount of each serial maturity is
•
Exempt from personal property tax in California.
These bonds are secured by first (closed) mortgage on the real estate in
of the Young Women's Christian Association
fee (both land and buildings)
o Los Angeles,including its 5-story Class"A"administration building, later
toae used as the health unit of the Association, and the new 13-story
buildCia7a"A"steel and reinforced concrete women's hotel,store and office ading, to be erected on Figueroa St. immediately in front of the present
ministration building.
This property is situated at 941 South Figueroa St., opposite the Plait
house and Friday Morning Club Building. It has a frontage of 70 ft. on
approximately 335 ft. to Cottage Place. The
Figueroa St. and runs back
.
property has been appraised as follows Land, $210.000; present administration building (the health unit), $140,000: new building (contract price),
,40011
8758.000, representing a total investment of $1,108,000.
store
Estimated net annual earnings from all sources, including hotel, rethree times the maximum annual interest
and office rentals, are over
requirequirement or over one and one-half times the largest annual fixed
ment for payment of both principal and interest.
CURRENT NOTICES.
-Ralph A. Bard, formerly of Hitchcock, Bard & Co., announces the
105
formation of the investment banking firm of Ralph A. Bard & Co.,
So. La Salle St., Chicago. Telephone Randolph 6950. The company will
of original issues of bonds,
specialize in the underwriting and distribution
notes and investment stocks.
Child & Levering, investment securities, Chicago, announce that hereafter the business of the firm will be conducted by Gerald R. Child &10o.
at the same address.
-II. C. Burt & Co. announce that the main office of the firm has been
at
moved to Austin, Texas, and that the branch offices will be located
Houston, Dallas, Chicago, and New York.
that
-Harrison, Smith & Co., New York and Philadelphia, announce
William Elliott, lately of Wood, Struthers & Co., has joined their organization to specialize in railroad bonds.
-The Equitable Trust Co. of New York has been appointed transfer
agent for the stock of General Gas & ElectriclCorp. of Delaware.
723
THE CHRONICLE
AUG. 8 1925.]
Atports
awl
pacnistents.
PUOUSHIED AS ADVIDITI*****TS
GENERAL MOTORS CORPORATION
CONDENSED CONSOLIDATED INCOME ACCOUNT SIX MONTHS ENDED JUNE 30 1925 AND 1924.
1925
2d Quarter.
1st QuarterSales of Cars and Trucks—Units:
Retail deliveries by dealers to users
General Motors sales to dealers
135,766
155.315
Six Months. 1st Quarter,
260,613
233,912
396,379
389,227
1924
2d Quarter.
Six Months.
239.522
137,549
140.786
215,550
380.308
353,099
$143,971,744 $196,548,897 $340,520,641 $178,046,259 6136.380.415 $314,426,674
Net sales—Value
Profit from operations and investments, after all expenses incident
thereto, but before depreciation of real estate, plants and
626,315,502 $39.619.929 $65,935.431 628.261.034 613.053,201 $41,314,235
equipment
8,003.099
4,016,459
3,986,640
8.590.544
4,330,573
4,259,971
Provision for depreciation of real estate, plants and equipment_
622,055.531 635,289,356 657.344,887 624.274.394
Net profit from operations and investments
Less—Provision for:
Employees' bonus
Amount due Managers Securities Company
Employees' savings and investment fund
Special payment to employees under stock subscription plan
Interest on notes payable
$604.000
604,000
586,385
18.100
$1,812,485
61,295.000
1,295,000
576.106
978
$1.899,000
1,899.000
1.162,491
17,122
$3,165,128
$4,977,613
$9.036.742 633,311,136
$653,000
653,000
636,026 '
$1,000
1,000
434.303
$652,000
652,000
1,070,329
152,615
132,584
285.199
$2,094,641
$564,887
82,659.528
Less—Provision for United States and foreign income taxes
620.243.046 $32,124,228 $52,367,274 $22,179,753
2.625.000
5,907,000
3,679,000
2,228,000
88,471,855 830,651,608
3,370,000
745,000
Net Income
818,015.046 $28,445,228 $46,460,274 619,554,753
67,726,855 627.281.608
General Motors Corporation Proportion of Net Income
$17,811.239 $28.270,997 $46,082,236 $19,400,956
$7,666,034 627,066.990
$1,831,343
34,833
44.184
$3,656,042
69.324
94,405
$576,303
242.751
912,015
6576.325
242.751
912.015
$1,152,628
485.502
1,824,030
$1.910,360
Seven per cent preferred stock dividends
Six per cent preferred stock dividends
Six per cent debenture stock dividends
$1,824,699
34,491
50,221
$1,909,411
63.819.771
61.731.069
61,731.091
83.462.160
n15,900.879 n26.361,586 n42,262.465 n17,669,887 *$5.934,943 n23.604.830
Amount Earned on Common Stock
•Note.—If the General Motors Corporation's equity in the undivided
profits of Fisher Body Corporation (60%) and General Motors
Acceptance Corporation (100%) were included, the amount
$16,993,129 629,550,199 $46,543,328 $20.997,393
earned on the common stock would be
$7,153.308 $28.150,701
SURPLUS ACCOUNT.
$82,110,929 $90,270,006 682,110.929 $120,699,300 $132,176.113 $120.699,300
Surplus at the beginning of the period_a
General Motors Corporation proportion of Net Income, as per Income
27.066.990
:
7 666.034
19.400,956
17.811,239 28.270,997 46,082,236
Account
Capital Surplus arising through exchange of six per cent debenture
242,215
67,005
175,210
and six per cent preferred stock for seven per cent preferred stock
This amount transferred to reserve for sundrY contingencies by order
242,215
67,005
175,210
of the Board of Directors
$99.922.168 8118.541.003 6128.193.165 5140,100,256 6139.842.147 6147.766,290
Total
Less—Cash dividends paid on:
Seven per cent preferred stock
Six per cent preferred stock
Six per cent debenture stock
$3,656.042
69,324
94.405
$1,910,360
Common Stock:
March 12th ($1.50 on 5.161.201 shares in 1925)
June 12th ($1.50 on 5,161,248 shares in 1925)
61.824.699
34,491
50,221
$1,909,411
$3,819,771
$1,731,069
$7,741,802
7,741,872
87,741,872 815,483,674
$6.193,074
67,741.802
$7,741.802
Total dividends paid
Surplus at end of period_a
81.152,628
485.502
1.824.030
$1,731,091
$3,462,160
86,193.074
6.193,090
$Q,193.074
87.741,872
$576,325
242.751
912.015
$6,193,090
$576,303.
242,751
912.015
$1,831,343
34,833
44,184
$6,193,090 $12.386,164
87,924.181 815.848,324
$9,651,283 619,303,445
$108,889,720 8108,889,720 6132,176,113 6131.917.966 5131,917.966
$90,270.006
$9.652,162
$7.924,143
a In recapitalizing common stock issued under charter amendments adopted In June 1924, 651,615,990 of Surplus Account was capitalized, thus
reducing Surplus Account and increasing Common Stock Account by this amount.
•
CONDENSED CONSOLIDATED BALANCE SHEET AS OF JUNE 30 1925 AND DECEMBER 311924.
LIABILITIES. RESERVES AND CAPITAL.
ASSETS.
June 30 1925. Dec.31 1924.
June 30 1925. Dec.31 1924.
Current and Working Assets—
Current Liabilities—
628.119,158 522.974,631
Cash in banks and on hand
$119,140,468 $88.059,016 Accounts payable
Taxes, payrolls and sundries accrued not due-- 26,216.400 16.994.827
United States Government Treasury Certificates 10,067,187
5,866,311
8,849.336
United States Government Bonds
United States and foreign income taxes
10,167,407
Accrued dividends on preferred and debenture
Bight drafts with bills of lading attached, and
1.238,204
1,273,192
G. 0. D. items
stock
7.988,588
4,217,684
Notes receivable
2,128,054
3,015,084
$64,458.086 $47,073,973
Total Current Liabilities
Accounts receivable and trade acceptances, less
reserve for doubtful accounts (in 1925.
JUSCIWS-$1,690,529: in 1924, $1,231,988)
23.242,822
13,807.435
Inventories at cost or market, whichever is lower 79,065,438 97,201,686 Depreciation of real estate, plants and equipment 681,480,738 $76,901,026
1,411,608
860,343
Prepaid expenses
1.878,349 Employees' investment fund
1,272,679
15.018,043 14,520,350
Sundry contingehcies
899.102
1.899,000
employees
Bonus to
Total Current and Working Assets
6253,072,643 $208.179,254
699,258,124 593,732.086
Total Reserves
Fixed Assets—
Capital Stock—
Investment in affiliated and miscellaneous com6104,419,800 6102,250,800
panies not consolidated
672,030,503 $61,513,126 Seven per cent preferred stock •
2.795,300
2,258,200
Six per cent preferred stock
General Motors Corporation stocks held in
4,869,900
3,238.000
treasury
5,000,924 Six per cent debenture stock
7,723,269
stock no par value (5,161,599 shares).. 258,079.950 258.079.950
and equipment
283,026,516 288,940,448 Common
Real estate, plants
4,280,340
6,522,849
Deferred expenses
$367,995,950 $367,995,950
Total Capital Stock
Goodwill, patents, etc
22,398,222 22.414,317
Interest of minority stockholders in subsidiary
1,657.980
1,929,613
companies with respect to capital and surplus
108,889,720 82,110.929
Total Fixed A.ssets
6389.458,850 $384,391,664 Surplus
5478.815,283 8451.764,859
Total Capital Stock and Surplus
Total Assets
$642.531,493 $592,570.918
Total Liabilities, Reserves and Capital
$642,531,493 $592,570,918
•The Seven Per Cent Preferred Stock is preferred as to assets and dividends over all other stocks of the Corporation under charter amend
manta adopted June 16 1924.
724
THE CHRONICLE
[VOL 121.
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES-METALS
-DRY GOODS-WOOL
-ETC.
COMMERCIAL EPITOME.
23/20. for Cuba and 4.27c. for Porto Ricos. Sales of 20,000
bags of Cuba were made at 23/20. and 10,000 Porto Ricos
at 4.27c., both for prompt shipment. Some stress further
reductions in refiners' raw stocks. But it is argued that
the trade has bought about two weeks' requirements, which
Friday Night, Aug. 7 1925.
will make it unnecessary for them to buy refined for the
COFFEE on the spot has not been in any better demand time being at 5.40c.
The tone in
and prices have at times been largely nominal. No. 7 Rio The output for this year is muchthe trade was not cheerful.
larger than that of 1924,
2034(3.; No. 4 Santos 23 to 233/8c.; fair to good Cucuta 26 to as everybody knows, and expectations of a marked increase
2634c.; Honda 29 to 293/2c.; Medellin 2934 to 30o. Robusta in the consumption as prices sagged have been disappointed.
washed 21 to 21Me. Cost and freight coffee was steady on Granulated has fallen to 5.20c. and this, so far from stimulatthe 4th inst. with Bourbon 3s-4s 21.75c.; 4s 21.5004 part ing business, has made buyers more cautious than ever.
And as for futures, some intimate
Bourbon 4s, 21.750.; Bourbon 4s-5s 21.25c.; 7s-8s grinders long interest. Sales included a that there is a pretty large
part of a cargo of Cubas
18.10 to 18.60c.; Rio 7s 17.90o. for September shipment, to Holland at 12s. c. f. and more was offered at that price
to the Unit6d Kingdom. Javas afloat were offered at 15s.
Victoria 78-8s were offered for prompt shipment, steamer
named, at 183/2c. which is far out of line. Hamburg cabled 73'2cl. and American granulated at 16s. 3d. with demand
that arrivals of all kinds of coffee during July totaled 61,000, slow. Slicing of California beets is expected to start tomorrow, or about 30 days earlier than last year. Wednesday's
bags of which 22,000 were Brazilian. Deliveries 60,000 bags sales of raw sugar are said
to have exceeded 400,000 bags
of which 39,000 were Brazilian. Stocks on August 1st were on the basis of 2 9-16c. for Cuba c. & f. Some refiners
217,000 bags of which 50,000 were Brazilian. Arrivals in advanced prices to 5.50c., though some sold at 5.35 to 5.40c.
Latterly tired longs have sold futures. A cargo of 26,000
London,of all kinds, during July were 30,753 bags of which
2,669 were Brazilian; deliveries, 37,621 of which 952 were bags of Cuba for August shipment sold to a New Orleans
refiner at 2 19-32c.
Brazilian. Stocks on August 1st were 213,979 of which and one to a Gulf c & f., a cargo to the South at 2 19-320.
Port refiner at 25 c. for late
%
13,070 were Brazilian. Laneuville states the world's visible ment. There was also a sale reported of a cargo August shipof Cubes for
supply at 5,120,000 bags against 5,003,000 on July 1st and August shipment to the United Kingdom at 12s Xd. Some
4,345,000 a year ago. The world's deliveries in July were 50,000 bags of Cuban granulated were it is said being loaded
1,521,000 bags against 1,731,000 in July, 1924 and1,165,000 at Cardenas for shipment to Queenstown for orders, thence
to the Continent. Refined sold fairly here at 5.35c. Cuban
In 1923.
ports receipts for the week were
Futures advanced on covering of shorts, though at times the previous week, 29,417 last42,965 tons against 49,740 in
year and 18,086 two years
the Brazilian cables were rather lower than expected. The ago; exports for the week 87,890 tons, against 72,421 in the
markets here and in Brazil lacked much of their recent snap previous week, 64,255 last year and 42,435 two years ago;
and activity. To all appearance the shorts had for the most stock 970,025 against 1,014,950 in the previous week,570,802
part been dislodged, leaving the technical position less bull- last year and 499,338 two years ago. Centrals grinding
numbered 9 against
ish. The pendulum may have swung to the other extreme; 1 two years ago. Of10 in the previous week, 2 last year and
the exports United States Atlantic ports
the market recently showed a tendency to get "long." Cost- received 34,915 tons; New Orleans 9,046 tons; Savannah
and-freight offers declined. It looked on the surface as 5,263 tons; Canada 7,015 and Europe 31,651 tons. Havana
growing crop." The total
though Brazilian shippers had lost some of their recent con- cabled: "Weather favorable for.
fidence. The total in sight for the United States is 960,686 supply in Cuba partly estimated is put by Willett & Gray at
1,582,167 tons against 1,064,954 a year ago.
bags, against 873,833 a year ago, and No. 7 Rio is 3Mc.
To-day futures closed unchanged to 3
with
higher than then. Rio's stock is 136,000 bags, against sales of 37,350 tons. Prompt Cubes were points lower19-32
quoted at 2
322,000 a year ago. On the other hand, Santos holds no to 23/80 Refined was in better demand and 5.35 to 5.500.
less than 1,464,000 bags, against 631,000 at this time in To some it looks as though the refined trade has turned the
1924. "Afloats" for the United States are 417,400 bags, corner and is heading upward favored by the fruit-preserving
against 250,200 a year ago; Rio, 32,700, against 57,000 in season. Cuba in England was quoted at 12s. 3d. asked, and
1924, and Victoria, 12,800, against 47,700 last year. Fu- 12s. 1 Md. bid. American granulated was 16s. 6d. bid. The
tures advanced 27 to 55 points on the 6th inst. on foreign National City Bank estimates the Cuban crop to July 31 at
buying and smallness of offerings. Some put the position 5,070,347 tons as against 4,063,912 last year. Final prices
thus: With 2,000,000 bags of coffee carried over in the in- show a rise for the week in futures of 1 to 2 points while
terior of Sao Paulo from the 1924-25 Sao Paulo crop, 1,700,- prompt raws are up 34o. as compared with last Friday.
000 held in Santos on the 1st ult., and a crop of 7,000,000 Futures have lagged supposedly because of a rather weak
bags of Sao Paulo for 1925-26, there is a total of 10,700,000 technical position, i.e., a rather large long account, accordbags to meet a normal world's consumption of 12,000,000 ing to some reports.
Spot unofficial
December
I May
2.88 -bags of Sao Paulo coffee, and the world's mild coffee nearly September_ _ _2- _2%c.II March _ _ _2.72 ®
.53 ___
I July
2.79w
2.97 --exhausted. Some call the Sao Paulo estimate of 7,000,000
LARD on the spot has been irregular, rather easier at one
bags ridiculously small. The effect of the rains is said to time and advancing later. Butexport
have been much exaggerated. In three weeks the trade and stocks of lard have been increasing. trade has been slow and
Importers are said to have bought over 600,000 bags. Shorts at seven leading packing centres was The increase in July
about
have covered; they feared the usual advance following the It is true, on the other hand, that they are 3,000,000 lbs.
month of July. The technical position has been weakened, less than last year, being 76,000,000 lbs. 19,000,000 lbs.
Prime western
it is thought by big covering and trade buying.
was 17.95 to, 18.050.; Middle Western, 17.80
There are those who assert that the Rio Victoria and city lard, in tierces, 175 to 173 0.- in tubs, to 17.900.;
/
18Xc.; com%
Bahia crops are far larger than those of last year and that pound, carlots, in tierces, 1454 to 143c.;refined,
'
4
pure lard,
No.7 Rio is too high as compared with No.4 Santos. They Continent, .1834c.; South America,
(
think the market is "long." To-day futures ended 25 to Latterly prices have been steady with1994c.; Brazil, 20340.
higher English cables
50 points higher with sales estimated at 68,000 bags. Europe and a better demand. Prime Western, 18.20c.
Futures
was a good buyer and the rise in Brazilian terme markets showed no marked change. They declined
was another stimulus. Nobody paid any attention to con- but later advanced with grain and hogs. early in the week
Smaller packers
tradictory reports about the financial situation in Brazil. were at times the best buyers.
The drawbacks were the
All that counted was a good demand from across the water indifference of Europe and the rising stocks in a
poor market.
and a rise of 250 to 375 reis in Rio and 150 to 250 in Santos. To-day futures advanced after opening
Rio exchange on London advanced 3-64d. to 5 31-32d. and somewhat weak, with a downward tendencyirregular, and
the dollar rate fell 100 reis to 8$260. Cost and freight Also commission houses were selling for ain hog prices.
time, under
offers included Santos 4s at 2134 to 2134c.; 3s
-4s at 21Xc.; the spur of an early decline in corn. Later the tone changed
Rio 7 for September-October shipment at 18.700. For the for the better coincident with a rally in grain. The cash
week futures show a rise of 27 to 37 points on September demand was reported good. Hogs ended 10 to 150. lower
and December. May advanced 33 points and July 6 points. with the top $13 90. Final lard prices were 15 to 20 points
!December -16.45 ®
I May
14.52 --- - higher.
Spot unofficial_ _20%c.
I March _ _ -15.26 ®16.49 I July
September.18.45 13.75013.90
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately following the
editorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."
DAILY CLOSING PRICES OF LARD
FUTURES IN CHICAGO.
SUGAR.
-Raw was quiet but steady at 23/Ic. to 2 9-16c.
Mon. Tues.
Sat.
Wed. Thurs. Fri.
17.25 17.30
17.20
for Cuban c. & f. for a time. Later trade was more active. September delivery_cte_17.20 17.20 17.25 17.30 17.30 17.45
October delivery
17.20
17.35
17.50
Refined was not at all active at 5.20 to 5.40c. early. At December delivery----16.05 16.20 16.30 16.25 16.20 18.10
one time business in raw improved a trifle. It was only a
PORK steady; mess, $41; family $44 to $46; fat back pork
trifle. Local refiners were not inclined to pay more than $40.25 to $43.25. Beef quiet; mess, $19 to $20; packet $20
A.uG. 81925.]
THE CHRONTCLE
to $21; family $21 to $23; extra India mess $34 to $36;
No. 1 canned corned beef, $2.75; No. 2, six lbs. $17.50;
pickled tongues $55 to $60 nominal. Cut meats firm;
%
pickled hams 10 to 24 lbs 233 to 253c.; pickled bellies 6 to
%
12 lbs. 27 to 28c. Total stocks of meats are 115,112,000 lbs.
a decrease of 11,000,000 lbs. last month compared with
140,000,000 last year. Butter, creamery lower grades to
high scoring 39 to 443/ic. Cheese, flats 22 to 253/20. Eggs,
fresh gathered, mediums to extras 303/i to 42.
-Linseed has been in fair demand and higher. The
OILS.
strength of flaxseed has also contributed to the advance.
In a few instances $1 04 was quoted, but sales were made at
$1 03. There was a good demand at the lower figure. In
tanks $1 07 was quoted, less than carlots $1 06, less than
5 bbls. $1 09. Later in the week it was reported that sales
were Made at $1 a gallon, but this could not be confirmed.
The demand is mostly from paint and linoleum manufacturers. Stocks are fair. Cocoanut oil, Ceylon, bbls., 11 Xc.;
/
Cochin, bbls. 1130.• Manila tanks, spot bbls., 11 Xc.
%
tanks, 10M to 103 c.; bbls., spot, 12c.; edible,
'
Corn, crude, '
100-bbl. lots, 13c. Chinawood, spot, bbls., N. Y., 133 to
133/2c. Olive, $1 15 to $1 20. Soya bean, coast, 11 Xc.;
crude, tanks, 123c. Lard, prime, 21c.; extra strained,
winter, N. Y.,20Xc. Cod, domestic,61 to 63c.• Newfound'
land, 63 to 65c. Spirits of turpentine, 97 to $1 01. Rosin,
$10 25 to $14 50. Cottonseed oil sales to-day, including
switches, 6,400 P. Crude S. E., 103(. bid. Prices advanced
10 to 14 points. Commission houses were buying. They
took long selling. Deliveries were made of 500 bbls. on
August contracts. That makes 4,700 bbls. thus far. Closing prices were as follows:
11.80012.00!October _ -11.30011.34'January----10.90a10.92
Spot
August
11.85a11.95 November10.80a10.95 February---10.95a11.05
11.05a11.20
September 11.81a11.82 December_ -10.87010.90 March
-Bulk gasoline has been easier and more
PETROLEUM.
freely offered at 14 Xc. at local refineries. It was intimated
that business might be done at 14c. on a firm bid. At the
Gulf 1434e. was quoted. Of late export inquiries have been
rather numerous but actual sales were small. The Gulf
Refining Co. on the 5th inst. cut the price 2c. a gallon
throughout New England and is now quoting 240. The
Standard Oil Co. of New York met this reduction. The Gulf
Production Co. early in the week reduced Gulf Coast crude
oil 250. a barrel and is now quoting $1 50 for Grade A and
$1 25 for Grade C. Kerosene has been quiet with water
white held at 6303, at local refineries. At the Gulf prime
/
was quoted at 5%c. and water at 6%c. There was a fair
movement of cased gasoline against contracts and on consignment. Bunker oil has been tending lower. Reports were
current at one time that business was being done at $1 70 a
barrel but in most cases refiners were quoting $1 75. The
movement on contract has been fair, nut very little new buying was reported. Lubricants have been quiet. Waxes have
been in good demand and firm. There was a good inquiry
from the United Kingdom. The Texas Co. later met the
reduction of 250. in Gulf coastal crude oil. Gasoline in
Boston was cut 2 cents by the Jenney Co. The price is now
24c. at retail. Several other companies have met this decline.
The tank wagon price remained unchanged at 22c. Later on
bulk gasoline became weaker and it was said that U. 8.
Motor could be had at 133 0.local refineries with indications
/
that 133c. could be done on a firm bid.
Advices from Tulsa on the 2d inst. stated that price cutting
and rebate giving were met by the Marland Refining Co. with
a 2c. reduction for Oklahoma. The new tank wagon price
is 19c. and service stations, 220. This cut was met by all
companies. The Marland company adopted the Standard
Oil Co. of Indiana rebate plan for customers in Oklahoma
and others met it in Kansas and other States. New York
refined export prices: Gasoline, cases, cargo lots, U. S.
Motor specifications, deodorized, 30.65c.; bulk per gallon,
16.5004 export naphtha in cargo lots, 19.250.; 62-63 deg H,
20.50c.;66 to 68 deg., 22c.; kerosene,cargo lots, cases, 16.400.
gas oil, Bayonne, tank cars, 28 to 34 deg., 55c.; 36-40 deg.,
55/ic.; petroleum, refined tanks, wagon to store, 13c.; motor
gasoline, garages (steel barrels), 220.; up-State, 22c.
Pennsylvania
3.85 Eureka
$3.80 Buckeye
3.75
Corning
2.25 Bradford-.
63.90 Illinois
$2.12
Calton
2.33 Crichton
2.35 Lima
1.85
2.13 Plymouth
Somerset, light-_- 2 60 Indiana
1.65
Rock Cree't
2.12 Mezia, 38 deg____ 2.20
2.00 Princeton
2.73 Calif.,35& above- 1.85
Smackover,27 deg. 1.35 Canadian
2.00 Wortham. 38 deg- 2.20 Wooster
Powell
2.35
Oklahoma, Kansas and TexasElk Basin
$2.15
Under 28
$1.00 Big Muddy
2.00
32-32.9
1.72 Cat Creek
1.52
39 and above
2.28 Homer 35 and above
1.95
Texas Cu 28-28.9
1.40 Caddo
Below 32 deg
-33.9
33
1.80
1.85
42 and above
2.52
32-34.9
2.00
38 and above
2.20
RUBBER has latterly been dull and weak, with London
stocks increasing, buyers here less anxious and offerings
larger after a recent break of some 350. London cabled
Aug. 4 that imports exceeded deliveries last week and the
rubber stock was at 4,281 tons, an increase of 267 tons over
last week. It compares with 4,477 tons last month and
51,829 a year ago. First latex crepe, August, 85 to 88c.;
September,83 to 850.; October-December,76 to 77c.; January
March, 69 to 710. Ribbed smoked sheets, August, 88 to
90o.; September, 85 to 860.; October-December, 76 to 770.;
January-March, 69 to 71o. Brown crepe thin, clean, 78c.;
speoky, 76c.; No. 1 rolled, 72c.; Amber No. 2, 790.; No. 3,
77e.; No. 4, 73o. Later prices fell 9c. with a decided falling
725
off in the demand from American manufacturers. Also
London fell 1 to 23/id. owing to increasing stock, and evidence of decreased interest among buyers abroad. Singapore cabled that the production allowance had been raised
from 350 lbs. to 500 lbs. per a,cre;spot in London,43 to 43Md.
5
/
August, 42 to 43%d.; Singapore fell 23s to 3,/id. on the
5th inst.; spot, 35%d.• August-September, 35 Md.; October'
December, 324d. Here prices were as follows: Ribbed
smoked sheets, spot, 8.5c.; August, 830.• September, 800.;
'
October-December, 75c.; brown crepe, thin, clean, spot,
750.; August, 7304 September, 700.; October-December,
650.; first latex crepe, spot, 850.; August, 83c.; September,
800.; October-December, 73c.• Amber No. 3, spot, 750.;
August, 73c.; September, 70C.• October-December, 650.;
fine up-river, spot-September, 96c.; October-December, 780.
The steamship Kansas, last of three vessels which raced
here from Singapore in an effort to land 6,500 tons of crude
rubber valued at $14,000,000 before midnight July 30th came
into port August 2nd the only loser of the three. The
Menelaus and the Siberian Prince, its competitors both
arrived in time. Because of the failure of the Kansas to
reach port before August 1st brokers who had contracted
to deliver rubber in July were compelled to buy some of the
rubber necessary to fill their contracts in the open market.
Los Angeles wired that synthetic rubber is predicted if high
prices continue for the natural article. On the 6th inst.
rubber was slightly higher but quiet here; first latex crepe
-Dec. 72 to 73e.;
August 83 to 84c.; Sept. 81 to 82c.; Oct.
ribbed smoked sheets Aug. 85 to 860.; Sept. 823/i to 83 Mo.'
'
2
-Dec. 72 to 73Yc. London on the 6th inst. rose X to
Oct.
Id but realizing unsettled the market later; spot 433's to
4
44d; Aug. 43 to 433 d. Singapore was quiet and ended %d
to Xd higher; Sept. 365/id; Sept. 35d.
-Dry hides have now and then been in rather
HIDES.
better demand but no business of consequence has resulted.
Orinoco was nominally 24c.; Maracaibo 20c. Country hides
have been quiet. Packer have also been slow. Native steers
.
/
nominally 17c.; butt brands, 15 Mc • Colorados, 1432c. Friit
gorifico Argentine steers last sold,' is said, at $39 25. At
Chicago packer branded hides were in brisk demand and firm
though tanners demurred at current quotations as out of
line with what they can get for leather. Spready native
steers were quoted at 183/i to 19c.; heavy native steers,
17%c.• extreme light native steers, 16Mc.; heavy native
'
cows, 16Mc.; light native cows, 16c.; heavy Texas steers,
153/i to 16c.; light Texas steers 143/ic.; extreme light Texas
steers, 143/ic.; butt branded steers, 16c.; Colorado steers,
14Mc.; branded cows, 14Mc.; native bulls, 13c.; branded
bulls, 10 to 11c. Small packer quoted at 16c.; big packer
light cows were also 16c. Skins were quiet but steady, at
253/ic.; Chicago City calfskins, 23c. Country hides were
steady but higher prices are doubtful with big packers
quotations what they are. Some patent leather tanners have
taken a stand for advances of from 1 to 2c. Stitchdown
manufacturers are buying low grade side leathers if they can
get them at 25c. a foot. Some 4,000 Swift La Planta fngorifico cows sold to Europe it is said at 16c.
-Coal freights were quiet and
OCEAN FREIGHTS.
lower; grain in fair demand and steady. Coal rates were still
easier later and grain tonnage less active.
CHARTERS included grain from Montreal to Antwerp-Rotterdam at
1334c. one port and 14c. two ports: option Marseilles, Genoa, Naples and
another port at 16c., I7c. and 17c.. respectively, last half of August:
from Montreal to Antwerp-Rotterdam, 14c.: part oats guaranteed at 2Sic.
more, Aug. 12 canceling: 35,000 qrs. from New York to Antwerp-Hamburg
range, 11 Sic., Aug. 3-10; coal from Hampton Roads to Rio. $3 50, last hail*
August:lumber.750 standards from Miratnichi to East Ireland. 635.6d.one
port, first half August: grain from San Lorenzo to United Kingdom-Continent, 17s., July-Aug.; from Cape Town-Durban range to United KingdomContinent, 23s. Sept.: grain, 35,000 qrs. heavy from Baltimore to Antwerp-Rotterdam:, 11 Sic.; Hamburg, 12c., Aug. 12 canceling: lumber from
Willapa Harbor or Gray's Harbor to New York,$14 50; coal from Hampton
Roads to Rio at not more than $3 .50. August; from Hampton Roads to
West Italy. $2 85 spot; grain from North Pacific to United Kingdom-Con-Oct. 10.
tinent. 33s. 6d.: from North Pacific to Japan. wheat. Sept. 10
$3 85; North Pacific to United Kingdom-Continent, 30s., Sept. 7: coal from
to Rio, 53 60; from Hampton Roads to Buenos Aires. $4.
Hampton Roads
Aug.; lumber from British Columbia to Boston and Philadelphia. $314 50,
Aug.; from British Columbia to two ports New York, Philadelphia and
Boston. $14 75. Aug.: from British Columbia to Boston and Philadelphia.
$15,_ with leave to substitute another steamer. August: 12 months'time charter Japan or China delivery in August,4s.434d.;6to 9 months West Indies,
prompt delivery. Si: sugar from Santo Domingo to United Kingdom-Continent. 18s., prompt: grain from Vancouver to two ports Japan,$3 75, Nov.;
from Montreal to Greece, I8c.
TOBACCO, while as usual at this time of year not at all
active, has been in fair demand. It has been about all that
could have been expected in mid-summer. Good progress
has been made with the first priming of new shade-grown
leaf. The open-grown Connecticut crop has been making
fairly satisfactory progress despite some reports of damage
here and there. The expectation of a better business this
fall is general.
-Advances of 25c. on broken and 200. on chestnut
COAL.
stove and egg to the retail trade have been features. Advances later were called 20 to 50c. This is more than
double the usual advance at this time. Anthracite was
firmer from company and independents. Stove coal is
$14 50 at retail; nut and egg, $14. There may be no immediate change if indeed any, in the prices of pea and
buckwheat, i. e., $9 for pea, which is commonly mixed in
the family cellar with broken or egg, and $5 40 to $615 for
buckwheat. In Philadelphia wholesale and retail prices of
anthracite were generally.advanced. The Philadelphia &
Reading announced a straight advance of 10o. on all sizes.
Lehigh Valley coal advanced egg, stove and chestnut 10c.
726
THE CHRONICLE
[VOL 121.
Delaware & Hudson advanced broken coal 25c., egg 15c., Pittsburgh standard furnace coke advanced 10c. to $3 mini25.
stove and chestnut 10c. and reduced pea 400. M.A. Hanna mum at ovens; foundry, $4 to
& Co. advanced all sizes from broken to pea 10c. Delaware
WOOL has recently been dull, irregular and rather deLackawanna & Western advanced egg, stove and chestnut pressed. In Australia prices have been firmer or slightly
10c. Retail prices of domestic sizes advanced 20c. This higher; Bradford dull and weak. At the West the recent
is the second advance of 25c. since April 1, when retailers scanty bids for the Jericho pool had been rejected; they were
reduced prices 75o.
too low. It is said that the woolen and worsted industry is
COPPER early in the week advanced %c. to 143zc. on the more active than it was a year ago but that is rather cold
apparent settlement of the British coal strike, and a good comfort; it is still far from being up to the desired level of
demand. London has also been higher. Standard copper business. In Boston it is said that the wool trade has been
there on the 4th inst. advanced 5s. and electrolytic 15s. encouraged by reports on the opening in fancy worsteds by
On the next day there was a rise in thta market of 7s. 6d. on the American Woolen Co. and woolen goods trade generally.
standard copper to £62 15s. for spot and £63 15s. for futures; The purchase of the Jericho pool in Utah just made for the
electrolytic gained 10s. to £67 15s. for spot and £68 5s. for Lafayette Worsted Co. of Woonsocket is one feature. The
futures. The American Bureau of Metal Statistics put the wool is estimated to shrink about 65%,and at 42c., the price
consumption of copper in the second quarter at 198,300 short generally reported as having been paid, the clean, cost,
tons, against 185,350 tons in the first quarter; domestic shin- landed Boston, would be about $1 28 to $1 30. Several
ments in the second quarter 194,177 tons, against 191,771 mills have been inquiring for Australian merinos at about
in the previous quarter. Later on the price here advanced $1 05 to $1 15. At the Sydney sales, Aug. 10 to 20, 43,000
%
to 145 c. on continued good buying and higher London bales will be offered. Boston's nominal quotations include:
Ohio and
56c.; X
fleeces:
prices. Late in the week copper sold at 14%c. delivered combing. 54Pennsylvaniablood delaine unwashed. 55 toand New blood
York
to 55c.; X
combing, 53c. Michigan
/
in the Valley. In one instance 143 0. was quoted. On fleeces: delaine unwashed,51 to 52c.: X blood combing,Si to 52c.; X blood
Missouri and
the 6th inst. standard copper in London declined 2s. 6d. to combing, 520.: 1( blood combing, 51 to 52c. Wisconsin,51c.: X blood.
average New England: X
50c.; X blood, 50 to
£62 12s. 6d. for spot and £63 12s. 6d. for futures. Electro- 49 to 50c. Scoured basis:blood, 49 to12 months (selected), $1 30 to $1 32:
Texas five
$1
lytic there was unchanged at £67 15s. for spot and £68 5s. fine 8 months,to 15 to $1 20; Callfornia northern. $1 25 to $I 30; middle
county, $9 15
$1 20: southern, 51 05 to $1 10; Oregon. Eastern No. 1
for futures.
staple, $1 30;fine and fine medium combing, $1 22 to $1 25: eastern clothing, $1 10 to $1 15: valley No. 1, $110 to 31 15; territory Montana and
TIN early in the week was quiet and lower, but later similar fine staple choice. Si 32 to Si 35; 54 blood combing, Si 15 to Si 20:
advanced to 591 c. on higher London cables. The visible X blood combing, $1 to Si 05; X blood combing. 90 to 95c.; Pulled, de4
supply increased 60 tons in July, being 19,857 tons, against laine,$1 35 to $1 40; AA,$1 30 to $1 35; A supers,$1 10 to $1 15. Mohair,
best combing, 75c. to 80c.; best carding. 65c. to 70c.
19,797 tons a month previous and 20,161 tons a year ago.
A slight premium rules for prompt tin because of the fact
that most of the tin arriving is already sold. Business is
COTTON.
only fair at best.
Friday Night, August 7 1925.
LEAD was active and advanced $4 a ton to 8.50c. on the
THE MOVEMENT OF THE CROP, as indicated by
3d inst. by the American Smelting & Refining Co. In our telegrams from the South to-night, is given below. For
East St. Louis the range is 8.50 to 9.10c. In the Joplin the week ending this evening the total receipts have reached
district lead ore was advanced $5 to $110. Consumption is 41,207 bales, against 45,020 bales last week and 21,742 bales
heavy. Later in the week the American Smelting & Refining the previous week, making the total receipts since the 1st
Co. advanced its price $5 to 8.75c. New York. Late in the of August 1925 41,207 bales, against 16,273 bales for the
week the outside market was around 9.500., and it was said same period of 1924, showing an increase since Aug. 1 1925
that even more was paid for prompt lead. Battery, paint of 24,934 bales.
and white metal manufacturers have been buying on a good
Receipts atSat.
Mon. Tues. Wed. Thurs.' Fri.
scale. And Eurone has been outbidding Americans on MexTotal.
ican lead. Spot lead in London on the 6th inst. advanced Galveston
848 2,953 1,388 1124 1,091 7,404
Houston
2s. 6d. to £37 15s., and futures rose Is. 3d. to £36 15s.
21,3'70
_ ----------- 148 4,000 25,518
New Orleans_
471 1,14
g4
683 3,043
181
ZINC like most other metals was in good demand and Mobile
60
4
12
92
15
1
336
114
23
33 • 688 1.101 2,295
higher. East St. Louis prices were quoted at 7.55 to 7.60c.; Savannah _ __
Charleston_
107
87
125
127
819
205
168
New York, 7.90 to 7.95c. Galvanizers were buying to cover Wilmington
107
3
459
631
-- _ _
584
Norfolk
241
180
44
119
204
25
813
immediate needs. Zinc ore prices were also higher, i.e., $52 New York
•
On Boston
to $52 50 per ton. The London market has been higher.
12 _ __ _ - 6(3 -,-2
-1.
Baltimore
250
250
the 4th inst. London advanced 6s. 3d. on spot zinc and 5s.
on futures and on the 5th prices there rose 7s. 6d. on the spot Totals this week_ 22.021 1.858 4.210 2.9211 9 Mk 7 1199 Al 907
and 8s. 9d. on futures. Late in the week zinc sold at 7.57
The following table shows the week's total receipts, the
to 7.60c. East St. Louis and 7.923 to 7.95c. New York. total since Aug. 1 1925 and the stocks to-night,
compared
Brass makers bought large tonnages of higher grades of zinc. with last year.
At one time brass special sold at a premium of 10 points over
/
prime Western. High grade zinc was quoted at 831c.
1924.
1925.
Stock.
Receipts to
STEEL-Plates and shapes have been quiet at 1.90c. as a
Aug. 7.
This Since Aug This Since Aug
have accepted
rule, though it is said that some small mills
Week. 1 1924. Week. 1 1923.
1924.
1925.
1.80c. Bars were 2e. Wire nails have been sold recently it Galveston
7,404 5,366
7,404
5,366
56,022
45,669
is said at 82.60 per keg Pittsburgh, makers now call the Texas City
I
Houston
2,158
market $2.65 the minimum. Wire rods sell at $45 to $46 Port Aurthur,&c_ 25,518 25,518
per ton. Plain wire reported firm at 2.50c. Japanese New Orleans
3,043 5,362
3,043
5.362
44,310
39.798
interests are said to be inquiring for 100,000 boxes of tin Gulfport
Mobile
535
92
674
92
1,281
558
plate. The Crucible Steel Company it is stated wants ten Pensacola
barges, which will require 1,000 tons or more of steel plates. Jacksonville
28
1,574
Savannah
852
1,194
2,295
2,295
5,757
6,947
Specifications against old contracts are reported to be coming Brunswick
30
in more satisfactorily. Structural steel sells the most Charleston
558
559
819
819
8,138
14,061
Georgetown
promptly; reinforcing bars have a fair trade. Steel jobbers Wilmington
35
35
634
7,407
631
1,863
report July sales much larger than those in June but latterly Norfolk
262
337
813
15,633
15,769
813
N'port News,
___ _
trade has been smaller. At Chicago the sales have latterly New York &c_
51,533
74,592
reached the increased total of 20,000 tons of rails and 2,750 Boston
588
588
342
1.384
3,877
342
500
250
500
250
cars. Makers of farmers implements have bought large Baltimore
Philadelphia
3,458
3,375
tonnages for fall delivery. Some independent makers quote
TntsalA
Al oref
Al 9n7 IR AAR
18 275
ion min 912 19g
galvanized sheets $2 higher. Scrap steel material has
advanced 50 cents a ton at Youngstown, heavy melting steel
In order that comparison may be made with other years,
being quoted at $19.50 with stocks decreasing. At Pitts- we give below the totals at leading ports for six seasons:
burgh heavy-melting is $18.50 to $19. Later it was said that
this week sales have been made of 30,000 tons of structural Receipts at- 1925.
1923.
1922.
1921.
1924.
1920.
material; also that inquiries for 20,000 tons are in the market, Galveston_
._
18,604
5,366
14.410
10,932
7,404
36,222
including 3,000 tons for oil tanks for the Vacuum Oil Co. and Houston, izo_ 25.518
3,650
564
9,156
New Orleans_
2,669
3,043
5,362
5,699
12,872
9,630
2,000 tons for a hospital in Philadelphia.'?O
RI
Mobile
154
• 304
92
535
424
2.189
Savannah
977
2 295
852
1,600
6,037
1,597
=IRON has been stronger and even higher, but the Brunswick_ _ _ _
75
300
advance has been followed, it is said, by decreased buying. Charleston __ _
2,052
819
558
332
905
1
Wilmington....
481
35
310
1.069
631
Two eastern Pennsylvania furnaces have advanced the price Norfolk
813
282
600
3,707
1,749
859
to $21, regardless of rumors that in some quarters $20 to N'port N.,&c_
26
26
530
592
588
2,376
423
2,711
$20 50 would possibly be accepted. Perhaps the rumor All others. _ _ _
committee is somewhat overdoing the matter, as to so-called Total this wk_ 41,207 13,558 29,720 24,012 74,894 32,599
quiet cuts of nominal quotations. The eastern Pennsyl- Since Aug. 1_ _ 41.207
16.273
36.818
34.815 127.491
50.719
vania iron makers who advanced prices to 1621 base maintain
The exports for the week ending this evening reach a total
full differentials; No. 2-X sells at $21 50 and No. 1-X at
$22 50. Buffalo iron was quoted at $19, but the popular of 56,476 bales, of which 5,609 were to Great Britain, 200 to
idea is that the market is $18 50 to $19. Coke has been in France, 22,184 to Germany, 16,175 to Russia, 10,728 to
rather better demand owing to the fears of a strike. One Japan and China and 1,580 to other destinations. In the
large inquiry is reported for shipments each month at $4 25 corresponding week last year total exports were 15,368 bales.
to $5 50 Connellsville.- The two New England makers of For the season to date aggregate exports have been 56,476
by-product coke have not changed their quotation for bales, against 17,526 bales in the same period of the previous
August of $11 50 per ton delivery in New England. At season. Below are the exports for the week:
THE CHRON I CLE
AUG. 8 1925.]
Exported toGreat
iluo. 71925.
Exports from- Britain. France
Japan&
Italy. Russia. China. Other.
Germany.
Total.
Galveston1,403
16_,I_i_i_ 10,8
--------25,370
4 5_8_6_
:
4.6'155
Houston
30 10,158
_
New Orleans_
------------------------114
iii
Mobile
Savannah
----------------3,198
179
--_
3,019
Norfolk
------------1,550 11,708
707
200 9,251
New York
:2:
Total
Total 1924
mmal 109R
5,609
11,432
11 900
200 22,184
From
Aug.1 19250
GerAug. 7 1925. Great
Exportsfrom- Britain. France. many.
Galveston_ _
Houston _ _
New Orleans
Mobile
Savannah_ _ _
Norfolk
New York_ _
San Fran__ _
Total
____
16,175 10,728
1,580 56,476
1,322 1,664
400
--------5.50 15,368
4.158 10.104 3.308
____
2.150 1.710 33.33.
Exported to
Japan&
Italy. Russia. China. Other,
1.403
4,586
4,609
16;i7 8
7
10,128
30
114
179
707
200
3,525
3,019
9,251
1.550
600
5,609
200 22,184
16,175 10,728
1,580
Total.
1,403
25,370
10,158
114
3,925
3,198
11,708
600
56,476
11,432 3,480 1,664
400
550
17,526
Total 1924_ _
12.745 6.358 14.355 5,102
2.500 2,934
43,994
Total 1923_ _
-It has never been our practice to include in the
-Exports to Canada.
NOTE.
above table exports of cotton to Cr nada, the reason being that virtua ly all the
cotton destired to the Dominion comes overland and it is impo"sIble to get returns
concerning the same from week to week while reports from the cu"toms districts
on the Canadian border are always very slow Incoming to hand. In view, however,
of the numerous inquiries we are receiving regarding the matter, we will say that
for the month of June the exports to the Dominion the present season have been
9,263 bales. In the corresponding month of the preeeding season the exports were
4.667 bales. For the eleven months ended June 30 1925 there were 200.005 bales
exported, as against 139,978 bales for the corresponding eleven months of 1923-21.
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
Great
GerOther Coast- Britain. France. many. Cont'nt. wise.
Aug. 7 at
Galveston
New Orleans
Savannah
Charleston_
Mobile
Norfolk
Other ports *
Total 1925
Total 1924
Total 1923
783
386
Total.
1,050
176
2,900
2,308
2,000
9,200
2.000
-866
2;666
14:600
-666
-866 14,666
48.289
27,661
5,557
8,138
681
15.633
45,311
3,769
4,357
4.14n
1,726
2,000
3,173
7,208 25,200
3,500 8,167
3.140 6,410
1,767 39,670
2,200 20,224
1.500 18.363
151,270
192,901
154.801
-ioa
* Estimated.
1,000 7.733
67 12,137
200
200
Leaving
Stock.
727
ing full time and have been for months past and French and
German mills are also supposed to be well employed. As
for Manchester, it is reported that business there is better
than most people admit. As a matter of fact its sales of
goods to India have now reached larger proportions, and
it is said that there is a good business in sight. Liverpool
naturally was braced more or less on the 6th inst. by the
unexpected reduction in the Bank of England rate of discount from 5 to 42
/
1%. That event, indeed, was a factor in
the cotton markets on both sides of the Atlantic. The Continent was buying in Liverpool and there was a better inquiry for spot cotton there, supposedly from Manchester.
That the forwardings from Liverpool to the mills for many
weeks past have been on a much larger scale than for several years is a fact too familiar to call for special comment.
As regards the crop outlook, it is of interest to notice that
the last weekly Government report was not so favorable as
expected. That caused an advance on the 5th inst. of some
40 points from the jpw level of the morning, in spite of the
fact that big operators in Wall Street are understood to have
closed out some 40,000 bales of long cotton. The report
made it plain that the condition was still mostly very poor
in central and southwestern Texas. Latterly Texas has
had little rain; it has been mostly dry, and this fact has
offset to some extent the effect of the recent rains and a
sharp fall in the temperatures there as well as everywhere
throughout the Southwest. On the other hand, speculation
has been light. Sentiment in the main has been bearish.
The recent heavy rains in Texas were certainly beneficial.
That was also the case in Oklahoma. Taking the belt outside of central and southern Texas, it is believed to be in
good condition. The weekly report was not without favorable features. People in many cases believe the crop is
14,000,000 bales and more. They have no faith in estimates
below 14,000,000. On the 0th inst. came a report from Memphis to the effect that the condition was 68.8%, as against
73.4% in the middle of July and the crop 14,200,000 bales,
as against 14,197,000 three weeks ago. It stressed the fact
that the drought area in Texas had been considerably reduced. This caused a brief decline. A considerable movement of the crop is expected in the near future. Some estimates put the ginning prior to Aug. 1 as far ahead of that
for the same period last year and the year before. Southern
Georgia fields are said to be white with cotton and predictions from Georgia are heard of high record ginning for
August. In any case the crop is considered two weeks earlier than last year. Speculation is light. If it does not
broaden considerably, hedge selling may soon tell plainly
on the price. Meantime there is very little forward business
doing in spot cotton. Of late Liverpool and the South have
been steady sellers here. There has also been scime hedge
selling, though not of large volume. The'outside public still
ignores cotton speculation. It sticks to stocks and grain.
Exports have died.down. Big operators who recently tried
the long side are supposed to have become discouraged. That
would be the natural inference from their recent heavy selling.
To-day prices fluctuated within very narrow limits. They
were at one time 5 to 10 points higher, later losing a few
points of this, but ending steady. For Texas had no rain
except in the northwestern part. There, to be sure, the pre/
cipitation was % to nearly 212 inches. Also, the forecast
pointed to showers for the western portion of Texas. There
was nothing remarkable about the cables, although the spot
sales in Liverpool did increase to 6,000 bales. Offerings
were light. Shorts were disposed to cover on the eve of the
Government report to-morrow, especially as the Exchanges
will adjourn 15 minutes before the report is received and
will not reopen until Monday. Curb trading will be discountenanced. In the afternoon there was some further
covering coincident with a rise in stocks and a sharp advance in grain. But on the whole there was a disinclination
to trade, except to even up accounts for the Bureau report
to-morrow. Of late the theory in some quarters has been
that this report, even if favorable, had been discounted by
the recent decline of 200 points. Last prices showed a net
decline for the week, however, of only 9 to 12 points on most
months, with October down 32 points. Spot cotton closed at
24.55c. for middling, a decline for the week of 30 points.
The following averages of the differences between grades,
as figured from the Aug 6 quotations of the ten markets,
designated by the Secretary of Agriculture, are the differences from middling established for deliveries in the New
York market on Aug. 13.
Speculation in cotton for future delivery has latterly been
quiet, awaiting the Bureau report to-morrow (Saturday).
Fluctuations have kept within very narrow bounds, though
latterly moving upward somewhat. Big liquidation on the
5th inst. for Wall Street account was well taken. It was
supposed to have amounted to some 40,000 bales of concentrated long cotton. Yet the effect was to produce a decline
of only about 15 points. Blocks of 10,000 bales were disposed of within a range of a couple of points. Somebody
wanted the cotton. It proved to be the trade at home and
abroad. The American trade has been buying steadily on
reactions for some weeks past and seems to have continued
this policy the past week. Moreover, large Japanese interests have been buying on a noteworthy scale. It was reported that these interests would ship out considerable cotton from New York. On the 6th inst. the exports from this
port were some 8,250 bales. It is not altogether certain,
however, that these reports of impending large shipments
by Japanese interests are correct. Still, the trade has credited large Japanese concerns with recent steady buying of
futures. Moreover, Texas of late has had very little rain.
Central and southern Texas, it is feared, are largely out of
the running this year, so far as actual production is concerned. The drought, it is feared, has been too prolonged
to permit of any important yield over much of that region,
though it includes such counties as Williamson and Ellis,
not to mention others. Also, there have been reports of
increasing weevil infestation in Arkansas, Louisiana and
Mississippi and more or less so in Georgia and the Carolinas,
with some damage. Of late, too, there have been reports of
better prospects for the textile industry in this country.
Latterly Worth Street has been rather quiet, but prices for
the most part have been steady if not firm, even if it is felt
that the recent big decline in raw cotton has for the moment
chilled the disposition to buy on a considerable scale. Mean1 01 on *Middling "yellow" stained
2 63 off
while mill shares of New England are rising. Recently a Middling fair
76 on *Good middling "blue" stained_ _1 46 Off
very sharp advance was reported in the Amoskeag shares in Strict good middling
54 on Strict middling "blue" stained. _ _1.85 off
Good middling
33 on *Middling "blue" stained
Boston. Two mills at Henderson, N. C., which passed their Strict middling
2 65 off
Basis Good middling spotted
13 on
Middling
dividends last spring, just resumed them. This may be a Strict low middling
.57 off Strict middling spotted
17 off
good-sized straw indicating which way the wind is begin- Low middling
1 28 off Middling spotted
54 oft
2 32 off *Strict low middling spotted_ _ _1.22 off
*Strict good ordinary
ning to blow, especially taken with the advance in New *Good ordinary
3.39 off *Low middling spotted
2.16 off
England mill shares. That of itself is believed to reflect a Strict good mid."yellow" tinged_0.04 on Good mid, light yellow stained .78 off
*Strict mid, light yellow stained.1.28
Good
growing confidence in the future of the textile industry Strict middling "yellow" tinged__ .28 off *Middling light yellow stained 1.90 off
.
off
middling "yellow" tinged__ .65 off
there, especially as wages are being cut 10%. A hopeful 'Middling "yellow" tinged
1.42 off Good middling "gray"
50roff
off
88 off
circumstance was the fact that the Pacific mills of Boston "Strict low mid."yellow" tinged..2.21 off *Strict middling "gray"
1.40 off
*Low middling "yellow" tinged_ _3.13
*Middling "gray"
for the six months ending June 30 made a profit of $530.303, Good middling "yellow" stained.1.52 off
as against a loss during the same time last year of $1.368,- *Strict middling "yellow stained_2.00 off • Not deliverable on future contracts
Not deliverable on future contracts.
930. Mills are not believed to be carrying very large stocks
The official quotation for middling upland cotton in the
of goods. Prolonged curtailment of output would naturally
New York market each day for the past week has been:
have a tendency to better the statistical position of the
Sat, Mon. Tues. Wed. Thurs. Fri.
Aug. 1 to Aug.7mills' product. Across the water the Italian mills are work- Middling upland
29.65 24.65 24.40 24.50 24.50 24.55
728
THF CHRONICLE
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday,
Aug. 1.
Monday,
Aug. 3.
Wednesday. Thursday,
Aug. 5.
Aug. 6.
Tuesday,
Aug. 4.
[Vol, 121
Movement to Aug. 7 1925.
Towns.
Movement to Aug. 8 1924.
Receipts.
I Ship- Stocks
meats. Aug.
8.
Week. Season. I Week.
Ship- Stocks
ments. Aug.
Season. Week.
7.
Receipts.
Week.
Friday,
Aug. 7.
Ala.,BirmIng'
4
_
4
60
Eufaula
25
25
368
I
479
Montgomery
479
662 3,958
141
Selma
622
Closing- 23.8023.7023.72551
81
622
23.8323.5523.652
I
Ark., Helena_
Sept.639 1,984
Little Rock
10
153 1,413
10
Pine Bluff.....1
Closing- 23.9518
429 2,306
18
23.9723.8423.8023.7023.81 72
Ga., Albany
October
16
153 1,308
16
Athens
Range__ 24.08-24.45 23.89-24.18 23.86-24.27 23.69-24.02 23.86-24.10 23.96-24.10
14
3,270
Atlanta
Closing_ 24.10-24.13 24.14-24.16 23.86-23.90 23.97-23.99 24.01-24.03 24.06-24.05
282
282 2,448 4,163 1,36
I
Augusta
November2,872 1,264 9,511
356
I 2,872
- Columbus.
-.1
Range.- - - - - -- - _ _ 31
60
31
626
206
Macon
Closing_ 24.1524.1024.1430
24.1530 3,304 1,756
23.9024.04I
144
Rome
December1,536
Range __ 24.20-24.50 23.97-24.22 23.93-24.28 23.78-24.16 24.02-24.28 24.16-24.28 La.. Shreveport
500
_.
13
Closing_ 24.21-24.23 4.16-24.19 23.93-23.97 24.12-24.13 24.2024.24-24.25 MIss.,Columbus
57
13
132
Clarksdale
January116
116
135 1,875
187
Greenwood_
1
Range.- 23.63-23.95 23.43-23.64 23.35-23.71 23.23-23.64 23.50-23.75 23.67-23.77
194
1
809
57
Meridian
3
Closing_ 23.63-23.65 3.60-23.61 23.35-23.41 23.56-23.58 23.67-23.68 23.74-23.75
3
930
32
5
Natchez
February
8
8
894
____
Vicksburg _
6
__
6
83
Yazoo City_
5
Closing_ 23.77-23.7623.885
111
i
23.5023.72 -IL 23.822
Mo., St. Louis.
Starch
200
200
496 2,414 1,444
9
9
Range._ 23.92-24.20 3.70-23.95 23.65-24.02 23.53-23.91 23.80-23.99 13.9444.06 N.C.,Greensb'ro
310 3,407
51
Raleigh
24.03-24.05
Closing. 23.9223.9223.98514
23.6523.893
136
Okla., Altus_
April17
587
2
_
Range.- - - - - -- - -- - -- - -- - - Chickasha
2
196
Oklahoma
39:
24.1839:
Closing_ 24.0724.0624.14435
23.8224.06377
EI.C.,GreenvIll- 1,083
May
1,083 2,512 13,766 1,000
Range __ 24.23-24.48 24.00-24.25 24 00-24.31 23.85-24.25 24.13-24.37 14.24-24.35
Greenwood4,416
1,146
14.34- Tenn.Memph
1,146 1,918 8.762 3,324
Closing_ 24.2324.1924.23-24.25 24.3024.00Nashville
/use.
52
--------------Tex., Abilene
__
235
Brenham
100
100
50 3,794
Rnge-- - - - -Ca
loslng:
- - -24.25-24.30- 74.37-- 26
Austin
July
Dallas
5.
Range__ - - -- - - - -24.06-24.08 24.25-24.30 14.28-24.31
1,366
94.2R Houston_
33,876
33,876 33,592 73,240 11,261
Closing. - - - - - - - 24.2R -14.30Paris
--__
_
10
2:
San Antonio_
...
Range of future prices at New York for week ending
iii
Fort Worth
40
303
389
option.
Aug. 7 1925 and since trading began on each
122
_
August-
716
900
16
5,178
1,845
2,672
4,327
72
26
130
232
9 1
14
1,367
690
206
144
112
1,90
86
412
382
4,071
141
2
1,984
8,241
1,860
6,264
7,514
5,410
2,353
1,267
6,400
176
4,065
4
2,461 10.140
49 5,262
52 1,698
38
694
82 2,996
1,43. 3,376
653 3,399
51 1,281
35 1,325
792
617
1,000 10,514
- 10.291
4,942 29,479
85
400
187
57
5
2
1,784
51
3
2
1,000
3,399
,
26
208
609
___
81
1,445
3,436 37,000
28
27
11,908
28
106
385
389
289
.
.
,,00
.
.
The above total shows that the interior stocks have de21.75 May 13 1925 25.78 Mar. 4 1925
Aug. 1925
21.75 May 13 1925 25.68 Mar. 3 1925 creased during the week 10,058 bales and are to-night
Sept.1925
Oct. 1925.. 23.69 Aug. 5 24.45 Aug. 1 21.50 Nov. 1 1924 25.71 Mar. 3 1925 33,191 bales less than at the same time last year. The
22.16 May 14 1925 24.92 July 28 1925
Nov. 1925
receipts at all towns have been 19,293 bales more than the
Dec. 1925.- 23.78 Aug. 5 24.50 Aug. 1 21.72 May 13 1925 25.72 Mar. 3 1925
Jan. 1926._ 23.23 Aug. 5 23.95 Aug. 1 21.40 May 13 1925 25.45 Mar. 3 1925 same week last year.
21.94 May 4 1925 24.70 July 30 1925
Feb. 1926._
Mar. 1928__ 23.53 Aug. 5 24.20 Aug. 1 21.64 May 13 1925 25.40 Apr. 27 1925
NEW YORK QUOTATIONS FOR 32 YEARS.
May 1926._ 23.85 Aug. 5 24.48 Aug. 1 22.45 June 29 1925 25.63 July 27 1925
The quotations for middling upland at New York on
July 1926_ 24.06 Aug. 5 24.31 Aug. 7 24.06 Aug. 5 1925 24.31 Aug. 7 1925
Aug. 7 for each of the past 32 years have been as follows:
THE VISIBLE SUPPLY OF COTTON to-night, as made 1925
24.55c. 1917
28.00c. 1909
8.00c.
12.50c. 1901
up by cable and telegraph, is as follows. Foreign stocks, as 1924
31.10c. 1916
14.10c. 1908
9.69c.
10.85c. 1900
1923
25.15-i. 1915
9.45c. 1907
6.12c.
13.20c. 1899
well as the afloat, are this week's returns, and consequently 1922
21.10c, 1914
12.50c. 1906
6.06c.
10.70c. 1898
all foreign figures are brought down to Thursday evening. 1921
13.50c, 1913
12.00c. 1905
8.00c.
10.85c. 1897
39.50c. 1912
12.65c. 1904
8.12c.
But to make the total the complete figures for to-night 1920
10.45c. 1896
1919
31.50c. 1911
12.75c. 1903
7.25c.
12.75-i. 1895
(Friday), we add the item of exports from the United States, 1918
31.45c, 1910
15.90c. 1902
6.88c.
8.94c. 1894
including in it the exports of Friday only.
MARKET AND SALES AT NEW YORK.
1922.
Avg. 71923.
1924.
1925.
The total sales of cotton on the spot each day during the
Stock at Liverpool
bales_ 565,000 414,000 367.000 759,000
1,000
3,000
Stock at London
2,000
week at New York are indicated in the following statement.
58,000
36,000
37,000
Stock at Manchester
61.000
For the convenience of the reader, we also add columns
Total Great Britain
628,000 454.000 404.000 817.000 which show at a glance how the market for spot and futures
33.000
25,000
13.000.
Stock at Hamburg
37.000 179,000 closed on same days.
89.000
105,005
Stock at Bremen
Option for
-
Range Since Beginning of Option.
Range for Week.
96.000
4,000
68.000
16,000
15,000
2,000
Total Continental stocks
Total European stocks
India cotton afloat for Europe_ _ _
American cotton afloat for Europe
Egypt.Brazil,&c.,afloatforEurope
Stock in Alexandria. Egypt
Stock in Bombay. India
Stock in U. S. ports
Stock in U. S. interior towns
U.S. exports to-day
67,000
11,000
88,000
25.000
2,000
1,000
38,000
4,000
65,000
18.000
3,000
1,000
136,000
12.000
81,000
42,000
8,000
1,000
306.000
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
296,000
191.000
492.000
934,000
96,000
131.000
144,000
48,000
577,000
190,940
150,547
7.198
750,000
48,000
141.000
98,000
44,000
634,000
213,125
183,738
595.000 1,309.000
78.000
102.000
110.000 131.000
78,000
43,000
127.000 208.000
487.000 924.000
170.983 396,009
264.913 345,726
Total visible supply
2,278,685 2311.863 1.899.896 3.469,735
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
bales_ 299,000 157,000 125.000 428,000
Manchester stock
29.000
18.000
41.000
53,000
Continental stock
215,000 191.000 110.000 399,000
American afloat for Europe
131,000 141.000 110,000 131,000
190.940 213.125 170,983 396,009
U. S. port stocks
U. S. interior stocks
150,547 183,738 264.913 345,726
7,198
U. S. exports to-day
Total American
East Indian, Brazil,
stock
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt. Brazil. &c., afloat
Stock in Alexandria. Egypt
Stock In Bombay, India
Total East India, &c
Total American
1,046,685
914,863
793,896 1.740,735
266,000
2,000
8,000
91,000
96,000
144.000
48,000
577,000
257,000
3.000
8.000
105,000
48,000
98,000
44.000
634.000
247,000
1,000
18,000
81.000
102.000
43.000
127.000
487.000
331,000
17.000
93.000
78.000
78.000
208,000
924,000
1.232,000 1.197.000 1,106.000 1,729,000
1.046,685 914.863 793.896 1,740.735
Total visible supply
2.278,685 2,111.863 1,899.896 3,469.735
Middlind uplands. Liverpool
I3.35d. 17.38d. 14.57d. 12.45d.
Middling uplands, New York_
24.55c. 30.25c. 24.254. 21.40c.
Egypt, good Sakel, Liverpool---- 35.00d. 26.95d. 17.25d. 19.50d.
Peruvian, rough good. Liverpool_ 20.75d. 23.50d. 18.50d. 13.25d.
Broach, fine, Liverpool
11.90d. 13.95d. 12.006. 11.15d.
Tinnevelly, good, Liverpool
12.30d. 15.10d. 12.65d. 112.05d.
Continental imports for past week have been 48,000 bales.
The above figures for 1925 show a decrease from last week
of 64,202 bales, a gain of 166,822 from 1924, an increase
of 370,789 bales from 1923,Vand fa falling offj of ],191,050
bales from 1922.
-that is,
IT:THE INTERIOR iTOWNSIthe movement
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding periods of the previous year-is set out in
detail below:
Spot
Market
Closed.
Saturday__ _
Monday
Tuesday --Wednesday_
Thursday _ _
Friday
Futures
Market
Closed.
SALES.
Spot. Contr't. Total.
Quiet, 20 pts. dec_ _ Barely steady__
Quiet, unchanged__ Steady
ulet, 25 pts. dee- Easy
uiet, 10 pts. adv_ _ Steady
Quiet, unchanged _ _ Steady
Quiet, 5 pts. adv.... Steady
"800
R09
Total
-geni
ROO
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:
Aug. 7Shipped
Via St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
1925
Since
Aug. 1.
496
, 300
114
-iii
3,250
3,250
2,600
2.600
Week.
496
300
Total gross overland
6.760
Deduct Shipments
Overland to N. Y., Boston, am__ _ 592
Between interior towns
297
Inland, &c.,from South
4,498
_
Total to be deducted
5.387
Leaving total net overland*
1.373
i924
Sine.
Aug. 1
.
Week.
1:4B8
68
IR
88
129
3,007
129
3,221
7.327
6,760
7.19
14.458
1
15, 2
20
37
592
297
4,498
588
426
5,766
588
431
5,778
5,387
6,780
6.797
1,373
7,678
8,423
*Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 1,373 bales, against 7,678 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago of
7,050 bales.
In Sight and Spinners'
Takings,
Receipts at ports to Aug. 7
Net overland to Aug.7
Southern conumption to Aug. 7
Total marketed
Interior stocks in excess
1924
1925
Since
Aug. 1.
Aug. 1.
Week.
16.273
41.207
13.558
8,423
1.373
7.678
52.000
65.000 50.000
76,696
107.580
107,580 71,236
*1,313
*10.058
1.189
*10,058
Week.
41.207
1.373
65.000
Came into sight during week_ _ _ 97,522
Total in sight Aug.7
97,522
North. spinn's's takings to Aug. 7 5.781
5,781
*Decrease.
72,425
14,529
75.383
19,038
729
THE CIIRONTCLE
AUG. 8 1925.]
MOVEMENT INTO SIGHT IN PREVIOUS YEARS.
Bales.
Since Aug. 1Bales.
Week209,262
138,248 1923
-Aug.10
1923
191,190
118,657 1922
-Aug.11
1922
264,638
104,061 1921
-Aug.12
1921
In commenting upon receipt of the first cotton for this season, Allen
Northington, General Manager of the Cotton Association, stated that this
is the earliest date cotton has been received, either of the three years the
association has operated, and that indications are that cotton will move
much earlier in all parts of the State this season than last.
-The
FIRST SOUTH CAROLINA COTTON BALE.
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing quotations for following report of the first bale of cotton from South
OTHER MARKETS.
middling cotton at Southern and other principal cotton Carolina is taken from the "Savannah News" under date of
Aug. 4.
markets for each day of the week:
Closing Quotations for Middling Cotton on
Week Ended
Aug. 7
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
Galveston------2 00
.
1
New Orleans
24.25
Mobile
24.11
Savannah
24.50
Norfolk
Baltimore
24.13
Augusta
24.50
Memphis
24.65
Houston
Little Rock--- 25.00
24.40
Dallas
_
Fort Worth----
24.80
23.95
24.25
24.16
24.25
24.75
24.13
24.25
24.65
24.75
24.30
24.40
24.50
23.65
24.00
23.86
24.00
24.50
23.88
24.25
24,35
24.38
23.95
24.00
24.65
23.83
24.00
24.00
24.13
24.50
24.00
24.25
24.45
24.38
24.10
24.00
24.65
23.90
24.00
23.86
24.13
24.50
24.00
24.25
24.45
24.38
23.85
23.80
24.65
23.95
24.00
24.00
24.25
24.50
24.00
24.25
24.50
24.38
23.75
23.85
The first Carolina bale of the 1925 crop was received yesterday by Gordon
and Company from C. E. Perry of Ridgeland, S. C., and is now on the
Cotton Exchange. It will be auctioned today.
The cotton was grown by Mr. Perry and was brought to Savannah as
seed cotton in a dray, driven over the new highway and the Savannah river
bridge. It was ginned here by Floyd and Company.
The bale weighs 504 pounds and is very good style, classed as good
middling cotton. It will be auctioned about noon on the Cotton Exchange.
The bale will be auctioned off by E. A. Cutts.
NEW ORLEANS COTTON EXCHANGE BEGINS
-The opening of the
TRADING IN COTTON SEED OIL.
new season in the cotton trade on Aug. 1 was signalized by the
inauguration of trading in cottonseed oil for future delivery
on the trading floor of the New Orleans Cotton Exchange.
The following account of the proceeding is taken from the
-The closing New Orleans "Times-Picayune:"
NEW ORLEANS CONTRACT MARKET.
In the direction of expanding the commerce
quotations for leading contracts in the New Orleans cotton ofThe importance of the eventby the large attendance not only of members
New Orleans was recognized
market for the past week have been as follows:
but of many other prominent in lousiness life.
Saturday,
.400. 1.
Monday,
Aug. 3.
Tuesday, Wednesday, Thursday,
Aug. 4.
Aug. 5.
Aug. 6.
Friday,
Aug. 7.
August... 23.42-23.33 -- 23.06-23.2423.3123.35October __ 23.52-23.54 23.43-23.45 23.16-23.15 23.33-23.37 23.41-23.49 23 45December_ 23.67-23.69 23.61-23.64 23.35-23.36 23.53-23.5F 23.61-23.63 23.62-23,65
January __ 23.6623.6623.35-23.36 23.54-23.57 23.63-23.64 23.66March____ 23.8323.7923.55 -23.76-23.70 23.84 bld 23.87-23.90
23.93 bid 23.90-23.92 23.66-23.68 23.90-23.91 23.95May
23.97-23.98
Tone
Dull
Steady
Steady
Steady
Steady
spot
Steady
Options_ -- Steady
Steady
Steady
Steady
Steady
Steady
COTTON EXCHANGES TO CLOSE EARLY SATUR-The New York and the New Orleans Cotton ExDAY.
changes will close for the day at 11:45 a. m., New York time,
to-day (Saturday), because of the issuance of the Government cotton report at noon.
COTTON GINS BEGIN IN IMPERIAL VALLEY.
The following report of the 1925 cotton harvest in the
Imperial Valley was taken from the Los Angeles "Times":
Calexico, July 29.
-Imperial Valley's 1925 cotton harvest, which is
expected to total 125,000 bales, started to-day, when Mexicali gins of the
Globe Oil Mills Co. ginned the first four bales to be picked in the Calexico
district this season.
This cotton was grown in a volunteer field on the Globe ranch in Lower
California. Picking is now actively under way on many of the ranches
where volunteer cotton is already maturing, and the gins expect to be in
daily operation until the end of the season.
The first cotton to be picked on the American side of the line in Imperial
Valley was ginned at Calipatria last Friday, when the Hartman plant produced a 500
-pound bale grown on P. J. Brooks's ranch in the north end
of the valley.
MORE TEXAS FIRST BALES.
-In addition to the
many first bales of cotton reported from different parts of
Texas, published in previous issues, we give below additional
reports of the same kind, all taken from the "Dallas News":
Frisco, Collin County, Tex., Aug. 1.
-The first bale of cotton was brought
to Frisco Friday by John Jeffries and was sold for 25.50c. The bale weighed
416 pounds and was ginned by Colllngsworth & Smith. This is said to be
the earliest first bale ever ginned in Collin County. A premium of $78 75
was given.
Taylor, Williamson County, Tex., Aug. 1.
-The first bale of cotton raised
In Williamson County for the season of 1925-26 was brought into the
Farmers' Union Warehouse here Friday morning by Will Fritchie. It
weighed 460 pounds. The cotton was grown on Fritchie's farm near Beaukiss and was ginned at the Ben Thonig gin at Beyersville. The bale was
sold to D. B. Goldstein, local cotton buyer, at 25.30c. a pound.
Bonham, Tex., Aug. 1.
-The first bale of cotton for Bonham reached this
city late Thursday. It sold for 25.50c. The Board of Trade gave a pre,
mium of $25. W. H. Lemmons raised the cotton on Ned Lyday's farms
two miles south of Bonham. The bale weighed 437 pounds.
The following report was taken from the "Houston Post:"
Chrierman, Tex., July 31.
-The first bale of the 1925 cotton crop for this
place was raised by Mr. Ethridge and ginned Thursday. The cotton crop
Is exceedingly short here, and much of it will be a complete failure.
Shortly before the time set for the call with which trading was to commence the new ring at the Carondelet street end of the big Cotton Exchange
trading room became the center of attraction. Promptly at 8:45 o'clock,
Ben J. Williams, vice-president and acting president of the Cotton Exchange,
mounted the rostrum and made a brief address, which follows in part:
"We are in a few minutes about to undertake a momentous step in the
commercial advancement of the South.
"It is the judgment of those who have advocated this step that it will
mean a great deal not only for the New Orleans Cotton Exchange and its
members, but that by it the business of our city will be promoted to a very
material degree.
"I do not mean to convey the impression that this business is expected to
immediately result in financial gain to the exchange or its members. The
opposite will be the case for some time to come. The New Orleans Cotton
Exchange is generally recognized to be the foremost exponent of the cotton
trade of the South and when the cottonseed oil interests assured us, as they
have done, that their business would be advanced by the creation of this
market which to them seemed the supreme need of the hour, our members
promptly recognized what to them appeared a duty.
"The Crescent City is a logical place for this business. The oil is produced
In the South from cotton grown in the South by Southern people and whatever benefits one section of the South obviously benefits the entire South.
"I feel confident that this business will grow to considerable proportions,
and that in the course of time it will prove to be one of the all essential cogs
In the world's great marketing machine, rankingin importance to the South
with the cotton future business of this exchange which is now being recognized by the trade to be the greatest hedge or price insurance market."
As soon as President Williams concluded his remarks, Henry G. Hester,
veteran secretary of the Cotton Exchange, and known the world over as a
leading cotton statistician, ascended the rostrum and brought the gavel
down for the beginning of the first call. Mr. Hester had performed the same
service nearly half a century ago for the local cotton future market.
As soon as the call was started, Assistant Secretary Henry Plauche
relieved Mr. Hester and conducted the call to the end. Trading was brisk
from the calling of the first month, October. The initial transaction was a
sale of October at 10.70 by John F.Clark & Co., to Butler & King. Bidding
,
was lively at the call and trading was brisk during the entire period of the
short session which terminated at 9:45 as will be the custom on Saturdays.
While no official report was made of the total transactions it is reliably reported that the sales aggregated about 12,000 barrels, which is a large business when compared with the daily run of sales in the New York market.
the only other cotton oil future market.
Transactions occurred also in December. January and March deliveries.
There are said to be large orders under the market to be executed when
trading gets well under way. All those who took part in yesterday's trading
were highly pleased with the initial success of the new market and freely
predicted that the new ring would soon become a rival in activity with the
older cotton ring.
Brokers around the cotton ring practically suspended business to watch
the proceedings around the new ring.
The rules governing the new department have been preapred with great
care and were adopted by the board of directors of the exchange on July 1
1925.
The control and management of the details of the cottonseed oil department is vested in a committee of eleven members of whom five shall be
designated as an arbitration committee, and three others as a committee on
appeals.
Provision has been made for the clearing of all contracts through the New
Orleans Cotton Exchange Clearing House Association.
The form of contract is drawn on the lines of the cotton future contract,
and provides that transactions in refined cottonseed oil shall be in bulk in
lots of 30,000 pounds,in licensed storage tanks in New Orleans and vicinity.
Beginning Monday there will be three calls a day in the cotton oil ring
and trading will begin at 8:45 in the morning and last until 1 o'clock in the
afternoon,except on Saturdays.
-Reports
WEATHER REPORTS BY TELEGRAPH.
to us by telegraph this evening indicate that the weather
has been generally favorable during the week. Rains have
relieved the drought in the western section of the cotton
belt and showers have proved beneficial in the central and
eastern parts. Weevil continue to be active in,some sections,
Rains during the closing days of July benefited the crop materially, but no serious damage has been reported as yet.
especially in the southwestern and south-central sections. An average
Texas.
-Cotton in this State has been benefited by rains
yield of 130 pounds of lint an acre Is forecast and the acreage is 15% greater
this year than last. Cotton in the southeastern and northeastern sections and cool nights. The general condition is still mostly poor
of the State is in the best condition. Choctaw
State. Elsea condition in the central and southwestern parts of
of 94%, while Latimer LeFlore, McCurtain andCounty showscounties are where the condition is, as a rule, good. the
Pushmataha
Picking has been
all in the 80% class. Cotton stands best in Tulsa, Delaware and Ottawa
counties, which all range above 90%•
interfered with somewhat by rainfall, but shedding and
In the southwestern and south-central portions, the chief producing
areas, cotton is deteriorated to a marked extent. Jackson County shows .premature opening have been checked.
a condition of 55%, while Tillman and Harmon counties are both listed at
-Reports from the interior indicate slight
Mobile, Ala.
less than 50%. Greer County, where cotton stands at 85% of normal,
deterioration and weevil damage. Late cotton is doing
leads the district.
considerable shedding. Bolls are opening rapidly and many
FIRST BALE OF COTTON FROM ALABAMA.
-The
following reports of the first bales of cotton from different gins are operating.
Rain. Rainfall.
Thermometer
parts of Alabama are taken from the Birmingham "Age- Galveston, Texas
2 days 0.50 in. high 88 low 74 mean 81
1 day 0.12 in. high 92 low 66 mean 77
Abilene
Herald":
3 days 0.25 in. high 95 low 65 mean 80
Brenham
OKLAHOMA COTTON REPORT AS OF JULY 25.
Condition of Oklahoma's cotton crop dropped 20 points
during the month ending July 25, according to a report
issued on July 31 by Chalmers D. Carter, State Statistician.
Estimated production on July 25 was 1,155,000 bales, a cut
of 349,000 bales from the estimate on June 25.
Marion, Ala., July 29.
-The first bale of cotton of the season was brought
Into Marion on Tuesday morning, July 28, and sold for 34 cents a pound.
It was raised on Mr. Lee's West Perry plantation and weighed 505 pounds.
The first bale sold in Marion in 1924 was brought in on Aug. 15.
Uniontown, Ala., July 29.
-The first cotton of the season was ginned here
by the Gins Ginning Co. on Tuesday. According to records, this is about
twenty days earlier than cotton has been ginned in the past. There were
two bales weighing 550 pounds each. The owners were Leslie G. Sims
and Thomas Underwood. Several other bales are expected to be ginned
by the end of the week.
Montgomery, Ala., July 31.
-The first cotton of the 1925 crop to be
handled by the Alabama Farm Bureau Cotton Association was delivered
by W. C. Golson, Prattville, Ala., to
-day. Mr. Golson delivered two
bales, one weighing 542 pounds and the other weighing 595 pounds. Draft
for 60% of the value, the usual advance made by the association to its
members at time of delivery, was drawn through the First National Bank
of Prattville.
Brownsville
Corpus Christi
Dallas
Henrietta
Lampasas
Longview
Luling
Nacogdoches
Palestine
Paris
San Antonio
Taylor
Weatherford
Ardmore, Okla
Altus
Muskogee
4 days
3 days
2 days
2 days
3 days
3 days
1 day
1 day
1 day
2 days
I clay
3 days
2 days
1 day
2 days
1 day
1.51 in.
2.10 in.
0.16 in.
0.55 in.
1.62 in.
1.36 in.
0.17 in.
0.58 in.
0.27 in.
0.04 in.
dry
0.71 in.
0.72 in.
0.45 in.
0.18 in.
1.28 in.
2.04 in.
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
24
90
94
98
92
95
92
98
87
94
92
98
__
91
94
92
92
low 74
low 74
low 66
low 62
low 60
low 61
low 63
low 64
low 63
low 62
low 62
low 64
low 62
low 59
low 57
low 57
low 57
mean 84
mean 82
mean 80
mean 80
mean 76
mean 78
mean 78
mean Si
mean 75
mean 78
mean 77
mean 81
mean __
mean 75
mean 76
mean 75
mean 75
730
[VOL
THE CHRONICLE
Oklahoma City
Brinkley, Ark
Eldorado
Little Rock
Pine Bluff
Alexandria, La
Amite
New Orleans
Shreveport
Okolona, Miss
Columbus
Greenwood
Vicksburg
Mobile. Ala
Decatur
Montgomery
Selma
Gainesville, Fla
Madison
Savannah, Ga
Athens
Augusta
Coltunbus
Charleston,S. C
Greenwood
Columbia
Conway
Charlotte, N. C
Newbern
Weldon
Memphis, Tenn
Rain. Rainfall.
1 day 0.48 in.
1 day 0.58 in.
4 days 0.09 in.
1 day 0.35 in.
1 day 0.22 in.
dry
dry
3 days 1.56 in.
1 day 0.34 in.
1 day 2.60 in.
1 day
1.50 in.
1 day 3.13 in.
2 days 2.29 in.
3 days 0.40 in.
1 day 0.77 in.
2 days 0.20 in.
3 days 0.40 in.
5 days 4.19 in.
2 days 0.65 in.
4 days 4.35 in.
dry
1 day 0.06 in.
2 days 0.09 in.
_ _ _ _2 days 0.53 in.
3 days 0.86 in.
3 days 0.75 in.
1 day 0.29 in.
3 days 2.79 in.
4 days 1.61 in.
3 days 1.81 in.
1 day 1.77 in.
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Aug. 7 1925. Aug. 8 1924.
Feet.
Feet.
Above zero of gauge_
4.1
1.7
Above zero of gauge.
12.0
6.1
7.8 •
Above zero of gauge_
7.0
Above zero of gauge_
6.8
9.6
Above zero of gauge_
11.7
20.3
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
Thermometer
For the Week.
Since August 1.
90 low 59 mean 75
Exports
94 low 58 mean 76
from
Great Conti- Japan&
Great
Cons
Japan &
94 low 62 mean 78
China.
Britain new. China. Total. Britain.
fleas.
Total.
90 low 62 mean 76
97 low 61 mean 79
101 low 65 mean 83 Bombay
9,000
10,000
9,000
10.000
1925
92 low 60 mean 76
1924
10:666 10,000 11;666 31,000 10,000 10,000 11.000 31,000
low
mean 81
4,000
13,000
9,000
1,000
1,000
1923
93 low 63 mean 78
95 low 58 mean 77 Other India21,000
14,000
7,000
23,00
8.000 15.000
1925
95 low 60 mean 77
2,000
2,000
2,000
2,000
1924
94 low 59 mean 77
7,000
6,000
1,000
5,000
1:4566 4,000
1923
92 low 66 mean 79
94 low 69 mean 80
90 low 59 mean 75 Total all
7,000
23,000
30,000
8,000 25.000
33,000
1925
91 low 66 mean 79
10,000
12,000
11,000
33,000
10,000 12,000 11;666 33,000
1924
92 low 63 mean 76
15,000
4,000
20,000
6.000
1.000
1.000 5,000
1923
93 low 68 mean 81
94 low 68 mean 81
95 low 68 mean 82
According to the foregoing, Bombay appears to show an
98 low 60 mean 79
97 low 66 mean 82 increase compared with last year in the week's receipts of
94 low 62 mean 78 7,000 bales. Exports from all India ports record a decrease
96 low 72 mean 84 of 3,000 bales since Aug. 1.
94 low 62 mean 78
_ _ low 64 mean 64
96 low 64 mean 80
-We
ALEXANDRIA RECEIPTS AND SHIPMENTS.
90 low 63 mean 74
93 low 68 mean 81 now receive weekly a cable of the movements of cotton at
93 low 65 mean 79 Alexandria, Egypt. The following are the receipts and
90 low 61 mean 76
corresponding week
shipments for the past week and for the
The following statement we have also received by tele- of the previous two years.
graph, showing the height of rivers at the points named at
8a. m. of the dates given:
Alexandria, Egypt,'
1925.
1924.
Receipts at Ports
Stocks at Interior Towns.
Receipt° (cantors)This week
Since Aug. 1
May
15__
22..
29._
June
5__
12_.
19..
26..
July
3...
10..
17_.
24_.
31
Aug.
7_
1923.
1925.
1924.
1923.
1925.
1924.
1923.
49,177 52,395 26,647 420,119 392,300 508,435
44,069 50,868 36,804 561.725 372.553 471,972
44,085 50,424 28,322 340.620 347.017 447,224
n 24,48,
3.916 31.121 1,983
4.739 24,88: 5,558
31,997
21,739
39,033
14,161
3,673
____
3,286
ni
18,514
18.245
22.774
21.742
45.020
43,377
35.702
49,228
35.721
21.783
21,177
35,877
40,508
35.171
25.060
31,651
30,72E
29,371
24,472
20,125
15,202
22,226
27,686
312,296
285,662
249,315
234.869
213.754
195.424
183,524
170,236
160.605
41.207 13.558 29.720 150 547
333,056
312,127
283,651
266,78
256,31
243.812
225,799
206,000
182,54
419,670
391.675
369.047
348,278
3,500
400
Since
Since
Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
To Liverpool
1.000
700 3,250
To Manchester, &c
2,750
To Continent and India ---------1,000
To America
6.000 4.1100
800
Total exnorts
7.000
4.7110
7.500
3,250 ---2,750 ---1,000 2.500
800
---7.84)4)
-------------
2.504)
Note.
-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ending Aug.5 were
nil cantars and the foreign shipments 7.000 bales.
Receiptsfrom Plantations
Week
1924.
1923.
Aug. 5.
Exports (bales)-
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 through
the outports.
Ende” 1925.
121.
29,416
14,77
20,752
18,851
133
5,244
9,959
8,040
331.666
nt 11,301 8,662
nil
ni
1,672
312,912
293,500 11.8E6 17,88
278,391 8.454 20.709 11,646
270.233 35,388 11.719 19,528
183.738 264.913 31.149 14.747 24.400
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1925 are 31,149 bales;
in 1924 were 14,960 bales, and in 1923 were 30,910
bales. (2) That although the receipts at the outports the
past week were 41,207 bales, the actual movement from
plantations was 31,149 bales, stocks at interior towns
having & creased 10,058 bales during the week. Last year
receipts from the plantations for the week were 14,747
bales and for 1923 they were 24,400 bales.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
both cloths and yarns is steady. Demand for foreign
markets is improving. We give prices to-day below and
leave those for previous weeks of this and last year for
comparison.
•
1925.
1924
81i Lbs. Shirt- Cotton
834 LOs. Shirt- Cotton
328 Cop ings, Common MUNI% 32s Coy ings, Common MiddJg
ds Twist.
Twist.
to Finest.
to Finest.
Cyr de.
May
15
22
29
June
5
12
19
26
July
3
10
17
24
August
7
d.
d.
2
0
2034a21 34
a2134205021%
d.
d.
d.
s. d.
s. d.
12.36 25 a2834
16 3 a16 5
12.84 25It a28%
16 4 a17 4
13.04 25,‘a2834
16 4 a17 4
s. d
e. d.
18 3 a18 7
18 1 al8 5
18 1 a18 5
d.
17.89
17.46
17.99
20021 16 4
2034a2134 16 2
16 2
20)4 213420 a2134 16 2
a17
al6
a16
a16
4
4
4
4
13.48
13.36
13.62
13.53
25%028%
25%a28X
2532a27%
,
25Iia27%
18 1
18 0
18 2
18 2
a18 5
al8 3
a18 5
al8 5
17.30
17.14
16.99
16.88
20 a2135
20 02155
20 021I5
20 02134
2034021%
a16
al6
a16
al°
a16
4
5
6
6
7
13.35
13.67
13.92
14.08
13.53
25 a27
25 027
24%a25%
26 027h
263i a28
18 1
18 1
18 2
19 4
19 6
018 4
al8 4
a18 5
a20 0
a20 2
15.92
16.35
16.73
17.74
18.18
13.35 26 a27% 196 0202
17.38
16
6
6
6
6
2
3
3
3
4
20lia21,4i 8 3 016 6
SHIPPING NEWS.
-As shown on a previous page, the
WORLD SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates exports of cotton from the United States the past week have
at a glance the world's supply of cotton for the week and reached 56,476 bales. The shipments in detail, as made
since Aug. 1 for the last two seasons, from all sources from up from mail and telegraphic returns, are as follows: Bales.
which statistics are obtainable, also the takings, or amounts NEW YORK-To Rotterdam-July 31-Nieuw Amsterdam. 400_ - 400
To Liverpool-July 31-Samaria, 200_ _ _July 31-Baltic, 507_ - 707
gone out of sight, for the like period.
Cotton Takings.
Week and Season.
1924.
1925.
Week.
Season.
Week.
Season.
2.190,493
2,342,887
Visible supply July 31
2,342.887
2,190,493
Visible supply Aug.1
74,425
97.522
75,383
97,522
American in sight to Aug. 7-- ._
10.000
15.000
10.000
17,000
Bombay receipts to Aug.6
2,000
21,000
2,000
23,000
Other India ship'ts to Aug. 6__ _
Alexandria receipts to Aug. 5_
5.000
11,000
6,000
15.000
Other supply to Aug. 5*b
2,495,403 2,487.409 2.279,918 2.283,876
4
Total supply
Deduct
Visible supply Aug.7
2,278.685 2,278.685 2,111,863 2,111,883
Total•takings to Aug.7
Of which American
Of which other
216.724
163,724
53,000
208,724
163.724
45,000
168.055
91,055
77.000
172,013
94,013
78.000
•Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 65,000 bales in 1925 and 52,000 bales in 1924-takings
not being available-and the aggregate amounts taken by Northern and
foreign spinners. 133,724 bales in 1925 and 126,613 bales in 1924. of which
98.724 bales and 42,013 bales American. b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the. week and for the season from
Aug. 1, as cabled, for three years, have been as follows:
1925.
Aug. B.
Recetpts
Bomhs.v.
Since
Week.' Aug. 1.
17,
m11
1924.
Week.
15 ray, ,n fro
Since
Aug. 1.
1923.
Since
Week.' Aug. 1.
10 000 11.000!
7:00 I
-Aug. 3-Bergensflord, 100
To Oslo
100
To Havre
-Aug. 4
-De Grasse. 200
200
-Antonio Lopez, 500
To Barcelona-Aug. 3
500
To Bremen-July 31-President Roosevelt, 4,101
Aug. 3President Harding, 5,150
9,251
To Gothenburg-Aug. 5-Carlsholm, 100.... July 31-Stockholm, 150
250
To Antwerp-Aug. 6-F'rancisco, 50
50
To Genoa-July 29
-City of St. Joseph, 200
200
To Bergen-Aug. 3-Bergensfjord. 50
50
NEW ORLEANS
-To Japan-Aug. 1-Hawali Maru, 10,128__
To Barcelona-Aug. ---Cardonia, 30_
30
GALVESTON-To Bremen-Aug. 4-Malmen. 1,403
1,403
HOUSTON-To Liverpool-July 31-Candidate, 4.609
4,609
To Bremen-July 31-Cody, 4,586
4.586
To Murmansk-Aug. 1-Leonhardt, 12.175-Aug. 7-Sydfold. 4,000
16,175
MOBILE
-TO Liverpool
-July 31-Dakarian, 114
114
NORFOLK
-To Liverpool
-Winona County. 179_____
-Aug.7
179
To Bremen-Aug. 7-Hornfels, 3,019
3,019
SAN FRANCISCO-To Japan-Aug. 1-President Van Buren. 600 600
SAVANNAH-To Bremen-Aug. 6-Backenheim, 3,925
3,925
56.476
COTTON FREIGHTS.
-Current rates for cotton from
New York, as furnished by Lambert & Burrows, Inc., are
as follows, quotations being in cents per pound:
High StandDensity. ard.
Liverpool .30c. .450.
Manchester .30c. .4513.
Antwerp
.350. .500.
Ghent
. 234c.. 734c.
4
5
Havre
.350. .500.
Rotterdam .40c. .55c.
Genoa
.40c. .55c.
Oslo
.50c
.60c.
Stockholm
Trieste
Flume
Lisbon
Oporto
Barcelona
Japan
Shanghai
High StandDensity. ard.
.500. .650.
.45c. .60c.
.45c. .600.
.500. .65c.
.750. .90c.
.300. .450.
.62540-77I4c
.65c. .800.
Bombay
Bremen
High standDensity. ard.
.50c. .650.
.40c. .55e.
Hamburg
.350.
.50c.
Piraeus
Salonica
.600.
.750.
.750
.90c.
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c.,at that port:
THE CHRONICLE
AUG. 81925.]
731
Aug. 7.
19,000
11,000
1,000
48,000
565,000
299,000
44.000
8,000
145,000
17.000
tries which last year produced more than three-fourths of
the world's wheat crop will exceed by nearly 50,000,000
bushels the harvest of last year, according to the Bureau of
Agricultural Economics, U. S. Department of Agriculture.
The total for 16 countries is 2,045,957,000 bushels, against
2,015,469,000 last year; an increase of 1.6%. Hungary has
63,199,900 bushels, against 51,563,000 last year, an increase
of 22.6%; total for 17 countries 2,109,156,000 bushels, against
The tone of the Liverpool market for spots and futures 2,065,037,000 last year, an increase of 2.1%. Rome cabled:
each day of the past week and the daily closing prices of "In many provinces of Italy appeals to landowners and
spot cotton have been as follows:
farmers have been made to sell from one-tenth to one-fifth
of the year's wheat crop to the towns at an equivalent of
Saturday. Monday. Tuesday. Wednesday. Thursday. Friday.
Spot.
about $150 per bushel. This is below the market price prevailing for wheat on July 24, the date when an import duty
Market, (
More
More
A fair
Quiet.
demand, demand.
business
12:15 i
was re-established, but the agricultural population redoing.
P.M. l
sponded favorably, with the understanding that their grain
13.44
13.30
13.38
13.35
would be used for bread to be sold to the working classes.
MM.DPI'ds
Wheat is expected to pass the $2 mark this year as a result
HOLIDAY HOLIDAY
3,000
4,000
Sales
5,000
6,000
of the reimposed Import duty." Complaints of excessive
Futures.
Quiet unch.
Quiet
Steady
Idle
France, Germany and Russia. Yet Russia
to 3 pts. 13 to 16pts. 13 to 16pts. 1 to 3 pts. rains coiae from
Market f
advance,
has, it claims, sold thus far 4,000,000 bushels for export.
decline,
opened 1
advance,
decline.
To-day prices ran up to high levels for this movement. They
Steady Barely st'y Steady St'dy unch.
Market, (
/ to Cc. at Chicago,
1
2
(
1 to 2pts. 21 to 24pts. 14 to 22 pts to 4 points ended at a net advance for the day of 3
4
advance,
decline,
P.M. l
advance. advance.
/
1
2
4e. at Minneapolis, 3 to 6c. at Kansas City and 3 c. at
/
1
2
Prices of futures at Liverpool for each day are given below: Winnipeg. The strength of cash corn was the backbone of
the market. Strong foreign markets also had no small influence. Reactions were transient. Two well-known operaSat.
Mon.
'Tues.
Wed. I Thurs.
Fri.
Aug 1
tors were credited with buying on a considerable scale. Wall
to
1234 I234 1234 4:00 1234 4:00 1214 4:00 1254 4:00 1214 4:00
Aug 7
P. al•P. m P. al. P. al. P. m.P. al.P. m•P. la.P• M.P. m.P. m.P. in. Street, too, was said to be coming back to the long side, after
selling freely recently. Shorts covered heavily. Stop ord.
d.
d.
d. d. d. d.
d.
d.
d.
d.
ders were caught on the way up. September headed the
August
12.9913.01 12.85
12.93 12.91 12.9012.95
September
l2.8512.87 12.72
12.80 12.82 12.7912.84 rise. It went to nearly 2c. over September. August at ChiOctober
12.75j12.76 l2.62i
12.71 2.74 12.71 12.75 cago sold 2c. above September, as cash houses bought. To
November
12.68(12.69 l2.54
12.62 2.66 12.63 12.66
December
12.71112.71 12.581
12.64 2.68 12.65 12.68 some August wheat looked cheaper than cash wheat in the
HOLIHOLI- 12 701 12.70 12.561
January
12.63 12.68 12.6512.68 sample market. Northwestern mills were buying old wheat
.
February
DAY.
DAY. 12.70 12.70 12.561
12.63 2.68 12.65 12.68
March
12.75 12.74 12.6
12.8712.7312.7012.73 to mix with light weight new spring wheat. Kansas mills
April
12.75 12.73 12.60
12.66 2.73 12.70 12.73 were said to be buying in Iowa. No attention was paid to
12.79 12.77 12.64
May
12.71 12.77 12.75 12.78
June
12.75 12.73 12.60
12.67 2.74 12.72 12.75 larger receipts at the Southwest. Crop news from Canada
July
12.71 12.73 12.6
12.67 12.74 12.72 12.75 was contradictory; some good; some bad. For the week
there is an advance of 14 to 17c. Exporters took 300,000
bushels to-day.
July 17. July 24. July 31.
20.000
22,000
20,000
10,000
11,000
10,000
1.000
5,000
1,000
58,000
54,000
60,000
635,000 609,000 572.000
379,000 350,000 314,000
47.000
29,000
20,000
18,000
7,000
2,000
135,000 133,000 142,000
9.000
11.000
19,000
I
r
c.lb.2...,Nb2b.2bDt•it•ib.Dbab•Dm I
V.
C. G. G. 0,4IP a a
t..2
b.DAJ_00 00Q9 CO Cr.
,1
Sales of the week
Of which American
Actual exports
Forwarded
Total stock
Of which American
Total imports
Of which American
Amount afloat
Of which American
BREADSTUFFS.
Friday Night, Aug. 7 1925.
Flour advanced some 25c. early in the week owing to a
steady rise in wheat. But trade has not improved. Many
buyers are said to be pretty well supplied for the time being. They are favored by quick transportation, something
that they never forget. In short, it is the old story. There
is little new in the flour trade from week to week so far as
business is concerned. Prices change; the attitude of buyers does not. Export trade has also been slow. Clearances
from New York on the 3d inst. included 58,686 sacks for
Hamburg, Rotterdam and Brazil. There were also cleared
6,000 barrels from New Orleans and 4,000 from Baltimore,
making from all Atlantic ports 62,000 bbls. Clearances on
the 6th inst. were 8,998 sacks, all consigned to German ports.
Washington reports a sharp increase in wheat flour output
in June as compared with the preceding three months. The
Bureau of the Census says that for June 855 companies reported 1,001 mills, 65 of which were idle, as producing 7,678,190 bbls. of flour, grinding 35,210,850 bushels of wheat, the
mills operating at 46.6% of total capacity. In May, 1,048
reporting mills operating at 42.9% capacity, ground 31,874,430 bushels of wheat, producing 6,941,623 bbls. of flour.
Wheat touched a new high level on the 4th inst. of 160%c.
/
2
for September, 1611c. for December and 164%c. for May,
with a rise of 3 to 4%c., making 7 to 15c. since last Friday.
That was owing largely to hot weather in Canada, a sharp
rise in Winnipeg and big covering. A large operator covered
heavily for two days. Europe for a week was buying futures, taking many millions of bushels. Whether it was for
short account or not, opinion differs. The vital point is that
the big and persistent buying was there. It was to some extent, no doubt, hedge buying against future requirements.
It is worth while to remember, too, that recently many complaints have been received of wet weather on the Continent.
The harvest,therefore,delays in France,Russia and Hungary.
And with only small supplies afloat and in store, grave damage to the Canadian crop might cause an interesting situation. Supplies on ocean passage are only 23,376,000 bushels,
or slightly more than three weeks' requirements of importing
countries. The world's shipments last week were only
7,044,000 bushels, the smallest for some weeks past. The
American visible supply increased 3,682,000 bushels, and is
now 29,655,000 bushels, against 41,552,000 a year ago, but
this had as little effect early in the week as the heavy profit
taking on the bulges and the smallness of the export sales,
L e. only 300,000 to 400,000 bushels a day, or even less. The
receipts at times fell below expectations. Northwestern
millers were steady buyers. On the 5th inst. prices advanced
1 to 2c., and lost most of it on selling attributed to a large
/
1
2
Wall Street operator who was also said to be selling out a
large line of cotton. On the 6th inst. further profit taking
depressed prices, despite higher cables. Export sales were
only 250,000 bushels. Milling demand was good, especially
at Minneapolis. The wheat crop in 17 of the principal coun-
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_167% 168
170
No.2 red
1703.( 173
17514
CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
DAILY
Sat. Mon. Tues. Wed. Thurs. Fri.
,
September delivery in elevator_cts_153 36 157% 16014 160
15914 166%
153% 157% 160% 1603'( 159% 164%
December delivery in elevator
156% 160
May delivery in elevator
164
164% 164% 168
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
October delivery in elevator-- _cts_ 138% --- _ 145
14714 14614 149%
December delivery in elevator- -135% ---- 142
144% 142% 146%
140
May delivery in elevator
-__- 146% 148% 147% 151
Indian corn has advanced, mainly because of the rise in
wheat. Another stimulant, however, was the fact that the
visible supply decreased last week 832,000 bushels. That
brought it down to 6,925,000 bushels, against 4,887,000 a year
ago. The Illinois Central crop report said that the weather
in that State was favorable, and that corn was in good
condition. It estimated that 75% was in silk. The prospects pointed to a good crop. Prices on the 5th inst. were
irregular, with wheat down. The net changes in corn were
trifling, however. Cash houses bought September. Receipts were only moderate. The weather was none too favorable. The Kansas weekly report was considered in the
pain rather unfavorable, pointing to night too cool, though
beneficial rains fell here and there. No. 2 yellow was offered at $1 10 loaded. Rumors of export trade on the 6th
/
1
2
inst. were not confirmed and prices fell % to 12 with
/
1c.,
copious and very beneficial rains in Nebraska and Iowa.
larger country offerings at lower prices and not much demand except from shorts. Receipts, it is true, were moderate
and cash prices relatively steady. But fear of a larger crop
movement and the downward turn in wheat dominated. Today prices advanced a fraction and then reacted, closing
practically unchanged for the day. Beneficial rains caused
the early decline. They fell where they were most needed
In productive sections. The country was selling at Chicago
It offered fair quantities of cash corn. Liquidation was
noticeable. Most of the commission houses were selling for
a time. Later on the influence of a stronger wheat market
was plain, despite the fact that crop reports were in the
main favorable. Cash demand was fair at steady prices.
The thing that holds corn back, however, is the improving
crop outlook, with its implication of good supplies later on.
Moreover, speculative attention is largely monopolized by
wheat. Prices show a net advance for the week of 1 to 2c.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_125
127
12614 12714
12714 128
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues, Wed, Thurs. Fri.
September delivery in elevator_cts_104
10514 105% 10514 10414 104%
December delivery in elevator_ _ 86% 8734 8714 8714 8714 874
May delivery in elevator
88% 897
9014 9014 8914 89%
No. 2 mixed
Oats advanced lc. on the 3d inst. under the stimulus of
higher markets for other grain, covering, scattered long
buying and some unfavorable crop news. Hedging sales
for once were neutralized by bullish factors. Receipts
were rather large. Export demand was not active. The
American visible supply increased 400,000 bushels and is
now 26,297,000 bushels, against 3,086,000 a year ago. Private crop estimates are 1,232,000,000 bushels to 1,329,000,000
bushels, or an average of 1,300,000,000, against 1,541,900,000
to %c. higher on the 4th inst.,
last year. Prices were
with covering of shorts due partly to the strength In other
grain. Liquidation had died down. Outsiders bought a little more freely. Cash demand was somewhat better and
prices were firmer. Receipts were of only fair size. Little
Canadian business was done for export. Later prices were
held in check by hedging sales. Outside trading was light.
Covering, on the other hand, prevented any marked decline.
The cash demand was simply fair; receipts were of fair
volume. The Illinois crop report said that oats threshing
was nearing completion; fields probably average 25 bushels
per acre. Iowa weather was favorable; threshing of oats is
going along rapidly; quality good; the yield is expected to
average 40 bushels per acre. A small decline occurred on
Thursday on hedge selling and liquidation, with somewhat
larger receipts. The demand for export was only moderate.
The weather was favorable. To-day prices were irregular
and in the end showed no marked change. Fluctuations were
within very contracted limits. Prices were lower early in
the day, with little demand and some further hedge selling.
Receipts, too, were rather large. But later on the firmness
of wheat told. Also, there were reports that Germany was
buying feed grain in this country. Shorts covered. Final
prices were 33c. lower to %c. higher for the day. For the
2c. Exporters took
/
week there is a net advance of 1 to 11
small lots of oats and barley.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 white
cts_ 54
5434 5434 5434 5434 5434
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
4234 4234 42X
September delivery in elevator_cts_ 4134 4234 43
December delivery in elevator_ - _ -44 h 4534 4534 4534 4534 45
May delivery in elevator
4834 4834 4834 4834
48
47
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
49
October'delivery in elevator-- _cts_ 4834 ____ 4934 49% 49
47
47% 47% 47
December delivery In elevator---- 45% May delivery in elevator
5134 5134 5134 51
4934 -
1c.
/
Rye advanced early in the week 1 to 12 on general buying, the smallness of offerings and fears for the crop. The
Northwest, moreover, sent unfavorable crop reports. Hot
weather prevailed in Canada. Export demand, however,
was small. Private crop estimates were 50,000,000 to 53,000,000 bushels, against 63,000,000, the final last year. The
American visible supply decreased 441,000 bushels and is
now only 4,729,000 bushels, against 14,437,000 a year ago.
A rise of 2%c. on the 4th inst. was due to firmness of
wheat, the decided cheapness of rye as compared with wheat
and some outside demand. Selling pressure was absent.
Chicago houses are calling the attention of the country to
the very marked discount on rye prices compared with
wheat, though rye can be used as a substitute for wheat.
Export sales were 100,000 bushels. Still later came a rise
2
1
/
of % to 2 c., with offerings small, with a persistence of
the idea that the price is too low, receipts small and hedge
selling light. Millers wanted spot rye at Chicago at 1%c.
over September for No. 2. Export demand was absent, but
Phis was offset by the other factors. On the 6th inst. the
net result was unchanged to %c. lower. There was very
little export demand. Liquidation followed the decline in
wheat. But spot rye was firm. To-day prices closed 3 to 4c.
higher, with wheat up, a fair export demand for rye and
complaints about the crop from Canada. Also, receipts
were light. Offerings were small, there being little disposition to sell. Export sales were estimated at 100,000
bushels or more. Final prices show a rise for the week of
10 to 11c.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri
10134 10334 10334 10634
99
September delivery in elevator_cts_ 98
December delivery in elevator_ ---101% 10334 10534 10734 10634 110%
113
11234 115
May delivery in elevator
Closing quotations follow:
FLOUR.
$5 75a26 25
$8 75a$9 25 Rye flour, patents
534
7750 825 Semlnola No.3,lb
2 95a 3 05
7 40a 7 75 Oats goods
2 95a 3 05
8 50a 9 00 Corn flour
9 000 9 50 Barley goods
4 50
Nos 2.3 and 4
7 50a 800
7 50
Fancy pearl, No. 2. 3
10 20a10 80
and 4
10 35a10 85
GRAIN.
Oats
Wheat, New YorkNo.2 white
175%
No. 2 red. f.o.b
No.3 white
18434
No. 1 Northern
No. 2 hard winter, f.o.b___ _184% Rye, New York
11831
No. 2 f.o.b
Barley. New York
Corn970100
Malting
12734
No. 2 mixed
12734
No.2 yellow
Spring patents
Clears,first spring
Soft winter straights_ _
Hard winter straights
Hard winter patents_
Hard winter clears
Fancy Mimi. patents....
City mills
Ng
For other tables usually given here, see page 677.
The exports from the several seaboard ports for the week
ending Saturday, Aug. 1 1925, are shown in the annexed
statement:
Wheat.
Exports fromNew York
Philadelphia
Baltimore
Newport News
New Orleans
Montreal
[Vox, 121.
T M CHRONICLE
732
Corn.
Flour.
Oats.
Rye.
Barley.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
91,479 291.759 269,070 185,000
6,000
1,092.883
25,000
2,000
104,000
70,000
8,000
2.000
4,000
33,000
60,000
73,000
104.000 1,006,000 783,000 228,000
2,273,000
Total week 1925- 3.542.883
sum., week 1924
2.562.663
68,000
203.400
235,479 1.326,759 1,032,070
222.290 606,328 649,823
483,000
154.498
The destination of these exports for the week and since
July 1 1925 is as below
Since
July 1
1925.
Week
Aug. 1
1925.
Week
Aug. 1
1925.
Week
Aug. 1
1925.
Since
July 1
1925.
Bushels.
Bushels.
Bushels.
Barrels.
301,211 1,399,977 7,826.063
863,217 2,036,206 10,893,865
15,000
124,000
31,017
34,000
51,000
77,700
61,500
104,644
83,015
68,891
11.200
Barrels.
United Kingdom. 44,024
Continent
147,824
525
So.& Cent. Amer_
West Indies
13,260
Other countries_
29,846
Total 1925
Total 1924
Corn.
Wheat.
Flour.
Exports for Week
and Since
July 1 to-
235,479 1,368,980 3,542,883 19,004,643
959.029 2.562.683 19.832.183
222.290
66,000
203.400
Since
July 1
1925.
Bushels.
85.000
17,000
345.400
447,400
530.730
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ending Friday, July 3, and since July 1 1925 and 1924,
are shown in the following:
iCorn.
iVheat.
1924-25.
Week
July 31.
Since
July 1.
I 1923-24.
Since
July 1.
1924-25.
Week
July 31.
Since
July 1.
1923-24.
Since
July 1.
Bushels.
Bushels.
Bushels. Bushels.
Bushels.
Bushels.
128,000
215,000
North Amer_ 4.667,000 25,372,000 28,832,000
26,000
Black Sea_
306,000 3,634,000 3,053,000
944,000
Argentina_ _ _ 1,561,000 7,488,000 14,577,000 4,092,000 18,184,000 32,964,000
Australia _ _ 816,000 5,256,000 4.776,000
95
India
1.112,000 7,192,000
0th. countr's 7,044,000 39,228,000 56.321.000 4.424.000 22,033.000 36,240.000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Aug. 1, were as follows:
GRAIN STOCKS.
.
Baal.
Rye.
Corn.
Oats.
Wheat.
United States
bush.
bush.
bush.
25,000
83,000
New York
259,000
37.000
492,000
Boston
18,000
1,000
19.000
12
?
Philadelphia
120,000
592,000
31.000
45,000
55,000
Baltimore
57.000
111,000
3,817,000
Newport News
36,000
79,000
New Orleans
144,000
216,000
10,000
Galveston
1,000
189,000
104,000
Buffalo
869,000 2,145,000 1,317,000
2,153,000
40,000
277,000
afloat
"
120,000
697,000
1,000
482,000
Toledo
136,000
523,000
afloat
"
98,000
Detroit
12,000
21,000
165,000
165,000
108,000
Chicago
5,417,000 2.595,000 4,150,000 2,429,000
afloat
"
61,000
41,000
146,000
3,000
Milwaukee
47,000
277,000
406,000
Duluth
3,076,000
335,000
3.257,000
68.000
125,000 12,474,000
313,000
2,646,000
Minneapolis
2,000
1,000
60,000
Sioux City
314.000
126,000
3,000
229,000
4,000
St. Louis
140,000
1,448,000
13.000
76,000
Kansas City
817,000
474,000
2,520,000
Wichita
2,000
1,854.000
2.000
151,000
38.000
1,000
St. Joseph, Mo
1.074,000
14.000
363.000
7,000
Peoria
451,000
383,000
90,000
Indianapolis
9,000
892,000
5,000
211,000
883,000
Omaha
518,000
On Lakes
145,000
5.000
81.000
182.000
609 000
On Canal and River
Total Aug. 1 1925_ _ _20,655,000 6,093,000 26,207,000 4,729,000 1,091,000
Total July 25 1925._25,973,000 6,925,000 25,897,000 5,170,000 1,245.000
283,000
Total Aug. 2 1924_41.552,000 4,887.000 3,086,000 14,437.000
-Bonded grain not included above: Oats, New York. 6,000 bushels;
Note.
Baltimore, 1,000; Buffalo, 1.000: total, 8,000 bushels, against 3,383,000 bushels
In 1924. Barley, New York. 25,000 bushels; Baltimore, 45.000; Buffalo, 21,000:
Canal. 142,000; total, 233,000 bushels, against 292.000 bushels in 1924. Wheat,
New York. 311,000 bushels; Boston, 11,000; Philadelphia, 561,000; Baltimore,
192,000: Buffalo, 1,878,000: Buffalo afloat, 351,000; Duluth, 10,000: Toledo.
31,000; Canal,882.000;total, 4,227,000 bushels,against 3,850,000 bushels in 1924.
Canadian
315,000
2,326,000
125,000
146,000 1.201,000
Montreal
877,000
745,000
3,164,000
Ft. William .4 Pt. Arthur. 9,151,000
295.000
2.302.000
10,000
966,000
Other Canadian
146,000 5,331,000
Total Aug. 1 1925-13,779,000
880,000 1,487,000
236,000 5.549,000
Total July 25 1925.16,807.000
923,000 1,376.000
12,000 10,309,000 1,831.000 1,328,000
Total Aug. 2 1924.._20,802,000
Summary
29,655,000 6,093.000 26,297,000 4.729,000 1,091.000
American
13.770 000
146 000 5.331 MO
880.000 1.487.000
Canadian
43,434.000 b,330,000 31,028,000 5,609,000 2,578,000
Total Aug. 1 1925
Total July 25 1925_ _42,780,000 7,161,000 31,446,000 6,093,000 2,621,000
Total Aug. 2 1924_ _ _62.354,000 4,899.000 13,395,000 16,268,000 1.611,000
.
N.(1 1.
WEATHER BULLETIN FOR THE WEEK ENDED
-The general summary of the weather bulletin
AUG. 4.
issued by the Department of Agriculture, indicating the
influence of the weather for the week ended Aug. 4.
A shallow trough of low pressure that developed on the east slope of the
Rocky Mountains on Wednesday moved slowly eastward to the Atlantic
coast by Saturday and disappeared to the Northeast on Sunday. Practically all points from the Rocky Mountains eastward received moderate to
heavy showers at some time during the week and many places had rain
on two or more days. The western Plateau had a few light, widely scattered showers during the week, while the Pacific coast was practically
Temperature was below normal over the region east of the Rocky Mountains all the week, except that it was comparatively warm In the Gulf
States the first part and in the Lake region and the Missouri Valley the
latter part. In the Appalachian region it was persistently cool, with minus
temperature departures of 12 degrees to 15 dem•ess In West Virginia almost
every day. Other points in the upper Mississippi Valley and the Great
Plains had equally cool weather on one or two days. Over the country west
of the Rocky Mountains it was generally warm with plus departures locally of
10 degrees to 18 degrees. The extremely warm areas were rather limited,
however, and the temperature was generally within a few degrees of the
normal.
The temperature for the week, as a whole, averaged considerably below
normal in all sections from the Rocky Mountains eastward, except in the
eastern and southern border districts where normal warmth prevailed. The
minus departures from normal in parts of the interior were as much as 9
degrees to 11 degrees. In the more western States the week was warmer than
the seasonal average. East of the Rockies, maximum temperatures during
the week did not reach 90 degrees, except in the South and the Northwest.
Chart I shows that moderate to locally heavy rainfall was quite general
In central and eastern portions of the country, except in the region between
the Great Lakes and Rocky Mountains. A few locally droughty areas, hawever, again received little or no precipitation. Rainfall was moderate to
rather heavy in most of the heretofore dry sections from the southern Great
Plains southward. There was considerable cloudy weather during the week
over much of the eastern half of the country.
The outstanding favorable feature of the weather during the week was the
beneficial rain that occurred in the Southwest ad in the middle Atlantic
area. In the former section, drops that were not too badly damaged by the
though show material improvement, while in portions of the latter the first
adequate rainfall for several weeks was received. Showers were also helpful
In many other sections of the eastern half of the country, though droughty
conditions continued in some places. The need for moisture continues
especially urgent in the southern Appalachian Mountain region, including
some adjacent lowlands, particularly in southwest Virginia, the western half
of North Carolina, northwestern South Carolina, central and northern
Georgia, and east Tennessee.
.
AWL 8 1925.]
THE CHRONICLE
There is also need for more rain generally in the north and westecentra1
Great Plains and in most of the central and upper Mississippi River districts.
In the Southwest tnere was sufficient additional rainfall to materially improve the range situation, and beneficial showers occurred in parts of the
Great Basin. In the more northwestern States the warmth was veryfavorable for irrigated crops, but dry farms and pastures were needing moisture.
There was some interruption by rain to farm work in parts of the Ohio Valley
and the Northeast, and also in the Southwest, but, in general, seasonal
operations made :good advance.
SMALL GRAINS.—Spring wheat harvest is nearing completion in Minnesota and South Dakota and threshing has begun in those States. Harvest
Is well under way in Idaho and Washington and has begun in all parts of
North Dakota and also in Montana where ripening has been premature and
grain is poorly filled. Winter wheat harvest is practically completed and
threshing is well under way throughout the belt, but it has been hindered
locally by rain in the Ohio Valley. Yields are reported poor to fair in this
area, above normal in Washington, and large in Nevada.
Oat harvest is well along generally and has begun in the northern border
States; yields are reported varying from poor to excellent. Rye and barley
harvests are practically completed and threshing has begun: yields are poor
to fair. Rice is reported in excellent condition in California. and progress
and condition of this crop are very good in Texas. Flax has been damaged
by heat and dry weather in eastern Montana. Grain sorghums have improved in Kansas and are heading in the south portion of the State.
CORN.—While the nights were somewhat too cool throughout the central
valley States for best growth of corn the progress of the crop was satisfactory
wherever moisture was sufficient. Beneficial rains occurred in most portions
of the Corn Belt east of the Mississippi River, though locally it was still too
dry, especially in portions of southern Illinois and parts of Indiana. Conditions have been especially favorable in the upper Ohio Valley districts and
the Middle Atlantic States.
West of the Mississippi River conditions were less favorable, though light
to moderate rains furnished needed moisture in many localities. The plants
are curling and firing on uplands in Missouri, but the general condition of the
crop continues fair. In Iowa, growth is slow because of dryness, though the
cool weather somewhat mitigated the effect of the drought;the condition in
this State is variable, ranging from poor in some western to excellent in some
Mississippi Valley counties.
In eastern Oklahoma late corn will be benefited by rains, but otherwise
the crop is largely a failure, and a large percentage in western Kansas has
been damaged beyond recovery. In northeastern Kansas the crop is good
and is looking well generally in South Dakota, but damage by drought has
been heavy in many eastern sections of Nebraska. Late corn has improved
in most of the Southern States, though rain is badly needed in parts of the
Southeast.
COTTON.—Good rains during the week largely relieved the drought in
most of the western Cotton Belt, and showers were beneficial in many
central and eastern districts. It continued too dry, however, in parts of
the eastern belt with rain badly needed in some sections.
In Texas, cotton was benefited by rainfall and coolness, though moisture was still deficient in parts of the State, and the rains came too late
to materially benefit the crop in some central localities; the general condition still is mostly very poor in the central and southwestern portions,
and ranges from poor to very good elsewhere, depending on local moisture;
picking was somewhat interrupted by rainfall, but shedding and premature opening have been checked. In Oklahoma, cotton shows improvement with reports on condition fairly good to excellent, except in some
south-central counties; there were some complaints of shedding.
In the central States of the belt the progress of cotton was mostly satisfactory, though considerable shedding was reported in parts of Arkansas and
locally in Alabama. In south Georgia and the coast districts of the Caro
lines, conditions continued generally favorable, but progress was only poor
to fair, and in some places very poor, in western North Carolina. northwestern South Carolina, and central and northern Georgia with complaints
of shedding. Weevil continue rather active, but no serious damage has
occurred in any section.
733
THE DRY GOODS TRADE.
Friday Night, Aug. 7 1925.
A generally steady undertone prevailed in markets for
textiles during the past week, and the feeling in several
directions was more optimistic, this being particularly true
In regard to woolens and worsteds. In the latter division
the outlook is very promising for improvement as the fall
months come along. It is stated that men's wear fancy
lines are being purchased more consistently and that fall
cloakings, suitings and new dress fabrics are being consumed by the cutting-up trade on a larger scale. As the
larger portion of this business no doubt reflects orders actually booked or in sight for made-up garments, it is considered healthy, and is probably at the bottom of the underlying confidence existing in many quarters. As to cotton
goods, markets for the latter have ruled quiet, awaiting publication of another important Government cotton crop report due to-morrow. There has been much more bearish
talk during the past few days among cotton goods merchants
concerning cotton prices. Cheaper cotton would no doubt
help many manufacturers out of an uncomfortable position
brought about by the necessity of selling goods at low prices
In order to move them, while low cost cotton has not been
obtainable. During the past week beneficial ,rains have
been quite general throughout the drought-stricken sections
in the southwestern portion of the cotton belt, and the tendency has been to increase crop ideas. Consequently, many
buyers of cotton goods have been holding off in the hope of
a better buying basis. There has not been much change in
raw silk, while the markets for silk fabrics have been moderately active, with more attention being given to heavy fine
qualities for winter wear.
DOMESTIC COTTON GOODS: Although quietness prevailed in markets for domestic cottons during the week,
there have been exceptions to the rule. Business has not
been large, but occasional sales indicate the trend of operations as tending to take on supplies when concessions are
offered. Fair sales of print cloths and sheetings were reported, and there was a scattered demand for some of the
fine fancies. The lower tendency of raw cotton values has
encouraged many buyers to defer purchases in the hope of
obtaining further concessions. However, some of the sheet• The Weather Bureau also furnishes the followingresume ing and print cloth mills are said to be so well covered with
of the conditions in the different States:
business that they could not accept offers for deliveries
North Carolina.—Raleigh: Progress of corn, tobacco, peanuts, sweet within the next five or six weeks. In finished goods lines,
potatoes, truck, and meadows fine on Coastal Plain, fair and benefited by
rain in portions of central, but deteriorating or failure elsewhere with drought demand was generally quiet, although small repeat orders
most severe in many years in west half of State. Progress and condition of on initial orders continued to be received. Denims appeared
cotton ranges from excellent in portions of east to deterioration in portions to
be in better demand and moved more freely, while rayon
of west; shedding in west and portions of central; weevil increasing, though
damage slight.
mixtures continued to occupy considerable of buyers' attenSouth Carolina.—Columbia: Warmth and drought unfavorable, especially
in northwest where lack of moisture becoming serious. Progress and condi- tion. Many lines of domestic cotton goods are moving into
tion of cotton in east, central, and south very good where it is squaring and distributing channels at prices that make buyers more or
blooming freely, but in northwest progress only fair and condition poor; less bearish in their views of present worth of
replacements;
first bale from Allendale on July 30 over two weeks early; weevil numerous.
but damage slight. Early corn in northwest practically failure, but fair to therefore they are not inclined to provide for requirements
good elsewhere.
very far ahead. Furthermore, the combined influence of
Georgia.—Atlanta: Local showers with drought severe in many northern
and central sections. Progress of cotton mostly poor to fair, though very lower cotton in speculative and spot markets, and the near
good to excellent in some southern counties; opening rapidly in southern and approach of another Government cotton report have been
some central sections; considerable shedding generally; weevil numerous
sufficient to curtail buying activity at least temporarily.
where rains, but damage slight; blooming to top in dry areas.
Florida—Jacksonville: Progress and condition of cotton 'Very good; Small trades have been made in pajama checks, twills and
warmth and showers stimulated opening; picking advanced; some shedding;
weevil locally serious. Rain benefited late corn, cane, sweet potatoes, and sateens, but as a rule the buying has been restricted, and
peanuts on uplands, but too wet some lowlands of central for strawberry price changes unimportant. In knit goods lines the rush
planting. Citrus, including satsumas in west, need rain on uplands, but
trees good condition and fruit holding; rain on south coast timely for citrus on light weights has quieted down, but on the whole the
mills are comfortably fixed as a result of the broad buying
trees, pineapple plants, seed beds and ranges.
Alabama.—Montgomery: Good rains quite general first half; helpful in during the past six weeks for retail distribution.
Print
most sections. Late corn and sweet potatoes mostly fair to good. Progress
and condition of truck and minor crops mostly poor to fair. Progress of cloths, 28-inch, 64 x 64's construction, are quoted at 7 c.,
/
1
2
cotton mostly good; condition mostly fair to good; considerable shedding of and 27-inch, 64 x 60's, at 6%c.
Gray goods in the 39-inch,
squares and bolls locally; plants small some sections, but generally well
68 x 72's construction, are quoted at 101 2c., and 38-inch,
fruited; weevil increasing somewhat in south and damage mostly slight,
/
but considerable damage locally in southeast.
80 x 80's, at 122
/
1
c.
Mississippi.—Vicksburg: Progress of cotton mostly fair; early picking
begun in south and central; weevil throughout and damage locally moderate
WOOLENS: Markets for woolens and worsteds continue
to light in south, but slight elsewhere; wilt and leafworm locally in west-central;shedding throughout, but damage probably small: condition mostly fair to show improvement. More interest has been displayed in
to very good. Progress and condition of corn fair to very good; much early lines of fancy men's wear, now that the largest producer has
matured in south.
Louisiana.—New Orleans: Drought broken by good rains in many lo- named prices and shown its new products. In fine worsteds
calities, though rain still needed in southwest. Progress of cotton generally for fall, silk-like finishes and warm coatings appear to be
fair to excellent, but drought, weevil, and worms causing some concern; In
the largest demand among the cutters. Buying for spring,
opening and picking rapidly in most sections; crop generally only fair, but
rains causing additional bloom. Rice harvest progressing; heads poorly however, has not been of a large and broad character in any
filled and results disappointing some sections. Cane continues excellent
quarter, but business is being booked steadily, and the temgrowth.
Texas.—Houston: Cooler, with light to good showers over most of State, per of the buyers appears to be decidedly more confident
favorable for pastures,corn,and minor crops, but condition still poor,except than
it was a month or two ago. The women's garment
good in northwest. Progress and condition of rice very good. Cotton benefited by rains, although moisture insufficient in portions of State and came division has also improved, as there are many retailers in
too late to materially benefit crop in some central localities; condition still the market. The latter are making
purchases quite freely
mostly very poor in central and southwest and poor to very good elsewhere,
depending on local moisture;shedding and premature opening checked; pick- of coats and partly of suits. The bulk of the interest, neving slower account showers; weevil and other insect damage slight.
ertheless, is for dresses.
Oklahoma.—Oklahoma City: Cool entire week with light to good
Cotton improved and condition fairly good to excellent, except few rains.
FOREIGN DRY GOODS: Demand for linens was less
south-central counties where some beyond recovery; more warmthextreme
needed
in few scattered areas; some shedding in west
-central and eastern localities: active during the week. The business transacted was
weevil increasing in east portion, but damage slight. Late corn improved mostly of a filling-in character, with the retail
tendency
in east, but crop otherwise failure.
Arkansas.—Littlo Rock: Progress of cotton fair to very good due to good toward keeping stocks down to a minimum. The general
rains; considerable shedding in places due to rapid growth.; weevil increasing, undertone has been steady, and there does not appear to
but no serious damage thus far; army and leaf worm in many localities, but
no serious damage; condition of crop very good to excellent. Progress and be much promise of any reduction in prices as long as flax
condition of late corn very good; early maturing rapidly.
costs hold up. Merchants are also optimistic in regard to
Tennessee.—Nashville: Too dry throughout middle and east; drought
severe considerable areas. Progress and condition of cotton generally the future, and believe that more activity will develop within
very good; shedding about usual; very good fruiting and
opening. the near future. Their opinions are based upon the fact
Progress and condition of corn poor to very good; improvedfew west, but that stocks in retailers' hands are not burdensome,
in
while the
at standstill or deteriorating in many places of middle and east; much early
statistical position of linens generally is considered better
crop poor.
Kentucku.—LouisvIlle: Low temperatures somewhat unfavorable for late than it has been for some time. Burlaps developed firmcorn. Showers light and scattered, but moisture still sufficient over about
half of State; rain needed in large district of south and west. Condition and ness during the week owing to improved consumer buying
progress of corn very good in most districts; early in roasting-ear stage. and light offerings. Light weights are quoted at 8.00 to
Tobacco growing well; early spreading. Pastures irregular; mostly short. 8.05c.,
and heavy weights at 10.75 to 10.80c.
734
THE CHRONTOLE
[VOL 121.
ffitate and Titg gepartutent
537 and 799, respectively. This contrasts with 554 and 747
for June 1925 and with 561 and 858 for July 1924.
For comparative purposes we add the following table,
showing the aggregates for July and the seven months for a
MUNICIPAL BOND SALES IN JULY.
During July State and municipal bonds of a permanent series of years. In these figures temporary loans, and also
character were disposed of in the aggregate of $135,432,226, issues by Canadian municipalities, are excluded:
For the
Month of
For the
Month of
Seven Mos.
July.
including $29,175,000 long term corporate stock and serial
July.
Seven Mos.
321,108.678 $190.191.257
1925
$135,432.226 5882,774,013 1908
bonds issued by New York City to its Sinking Fund. This 1924
16,352.457 131.700,346
117.123.679 905,868.652 1907
25.442,095 127,780,340
67,776,833 652,577,756 1906
is not quite up to the total recorded in June, which was 1923
10,878.302 122,601.356
94,616,091 749.702.241 1905
last 1922
23.233.254 171.102,409
1921
104,584,124 570,999.611 1904
$143,346,589, and compares with $117,123,679 for July
15.670,240 95,246,674
1920
57,009,875 379.671,407 1903
year.
12,861.550 100,489.945
1919
83,990,424 389,641,263 1902
8.262.495 69.485.555
1918'
23,142,908 174,909,192 1901
The larger issues sold during July were as follows:
8.104,043 86,047,708
1917
92.828,499 314.407.599 1900
18,613.958 81,959.334
$5.000,000 4% Chicago Sanitary District, Ill., bonds awarded to the 1916
37,611,448 321,076,020 1899
7,868,563 51.947,110
33.889,870 356,818,480 1898
Guaranty Co. of New York and associates at 99.229, a basis of about 1915
17,389,859 90,665,236
1914
26.776,973 384,334,150 1897
4.098%.
5,313,495 48,490,459
23.477,284 242.356,554 1896
City of Phila- 1913
Two issues of 4% bonds, aggregating $4,660,000, of the
15,374,660 72.368,273
1912
30,479.130 276.768,423 1895
8,253,237 74,680,229
delphia. Pa., bought at public sale by the City Sinking Fund Commissioners 1911
42,231.297 265.03,667 1894
1,691,600 34.354,715
1910
35,932,789 i98,678,899 1893
on their bid of 101.19, a basis of about 3.93% •
4,139,100 53,232,391
20,120.647 227,245,964 1892
Six issues of 45 % Hudson County, N. J., bonds, amounting to $4.- 1909
a basis
624.000. awarded as follows: $965.000 park bonds at 103.59,
In the following table we give a list of July 1925 loans in
of about 4.255%, $487.000 hospital for the insane bonds at 102.735, a
basis of about 4.26%; 1487,000 maternity hospital bonds also at 102.735, the amount of $135,432,226, issued by 537 municipalities.
a basis of about 4.26%. and $1.947,000 boulevard bridge construction In the case of each loan reference is made to the page in the
.
bonds at 102.72, a basis of about 4.26%, to a syndicate headed by the "Chronicle" where
accounts of the sale are given.
First National Bank of New York; and $370.000 Newark Turnpike bonds
Price. Basis.
Rate. Maturity. Amount.
Name.
at 101.869. a basis of about 4.25%, and $368,000 boulevard reconstruction Page.
227Acton Mass
4
1-20 years $74,000 100.653 ---bonds at 101.262. a basis of about 4.26%. to a syndicate headed by the
4.21
737_ _Adams County, Ind
:3.200 101.44
4)4 1926-1935
National City Co. of New York.
4.11
737._Adams County, Ind
7,680 101.87
434 1926-1935
4.14
$4.523,000 45 % Kansas City, Mo., bonds (representing two separate
737_ _Adams County, Ind
5,680 101.81
434 1926-1935
4.14
12.200 101.79
4M 1926-1935
issues) sold to a syndicate headed by Dillon, Read & Co. of New York, 737_ _Adams County. Ind
613- _Akron,Ohio
5
1926-1935 502,600 102.679 4.46
paying 102.87, a basis of about 4.15%.
4.07
613- _Albany County, N. Y.- _4 M 1926-1955 180,000 101.89
83,500.000 535% Oakland County, Mich., county drain bonds bought
487_ _Albany, Ore
6
6
00
1
.309 9 105.23 _
at par and interest by Ramsey, Gordon & Co. of Detroit.
613__Albemarle County, Va__ _4 M
1930
356_ _Alden Twp. S. 13., Iowa-5
3,000 102
3 years
82.775,000 St. Paul, Minn., bonds (made up of four separate issues)
4766
1
, 1937-1942 300,000
356_ _Allegany County, N. Y__43
sold by the city as follows: 1500.000 school bonds ($200,000 taken as
.
2 7
356__Allen County, Ind
4)4 1926-1945 350,000 180.18 _ __
44s and 3300.000 as 4s) and 8500.0004% sewer bonds to Eldredge & Co. 738_ _Alvord Ind Soh.Dist.,Tex 534 1926-1065
23,000
142.50 4.44
1
5
4 m 1046-103
of New York and the Wells-Dickey Co. of Minneapolis at par, a basis of
921-19 4 1
45 1
738- _Amarillo. Tex
° r00
4S. 0
487Ambridge, Pa
4.05%; $1,000,000 sewer bonds to Geo. B. Gibbons & Co.. Inc.. of New
PM
1945
613- _Anniston, Ala
5
100,000 100.57 4
York, at 101.31 for 431s, a basis of about 4.15%, and $775,000 bridge
.
487. Armstrong County, Pa--4
1929-1948 400.000
bonds to Rolnick, Hodges & Co. of New York and associates at 100.02, a
356-Armstrong Co. Common
55.00
S. D. No.8, Tex
6.000 100
basis of about 4.21%. taking $337.000 as 430 and $438,000 as 48.
4.59
613_ _Ashtabula County, Olifo_5
12,100 102.15
1926-1934
Five issues of Winston-Salem, No. Caro., bonds, aggregating 32,590,000
1-10 years
356-Ashtabula County, Ohio-5
64,900 102.96
(made up of $1,095,000 4)45 and 81.495.000 5s) purchased by a syndicate
4
434 1926-1947 409,000 100.45 - :48
of about 4.51%. 487- _Asbury Park, N. J
headed by Harris, Forbes & Co. of N. Y.at 101.71, a basis
487_ _Asbury Park, N. J
434 1926-1965 163,000 101.48 4.39
Worth Independent School District
738_ _Atkinson S. D.,No.Caro.5
25,000
1926-1950
$2,000,000 school bonds of Fort
613__Atkins, Ark
534
15,000
Texas, dispdsed of to the Bank of Fort Worth at 100.80, for 434s, a basis
1927-1934
90,000 101.79 4.15
227__Atlanta, Ga.(21 issues)__4
of about 4.44%.
4
90,060 100.08 4.24
1926-1955
738_ _Bainbridge, N. Y
4.65
Three issue of 4,4% bonds, amounting to 11.800.000, of Cleveland,
15,000 100.57
1930-1934
487_ _Baker Co.S.D.No.5,Ore.4
613_ _Baltimore County, Md--434 1943-1947 250,000 104.17 4.18
Ohio, bought at 100.55, a basis of about 4.18%, by Lehman Bros. of
80,000 105.58 460
1928-1957
357_ _Baldwin Park S. D.,Calif.5
New York and associates.
4.62
27,350 101.81
1926-1934
357_ _Barberton, Ohio (2 iss.)_ _ 5
31,500.000 4% Reading School District, Pa., bonds awarded to the
100.000 100.11 ---613_ _Baskin Sch. Dist., La_ ---4 M
Berks County Trust Co. of Reading at 100.64, a basis of about 3.95% •
487_ _Bath County, Ky
50,000 101.03 -.6
487_ _Bay County,Fla
500,000 100.33 ---,
1
$1.450,000 43 % Buffalo, N. Y., bonds (made up of three separate
--6
300.000 101
487_ _Bay County,Fla
issues) awarded to the Marine Trust Co. of Buffalo at 102.10, a basis
487 Bayou Chien Road Dist.
5.99
of about 4.005%.
6
85.000 100.11
1926-1950
1, La
No.
,
1926-1945 600,000 103.37 4.58
104- _Heaver Pond S.D. W.Va.5
Five issues of Waterbury. Conn., bonds, aggregating $1,320,000, dis36,000 104.16 4.57
1927-1949
487_!Bellaire City S. D.,Ohlo_5
bonds (representing four separate issues
posed of as follows: 31,100.000
4.20
434 1927-1935
21,000 101.59
228_ _ Bell Tvrp., Pa
made up of $400,000 4s and 8700.000 4)4s) to Geo. B. Gibbons & Co.. 357_ _Bollevue, Ohio
4.67
5
30,000 102.37
1926-1941
Inc., of New York and associates at 100.03. a basis of about 4.15%, and
357_ _Belzoni Consol. S. D.,
6
Miss
10,500 9104.76
the other issue, $220,000 in amount, and bearing 4)4% interest, to R. M
5M 1928-1950
228_ _Biltmore, No.'Caro
45,000 100.70 -5".ig
Grant & Co.. Inc., of N. Y., at 101.336. a basis of about 4.16%•
5M lia6-1940
738_ _Belzoni, Miss
15,000
$1,130,000 43(% Yonkers. N. Y.. local impt. bonds sold to Roosevelt
487_ _Bethlehem Un. Free S. D.
4.23
431 1927-1960 187,000 100.27
No. 10, N.Y
& Son of New York and associates at 100.889. a basis of about 4.12%.
5.00
100
357-Bertram Ind. S. D., Tex-5
31,100.000 5% Oakdale Irrigation District, Calif., bonds awarded to
Fli2
y
l29.23 0.00
and Rutter & Co. of N. Y. 613_ -Berkeley, Mich.(2 iss.)-.5)4
the Anglo-London Paris Co. of San Francisco
u
e
192-1928
6
3,500 a ul. r
488__Biglick Tim., Ohio
and associates.
35,000 101.73 4.145
738_ _Blackford County, Ind_ _434 1926-1935
4.12
17,000 101.84
738_ _Blackford County, Ind_ _434 1926-1935
Two issues of 5M % bonds of Monroe County, Fla.. awarded to Marx
87,000 101.741 4.145
738- -Blackford County. Ind 434 1926-1935
& Co. of Birmingham, and associates, as follows: $800,000 highway bonds
27,000 102.10 4.78
1926-1952
5
bridge bonds at 102.18, 613-- Blackshear, Oa
at 102.04, a basis of about 5.35%, and $260,000
70.000 100.07r
488- _Blair, Neb
-i
4:e
a basis of about 5.34%.
614-Brainerd, Minn.(2 ha.)._434 1932&1933 11,000 100.20 - •
1928-1942
15.000 100
739-Bridgeton. No. Caro_ -- _6
Series No. 4 Veterans' State Aid bonds of the State of Oregon,
81.000.000
15 years
5
40,000 100
738.-Berthoud, Colo
awarded to a syndicate headed by Eldredge & Co. of New York at 102.22
100,000 105.42 ---Ill
for 4)4s, a basis of about 4.18%.
100.000
534
739._Brady, Tex
School District No. 1, Ore., bonds, 739--Brady, Tex
r34,500
81,000.000 Multnomah County
434 1030-1949 220.000 100.58 4.20
357-Brighton, N.Y
the Detroit Co.. Inc., of New York, and associates at 100.01.
bought by
5.00
42,000 Nor
d1939-1940
5
488--Broken Bow,Nob
a basis of about 4.32%, taking 3664.000 as 430 and $336,000 as 4s.
r
14,000
4
357-Brush, Colo
$1,000.000 tax refunding bonds of Fall River, Mass., awarded to the
488--Buffalo, N. Y.(3 iss.)__ _4 M 1926-1945 1,450,000 102.10 4.005
614__Butlor Co. School Dist.
Old Colony Trust Co. and Edmunds Bros., both of Boston, jointly, at
r _
43/1 d1930-1945
12,000
Neb
100.23 for 4s.
4.14
8.200 101.81
4)4 926-1935
614--Carroll bounty, Ind
$1.000,000 4% Greenwich, Conn., school bonds awarded to R. M. 614-Carroll County, Ind
4.095
7,500 102.
434 1926-1935
434 1926-1935
7,500 101.60 4.175
Grant & Co. of Boston at 101.16, a basis of about 3.885% •
614- _Carroll County, Ind
4.14
4M 1926-1935
11.200 101.81
614- -Carroll County, Ind
31.000.000 5% St. Petersburg, Fla., improvement bonds sold to Ben4.75
41,000 100
4
357__Caldwell, Idaho
jamin Dansard & Co. of Detroit and associates at 104.47, a basis of about
40,000
1927-1941
739- _Caliente Sch. Dist., Nov_6
4.73%.
614-Cambria Tvrp. S. D.,Pa_434 Every 5 yrs. 70,000 105.534 4.09
1-15 years 100,000
6
Temporary loans negotiated during July amounted to 357_ _Cameron, Tex
3.72
50,000 102.25
1930-1950
4
739--Carbondale, Pa
30,657
1926-1934
$34,420,000, of which New York City borrowed $24,250,000. 614--Chardon, Ohio (4 iss.)__ -5
4.16
39,000 101.91
434 1928-1935
105__Carroll County, Md
17,800 103.87 4.205
1926-1935
5
New York City also issued during July $10,000,050 3% 488._Cass County, Ind
general fund bonds for taking up surplus revenues of the 357-Castro Co. Common S.
6.00
16,000 100
6
D. No. 11, Tex
4)4 1926-1945 100.000 100.362 4.21
488__Cedarhurst, N. Y
sinking fund.
100,000 102.357 --488--Cedar Springs S.D.,Mich4M
450,746
Canadian bond disposals made during July reached no 357- _Cheyenne, Wyo
53•5
20,000 100
5.00
Serially
357_ _ Center Ind. S. D.,Tex_ _ _ 5
more than $2,548,889.
1926-1945 5,000,000 99.22 4.098
Sanity Dist., 111.4
105_ _Chicago
we furnish a comparison of all the various forms of 488._ Chickasaw Co. Rd. Dist.
Below
50,000
No. 1, Miss
1926-1930 110,000 100.412 3.855
4
357_ _Chicopee, Mass
securities sold in July during the last five years:
r
32,000
534
614_ -Chouteau, Mont
1922.
1921.
1923.
1924.
1925.
614__Citrus County Sch. Dis5.79
70,000 101.83
1926-1945
tricts, Fla. (2 iss.)__ _ _6
94,616,091
Fermi loans(U.S.)-135,432,226 117,123.679 67,776,833 26,358,000 104,584,124
357-Cincinnati City S. D.,0_4 M 1926-1950 450,000 100.178 4.23
31,025.000
*Temp.loans (U.S.) 34,420,000 74,236,710 59,885,000
14,450 102.70 4.11
434 19264940
614- _Clay Sch.Thy.,Ind
Can'dlan l'ns(Perm)
358__Clallam Co. Union High
5,756,213 4,338,169 13,492,728 19,177,037
4.50
Placed In Canada_ 2,548.889 13.739,000 1,000.000 7,500,000 2,000,000
60.000 100
43.‘ 1-10 years
Sch. Dist.,Wash
Placed in U.9_
50,000 100.76 4.155
1
,
488_ _Claremont S. D., N. H 43 , 1926-1945
323,000 18,450,000 11,000,000
200,000
5.67
Bonds U.S.Possess_
9,000 102.80
1928-1945
6
None
None
358__Clarkton, No. Caro
None 21,000,000
Gen.td.bds.(N.Y.C.) 10,000,000
488_ _Cleveland Heights. Ohio_434 1926-1935 129,700 100.58 4.38 •
229__Cleveland, Ohio (3 las.). A g 1926-1950 1.800,000 100.55 4.18
182.401.115 211,055,602 154,293,002 160,414,819 167,786,161
Total
614-Clatsop Co. Sch. Dist.
City, 524,250,000 in July
5 d1935-1945 25,000 101.18 4.85
•Including temporary securities issued by New York1923, 521,150,000 in July
No. 1, Ore
July
739-Clatsop Co. S. D. No. 1,
1925, $57,750,000 in July 1924, $55,600,000 In
4.91
25.000 101.18
5 d1935-1945
and $25,415,000 in July 1921.
Ore
1922,
4.34
2.600 103.26
739-Clinton County, Ind.-5 1926-1935 35,000 100
5.00
The number of municipalities emitting long-term bonds 358-Coble Ind, S. D., Tex 5
31,000 100.46 ---434 1926-1935
number of separate issues during July 1925 ,were 739-Coffeyville, Kan
It:888
739__Bloomington,
and the
2:8S
AUG. 8 1925.]
0
THE CHRONICLE
Page.
Name.
Rate. Maturity. Amount.
Price. Basis.
614_ _Clymer Sch. Dist., Pa---434
40,000 105.30
229__Columbia City, Ind
4% 1926-1935
20,000 101.56 4.20
358_ Columbia County, Pa__ -4%, 1935-1955 300,000
358__Columbus County, No.
Caro.(2 iss.)
431 1928-1955 200,000 102.81
4.53
614_ _Connellsville, Pa
4% 1930-1945 300,000 101.746 4.07
739__Conshohocken, Pa
4% Every 5 yrs. 100,000 102.56
4.07
614_ _Coos Co.S. D.No.8,Ore.4%
10.500 100.12 ---,Fla_
614_ _Cottindale
40,000 102.51
•
358-Cottle County Common
5
15,000 100
5.00
358__Cuyahoga County, Ohio
'
• (3 issues)
434 1926-1935 235,874 101.21
4.25
488__Cuyahoga Heights, Ohlo_5% 1926-1934
90,000 102.82 4.88
739_ _ Dakota County, Minn_ _ _4% 1936-1945
44,023 101.60
4.12
359_ -Danbury,Conn
4% 1926-1965 495,000
8
740_ _David City, Neb
4% 1926-1945
63,500
r
Defiance, Ohio (2 iss.)-- _5% 1926-1935
615_ _
12,338 103.59 4.75
229_ _De Funiak Springs, Fla_ _6 1935,'40&'45
15,000 102.90
5.65
740.. _ De Kalb County,Ind _ _ _ _4%
11,000 101.80
740 _ _ Delta, Ohio(2 issues)_ _ _ _ 5
23,500
615_ _ Dennison, Ohio (9 iss.)--5% 1926-1935
43,1561 102.59 4.78
615_ _Dennison, Ohio
5% 1927-1933
r3,9401
229_ _Denver, Colo
5%
317,900 101.77
615_ _ Denver, Colo
5%
392.800 101.38
-Dodson, Alo
488_
4% 11-20 years
--80,000
358_ _Duarte Sch. Dist., Calif.5
1926-1965
50,000 104.42 4.55
615__Duncan, Okla
5
110,000 100
5.00
488_ _ Dundee, Fla
6
1926-1935 115.000
6.44
98;
740_ _ Dtweilia, Fla
6
85,000
615_ _East Aurora, N.Y
4.34 1926-1940
43.200 101.09
4.35
615 East Aurora, N.Y
4% 1926-1940
18,000 101.09
4.33
358__East Baton Parish Road
1)1st. No. 14. La
5% 1926-1945
40,000 100.62
5.18
488_ _East Cleveland, Ohio (2
issues)
4% 1926-1953 210,000 101.109 4.39
740East Fishkill S. D. No. 5.
N. Y434 .i
8,000
740_ _ Eastland, Tex
5
815.000
r _
489_ _East Rochester, N.Y----4%
12,000 101.33
740Ecorse Twp. Sch. Dist.
No. 3, Mich
489_ _Elkhart County, Ind_ _ _ _4% 1926-1945 550,000 103.35
21.000
4.11
489_ _Elkhart County, Ind_ ---434 1926-1945
25,000 103.35
4.11
489_ _Elkhart County, Ind---4% 1926-1945
11.000 103.35
4.11
359_ _Elizabethtown, No. Caro.6
1938-1945
9,000 101.73
5.79
359_ _ Elkhart soh. Twp., Ind_ _5
1926-1936
22.000 104.40 4.075
359_ _Eishorn, win
4% 5 years
.35,000 100.04r 4.24
359_ _Elsie Sch. Dist. Neb_ _ _ _5
20 years
25,000 100
5.00
229_ _Epsom Sch. 1).' Caro.5% 1928-1955
No.
50,000 106.62
4.94
489_ _Euclid, Ohio (31 issues) 5% 1926-1935 219,455 100.65
--- 740 __Evanston 8. D. No. 76,
Ili
4% 1932-1944 135,000
106-Evansville Sch. City,Ind.4% 1930-1944 390.000 102.60 ' 4.23
106_ _Everglades Dr. Dist.,Fla_5
10-30 yrs. 8,950.000
r _
359- _Fairfield, Ala
6
27.000 104.90
359„Fairmount School Town,
Ind
4% 1926-1940
15,000 102.718 4.12
229_ _Fall River, Mass
4
1926-1930 1,000,000 100.23r
359„Falls County, Texas
5
50.000 103.701'
229_ _Fentress County, Tenn_ -6
1945
75.000
359_ _Fergus Falls, Minn
4% 1926-1945
75.000 100.90
359--Fisher Co. Com, S. D.
No. 2. Texas
5
8,000 100
5.00
359„Florala, Ala
101.500
489- _Florence, Colo
4%
100.000
97.37
489--Fort Worth Ind. School
Dist., Tex
4% 1926-1965 2,000,000 100.80
4.44
741--Fostoria, enno (2 las.)_ _ _5% 1926-1934
26,300 103.87
4.62
615--Fredonia, N. Y
434 1926-1935
33.000 101.14
4.26
359-Fremont County, Iowa_ _4% 1942-1945
17,500 101.11
4.08
359__French Sch. Dist. Tex
35,000
489- _Gage County Consol. Sch.
'
Dist. No. 162. Neb..-_5
29,000
489-Garden City. N.Y.(2 is.)4g 1926-1935
60,000 100.33 r 4.18
741-Georgetown, Se. Caro. (2
Issues)
1930-1955
5
81.500
230-Gloucester. Mass
1926-1945
4
70.000 101.326 3.84
230-Gold Hill, Ore
1945
o
15,000 101.02
5.91
489--Goshen Un. Free School
Dist. No. 8, N.Y
434 1930-1935
6.000 100.40
4.43
489-Graham Co. Sch. Dist,
No. 1, Ariz
56,000 100.14
489__Graham Co. Sch. Dist.
No.20, Ariz
yearly
15,000 103.29•
230- _Greenburgh Un.Free Sch.
Dist. No. 5, N.Y
4% 1929-1955 135.000 101.30
4.16
489-Grand Prairie, Tex
20,000 100
534
5.50
230--Greene, N.Y
4% 1926-1937
25,000 100
4.25
615-Greensburg. Ind
4% 1926-1941
30,000 102.75
4.10
359-Greenup Graded School
Dist., Ky
5% 1927-1937
18,000 100.61
359__Greenwich, Conn
1932-1945 1,000,000 101.16 3.885
4
616-Greenwich, Ohio
6
1926-1933
4,000 103.775 5.095
359--Grosse Pointe Park, Mich5
1926-1929 131.000 100
5.00
489__Grosse Pointe Park,Mich.4%
1955
500,000 101.22
4.18
616-Gurley, Neb
5% 1927-1945
10,800
r _
489__Groton First Sch. Dist.,
Conn
4% 1927-1960 102,000 100.64
4.20
616-Gulich Twp. S. D., Pa_ _5
81930-1945
15,000 103.26 4.745
489_ _Hagerstown, Md
4% 1928&1930
60,000 101.019 4.35
489_11aines City, Fla
1926-1935 290.000 102.55
6
5.41
230_ _ Hail County, Ca
5
1931-1935
50,000
616_ _Hambden Twp.. Ohio_ _ _5% 1926-1934
37,621 101.41 . 5.195
741- _Hamilton, Tex
60,000
489__Hamilton County, Iowa_5
10,250 100.92 ---360--Hancock County, Miss--5%
122,500 101.06 ---489-Hancock Co., Ohio (3 is.) 5
1926-1930
11.500 101.56
4.39
360„Hardee Co. Special Road
& Bridge Dist. No. 3,
Fla
6
1927-1956
50.000 102.29
5.80
616-Harrison, N. Y
4% 1926-1945 100,000 100.48
4.20
360-_Harrison County, Miss_5%
227.500 100.74 --- 489__Harrison Sch. Twp.,Ind_5
1926-1936
20.000 104.21
4.16
741_ _Hayes County, Tex__
90,000
r
360- _Henry County Ohio_ _ _ _5
1926-1934
24,500 102.17
4.53
360„Hernando, Mi:Es
20,000
741- _ Hillsboro, Ore
5
27,355 100.25
230-Hillsdale Co.. Mich
4% 1927-1939
39.000 100.10
4.20
489- _Haverstraw Common Sch.
Dist. No. 2, N. Y
4% 1926-1945
56,000 101.64 4.295
489__Hayden Lake Highway
Dist., Idaho
5% 61935-1945
14,000 100.07
5.49
616_ _Hendersonville Twp., No.
Caro. (2 issues)
90.000
741__LIendricks Co., Ind
4% 1926-1935
12,480 101.81
4.14
4% 1926-1935
741-Hendricks Co.Ind
29,480 101.77
4.15
616__Henry Co., Olxio (3 iss.)_ _5
1926-1934
82a 1,
2.
110.03 4.56
230-Hobes Sch, Dist., Wash_ % 2-5 yrs.
4.50
616_ _Holmes County. Ohio_-5% 1926-1930
3.342 101.31
5.02
.HoltCounty Sch. Dist.
489.
No.44, NO
4% 61930-1945
9,000 100
4.50
-Holyoke, Mass
616_
4
1926-1930 200,000 100.24
3.91
616_ _Howard County, Ind_ _ _ _434 1926-1935
8,632 101.72
4.15
741_ _Hubbard, Tex
_5% 5-40 yrs.
75,000 y101.66
360-Hudson County, N. J_..4% 1926-1974 965,000 103.69 4.255
360_ _Hudson County,N.J_ _ _ _434 1926-1955 487,000 102.735 4.26
_Hudson County, N.J_ _ _ _4h 1926-1955 487,000 102.735 4.26
360_
360- _Hudson County, N.J_ _ _ _4% 1926-1955 1.947,000 102.72 4.26
360_ -Hucison County,N.J_ _ _ _4h 1926-1942 370,000 101.869 4.25
360_ _ Hudson County. N.J----4h 1926-1936 368,000 101.262 4.26
490„Iludspeth County Corn.
Sch. Dist. No.3,Tex--535
30,000 103
490-Humphrey Paving Mts.
Nos. 2 & 4, Nei,
5% 1930-1941
5,000
735
page.Name.
Rale. Maturity. Amount , Price. Basis.
.
616__Indianapods, Ind
4% 1927-1946 385,030 163.784 4.085
230__Intnana,olis Park Dist.,
Ind
4% 1927-1954
28,000 104.56
4.09
230__Indianapolis Pars. his...,
Ind
4% 1927-1939
13,000 1C2.71
4.08
230_ _Iosco County, Mich
5
79,200 ylLO
-.490_ _iron Mountaiii. Mich
5
1928-1948 150,000
6io_ _ Iroquois Sch. Twp., Ind_5
1926-1940
16,000 105.08 4.205
741_ _Izard County, Ark
12,000
360_ _Jackson Co. S. D. No.49,
Ore
5
1926-1944 185,000
616_ _Jackson Sch. Twp., inn_ _4% 19Z(r-19:34
13,500 101.13
4.26
490_ _Jackson, Tem. re issues)_5
1926-1936 149.000 100
5.00
490_ _Jackson Twp., Ohio
6
1926-1930
1.185 y100
1 490_ _Jacksonvii.6 Beach, Fla_
300.000
616_ _Jay Coun y, Ind
4% 1926-1935
14.700 101.92 4.115
4W:)_ _Jefferson County, Ind-4% 1926-1905
4,980 102.40
4.02
741_ _Jewell Juno.I. S..1:1.. Ia..-431 1929-1945
60,000 100.19
_Johnston. R. _ .,
360I_s
n4545
80.000 103.34 4.65
490_ _Johnstnwn, Colo
4% 610-15 yrs.
25,000
360_ _Jones County, Tex
. 360_ _Jones Cou 4,y Corn. S. D.
No. 27, Tex
5
5-20 years
12,000 100
5.00
i
331__Juclthieasi_. Co. S. D.,
:No..t
5
27,000 100
5.00
, 616_ _Junction Ci.y, Ohio
6
1926-1935
5,000 103.30
5.33
.
108_ _Kona% ha Magisterial District, W.Va
5% 1926-1957 252,000
616_ _Kankakee SA./.No.111,1115
1925-1944 365,000
23,1_ Kansas City, Mo.(2 iss.)_4% 1928-1945 4,523,000 105.15 4.345
102.87
4.15
1 741 __Kaufman t_..... Leven empt.
Dist. No. 13. fix
62,000
361_ _Kenn ore, N. e .(3 issues)5
1109226-6-11094433 124,050 105.41
230_ _Kenton, Ohio
hi
.0
16.000 101.46 :fa
230_ _Kenton, Ohio
5
1926-1934
5,400 101.09
4.14
231_ _Klamath Fails, Ore
5%
9.037 100
5.10
741 __Klovia CO. b. L. P4 u. 20,
C.lo
5%110. 15 & 20(
5,00)
1 years 1
490_ Knox Co. S. D.95, Neb_ _5% 1921)&1927
2,000
361_ _Koote-ai County, 1daho-4% 192k-1935 120,Juu
100.53 4.64
616_ _ Lake County, kia. (spec.
rm.& Huge. e.No. 7)-6 1935.'45&'55 750,000
103.16
5.74
616_ _Lake County, F10. (Spec.
Rd.& 13dge. .No.8)-6 1935,'45&'55 185,000
97.11
6.26
616_ _Lake County, Fla. (Spec.
red. & likge. ii. .1\ O. 9j_6 1935.'45&'55 900,000
100.75
5.94
616- _Lake County, Fla. (Spec.
itd. AG Mtge. 1... No.10)6 1935,'45&55 650.000
5.99
616_ _Lake County, Fie
5% '30'35&'40 150,000 100.10
101.02
5.37
061_ _Lamy Otte ettrid1i...oan5
1027-1953
List. A'O. 8, La
30,000
490_ La Grande, Dre
5
1926-1945
185,000(
5
490_ _La Grande. Ore.(3 iss.)_ _4% 19.46-1945 175.0001 100
616_ _Lakelamt, Fla. (2 issues)_4% 19 16_15035 371.000
6
029 93
6 31 .5
103.51
5.26
Lancaster, Pa
742_
250.000
617_ _Lakeview, Ore
6
10,000
231_ Lander County, Nev_ _ _6
Seriany
55,000 105.30
742 Langtora S. D., So. Dalt..5
1930-1945
44,000
742_ Lansdowne. Pa
4%
1955
50.000
231_ Lantana, Fla
95,000 95
361_ _La Puente Val. Co. Swat.
Dist. (Los Angeles Co.)
5%
193C-1964 135.000
Caal
617.. _La Slifle Co. S. D. No.
122, Ill
4%
50,000 100
4:25
490_ _Laurel, Miss
6
1926-1932 126,000 103.30 5.06
742_ Lawn lnd.S. D.,Tex
-6
32.000
361_ _Lawrence County,Ind_.4% 1926-1935
_4%
28,000 101.75 4.14
361--Leominster, Mass. iss.).4
(2
55,000 100.653 3.915
617_ _Lima. Ohio (23 issues)__ _5% 1926-1945
1926-1935 277,212 100.43 5.41
1027
617_ _Lima, Ohio _ _ ___ - = _ _ _ _6
14.469 101.38
5.27
491_ _Lincoln, Neb
434 1926-1935 552,210 100.55 --491_ _Lincoln Co.S. D.8.Mont.6
18.000
617-Lincoln Park, Mich
5%
175.000 100.25
617--Littleton, No. Caro
5%
: 0
0
1:86
491_ _Little Ferry, N.J.(2 iss.).5% 1926-1965 3580 0 0 100
491_ _Long Beach, Calif
75880
742 _Lowell, No. Caro
_Lowell,
6
1928-1939
6,0 0 101.37
0
231_ _Lowell. Mass.(2 issues)_ _4
1926-1940 100,000 101.07
3.83
491.-Long Creek-Grady S. D.,
No. Caro
5%
361_ _Lucas County. Ohio
4% 1926-1933
17:904 100.005 4.49
508°
2
361- _ Lucas County, Ohio
4% 1926-1931
9,477 100.39
4.39
361-Lucas County, Ohio
4% 1926-1931
10,134 100.40
4.39
361--Lucas County, Ohio
4% 1926-1933
20,304 100.64
4.36
361- Lucas County, Ohio
4% 1926-1935 110.470 101.06
4.29
361_ _Lucas County, Ohio
4% 1926-1935 146,265 101.12 4.28
361- _Lucas County, Ohio
4% 1926-1933
35,059 100.97
4.30
361--Lucas County, Ohio
4% 1926-1929
4,726 100.05 4.49
361_ _Lucas County,'Ohio
4% 1926-1935 103,762 101.08
4.27
361- _Lucas County, Ohio
4% 1926-1935
35,839 101.08 4.29
361- _Lucas County, Ohio
4% 1926-1935
82,054 101.12 4.28
361_ _Lucas County, Ohio
4% 1926-1929
3,654 100.02 4.49
361- _Lucas County. Ohio
4% 1926-1929
4,334 100.02 4.49
491_ _ Luzerne County, Pa
4% 1933-1935 350.000 101.16
4.09
617- _Lynnfiekt Water D.,Mass4
1928-1955
77,000 102.04
.
231_ McMinnville, Ore
11,000 103.76
491_ _Madera S. D.. Calif
6
1-20 yrs
56,000 109.83
109_ _Madison County, mud_._5
1926-1935
18,000 104.10 4.175
109_ _Madison County, Ind- _ _5
1926-1935
20,000 104.11 4.175
'617_ _Macedonia, Ohio
5
1926-1934
10.000 100.80 4.84
361- _Madison County, Fla_ _ _ _6
1926-1935
75.000 100.13
5.97
109_ _Madison County, N. Y.
•
(2 issues)
4
1932-1951 250.000 100.11
3.99
742_ _Mahoning County, Ohio-5
1926-1939
32,321 103.13
4.54
491-Malden,'Mass.(2 issues)_4
1925-1945 153.000 100.73
3.91
361_ _Mamaroneck (Town)Sewer
Dist. No. 1, N.Y
4% 1930-1964 140,000 101.67
4.13
491_ _Manlius, N.Y
5
1026-1935
30.000 103.13 4.335
231_ _Mansfield. Ohio
5
1926-1935
29.300
4.49
742_ _Manatee County,.Fla__ _5 '40,-45,-50&55 100,000 102.44
617- _Manistee S. D.,Mich__ _4% 1928-1947 250,000 100.45
.
4.20
362_ _Mansfield, Ark
5%
25,000 100
5.50
491_ _Maple Heights,0.(7155.)534 1926-1935 303,947 103.11
4.86
742„Maple Heights. Ohio (12
Issues)
534 1926-1945 144,316 104.06 4.75
491_ _Marcus S. D., Iowa
4%
25.000 y100.38
362_ _Maricopa High S. D.,Ca1.6
1926-1940
60.000 108.04
4.73
362_ _Marion County, W. Va.
(Mannington Mag.D.).534 1934-1945 301.000
105.76
4.95
362_ _Marion County, W. Va.
(Lincoln Magis'i Dist.).5% 1935-1947 201,000
106.36
4.93
362__Marion County, W. Va.
(Paw Paw Magis'l Dist)534
105.33
County, Ind_ _ _4 h 1926-1935 175.000 101.73 - 743_ mlarshall
15,000
4.145
743- _Marshall County, Ind_ _ _4% 1926-1945
16,000 101.725 4.145
617_ _Medford, Mass.(6 issues)4
1926-1955 337,000 200,27 3.96
617_ _Alma;Arka. (2 issues)_ _ _5%
178,500 100.57
617_ _Mesa. Ariz
5%
10.70
00
51. 00
r
231_ _Medina County. Ohio_ _ _5% 1926-1934
104.18
4.56
491 _ _Mercer County, Ohio__ - _5
1926-1930
4,100 100.24 4.915
491_ _Metuchen, N. J
5
1926-1942
34,000 104.008 4.43
743- _Aiiami County, Ohio_ _ 5
1927-1934
7.900 103.07
4.31
491-Michigan (State of)
434 2-10 years
51,000 100.365
362_ _MIlleegeville, Ga
5
1926-1955
47.800 105.02
109_ _Milton, Mass
4
1926-1945 190,900 101.73
4.21
362_ _AIin.
Sp
:
No 7i u earo .
Twp 5%
S. D.
No.
1928-1940
15.000 100.41
5.19
743_ _Mitchell, Nob
431 1935-1944
61.000
r
_
1317_ _Mitchell S. D., Nab
431
17.000
r
_
231_ _Mobile, Ala
4
61926-1935 139,000 103.26
4.59
743_ _Mohawk, N. Y
6
1926-1930
.33,904 100
6.00
362_ _Montezuma Co.S. D.No.
6. Colo
431 610-20 years 13,000
r _
100,000 100.76_
736
THE CHRONICLE
Name.
Rate. Maturity. Amount. Price. Basis.
Race.
12,535 103.70
8
10 years
491_ _Molalla, Ore
617_ _Montgomery Co., Ind._ _434 1926-1935
5.500 101.82 4.14
1928-1940
14,175 104.76 4.325
491_ _Montgomery Co., Ohio_ _5
4
4.08
362..M0rrISPWP. Pa
1928-1947 125,000 101.81
1938-1955 800.000 102.04 5.35
491_ Monroe County, Fla_ _ _ _
491_ _Monroe County, Fla_ _- _5
1936-1955 260.000 102.18 5.34
7,000 102.50 5.54
1944
362_ _Mountain Home,Idaho..531
5,240 103.94 4.20
491_ _Morgan County, Ind_ __ _5
1926-1935
382_ _Mt. Jewett Bor.S .D..Pa.5
16.500 100.45
12.000 100.924
434 Yearly
492-Mt. KISCO. N. Y
232__Mt. Lebanon Twp. S. D.,
Pa
43111931. '371 90,000 102.73 4.045
143.'49.'55.f
15,000 100
617_ _Mt. Morris S. D.,Pa_ _ 434 1925-1954
4.50
362__Mt. Pleasant, N. Y
434 1928-1942 167.000 102.379 4.18
109_ _Mt.Pleasant, No.Caro--8
34,000 100.29 5.98
1928-1947
232.. _Multnomah Co.S.D.No.
1, Ore
434 1928-1939 664.000f 100.01
4.32
232_ _Multnomah Co.S.D.No.
1, Ore ,
4
1940-1945'
336,0001
-492:_Muskegon Heights S. D.
Mich
4.23
431 1936-1955 330,000 100.21
r _
15,000
617-_Nance Co. S. D.8,Neb.
492--NavaJo Co. S. I). 2, Ariz_5
10 years
5,000 98.10
•618Narbeth,Pa
4 Every 5 yrs.
75.000 100.003 3:995
.382_ _Nebo S. D. Utah
4
175,000
492__Nelson S. D. Neb
4
d1930-1945
50,000
• 492_ _New Bedford, Mass. (2
issues)
4
1926-1945 230.000 100.22 3.98
232_ _New Bremen,Ohio
6
1926-1935
7,300 104.31 5.155
362__New Hope S. D., Calif_
20,000 105.16 ---232_ _New Hyde Park Fire Dist.
N. lif
14,000
434 1927-1933
232_ _New Hyde Park Plre Dist.
100.14 4.48
N. Y
434 1928-1936
10.500
492__Newport, Ark
116,500 102.94 --5
618-Newport, Neb
534
12,000
1945
743--Newport. R. I.(2 issues)_431 1926-1950 178.000 100.081 4.24
362_ _Newton County, Ind___ _6
6,900 102.77 5.39
1926-1935
232_ _Newton, Mass
1928-1935
50,000 101.28 3.74
4
744_ _New York City(10 iss.)_ _4
various 14,526,000
---744_ _ New York City(8issues)_4
various 14,849,000
- :94
3
743_ _Niagara Falls. N.Y
4
1951-1953 130,000 101
Yearly
8,108 100
5.00
818- _Noble Township. Ohio__ _5
362_ _Northbrklge, Mass
1926-1945
20.000 100.40 3.95
4
744_ _North Chattanooga,Tenn534
100.000 103.85
363- _Northfield, Ohio
19.237 101.06 4.78
5
1926-1934
383-North Hempstead Corn.
S.D. No.9. N.Y
434 1926-1943
4.24
82,500 102.11
363--North Hempstead Union
Free S. D.No.11.N.Y-4
28,000 102.06 4.27
1930-1943
,618_ _North Mankato, Minn._ _4
4.25
30.000 100
1931-1945
744--Northport. N.''
431 1926-1936 110.000 100.03 4.24
492__Oacoma Ind. Cons. S. D.
No. 82, So. Dak
18.000 100.81
4.90
5
1930-1935
1927-1965 1.100.000
618-Oakdale Irr. Dist., Calif_5
363_ _Oakland County, Mich_ _534 15 years 3,500.000 y100
5.50
1318__Oakwood S.D., Ohio_ __ _5 y 1927-1954
27,500 105.19 -_-4.72
50,335 103.91
492- _Oberlin, Ohio (2 issues)_ _5
1928-1935
492__ Ocean County, N.J
7,000 100.75 4.72
1926
534
3,500 100.57 4.45
744- _ Ocheyedan S. D.. Iowa_ 434 1938-1940
744-Ogdensbur8, N. Y
431 1926-1955 100,000 101.42 4.13
40,000 100.29 4.19
363-Oneida, N.Y
434 1928-1935
1955
50.000 100.15 5.49
-744__Onsted Sch. D., MIth_434
1935
55.000 100.36 5.95
818--Opelika, Ala
6
492- _Oregon (State of)
431 1928&1929 1.000,000 100.22 4.18
75,000 100.72
383.. _Orleans S. D. Nab
30,690 102.14 4.165
232-Orleans Sch. Twp., Ind_434 1928-1938
19.310 101.57 4.18
818_ _Orleans Sch. Twp.,Ind_ _434 1926-1935
818-Orrville. Ala
10,000 100
8.00
6
20 years
73,000 102.61
4.41
5
1926-1934
232-- Ottawa County. Ohio
.618._Packwood S. D.. Calif_ _534 1928-1939
12,000 104.84 4.80
'744-Pa1m Beach, Fla
75,000 103.08
534 10 years
85,000 110.17 5.414
492__Palm Co.S.D.No.6,Fla.6
1927-1954
1,500 100
--- _
-- 10 Years
-744__Palmer Jct. S.D., Ore
45,381 102.82
618_ _Paducah, By
15,000 100
5.00
363__Palava Ind. S. D., Tex_ _5
492__Pawnee Co. Cons. S. D.
r
23.000
No.69, Neb
5
r
14,000
492__Pender, Neb
431
5.00
25,000 100
.618__P1oneer 8. D., Tex
1926-1940
,
5
78,000 103.41 4.245
434 1927-1981
493- _Plainfield, N. J
192134964
77,000 108.79 4.35
493- _Pleasantyllle,N.Y.(2 iss.).5
22,000
1932-1950
5
493-..Ponca S. D., Neb
232_ _Peekskill Union Free S.D.,
15,000 100.339 4.20
N. Y
431 1927-1941
30,000 100.34 4.21
'383--Pelham Manor, N.Y_ __ _431 1926-1945'
22,500 100.14 4.23
363-Pelham Manor, N.Y_ _ _ _434 1926-1940
47,000 100.25 4.20
434 1926-1935
3133-Penn Yan, N. Y
8,500 100.25 4.20
383-Penn Yan, N. Y
434 1926-1935
5.00
35.000 100
383-Pep Indep. S. D., Tex_ _ _5
r
35.000
.4318- _Perry, Iowa
232-Polk Co., Fla.(Spec. Tax
5.42
65,000 106.41
S. D. No. 2)
1927-1955
6
232 ..PolkCo., Fla. (Spec. Tax
•
S. D. No. 7)
15,000 102.25 5.76
1928-1955
6
232.. _Polk Co., Fla. (Spec. Tax
S. D. No. 18)
14,000 108.67 5.21
1928-1955
6
232_ _Polk Co., Fla. (Spec. Tax
S. D. No. 53)
534 1928-1955 160,000 105.43 4.99
• 232Polic Co., Fla. (Spec. Tax
on
S. D. No. 58)
25.000 108.26 5.20
1928-1952
6
31,500 100.72 4.84
1928-1934
744--Port Clinton, Ohio
5
16,500 100.95 4.80
5
1926-1934
744--Port Clinton, Ohio
2,000
493-Perldn8 Co. S. D.88, Neb6
40,000 102.068 4.095
493_ _Peru Sch. Twp., Ind_ _ _ _434 1928-1938
2.750,0001 101.19 3.93
1975
• 363_ _Philadelphia. Pa
4
1,910,0001
363_ _Philadelphia. Pa
4
1930
450,000 101.073
493__Pittsburgh. Pa.(2 issues).4 31
300,000 108.20 4.52
• 363- _Phoenix U.H.S.D„Ariz_ -5
1945
51.000 102.50r
363_ _Port of Bay City, Ore_
18,400 103.37 4.07
233__Posey County,Ind
431 1926-1935
13,860 103.007 4.15
1926-1935
-Posey County, Ind
4
233363_ _Poetry County, Ind
431 1926-1945 195,000 105.532 4.10
25,000 100.66
493--Pottawatamie Co., Iowa-434
353.. _Presidio County Common
75,000 101
S. D. No. 1, Tex
5.34
350.000 100.41 ---493-Pulaski County, Ark_
22,375 100.57 __ _ _
1927-1931
363--Pleasant Ridge, Mich..- _5
18,917 101.10
363_ _Pleasant Ridge, Mich_ __ _5
1927-1931
r
245,000
1945
493_ _Plum Bayou Lev. D..Ark.5
8,700 100
363_ _Plevna, Mont
51934-1944
15.000
363__Plymouth, Iowa
434 1928-1940
493-_Portland Union Free S.D.
10.000 109.18 4.35
1945-1949
No. 8. N.Y
5
2,000
493-Port Leyden. N. Y
534 1-4 years
30,000 101.24
4118-Port Hope S. D., Mich
33,450 100.61 4:88
618_ _Preble County, Ohio_ __5
1928-1934
1926-1935 359.000 100.438 -_ __
4
493-Quincy. Mass
37,500 101.92
.618_ _Randolph Co.,Ind.(218)454 1928-1935
52,300 101.92 _ __ _
818_ -Randolph County. Ind_ _434 1926-1935
71,000 100.47 3.93
4
1926-1940
363_ _Randolph, Mass
1926-1955 1,500,000 100.64 3.95
493__ Reading Sch. Dist., Pa 4
434 1926-1955 255,000 101.25 4.39
493._ Red Bank,N J
20,000 105.02 4.365
1926-1945
745_ _Rensselaerville, N. Y_ __ -5
50,000
534 serially
618_ _Richardson, Tex
619_ _Richmond Co., No. Caro.431 1926-1955 300,000 101.11 4.64
125,000.
745._ Rochester 1.8. D.. Minn-431
493__Rock Point Local Tax
30.000
Sch. Dist.„ No. Caro-534
..Rotterdam common Sch.
493..
60,000 101.38 4.35
Dist. No. 13. N.Y........434 1927-1946
28.000
745__Rushford. Minn
. 363._ Rush Lake Sch. Dist. No.
5,000 100
4.50
434
5, Minn
[Vol. 121.
Page.
Name,
Rate. Maturity. Amount. Price. Basis.
85,000 101.19
493- _Rutherford Co., Tenn_ _ _434 Every 5 yrs
493_ _St. Joseph Sch. D., Mo.-4
300,000 97.53
493_ _'St. Lucie Co.Rd.& Bdge.
Dist. No.5,Fla
1926-1955 845,000 105.34 5.53
8
233__ t. Paul, Minn
1955
300,000
4
233-_St. Paul, Minn
1955
200.0001 100
4.05
431
233-_St. Paul, Minn
1926-1955 500,000
4
383-St. Paul, Minn
43( 1926-1955 1,000,000 101.31 4.15
819- St. Paul, Minn
434 1928-1943 337,0001
819-St. Paul, Minn
1944-1955 438.0001 100.02 4.21
4
494._ St. Petersburg, Fla
1,000,000 104.47 4.73
1955
5
58,000
745-_Safford S. D. No.1, Ariz_
200,000 100.98
745-Saginaw, Mich
434
.45'
363- _ Salem, N. H
15,000 100
43( 1928-1940
30.000 102.72 4.495
384-Salem
1927-1938
Twp., Ind_ _5
233_ Salem Twp., Pa
25,000 101.20
4.37
1926-1928
5
14,000 104.72 4.14
745--Sandy Lake S. D.,Pa
414 1929-1954
10,000 102.20 4.54
364-Sandusky County, Ohio-5
1928-1934
364__San Marino City S. D..
Calif
85,000 105.19 4.55
1926-1958
5
38.720 103
745-Sapulpa S. D., Okla
6
10&15 Yrs.
494--Sarpy Co. S. D. No. 32,
r
Neb
12.000
434
364_ Sarasota Fla •
25,000 101.91 4.85
1944
5
233--Schuylkill County, Pa_ _ _431 51935-1955 400,000 101.487 4.17
494- Scottsbluff, Neb
24,000
494--Scranton, Pa.(2 issues)_ _4 3i, 1926-1955 416.000 101.938 4.08
494- _Sedro Wooley, Wash_ - _ -5
2-6 yrs.
364 -Selah Sch. Dist., Wash_ _434
7g708
619- Seneca Falls, N.Y
51,000 100
431 1926-1938
112-Sewell Mountain Magisterial Dist., W.Va._ _534 1926-1959
91,000
819--Sharpsville, Pa
85.000
434
494--Shelby County, Ind
10,870 104.02 4.17
5
1926-1935
819_ _ Sheffield, Ala
211,000 102.05 ---10 years
6
494-5herman Co. Sch. Dist.
No.8. Neb
30,000
5
1926-1940
384-Shiawassee Co., Mich_ --6
11.783 y100.21 --,
494-Sidney, N.Y
5,000 100.25 4.945
1928-1935
5
364-Snake River Valley Irrhi4•
Dist., Ida
35.800
619--Somerset, Pa
4.255
434 d1930-1935
8.000 102
619-Somerset Tvrp ,Pa
5
65,000
233_ _South Bend,Ind
431
1945
50,000 103.55 3.995
819--South Hadley, Mass. (2
issues)
4
1926-1938
39,000 100.323 3.935
748_ _Southmont Sch. D.,Pa_ _5
1927-1942
38,000 108.917 4.185
364_ SouthSan Joaquin Irrig.
Dist., Calif
5
1927-1982 900,000
233__Southside Sch, D., Calif_8
1926-1945
10,000 105.10 5.32
819-South Tampa Farms Dr.
Dist., Fla
6
240,500
364_ Spangler, Pa
434 1927-1935
9.000 100.885 4.38
619__South Whitley, Ind
yearly
5
12,000 102.50 ---233__Springfleld, So. Caro_ _..5
180,000 104.67 --- 494- _ Statesville Graded Sch.
Dist., No.Caro
434 1927-1955 100,000 102.09 4.57
494- _ Storm Lake S. D.,Iowa_435
35,000 100.04r
494-Sugar Creek Sch.
Twp,Id
1926-1938
5
45,000 104.53 4.17
819- _ Stowe Twp. Sch. Dist.,43111932.'40,1 200,000
1 '47 & '551
619_ Su ar, Idaho
Sugar,
r
534 1-15 yrs.
15,000
233__Su gent, Ala
6.00
6
25,000 100
494_ _Syracuse, N. Y
431 1926-1930
40,000 100.147 4.20
819._ Summit County, Ohio_ -5
_S
1926-1934
81,250 102.53 4.39
233_ Summit County, Ohio_ _ _5
Siunmit
1928-1934
37.700 102.71
4.39
494_ _ Swan Creek Twp.,Ohio_ -5
1926-1932
25.000
233_ _Swanton, Ohio
5
1928-1933
8,000 100.63 4.85
494_ _Sweetwater Co.S.D.No.
7, Wyo
5
serially
75,000 100
5.00
233__Sylvania, Ohio
6
1926-1935
1,500 100.68 5.88
819„Sunnyside Sch. Dist. No.
14, Ariz
1945
34.500 100.68 5.20
53,4
619_ _Taylor Sch. Dist.,Pa.-1926-1945 200,000 101.609 4.06
494__Tekama. Neb
1945
r _
298,600
43,4
233__Temple, Tex
1928-1945 210,000 102.44 4.70
5
494Texarkana Ark
434
211.520
746__Texarkana Spec. S. D..
Ark
534
100.000 100
5.50
748_ Texas City, Tex
5.00
5
130,000 100
364__Texas(State of)(9 issues)5
23,300 100
5.00
3134„Texas (State of)
5.50
534
4,000 100
384-Texas (State of) (13 iss.)-6
29.1350 100
8.00
495__Thatcher S. D. No. 4,
Ariz
44,500 107.61
364_ _Thomas County,Ga
1939-1948 200,000 108.31 1:58
5
495„Thurston Co. S. D. No.
5
11, Neb
1928-1945
35,000 100
5.00
495_ _Tonawanda,N.Y
oi 1931-1955 125,000 100.94 4.18
364_ _Toronto, Ohio
6
1928-1934
12.000 105.26 4.895
364 -Toronto, Ohio
1926-1940
6
7,500 107.87 4.84
746_ _Trenton, Mich
52,000 100.65 4.43
43,4 1926-1951
619__Trumbull, Conn
50,000 100
4.25
454 1930-1954
748- _Tupper Lake, N.Y
15,000 100.07 4.495
454 1926-1928
365_ _Upper Arlington, Ohio 5
1928-1935
137,000 101.46 4.71
365_ _Upper Arlington, Ohio_ _ -5
1928-1935
7,000 101.31 4.735
365_ _Utica, N.Y.(14 issues)
-4g 1928-1945 818,374 101.18 4.10
365_ _Vanderburgh Co-.. Ind- _ _434 1928-1935
65,400 101.89 4.12
746_ _Venice. Calif
18,000 100.46 -_5
5
234--Vigo County, Ind
1926-1935
59.000 104.33 4.125
1927-1933
746_ _Vineland S. D., Calif_ _ 6
6,500 104.42 4.99
365--Volusia Co., Fla.(Orange
City-Enterprise Special
1930-1945
90.000 102.17 5.78
Rd.& Bdge.
. _8
385_ _Volusia Co., Dist.)Fla. (De
Land-Lake Helen Spec.
19304950 1300.000
Rd.& Bdge. Dist.)_ _6
105.31
5.51
385-Volusia Co., Fla. (Tunibull Spec. Rd. St Bdge.
1930-1945 225,000
Dist.)
8
•
820--Volusia Co. Rd.Dist. No.
15,000
3, Fla
50,000 100.14r
365-Wadesboro, No. Caro_ -5
495.-Warren County, Pa
434 1930
-1944 115,000 102.52 3.78
395 WashingtonSchool Twp.,
Ind
5
1927-1931
15,000 102.78 4.185
620_ _Wakefield, Mass.(4 iss.).4
1928-1950
83,000 100.33 3.96
746__Watertown Fire District,
Conn
454 1961-1954 15,000 104.83 4.24
234- _Watertown, Mass.(2 iss.)4
1928-1935
88,000 100.55 --- 385-Waterbury, Ccnn
1926-1985 400.0001 100.03 4.15
4
385-Waterbury,Conn.(3 iss.)4g 1930-1964 700,000!
234-Wauwatosa, Wis
5
1926-1945
90.000 108.19 4.27
495-_Wauwatosa, Wis.(4 iss.)-434
110,000 102.08 --- 620- _Warrenville, So. Caro__
35.000 101.04 - -.820- Warsaw Twp. Pa
434 1926-1930
24,500 102.38 4.26
620-Wash1ngton Twp., Pa_ --434 1927-1941
30,000 104.405 4.185
620- Waterbury, Conn
43,4 1945-1954 220,000 101.336 4.16
234_ _Wayne Countv,No.Caro454 1935-1939
4.41
25,000 100.81
820_ _Watertown, Mass
1955
55,4
55.000 102.18 5.30
385--Wayne Co., Ohio (2 iss.).5
1928-1934 108.000 102.789 4.40
7413_ - Webster County,Iowa__ _4
40,000 100
4.00
495- Wellr County, Ind
1926-1934
6
8,534 100.78 5.84
820-Wells Co.,Ind.(2issues)_434 1928-1935
5,400
820- Wells County Ind
6
1926-1935
25.638
495--Wellsville, Ohio
6
1928-1940
40.000 108.05 4.88
620-Westfield, Mass.(3 iss.).4
1926-1940
68,000 100.42 3.94
620_ -West Jefferson, No.Caro_13
18,000
365- _Westmoreland Co.,Pa__ -4 1935.'40&'45 500,000 100.21
3.98
234_ _West Salem, Ohio
1928-1930
5
2,500 100.28 4.90
820_ _Whitney, Tex.(2 issues)_534 Serially
30.000
620_ _Wichita Falls I. S. D.,Tex431 1926-1985 500.000 101.57 4.83
746_ _Wilkinsburg, Pa
19304949 100,000
4
620.. Williamsport, Pa
434 51935-1955
60,000 102.05 4.38
.4
.
122 -1
AUG. 8 1925.]
Name.
Rate.
'Rage.
234_ -Wilson County,No.Caro_4
..Windsor, No. Caro
51
495..
234-Winston-Salem,N.Cliss)5
234-Winston-Salem,N.C. 3188)4 A
Rapids, is__5
234__Wisconsin
5
465_ _Wise County,Teat
747__ Wood County, Ohio_ _ _ - _5
234-Woodland H.S.D.,Calif.5
5)
620-Worthington, Ohio
747_ Yukon Sch. Dist., Okla_ -5
4j(
365-Yonkers,N.Y
620--Yuma Co. S.D.14, Ariz-55i
365-Zavalla County Common
S. D.No.7, Tex
5
747_ _Zavalla-Dinunitt Counties
Water Impt. Dist. No.
I, Tex
CITE CHRONICLE
Maturity. Amount.
1930-1954 625,000
50,000
1927-1936 1,495,0001
1927-1973 1,095,0001
1930-1939
45.000
1.000.000
1926-1930 225,000
1950-1955
54,000
1926-1935
15.596
45,000
20 Yrs.
1926-1940 1.130,000
1945
34,500
737
Price. Basis.
100.82
4.44
100.40
4.51
101.71
Page.
Name.
Rate. Maturity. Amount.
Price. Barris.
496_ _ Herschel S.D.1304,Sask.6
1945
14,000 100.50 ---496_ _Innisfree, Alta
6
3,000 100
1926-1935
6.00
366_ _Mmberley, Sask
7
15.000
366_ _Kingston, Ont
5
1935
137,000 100.43 --- 4.21
105.84
621_ _Kitchener, Ont
5
30 year
90,000 100.035 4.995
366_ _Mildmay, Ont
3.500
4.61
101.02
621__Niagara Falls, Ont
534
20 year
5.30
103.429 102.41
4.39
109.66
496_ _North Vancouver, B. C.534
5 year
98.948 __-5.600
4.76
103.69
496__North Vancouver, B.0--5A
10 year
99.312 10.000
101.66
496__North Vancouver, B. C.
100.889 4.12
(4 issues)
20 year
534
49,700 99.723
100.68
621__Ottawa. Out
5
10 years
154,960
621__Ottawa, Ont
5
15 years
80.855 100.747 4.91
27.500 100.
5.00
621_ _Ottawa. Ont
5
20 years
209,406
621__Ottawa, Ont
5
30 years
175,000
747_ _ Quebec West, Quo
5
1937
56.000 98.71
200,000
747_ _St. Therese de Blainville,
5
Qua
30 years
75,000 99.126 5.08
sales for July (537 municipaliTotal bond
496_ _ Saskatchewan
10 years
634
2,000
k$135,432.226
ties, covering 799 separate issues)
6
496_ _ Saskatchewan
10 Years
2,500
621_ _Saskatchewan Sch. Diets., •
d Subject to call in and during the earlier year and to mature in the late
Sask
534
4.700
year. k Not including $34,420 000 temporary loans. r Refunding bonds.
621_ _Saskatchewan Sch. Diets.,
4 And other considerations.
Sask. (2 issues)
6
10.100
621_ _ Saskatchewan Sch. Dists.,
Sask. (2 issues)
We have also learned of the following additional sales for
631
2,000
621_ _Saskatchewan Sch. Dists.,
months:
previous
Sask
634
3.200
Name.
Rate. Maturity. Amount. Price. Basis.
..Page. -Ahoskte, No. Caro.(May)6
747_ _ Saskatchevran Sch. Dists.,
1928-1945 $20,000 105.84
6135.35.
var.
Sask. (5 issues)
var.
var. var.
13,400
613- _Aubbeenaubbee Sch. Twp.,
621_ _ Shaunavon, Bask
63-4
43.000 100.50 ---5
Ind
1927-1936
13,009 104.763 4.17
366_ _ Springhill, N.S
534 20 years
11.700 100.85 ---34,500 105
613_ _Bee Hive S. D.,0.(May)_5 A 1926-1948
4.71
5
621_ _Thorold Twp.,Ont
1926-1955
35.000 99.88
5.01
487__Belmont, Ohio (Feb.) __ -6
1925-1933
6,868 103.27
5.18
496_ _Vulcan S. D.1902. Alta_ _6A 1926-1955
25,000
738.._Berestord Ind. Sch. Dist.
5 inst.
621_ _Westminster Twp.,Ont_ _6
3.300
So. Dak
serially
75,000 100.66
621__Westminster Twp.,Ont_ _6
3 inst.
666 101.27 -- 567{
.
6
30 years
613_ _Blacksburg, Va
50,000 100
6.60
3 inst.
621__Westminster Twp.,Ont 5A
614- _Boston Cons. S. D., Ky.
621__York County, Ont
5
1925-1945 100.000 100.88
4.89
(April)
6
25 years
7,000 105
Ala.(Feb.)___ -6
1925-1939
25,000 101.22
5.81
Total amount of debentures sold during July_ $2,548 886
614_-Brewton'
1927-1935
22.172 102.24
614-Canton Ohlo (2 issues) 5
4.54
739-Chase ao. S. D. No. 31,
We have also learned of the following additional sales for
Neb
4A 1936-1944
22,000 100
4.25 previous months:
739__Cheyenne Co. S. D. No.
Rate. Maturity. Amount. Price, Basis.
138. Neb.
(May)
Page.
Name.
5
1930-1940
6,500
496_ _BourgetTwp.,Que.(Mar.)5 A 1926-1945 610,862 101
37,200 y102.52 4.97
488-Chillicothe, Ohio (April)_5A1926-1934
614__Claude,Tex.(2 iss.)(
Jan.)6
620_ _Frontenac County, Ont__5
80.000
1926-1939
73.050 100
KO
736__Clearwater S. D., Calif_.5
620__ICingston, Ont_ _ _,
______5
1926-1957
1945
45,000 105.13 4.59
35,000 100.75
739__Colville, Wash
(Mar.)_5A 1927-1949
5
621_ _ Leeds South.Que.
9,000
5,000 100
- - 50
5.
15 install.
7
39,269 104.32 4.47
747_ _Wynyard, Sask
488--Crawford County,t:)1ilo _ -5A 1926-1933
27.300
488-Ctunru Twp. S. D., Pa.
All of the sales (except as indicated) are for June. These
(March) (2 issues)--- _4 A 1926-1930
25,000 100.75 4.26
739_ _Dade County, Fla.(Feb)6
212,000 95
:736 _ _Dallas, Tex.(6 issues)__ _4 A 1926-1965 2.000,000 101
-- 1A additional June issues will make the total sales for that
4.
month $18,905,780.
615_ -Dane Co. Mine Springs
Drainage Dist., Wise--6
1930-1939
7,000 100
6.00
415__Davisboro, Ga.(March)_6 Every 5 yrs.
15.000
C
615--Dixon County ons. S. D.
No.70,Neb
43
50,000
r _
4315-E1 Dorado Sewer District
-So-called "New Krueger Law" in Effect.
Ohio (State of).
No. 4, Ark.(May) -6
1938
40,000 102.30
5.76 -The so-called "New Krueger
Law" passed by the 1925
,615__Frontenac, Kan.(March)5
1926-1935
15,000
98.50
5.33
489__Galeton, Pa. (Feb.)
5
1936-1944
31,915 108.43 4.13 Legislature went into effect at midnight July 20, according to
616__Hammond,Ind (April). _6
years 99,602 100.13
1 to 10
5.97 an 'Associated Press Dispatch" dated
July 20 from Colum616__Hampden, .D.ar.)_6
7,500
490_ _Jennings Co.,Ind. Apr.)
.5
1926-1935
29,900 104.57 4.11 bus to "Cleveland Plain Dealer." The law provides, among
_Knight Sch. T
Ind_ _5
816_
1926-1938
20,000 105.01
4.17
ay)_-5
490_ _Lake Co., Ohio .'
1926-1930
22.000 102.17 4 3_3 other things, that a municipality may not issue bonds with:
_ _
617_ _Lenox,Iowa (Jan.)
out a vote of the people, to exceed 1% of the total value of all
5
24.000 101.25
490-Liberty Sch. Twp., Ind.
(May)
5
1926-1940
75.000 105.117 4.25 property in the corporation. The limitation had been 2%%.
817__Marmath, N. D. War.)
-6 '35.'40 &'45
23.000 100
6.00 The "Dispatch" read as follows:
.817_ _Miami Oo.,Ind.(2 iss.)_ _4 A 1926-1935
18.387
The Krueger bill, passed by the last legislature, curtailing authority of
617_ _Neponset Twp.S. D.,I11_5
20 years
65.000 y100
Ohio cities to issue bonds became a law at midnight.
618_.New Castle Co., Del__ _ _434 1926-1935
47,000 101.01 :1728
Many municipalities, in the Met of state tax officials, will find difficulty
5
10.600 104.76
618_ _Noble County,Ind
1926-1935
4.04 in paying for improvements by bond issues under the law.
5
6.280 104.77
618.,_Noble County,Ind
1926-1935
4.04
Additional checks for the issuing of bonds, with and without a vote of
5
1926-1935
5.800 104.74 4.05 the people, are contained in the act.
618- _Noble County,Ind
1926-1935
-618_ _Noble County,Ind
5
16.520 104.72 4.05
In the first case, at the same time such bonds are authorized, a special
_Noble County,Ind
4318_
1926-1935
9.800 104.74 4.05 tax levy sufficient to pay the interest on the issue and retire it, must be
5
5
1625-1935
13,800 104.63 4.06 voted. All such issues, by the law, however, are placed
•618_ _Noble County,Ind
40.000 98.31 - -- tions. This clause applies to all political subdivisions. outside of limita618_ _Norcatur. Kan. (Apr.)_ _4 M
744_ _Okeechobee County, Fla_13
1951-1955 200,000 109.85
5.27
Hereafter a municipality may not issue bonds without a vote ef the peo744__Owyhee Drain. Dist.,
ple, to exceed I% of the total value of all property in the corporation, by
Ore. (April)
14.000
1930-1945
6
the terms of the law. The former limitation was 214%.
363 __Pierce Co. Sch. Dist. No.
It was pointed out that the law, designed primarily as a pay-as-you go
1, Wash.(April)
7,000 100
5
5.00 propostition, puts the issuing of public bonds squarely up to the people.
744_Pineville, La.(ApriO
25,000
.._ 1926-1935
While the placing of such issues by popular vote outside of the 15
-mill
744__Pinal Co.High Sch. that.
limitation is regarded as making it easier in one sense, the voting of the
No.15, Ariz
d1935-1945
10.000 107.79
6
5.00 special tax levy is set up as an immediate check. Most Ohio cities, officials
744_ _Portage, Minn.(May) _ _ .._ 1926-1929
10,000
said, have bonds outstanding in excess of 1% of the total property value.
745-Rolla Rural High S. D.
An additional provision of the measure, however, is that bonds to a sum
No.1, Kan
1945
35,000 96.45
5
not exceeding nine-tenths of the amount by which the net indebtedness of
618__Power County,Idaho_ _ ..._ 5
10 years
30,000 101.02
municipalities
618--Presoott, Ark.(May)_ -- _5
11,000 100
Kati reduced duringcreated or incurred without a vote of the people has been
the calendar year.
493__Reynoldsburg Rural Sch.
This will work to the advantage of cities with considerable serial
1926-1945 100,000 100.30
Dist., Ohio (May)...- _5
4.97 outstanding, or of those with long time obligations that come due inbonds
large
619_ _Riley School Twp., Ind.
amounts. The law was filed with the secretary of state April 21, and under
1926-1940
32,500 105.77
5
4.18 the 90
(May)
-day provision, became effective at midnight.
60.000 100.56
493__Rome, N.Y.
4 A 1926-1931
4.08
.619__Seattle, Wash.(18 lss.)_ _6
228,922 100
(Feb)'
6.00
Niagara Falls, N. Y.
-City Purchases Water System.
619_ _Shaunee Rural Sch. Dist..
Ohio (April)
24,000 102.82
5
_ --- On July 31 the city purchased the system of the Western New
,619_ _ Smith Sch. Twp., Ind.
York Water Co. The price paid was $400,000 for the private
(May)
5 Every 6 mos. 42.500 105.37
_
13,376 100
619_ _Tacoma, Wash.(g iss.)_6
if.oe) company's holdings in Niagara Falls and the village of La
620_ _Union 8. D.,Ind.(May)
1927-1939
50.000
-5
Salle. Reporting the purchase of the system the "Buffalo14,000
746_ _TJvalda Sch. Dist., Ga_ _ _6 Ev'y 2 yrs.
620__Warren County, Ind____5
1926-1935
21.300 103.90
4.23 Courier" of Aug. 1 said:
746__Washington Sch. Twp.,
The sale of the system of the Western New York Water Co. to the city
Ind
4A
25,000 102.42
__ -- was completed late this afternoon (July 31) at a conference of city and company officials in the office of city anager W. D. Robbins. The city paid
620_ _Waymouth Special School
.
Dist.. Ohio (Feb.)_
14,500 103.52 4.98 1400.000 for the private company's holdings in this city and the village of
5A 1926-1939
747-Wiseburn S. D., Calif__ _5
1926-1950
55,000 104
4.61 LaSalle. The purchase by the city was authorized by the city council some
747__Yazoo-Delta Highway
time ago. The private company s system will be taken over by the city
Taxing Dist., Miss_ _ _ _ 6
1926-1950
75,000
tomorrow.
The private company's system has a filtration capacity of 11,000.000
d Subject to call in and during the earlier year and to mature in the later
gallons a day. City Manager Robbins, said tonight, in announcing comyear. r Refunding bonds. y And other considerations.
pletion of the deal, that for the present there would be no change in operaAll of the above sales (except as indicated) are for June. tion of the newly acquired system. In the future it will be merged with:the
zi rer supply system.
Er
These additional June issues will make the total sales (not
Purchase of the private company's holdings ends lengthy litigation. Ever
including temporary loans) for that month $143,346,589.
since the city paralleled the lines of the private company more than half a
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN JULY. score of years ago there has been legal strife between company and municipality.
,Page. _AnapolisName. N. S. (2iate. Maturity. Amount. Price. Basis.
Royal,
l
620_
5
issues)
$13,000 100
366__Beamsville, Ont
5
1935
14,000
99.31
g:12
()
15 years
747Biggar, Bask
634
15,500
7
10 years
2.000
620__Cabri, Sask
_ __ _
ADAMS COUNTY (P. 0. Decatur), Ind.
-BOND SALE.
-The 435%
7m
10 years
. Sask
1.000
__
macadam coupon road bonds, aggregating $28,760 offered on July 28-V.
747-Chapleau Twp., Ont_ _5 A 1926-1955 . ^^^
121, p. 487
-were awarded as follows:
620__Eastnor Two.. Ont
20 inst.
5gTi6
534
macadam road. St. Marys Township. bonds to the
:
51 $3,200 Lulu Walters
747_ -Edmonton Roman CathoMeyer-Kiser Bank of Indianapolis, at a premium of $48.75, equal to
30 years
55,000
lic Sep. S. D., Alta_ _ _ _5 A
101.44, a basis of about 4.21%.
-Ford City Roman Catho7,680 Andrew Schirack macadam road, Kirkland Township, bonds to
747
30 inst.
160,000
lic Separate S. D., Ont_ __
96.55 5.82
John W. & James H. Kelley, Geneva, at a premium of $145 15.
1945
115,000 100.667 4.95
5
496__Grey County, Ont
equal to 101.87, a basis of about 4.11%.
•
1934
366.._Guelph, Ont
534
5.680 Esther J. Miller macadam road, St. Marys Township, bonds to
6
1944
366_Guelph, Ont ,.
glia 102.032 5.02
534
Breed, Elliott & Harrison of Indianapolis, at a premium of $102,
1945
92,782
366-Guer, Ont. (3 issues)-5
equal to 101.81, a basis of about 4.14%.
5
1926-1940
74.800
366__Gue h, Ont
12,200 John Hilgeman macadam road, Washington and St. Marys Town4
496__Ham ton,
ships bonds, at a premium of $219, equal to 101.79, a basis:of about
4.80
40 years
18:888 100
cm_ JElamPril•ad M'"
5.00
4.14%.
NEWS ITEMS.
citg
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
ME
apt
738
THE CHRONICLE
Due one bonds of each issue each six months from May 15 1926 to Nov.
15 1935 inclusive.
AKRON,Washington County,Colo.-BONDSIVOTED.-Atan e ection
held recently the voters authorized the issuance of$20.000funding bonds.
ALACHUA COUNTY SPECIAL ROAD AND BRIDGE DISTRICT
NO. 1 (P. 0. Gainesville), Fla.
-BOND .SALE.
-The $1,290,000
%
coupon road and bridge bonds offered on Aug. 5-V. 121, p. 487
-were
awarded to the Florida National Bank of Jacksonville and the Trust Co. of
Georgia of Atlanta at a discount of $23.123. equal to 98.20, a basis of about
5.42%. Date July 11925. Due July 1 as follows: $20,000. 1927 and 1928;
325.600. 1929 to 1932 incl.; 530,000, 1933 to 1935 incl.; $35,000, 1936 and
1937: $40,000, 1938 and 1939; 345,000. 1940 and 1941: $50,000, 1942 and
1943; 390.000. 1944: $60,000, 1945; 365.000. 1946 and 1947; $70,000. 1948;
$95,000. 1949; $90,000. 1950 and $185,000, 1951.
ALAMEDA COUNTY (P. O. Oakland), Calif.
-BOND OFFERING.
Sealed bids will be received until Aug. 10 by the County Clerk for $500.000
5% tube bonds. Due $123,000 in 1926, $224,000 in 1927 and $53,000 in
1928.
ALVIN INDEPENDENT SCHOOL DISTRICT, Brazoria County,
Tex.
-BONDS REGISTERED.
-On July 27 the State Comptroller of Texas
registered $5,000 5% school bonds. Due serially.
ALVORD INDEPENDENT SCHOOL DISTRICT, Wise County, Tex.
-BOND DESCRIPTION.
-The $23.000 5g% high school bonds purchased
by Kauffman, Smith & Co. of St. Louis
-V. 121, p. 357
-are described as
follows. Date Mar. 11925. Denom.$500. Due Mar. 1 as follows: $500,
1926 to 1959 incl. and $1,000, 1960 to 1965 incl. Prin. and in (M.&
payable in New York City. Legality approved by Charles & Rutherford
of St. Louis.
Financial Statement.
Assessed valuation of taxable property, 1924
0
$7130
2 :020
83
Total bonded debt, this issue only
Present estimated population 2,000.
-WARRANT DESCRIPTION.
AMARILLO, Potter County, Tex.
The S100,000 coupon warrants purchased by the Branch-Middlekauff Co.
of WItchita as 5s, at 102.50-V. 121, p. 356-a basis of about 4.44% are
described as follows: Date Aug. 15 1925. Denom. $1,000. Due $10,000
yearly March 1 1926 to 1935 incl. Interest payable (M.& S.).
-An election will
-BOND ELECTION.
ANSON, Jones County, Tex.
be held on Aug. 25 for the purpose of voting on the question of issuing
the following 6% bonds:
351.000 sewer bonds.
10,000 water-extension bonds.
-As a matter of record we are
-NOTE SALE.
ARIZONA (State of).
now reporting the sale of an issue of $1.000,000 4g% tax Anticipation
notes. sold by this State on March 31 1924 to the Bankers Trust Co.,
New York, at 100.01. Notes were dated April 5, 1924 and matured June
15, 1924.
-BOND OFFERING.
ARKANSAS (State of) (P. 0. Little Rock).
Sealed bids will be received until Aug. 25 by J. B. Higgins, Secretary of
State, for $650,000 5% building bonds.• Denom. 51,000.
-DESCRIPTION
ASHTABULA COUNTY (P. 0. Jefferson), Ohio.
-The $64.900 5% county bonds awarded on June 22 to
OF BOND SALE.
Prudden & Co. of Toledo, at 102.96. notice of which was given in (V. 121.
p. 356) are described as follows: Coupon bonds in the denomination of
$1,000 each. 1 for $900. Date June 15 1925. Int. (A. & 0.). Due every
six months from April 1 1926 to Oct. 1 1934 incl.
ATKINSON SCHOOL DISTRICT (P. 0. Burgaw) Pander County,
-The $25,000 5g% school bonds
-BOND DESCRIPTION.
No. Caro.
-are described as
-V. 121, p. 487
awarded to Prudden & Co. of Toledo
follows: Date July 1 1925. Due serially 1926 to 1950 incl. Interest
payable (J. & J.). Coupon bonds.
-Sealed bids
ATLANTA, Fulton County, Ga.-BOND OFFERING.
will be received until 10 a. m. Aug. 14 by B. Graham West, City Comptroller, for the following 4g% coupon or registered street improvement bonds,
•
aggregating $194.000:
$9,000 E. Merritts Ave. bonds. Due Aug. 1 as follows: $2,000 in 1928 and
1929 and $1,000. 1930 to 1934 incl.
2,500 Uncle Remus Ave. bonds. Due $500 Aug. 11927, 1928, 1930, 1932
and 1934.
7,000 Waldo Street bonds. Due $1,000 Aug. 1 1928 to 1934 incl.
4,000 Sells Ave. No. 1 bonds. Due $1,000 Aug. 1 1928, 1930, 1932 and
1934.
9.000 Sells Avenue No. 2 bonds: Due Aug. 1 as follows: $2,000 in 1928
and 1929 and $1,000 1930 to 1934 incl.
6,000 Woodward Ave. No.2 bonds. Due $1,000 Aug. 1 1929 to 1934 incl.
5,000 Ponce De Leon Heights bonds. Due $1,000 Aug. 1 1927. 1928.
1930. 1932 and 1934.
3.000 Walthall Street No.2 bonds. Due $1.000 Aug. 11929. 1931 & 1934.
104,000 Ponce De Leon Avenue bonds. Due $13.000 Aug. 1 1927 to
1934 incl.
1,500 Lawshe Street bonds. Due $500 Aug. 1 1928, 1930 and 1934.
3,500 Murial Street bonds. Due Aug. 1 as follows: $500, 1927 to 1932
incl.. and $500 in 1934.
10.000 Ira Street bonds. Due Aug. 1 as follows: $2,000 in 1927 and 1928
and $1,000, 1929 to 1934 incl.
1,000 Crumley Street No. 3 bonds. Due $500 Aug. 1 1930 and 1934.
15,000 Cooper Street No. 2 bonds. Due Aug. 1 as follows: $2,000, 1927
to 1933 incl., and $1.000 in 1934.
5,000 Fox Street bonds. Due $1,000 Aug. 1 1927, 1928, 1930, 1932 &'34.
3,500 Dunn Street bonds. Due Aug. 1 as follows: $500. Aug. 1 1927 to
1932 incl., and $500 in 1934.
5.000 Altoona Place No. 2 bonds. Due $1,000 Aug. 11927, 1928. 1930,
1932 and 1934.
Date Aug. 11925. Denom. $1,000 and $500. The entire issue matures
Aug. 1 as follows: $21.500 in 1927;$28,000 in 1928; 324.000 in 1929:526.500
in 1930: 522,000 in 1931; 525,500 in 1932: 520,000 in 1933, and 526,500 in
1934. Principal and interest (F. & A.) payable at the City Treasurer's
office or at the fiscal agency in New York City, at option of holder. Attorney's opinion to be obtained at the expense of the purchaser. A certified check for 2% of bid, payable to the City, is required.
[Vol, 121.
144,500 5% water serial 1922-1961 loan at 112.69, a basis of about
4.295%. Due April 1 1961.
4,051,0004% second school 1924-1948 loan at 97.95, a basis of about
4.235%. Due yearly on May 1 as follows: $513.000,
1933; 5533.000. 1934; 8555,000. 1935: $577.000, 1936;
$600,000, 1937: $624,000, 1938, and $649,000. 1939.
Other bidders were:
Gen. Impt. Water School
Issue. Issue.
Issue.
Bankers Tr. Co.; Nat. City Co.; Redmond & Co.;
Kissell, Kinnicutt & Co.: Baltimore Tr.
Owen Daly & Co.: Robert Garrett & Sons_Co.; 108.60
113.10 97.60
First Nat. Bank. N. Y.; Kountze Bros.•. Hallgarten & Co.; Lehman Bros.; White. Weld &
Co.: Biodget &qp.; Barr Bros. & CO., Inc.:
Phelps, Fenn & Co.: Graham, Parsons & Co.:
Ames, Emerich & Co.: Nelson Cook & Co.;
Stein Bros & Boyce; Pulleyn & Co
108.027 112.027 97.766
Weilepp-Brutton & Co
112.7612 -Financial Statement (as Officially Reported)
Assessed valuation for taxation
$1.543,064.251 00
Total bonded debt
137.530,99609
Less water debt
526.728.100 00
Less sinking fund
31,857,626 95
Net bonded debt
$78,945,269 14
There is an additional sinking fund of $4,574,207 48 applicable to water
debt. Population, 1920 Census, 733.826.
BALTIMORE, Md.-ADDITIONAL BONDS SOLD IN 1924.
-We are
informed that the following bonds were issued by this city during 1924,
in addition to those bonds already reported in these columns:
PurchaserAmount.
Purpose.
Dale.
Pare. In:.
Due.
Pollee Commission
of Salto. City_ _ _ $144,000 Water
99.025 4% May 1 1933 Aug. 1
996,000 Water
100.000 4•7 May 1'34-39
1 788,500 Water
100.000 54, Apr. 1 '60-'61
Sinking Funds
1,000 000 Police sta'n house 100.000 4% Jan. 1'25"49
I 58,000 Infection disease
hospital
100.000 5% Jan. 1 1941
BOSTON, Mass.
-ADDITIONAL SECURITIES SOLD DURING 1924.
-We are now in receipt of the following list of long and short term securities
sold by the city of Boston during the calendar year ending Dec. 31 1924.
in addition to those already reported in these columns:
Amount
Date of
Itu.
Payable
Order. Rate. Purpose.
Ann.
Amount.
Payable.
Apr. 28 1924 4% Playground, Mattapan
117,500 Oct. 1 '25-31 81,000
•500
Oct. 1 1932
Mar. 25 1924 4 Court house. Dorchester site and
plans
15,0 000et. 1 '25-'39 •1,000
Apr. 8 1924 4 Dorchester Park improvements._ 15,0 00001. 1 1925
*1,000
Apr. 29 1924 4 Playground, Wachusett St.,
Forest Hills
*1,000
17,000 Oct. 1 1941
May 27 1924 4 Playground at Bolton and West
3d Sts
*250
250 Oct. 1 1925
May 20 1924 4 City Hospital Out Patient Bldg.
furnish.& equipment
i70,000 July 1'25-34 a4,000
(
July 1 '35-44 a3,000
Mar. 6 1923 4 Sewerage loans
870,000 Jan. 1 '25-'54 x29,000
Apr. 16 1921 4 City Hospital improvements- _
. 9,000 Jan. 1'25-33 x1,000
Acts of Mass.
Ch.48923 4 Cambridge St. & Court St
16,000 Jan. 1 '25-'40 x1,000
Ch.405'23 4 Hyde Park St. Ry. loan
2,000:Jan. 1 1949
"3429p'16 4 Arlington Station bonds
5,000xJan. 1 1969
"
373Sp'17 4 E.B.Tunnel alterations
35,000xJan. 1 1969
"373Sp'17 4 E.B. Tunnel alterations
25 000bJan 31 1925
The above securities were all issued to the Trust Funels of the city at par.
.
•Certificates dated Oct. 1 1924. x Certificates dated July 1 1924. a Certificates
dated Jan. 11924, b Date Jan. 311924.
BALTIMORE COUNTY (P. 0. Lawson), Md.-PURCHASERS.We now learn that associated with Strother, Brogden & Co., MacKubin,
Goodrich & Co. and the Continental Trust Co. in the purchase of the
$250,000
% coupon public school bonds on July 28, notice of which was
given in V. 121. p. 613, were the Mercantile Trust & Deposit Co.. Baker.
Watts & Co., Nealson, Cook & Co., Stein Bros. and Boyce, and Townsend Scott & Son. All are located in Baltimore.
BARRINGTON, Camden County, N. J.
-BOND OFFERING.
-Harry
J. Stone, Borough Clerk, will sell at public auction at 8 p. m.(daylight saving time) Aug. 12 $45,000 general impt. coupon or registered bonds. Denom. $1,000. Dated Aug. 1 1925. Principal and interest payable at the
Suburban Commercial Bank of Barrington. Due yearly on Aug. 1 as follows: 54,000, 1926 to 1930 incl and $5,000, 1931 to 1935 incl. It is required
that the above sum be raised and the bonds will be sold to the bidder offering
to pay not less than said sum and to take therefor the least amount bonds
commencing with the first maturity, and if two or more bidders offer to
take the same amount of bonds then to the bidder offering the highest additional amount of less than 51.000. Certified check for 2% of amount of
bonds bid for payable to the Borough required.
BEACH HAVEN, Ocean County, N. J.
-BOND SALE.
-On Aug. 3
the $30,000 534% coupon (with privilege of registration as to principal only)
emergency bonds, Series D, offered on that date
-were
-V. 121, p. 487
awarded to Outwater & Wells of Jersey City at a premium of $600 equal to
102. Dated June 11925.
BEDFORD VILLAGE SCHOOL DISTRICT (P. 0. Bedford) Cuyahoga County, Ohio.
-BOND OFFERING.
-Sealed bids will be received
until 8 p. m. Aug. 21 by R.P. Orchard, Clerk Board of Edu., for $36.100
5% school bonds,. Denom. $700 except 1 for $400. Dated May 1 1925.
Int. (A. & 0.). Due $400 Oct. 1 1925 and $700 each six months from
April 1 1926 to April 1 1951 incl. Certified check for 2% of amount of
bonds bid for,on some solvent bank, payable to Board of Edu., required.
BELLAIRE, Belmont County, Ohio.
-BOND OFFERING.
-Sealed
bids will be received until 12 m. Sept.3 by Chas. P. Hoffman,City Auditor,
for $43.400
% special assessment street impt. bonds. Denom. $1,000,
except one for $400. Dated July 15 1925. Int. M. & S. Due yearly
Sept. 1 as follows: $5,000, 1926 to 1933, and $3,400. 1934. Certified
check for 5% of the bonds bid for, payable to the City Treas., required.
BELTRAMI COUNTY (P. 0. Bemidji), Minn.
-BOND DESCRIPTION.
-The $100.000 6% coupon refunding drainage bonds awarded to
Ballard & Co. of Minneapolis, at 100.20-V. 121. p. 487-a basis of about
5.97% are described as follows: Date July 11925. Denom, 31,000. Due
$20,000, 1930 to 1934 incl. Interest payable (J. & D.).
-ADDITIONAL BOND SALES IN
ATLANTA, Fulton County, Ca.
-In addition to the bonds, the sale of which has already been reported
1924.
"Chronicle,' this city also issued the following bonds to the City
in the
Sinking Fund at par during the year ending Dec. 311924:
Due.
Dale.
Itu. Rate.
Purpose.
Amount.
Serially 1925 to 1933
5%
Jan. 1 1924
$61,500 *Paying
815,000 yrly.'25 to'31 Mel
5%
Jan. 1 1921
135,000 Sewer
• Assessment bonds.
-BOND DESCRIPTION.BELZONI, Humphreys County, Miss.
AUBREY INDEPENDENT SCHOOL DISTRICT, Denton County, The *15.000
% sanitary sewer system bonds purchased by the Union &
-The State Comptroller of Texas registered Planters Bank &'Trust Co. of Memphis
-BONDS REGISTERED.
Tex.
-V. 121, p. 487
-are described as
on Aug. 1 $30,000 534% school bonds. Due serially.
follows Date July 11925. Denom. $500. Due serially 1926 to 1940 incl.
-BOND OFFERING.
-Sealed Coupon bonds. *Interest payable (J. & J.).
AUGUSTA, Kalamazoo County, Mich.
bids will be received until 7:30 p. m. (Central standard time) Aug. 10 by
BERESFORD INDEPENDENT SCHOOL DISTRICT, Union County,
S. E. Whalihan, Village Clerk, for $35,000 not exceeding 6% water works So. Dak.-BOND SALE.
-The $75,000 school bonds offered on June 20bonds. Denom. $500. Date Sept. 1 1925. Interest semi-annually.
V. 120, p. 2843-were awarded to the Northwestern Trust Co. and Paine,
-BOND SALE.
-On July Webber & Co., both of St. Paul, jointly, as 4345 at a premium of $495,
BAINBRIDGE, Chenango County, N. Y.
Date June 1 1925. Denom. 51,000 and $500. Due
system impt. bonds offered on that date (V. 121, p. equal to
31 the $90,000 water Sherwood & Merrifield of New York as 4gs at 100.08, serially. 100.66. payable annually in April.
Interest
356) were awarded to
to 1955 incl.
a basis of about 4.24%. Due $3,000 on Aug. 1 1926
BERTHOUD, Larimer County, Colo.
-BOND SALE.
-Bosworth.
-On Aug. 3 the Chanute & Co. of Denver have purchased an issue of $40,000 5% water
BALTIMORE, Md.-REGISTERED STOCK SALE.
that date
-V.
three issues of registered corporate stock, offered on Estabrook & 121. bonds at par. Due in 15 years.
Co.;
-were awarded to a syndicate composed of
p. 227
BIG PRAIRIE RURAL SCHOOL DISTRICT (P. 0. Big Prairie),
Guaranty Co. of New York; Harris, Forbes & Co.: Remick. Hodges & Co.' Wayne and Holmes Counties Ohio.
-BOND SALE.
-The Commercial
F. Rothschild
Roosevelt & Son; Eldredge & Co.; Curtis & Sanger; L. Kean, Taylor & Banking & Trust Co. of Wooster was awarded the 33,0005% coupon school
'
&
Detroit Co., Inc.; R. W. Pr,...prich & Co.;
Co.; The
-at 53.01575, equal to 100.52.
Hannahs,Hallin & Lee, all of New York, bonds offered on Aug. 1-V. 121, p. 357
Co.; Eastman, Dillon & Co.. and
Alex. Brown a basis of about 4.95%. Dated July 1 1925. Due $1,000 Sept. 1 1938
and, among others, the Metropolitan Trust St Deposit Co.;
to 1940, incl.
& Sons, and Baker, Watts & Co., all of Baltimore, as follows:
108.54, a basis of
BLACKFORD COUNTY (P.
-BOND SALE.
$4,783,000 5% general impt. serial 1922-1946 loan at 1 as follows: $1,- -The three issues of 4g% road 0. Hartford City), Ind.
impt. bonds, offered on July 30-V. 121,
March
about 4.33%. Due yearly on
---were awarded to Fletcher Americna Bank of Indianapolis as follows.
p. 488,
517,000, 1943; 51.593.000, 1944. and $1,673.000. 1945.
AUG. 81925.]
THE CHRONICLE
$35,000 Walnut St. road bonds at a premium of $607, equal to 101.73, a
basis of about 4.145%. Denom. $1,750. Due $1,750 every six
months from May 15 1926 to Nov. 15 1935, inclusive.
17,000 Joe Wise et al. road bonds at a premium of $313 13. equal to
101.841. a basis of about 4.12%. Denom. $850. Due $850 every
six months from May 15 1926 to Nov. 15 1935. inclusive.
87,000 Chestnt St. road bonds at a premium of 81.514 85,equal to 101.741,
a basis of about 4.145%. Denom. $4,350. Due $4,350 every
six months from May 15 1926 to Nov. 15 1935, inclusive.
-BOND SALE
-On July 31
BLOOMINGTON, McLean County, III.
the $100,000 impt. bonds, offered on that date (V. 121, 13. 488) were
awarded to Illinois Merchants Trust Co. of Chicago at 105.42. Bids were
also received from the following: Mississippi Valley Trust Co., St. Louis;
Federal Securities Corp., Chicago: Taylor. Evrart & Co., Chicago; Northern Trust Co., Chicago. and the Peoples Bank of Bloomington.
739
Amount.
Purpose
$4,200
Health Department Contagious Disease Hospital
50.000
LaSalle St. Bridge Construction
*55,000
Roosevelt Road Bridge and Viaduct Construction
50,000
East 100th Street Bridge Construction
8,000
Public Comfort Station
2,000
Bathing Beach and Playground
300
Harbor Construction
2.000
House of Correction-House of Shelter
8,000
Police Department Building
*Part of a $1,000,000 bond issue 8945.000 of which were sold, together with two other issues of bonds on Oct. 21 last (see v. 119 p. 1982.)
-On
-TEMPORARY LOAN.
CHICOPEc, Hampden County, Mass.
Aug. 3 the 8200,000 temporary loan, offered on that date (V. 121. p. 614)
was awarded to the Chicopee National Bank of Springfield on a 3.36%
discount basis. Due Nov. 27 1925.
-BONDS REBLYTH INDEPENDENT SCHOOL DISTRICT, Tex.
Other bidders were:
-On July 28 the State Comptroller of Texas registered $75,000
GISTERED.
Disc. Rate.
Name of Bidder
*3,47%
5% school bonds. Due serially.
Old Colony Trust Co., Boston
3.49
INDEPENDENT SCHOOL DISTRICT, Montague County, S. N. Bond & Co., Boston
BOWIE
3.55
F. S. Moseley & Co., Boston
-On July 28 the State Comptroller of Texas
-BONDS REGISTERED.
Tex.
*Plus a prem um of $2.25.
registered $25.000 535% school bonds. Due serially.
CHRISTOVAL COMMON SCHOOL DISTRICT,Tom Green County,
-An
-BIDS REJECTED.
BRADENTON, Manatee County, Fla.
-On July 31 the State Comptroller of Texas
-BONDS REGISTERED.
Tex.
bids received for the following bonds, aggregating 8783,000 offered on July registered $16,000 5% schpol bonds. Due serially.
-were rejected.
31-V. 121. p. 614
350.000 water works impt. bonds.
$200,000 gas plant bonds.
-The
-ADDITIONAL BONDS SOLD IN 1924.
CINCINNATI, Ohio.
72,000 storm sewer bonds.
141,000 sanitary sewer bonds.
following is a list of the bonds sold during the calendar year ending Dec. 31
20,000 bridge bonds.
1924. in addition to those already reported in these columns:
Maturity.
Purpose.
Date.
Amt. Int. Rate.
-BOND SALE.
BRADY, McCulloch County, Tex.
-J. E. Jarrett &
Dec. 1 1923 Sept. 1 '25-'49
Co. of San Antonio have purchased the following 5% bonds, aggregating 5200.000 434% Sewer
Dec. 1 1923 Sept. 1 '25-'54
72,800 434% Street Improvement
$134,500.
Jan. 2 1924 Sept. 1 '25-'54
118,800 434% Street Improvement
$34,500 refunding bonds.
$100,000 sewer bonds.
.,..Jan. 1 1923 July 1 1965
100,000 44% Cincinnati Southern Ry.(Series E)
BRIDGEPORT, Fairfield County, Conn.
-ADDITIONAL BOND
95,200 43451 Street Improvement (city's portIon)_ _ _Mar.1 1924 Sept. 1 '25-'34
SALE FOR 1924.
-In addition so the issues already reported sold in these
Mar.1 1924 Sept. 1 '25-'49
65.000 434% Sewer
columns during the calendar year ending Dec.31 1924 the city of Bridgeport
Mar. 1 1924 Sept. 1 '25-'49
37,900 434% Sewer
% park bonds to R. M.
also sold during that period an issue of 850,000
Mar. 1 1924 Sept. 1 '25-'49
35.800 434% Bridge
Grant & Co. Inc. of New York at 102,666. Date July 1925. Due August
148,400 434% Street Improvement (city's portion). Mar. 1 1024 Sept. 1 '24-'34
1953. Date of award July 2, 1924.
Parkway and boulevard
July 1 1924 Serially.
a990
Jan. 2 1917 •Jan. 2 1967
1,300,000 534% Rapid transit railway system
BRIDGETON, Craven County, No. Caro.
-BOND SALE.
-The
Oct. 1 1924 Sept. 1 '26-'30
28,000 434% Fire department
815,000 6% coupon street improvement bonds offered on July 3-V. 120.
above were purchased at par by the City Sinking Fund.
All the
-were awarded to Ryan. Sutherland & Co.of Toledo at par. Date
v.3095
* Optional Jan. 2 1942. a Part of an issue of 83.330.990; the other
June 1 1925. Denom. $1,000. Due $1,000 1928 to 1942. Interest
$3,330,000 were sold on Aug. 11 last to Eldredge & Co.. New York, and
payable J. & D.
associates (see V. 119. p. 838).
BROCKWAY SCHOOL DISTRICT (P. 0. Brockwayville) Jefferson
CINCINNATI SCHOOL DISTRICT (P. 0. Cincinnati), Hamilton
County, Pa.
-BOND SALE.
-On Aug. 3 the $50.000 4).% Series B
-BOND SALES IN 1924.
-The following bonds were
bonds offered on that date (V. 121, p. 614) were awarded to the Fidelity County, Ohio.
sold during calendar year ending Dec. 31 1924 by the district:
Co. of Buffalo,(N. Y.). Date Nov. 11925.
Trust
Date of
PurAward.
BROOKVILLE, Jefferson County, Pa.
Due.
Amt. pose. Date. Price. Int.
-BOND OFFERING.
-Sealed
Purchaser.
bids will be received until 8 p. m.Aug.20 by Fred D.Sayer, Borough See'Y, Bd. of Education of
for $100.000 5% water works coupon bonds. Denom. $1.000. Int. (F. &
Cevlact Cincinnati
Rlty oemItrund.
835,000 Impt. July 1 '24 Par 434% Sept. 1 '25-'49 July 1
A). Due Aug. 1 as follows. $3.000. 1930 to 1939 incl.: $8,000 in 1940 and
1941 and $9,900 in 1942 to 1947 incl.
Bd.of Trustees of the
(Sept. 1 '29,1Dee.
Sinking Fund of
BUTTE COUNTY (P. 0. Arco), Idaho.
-Sealed
-BOND OFFERING.
the school dIstrlet_150,000'Impt. Dec. 1'24 Par 44%1 '30 &'31 J
bids will be received until 10 a. m. Aug. 24 by J. F. Tiedeman for 840.000
CLATSOP COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Astoria),
6% coupon road and bridge bonds. Date Aug. 1 1925. Denom. $1.000.
-The $25,000 coupon school bonds offered on July
-BOND SALE.
Due $4,000. 1935 to 1944. Ind. Principal and interest (J. & J.) payable Ore.
-were awarded to N. S. Hill & Co. of Cincinnati as 58
at some bank in New York City. A certified check for 10% of bid, payable 28-V. 121, p. 488
at a premium of $296. equal to 101.18. a basis of about 4.85%, to optional
to the County Treasurer, is required.
date and a basis of about 4.9151 if allowed to run full term of years. Date
CADIZ, Harrison County, Ohio.
-On Aug. 1 the Aug. 11925. Due Aug. 1 1945 optional in 1935.
-BOND SALE.
$5.370 6% coupon (special assessment) North Buffalo St. impt. bonds.
Price Bid. Int. Rate.
Name of Other Bidders
-V. 121. p. 228
offered on that date
-were awarded to the Ohio State Freeman. Smith & Camp Co
$25.153.25 54
Teachers' Retirement System at a premium of $211 04. equal to 103.92. R. E. Campbell & Co
25.111.00
5%
a basis of about 5.12%. Date June 1 1925. Due each six months as R. E. Campbell & Co
e
87n
follows: $280. March 1 1926 to Sept. 1 1934,incl.,and $330. March 1 1935. Astoria National Bank
25,125.00
5%
All bids include accrued interest, furnishing blank bonds and legal
CALIENTE SCHOOL DISTRICT (P.O. Caliente), Lincoln County,
Nev.-BOND SALE.-Geo. W. Valley & Co. of Denver have purchased examination expense.
an issue of $40_,000 6% school building bonds. Date July 1 1925. Denom.
CLEARWATER SCHOOL DISTRICT, Los Angeles County, Calif.
$1.000. Due July 1 as follows: $2.000, 1927 to 1931 incl.: $3,000. 1932 to
-The $45.000 5% school bonds offered on June 25 V. 120.
1941 incl. Principal and interest(J.& J.) payable at the office ofthe County -BOND SALE.
to the California Securities Co. of Los Angeles at
Treasurer in Pioche. Legality to be approved by Pershing, Nye, Fry & p. 32241 were awarded equal to 105.13. a basis of about 4.59%. Date
a premium of 52.306.
Talmadge of Denver.
1925. Due June 1 as follows: $1,000. 1926 to 1944 incl., and $2,000.
June 1
Financial Statement.
1945 to 1957 incl.
Estimated actual value
$1,500.000
-On
Assessed valuation, 1924
-BOND SALE.
962,432
CLINTON COUNTY (P. 0. Frankfort), Ind.
bonded debt,including this issue
Total
51,000 Jniv 30 the 82.800 5w, coupon Jesse Catron et al. gravel road No.385 bonds,
Cash in sinking fund
3,541 offered on that date (V. 121. p. 3581. were awarded to the Citizens' Loan &
Net debt
47.409 Trust Co. of Frankfort at a premium of $85 equal to 103.26, a basis of
Population.1920
541 about 4.34%. Dated July 15 1925. Due 8130 every six months from
Present estimated population
750 May 15 1926 to Nov. 15 1935 incl.
CAMBRIDGE, Middlesex County, Mass.
-ADDITIONAL TEMPORCLINTON COUNTY SCHOOL DISTRICT NO.82(P.O.Carlyle. 1111.
ARY LOAN NEGOTIATIONS FOR 1924.
-The following two temporary -BOND SALE.
-On April 14 the $30 000 5% schlol bonds wore purchased
loans were negotiated in 1924, aside from those already reported in these by Kauffman, Smith & Co. of St. Louis at 100.31.
columns:
-BOND SALE.
-The
MIL.
Date
Date of
Date of
COCONINO COUNTY (P. 0. Williams), Ariz.
Rate, When Due.
Award.
PurchaserLoans
AmounL
850,000 5% court house bonds offered on Aug. 3 (V. 121. p. 488) were
National Shawmut Bank..$400,000 May 9 1924 .3.74 Dec. 10 1924 May 6 1924 awarded to Geo. W. Vallery & Co. of Denver at 103-a basis of about
National Shawmut Bank__ 100.000 Oct. 3 1924 2.50 Oct. 16 1924 Oct. 2 1924 4.79% if allowed to run full term of years. Date July 15 1925. Due In
•Plus a premium of $4 88.
1950, optional in 1926.
-BOND OFFERING.
-Sealed bids
-BOND DESCRIPCAMDEN, Oneida County, N. Y.
COFFEYVILLE, Montgomery County, Kan.
Lena G. Rush. Village Clerk. TION.
will be received until 8 p. m. Aug. 17 by
-The 331.000 434% sewer bonds purchased by the Guaranty Title
for $80,000 5% sewer bonds. Denom. $1,000. Due $2,000, 1926 to 1965 & Trust Co.of Wichita, at 100.46-V. 121. p. 358
-are described as follows:
Incl. Interest payable (J. & J.).
Date July 11925. Denom.$1,000. Due July 1 1926 to 1935 incl. Interest
J.).
-BOND SALE-On payable (J. &
CARBONDALE, Lackawanna' County, Pa.
Aug. 3 the $50,000 4% public impt. coupon bonds offered on that date
-BOND SALE.
-The 59.000
COLVILLE, Stevens County, Wash.
Discount & Savings Bank of coupon city bonds offered on June I3
V. 121, p. 488
-were awarded to the Liberty
-V. 120, p. 2968
-were awarded te
Carbondale for $51.125 50, equal to 102.251, a basis of about 3.72%. Due the State of Washington, as 5s.
yearly on June 1 as follows* $10,000 in 1930 and $2,000, 1931 to 1950,incl.
-On Aug. 3
-BOND SALE.
COLUMBUS, Franklin County. Ohio.
CARLTON (P. 0. Albion), Orleans County, N. Y.
-PURCHASER the 8705,000 notes offered on that date were awarded to the Illinois MerAND PRICE PAID -The $6.000 5% road bonds, reported sold in V. 120, chants Trust Co.of Chicago at 4.38% plus a premium of $260. In-V.121,
-we reported the amount of notes to be offered as $500,000.
p. 2844. were purchased by the Citizens Natirmal Bank of Albion. The p. 488
price paid was $6,020, equal to 100.33, a basis of about 4.86%.
-BOND SALE.
CONSHOHOCKEN, Montgomery County, Pa.
•
bonds offered
-BOND OFFERING.
CATSKILL, Greene County, N. Y.
-Sealed On July 28 the 5100.000 44% tax free coupon street impt.
bids will be received until 2 p. m.(daylight saving time) Aug. 12 by Wilton on that date (V. 121. p. 358) were awarded to the Mellon National Bank
Due
0. Edwards, Village Clerk, for 815.000 concrete paving coupon bonds. of Pittsburgh at 102.56. a basis of about 4.07%. Date Aug. 1 1925. 1950
5
i9 51
a
Denom. $1.000. Dated July 1 1925. Due $1,000 July 1 1926 to 1940 ondAt1g. . as follows: 510,000. 1930 and 1935: 520.000, 1940, 1945.
incl. Int. J. & J. Legality approved by Clay & Dillon of New York.
Certified chock on an incorporated bank or trust company for $750. payable
CORSICANA INDEPENDENT SCHOOL DISTRICT, N
to Richard C. Kennedy, Village Treasurer. required.
-The State Comptroller of Texas
-BONDS REGISTERED.
County, Tex.
registered on July 31 $12.000 514% school bonds. Due serially.
CHASE COUNTY SCHOOL DISTRICT NO. 31 (P. 0. Waunete),
Neb.-BOND SALE.
-The $22,000 registered school bonds offered on
CUMBERLAND TOWNSHIP (P. 0. Carmichaels), Carlisle County,
Juno 22-V. 120. p. 3223
-were awarded to Jacob & Co. of Omaha as 4s Pa.
-On Aug.3 the 8150,000 44% tax-free coupon refund-BOND SALE.
at par. Date June 1 1925. Due June 1 as follows: $2,000. 1936 to 1938, ing and road bonds offered on that date
-were awarded to
-V. 121. p. 220
Ind.; $2,500, 1939 to 1942. Ind., and $3.000 in 1943 and 1944.
the Fidelity Trust Co. of Buffalo at 103.87, a basis of about 4.03%. Date
July 1 1.25. Due 810,000 Oct 1 1930 to 1944 incl.
CHESTER, Delaware County,Pa.
-BOND SALE.
-The City Sinldng
-The 8212.000
-BOND SALE.
DADE COUNTY (P. 0. Miami), Fla.
Fund Commission was awarded the $120.000 4)4% coupon bonds offered
-were awarded to
on Aug. 4 (V. 121. p. 4881 at a premium of $1.425 20. equal to 101.18, a 6% drainage bonds offered on Feb. 17-V. 120. P. 610
basis of about 4.255. Date July 1 1925. Due $12.000 yearly on July 1 the First National Bank and the Bank of Bay Biscayne, both of Miami.
Jointly, at 95.
from 1926 to 1935 incl.
-BOND DESCRIPDAKOTA COUNTY (P. 0. Hastings), Minn.
CHEYENNE COUNTY SCHOOL DISTRICT NO.188(P.O.Gurley),
-The 544.023 county bonds awarded to the Minneapolis Trust Co.
Neb.-BOND SALE.
-The United States Bond Co. of Denver has pur- TION.
chased an issue of $6,500 5% coupon school building bonds. Date July 1 of Minneapolis as 414s, at 101.60-V. 121. p. 358-a basis of about 4.12%
1925. Denom. $500. Due serially July 1 1930 to 1940, incl. Interest are described as follows: Date July 1 1925. Denom. 51.000. except one for
payable J. & J. In V. 121. p. 358. we reported the above sale under the $1.023.72. Due July 1 as follows: 84.023.72 in 1936: 54.000, 1937 to 1941
incl. and 55,000. 1942 to 1945 incl. Interest payable (J. & J.).
Incorrect caption "Cheyenne Co. School Dist. No. 138, Wyo.'
-The following 434%
-BOND SALE.
DALLAS, Dallas County, Tex.
CHICAGO, 111.
-During the year
-BONDS SOLD DURING 1024.
-were
ending Dec. 311924. the City of Chicago also issued the following bonds, bonds, aggregating $2.000,000 offered on June 5-V. 120. p. 2844
in addition to those reported in these columns as having been sold during awarded on July 21 to Geo. L. Simpson & Co. of Dallas at a premium of
$20,020, equal to 101, a basis of about 4.18%.
that period.
740
THE CHRONICLE
$1.000,000 school Inlet. bonds. Due $25,000 yearly 1926 to 1965 incl.
300,000 sanitary sewer impt. bonds. Due $7,000 In 1926.$8.000 In 1927.
87,000 in 1928. $8.000 In 1929, $7,000 in 1930. *8.000 in 1931,
$7.000 in 1932. $8.000 in 1933, $7.000 in 1934. $8.000 in 1935,
$7.000 in 1936. 58.000 in 1937. $7,000 in 1938. $8.000 in 1939,
17.000 in 1940. $8.000 in 1941. $7.000 in 1942. $8.000 In 1943,
$7,000 In 1944. $8.000 In 1945, 17.000 in 1946, $8.000 in 1947.
$7.000 in 1948. $8.000 In 1949. *8.000 in 1950. $8000 In 1951.
$7.000 In 1952, 58.000 In 1953. $7.000 in 1954. 38.000 In 1955,
37.000 In 1956. 58.000 In 1957. $7.000 in 1958. $8,000 in 1959,
$7.000 In 1960, 58.000 In 1961, $7,000 in 1962, $8,000 in 1963.
$7,000 in 1964, and $8.000 in 1965.
250,000 street lmpt. bonds. Due $6.000, 1926 to 1928 incl.; $7.000
In 1929: $6.000. 1930 to 1932 incl.; $7.000 in 1933: $6,000.
1934 to 1936 Ind.; $7,000 In 1937.; $6,000. 1938 to 1940 incl.:
57.000 in 1941: $6.000. 1942 to 1944 Incl.;$7.000 In 1945:$6.000,
196 to 1948 Incl.: $7.000 in 1949; $6,000, 1950 to 1952 incl.;
$7,000 in 1953; $6.000. 1954 to 1956 Incl.; 17.000 in 1957;
$6.000, 1958 to 1960 Incl.: $7,000 in 1961; 56.000, 1962 to
1964 incl.. and *7.000 in 1965.
250,000 park Inlet. bonds. Due 36.000 each year except $7,000 each
fourth year for a period of 40 years. 8ame as the street impt.
bonds.
100,000 storm sewer bonds. Due $2,000 In the years 1926, 1928, 1930,
1932, 1934, 1936, 1938. 1940, 1942, 1944, 1946, 1948, 1950,
1952, 1954, 1956, 1958. 1960, 1962. and 1964, and $3,000 in
the years 1927. 1929. 1931, 1933, 1935. 1937, 1939, 1941,
1943, 1945. 1947, 1949. 1951, 1953. 1955, 1957. 1959, 1961,
1963 and 1965.
100.000 garbage incinerator bonds. Due $2,000 and 53,000 in each
alternate year for a period of 40 years. Same as the storm
sewer bonds.
Date May 1 1925.
[Vol, 121.
EASTLAND, Eastland County, Tex.
-BOND SALE.
-The Brown-Crummer Investment Co. of Dallas has purchased an issue of $815,000.
5% refunding bonds. The State Comptroller of Texas registered
the
above bonds on July 27.
EAST TAMPA SPECIAL ROAD AND BRIDGE DISTRICT NO. 2'
Hillsborough County, Fla.
-BOND OFFERING.
-Sealed bids will
received until 11 a. m. Aug. 21 by W. A. Dickenson. Clerk Board be
County Commissioners, for $750,000 5% coupon (registrable as of
to
principal) road and bridge bonds. Date Jan. 1 1925. Denom. 51.000.
Due Jan. 1 as follows: 318.000 in 1930; $20,000, 1931 to
In 1935; 525,000, 1936 to 1939 Incl.; $28,000 in 1940;1934 incl.; $22,000
*30.000,
1944 Incl.; $34,000 in 1945; $35,000, 1946 to 1949 incl.: $40,000 1941 to
in 1950'
and $42,000, 1951 to 1954 incl. Principal and interest (J. & J.) payable in
New York City. The bonds will be prepared under the supervision of the
United States Mortgage & Trust Co. of New York City which will certify
as to the genuineness of the signatures of the County officials and the seal
Impressed upon them. Legality to be approved by Chester B. Massllch
of New York. A certified check for 2% of bid is required.
ECORSE TOWNSHIP SCHOOL DISTRICT NO. 3, Wayne County,
Mich.
-BOND SALE.
-An issue of 1550.000 bonds has been sold to
Matthew Finn of Detroit and Stranahan, Harris & Oatis, Inc.. Toledo,•
(Ohio).
ELECTRA, Wichita County, Tex.
-BONDS REGISTERED.
-On
July 28 the State Comptroller of Texas registered 525,000 6% water-worksextension bonds. Due serially.
EL PASO COUNTY' COMMON SCHOOL DISTRICT NO. 6 (P. 0.
El Paso), Tex.
-BONDS REGISTERED.
-on July 29 the State Comp-troller of Texas registered $35,000
% school bonds. Due serially.
EL SEGUNDO, Los Angeles County, Calif.
-BOND OFFERING. DAVENPORT, Scott County, lowa.-BOND SALES IN 1924.
-The Sealed bids will be received until 8 p. m. Aug. 14 by Victor D. McCarthy,
only issue of bonds sold by this city durinie 1924 was an issue of $84.000 City Clerk, for $200.000
not exceeding 6% sewer bonds. Date July2 192o•
park bonds which was purchased by Geo. M. Bechtel & Co., of Davenport, Denom. $1,000.
at par, taking 550,000 RS 41•4's and 534.000 as 430. Date March 1 1924. and interest (J. &Due $10,000 July 2 1926 to 1945, inclusive. Principal
J.) payable at the City Treasurer's office. A certified
Due serially March 1 1925 to 1954.
check for 5%, payable to the City Treasurer, is required. Legality approved by O'Melveny, Milliken, Tuner & Macneil, of Los Angeles.
DAVID CITY, Butler County, Neb.-BOND DESCRIPTION.
-The
*63.500 4q % refunding sewer, water, and electric light bonds purchased
by the Unit. States Trust Co. of Omaha
ELWOOD CITY SCHOOL DISTRICT (P. 0. Ellwood City), Law-V. 121. p. 358
-are described rence
as follows: Date June 11925. Denom. 51,000. except one for $500. Due
County, Pa.
-BOND SALE.
-On Aug. 3 the $255,000 coupon taxfree school bonds,offered on that date
serially 1926 to 1945 incl. Coupon bonds. Interest payable (J. & D.).
-V.
-were awarded to
Fidelity Trust Co. of Buffalo as 6lis at 121, p.359of $4.215 15 equalthe
to
101.65. a basis of about 4.09%. Date July premium Due July 1 as follows:
DAYTON, Montgomery County, Ohio.
11925.
-SPECIAL ASSESSMENT 515,000, 1930 to 1942 incl.
and $20,000, 1943 to 1945 incl.
BONDS SOLD DURING 1924.
-The following is a complete list of the
special assessment bonds sold during the calendar year ending Dec. 31 1924
ESSEX COUNTY (P. 0. Salem), Mass.
by the City of Dayton:
-On'
-TEMPORARY LOAN.
July 31
When
Date of offered the $150.000 Haverhill lower bridge construction temporary loan,
Amount.
Purpose.
Date.
Interest. Due.
Award. 2.99% on that date, was awarded to the Salem Trust Co. of Salem on a
$14,480
Alley paving
discount basis, plus a premium of $1.25. Dated Aug. 4 1925.
May 1 1924
1928
6
Apr. 30
109.500
Pavbg-Sewer
May 1 1924
1933
5
Apr. 30 Denom. $10,000. Due Nov. 4 1925.
In giving the notice of offering in V. 121, p: 489 we incorrectly gave the:
9,100
Water main
May 1 1924
6
1929
Apr. 30 amount
of the loan as $100,000.
Light
620
May 1 1924
1925
507
Apr. 30
30.200
Paving-Sewer
June 1 1924
1933
507
Apr. 30
9.200
Street
ESSEX JUNCTION, Chittenden County, Vt.-BOND OFFERING.
Sept. 1 1924
5
1925
Aug. 1
7,290
Water main
Sealed bids
Sept. 1 1924
8
1929
Sept. 2 by Allen will be received until 11 a. m.(eastern standard time) Aug. 15.
14,680
Alley paving
Martin, Village Clerk, for 150.000 411% coupon water bonds.
Sept. 1 1924
1928
6
Aug. 27
Paving
12,840
Sept. 1 1924
1933
5
Aug. 27 Denom. $1,000. Dated July 1 1925. Principal and semi-annual interest
82,900
Street paving
Sept. 1 1924
5
1934
Aug. 27 (J. & J.) payable at the principal office of The First National Bank of BosLight
120
Apr. 1 1924
5
1925
Sept.24 ton. Due $2.000 yearly from July 1 1931 to 1955 incl. These bonds are
Light
2,810
Oct. 1, 1924
5
1925
Sept.24 engraved under the supervision of and certified as
enulneness by The
1,400
Street flushing
Oct. 1 1924
5
1925
Nov. 26 First National Bank of Boston; their legality will be approved by Storey.
tog
50,200
Street paving
Nov. 1 1924
1934
Oct. 29 Thorndike. Palmer & Dodge, whose opinion will be furnished the purchaser.
2,390
Alley paving
Nov. 1 1924
6
1929
Oct. 29 All legal papers incident to this issue will be filed with above bank where
47,990
Alley paving
Nov. 1 1924
6%
1930
Oct. 29 they may be inspected at any time. Delivery of bonds will be made on or
Street paving
550
Nov. 1 1924
57
1930
Oct. 29 about Aug. 17 at the First National Bank of Boston.
67,e00
Street paving
Nov. 1 1924
1935
Oct. 29
All the above bonds were sold to the City Shildng Fund Trustees and all
Financial Statement July 15 1925.
sales were made at par.
Last assessed valuation
51,145.952'
Water bonds including proposed issue
$81,000
DE KALB COUNTY (P. 0. Auburn), Ind.
-BOND SALE.
-On Other bonded
75,000
July 28 the $11.000 434% coupon Samuel Shilling et al. improved highway, Floating debt debt
1.400
Jackson Township, bonds offered on that date (V. 121. p. 358) were awarded
to Breed Elliott & Harrison of Indianapolis at a premium of $198, equal to
Total debt
157,400'
101.80. Date July 15 1925. Other bidders were:
Sinking fund (not water)
3.000
Prem.
Prem.
City Securities Co
1160.00 Fletcher Savings & Trust Co- 183,60
ETNA SCHOOL DISTRICT (P.0. Pittsburgh), Allegheny County.
Meyer-Kiser Bank
-BOND SALE.
166.25 J. F. Wild & Co
-On Aug. 3 the $100,000 414% tax-free school boado
195.00 Pa.
Fletcher American Co
183.00 City National
-V. 121. p. 359
148.00 offered on that date
-were awarded to the
Bank of Etna at a premium $3,900 equal to 103.90, a basis ofFirst National
about 4.01%
BOND SALE.
-On Aug. 1 the *10,600 43 % coupon Fred T. Miller et al. Date Sept. 1 1925.
free gravel county road impt. bonds offered on that date (V. 121, p. 358) 120.000. 1949 to 1952Due Sept. 1 as follows: $10,000, 1947 and 1948 and
incl. •
were awarded to the Fletcher American Company of Indianapolis at a
premium of $173, equal to 101.63, a basis of about 4.14%. Date Aug. 1
EVANSTON
1925. Due $530 every six months from May 15 1926 to Nov. 15 1935 incl. BOND SALE. SCHOOL DISTRICT NO. 76, Cook County, Ill.
-An issue of $135,000 4H% coupon
Other bidders were:
was yourchased by the First Trust & Savings Bank school building bonds
of
Prem. $1,000. Dated Sept. 11925. Prin. and semi-ann. int.Chicago. Denom.
Meyer-Kiser Bank
Prem.(City Securities Corp
$156.90
118.72 at City National Bank of Evanston. Due yearly on (M.& B.) payable
Sept. 1
Fletcher Savings & Trust Co.. 138.80
*20.000, 1932; 510,000, 1933 to 1943, incl., and $5,000 in 1944. as follows:
Financial Statement.
DELAWARE (State of).
-BOND SALE.
-On Aug.4 the *235,000 41(%
coupon Women's College impt. bonds, offered on that date
-V. 121, P. Assessed valuation, 1925
17,958,997
-were awarded to Redmond & Co. and Phelps, Fenn & Co., jointly, Total bonded debt, including this issue
488
377,000
Population (estimated), 18,800.
both of New York, at a premium of $1,501 65, equal to 100.63. a basis of
about 4.21%. Dated April 1 1925. Due $5,000 yearly from April 1 1926
EVERETT, Middlesex County, Mass.
to 1972. incl.
-BOND SALES IN 1924.
-The
following is a list of the long-term bonds sold by Everett during the calenDELTA,Fulton County,Ohio.
-BOND SALE.
-On July 27 the follow- dar year ending Dec.31 1924:
PurchaserAmount,
ing 5% street impt. assessment bonds offered on that date were awarded to
Purpose.
Date.
Price. Int. Awarded.
the Peoples' Savings Bank of Delta at a premium of $271 20 equal to 100.69. Everett Trust Co___$37,500 Dept. equip. • Aug. 1 1924 Par
4%
Aug. 1
Everett Trust Co..- 37,900 Sewer
17,000 Monroe and Palmwood Street bonds.
Aug. 1 1924 Par
4%
Aug. 1
Everett Trust Co... 72,000 Sidewalks
16,600 Monroe Street bonds.
Aug. 1 1924 Par
4%
Aug. 1
Everett Nat'l Dank_ 3,500 Pollee patrol Aug. 1 1924 Par
Aug. 1
4%
DES MOINES, Polk County, Iowa.
-BOND SALE.
Aug. 1 1924 Par
-As a matter of Everett Trust Co.__ 30,000 Water
4%
Aug. 1
record we are now reporting the sale of an issue of 563.000 43i% funding
bonds, dated May 1 1924, sold by this city during the calendar year ending
ADDITIONAL TEMPORARY LOANS NEGOTIATED IN 1924.
-The
Dec. 31 1924. The bonds were sold at par to Ida Robinson and mature following temporary loans were also issued In 1924, in addition to those alMay 11944. This is the only other issue sold during that period, a 5270,000 ready reported in these columns:
Purchaser.
bond issue being the other one, notice of the sale of which has already
Amount. Discount,
Due,
Awarded.
Old Colony Trust Co., Boston_ _5100.000 4.21% May 15 1924 Jan. 8
appeared in these columns.
Old Colony Trust Co., Boston__ 100,000 3.40% Jan. 15 1925 May 29
DIXIE INDEPENDENT SCHOOL DISTRICT, Tex.
-BONDS Old Colony Trust Co., Boston__ 100,000 3.40% Feb. 10 1925 May 29
REGISTERED.
-On July 27 the State Comptroller of Texas registered
616.000 6% school bonds. Due serially.
FAIRVIEW SCHOOL DISTRICT (P.O. Fairview), Bergen County,
N. J .-BOND OFFERING.
-Sealed bids will be received until 7 p. m.
DODSON, Phillips County, Mont.
-BOND ELECTION.
-On Aug. 17 (Eastern standard
an election will be held for the purpose of voting on the question of issuing for an issue of 5% time) Aug. 20 by Albert M. Knowles, District Clerk,
coupon (with privilege of registration as to prin. only
$6,000 6% light and power bonds.
or as to both prin. and Int.) school bonds, not to exceed $225,000,tno
more bonds to be awarded than will produce a premium of $1.000jover
DUBUQUE, Dubuque County, lowa.-1924 BOND SALE.
-In addi- $225,000. Denom.
$1.000. Date July 11925. Prin, and semi-ann. int.
tion to the bond sales of this city reported in the "Chronicle" during the
course of the year. an issue of $125,000 416% water-works bonds was pur- (J. & J.) payable at the First National Bank of Fairview. Due yearly on
,
chased on March 31 1924 by Geo. M. Bechtel & Co. of Davenport, at July 1 as follows: 56.000, 1927 to 1932; *7,000, 1933 to 1937: $8,000, 1938
to 1945. and *9,000, 1946 to 1955 incl. Bonds will be prepared under the
par. Date April 1 1924. Due serially, 1937 to 1944.
supervision of the U.8. Mtge. & Trust Co. of New York, which will certify
DULUTH, Saint Louis County, Minn.
-ADDITIONAL SALES IN as to the genuineness of the signatures of the officials and the seal impressed
-In addition to those bonds already reported in the "Chronicle," this thereon, and the validity of the bonds will be approved by Hawkins.
1924.
city also issued the following bonds to its Sinking Funds during the calendar Delafield & Longfellow of New York. Certified check for 2% of amount
of bonds bid for, drawn upon an Incorporated bank
year ending Dec. 31 1924:
company,
payable to the Custodian of School Moneys, required. or trust
Purpose.
Date.
Amount,
lnt.Rate. Price Paid,
Due.
Incinerator
July 1 1923 414% Par
336.000
Apr. 1*
FALL RIVER, Bristol County, Mass.
-BOND SALE.
120,000 Revolving fund Oct. 1 1922 507
-On Aug. 5
% basis Oct. 1 1927 R. L.
* Due on April 1 as follows: $8,000 In 1924; $5.000. 1925 to 1929,and impt. Day & Co. of Boston purchased $300,000 bonds for sewer, public
playground and school purposes at 100.169, taking $150,000 astis
$3,000 in 1930.
and 1150,000 as 414s. Due serially 1926 to 1955. incl.
-BOND SALE.
DUNEDIN,Pinellas County, Fla.
-The D.G. Denison
FINDLAY CITY SCHOOL DISTRICT (P.'0. Findlay), Hancock
Co. has purchased an issue of $85,000 6% public improvement bonds.
County, Ohlo.-BOND SALE.
-On Aug. 4 thel$35,000
impt.' bonds
FISHKILL SCHOOL DISTRICT NO. 5 (P. 0. Fishkill), offerdd on that date
-V. 121. p. 489
-were awarded to the Ohio*State
EAST
-BOND SALE.
-The Poughkeepsie Trust CO. Teachers' Retirement System at a premiumrof $1.041 40, equal to 102.97
Dutchess County, N. Y.
a lrlsis of about 4.60%. Dated June 11925. Due32,000/yearly from Sept,
of Poughkeepsie has purchased an issue of $8.000 4 % school bonds.
1 1926 10 1942 incl and *1,000. 1943.
54
AUG. 8 1925.]
THE CHRONICLE
141
-The•
-BOND SALE.
HALIFAX COUNTY (P. 0. Halifax), No. Caro.
-ADDITIONAL BONDS SOLD
FALL RIVER, Bristol County, Mass.
-The following bonds were sold by Fall River during 1924, in 9500,000 coupon or registered bonds offered on Aug. 3-V. 121. p. 360
IN 1924.
addition to those previously reported in these columns as having been sold were awarded to the North Carolina Joint Stock Land Bank of Durham as
43s at a premijm of $6,730 equal to 101.34, a basis of about 4.60%. Date
during the course of that year:
Aug. 13925. Due Aug. 1 1940.
Date.
Price. Int.
Due.
Amount. Purpose.
Purchaser.
Other bidders were:
Apr. 1 1924 100.00 434% Apr. 1 '25-'42
Private persons__S18,000 School
Interest Rate, Premium.
4 %
1924 100.52 434% rile 6 '25-34 W. K. Terry & Co.
300,000 St. & sewer June 6
Blodget & Co
Feb. 1 1924 100.00 4%
15,000 School
Sundry persons
Wachoviaflank&TrustCo.
434T
"452..:20658009588
-The Braun,Bosworth & Co
ADDITIONAL TEMPORARY LOANS NEGOTIATED IN 1924.
4
following temporary loans were also issued in 1924, in addition to those A. B. Leach & Co
10,555
Prudden & Co
50
already reported in these columns:
Due.
Amount.
Date.
Disc't.
-11. C. Burt &
HAMILTON, Hamilton County, Tex.
-BOND SALE.
PurchaserMerchants' National Bank, Boston_ _ _9750,000 Mar.24 1924 4.08% Nov. 12 1924 Co. of Dallas have purchased an issue of $60,000 sewer extension bands.
hese bonds were favorably voted, at an election held on July 28, by a 2
Merchants' National Bank, Boston__ 300,000 Aug. 6 1924 2.24% Nov. 12 1924 .
to 1 majority.
Merchants' National Bank, Boston__ 200,000 Oct. 1 1924 2.25%
HANCOCK COUNTY,(P.O. Greenfield), Ind.
-BOND OFFERING.
FLOYD COUNTY COMMON SCHOOL DISTRICT NO. 8 (P. 0.
-BONDS REGISTERED.
-On July 28 the State Comp- -Sealed bids will be received until 11 a. m. Aug. 10 by James L. Allen,
Floydada), Tex.
County Treasurer, for $9,700 434% coupon, Thomas B. Leary et al. free
of Texas registered $20.000 6% school bonds. Due serially.
troller
gravel road in Center Twp. bonds. Denom. $485. Dated Aug. 10, 1925.
FLOYD COUNTY COMMON SCHOOL DISTRICT NO. 22 (P. 0. Int.(M.& N. 15). Due $485 each six months from May 15 1926 to Nov.
-BOND REGISTERED.
-On July 27 the State Comptrol- 15 1935 incl.
Floydada), Tex.
ler of Texas registered $6,000 8% school bonds. Due serially.
HARTFORD, Hartford County, Conn.
-1924 TEMPORARY LOAN
-BOND SALE.
FOSTORIA, Seneca County, Ohio.
-On July 16 the -For record purposes we are now reporting the sale of a temporary loan
following two issues of 5%% coupon (city's portion) street impt. bonds of- of $106,000 made during December last to the City Bank & Trust Co. of
fered on that date (V. 121, p. 107) were awarded to the Ohio State Teachers' Hartford. The loan bears 434% interest, is dated Dec. 29 1924, and
Retirement System at a premium of $1,017 81 equal to 103.87, a basis of matures Dec. 29 1925.
about 4.62% •
HAYES COUNTY (P. 0. Hayes Center), Neb.-BOND ELECTION.
$17,800 bonds. Due $1,800 Sept. 1 1926 and $2,000 Sept. 1 1927 to 1934 -An election will be held on Aug. 11 for the purpose of voting on the
incl.
bonds. Denom. $1,000, except one for $500. Due $500 Sept. 1 question of issuing $40.000 434% high school bonds.
8.500
1926 and $1,000 Sept. 1 1927 to 1934 incl.
HAYS COUNTY (P. 0. San Marcos), Tex.
-BOND SALE.
-H. C.
Other bidders were.
Burt & Co.of Dallas have purchased an issue of $90,000 refunding bonds.
Premium.
W. L. Slayton & Co.
HENDRICKS COUNTY, (P. 0. Danville), Ind.
$885 00
-BOND SALE.
Durfee, Miles & Co.
751 80 The 434% highway impt. bonds, offered on July 24-V. 121. p. 360
-wereProvident Say. Bank & Trust Co.
663 45 awarded as follows:
FRANKLIN TOWNSHIP, RURAL SCHOOL DISTRICT (P. 0. $12,480 John W. Tharp et al. in Lincoln Twp. bonds to the Meyer-Kiser
Bank of Indianapolis, at a premium of $225.95, equal to 101.81,
-BOND OFFERING.
Brady Lake), Portage County, Ohio.
-Sealed bids
a basis of about 4.14%. Due 9624 every six months from May 15
will be received until 10 a. m. Aug. 15 by Edith M. Keller, Clerk Board of
1926 to Nov. 15 1935 incl.
Education, for 33.900 5% school bonds. Denom. $500. except 1 for $400.
29,480 Russel 0. Kuns, et al. in Middle Twp. bonds to the Fletcher
Dated July 1 1925. Prin. and semi-ann. int. (A. & 0.) payable at the
American Co. of Indianapolis, at a premium of $523.75. equal to
Second National Bank of Ravenna. Due on Oct. 1 as follows: $500, 1926
101.77, a basis of about 4.15%. Due $1,474 every six months
to 1932 and $400, 1933. Certified check for 5% of bid payable to the
from May 15 1926 to Nov. 15 1935 incl.
School Board required.
Date July 15 1925.
FFtANKLINTON, Franklin County, N. C.
-BOND OFFERING.
HENRY COUNTY (P. 0. Newcastle), Ind.
-BOND OFFERING.
Sealed bids will be received until 7 p. m. Aug. 19 by George L. Cooke,
Town Clerk, for $25,000 street improvement coupon bonds. Date July 1 Sealed bids will be received until 10 a. m. Aug. 18 by Mahe McFarland,
County Auditor, for $4,947 6% Ward Painter et al. drainage bonds.
1925. Denom. $1,000. Due July 1 as follows: $2.000, 1927 to 1934 incl.
and $400. Dated June 20
and $1,000. 1935 to 1943 incl. Bidders to name interest rate. Principal Denom. $947. $800 yearly on Nov. 15 as follows: 1925. Int. semi-ann.
9947 in 1926: $800 in.
and interest (J. & J.) payable in New York. The bonds will be prepared (M. & N. 15). Due
under the supervision of the United States Mortgage & Trust Co. New 1927: and $400, 1928 to 1935 incl.
York City, which will certify as to the genuineness of the signatures of the
'
-The Shute
HILLSBORO, Washington County, Ore.
-BOND SALE.
officials and the seal impressed thereon. Legality will be approved by
Savings Bank of Hillsboro-has purchased an issue of $27,355 17 5% street
Chester B. Masslich of New York City and J. L. Morehead of Durham. improvement bonds at 100.25.
certified check for 2% of bid is required.
A
-BOND SALE.
HUBBARD,Hill County,Tex.
-Garrett & Co.of DallasFROST Navarro County, Tex.
-BOND ELECTION.
-On Aug. 22 an have purchased an issue of $75,000
% water works bonds at a premium
election will be held for the purpose of voting on the question of issuing of $1,250 equal to 101.66. Due serially in 5 to 40 years. Purchaser agreed
$65,000 water bonds. Mayor Wade Smith.
to pay all expenses.
FT. WAYNE, Allen County,Ind.
-BONDS VOTED.
-At a recentelec-The
-BONDS REGISTERED.
IDALOU, Lubblock County, Tex.
tion the voters authorized the issuance of $46,000 building bonds.
State Comptroller of Texas registered on July 28 $30,000 6% water works
GADSDEN, Etowah County, Ala.
-BOND SALE.
-The $60,000 5% bends. Due serially.
school bonds offered on Aug. 3-V. 121, p. 489
-were awarded to Ward.
-BOND ELECTION.
IRON MOUNTAIN, Dickinson County, Mich.
Sterne & Co. of Birmingham. Due in 30 years.
-An election will be held on Sept. 1 for the purpose of voting on the ques-On the same date the above company was also awarded tion of issuing $80,000 bonds.
BOND SALE.
an issue of $10,000 sewer bonds.
-BOND SALE.
-The
IZARD COUNTY (P. 0. Melbourne), Ark.
GALVESTON COUNTY (P. 0. Galveston), Tex.
-BOND SALE.
- Burkholder Bond Co. of St. Louis has purchased an issue of $12.000 road
The $500,000 5% special road bonds offered on Aug. 4 (V. 121, p. 489) bonds.
were awarded to the Blanton Banking Co. of Houston at a premium of
-BOND OFFERING.
JACKSON TOWNSHIP, Orange County, Ind.
$7,077, equal to 101.41. Date Aug. 1 1925. Due in 1 to 30 years.
-Sealed bids will be received until 2 p. m. (today) Aug. 8 by Charles H.
% school bldg. construction bonds.
GARFIELD HEIGHTS (P. 0. Bedford), Mahoning County, Ohio.
- Denbo, School Trustee, for $1,800
BOND OFFERING.
-Sealed bids will be received until 8 p. m. (eastern Denom. $300. Dated Aug. 8 1925. Int. annually (J. & J.). Due $300
standard time) Aug. 11 by Herman Bohning, Village Clerk, for $8,398 534% every six months from Jan. 1 1928 to July 1 1930 incl.
Claremont Boulevard sewer and water main assessment bonds. Denom.
-The
--BOND SALE.
JASPER COUNTY (P. 0. Rigeland), So. Caro.
$850 except one for $748. Dated July 1 1925. Due Oct. 1 as follows: $748.
-were
$40,000 6% coupon road bonds offered on Aug. 3-V. 121, p. 360
1926 and $850, 1927 to 1935 incl.
awarded to the Weil, Roth & Irving Co. of Cincinnati at a premium of
Interest
GENEVA, Ontario County, N. Y.
-BOND ELECTION.
-On Aug 12 $2,821 equal to 107.05. Date April 1 1925. Denom. $1,000.
the taxpayers will vote on a proposition to authorize an issue of $12;000 payable A.& 0.
bonds for the purchase of additional playground sites.
JEFFERSON SCHOOL TOWNSHIP (P. 0. Denver) Miami County,
GEORGETOWN,Georgetown County, So. Caro.
-Sealed bids will be received until 11 a. us.
-BOND OFFERING.
-BOND DESCRIP- Ind.
TION.
-The following coupon bonds, aggregating $81,500. purchased by Aug. 24 by Deo S. Hood, School Trustee, for 39.500 434% school impt.
Caldwell & Co.of Nashville
interest at the rate of5% bonds. Denom.$1,000, except 1 for $500. Date Aug. 24 1925. Prin, and
-V.121, p.359
-bear
and are described as follows:
semi-ann. int. (J. & J.) payable at the Citizens State Bank, Denver. Due
yearly on July 1 as follows: $1,000, 1926 to 1934 incl. and $500, 1935.
866,500 paving bonds.
$15,000 sewer bonds.
Date June 1 1925. Denom. 31,000 except one for $500. Due serially
JEWELL JUNCTION INDEPENDENT SCHOOL DISTRICT (P. 0.
1930 to 1955 incl. Interest payable J. & D.
-BOND DESCRIPTION.
-The $60,Jewell), Hamilton County, Iowa.
000 4).‘% coupon school building bonds awarded to Geo. M.Bechtel & Co.
GIBSON COUNTY (P. 0. Princeton), Ind.
-BOND SALE.
-On
-V. 121, p. 360
-are described as follows: Date June 11925.
Aug. 4 the $16,700 4)4% coupon E. H. Baker et al road bonds, offered on of Davenport
that date (V. 121, p. 615), were awarded to the Peoples American National Denom. $1,000. Due serially July 1 1929 to 1945 incl. Interest payable
Bank of Princeton at a premium of $222 50, equal to 101.34. a basis of J. & D.
about 4.225%. Dated Aug. 15 1925. Due $835 every six months from
KANKAKEE SCHOOL DISTRICT NO. 111 (P. 0. Kankakee)
May 15 1926 to Nov. 51 1935. inclusive.
Kankakee County, Ill.
-BIDS.
-The following is a list of the other bids
GLENDALE CITY SCHOOL DISTRICT, Los Angeles County, received on July 27 for the $365,000 5% coupon school building bonds.
Calif.
-BOND SALE.
-The $500.000 5% school bonds offered on Aug.3- which were awarded on that date to the First Trust & Savings Bank of
V. 121, p. 615
-were awarded to a syndicate composed of Blyth, Witter & Chicago at a premium of $18,808, equal to 105.15, a basis of about 4.345%
Co. of San Francisco, First Securities Co. and E. H. Rollins & Sons both of as stated in V. 121, p. 616.
Los Angeles, at a premium of $22.888 equal to 104.57. a basis of about
Amt. bid.
Name of Bidder4.56%. Date Mar. 1 1924. Due July 1 as follows: $13,000. 1926 to 1945 Guaranty Co. of New York
$380,695.00.
•
incl. and $12,000. 1946 to 1965 incl.
Federal Securities Corp., Chic.and Paine, Webber & Co., Chic_ 382,757.70'
Legris Trust & Savings Bank, Kankakee
383,689.00
GOREE, Knox County, Tex.
-BOND SALE.
-The 835.0006% water A. B. Leach & Co., Inc., Chicago
382,638.00
works bonds registered on July 7-V. 121.
359
-were awarded to the
379,162.00
Municipal Securities Co., at a premium of $1.200, equal to 100.68. Date Minton, Lampert & Co., Chicago
p.
380,187.65.
May 1 1925. Denom. $500 and $1,000. Due 1 to 40 years. Interest Taylor, Ewart & Co.. Chicago
payable (M. & M.).
KAUFMAN COUNTY LEVEE IMPROVEMENT DISTRICT NO. 12
(P. 0. Kaufman), Texas.
-BOND SALE.
-H. C. Burt & Co. of Dallas
GRAND JUNCTION, Mesa County, Colo.
-BOND ELECTION.
-On
Aug. 18 an election will be held for the purpose of voting on the question have purchased an issue of $62,000 levee bonds.
of issuing $86,000 paving bonds.
KERNERSVILLE, Forsyth County, No. Caro.
-BOND OFFERING.
GRAIL SCHOOL DISTRICT NO. 1 (P. 0. Schaefer), McKenzie Sealed bids will be received until 1 p.m. Aug. 18 by D. W. Harmon, Town
Secretary, for the following coupon bonds aggregating 8158,000.
County, No. Dak.-CERTIFICATE OFFERING.
-Sealed bids will be
received until 12:30 p. m. Aug. 11 by C. E. Hovrud, District Clerk, for $140,000 street improvement bonds. Denom. $1,000. Due July 1 as follows: 912.000, 1927 to 1936 incl. and $4,000. 1937 to 1941 incl.
$15,000 certificates of indebtedness.
18,000 water bonds. Denom. $500. Due $500 July 13927 to 1962 incl.
GREENPORT,Columbia County, N. Y.
-BOND OFFERING.
Date
-Sealed
Bidders to name the rate of interest. Principal and
will be received until 1 p. m.(standard time) Aug. 19 by Frank Brims, interest July 11925.
bids
payable in New York City. The bonds will be prepared under the
Town Clerk, at the law office of J. T. Crandall, 601 Warren St., Hudson, supervision of the United States Mtge. & Trust Co., New York City, which
N. Y.. for $28,000
% coupon town sewer bonds. Denom. $1,000. will certify as to the genuineness of the signatures of the officials and the seal
Dated Aug. 11925. Principal and semi-annual interest(M.& N.) payable Impressed thereon. Legality will be approved
by Storey, Thorndike,
at the Farmers' National Bank, Hudson. Due $1.000 yearly from May 1 Palmer & Dodge of Boston and J. L. Morehead of Durham. A certified
1926 to 1951, inclusive. Certified check for $500, payable to Wessel check for 2% of bid is required.
Ten Broeck, Town Supervisor, required. Delivery of bonds will be made
on Sept. 1 1925.
KIOWA COUNTY SCHOOL DISTRICT NO. 20 (P. 0. Lone Wolf),
Okla.
-BOND SALE.
-The First National Dank of Lone Wolf has purGREEN TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. Ports- chased an issue of 95,000
% school bond§ at 102.07. Date May 11925.
mouth), Scioto County, Ohio.
-BOND OFFERING.
-Sealed bids will be Due in 10. 15 and 20 years.
received until 12 m. Aug. 14 by Clerk Board of Education for $6,500 school
bonds.
LAKEWOOD, Cuyahoga County, (Wm.
-BOND OFFERING.
Sealed bids will be received until 12 m. (eastern standard time) Aug. 31
HALLETTSVILLE, Lavaca County, Tex.
-BONDSREGISTERED.
- by A. I. Kauffman, Director of Finance, for the following bonds.
On Aug. 1 the State Comptroller of Texas registered $20,000 5% city hall 910.000 4%% (city's portion) Water Street impt. bonds. Denom. $500.
bonds. Due serially.
Dated Oct. 1 1925. Due $500 yearly from Oct. 1 1926 to 1945 Ind
742
THE CHRONICLE
11,921 5% (special assessment) Emily Drive paving!mot. bonds. Denoms.
10 for $1,000;9 for $200 and 1 for $121. Dated June 1 1925. Due
$1.121 Oct. 1 1926 and $1,200 yearly from Oct. 1 1927 to 1935 incl.
12,023 5% (special asvessment) Eldred Avenue paving impt. bonds.
Denoms. 10 for $1,000: 3 for $500 and 1 for $523. Dated Oct. 1
1925. Due yearly on Oct. 1, as follows: S1.000, 1926 and 1927;
$1,523. 1.928:54.000, 1929 and 1930: $1.500, 1931: $1,000. 1932:
$1.500, 1933: $1.000. 1934 and $1,500. 1935.
16.247 5% (special assessment) Daleview Drive paying !ma. bonds.
Denoms. 12 for $1.000: 8 for $500 and 1 for 1247. Date Oct. 1
1925. Due yearly on Oct. 1. as follows: 81,500. 1926 and 1927:
$1.747. 1928: $1.500. 1929 to 1931 incl.; $2.000. 1932: $1,500, 1933
and 1934: $2,000, 1931.
27,363 5% (special assessment) Garfield Avenue paving impt. bonds.
Denoms. 25 for $1,000: 4 for $500 and 1 for 2363. Dated Oct. 1
1925. Due yearly on Oct. 1. as follows: $2.363. 1926: $3.000,
1927;$2,500. 1926:$3.000. 1929:$2.500. 1930:S3.000, 1931:$2,500.
1932: $3,000. 1933; 52.500. 1934: $3,000, 19
35.
50.000 435% fire dept. (land and bldg.) bonds. Denom. $1.000. Dated
Oct. 1 1925. Due yearly on Oct. 1, as follows: $2,000, 1926; and
$3.000. 1927 to 1942 ind.
50.000 435% fire dept.(apparatus and extension) bonds. Denom.*1.000.
Dated Oct. 11925. Due yearly on Oct. 1. as follows: 54.000. 1926
to 1930 incl. and $5.000, 1931 to 1936 Incl.
Prin. and semi-ann. int. (A. & O.) payable at the office of the Director
of Finance. Certified check for 5% of amount of bonds required with each
bid.
LANCASTER, Lancaster County, Pa.
-BOND DESCRIPTION.
The 5250.000 4% impt. bonds awarded to A. B. Leach & Co.. Inc..of
Philadelphia
-V.121, p. 490
-are described as follows: Date July 11925.
Denom. $1.000. Coupon bonds. Due serially, July 1 1926 to July 1
1935 inclusive. Int. T. & J.
LANSDOWNE, Delaware County, Pa.
-BOND SALE.-Bleldle &
Henry, of Philadelphia. have purchased an issue of $50,000 4)j% tax-free
sewer and improvement bonds. Date Aug. 1 1925. Denom. *1.000.
Coupon bonds. registerable as to principal. Due Aug. 1 1955. Interest
payable F.& A. Leaglity to be approved by Townsend. Elliott & Munson,
of Philadelphia.
Financial Statement.
Assessed valuation of taxable property, 1925
$6,180.000
Actual value, estimated
18.000,000
Net funded debt. including this issue
290.714
LANGFORD SCHOOL DISTRICT MARSHALL COUNTY, So.
Dak.-BOND SALE.
-The $44.000 coupon or registered school bonds
offered on July 7-V. 121. p. 108
-were awarded to the Wells-Dickey Co.
of Minneapolis as 5s. Date July 1 1025. Due $2.000. 1930 to 1933 incl.
and 53.000. 1934 to 1945 incl.
LAUREL, Jones County, Miss.
-BOND OFFERING.
-Sealed bids
will be received until 2 p. m. AWL. 10 by G. L. Lightsey, City Clerk. for
*225,000 5% coupon school bonds. Date Aug. 1 1925. Denom. 111.000.
Due Aug. 1 as follows: *11.000, 1926 to 1940 incl. and $12.000, 1941 to
1945 incl. Principal and interest (F. & A.) payable at the Chase National
Bank of New York City. A certified check for $2,000 payable to the City
Treasurer is required.
LAVACA COUNTY ROAD DISTRICT NO. 2 (P. 0. Hallettsville),
Tex.
-BOND OFFERING.
-Sealed bids will be received until 3p. m. Sept.
I by the County Auditor for *150.0005% coupon road bonds. Date Aug. 1
1925. Denom. *1,000. Due 1926 to 1955 incl., optional in 1935. Principal and interest(A.& 0.)payable in Hallettsville or New York at option of
holder. A certified check for $3,000 is required.
LAWN INDEPENDENT SCHOOL DISTRICT, Taylor County,
Texas.
-BOND SALE.
-The Brown-Crummer Co. of Wichita has purchased an issue of $32.000 6% school bonds at par.
LEBANON SCHOOL DISTRICT (P. 0. Lebanon), Grafton County,
-BOND SALE.
N. H.
-On Aug.4 the *175.000 4I% coupon school bonds
offered on that date (V. 121, p. 617) were awarded to Harris, Forbes &
Co.,Inc.. of Boston at 100.19, a basis of about 4.23%. Dated Aug. 11925.
Due yearly on Aug. 1 as follows: $9,000, 1926 to 1935 incl., and $8,500,
1936 to 1945 incl.
LEVY COUNTY SPECIAL ROAD AND BRIDGE DISTRICT NO. 10
-BOND OFFERING.
(P. 0. Bronson), Fla.
-L. W. Drununond, Clerk of
Board of County Commissioners, will receive sealed bids until Aug. 17 for
$60,000 6% road and bridge bonds. Denom. *1.000. Date July 11924.
Principal and semi-annual interest (J. & J.) payable at the Bank of Levy
County in Bronson and the Metropolitan Trust Co., N. Y. City. Due July
1 as follows'*1,000. 1925 to 1940 incl.:$2.000,1941 to HMO incl.. and 53,000,
1951 to 1958 incl. Certified check for $500 required. These are the bonds
originally scheduled to be offered on July 25-V. 120. p. 3227.
LIBERTY COUNTY (P. O. Hinesville), Ga.-BOND SALE.
-The
$40.000 5% court house bonds offered on Aug. 4 (V. 121, p. 617) wore
awarded to the Citizens & Southern Co. of Atlanta.
LIMA, Allen County, Ohio.
-BASIS.
--The price paid (100.43) by the
Provident Savings Bank & Trust Co. and Grau, Todd & Co. both of Cincinnati for the twenty-three issues of 534% (special assessment) paving
bonds, aggregating *277,212, awarded to them on July 27 as stated in V.
121, p. 617 is equal to an average cost basis of about 5.41%.
LITTLE FALLS TOWNSHIP (P. 0. Little Falls) Passaic County,
N. J.
-NO BIDS.
-No bids were received for the $38.000 434% coupon
(with privilege of registration as to principal only or as both principal and
interest) sewer bonds, offered on Aug. 3(V. 121. p. 491). The bonds will
be readvertised.
LONG BEACH CITY SCHOOL DISTRICT (P. 0. Los Angeles),
Los Angeles County, Calif.
-BOND OFFERING.
-Sealed bids will be
received until 2 p. m. Aug. 31 by L. E. Lampton. Clerk, Board of Supervisors, for $250,000 5% school bonds. Date Mar. 1 1924. Denom.
*1.000. Due Mar. 1 as fellows: $24,000 in 1926;510.000 in 1927 and $8.000
in 1928 to 1954 incl. Prin. and semi-ann. int. payable at the County
Treasurer's office. A certified check for 3% of bid, payable to the Chairman. Board of Supervisors, is required.
LONG CREEK-GRADY SCHOOL DISTRICT (P. 0. Burgaw),
Pender County, No. Caro.
-The 525.000 534%
-BOND DESCRIPTION.
coupon school bonds awarded to Prudden & Co. of Toledo (V. 121. p. 491)
are described as follows: Date July 1 1925. Denom. $1,000. Due July 1
1926 to 1950. Int. payable J. & J.
LONGVIEW INDEPENDENT SCHOOL DISTRICT, Gregg County,
-BONDS REGISTERED.
Tex.
-On July 27th State Comptroller of Texas
registered $20,000 8% school bonds. Due serially.
LOS ANGELES, Los Angeles County, Calif.
-A syn-BOND SALE.
dicate composed of the National City Co. of New York, R. H. Moulton &
'
Co. and the Citizens National Co., both of Los Angeles, the Merchants
Security Co. of San Francisco. the Security Co. of Los Angeles, Heller,
Bruce & Co. and California Securities Co. both of San Francisco, William
R.Stoats Co.and Drake, Riley & Co. both of Los Angeles. were awarded an
Issue of *2.000.000 water works bonds on Aug. 4 as 43 at a premium of
,
0
$2,600 equal to 100.13.
LOS ANGELES CITY SCHOOL DISTRICTS, Los Angeles County,
-BOND OFFERING.
Calif.
-Sealed bids will be received until 2 p. m.
Aug. 31 for the following 5% school bonds, aggregating *4.000,000:
$33,000,000 Los Angeles City School District bonds. Due Aug. 1 as follows:
*1.000.000,1926 to 1928. incl.. and 575.000, 1929 to 1964, incl.
1,000,000 Los Angeles City High School District bonds. Due Aug. 1
as follows: $50,000 in 1926 and *25,000. 1927 to 1964, incl.
Date Aug. 11024. Denom. 51.000. Principal and semi-annual interest
payable at the County Treasury or at the office of Kountze Bros., New
York City. A certified check for 3% of bid, payable to the Chairman of
Board of Supervisors, is required.
LOUISVILLE, Jefferson County., Ky.-1924 BOND SALE.
-The
Commissioners of the Sinking Fund on Oct. 1 purchased an issue of*750.000
4.44% soldier memorial bonds. Date Oct. 1 1924. Due Oct. 1 1964.
This is the only issue of bonds sold by the city during the year ended
Dec. 31 1924.
[VOL 121.
- •
-- LOWELL, Gaston County, No. Caro.
-BOND SALE.
-The
6% street improvement bonds offered on July 1-V. 120, p. 3348E6.000
-were
awarded to R. S. Dickson & Co. of Gastonia. Date July 1 1925. Due
$500 yearly July 1 1928 to 1939 incl.
LYNN, Essex County, Mass.
-BOND SALE.
following
-On
4% coupon bonds offered on that date were awarded Aug. 2 the& Sanger,
to Curtis
basisi abld tah 3 & Co. and Eldredge & Co.. all of Boston, at 100.073, a
rr
s
.99 :
Oou m %
$100,000 street paving bonds. Due 520,000 annually from July 1 1926 to
1930 incl.
50,000 street widening bonds. Due $5,000 annually from July 1 1926 to
1935 incl.
100,000 hospital bonds. Due $5.000 July 1 1926 to 1945 incl.
85.000 water equipment bonds. Due *17,000 annually from July 1 1926
to 1930 incl.
15,000 water main bonds. Due $1.000 annually from July 1 1926 to
1940 incl.
50,000 sidewalk paying bonds. Due 510.000 from July 1 1926 to 1930
incl.
25,000 sewer bonds. Due 31,000 annually from July 1 1926 to 1950 incl.
300,000 outfall sewer bonds. Due 510.000 annually from July 1 1926 to
1955 incl.
120,000 incinerator bonds. Due $6.000 July 1 1926 to 1945 incl.
20,000 cemetery bonds. Due $2,000 annually from July 1 1926 to July 1
1935 Ind.
Date July 1 1925. Int. J. & J. Legality approved by Storey. Thorndike, Palmer & Dodge of Boston.
LYNN. Essex County, Mass.
-ADDITIONAL BONDS SOLD IN
1924.
-The following issue of bonds was sold by this city
In addition to the bonds already reported in these columns during 1924.
as having been
sold during that period.
Purchaser.
Amount. Purpose.
Due.
Dale.
Pine Grove Cemetery Co310,000 Eng.Hose__ Dec. 1 1924 Price. DU. 1925-1934
Par 41i
LIST OF TEMPORARY LOANS NEGOTIATED DURING 1924.
Besides the long term bonds sold during 1924 this city also negotiated
during that period several temporary loans as follows:
Purchaser.
Amount.
Dale.
S. C. Hutchinson
320.000 Jan. 23 1924 •41 Jan. 23
e
i
A. P. Clicate
5,000 Feb. 4 1924 . 411 Feb. 4 1925
1 ,
.
F. 8. Moseley & Co
20,000 Feb. 13
S
2 1324
C. L. Edwards & Co
50.000 Mar. 3 19243
1924
4
.90 Aug.Ae 1.19 1924
u
C. L. Edwards & Co
100.000 Mar.21 1924
3.97 Aug. 5 1924
C. L. F.dwards & Co
300,000 Mar.21 1924 4.03 Oct.t1 1924
1
C. L. Edwards & Co
19)000 May 21 1924
3.19 Sept.19 1924
C. L. Edwards & Co
300,000 June 8 1924
3.29 Nov. 5 1924
Old Colony Trust Co
200,000 May 13 1924
Central National Bank
200,000 July 8 1924 2543 Nov.r
1331
F. S. Moseley & Co
100 000 J u y 2 11992244
7 Aulg 2
. 9
8
2.48 May 15 1925
Old Colony Trust Co
100.000 Aug. 15 1924
925
22.30
F. S. Moseley & Co
300.000 Aug. 9 1924
2
2 1
2.14
Sagamore Trust Co
Old Colony Trust Co
300,000 Oct. 15 1924 5 5°
2
13
•Interest bid.
11A
Apr.
McCOOK,Redwillow County, Neb.-BOND
-An election
will be held on Aug. 18 for the purpose ef voting ELECTION.
on the question of issuing
$70.000 water bonds.
MACKAY, Custer County, Idaho.
-BOND
-An election
will be held on Aug. 17 for the purpose of votingELECTION.
on the question of Issuing
56.000 fire apparatus bonds.
MADISON COUNTY (P. 0. Anderson), Ind.
-BOND OFFERINGSealed bids will be received until 10 a. m.Aug. 15 by Frank Seward, County
Treasurer, for the following 5% highway impt. bonds:
$5.500 Morris E. Brown et al. free gravel road in Jackson Township bonds.
Denom. $275. Due $275 every six months from May 15 1926 to
Nov. 15 1935 incl.
6,000 Della Taylor et al. free gravel road in Anderson, Jackson and
Stoneycreek Townships bonds. Denom. $300. Due $300 every six
months from May 15 1926 to Nov. 15 1935 incl.
Dated Aug. 15 1925. Int. semi-ann.(M.& N. 15)•
MAHON1NG COUNTY (P.O. Youngstown),Ohio.
-BOND SALE.
On July 30 the *32.321.18 5% coupon sewer-bonds, offered on that date
(V. 121, p. 231) were awarded to Stranahan, Harris & Oatis, Inc. of Toledo,
at a premium of 51.016.16, equal to 103.13. a basis of about 4.54%. Date
July 1 1925. Due Oct. 1. as follows: $2,321.18, 1926:52.090, 1927 to 1935
Incl. and $3,000, 1936 to 1939 incl.
MALDEN, Middlesex County, Mass.
-ADDITIONAL BOND SALE
FOR 1924.
-The following issue of bonds was sold during 1924, aside from
the bonds already reported in these columns as having been sold by Malden
during that period:
Purchaser Amt.
Purpose.
Date.
Price. Int. Due.
Date.
Estabrook
& Co__$18.000 Sewers&drain. Nov. 1 1924 100.39 4 1925-1942 Sept.23 1924
ADDITIONAL TEMPORARY LOANS ISSUED IN
-The following temporary loans were also issued during 1924, in1924.
addition to those
already reported in these columns:
Purchaser.
Date.
Amount.
Rote.
Due.
Award.
Blake Bros. & Co
$400,000 June 12 1924 2.90 Dec. 11 1924
11 1924
Salomon Bros. & Hutzler_ 200,000 Oct. 15 1924 2.44 Feb. 14 1925 June 14 1924
Oct.
Salomon Bros. & Hutzler_ 400,000 Oct. 15 1924 2.44 Apr. 14 1925 Oct. 14 1924
MALVERN, Chester County, Pa.
-BOND SALE.
-The Farmers &
Mechanics.Trust Co. of West Chester was awarded the $3,000 455%
borough coupon tax-free bonds offered on Aug. 4-V. 121, p. 361-at
$3,075. equal to 102.50, a basis of about 4.27%• Date Aug. 1 1925.
Due Aug. 10 1940.
MANATEE COUNTY (P. 0. Bradentown), Fla.
-BOND SALE.
The Florida National Bank of Jacksonville has purchased an issue of 5100,000 5% highway and bridge coupon bonds. Date April 1 1925. Denom.
51.000. Due $25,000 April 1 1940. 1945. 1950 and 1955. Prin. and int.
(A.& 0.) payable at the Bank of America. N.Y. City. Legality approved
by John C. Thomson, N. Y. City. The above supersedes the report
given in V. 121, p. 362.
Financial Statement.
Actual valuation of taxable property (estimated)
$40,000,000 00
Assessed valuation. 1925
15,000.000 00
Total bonded debt (including this issue)
924.957 50
Less sinking fund
$303.218 00
Net debt (about 3% of assessed valuation)
621.739 50
Population, 1925, estimated, 23.314.
MANCHESTER,Hillsborough County, N. H.
-TEMPORARY LOAN.
-S. N. Bond & Co. of Boston have been awarded a temporary loan of
$300,000 on a 3.47% discount basis plus a premium of $1 75. Due
Dec. 14 1925.
MAPLE HEIGHTS (P. 0. R. F. D. Bedford), Cyahoga County,
Ohio.
-BOND SALE.
-The following issuesof 5% o coupon special
assessment bonds, aggregating S144.315.71. offered on July 1-V. 120. P.
-were awarded to W. L. Slayton & Co. of Toledo, at a premium of
3228
55,867, equal to 104.06. a basis of about 4.75%•
$19,500.00 Theodore Ave. paving special assessment bonds. Due yearly on
Oct. 1 as follows: 52.000. 1926 to 1931 incl., *3.000, 1932:
1
2,000, 1933 and 52,500. 1934.
5,450.00 dams Street sewer special assessment bonds. Due $500 Oct. 1
926 to 1934 incl. and $950. 1935.
29,060.00 roadway sewer district No. 1 special assessment bonds series
4. Due yearly on Oct. 1 as follows: 52,000. 1926 and 53,000,
1927 to 1935 incl.
3,247.20 Erwin Street sewer special assessment bonds, series No. 2.
Due 5300 Oct. 1 1926 to 1934 Incl. and $547.20, 1835.'
24,212.61 Friend Ave. paying special assessment bonds. Due yearly on
Oct. 1 as follows: $2,000, 1926; $3,000, 1927 and 1928; $2,000,
1929; *3.000, 1930 and 1931; *2.000. 1932: 53.000. 1933 and
*3,212.61, 1934.
3,155.90 Hollywood Ave. sewer special assessment bonds. Due yearly
en Oct. 1 as follows: 5300, 1926 to 1934 incl. and 5455.90, 1935.
AUG. 81925.]
CHRONICLE
743
1,750.00 Marion Street sidewalk special assessment bonds. Due $175
MITCHELL, Scottsbluff County, Neb.-BOND DESCRIPTION.Oct. 1 1926 to 1933 incl. and $350. 1934.
The 861.000 4. % coupon refunding bonds purchased by the Harry A.
8
4
12,000.00 Miller Ave. pavement special assessment bonds. Due yearly on Koch Co.of Omaha-V.121, p. 362
-are described as follows: Date May 1
Oct. 1 as follows: 51.000. 1926 to 1928 incl.; 32.000. 1929: 1925. Denom. 31.000. Due May 1 as follows: $6,000. 1935 to 1943 incl.
1930 and 1931; 52.000. 1932: 51.000. 1933 and 52,000. and $7,000 in 1944. Interest payable (M. & N.)•
51.000.
1934.
-BONDS NOT
MITCHELL COUNTY (P. 0. Bakersville), No. Caro.
6,300.00 Orchard Ave. pavement special assessment bonds. Due yearly
-The $6,000 6% road bonds offered on May 5-V. 120, p..2187
on Oct. 1 as follows: $500. 1926 and 1927; $1.000, 1928: $500. SOLD.
1929; 51,000. 1930; 5500. 1931 and 1932: 51,000, 1933 and $800. have not yet been disposed of.
1934.
-The Herkimer
MOHAWK, Herkimer County, N. Y.
-BOND SALE.
9,700.00 RocIrside road water special assessment bonds. Due yearly on
Oct. 1 as follows: $500, 1926; $1,000. 1927 to 1934 incl. and National Bank has purchased an issue of $33.903 98 6% paving bonds at
par. Date July 1 1925. Denom. $7,000 except one for $5.903 98. Due
$1 aoo. 1935.
10,000.00 Fire Dept. bonds, series No.3. Due $1,000 Oct. 1 1926 to 1935 serially July 1 1926 to 1930. inclusive. Interest payable J. & J.
inclusive.
-NO BIDS.
MONTANA (State of).
-No bids were received on July 25
20,000.00 General Sewer bonds. Due $1,000 Oct 1 1926 to 1945 lad.
for an issue of 53.000.0004% Treasury notes offered on that date. Reason
Date June 15 1925.
for the notes not finding a buyer Is attributed to the small interest rate.
MAPLEWOOD TOWNSHIP (P. 0. Maplewood), Essex County,
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.
-BOND OFFER-BOND SALE.
-On Aug.4 the issue of 434% coupon (with privilege ING.
N. J.
-Sealed bids will be received until 10 a. m. (central standard time)
of registration as to principal only or as to both principal and interest) Aug. 14 by F. A. Kilmer, Clerk Board of County Commissioners, for
fire house bonds, offered on that.date-V. 121, p. 491-was awarded to 84.000 534% coupon Onkst Plat Water Supply System bonds. Denom.
H. L. Allen & Co. of New York for $100.429 56 for $99,000 bonds ($100,- $200. Dated Aug. 1 1925. Prin. and semi-ann. (A. & 0.) payable at the
000 offered), equal to 101.47. a basis of about 4.13%. Date June 1 1925. inclusive. Certified check for $50 on any solvent bank or trust company,
Due June 1 as follows: $3.000. 1927 to 1942 incl.; $4,000. 1943 to 1954 payable to the County Treasurer, required. D. W. and A. S. Iddings,
incl.. and $3,000. 1955.
Dayton, and Peck. Schaffer & Williams. of Cincinnati, Ohio, have been
employed to assist in the preparation of legislation and issue and sale of
MARICOPA COUNTY SCHOOL DISTRICT NO. 5 (P. 0. Phoenix), these bonds and will certify as to the legality thereof.
-BOND SALE.
-The 38.500 6% school bonds offered on July 13Ariz.
-were awarded to the Dwight
MOUNTAIN HOME IRRIGATION DISTRICT (P. 0. Mountain
V. 121, p. 109
-Heard Investment Co. of
-BOND ELECTION POSTPONED.
Phoenix at a premium of $107 95, equal to 101.27, a basis of about 5.90%• Home), Elmore County, Idaho.
The election scheduled to be held on Aug. 10 for the purpose of voting on
Date July 1 1925. Due in 1945.
the issuance of $250,000 irrigation bonds (V. 121, p. 492) has been indefiMARION, Marion County, Ohio.
-1924 BOND SALE.
-We are now nitely postponed.
reporting as a matter of record the following bond sale for 1924:
MT. STERLING, Montgomery County, Ky.-BOND OFFERING.
Purchaser.
Amount, Purpose.
Date.
Price.Int. Due. Award Mayor W.R. McKee will sell at public auction at 11 a. m.Aug.8 $2,546 08
Sinking Fund
$93.100 Street Pave't. Mar.1 1924 Par 534 1934 June 5 6% street improvement bonds. Date May 8 1925. Int. payable F. & A.
MARSHALL COUNTY (P. 0. Plymouth), Ind.
-BOND SALE.
The two issues of 4)4% highway impt. bonds offered on July 31-V. 121,
-were awarded as follows:
P.491
$15.000 Charles Waltz et al. impt. bonds to Merchants National Bank of
Muncie at a premium of $259 50. equal to 101.73, a basis of
about 4.145%. Denom. $750. Due $750 every six months from
May 1 • 1926 to Nov. 15 1935 incl.
16.000 John E.Bollman et al. Impt. bonds to J. F. Wild & Co.of Indianapolis at a premium of $276 15, equal to 101.725, a basis of about
4.145%. Denom. $800. Due $800 every six months from
May 15 1926 to Nov. 15 1935 incl.
Dated July 15 1925. The following is a list of the bids received:
$16.000 /ss. $15,000 Iss.
Premium.
Premium.
Fletcher Savings & Trust Co.. Indianapolis
$206 70
$193 60
Merchants National Bank, Muncie
272 50
City Securities Corp., Indianapolis
202
--M
Meyer-Kiser Bank, Indianapolis
226 75
Union Trust Co., Indianapolis
247 00
231 00
Fletcher American Co., Indianapolis
272 50
255 50
J. F. Wild & Co.,Indianapolis
259 00
MARTIN COUNTY (P. 0. Fairmont), Minn.
-BOND SALE.
-The
$28,000 drainage bonds offered on Aug. 4 (V. 121, p. 617) were awarded
to the Minneapolis Trust Co. of Minneapolis as 4;i5 at a premium of
$522 20, equal to 101.86. Date July 1 1925.
MULTNOMAH COUNTY(P.O.Portland),Ore.-BOND OFFERING.
Sealed bids will be received until 12 m.(Pacific time). Sept. 2, by Jos. W.
Beveridge County Clerk, for 8500.000 434% Ross Island and Bellwood
Coupon Bridge bonds. Date Oct. 1 1925. Denom. 81.000. Due $20,000
Oct. 1 1931 to 1955 incl. Principal and semi-annual interest payable at
the County Treasurers office or at the fiscal agency of the state in New
York City. Legality approved by Storey. Thorndike, Palmer & Dodge,
Boston. A certified check for 5% of bid payable to above named official
is required.
MUSKEGON, Muskegon County, Mich.
-BONDS OFFERED.
Sealed bids were received until Aug. 7 by Ida I. Christiansen, City Clerk.
for $50,000. 431% general impt. bonds. Denom. $1,000. Due $25,000
Aug. 1 1934 and 1935.
MUSKOGEE, Muskogee County, Okla.
-An
-BOND ELECTION.
election will be held on Aug. 21 for the purpose of voting on the question of
issuing 3225,000 water works improvement bonds.
MUSSELSHELL COUNTY SCHOOL DISTRICT NO. 55 (P. 0.
-BOND OFFERING.
Roundup), Mont.
-Sealed bids will be received until
7:30 p. m. Aug. 17 by A. E. Dye, District Clerk, for $38,500 coupon school
bonds. Denom. $1.000 and $925. Due 1927 to 1946 incl.; optional in
1930. A certified check for $500 is required.
-BOND ELECTION.
-A special
NASHVILLE, Barry County, Mich.
election will be held on Aug. 17 for the purpose of voting on the question
MAYFIELD SCHOOL DISTRICT (P. 0. Mayfield) Lackawanna of issuing 311,000 M-79 highway bends
County, Pa.
-BOND OFFERING.
-Sealed bids will be received until
-On
-BOND SALE.
NASSAU COUNTY (P. 0. Mineola), N. Y.
7.30 p.m.Aug.10 by John Wilson,Secretary Board of Directors,for $30,000
4%
.% school bonds. Dehom. $1,000. Dated Aug. 1 1925. Due $1,000 Aug. 6 the following three issues for 43.4% bonds offered on that date
yearly Aug. 1 1926 to 1955 incl. Coupon bonds registerable as to principal (V. 121, p.492) were awarded to Pulleyn & Co. and Ripley. Loomis & Co.,
only. A certified check for $500, required.
jointly, both of New York, at 102.147, a basis of about 4.08%.
conduit boulevard bonds. Due $10,000, 1935 to8iclT
3109,000McMINNVILLE, Yamhill County, Ore.
1940 and 339.000, 1941.
530,000,
-BOND ELECTION.
-An
election will be held on Aug. 19 for the purpose of voting on the question of
75,000 armory bonds. Due $15.000, 1942 and 1943 incl.; $20.000. 1944:
Issuing $10,000 improvement bonds.
and $25,000, 1945.
- 60,000 Willowdale Avenue impt. bonds. Due $10,000, 1941 to 1946 incl.
MEDINA COUNTY (P. 0. Medina), Ohio.
-BOND OFFERING
Date July 1 1925.
CANCELLED.
-The offering of the $7,600 534% (Property owners'
share) Barberton Greenwich Road I. C. H. No. 97 Section M-2 bonds
-On
-TEMPORARY LOAN.
NEWBURYPORT,Essex County, Mass.
which was to have taken place on Aug. 3 (V. 121, p. 491) was cancelled. Aug.5 the temporary loan of $75.000 offered on that date
-V.121. p.618
was awarded to Harris, Forbes & Co. of New York on a 3.34% discount
MEDFORD, Middlesex County, Mass.
-BOND SALE.
-On July 31 basis. Dated Aug. 4 1925. Due Nov. 4 1925.
following six Issues of 4% bonds offered on that date were awarded to
the
Estabrook & Co. at 100.27, a basis of about 3.96%•
-CERTIFICATE SALE.
NEW ORLEANS, Orleans Parish, La.
531.000 public playground bonds. Due yearly on July 1 as follows: 32,000. The following 434% certificates aggregating $1,348,000. offered on Aug.3-were awarded to a syndicate composed of Eldredge & Co.
V. 121, p. 232
1926 and 31,000, 1927 to 1955 incl.
35.000 sidewalk bonds. Due $7.000 yearly on July 1 from 1926 to 1930 incl. of New Yok, the First National Co. of Detroit. the Liberty Central Trust
36,000 school bonds. Due $2,000 yearly on July 1 from 1926 to 1943 incl. Co. of St. Louis and the Hibernia Securities Co. of New Orleans at a
62,000 original street construction bonds. Due yearly on July 1 as fol- discount of $4,640, equal to 99.65. a basis of about 4.58%•
lows: $7,000, 1926 to 1933 incl. and 36.000, 1934.
$1.180.000 paving certificates. Due $118,000 Jan. 1 1927 to 1936 End;
73,000 school bonds. Due yearly on July 1 as follows: $5,000, 1926 to
168,000 paving certificates. Due $56,000 Jan. 1 1927 to 1929 lad.
1939 Incl. and 53,000. 1940.
-we gave the amount_of one
In
notice of offering-V7121, p:232
-100,000 sewer bonds. Due $4,000 yearly on July 1 from 1926 to 1950 ind. issue ourof certificates as $169,500. which was Incorrect.
Denom. $1,000. Date July 1 1925. Principal and semi-annual interest
-The following
-BOND SALE.
NEWPORT, Newport County, R. I.
. & J.) payable in Boston. Legality to be approved by Ropes, Gray,
Boyden & Perkins of Boston.
two issues of 431% coupon bonds offered on July 30 (V. 121. p. 492)
'were
4warded to Harris, Forbes & Co.,Inc. of Boston at 100.081,a basis of about
a 2i%
.
MENOMINEE, Menominee County, Mich.
-BONDS VOTED.
At the election held July 18, notice of which was given In-V.121, p. 231
- $100,000 "City Hall Rebuilding and Equipment bonds. Series A.''payable
the 518.000 Riverside cemetery inapt. bonds voted upon were carried.
$4,000 Aug. 1 1926 to 1950 inclusive.
76,000 "Pavement and Sewer" bonds, payable $7,000 Aug. 1 1926 to
MIAMI, Dade County, Fla.
-BOND OFFERING.
1935 inclusive, and $6,000 Aug. 1 1936.
-Sealed bids will be
received until 10 a. m. Aug. 11 by C. L. Huddleston, Director of Finance,
Date Aug. 11925.
for 51.793,000 not exceeding 4,5i% improvement bonds. Date Aug. 11925.
Denom. $1,000. Due Aug. 1 as follows $191,000 in 1927, $181.000 in
.
-BOND SALE.
-The $390.000
NEW SMYRNA, Volusia County, Fla.
1928. $180.000, 1929 to 1934 incl. and $341,000 in 1935. Principal and coupon city bonds offered on Aug. 3-V. 121, p. 362
-were awarded to a
semi-annual interest payable in New York. The bonds will be prepared syndicate composed of Sutherlin, Barry & Co.of New Orleans. Beni. Danunder the supervision of the United States Mortgage & Trust Co. of New sard Co. of Detroit and Davies Bertram Co.of Cincinnati as 68 at 105.08, a
York, which will certify as to the genuineness of the signatures of the basis of about 5.58%. Date April 11925. Due April 1 as follows: $5,000,
officials and the seal impressed thereon. Legality will be approved by 1931 and 1932; $7.000. 1933 and 1934; 59.000, 1935 and 1936: 510.000,
Chester B. Masslich. New York City.
1937 and 1938: $12,000. 1939; 816.000. 1940 and 1941; $18,000. 1942 to
1944. incl.,• 320.000. 1945 and 1946: 522,000. 1947 to 1949, lad.; $24.000.
MIAMI COUNTY (P. 0. Troy), Ohio.
-BOND SALE.
-On July 30 1950 and 1951; 525,000, 1952 and 1953 and 826,000, 1954.
the 37.900 5% coupon (special assessment) bridge bonds offered on that
date (V. 121,_p. 491) were awarded to the First Troy National Bank &
-DESCRIPTION OF
NIAGARA FALLS, Niagara County, N. Y.
Trust Co. of Troy at 103.07, a basis of about 4.31%. Date Aug. 1 1925. BOND SALE.
-The 3130.000 4% water, Series "A," bonds, awarded on
Due yearly as follows: $900 Feb. 1 1927 and $1,000 Feb. 1 1928 to 1934. July 20 to the Bank of Niagara of Niagara Falls, as stated in V. 121, p.492,
inclusive.
are described as follows: Denom. $1,000. Date Aug. 1 1925. Int.
F. & A. Due $50,000, 1951 and 1952, and $30,000, 1953. Bonds are
MILTON,Santa Rosa County, Fla.
-BOND OFFERING.
-Sealed bids coupon bonds, fully registerable. The price paid was 101, a basis of
will be received until 12 m. Aug. 28 by S. G. Allen, Town Clerk and Treas- about 3.94%.
urer, for $14,000 6% improvement bonds. Date July 1 1925. Denom.
$1.000. Due July 1 as follows: 31.000 in 1926 and 1927, $2.000 in 1928.
CITY.
-TEMPORARY LOANS ISSUED DURING
NEW
$1,000 in 1929 and 1930. $2.000 in 1931, $1,000 in 1932 to 1935, incl., and JULY. YORKthe month of July the City of New York Issued short term
-During
$2,000 in 1936. Principal and interest (J. & J.) payable at the First Na- securities in the aggregate of $24,250.000, consisting of special revenue
tional Bank of Milton. A certified check for 5% of bid is required.
bonds, tax notes and corporate stock notes as follows:
Rapid Transit.
Special Revenue Bonds of 1925
MILWAUKEE, Milwaukee County, Wis.-ADDITIONAL BOND
Int. Issued. Amount.
McaurUy.
Int. Issued.
Maturity.
Amount.
SALES IN 1924.
-Besides the bonds already reported in the "Chronicle,"
%
this city also issued the following bonds, at par, during the year ending $3,000,000 Jan. 5 1926 3ii% July 14 $300,000 Dec. 21 1925 354% July 23
July 16
250,000 Dec. 28 1925 334% July 23
1,000,000 Jan. 4 1926
Dec. 31 1924:
200,000 Dec. 21 1925 334% July 23
500.000 Jan. 6 1926 334% July 23
Purchaser,
Amt.
Dock.
Purpose.
Corporate Stock Notes of 1925
Date.
Int.Raie.
Due.
First Wisconsin Co.
$500,000 Dec. 21 1925 334% July 23
Various Municipal Purposes.
& associates-3280,000 Bridge
School Consiruaion.
July 1 1923 434% 20 yrs. serially 55.000,000 Dec. 161923 334% July 23
First Wisconsin Co.
2,500,000 Dec. 28 1925 334% July 23 $650,000 Sept. 14 1925 331% July 16
& associates__ 40,000 Public bldg. July 1 1924 5%
3,000,000 Dec. 2 1925 354% July 23
waier supply.
20 yrs.serially
Tax Notes of 1925
$5,350.000 Sept. 14 1925 3)4% July 16
MONTANA (State of).
-BOND SALE.
1,000,000 Dec 21 1925 334% July 23 $250.000 Jan. 4 1926 331% July 16
-During 1924 the Montana
750,000 Jan, 6 1926 334% July 23
Trust & Savings Bank of Helena purchased an issue of 3753.000
%
educational bonds at par. Date Jan. 1 1924. Due Jan. 1 1944. These
-This city also issued on July 10 $10,000,000
GENERAL FUND BONDS.
bonds are part of $5,000,000 issue authorized in 1921.
3% general fund bonds maturing Nov. 1 1930.
744
THE CHRONICLE
[VOL. 121.
CITY ALSO ISSUES $29,175,000 LONG TERM CORPORATE STOCK
-On July 1 the following 4% long term corporate
AND SERIAL BONDS.
stock and serial bonds. aggregating $29,175,000, were issued to the City
Sinking Fund:
Corporate Stock
Serial Bonds
For Various Municipal Purposes.
For Various Municipal Purposes.
Amount.
Maturity.
Amount.
Maturity.
3960,000
July 1 1940
867,600. _July 1 1926 to July 1 1927
500,000
July 1 1950
23,400..July 1 1926 to July 1 1928
246,000
July 1 1955 4.250.000.-July 1 1926 to July 1 1930
4.835.000
July 1 1965
750,000_ _July 1 1926 to July 1 1935
760,000
July 1 1975 2,870,000...July 1 1926 to July 1 1940
For Dock Purposes.
210,000..July 1 1926 to July 1 1950
83,750
July 1 1928 6.265.000__July 1 1926 to July 1 1965
52,500
July 1 1930
213.000__July 1 1926 to July 1 1975
35,000
July 1 1935
86,400
July 1 1940
7.047,350
July 1 1975
NIAGARA SCHOOL DISTRICT NO. 5 (P. 0. La Salle), Niagara
County, N. Y.
-BOND OFFERING.
-Sealed bids will be received until
m. Aug. 7 by W. R. McFarland. Clerk Board of Education,for $9.500
4% school bonds. Denom. $500. Date July 1 1925. Int. semi-ann.
(J.'& J.). Due $500 July 1 1926 to 1944 inclusive.
NORTHAMPTON,Hampshire County, Mass.
-LOAN OFFERING.
Sealed bids will be received until 5 p. m.(daylight saving time) Aug. 11 by
Albina L. Richard, City Treasurer, for the purchase on a discount basis
of a temporary loan of $225.000. Denom. 25,000, $10,000 and $5.000.
Date Aug. 13 1925. Due Feb. 15 1926. Notes will be engraved under
the supervision of Old Colony Trust Co. of Boston. Legality approved
by Ropes. Gray. Boyden dr Perkins of Boston.
PANAMA, Montgomery County, 111.
-BOND ELECTION.
14 the voters will vote on the issuance of 34,000 bonds for a new -On Aug.
jail.
PERTH AMBOY, Middlesex County, N. J.
-BOND OFFERING.
Sealed bids will be received by Frank Dorsey, City Treasurer, until 1 p.m.
(standard time). 2 p. m.(daylight saving time) Aug. 13 for the following
issues of 4 Y..% coupon (with privilege of registration as to principal only
or as to both principal and interest) bonds, no more bonds to be
than will produce a premium of 31.000 over each of the amounted awarded
listed:
$20,000 school bonds. Due $1.000 yearly on Aug. 1 from 1926 to 1945,
inclusive.
45,000 water bonds, Series "U." Due yearly on Aug. 1 as follows:
32,000 1926 to 1947,inclusive, and $1.000 1948.
Denom. $1,000. Dated Aug. 1 1925. Prindpal and semi-annua
(F. & A.) interest, payable at the City Treasurer's office. Bonds will be
prepared under the supervision of the United States Mortgage & Trust Co.
New York City, which will certify as to the genuineness of the signatures of
the city officials and the seal impressed thereon. Approving opinion of
Caldwell & Raymond, of New York City, as to legality will be furnished
to the purchaser or purchasers without charge. Certified check for 2% of
amount of bonds bid for on an incorporated bank or trust company, payable
to the City Treasurer, required.
Financial Statement Aug. 2 1925.
General bonded debt(not including this issue)
32,757,250 00
Water bonded debt (not including this issue)
1,305,000 00
Total bonded debt
$4,062,250 00
Floating debt
Tax revenue bonds
3395,000 00
Temporary impt. bonds (trust)
884.000 00
Temporary inapt. bonds (capital)
66,000 00
Temp.impt.bds.(grade crossing)_ _ $585,000 00
(Less credit, Ch. 157, Laws 1923)__ 503.836 76
NORTH CHATTANOOGA (P.O. Chattanooga), Hamilton County,
Tenn.
-BOND SALE.
-Caldwell & Co. of Nashville have purchased an
63,38324
issue of $100.000 535% sewer and fire plug bonds at a premium of $3,850.
General floating debt
equal to 103.85.
81,426,383 24
Waterfloating debt
1.200,00000
NORTHPORT, Suffolk County, N. Y.
-BOND SALE.
-A. M.
La.mport & Co.. Inc.. of New York have purchased an issue of $110,000
Total bonded and floating debt
$6.888,81324
General debt
4}(% paving bonds at 100.03, a basis of about 4.24%. Date Sept. 1
84,183,613 24
1925. Denom. $1,000. Due $11,000 1926 to 1936, incl. Interest
Water debt
2.505.000 00
payable F. Sr A.
86.688,613 24
OCEAN COUNTY (P. 0. Toms River), N. J.
Sinking Funds
-BOND OFFERING.
-General
3475.739 39
Sealed bids will be received until 12 m. Aug. 18 by David 0. Parker, Clerk
Sinking funds
-Water
216,684 58
Board of Chosen Freeholders, for an issue of 5% coupon (registerable as to
principal only) road impt. Series D bonds, not to exceed $55,000, no more
Total sinking funds
$692,423 97
bonds to be awarded than will produce a premium of $1.000 over $55,000.
Net Taxable Valuation Year 1925
Denom. $1.000. Dated Aug. 1 1925. Principal and semi-annual interest Real
$31,597,566 00
(F• & A.) payable at the Ocean County Trust Co., Toms River. Due Personal
10,306,754 00
yearly on Aug. 1 as follows: $5.000, 1926 to 1931 incl.: $8,000. 1932 to 1934
incl. and $7.000. 1935. Certified check on an incorporated bank or trust
Total
341,904,320 00
company for 2% of the amount of bonds bid for, payable to the County
PHOENIX UNION HIGH SCHOOL DISTRICT, Maricocoa County,
Treasurer required.
Ariz.
-BIDS.
-The following is a list of bidders for the $300,000
OCEAN SHORE IMPROVEMENT DISTRICT (P. 0. Daytona) school bonds awarded to the Illinois Merchants Trust Co. of Chicago5%
on
July
Flagler and Volusla Counties, Fla.
-BOND SALE.
-The $750.000 6% joint 13 at 106.202, a basis of about 4.52%-V. 121. p. 363
-who were in
account with
improvement Series A bonds offered on Aug. 1-V. 121, p. 363
-were Phoenix National the Mississippi Valley Trust Co. of St. Louis and the
awarded to a syndicate composed of Stranahan. Harris & Oat's. Inc. of
Bank, Phoenix:
BidderToledo, Caldwell & Co. of Nashville and Marx & Co. of Birmingham at a
Premium. Rate Bid.
premium of $5,133, equal to 100.63. a basis of about 5.95%. Date July 1 Harris Trust & Savings Bank, Chicago; International
Trust Co., Denver; Peck, Brown & Co.. Denver....$18,600
1925. Due July 1 as follows: $3.000 in 1929. $6,000 in 1930. $9.000 in
00 106.20
1931. 312.000 in 1932. $15,000 in 1933 and 1934. $21.000 in 1935 and 1936. Fred Emert & Co., St. Louis: Sutherlin, Barry & Co.,
New Orleans; R. E. Campbell & Co., Los Angeles;
$24.000 in 1937, 327.000 in 1938 and 1939, $30.000 in 1940 and 1941.
Keane, Higbie. Detroit
$33.000 in 1942, $36.000 in 1943. 830,000 in 1944 and 1945. $42,000 in
18.334
106.11
1946, $45,000 In 1947. $48.000 in 1948, $51.000 in 1949. $54,000 in 1950. Rutter & Co.. New York
17,820 00 105.94
Stern Brothers. Kansas City
$60.000 in 1951. and $83,000 in 1952.
17,659 00 105.886
W. R. Compton Co., Chicago; Newton & Co..
OCHEYEDAN SCHOOL DISTRICT, Osceola County, Iowa.
Denver
105.364
BOND SALE.
-The 33.500 434% school bonds offered en July:30-V. 121. Sidi°. Simons. Day & Co.. Denver; C. W. McNeal.
p. 363
-were awarded to Geo. M. Bechtel & Co. of Davenport. at a pre& Co.. Chicago
105.33
mium of $20. cone! to 100.57, a basis of about 4.45%. Date July 15 1925. John Nuveen & Co., Chicago
Bosworth. Chanute & Co., Denver; Taylor, Ewart 15,885 00 105.295
Due $1,000. 1938 and 1939 and $1,500 in 1940.
& Co., Chicago; Detroit Co.. Detroit
15,449 70 105.149
OGDENSBURG, St. Lawrence County, N. Y.
Anglo London Paris Co.. San Francisco
-BOND SALE.
-On
15,311 00 105.103
July 30 the 8100.000 434% coupon school bonds offered on that date
-V. Continental & Commercial Tr. Sr Savings Bk., Chi121, p. 492
-were awarded to the National Bank of Ogdensburg at 101.42, a
cago; Federal Securities Co., Chicago
basis of about 4.13%. Due $3.000 yearly from June 11928 to 1945 incl., Gray, Emery, Vasconcelles, Denver: Stranahan, 15.217 00 105.072
and $4,000, June 1 1946 to 1955 incl.
Harris & Oatis. Toledo; Otis & Co., Cleveland_
105.0514
Guaranty Co.. New York; Dwight B. Heard & Co..
OKERCHOFIF.E COUNTY (P. 0. Okeechobee), Fla.
Phoenix
-BOND SALE.
-The $200,000 6% court house bonds offered on May 23-V. 120. p. 2590 Northern Trust Co., Chicago; Ames, Emerich & Co., 14.727 00 104.909
-were awarded to the Peoples Bank of Okeechobee. at a premium of
Chicago; Phoenix National Bank, Phoenix
14.550 00 104.85
$19.705. emu! to 109.85, a basis of about 5.27%. Date June 1 1925. A. T. Bell & Co.. Toledo
14,491 00 104.83
Due $40,000 yearly June 1 1951 to 1955 incl.
Antonides & Co. Denver; Benwell & Co., Denver;
U. S. National Co., Denver; E. H. Rollins & Sons,
'
ONSTED SCHOOL DISTRICT (P. 0. Onsted) Lenawee County,
Denver
104.798
Mich.
-BOND SALE.-WhIttlesey, McLean & Co. of Detroit have Palmer Bond & Mortgage Co., Salt Lace
City; Old
purchased an issue of 350.000 414% coupon school bonds, at a premium of
Colony Trust Co., Boston
104. 17
$75. equal to 100.15, a basis of about 4.49%. Date July 15 1925. Denom. G. W. Vallery & Co., Denver; Seasongood & Mayer,
$1,000. Due Mar. 1 1955. Interest payable (M. & S.).
Cincinnati; Blyth, Witter & Co. Chicago
13.230
104.41
Freeman, Smith St Co., San Francisco; G. H. Burr
ORANGE COUNTY (P.O. Paolia), Ind.
-BOND SALE.
-On Aug.
& Co.
10.212 00 103.404
the following 414% coupon road impt. bonds were awarded as follows: 3 EquitableSt. Louis
Trust Co.. New York
To J. F. Wild & Co. of Indianapolis at a premium of 3439 50, equal to
103.25
101.69, a basis of about 4.15%:
PIGEON, Huron
Mich.-BOND ELECTION.
-A special
election will be held on County, vote on $6,000 new water main bonds.
$15.000 Old Cart Road, Paolia Twp., impt. bonds. Due $750
11to
Aug.
every
six months from May 15 1926 to Nov. 15 1935 incl.
P1NAL COUNTY HIGH SCHOOL DISTRICT NO. 15 (P. 0. Flor11.000 Mt. Aria Road, French Lick Twp- impt. bonds. Due $550 ence), Ariz.
-BOND SALE.
-The $10,000 6% school bonds offered on
• every six months from May 15 1926 to Nov. 15 1935 incl.
June
-were awarded to R. M. Grant & Co. of New
2849
To National Bank of Orleans. Orleans, at a premium of $404 20, equal York 15-V. 120, p.of $779, equal
at a premium
to 107.79, a basis of
to 102.02.a basis of about 4.08
optional date and a basis of about 5.33% if allowed to run about 5.00% to
$20,000 Orleans and Liberty County Line Road. Orleans
impt. Date May 4 1925. Due May 4 1945, optional in 1935. full term of years.
bonds. Due 81.000 every six months from May Twp..
15 1926 to
Nov. 15 1935 incl.
PINEVILLE, Rapids Parish, La.
-BOND SALE.
Dated Aug. 3 1925.
improvement bonds offered on April 7-V. 120, p. 1655 -The $25,000
LIE. French & Co. of Alexandria. Date April 1 1925.-were awarded to
Due serially 1926
ORLANDO, Orange County, Fla.
-BOND SALE.
-The $500,000 5% to 1935.
coupon refunding bonds offered on Aug. I-V. 121. p. 492
-were awarded
PITTSFIELD, Berkshire County, Mass.
to the Orlando Bank & Trust Co. at a premium of $1.610. equal to 100.32.
-TEMPORARY LOAN.
a basis of about 4.94%. Date Aug. 15 1925. Due 850.000 Aug. 15 1926 The First National Bank of Boston has been awarded a temporary loan of
3200,000 on a 3.37% discount basis. Due Dec. 22 1925.
to 1935 incl.
PLEASANT RIDGE, Oakland County, Mich.
OTTAWA COUNTY(P.O. Grand Haven), Mich.
-BOND OFFERING.
-BOND OFFERING.
-Sealed bids will be received until 10 a. m.(eastern standard time) Aug. 14 Sealed bids will be received until 8 •p. m. (eastern standard time) Aug. 10
Harrington. Member Board of County Road Commissioners for by 0. C. Neil. Village Clerk, for $32,000 bonds, at not exceeding 6%
by Austin
interest. Denom. 31,000. Dated Aug. 11925. Int. (F. & A.). Certified
$175,000 Assessment District No. 9 bonds at not exceeding 6% interest.
Due 1 to 10 years. Certified check for $500 payable to the order of the Board check for $1.000, required with each bid.
PORTAGE (P. 0. Buyck) St. Louis County, Minn.
of County Road Commissioners required.
-BOND SALE.
-The 310,000 coupon road and bridge bonds offered on May 27-V. 120.
OWEN SPECIAL SCHOOL DISTRICT (P. 0. Little Rock), Pulaski p. 2590
-were awarded to the Orr. State Bank of Orr. Date May 1 1925.
County, Ark.
-CORRECTION.
-Using a newspaper report we reported Due $2,500 May 1 1926 to 1929 incl.
the sale of 320.000 school bonds to R. G. ITelbron of Little Rock in V. 121.
PORT OF PORT ANGELES (P. 0. Port Angeles), Clallam
p. 618. We now learn upon Inquiry that this:report was erroneous, as:no
,
County,
Wash.
-BOND OFFERING.
-Sealed bids will be
such issue was sold.
Aug. 17 by the Auditor of the Port Commission forreceived until 10 a. m.
• .-8440.000 improvement
OWYHFE DRAINAGE DISTRICT (P. 0. Nyasa) Malheur County, bonds. Date Sept. 11925. Due Sept. 1 1927 to 1944 incl.
-BOND SALE.
-The $14,000 6% drainage bonds, offered on April
Ore.
PORT CLINTON, Ottawa County, Ohlo.-BOND SALE.
-The
27-V. 120, p. 1793
-were awarded to the Walter S. Bruce Co. of Boise, following 5% impt. bonds
offered on July 28(V. 121. p.
Idaho. Date May 1 1925. Due May 1 1930 to 1945 incl.
to the Davies Bertram Co. of Cincinnati. as follows: 493) were awarded
a.- •
$31,500 Sixth Street Mint. bonds, at a premium of $277, equal to 100.72.
PALM i3Ere1i7Palm Beach County, Fla.
-BOND SALE.
-The
a basis of about 4.84%. Due $3,500 Sept. 1 1926 to
Farmers Bank & Trust Co. of Palm Beach purchased an issue of $75,000
16,500 (special assessment) Jackson Street impt. bonds, at a 1934 incl.of
premium
534% municipal building bonds on July 24, at a premium of $2.300, equal
157, equal to 100.95, a basis of about 4.80%. Due yearly on
to 103.06. Due serially for 10 years. Legality approved by Caldwell &
Sept. 1 as follows: $500, 1926; and 82.009. 1927 to 1934 incl.
Raymond. New York City.
Dated Aug. 11925.
PALMER JUNCTION SCHOOL DISTRICT (P. 0. La Grande),
PORTO RICO (Government of).
-BOND SALE.
-The 8125,000434%
-BOND SALE.
-The State of Oregon has purchased irrigation bonds offered on Aug.5-V.121. p.618
Union Crunty. Ore.
-were awarded
Blair &
an issue of 81.500 at par. Due in 10 years.
Co. and the Chase Securities Corp. both of New York jointly at to
103.40, a
PENN TOWNSHIP (P. 0. North Bessemer) Lawrence County, Pa. basis of about 4.33%. Date Jan. 11925. Due Jan, 11963.
-Sealed bids will by received until 7 P• m• (eastern
-BOND OFFERING.
QUAIL LAKE SCHOOL DISTRICT(P.O. Los Angeles), Los Angeles
standard time) Aug. 20 by J. C. Wason, Township Secretary. for 338.000 County, Calif.
-BOND OFFERING.
-Sealed bids will be received until
impt. bonds. Denom. $1,000. Int.(P. 8c A.). Dated Aug. 11925. 2 . m. Aug. 31 by L. E. Lampton, Clerk Board of Supervisors, for $5,500
'34%
Due $2.000 Aug. 1 1926 to 1944 Incl. Bonds are free from State tax. A 6 school bonds. Date Aug. 1 1925. Denom. $250.
Due $250 Aug. I
certified check for $400, Payable to the Township. required.
197 to 1948 incl. Principal and semi-annual interest payable at the County
AUG. 8 1925.]
THE CHRONICLE
Treasurer's office. A certified check for 5% payable to the Chairman Board
sf Supervisors is required.
REDFORD TOWNSHIP UNION SCHOOL DISTRICT NO. 1 (P. 0.
-BONDS OFFERED.
-Sealed bids were
Redford) Wayne County, Mich.
received until 8 p. m. Aug. 7 by Sydney E. Johnson, Business Manager of
Board of Education, for $325,000 school bonds. Denom. $1,000. Dated
Feb. 16 1925. Due $50,000 yearly from Feb. 16 1940 to 1945 incl. and
$25,000 Feb. 16 1946. Prin. and semi-ann. Int. payable at the Peoples
State Bank, Redford. Bids were asked for the bonds at the following
rates of interest: 4%,434%. 434% and 434%•
Financial Statement.
Present outstanding bonded debt, of which Detroit is to assume
$1.596,500
$14,500 on account of recent annexation
In addition to bonds now offered (no more bonds authorized at
325,000
present)
Assessed valuation, 1924
16,519.870
Assessed valuation, 1925
22,820,085
Population
22,000
14,045 Ac.
District adjoins Detroit on West, and is traversed by Grand River
Avenue. Contains Redford and Brightmoor. About 90% of the district
in valuation is in territory proposed to be annexed to the City of Detroit
next fall.
RENOVO,Clinton County.Pa.
-BOND OFFERING.
-Sealed bids will
be received until 12 m. Aug. 25 by H. A. McGarvey, Borough Clerk. for
*30.000434% paving bonds. Dated July 11925. Due $10.000 July 11935.
1945 and 1955. Bonds are free from State tax. Certified check for $500 req.
RENSSELAERVILLE, Albany County, N. Y.
-BOND SALE.
On July 31 520.000 coupon bonds were awarded to Sherwood & Merrifield.
Inc.. of New York for 1.65.02, a basis of about 4.365%. Due yearly from
1926 to 1945 inclusive.
RIVIERA, Palm Beach County, Fla.
-BOND OFFERING.
-Sealed
bids will be received until 8 p. m. Aug. 14 by A. L. Zill. Town Clerk.
for $70.000 534% impt. bonds. Date July 1 1925. Denom. $1.000.
Due July 1 as follows: $4.000. 1926 to 1930 incl.. and 910,000. 1931 to
1935 incl. Prin, and semi-ann. hit, payable at the Hanover National
Bank of N. Y. City. Legality approved by Caldwell & Raymond of
.
N. Y. City. A certified check for $2,500, payable to Town Clerk, is
required.
ROBERSONVILLE, Martin County, No. Caro.
-BOND OFFERING.
-Sealed bids will be received until 8 p. no. Aug. 18 by R. L. Smith. Town
Clerk, for 95.900 6% street impt. bonds. Date Aug. 1 1925. Denom.
$500. Due $500 Aug. 1 1927 to 1936 inel. Prin. and int. (F. & A.)
payable at the Hanover National Bank, N. Y. City. A certified check
for 2% of bid, payable to the Town Clerk, is required.
ROCHESTER INDEPENDENT SCHOOL DISTRICT, Olmsted
County, Minn.
-BOND SALE.
-The $125,000 school building bonds
offered on July 31-V. 121, p. 619
-were awarded to the Wells-Dickey
Co. of Minneapolis as 431s.
ROCKWOOD INDEPENDENT SCHOOL DISTRICT, Colem•n
County, Tex.
-BONDS REGISTERED.
-The State Comptroller of Texas
registered on July 29 $17,500 5% school bonds. Due in 20 to 40 years.
ROCKY RIVER VILLAGE SCHOOL DISTRICT (P. 0. Rocky
River) Cuyahoga County, Ohio.
-BOND OFFERING.
-Sealed bids will
be received until 12 m. Aug. 24 by E. S. Sisson, Clerk Board of Education
for $34,000 434% school bonds. Denom. $1.009. Dated Sept. 1 1325.
Prin. and semi-ann.int.(A.& 0.) payable at the office of the Clerk Board ef
Education. Due yearly on Oct. 1 as follows: $1,000, 1926 to 1032 incl.:
$2,000, 1933: $1.000, 1934 to 1938 incl.: 12,000. 1989: 81,000. 1940 to 1947
incl.: $2,000, 1948: $1,900, 1949 to 1054 incl.: and mann, 1055. Certified
check for 5% of amount of bonds bid for, payable to the Board of Education,
required. Bonds to be delivered and paid for within 10 days from time of
award.
ROLLA RURAL HIGH SCHOOL DISTRICT NO. 1 Morton County,
Kan.
-BOND SALE.
-The $35,000 5% school bonds, offered on June 1V. 120, p. 2850
-were awarded to the Guarantee Title & Trust Co. of
Wichita at 96.45. Date July 11925. Due in 20 years.
ROOSEVELT WATER CONSERVATION DISTRICT (P. 0. Mesa),
Maricopa County, Ari+.-BOND SALE.
-The *1.000.000 6% water
second series bonds offered on Aug. 3-V. 121. p. 233
-were awarded to
Ryone & Co. of San Francisco at 88.60. Due $50.000 in 11 to 30 yearS•
ROYAL OAK TOWNSHIP SCHOOL DISTRICT NO. 7 (P. 0.
Berkley) Oakland County, Mich.
-BOND OFFERED.
-Sealed bids
were received until 8 p. no. Aug. 6 by Mrs. Ruth Schwertman, Secretary
Board of Education for $50.000 bonds for school sites and buildings.
Denom. $1,000. Dated June 1 1925. Prin. and semi-ann. int. payable at
the Berkley State Bank of Berkley. Due June 1 1955. Bids were asked
for the bonds at the following rates of interest: 434%. 434%, 434% and
5%. Total bonded debt (excluding this issue) $560.000, assessed valuation
1924 $4,500,070, assessed valuation 1925 $5,553,200, actual value (est.)
$10.000.000.
RUSHFORD, Fillmore County, Minn.
-BOND SALE.
-The Rushford State Bank and the First National Bank. both of Rushford, jointly,
have purchased an issue of $28,000 electric light bonds.
ST. CHARLES COUNTY (P. 0. St. Charles), Mo.-BOND SALE.
The 9200.000 coupon road bonds offered on Aug. 3 (V. 121. p: 6191 were
awarded to Kauffman. Smith & Co. and W. R. Compton. both of St. Louis,
tl y as 434s at 101.82. a basis of about 4.14°7-. Date Aug. 11925. Due
:
PI.000 in 1939.$78.000 in 1940 and 981,000 id1941. Int. payable F.&A.
ST. JOHNSVILLE, Montgomery County, N. Y.
-BOND OFFERING.
-Sealed bids will be received until 8 p. ns. Aug. 15 by the Village Clerk, for
$10,000 sewer bonds. Denom. $500. Dated Aug. 15 1925.
ST. JOSEPH COUNTY (P. 0. South Bend), Ind.
-BOND OFFERING.
-Sealed bids will be received until 11 a. m. Aug. 12 by George A.
Swintz, County Treasurer, for the following 434% coupon bonds.
$23,000 Alertes W. Zents. et al, free gravel road in Greene Township
bonds. Denom. $1,150. Due $1,150 every six months from May
15 1926 to Nov. 15 1935 incl.
19,000 Jerry R. Woodward.•et al, free gravel road in Penn. Township
bonds. Denom. $950. Due $950 each six mouths from May 15
1926 to Nov. 15 1935 incl.
14.000 Peter Schumacher, et al, free gravel road in Penn. Township
bonds. Denom. $700. Due $700 each six months from May 15
1926 to Nov. 15 1935 incl.
Dated Aug. 11925. Int. semi-ann.(M. & N. 15).
ST. JOSEPH SCHOOL DISTRICT, Buchanan County, Mo.BOND DESCRIPTION.
-The 9300,000 4% coupon school building bonds
awarded on July 20 to the National City Co. of Chicago
-V. 121. p. 493
are described as follows: Date Aug.11925. Denom.$1,000. Due yearly
on Feb. 1. Principal and interest (F. & A.) payable at the National Bank
Commerce, New York City.
of
Financial Statement.
Estimated actual value of property
$120.000,000
Assessed valuation 1923
87.000.000
Total bonded debt (including this issue)
1.345,000
Sinking fund
$154,341
Net bonded debt
1,190,659
(Net debt less than 1.4% of assessed valuation.)
Population 1920 Census. 77,939: present estimate
85.000
SABULA INDEPENDENT SCHOOL DISTRICT, Jackson County,
-Sealed bids will be received until 7'30 p. m•
-BOND OFFERING.
Iowa.
Aug. 11 by S. E. Day. Secretary Board of Directors, for $30,000 school
building bonds. Date July 1 1925.
SAFFORD SCHOOL DISTRICT NO. 1, Graham County, Ari-.-Stern Brothers & Co. of Kansas City have purchased an
BOND SALE.
tonere $56,000 coupon school bonds.
-BOND SALE.
-The GuardianF SAGINAW,Saginaw County, Mich.
Detroit Company of Detroit was recently awarded a $200,000 issue of 434%
street improvement bonds, dated July 1,at a premium of $1,960, equal to
100.98.
SALEM CITY SCHOOL DISTRICT (P. 0. Salem), Columbiana
-No bids were received for the
-NO BIDS.
-BOND SALE
County, Ohio.
631,350 434% coupon school building and equipment purchase bonds
(offered on Aug. 1.-V. 121, p. 494.
745
-BIDS.
-The following is a list
ST. PAUL, Ramsey County, Minn.
of bids for the $775.000 inter-city bridge bonds awarded to a svndioate
composed of Remick, Hodges & Co. of New York, R. L. Day & Co. of
Boston. The Northwestern Trust Co. and the Kalman, Gates, White &
amr 4
c
Co. both of St. Paul at 100.02, a basis ofA b, nt.
.21%•
Prem.
Rate.
Bidder
$400.000 maturing ari4.000 from 1926 to 1945 434% $104.00
incl.and $6,000 maturing in 1946.
E. H. Rollins & Sons, Detroit
Co., Inc. and Merchants Tr. $375.000 maturing125,000 in 1946 and $350.- 4%
Co.
min in 1947 to 1955
inclusive.
$365.000 maturing from
325.06
1926 to 1944 incl.
434%
Geo. B. Gibbons, Inc. By Midland Nat. Bank & Trust Co.. $410.000 maturing from
1945 to 1955 incl.
4%
A. M.Lampert & Co., Prendergast & Co., Bankers Trust &
$775,000
Savings Bank, MIAs
Of% 5.07801
Estabrook & Co., Curtis & Sanger. The Minnesota Loan &
930.00
775.000
Trust Co
775,000
The National City Co
43(% 3,100.00
Bankers Trust Co., Guaranty
775,000
Co. of New York
1026 43f% 1,161.75
$573.000 maturing
to 10 5 and $10,000
in 19 1
50
Eldredge & Co., Wells-Dickey
Par
4%
Co.
1$202.000 maturing $26,000 in 1951. and 1952
to 1955.
434%
The First National Bank of St.
9775.000
Paul
434% 8.439.78
SAN ANTONIO SCHOOL DISTRICT,Los Angeles County,Calif.
-Sealed bids will be received until 2 D. m. Aug. 31 by
BOND OFFERING.
% school
L. E. Lampton, Clerk Board of Supervisors, for $15.$00
building bonds. Date Aug. 1 1925. Denom. $500. Due $500. 1927 to
1949 incl. and *1.000. 1950 to 1953 incl. Prin.and semi-annual int,payable
at the office of the County Treasurer. A dertified cheek for 5% of bid.
payable to the Chairman. Board of Supervisors is required.
The assessed valuation of the taxable property for 1925 is $1,084,150.
and the amount a bonds previously issued and now outstanding is 938,500.
Estimated population is 3.260.
SANDY LAKE SCHOOL DISTRICT (P. 0. Sandy Lake), Mercer
-The sicmo 434% coupon
-BOND DESCRIPTION.
County, Pa.
(registerable as to winch:mil school bonds purchased by the Mellon National
of Pittsburgh at 104.721 (V. 121 D. 6101 on a basis of about 4.14%
Bank
are described as follows. Date July 11925. Denom. $1.000. Due 11.000
on July 1 as follows: 1929. 1933, 1936. 1938. 1941. 1943, 1944. 1948. 1948.
1949 and 1951 to 1954 incl.
-BIDS RESANTA BARBARA, Santa Barbara County, Calif.
-All bids received for the 9195,000 5% park bonds offered on
JECTED.
-were rejected.
121. p. 364
July 30-V.
-BOND ELF:CTIOW.SANTA MONICA.Los Angeles County,Calif.
An election will be held on Aug. 14 for the plumose of voting on the question
of issuing the following bonds aggregating 5l5.000:
$395,000 sewer disposal bonds.
$120.000 university bonds.
-BOND
SAPULPA SCHOOL DISTRICT, Creek County, Okla.
-The Piersol Bond Co. of Oklahoma City has purchased an issue of
SALE.
938,720 6% school bonds at 103. Due in 10 and 15 years.
-BOND OFFERING.
SARASOTA COUNTY (P. 0. Sarasota). Fla.
Sealed bids will be received until Aug. 25 by 0. E. Roesch, Clerk.'Board of
Commissioners,for the following 6% bonds, aggregating $1,630,000:
County
$1,000 highway bonds.
450,000 court house bonds.
180,000 bridge bonds.
Denom. *1,WO. Interest payable semi-annually.
SCAPPOOSE DRAINAGE DISTRICT (P. 0. Scaopoose) Columbia
-Sealed bids will be received until
-BOND OFFERING.
County, Ore.
2 p. m. Aug. 25 by R.L. Shreve, Secretary Board of Directors. for $310.000
drainage bonds. Date Sept. 1 1925. Denom. $1,000. Due Sept. 1 as
65'
follows: 910.000. 1930 to 193'3 incl.•. $15,000 in 1934 and 1935: $16,000 in
1936 and 1937: $21,000. 1938 to 1940 incl.: $26.000. 1941 to 1943 incl.:
$31,000 in 1944 and $36.000 in 1945. Principal and interest (M. & 8.)
Payable at the First National Bank, Scappoose,or at the fiscal agency in
New York at option of holder. A certified check for 910,000 payable to
the Board of Directors is required.
-BOND OFFERING.
SCARSDALE, Westchester County, N. Y.
Sealed bids will be received until 12 in. Aug. 11 by Arthur Herbert. Village
the following 434% coupon bonds aggregating $106,500.
Treasurer, for
$2,500 fire house site bonds. Denem. $500. Due $500 yearly from Aug.
1 1926 to 1930 incl.
14,000 fire equipment bonds. Denom. $1,000. Due 132.000 yearly from
Aug. 1 1926 to 1932 incl.
75,000 fire house No. 2 bonds. Denom. $1.000 except one for 9700. Due
$3.750 yearly from Aug. 1 1926 to 1945 hid.
Ann except one for $500. Due $1,500
15,000 highway bonds. Denom.
vearlv from Aug. 1 1926 to 1935 incl.
Dated Aug. 11925. Interest semi-annual P. & A. Legality approved by
John C. Thomson, Rs..of New York. Certified check for 2% of the bonds
bid for payable to the Village Treasurer required.
-BOND ELECTION.rSCHULENBURG, Fayette County, Tex.
An election will be held on Aug. 11 for the purpose of voting on the question
of issuing $45.000 sewer bonds.
SCOTLAND NECK, Halifax County, No. Caro.-130ND OFFERING.
-Sealed bids will be.received until 12 m. Aug. 20 by Irwin Clark, Town
Clerk for 125,000 not exceeding 6% electric light coupon (with privilege
of registration as to principal only) bonds. Date July 1 1925. Denom.
$1.000. Due $1,000 July 1 1927 to 1951 incl. Principal and interest
(J. & J.) payable in New York. These bonds are to be prenared under the
supervision of the United States Mortgage & Trust Co., New York City,
which will certify as to the genuineness of the officials signing same and the
seal impressed thereon. Legality annroved by Caldwell & Raymond of
New York and J. L. Morehead of Durham. A certified check for $500
drawn upon an incorporated bank or trust company and payable to the
Town Treasurer is required.
-BOND OFFERING.
SENECA COUNTY (P. 0. Tiffin), Ohio.
Sealed bids will be received until 10 a. m. Aug. 14 by A. B.Powell, County
Auditor, for the following 5% coupon bonds:
$5,200 Prank Lamberjack County Road impt.in London Township. bonds.
Denom.$1,000. except 1 for 11.200. Due yearly on Oct. 1 as follows:
11.200, 1926: and $1,009, 1927 to 1930 incl. Certified check for
•
$100. required.
MOD S. N. Rime County Road impt. bonds in Hopewell Township.
bonds. Denom. $600, meant 1 for $700. Due yearly on Oct. 1 as
follows: $700, 1926; and $609, 1927 to 1931 incl. Certified check
for $75, required.
4,000 road bonds. Denom. $800. Due $800 Oct. 1 1926 to 1930 incl.
Certified check for $80 required.
Dated Aug. 16 1925. Prin. and semi-ann. int. (A. & 0.) payable at the
County Treasurer's office. The certified check in each case must be made
payable to the abov. County Auditor.
SHERWOOD, Renville County, No. Dak.-CERTIFICATE OFFERING.
-Sealed bids will be received until 3 p. m. Aug. 10 by J. I. Spaulding,
City Auditor, for $2,000 not exceeding 7% certificates of indebtedness.
Due July 1 1926.
-BOND OFFERING.
SNOW HILL, Greene County, No. Caro.
Sealed bids will be received until 8 p. m. Aug. 25 by H. T. Creech. Town
Clerk, for 940,000 6% electric light bonds. Date Aug. 1 1925. Due
61.000. 1928 to 1943 incl. and $2,000. 1944 to 1954 incl.
SOLON TOWNSHIP (P. 0. Solon) Cuyahoa County, Ohio.-On Aug. 4 the $8,636.32 5% road 'bonds offered on that
BOND SALE.
date (V. 121, p. 494) were awarded to Chagrin Falls Banking Co.of Chagrin
Falls, at a premium of $40, equal to 100.46, a basis of about 4.90%. Dated
Aug. 4 1925. Due Oct. 1 as follows: $636.32, 1926 and 61,000, 1927 to
1934 incl.
746
TH J CHRONICLE
[Vol, 121.
SOUTH BEND SCHOOL CITY (P. 0. South Bend) St. Joseph
UVALDA SCHOOL DISTRICT, Montgomery County, Ga.-BOND
-BOND OFFERING.
County, Ind.
-The $14,0006% school bonds offered on June 15-V.121. p.2973
-Sealed bids will be received until SALE.
10 a. m. Sept. 3 by Board of Trustees for $400.000 436% coupon refunding were awarded to J. H. Flilsmen & Co.. Inc., of Atlanta. Date July 11925.
bonds. Denom. $1,000. Date Sept. 15 1925. Prin. and semi-ann. int. Denom.$1,000. Due 31,000 July 1 as follows: 1929,1931. 1933. 1935. 1937.
(M. & S. 15) payable at the Union Trust Company. South Bend. Due 1939. 1941, 1943, 1945, 1947. 1949, 1951, 1953 and 1955. Principal and
$40.000 yearly from Sept. 15 1930 to 1939 incl. The transcript of the interest (July 1) payable at the National Bank of Commerce, N. Y.City.
proceedings relating to this bond issue will be furnished on applicaton. Legality approved by Storey, Thorndike, Palmer & Dodge of Boston.
The School City will furnish the blanks for the bonds at its own expense
- Financial Statement.
and will deliver the bonds duly executed to the successful bidder at the Actual values
$648.000
Union Trust Company of South Bend, South Bend. Ind.
Assessed values, 1924
228,591
SOUTH MILWAUKEE (P. 0. Milwaukee), Milwaukee County, Total bonded debt (this issue only)
14.000
Wis.-BOND SALE.
-The $20.000 coupon street improvement bonds of- Population (estimated)
1.000
fered on Aug. 3 (V. 12), p. 819) were awarded to the South Milwaukee
VANDERBURGH COUNTY (P. 0. Evansville), Ind.
-BOND SALE.
Bank of South Milwaukee as 436s at a premium of $140. equal to 100.70.
-On Aug. 10 the $28,000 5% St. Joseph Ave. road impt. bonds offered on
SOUTHMONT SCHOOL DISTRICT (P. 0. Johnstown), Cambria that date
-V. 121, p. 365
-were awarded to Fletcher Savings & Trust Co.
County, Pa.
-DESCRIPTION OF BOND SALE.
-The $38.000 5% re- of Indianapolis at a premium of 31.707 80 equal to 106.106, a basis of about
funding and improvement bonds awarded on July 6 to A. B. Leach & Co., 3.76%. Due $1,400 each 6 months from May 15 1926 to Nov. 15 1935 incl.
Inc.. of Philadelphia, notice of which was given in V. 121, p. 364. are deOther bidders were:
scribed as follows: Denom. $1.000. Date June 1 1925. Int. J. & D.
Premium.
Due $2,000 yearly from June 1 1927 to 1936 incl., and $3.000 June 1 1937 Fletcher American Co.,Indianapolis
$1,386 00
to 1942 incl. Bonds are coupon bonds. The price paid was 106.917, a City Trust Co.,Indianapolis
1,680 00
basis of about 4.165%.
J. F. Wild & Co., Indianapolis
1,42500
1,260 25
SPARTA SCHOOL TOWNSHIP (P. 0. Cromwell) Noble County, Meyer Kiser Bank, Indianapolis
645 60
Ind.
-BOND OFFERING.
-Sealed bids will he received until 1 p. m. Aug. LaPlanta & Welsh, Vincennes,Ind.
21 by Marion Berberich. School Trustee. for 335.000 436% school construcVENICE, Los Angeles County, Calif.
-BOND SALE.
-The Anglo,
tion bonds. Denom. $500. Dated July 1 1925. Int. (J. & J.). Due London Paris Co. of San Francisco has purchased an issue of $18,000 5%
$500 July 1 1926 and $1 ,500 each six months from Jan. 1 1927 to Jan. 1 sewer bonds at a premium of 587, equal to 100.46.
1939 incl. Bonds wig be payable at the County Treasurer's office.
VENTNOR CITY, Atlantic County, N. J.
-BOND OFFERING.
SPAVINAW SCHOOL DISTRICT. Mayes County, Okla.
-BONDS
VOTED.
-At an election held recently the voters authorized the issuance of Sealed bids will be received until 8:30 p. m.(daylight saving time) Aug. 27
by Charles E. Reppetto, City Clerk, for an issue coupon (with privilege
$7.500 school building bonds.
of registration as to principal only or as to both principal and interest)
STARK COUNTY (P. 0. Canton), Ohio.
-BOND OFFERING beach park and waterfront bonds, not to exceed $162.000, no more bonds
POSTPONED.
-The offering of the $123.000 434% Canton-Alliance to be awarded than will produce a premium of $1,000 over 3162.000.
1.0.H.No.67, Section 0 bonds,scheduled to take place on Aug.3(V.121, Denom, 31,000. Interest F. & A. Date Aug. 11925. Due on Aug. 1 as
364) was postponed.
follows:$5,000. 1926 to 1957 incl.; 52.000, 1958. All bonds will be payable at
STARKE COUNTY (P. 0. Dickinson), No. Dak.-CERTIFICATE Ventnor City National Bank, Ventnor City,in gold coin of the United States
SALE.
-The $30.000 certificates of indebtedness offered on July 31-V. of America, of the present standard of weight and fineness or its equivalent
121.0. 619
-were awarded as 534s to the Farmers State Bank of Dickinson in lawful money of the United States. Certified chec.c on an incorporated
bank or trust company for 2% of amount of bonds bid for payable to City
and the First National Bank of Belfield, each taking $15,000.
of Ventnor required. Legability approved by Clay & Dillon of New York.
STRUTHERS, Mahnning County, Ohio.
- Bids for the bonds should be made for bonds bearing a rate of interest not
-BOND OFFERING.
Sealed bids will be received until 12 m. Aug. 19 by Albert G. Jones, City exceeding 5% expressed in multiples of 36 of 1%. These bonds were origiAuditor, for $29.219.15 5)4% street impt. city's portion bonds. Denom. nally proposed to be sold on Aug. 3.-V. 121, p. 365.
$1.000. except 1 for $219.15. Dated Aug. 11925. Due yearly on Sept. 1
VINELAND SCHOOL DISTRICT,Kern County(P.O. Bakersfield),
as follows' $3,000, 1926 to 1930 incl.: $2.219.15 in 1931 and $3,000. 1932
-BOND SALE.
-The $6,500 6% school bonds offered on July 27
to 1935 incl. Interest payable (M. & S.). A certified check for $500, Calif.
-V. 121, p. 365
-were awarded to the Security Trust Co. of Bakersfield
payable to City Treasurer, required.
at a premium of $268.45. equal to
4.99%. Due
SUMMIT COUNTY (P. 0. Akron), Ohio.
- June 29 as follows: 31.000, 1927 to104.12, a basis of about1933.
-BOND OFFERING.
1932 incl. and $500 in
Sealed bids will be received until 12 m.(central standard time) Aug. 24 by
E.0. Jarvis, Clerk Board of County Commissioners, for the following 5%
WASHINGTON SCHOOL TOWNSHIP (P. 0. Bristol) Elkhart
coupon bonds:
County, Ind.
-On July 27 the $14.000 5% coupon school
-BOND SALE.
$50,000 County Main Sewer District No. 4-A impt. bonds. Due $5,000 bonds offered on that date (V. 121, p. 234) were awarded to J. F. Wild &
yearly from Oct. 1 1928 to 1935 incl.
Company State Bank of Indianapolis. at a premium of $575.55, equal to
130,000 County Main Sewer District No. 5 impt. bonds. Due $10.000 on 104.111, a basis of about 4.19%. Dated July 27 1925. Due $700 each six
Oct. 1 1926 and 1927: and $11.000 from Oct. 1 1928 to 1937 incl. months from July 27 1926 to Jan. 27 1936 incl.
180,000 County Main Sewer District No. 5-B impt. bonds. Due $18,000
WASHINGTON SCHOOL TOWNSHIP, Cass County, Ind.
yearly from Oct. 1 1926 to 1935 incl.
-BOND
-On June 8 the $25,000 434% coupon school bonds offered on
Denom. $1,000. Dated June 11925. Int. semi-ann.(A. & 0.) payable SALE.
-V. 120, p. 2851-were sold to Fletcher Savings & Trust Co.
at the office of the County Treasurer. A certified check for 5% of the that date
amount of bonds bid for, payable to the Board of County Commissioners, of Indianapolis at a premium of $608 60, equal to 102.426. Date_July 1
required.
1925.
SUMMIT COUNTY (P. 0. Akron), Ohio.
- " WASHINGTON SCHOOL TOWNSHIP, Owen County, Ind.
-BOND OFFERING.
Sealed bids will be received until 12 m. (central standard time) Aug. 24 by BOND SALE.
-On Aug. 5 the $4,000 5% coupon school bonds offered on
E. C. Jarvis, Clerk Board of County Commissioners, for 350.000 5% that date (V. 121. p. 620) were awarded ° Fletcher Savings & Trust Co.
to
coupon funding bonds. Denom. $1.000. Dated June 1 1925. Int. (A. & of Indianapolis, at a premium of 3136.70, equal to 103.417, a basis of about
0.). Due $5,000 yearly on Oct. 1 from 1926 to 1935 incl. Certified check 4.32%. Dated July 1 1925. Due 3200 every six months from July 1 1926
for 5% of the amount of bonds bid for, payable to the Board of County to Jan. 1 1936 incl.
Commissioners. required.
WATERTOWN FIRE DISTRICT,Litchfield County,Conn.
-BOND
-BOND ELECTION.
- SALE.
SUMMIT COUNTY (P. 0. Akron), Ohio.
31 the $15.000 434% coupon water bonds, offered on that
At the primary election to be held Aug. 11 the voters will vote on a proposed date -On July 620
-V.121. p.
-were awarded to the R. F. Griggs Co. of Waterbury
county children's home.
$67,000 bond issue for a new heating plant at the
for 315.724 92, equal to 104.832, a basis of about 4.24%. Dated Feb. 1
-BOND OFFERING.
- 1924. Due 53.000 Feb. 1 1961 and $4,000 Feb. 1 1962 to 1964, incl.
SUSSEX COUNTY (P. 0. Georgetown), Del.
Sealed bids will be received until 1 p. m. Sept. 4 by William J. Quillin, Clerk
WATSONVILLE SCHOOL DISTRICT (P. 0. Santa Cruz), Santa
of Peace. for $200,000 4349' highway bonds. Denom. $1.000. Dated Cruz County., Calif.
-BONDS OFFERED.
-Sealed bids were received
Oct. 1 1925. Prin. and semi-ann. int. (A. & 0.) payable in gold at the
Farmers' Bank of Georgetown. Due $25,000 yearly from Oct. 1 1926 to until Aug. 7 by the County Clerk for 390.000 5% school bonds.
1933 incl. Certified check for 5%, payable to the Receiver of Taxes and
WAYNE SCHOOL AND CIVIL TOWNSHIP (P. 0. Fort Wayne),
County Treasurer, is required.
Allen Countynd.-BOND OFFERING.
-Sealed bids will be received
26 by Albert Fox, School and Civil Township Trustee,
-TEMPORARY LOAN until 10 a. m. Aug.A
SWAMPSCOTT, Essex County, Mass.
0
-James W.Libby, Town Treasurer, received bids until 7 p. m. for $46,000 5% school bonds. Denom. 5500. Date Aug. 1 1925. Due
OFFERED.
last night (Aug. 7) for the purchase on a discount basis of $100.000 notes, $33.000 yearly from Aug. 1 1926 to 1939 incl., and $4,000 in 1940. Int.
F. & A.
issued in anticipation of revenue, payable Dec. 20 1925.
-BOND OFFERING.
TARRYTOWN, Westchester County N. Y.
WEBSTER COUNTY (P. 0. Ft. Dodge), Iowa.
-BOND SALE.
Sealed bids will be received until 8 p. m.(daylight saving time) Aug. 11 by The First National Bank of Dayton has purchased an issue of $40,000
J. Wyckoff Cole. Village Clerk, for the following 436% or 434% coupon 4% township bonds at par.
registered bonds)'
bonds (convertible into fully
WELLS INDEPENDENT SCHOOL DISTRICT, Cherokee County,
$10,500 fire apparatus bonds. Denom. 31,000, except 1 for $500. Due
-BONDS REGISTERED -The State Comptroller ofTexas registered
yearly on Aug. 1 as follows: $1.000. 1926 to 1935 incl. and $500 in Tex.
on July 30 525.000 6% school bonds. _ Due serially.
1936.
30.000 fire house bonds. Denom. 31.000. Due $2,000 Aug. 1 1926 to
WEST HAZELTON, Lu7erne County, Pa.
-BOND OFFERING.
1940 incl.
Sealed bids will be received until
by J.
Dated Aug. 15 1925. Int. payable (F. St A. 15). A certified check for Borough Secretary, for $60,000 5%7 p. m. Aug. 21 Dated Walter 'Posh,
borough bonds.
Sept. 1 1925.
2% of amount of bonds bid for, payable to the order of Village, required.
Prin. and semi-annual int. payable at the Miners Bank of West Hazelton.
-BONDS REOISTERED.-The State Comptroller Bonds are free from State tax. Due Sept. 1 1950. A certified check for
TEXAS (State of).
$1,000. required.
of Texas registered the following school bonds, aggregating $19,300:
Int.Rate. Reoist'd
Due. •
Place.
Amount.
WEST HAZELTON,
Hazelton)
July 28 Luzerne County, Pa. SCHOOL DISTRICT (P. 0. West be
5 to 20 yrs. 5%
$33.000 Palo Pinto Co. C.S. D.No. 19
-Sealed bids will
-BOND OFFERING.
received
July 29
3,500 Randall Co. C. S. D. No.9__ ______ 20 years
of Directors, for
until 7
July 29 $70,000p. m. Aug. 21 by Josiah Jones, Secretary Board and
_ 20 years
677
1,600 Lamar Co. C. S. D. No. 79_
5% school bonds. Dated Sept. 1 1925. Prin.
semi-annual
July 29
- 10 to 20 yrs. 5%
2,000 Limestone Co. C. S. D.No.86
of West Hazelton, Due
at the
July 29 Int. payable to 1950Miners Bank are free from all taxes. A $3,500 yearly,
10 to 20 yrs. 5%
4,000 Limestone Co. IS.D.No.55
certified check
incl. Bonds
July 29 Sept. 1 1931
serially
6%
3,000 Garza Co. C.S. D.No.93
for $1,000, required.
July 29
5'9
10 to 20 yrs.
1,000 Young Co. C. S. D. No.5
Aug. 1
5%
20 years
1,200 Henderson Co. C. S. D. No. 11_ _ _ _
0. Catasauqua), Lehigh County,
WHITEHALL TOWNSHIP (P.
-BOND SALE.
-On Aug. 1 the $50,000 434% coupon impt. bonds
-BOND SALE.
-H.C. Burt Pa.
TEXAS CITY, Galveston County Tex.
-were awarded to the Fidelity Trust
offered on that date
-V. 121. p. 495
& Co. have purchased an issue of $130:000 5% paving bonds at par.
Co. of Buffalo at a premium of 31.914 50 equal to 103.82, a basis of about
TEXARKANA SPECIAL SCHOOL DISTRICT, Miller County, 4.149'. Date Aug. 1 1925. Due on Aug. 1 in each of the years as follows:
-BOND SALE.
Ark.
-The $100.000 534% school bonds offered on July $10,000. 1930,'935 and 1940 and 320.000. 1945.
asi
"NA
-were awarded to the St. Louis Bank & Trust Co.
25-V. 121, p. 233
-BONDS REGISTERED.
WHITNEY, Hill County, Tex.
-The State
of St. Louis at par.
registered the following 534% bonds, aggregating
TRENTON, Wayne County, Mich.
-The $52,000 Comptroller on July 27
-BOND SALE.
0, .
water works bonds, bids for the sale of which were asked until July 27 33000
, $20,000 water works bonds.
(V. 121, p. 619) were awarded to Whittlesey, McLean & Co. of Detroit. $10,000 electric light bonds.
Due serially.
for $52,340. equal to 100.653. for 434s, a basis of about 4.43%. Dated
Aug. 15 1925. Due $2,000 yearly from Aug. 15 1926 to 1951 incl.
WILKINSBURG, Allegheny County, Pa.
-DESCRIPTION OF
-The $100,000 tax free street and sewer bonds offered and
TRIADELPHIA MAGISTERIAL DISTRICT (P. 0. Logan), Logan BOND SALE.
sold as 45 on July 27 to Dinkey Todd, J. H. Holmes & Co. and the First
County, W. Va.-BOND OFFERING.
-Sealed bids will be received until
1 p. m. Aug. 15 by T. J. Wysong, Clerk of County Court,for $100,000 5% National Bank of Wilkinsburg, the report of which was given in V. 121,
road bonds. Date July 11925. Denom. $1,000. Due July 1 as follows: p. 620.,answered to the following description: Coupon bonds, registerable
principal. Denom. $1.000. Dated Aug. 1 1025. prin. and semi$3.000. 1926 to 1945, incl., and $4,000, 1946 to 1955. incl. Principal and as to int. (F & A.) payable at the
National Bank, Wilkinsburg.
semi-annual interest payable at the office of the State Treasurer or at the ann. $5,000 iearly on Aug. 1, from First to
1930
1949 incl. Legality to be
Bank, New York City, at option of holder. A certified Due
National City
approved by Burwin, Scully & Burgwin.
check on a national bank or reputable State bank for 2% is required.
Financial Statement.
-The price True value estimated
TUPPER LAKE, Franklin County, N. Y.
-PRICE PAID.
$50,000,000
paid for the $15.000 bonds, awarded on July 20 to Sherwood dz Merrifield, Assessed valuation for taxation
36,170,310
Inc., of New York, as stated in V. 121. p. 619, was 100.07 for 4345, a basis Total bonded debt including this issue
1,129,000
of about 4.495%. Bonds are coupon bonds. Int. semi-ann. (F. & A.). Population 1920 U. S. Cenus 24.403: present estimate 32,000.
Incorporated 1877.
Due $5,000 Aug. 1 1926 to 1928, tad.
WILLIAMS COUNTY (P. 0. Bryan), Ohio.
UNION AVENUE SCHOOL DISTRICT (P. 0. Bakersfield), Kern
-BOND SALE.
-On
-BOND OFFERING.
County, Calif.
-Sealed bids will be received until Aug. 3 the $40.333 34 5% (county's portion) grade crossing elimination
10 a. m. Aug. 10 by F. E. Smith, County Clerk, for $12,000 6% school coupon bonds offered on that date (V. 121. p.495) were awarded to Stranabonds. Denom. $1,000. Due July 13 as follows: $1.000. 1926 to 1929 incl. loan, Harris & ()att.% Inc., of Toledo at a premium of $1.285 57, equal to
and $2,000. 1930 to 1933 incl. Principal and interest(J.& J.) payable at the 103.18. a basis of about 4.59%. Date July 10 1925. Due yearly on Sept.
County Treasurer's office. A certified check for 10% of bid, payable to 10 as follows: $2,333 34 1926, and $2,000, 1927 to 1945 hod. Purchaser
the County Clerk, is required.
agreed to furnish blank bonds.
AuG. 8 1925.]
THE CHRONICLE
747
WILDWOOD CREST, Cape May County, N. J.
-BOND OFFERING. Commissioners of the Province to borrow
money-Sealed bids will be received until 8:30 (daylight saving time) Aug. 17 by Loyalty,
$1,000;
Harry T. Nickerson, Borough Clerk, for an issue of $35,000 6% serial $2,200; $1.500; Calgary School District No. 19, $100..000; Cheadle Buttes,
Meanook, $750; Sunny Lake, $2,000.
bonds. Interest semi-annual F. & A. Dated Aug. 1 1925. Due Aug. 1
BIGGAR,Sask.-BOND SALE.
as follows: $1.000. 1926 to 1954 incl. and $6.000, 1955. A deposit of $750
-H.J. Birkett
made payable by check to the Borough is required with each bid.
been awarded $15,500 6(% bonds maturing in 15 & Co. of Toronto have
years.
WISEBURN SCHOOL DISTRICT, Los Angeles County, Calif.
BRANTFORD, Ont.-MUNICIPALITY TO BE IN MARKET
BOND SALE.
-The $55.000 5% coupon school bonds offered on June- SHORTLY.
-A, K. Bunnell, Treasurer, states that bonds will be issued
22 for
(V. 120, p. 3234) were awarded to the Capitol National Bank of Sacramento
$31,528 for local improvement. The city has also
at a premium of 32.202, equal to 104.00, a basis of about 4.61%. Date bonds, which will be disposed of before the end of tne a block of highway
year.
June! 1925. Due June!as follows: $2.000. 1926 to 1945 incl.. and $3.000.
CHAPLEAU TOWNSHIP, Ont.-BOND SALE.
-CORRECTION.
1946 to 1950 incl.
The issue of $50,000 5 % 30 instalment school bonds recently offered by
WOOD COUNTY (P. 0. Bowling Green), Ohio.
-BOND SALE.
- the township was purchased by J. L. Goad & Co., Ltd. of Toronto
The $225.000 5.% "Rocky Ford" Ditch improvement bonds offered on July At first it was reported that the bonds had been sold to Dyment. at 105.67.
Anderson
27 (V. 121, P. 365) were awarded on July 29 to the Ohio State Teachers' & Co. of Toronto (V. 121. p. 496).
Retirement System for $227,295, equal to 101.02, a basis of about
4.61%•
DELISLE, Sask.-BONDS AUTHORIZED.
Dated Sept. 1 1925. Due $22,500 each six months from Mar. 1 1926 to
-The town
granted authority by the Local Government. Board of the has been
Sept. 1 1930 incl. Other bidders were:
Saskatchewan, to issue $1,550 7% bonds, maturing within 10 Province of
The Herrick Company, Cleveland
years.
$226.756 00
Prudden & Co., Toledo
EDMONTON ROMAN CATHOLIC SEPARATE SCHOOL
227,680 00
DISBraun,Bosworth & Co.. et al.. Toledo
TRICT, Alta.
-BOND SALE.
-Cochran, Hay & Co., Ltd. of Toronto
226.423
Continental & Commercial Trust & Savings Bank, Chicago__ _ _ 228,403 00 have purchased $55,000
-year serial bonds.
% 30
00
Second Ward Securities Co., Milwaukee
228,226 00
FORD CITY ROMAN CATHOLIC
Stranahan, Harris & Oatls, Toledo
226,609 00 Ont.-PRICE.-Tbe price paid for SEPARATE SCHOOL DISTRICT,
Provident Savings Bank & Trust Co.. Cincinnati
226,442 25 bonds, offered and sold on July 28 to the $160.000 5J.% 30 instalment
State Teachers' Retirement System, Columbus
Harris, MacKeen & Co. of Toronto
227,295 00 (V. 121, p. 620) was
W.L. Slayton & Co., Toledo
226.980 00 the price in giving the96.55. a basis of about 5.82%. We originally gave
notice of the award-see above reference
N. S. Hill & Co.. Cincinnati
-as 100.06
226.766 75 which was in error. Tenders received
Wood County Savings Bank Co., Bowling Green
for the bonds were as follows:
225,000 00
Commercial Bank & Savings Co., Bowling Green
Rate.
Rate,
225,000 00 Harris, MacKeen & Co
96.00
YAZOO DELTA HIGHWAY TAXING DISTRICT (P.O. Hernando) Toronto Bond Exchange Ltd- 96.55 Macneill, Graham & Co
96.00 McLeod. Young, Weir & Co
94.26
De Soto County, Miss.
-BOND SALE.
-The $75.000 6% highway bonds GA.Stimson & Co
96.00
offered on June 1-V. 120, p. 2593
-were awarded to the Hibernia Securities
QUEBEC WEST, Que.-BOND SALE.
Co., Inc., of New Orleans. Date June 1 1925. Due serially 1926
-On July 28 the $56,000
to 1950
incl. Interest payable (J. & D.). Legality approved by Charles & Ruther- coupon bonds, offered on that date (V. 121. p. 496) were awarded to 5%
the
Pret Municipal at 98.71. Dub July 1 1937. Other bidders were:
ford. St. Louis.
Rate.I
Financial Statement.
Rate.
Corp. Desobligations MuniActual value of taxable property
L. G. Beaubien & Co
98.005
$1,668,500
cipales
Assessed value of taxable property
97.18
1,339.053
Total bonded indebtedness (incluning this issue)
RIVERSIDE R. M., Man.
$135,000
-BOND ELECTION.
-On today (Aug. 8)
Less sinsing fund on hand
the ratepayers will be asked to vote on a $18,000 6% -year school
61,000
Net bonded indebtedness
20
74.000 bond by-law.
Population (estimated) 5,000.
SAINT-ALEXIS-DE-LA-GRANDE-BAIE, (Village of), Que.-BON
YORKVILLE Jefferson County, Ohio.
-BOND OFFERING.
D
-Sealed OFFERING.
-F. Bergeron, Secretary-Treasurer, will receive bids until
bids will be received until '2 m. Aug. 17 by Raymond E. Herlie,
Clerk,for $85.000 555% water works bonds. Denom.$1,000. DatedVillage 4 p. m. Aug. 10 for $141,000 5% bonds. Alternative bids are asked for
Oct. 1 30
-year serial and 10
-year serial bonds.
Certified check for 1% of bid payable to the Village
1925.
Treasurer required.
ST. THERESE DE BLAINVILLE, Que.-BOND SALE.
-An issue of
YUKON SCHOOL DISTRICT (P. 0. El Reno), Canadian
-year serial bonds was recently sold to L. A.
375.000 5% 30
-BOND SALE.
Okla.
-The First National Bank of El Reno County, 99.126, a cost basis of about 5.08%. Tenders were as follows: Renaud at
has purchased an issue of $45,000 5% school bonds at 101.66. Due in
Rate.
20 yrars• L. A. Renaud
Rate.
99.1261Credit Canadien Ltd
YUMA COUNTY SCHOOL DISTRICT NO.14(P.O. Yuma),
98.768
Ariz.
- Versailles, Vidricalre & BouRene T. Leclerc, Inc
BOND DESCRIPTION.
98.13
-The $34,500 5 % school building bonds purleis Ltd
98.53
chased by Geo. W. Vallery & Co. of Denver at 100.68-V.
basis of about 5.20% are described as follows: Date June 15 121. p. 620-a
SASKATCHEWAN SCHOOL
$500. Due June 15 1945. Principal and interest (J. & D.)1925. Denom. The following, according to the DISTRICT, Sask.-BOND SALES.
"Monetary Times" of Toronto dated
office of the County Treasurer. Legality to be approved by payable at the July 31. is a list of the school district
Wood & Oakley
bonds reported sold by the Local
of Chicago.
Government Board from July 11 to July 18:
Financial Statement.
Tyronne, $4,500, 7%,20
-year to C. C. Cross & Co.; Denehurst.
Actual valuation, estimated_
-years to Regina P. S. Sinking Fund; Kokesch, $2,000,$1.200.
%, 10
$1,500,000
Assessed valuation, 1924
%,
-years to Regina Brokerage & Investment Co.; Aldenburg,$1,200,
581,237 10
Total bonded debt (this issue only)
63 %,
-years to Nay & James; *Herschel, 314,000,6%,20
34,500 10
-years to C. C.Gross
Population, officially estimated
-years, sold locally.
500 & Co.; Carievale, $4,500, 5;5%. 20
*The sale of this issue has already been reported by us in V. 121, p. 496.
ZAVALLA-DIMMIT COUNTIES WATER IMPROV
:WENT DISAUTHORIZED.
TRICT NO. I (P. 0. Batesville), Tex.
-The following, according to the same paper,
-BOND SALE.
-J, E. Jarrett & Is BONDS the school district bonds
a list of
Co. of San Antonio have purchased an issue of $200,000 water
authorized by the Board during the
bonds.
same period:
Scotstown. $1.600, not exceeding 8%. 10
-years; Millford. $1,800, not
exceeding 8%, 15
-years; Brixton, $3,000, not exceeding 8%. 15
-years;
Ravenwood. 34,500, not exceeding 7%,15
-years; Manito Lake, 38,000, not
exceeding 8%, 15
-years; Luxor, 39,000, not exceeding 6%, 15
-years.
ALBERTA SCHOOL DISTRICTS, Alta.
-BONDS AUTHORIZED.
WYNYARD, Sask.-BOND SALE.
-On June 26 the $27,300 7_7
The following school districts have been authorized according
0
tary Times" of Toronto, dated July 31, by the Board of to the"Mone- 15 instalment lighting plant bonds, offered on that date (V. 120, n• 3353)
Public UMW were awarded to Clifton C. Cross & Co. of Regina.
CANADA, its Provinces and
FINANCIAL
We Specialize In
City of Philadelphia
38
3%.
Ia
Municipalities.
NEW LOANS
NEW LOANS
$26,000
TOWN OF GREENPORT,
COLUMBIA COUNTY, N. Y.
$100,000
SEWER BONDS
NOTICE IS HEREBY GIVEN that the
undersigned, Town Board of the Town of Greenport, Columbia County, N. Y., will sell at
public sale at the law office of John L.
601 Warren Street, Hudson, N. Y.,Crandall,
on the
19TH DAY OF AUGUST, 1925, AT ONE
Ss
0 CLOCK AFTERNOON (STANDARD
twenty-six coupons Town bonds, each TIME)
of the
denomination of $1,000. interest to be at the
rate of four and one-half per centum per annum,
payable semi-annually on the first days of November and May of each year.
Bonds will mature In numerical order, $1,000
on each May first until all are paid. The
bond becoming due May 1, 1926. Principalfirst
and
Interest will be payable at The Farmers National
164 South Fifth Stree*
Bank, Hudson, N. Y.
All bids must be in writing and signed, and
Philadelphia
bidder must accompany his bid with a
',Ovate Vire to New Fort
check for $500, payable to Wessel Ten certified
Broeck,
Call Canal 3437
Supervisor. The deposit of the successful bidder
will be credited upon the purchase
of unsuccessful bidders will be price. Checks
returned after
award of bonds.
No bid of less than whole amount of bonds
REDEMPTION NOTICE
offered, or for less than par value with accrued
interest to date of delivery, will be considered.
All bids shall be in sealed envelope
addressed to
Frank Briwa, Town Clerk, care J. L. Crandell,
REDEMPTION NOTICE
601 Warren Street. Hudson, N. Y., and shall be
endorsed "Bid for Sewer Bonds."
Bonds will be dated August 1, 1925,
livered to successful bidder September 1, and deBoard reserved right to reject any or all1925.
bids.
ROAD BONDS
Dated August 5, 1925.
TOWN BOARD, TOWN OF GREENPORT,
NOTICE is hereby given that Bond Trustees
By FRANK M. BRIWA,
of Escambia County, Florida, have called in for
Town Clerk.
redemption on August 15th, 1925, Road Paving
Bonds of Escambia County, Florida, numbered
from 196 to 260, both inclusive. Said bonds
must be presented to Guaranty Trust Company,
New York City, on the above date for payment,
Votabers Now York Stock Subtle:go
as interest will cease after that time.
BOARD OF TRUSTEES,
HARTFORD
ROAD PAVING BONDS,
Escambia County, Fla.
July 14th. 1925
14:
Biddle & Henry
Town of Hamden
New Haven County, Conn.
Sewer Construction
Bonds
Sealed bids will be received until 10 A. M.
(Eastern Standard Time), AUGUST 20, 1925,
by Raymond C. Spencer, Treasurer of the
Town of Hamden,Memorial Town Hall, Hamden,
Conn., for $100,000 4 X % Sewer Construction
Bonds of the Town of Hamden (1925). Dated
Sept. 1, 1925. Denom. $1,000. Interest M.&S.
Coupon form with registration privilege. Due
$25,000 annually Sept. 1, 1928 to 1931. inclusive.
Legal opinion by Watrous, Hewitt, Sheldon 8c
Gumbart of New Haven, Conn. Certified check
for 2% required with bids.
Inquiries to Buy or Sell Solicited
Calvin 0.Smith Co.
MUNICIPAL BONDS
105 SO. LA SALLE STREET
CHICAGO
Escambia County, Florida
BALLARD & COMPANY
Connecticut Securities
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news, interesting thousands of manufacturers,
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[VOL 121
THE CHRONICLE
748
_COTTON, GRAIN. SUGAR
Chas. 0. Corn
August Schlerenberg
ANP
Paul Schwarz
Frank A. Kimball
NEW YORK
FOREIGN CORRESPONDENTS
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,
Societe d'Importatiors at de Commission, Havre
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Johnson & Turner, Ltd., Lisbon
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'
P.
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Cotton Exchange Building
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Dealers in American, Egyptian and Foreign Cotton',
New York
Cotton Exchange Bid., New Yu'
Established 1856
W. R. CRAIG 6, CO.
H. Hentz & Co.
lferchasts and Brokers
COTTON
N. Y. Cotton Exchange Bldg.
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AND BROKERS
Liverpool Cotton Association,
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BROKERS
COTTON MERCH A
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COMMISSION MERCHANTS
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AR
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NTS
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1854
225
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Fourth Ave.,
Complete factoring facilltle• far
Merchants, Manufacturers and
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